Shownotes
Yes our conversation continues. We like to talk! In this segment Barry gets into the nitty gritty, not so pleasant details of a business decline and its resurrection from the ashes. He shares a lot of details and absolute pearls of experienced wisdom that hopefully will help you stay on the straight and focused path of success. He also talks about evolving again even though it might be working. Be ready to have change as a big part of your model.
Mentioned:
Sponsors:
Andy Slaman’s Amazing Freedom Course information click Here!
Gaye’s Million Dollar Arbitrage List
Transcript: (note- this is a new tool I am trying out so it is not perfect- it does seem to be getting better)
Stephen: [00:00:00] If you are a subscriber of my e-mail newsletter you would have seen a note from me mentioning that yes I will prep your product for free. And I’ve gotten a bunch of questions about that and are like wait wait what do you mean you’ll prep it for free. So
Stephen: [00:00:15] here’s the deal. You know Andy Simmons an amazing freedom their sponsor of my show and their course is launching and it’s all open for a week or two. Just about that and Andy pays me I mean quite frankly if he’s on his course he pays me. We all know that. I’ve been very clear about that. And to entice you to come through me which doesn’t cost anything additional. We have offered my wife my son and I will prep your first private label product that you developed through his course. Now his course is phenomenal. I’m in there so you’ll get to see me. You’ll get to consult with me and we can talk about you know what the prep is going to require you’ll send it to our warehouse and our location. We do have a loading dock so that’s going to save you some fees.
Stephen: [00:01:00] You don’t have to get a lift gate or any of those things. Your first order up to a thousand units. I am going to qualify and say you got to do it within six months because I want you to take action. But here’s the deal. No fees whatever. No Labels bags whatever. That’s your responsibility. But outside of that we’ll actually do the work for you. We’ll do a cursory inspection for you and we will absolutely ensure that your product gets there. The best we can. And you know I’m excited about that because I want you to focus on developing a product and then launching it. That’s where the hard work is and that’s where the road is going to help you the most is launching a product and worry about packing it up and getting it in there.
Stephen: [00:01:41] We can help you with that. And again I’m going to do the first thing for free. How do I make money on it. And he pays me. So I just want to be clear about that and offer that to you. The only way you’re going to get that we are not a prep center. The only way you’re going to get that is if you join through my link and it’s on this episode it will be on the next couple of episodes. But it’s amazing freedom does come forward slash momentum. Then it’s a hyphen and the we’re joining the link there. But it’s amazing freedom. Come forward slash momentum with the hyphen joining. And if you put that in there you click on that link. All behind the scenes wizardry will get notified and then to send me a note saying hey I signed up through your link and I want to work with you and your family Steve.
Stephen: [00:02:25] First the most success. Everybody knows that Andy and I have a warehouse 12000 square foot warehouse so it’s kind of a connected deal anyway but I’m going to do the work myself or my wife and my son. We’re going to do the work for you to get you started off to a phenomenal 2018. It’s only going to last for you know this opening. I’m not going to continue it. And if you have questions send me a note. You got to do it. You’ve got to take action and this is a chance 2018 to take the money that you made from Q4 and develop a real business a real brand. We’ve all seen those businesses getting sold out and check some of the sites that are selling businesses their multiples because they’ve created brands are selling at multiples pretty phenomenal.
Stephen: [00:03:10] And so again the only way you’re going to get that is if you come through my link there’s no extra charge. I’m the only one offering it. It’s amazing freedom dot com forward slash momentum Ifan join. Want to take a chance and thank my other sponsors today to sell or labs with scope scope is a phenomenal product men just got done talking about launching a private label product well here’s the deal. In order to launch it you need to know the keywords that will work. Scope has a phenomenal tool where you can find the number one number two competitors of the products that you’re launching and find with their keywords are. That’s the beauty of it. Then you use those.
Stephen: [00:03:45] There’s no sense in reinventing the wheel. You use them because they’re already proven it’s the proof of concept you’re looking for. So it’s a phenomenal tool. So you go to solar lab stock come forward slash scope used to code momentum momentum and you get to save 50 bucks and you going to get some free keywords.
Stephen: [00:04:03] OK so that’s what you want to do. So take that take that course from Andy and now all of a sudden you scope. Right. Use
Stephen: [00:04:10] those keywords to help launch that product. That’s where the hard work is. And then again we’ll prep it for you. And also don’t want to miss. You know Karen from solutions for e-commerce phenomenal I just saw somebody else posting it was John Lawson or somebody else posting a recommendation for her because it’s a phenomenal service. We’ve used it we’ve used it for now a couple of years. And again we pay the same price. She does pay me again. We all know that she’s a sponsor of the show. But I wouldn’t be recommending her if I didn’t use the services. And it’s been a phenomenal service. So if you go to solutions for e-commerce the number for e-commerce dotcom forward slash momentum. You’re going to save 50 dollars a month. Yep fifty dollars per month no extra cost. And she’s going to do that inventory health report for you.
Stephen: [00:04:57] Use her for phenomena. So back to this private label you’re going to launch a new product will you need to get your listings created. Well that’s what Charonne specializes in. So she’ll help you get those listing credit you got variations even better. And what’s very cool is she’s now into Shopify. She can help you with eBay you know launching it out on eBay. It’s just really been a phenomenal service for us. So again you go to solutions for e-commerce dotcom forward slash momentum save the 50 dollars. Get that inventory Health Report. Start out 2018 with all three sponsors. You know Andy Simmons corps get in there and get started with the private label product. Use or labs to help you launch that product right. With those keywords using scope and then have Charron manage your account. It’s a phenomenal set of tools. You’re going to see me in all those groups because we use all those services.
Stephen: [00:05:48] Let’s get into the podcast.
Cool voice guy: [00:05:51] Welcome to the e-commerce momentum podcast where we focus on the people the products and the process of e-commerce selling today. Here’s your host Stephen Peterson.
Stephen: [00:06:04] Welcome back to the e-commerce momentum podcast. This is episode 268 Barry mark or Barry Treebeard as we know them. So this is the second of a two part series.
Stephen: [00:06:15] When we last left Perry I describe it he was in the corner sucking his thumb.
Stephen: [00:06:22] That’s a overexaggeration but he just had his business life completely collapse around him. And you know some of it he will own up to and said yeah he could’ve made some different decisions but then again the world happened around him and he wasn’t ready for it. He wasn’t paying attention. You know that’s not a criticism. How many of us are not paying attention when things are going well especially most of us look the other way because we can overlook things because we’re so busy and Perry is here to tell you that’s not a good idea. But there are some great lessons that he teaches you really want to pay attention to him because I think they’re so relevant today. And I just I see so many really successful people following them. And it’s just a great story. So let’s get into the podcast. All
Stephen: [00:07:12] right welcome back to the e-commerce momentum podcast I’m very excited again to have part two a continuation of my discussion with Barry mark or Barry Treebeard as we all know him. And when last we left Perry he was in the corner sucking his thumb. His business had collapsed due to mostly external forces