Disclaimer: The Transcript Is Auto Generated And May Contain Spelling And Grammar Errors
Intro: 00:00 From ABC News Radio, KMET 1490 in Southern California, this is BizNinja Entrepreneur Radio, with your host, Tyler Jorgenson.
Tyler: 00:14 Welcome out to BizNinja Entrepreneur Radio. I am your host Tyler Jorgensen. And today I have the privilege of interviewing somebody who I’ve seen as an icon in the entrepreneurial space, a beacon. If you will, of someone who has deep knowledge but is able to transcend that knowledge, make it very approachable. I’ve met Roland before, but I’m deeply grateful and super excited to have Roland Frasier on the show. Welcome. up to the show, Roland.
Roland : 00:41 Thanks Tyler. I appreciate you having me.
Tyler: 00:42 So we are both here in wonderful, beautiful southern California, but we’re connecting here digitally. And one thing that I have noticed about you is that you love to travel and you’ll have to do amazing things and that’s great. But what is it if you ran into someone in an elevator and they’re like, Hey Roland, what do you do? How do you answer that?
Roland : 01:01 Uh, most people think, drug dealer. But, I know it’s really funny. My wife her father, when he asked her, he said, will, so what does he do? And she said, yes, well, you know, he kind of, he was like, oh no, that’s okay. It’s okay. I understand. She was like, no, at this point I fancy myself a strategic investors. So I hope to be smart money that comes into deals and adds value and helps build companies, customer experiences, revenue, profits, and companies. And, and then my goal in doing that is to generally shoot for an exit three to six years after I come into a company.
Tyler: 01:42 Awesome. And so strategic investor can be broad. It can, it can mean a lot of things. Let’s go back to the early days. So you were an attorney, I guess technically still are, but what would you say, when was that moment in your life where you realized that you’re an entrepreneur?
Roland : 01:58 Well, I was an entrepreneur attorney. But I was an entrepreneur way, way before that. So I was an entrepreneur. Well, I, I think the last job I had was probably when I was 16 renting skates out for people at Golden Skate world, which is a roller skating rink and Richmond, Virginia. But I had been playing out in clubs since I was 15, so I had a band that actually made money playing out in clubs. So that was probably my first like a real entrepreneurial journey. Long before that, I did magic shows and tried all kinds of other things. But as a kid, but really the thing that I did for years making money as an entrepreneur, My very first thing that I said stuck was being a musician, interestingly enough.
Tyler: 02:40 So how has music like being a musician, being a magician, how have those things helped you in the business world?
Roland : 02:48 Magician, absolutely not at all now. Um, I think really all of that stuff helps from both of those things are performing. And I think that a level of being able to perform and performance can mean many things. In this case, I think it means delivering content, teaching, but the ability to perform and bond with people and work with people. And develop and nurture relationships, all of which are necessary. Anytime that you’re doing something like that, I’d say that’s probably the biggest thing. But I learned how to haggle with venues, you know, for when you’re playing, you know, we’ll get there, I will give you the door. No, I don’t want to die with the door, but I also want this, you know, and uh, dealing with the difficulties of fellow musicians when you have bands and you have lots of Egos, including your own, going around in a band with, you know, five to, I think I had 17 people in the biggest one I was in to dealing with managers and contracts and bookings and things that go wrong.
Roland : 03:48 I remember I had a bought a PA public address system that had the microphones and lights and mixing boards and speakers and all that. And so when I wasn’t playing in my band, I would take those things, which costs a fair amount of money and I would run sound and lights for other bands. And so I’d go into the clubs and I remember one time in particular, it’s very stressful because you don’t get to go in as early as you want. And the show starts at nine or the show starts at 10 and the show starts at nine or 10 no matter what. So if your lights and your sound aren’t working, that’s a problem. And I remember in particular one time that there were all these people just jam-pack club and the band was going on at nine o’clock and I had set everything up, all the lights, the snake between the stage and the and the main mixing board and everything. And I turned everything on to do soundcheck and nothing. And there are so many fail points in a system like that. It took me about 20 minutes. They opened about seven or eight minutes late. But man, you talk about pressure. So I went, I remember like I’m sweating, I’m underneath the wire things trying to figure out what’s the one thing and it’s always some little button. All of that stuff gave me great lessons in people and performing under pressure, staying calm, not freaking out and giving up, getting it done. That’s all helped quite a bit.
Tyler: 05:08 Yeah, sounds like a, I mean learning how to manage people and partners and I know you have partners in a lot of the businesses that you work in
Roland : 05:16 I have partners in every business because I only want to do the things that I want to do and that I’m good at.
Tyler: 05:21 Has that always been the case or is that something you learned through experience over time?
Roland : 05:25 That is a great question. Yes, and I have, I was trying to think you know, I’ve always had partners. I’ve started things, but I’ve always brought in other people. I’ve always brought in other people,
Tyler: 05:37 so you’ll hear some people that are very against partnerships because they’re all partnerships are toxic or whatever. Now I think it’s usually to partner with those people. That’s a good, very good advice and I also think it’s ‘cause they don’t know. maybe some of the fundamentals of setting up a good partnership. What would you say some of the, like the core principles of a good partnership would be?
Roland : 05:58 You know, the biggest thing, and I saw this from years of practicing law, people would come in and they’d be best friends since third grade, brother, sister, mother, you know, father, sister, just family, best friends. I mean I saw all these people come into the office and the ones that did invest in the time to do a partnership agreement, this was when I was practicing law. They didn’t have problems that were irreconcilable because they sat down and we talked about what were the expectations of each of the people going into the deal. The reason that’s so important is that, and this is something you learn in litigation in law, is no one leaves an interaction with the same perception of how that interaction went. No one leaves with the same understanding as to what was said or meant. No one leaves understanding really a lot of what happened from the perspective of the other people that were there. So the reason that you can get expert witnesses when you’re litigating to testify, the sky is blue. The Sky is black, the sky does not exist is that there are factual basis for all of those claims. And when two people get together, you and I go into a partnership and we don’t actually have a very detailed talk about what we’re each going to do. Well I thought Tyler was gonna run the stuff on that side of the thing and you’re like, Roland hadn’t shown up for the past three days. And I’m like, well I didn’t show up cause I did all my stuff there. What anything need to do? And you’re like, dude, you can’t not show. I mean literally those are conversations that I’ve had with people and so the people that take the time to work through that going in so that they do actually get themselves literally on the same page of a document as the, and understanding what each other’s going to do. It makes all the difference. The people that didn’t do that would come back and they’d be ready to sue each other. They’d be not friends. They hadn’t spoken in the last three months. It’s, yeah, it’s very, very stark. The contrast between, starting the right way and not.
Tyler: 08:00 And so that’s as simple as literally a partnership agreement where you write down all of the things that you think are understood and implied and the right. So I had a, somebody I knew once that used to always say, well that’s just common sense. And I’m like, well no, cause what’s common to you is different than somebody else’s experience and different than the third person’s experienced. So like let’s spell it out and figure it out.
Roland : 08:22 Here’s the thing too there are degrees of common sense. So the specificity with which you do do that agreement can be very different. And you can get a form from legal zoom or a place like that and you can fill it out and it’s going to have maybe 3% of what you need. You can go to an attorney and the attorney, if that attorney hasn’t got business experience, which most don’t, then you might get an attorney version of a legal zoom document. But somebody who’s been through business and actually had partnerships and has seen the partnerships that have gone wrong, we’ll have entirely different results in entirely different document that comes from that process. So a lot of it is, if I was interviewing an attorney to help would be, tell me about the partnerships that you’ve had that didn’t work out. Yeah. Well, everything I’ve done has been great. Awesome. I will see you later.
Tyler: 09:16 Yeah. If there’s, if they don’t have any, uh, any battle wounds, right? Odds are they don’t really know the, know The strategy. Yes. Just one more thing on that topic. One thing I’ve, I’ve noticed some people in a partnership, they’re uncomfortable having that conversation and I’m like, well, if you’re having a couple of having the conversation at the beginning when everything’s exciting, you’re in the honeymoon phase, you’re not going to be very comfortable having it when you’re in a point of conflict. Yeah. That’s the best way to test whether or not you can even handle being an a in that partnership together.
Roland : 09:44 Absolutely. Yeah. With any relationship where you’re going to be part you know, marriage, you, you name it. It’s how are we going to deal with money? Who’s responsible for that? What’s reasonable? All of that stuff. If you don’t have that conversation, then you know it’s going to be challenging.
Tyler: 09:58 So Roland Frasier decides to go to law school and practice law. When did you know, man, maybe being full time attorney isn’t the thing for maybe I’m gonna I’m gonna jump back into business or did you never leave that kind of being an entrepreneur?
Roland : 10:12 I never left. So I did the band thing. I got my real estate license at 18 insurance, 19 securities 20 got a degree in accounting. So I mean I went through all of that time. I was doing deals, I was doing real estate deals. I started buying and selling companies and I was running my own businesses so I never left. I played music all through. I would go to law school, then I would go out and play in clubs and then I would, I was working with the manufacturing company that I owned at the same time as like I never stopped. So there wasn’t any decision because I was already there.
Tyler: 10:47 So I have two questions on that. One is most business consultants and advisors these days will say chase two rabbits catches none. Right? But you’re the kind of guy that you, you’ve said, hey, I found a way to do more than one thing. So let’s talk about that for a second. But then also, you know, you’ve, you’ve done a lot, right? You’ve been a high achiever, you’ve been accomplishing a lot of things and who did you look up to along that way? So let’s go to that first one, right? Is that true? Can you spend more than one plate at a time?
Roland : 11:16 Yeah, I think you can. And I think the key is in how you do it. If you were going to try to run multiple businesses, I think you would have a hard time. And I would agree with the two rabbits thing, but if you are partnered, then you’re like a microprocessor microprocessor and a computer appears to do multiple things at the same time but doesn’t actually, what it does is it runs a set of instructions and then it runs another set of instructions and then it runs another set and another set and it’s going back and forth. Let’s say you’ve got six applications open. It’s not running six at a time. It’s running whatever code bits need to be run in rapid sequence on those applications. So as a an entrepreneur with partners, you have downtime in your business where there isn’t anything productive that you can do. So I went out, let’s say you’re the salesperson. That’s your thing. You’re really good at sales. Well, I’ve worked my leads, I’ve gone out, I’ve made my sales calls, I’m waiting for the contracts to come back even. Yeah, I got, yes, I’ve got yes from the people that I was pursuing and now I’ve got downtime. Well, I can do nothing. I can check Facebook and email and stuff like that, or I can go and do more selling more of the thing that I’m best at. So, and the more refined you get, but the more honed down you are on the things that you are best at and the more of the other crap that you refuse to do, the more rabbits you can chase. Because my rabbits are all running in the same direction. So I’m getting closer and closer to all the rabbits at the same time. Right. That makes sense. That metaphor holds true if the rabbits are running in the same, in the opposite direction. But what if there huddled up and whatever. What are the, what are the rabbits get at Warren? If they’re huddled up in their Warren together, right? Then I can grab all of them.
Tyler: 13:08 Awesome. What is your, uh, your favorite business that you’ve worked on that didn’t succeed? Like what’s your favorite failure.
Roland: 13:16 that did not succeed? That’s my favorite. That I still loved after it screwed me like that.
Tyler: 13:25 We all have those deals or those opportunities that we think, man, this is going to be amazing and we’re so excited by it and it doesn’t work for timing or whatever reasons, but I’ve always think those are the optimistic failures or the most interesting ones.
Roland : 13:38 Yeah. I don’t think about failures very often other than to analyze them and then move on. So it’s going to be hard. But let me try it. I probably, it was one of the first products that I created. I had a, there was a guy that was doing infomercials and he always wore these brightly colored sweaters. I think it was Steve Levy or Mark Levy. He did a bunch of infomercials. It was called amazing discoveries and his kid, I think he might’ve been mark in his kids. Steve, I met and there was another guy, rich something who ended up starting a company called demand media. He owned a thing called the i-mall and I’ve got with both of these guys and we created a product called getting your product to market and because I knew how to get products to market in terms of the legal side, but not a lot about it at the time from the marketing side. Yeah. These other two guys one started the i-Mall, which I think my space ended up buying the i-mall for a whole bunch of money, smart guys. And so we partnered up and I ended up printing 5,000 copies of this thing and it was sitting in on pallets and this was not free Internet, but definitely DVDs were not, you couldn’t video stream at the time. And so I had rented space to store these things and I’ve got 5,000 copies of this beautiful package that are sitting in a warehouse all shrink wrapped on pallets. And we didn’t sell a single one that I can recall. We tried lots of different ways, but it, it just, they weren’t good at that kind of marketing and I didn’t know anything about that kind of marketing. At the time. And so I had a huge investment, had beautiful logos and beautiful duplicated boxes and tons of inventory, but just no demand. And so my favorite thing about that failure is that it taught me that. It’s the opposite of field of dreams. If you ever saw a field of dreams, they said if you build it, he will come. Well, to me it’s, if they come, I will build it now. So ever since then I’ve said that I’m a reverse field of dreams entrepreneur. I’m, if they come, I’ll build it. But I never built it before they,
Tyler: 15:49 unless you have someone come and tell you that they know something about demand. Right. Which is what happened there. He basically said, hey, there is a demand and I’m telling you about it. Right. But we can’t all just guess. And I think that was something I learned from the four hour work week was really about micro testing the market before investing into products. Yeah. That’s something that you teach a lot as well as to really make sure that the market wants what you’re selling.
Roland : 16:13 and don’t spend your time doing all the stuff that doesn’t matter. I’ve watched so many people put everything together. Like I said, it’s the, okay, I’ve got my logo and now I’m going to go out and get my company’s set up and now I’ve got an attorney to do this and no, sell something.
Tyler: 16:29 100% if you can’t sell, you don’t have a business. So why worry about a cool logo or stationary, right? I guess you can. You can. Yeah. Anyway, I was going to make a really morbid joke. I’m gonna skip that one, but I like it. Now I’ve got it here. Um, and I think the, the things that when people hit roadblocks in their business, like when you had that, it didn’t work the way you guys had hoped, but you learn from it and you’ve applied that into other businesses. I think sometimes some entrepreneurs right when they’re just at the beginning of their journey, maybe they’re just taking that first leap or they’re just finding that first wave of momentum. What I’ve sometimes found is that they have a hard time connecting with people who are too much farther down the path than themselves. So you know, you and your partners, you speak on you guys’ events and you have all these huge success stories, but someone who’s just getting started trying to get that first sale, that can seem so far away from them. Right. So how do you stay connected to the early stage entrepreneur and what is the advice that you give to them?
Roland : 17:25 I stay connected because we have way more failures than we have successes. So I’m, we are always trying to grow. Yeah. So we’re always looking at, even if we’re not, I’m not a big fan of startups because I think that it’s just too hard to get that momentum. So I, I don’t generally do startups now, but within our companies, we’re always looking at how to extend the existing products that we have into extended markets or new markets and how to develop extensions of the products that we have now, or new products. So we are involved in a level of startup within the company. Each time that we look at trying to do a new profit center so that I’m very familiar with, or we take an existing thing that’s making money and we verticalize it. So it’s making money in real estate. So we move it to [inaudible] speaking or something like that. So I do believe that I stay in touch because I am continually facing the challenges that people who are starting businesses are facing. And because we are very, very focused on capital allocation capital is we don’t start a company and say, let’s throw a half a million dollars into it. We say, what do we need to start this? And what is the minimum capital that’s needed before it can get to the point where it can carry itself and clearly defining what’s going to happen. So we’re starting those businesses all the time. So I think that’s probably the best answer I am around people who are starting businesses all the time in my personal time policy is that I give freely of my time to anyone who I think is serious about business without any fee or expectation of anything in return. As long as I have that free time. So the time I have that goes to businesses that I’ve got goes to the businesses I’ve got, that’s the priority. But after that I just help people. So yeah, I’m talking to people all the time and so I’m connected in that way as well.
Tyler: 19:22 That’s fantastic. Fantastic. So you, you, what you found, what you just said is that as you, even though your company’s and you have several of them that are doing very, very well, even though you guys are doing really well, you haven’t gotten sloppy in how you allocate capital. You’re not just saying, well, since we’ve done so well, let’s drop a half a million dollars on this new launch. Let’s not at all be still. So you still treat each launch as close to bootstrap as you can to be methodical and intelligent and good stewards over your, over your recently. Correct. Absolutely. And I love your policy of being willing to connect. Right? I think a, I’ve I’ve watched as you grew, grew Facebook, I watched as you grew your Instagram and they had like, you know, uh, it’s been really fun and you connect with people but you connect with them genuinely and I think that’s really neat. What are some big next things for Roland? Frasier,
Roland : 20:10 my current pushed myself outside of the comfort zone. Things are growing our businesses internationally through the sale to clarion and Blackstone of part of traffic and conversion summit. Our big events, we were going into new territories that I haven’t been into before. I’ve traveled a whole lot, very passionate traveler. But business wise I haven’t really put boots on the ground to get into other countries. Like we have digital sales and other countries, but that’s me. That doesn’t, that’s important but it doesn’t count like getting there. So having our events that is our, we have a trafficking versions it, that would be in June of 2020 in Amsterdam. Perfect. Couple of Europe. We have one in October of 2020 that will cover Singapore, that’ll cover the southeast Asia and then it’s 21 we’re going into Russia. So that, that’s my big yet outside things, you know, cause I’m drafting agreements with people who are in different countries and traveling there and negotiating translators and all kinds of other stuff and there’s their translation of our products and will they be good or will they be horrible because we don’t speak that language. It’s, you know, culturally what are we doing right or wrong. That’s really fun and exciting and challenging. I’ve actually laid in two weeks, I think I’ve got my first, my first just a small event that I’m doing in London cause I happen to be going over there and I was like, I’m going to hit the ground running and we’re going to build businesses in those other places. And that’s, that’s very, very fun. Building those events to be $100 million event company is pretty exciting. I’m, I’m very focused on that.
Tyler: 21:56 Sure. Your legs event, right? I heard it. I heard about that on your podcast. Business lunch. You got one coming up in London and then also San Diego. Tell us a little bit about legs.
Roland : 22:06 Yeah. So Larry, I need to change because it should be Lucy because it’s a, okay, yeah, so, so I called it legs because it makes a good acronym. It’s leverage, exit growth scale, but it’s out of order, which bugs some uh, OCD people like myself. So it should probably be look-see, leverage, growth, scale, exit. That’s what I started out as. But I’m actually going to break that into three different [inaudible] workshops because as I’ve worked on it, it’s grown from about two days of material to about seven. And so I’m going to do now one does the premise behind it is everything that I am focused on is how do we take existing businesses and really leverage every single part of it. Yeah. To grow and scale it and then exited to sell it and everything that I have learned that I can document, I have put into this. And so it’s grown from a couple a hundred slides. When I started to 600 700 slides now and I found that I can’t get through, I can barely get through a third of it. And I’ve also found that it divides in nicely into the things that people are most interested in are creative deals structure and finance. Like how do I buy companies with no money down? I got 23 ways to do that. I’ve just done a lot of deals creatively by necessity. And what you can learn though when you’re doing those things is that there are commonalities among them. And so going in and identifying here are the common finance things, here are the common deal points, here are the common, you know, all of that. And then same thing with the growth and scale. And then there are the leverage things are their own thing is how do I look at resources that I’ve got and that other people have and then leverage the heck out of those across as many things as possible and then leverage the leverage and then trade on the leverage that I did and arbitrage it, everything else. So that’s really fun. That’s,
Tyler: 24:00 that makes sense. I mean like most businesses are going to be needing one of those four things at the moment, right? They’re either looking to leverage or they’re looking to get ready to exit and I’m sure there’s some crossover, but uh, and so you have one coming up in London and San Diego. You can find more email@example.com and please, in addition to this wonderful podcast that you’re all subscribed to, check out business lunch. I was Roland Frasier. I was, I listened to about six of your episodes today while I was driving and really enjoyed it. I liked the, I liked the, the snackable ones about, uh, about what’s possible. It was fun. But uh, those are 11. What’s something, you know, I love what you said, right? Like I’ve done a lot of startups and I’m finding that, right, the more I’m attracted to mid startup, right? They’re already have momentum, they’ve already found one vertical and maybe we’re going to go look at it even expanding to the other verticals, right? What’s something that you like find yourself often giving that commonality? to business who’s found some success but it’s probably stagnating. Like what’s that? Hey, here’s how to reignite your momentum or just take things to the next level.
Roland : 25:03 You know, it’s really interesting cause I just did a, a business that I have, I do a lot of deals where I get, I’m either an advisor for equity and some small compensation or I’m a consultant with equity. And so I had a, um, a guy that I consulted with today who it’s a 40 year old company and they’ve been kind of stagnant the past several years, which is why there was the opportunity to come in and help and. We sat down and there’s like, okay, you know, buying companies and all this stuff. And I said, well the very first thing that we need to do is look at what opportunities exist within what business you have. And we started breaking down the cohorts of the business as to, I said, you know, let’s start with your top 10% of customers as a cohort and say are they buying all the products that you’ve got? And it turns out that they weren’t. And then we looked at one of the products that he had brought in and it was, this is really interesting, I thought this was pretty cool is cause this just happened this morning. So it’s a a printing company and one of the products that he brought in was a a thing called. It was a text messaging addition, like an add on upsell that he could give to the people and it only costs 7 cents [inaudible] text to do this. It’s really cool. Pulls data from weird places, all kinds of other stuff. But they said, well it doesn’t make sense to us to spend 7 cents a record. This is his top customer. It doesn’t make sense for us to spend 70 cents a record, four a 0.3% increase in conversions. And so he didn’t really sell it to any of them. And when we did the analysis, I said, well, what our conversions for most your direct mail customers now? And the answer was 0.5% on the first mailing. And I said, okay, so this adds 0.3% he said, yeah, so 0.3% is 60% of 0.5% so you’re talking about a 60% increase in the number of leads that come in. And he was like, holy crap, I can’t believe I missed that. And I said, yeah. I said, so if you’re pitching it as you’ll get a 0.3% increase and they’re not connecting that, that’s a 60% increase in their leads. How many of those customers do you think would like the 60% increase in their leads? And he’s like, well everybody, of course, obviously. I said, okay, great. Now let’s do the math because this is for direct mail for real estate investors. In this particular cohort we were talking about, so do the math and it works out to about $90,000 an additional monthly revenue for the client based on doing this thing that only costs them $3,500 like man. Right.
Tyler: 27:48 It’s amazing to me, like how often this happens, right? So we have, we have blindness to some of the things right in front of us because we’re so we see them all the time and they didn’t catch our eye the first time, but an outside point of view can help and that’s what the benefits of an advisor.
Roland : 28:03 The key to that though is because it’s easy to miss if you know all this stuff and don’t have a system for applying it. But when you go in, to your own business, when you’re monitoring your own business, or when I go into a business, I have a system that goes through all of this stuff, starts at the low hanging fruit, moves to the high hanging fruit. And if you don’t have that system in that checklist, it’s easy to miss. But if you do, you’re looking for it. So you’ll never stop. You’ll never trip over it. Right.
Tyler: 28:30 Yeah, no, that makes sense. Obviously I’d love your system. Um, so the next question I had for you and this kind of be towards second to last one, is you run war room mastermind. Tell us about the power of the benefit of masterminds for the entrepreneur.
Roland : 28:45 Yeah. That to me the biggest thing is the connections. Everything is relationships. You know that saying your network determines your net worth. I believe 100% so to me the biggest thing about masterminds is that you will connect with people that you would not have otherwise connected with. It’s really funny when I, when I go through the onboarding for the war room mastermind, when somebody joins, I have a, I do 45 minute onboarding call and I do them myself because I want to, I really understand the businesses and I can’t tell you how many times when I say, why did you join? People say I want to be around other people that are doing what I’m doing cause nobody else in my world understands what I’m going through or what I’m facing or the challenges I have. And they are, they think the businesses wildly successful. And so I don’t have any problems or my employees think that gross income equals net income. So they think I’m making all this money. But right now I’m not cause I’m reinvesting in my business and I need people who get and yet my situation to hang out with. So I think I can tell you from my own data of doing all those uh, onboards yeah, that, that’s the thing I hear more than anything else. The next few things are learning what is working for other people. In different Industries gives tremendous ideas for innovation. And application in there in your industry. So I think the number one thing is you’ll get people that understand you. Number two, you’ll get people that you’ll get ideas and see things that are innovative outside of what you would have ever thought of that can be massive leave valuable for your company. And then the third thing would probably be that you get away from your business and being, it’s kind of a forced semi vacation ish kind of thing cause we like ideally joined a mastermind that does things in places you want to go and then you’re going to make connections while you’re doing that. You get that time away and that time away while surrounded by people who are doing stuff frequently creates deals so that not just ideas to apply, but also joint venture partners, uh, companies that will acquire you, companies that will be acquired, people who can introduce you to other people who satisfied the things that your, you know, your biggest challenges and stuff like that. So I th I think it’s all that, yeah, the content itself is extremely valuable in a good mastermind, but it absolutely pales in comparison to the actual being there of networking and getting out from behind your desk or your computer or whatever. You’re on
Tyler: 31:17 absolutely. So relationships and network industry perspective and a forced break that gives you kind of a refreshed mindset in Britain angle. So, uh, I know that you travel a lot and that you do a great job kind of hacking. But, uh, to me business is about creating the ability to have a lifestyle that we want to have. What is one major item on Roland Frazier’s bucket list that you’re going to go do or accomplish in the next 12 months?
Roland : 31:43 Oh Gosh, yeah, well all that international stuff will be done, in the next 12 months. So, so that’s, that’s a for sure. But uh, my, like if I’m looking at bucket lists, I’m going to go outside of 12 months. I want to get to where I can rationalize a plane, I want a plane, but I’m having a hard time. Like, I have to get just really, really, really irresponsible level of money to do that for me because I just can’t justify a hundred grand to fly across the country. It makes no sense to me. Right? Cause I’m always gonna I buffet said this and it really impacted me. He said, people ask me why I don’t get a new couch. And I say, well, if I look at the time value of money and it’s compounding at 8% over the next 20 years, that couch cost me $150,000. I don’t want that couch bad enough to spend $150,000 on it. So I look at the opportunity cost of what it would take to do that and I don’t it. So that’s a my bucket list thing there. And my bucket list travel thing right now is um, Antarctica. So that’ll happen in the next 12 months for sure. Those are my medium-term bucket list things. I don’t know if I answered your question. Totally does. It totally does. I’m going to have to plan your Antarctica trip and we’ll make it into a mini mastermind and make it [inaudible] called, I think it’s called zero white or something like that that you have to leave from Cape Town South Africa. They fly you down in a g four, so it’s only like six or eight people and you land in Antarctica. It’s the only one that does this. And then take a cargo plane. They have one of those cool modular like base camp things that clearly are occupied by aliens that are going to kill everybody. So perfect horror movie setting and then you take a cargo plane to the South Pole and hang out there. That seems to me like that’s a cool mastermind. It’s something that definitely should be done.
Tyler: 33:37 Absolutely. Hey, I super appreciate it. I know we had a couple of times that we connected and you’ve been very, very hospitable working with me on that. So great. Very, very grateful for you coming out on the show. Everyone. Absolutely. Please check out rolandfrasier.com, moreroommastermind.com and please subscribe to the Business Lunch Podcast. And really appreciate you coming out rolling. And my business is everywhere. You’re tuning in, it’s your turn to go out and do something.
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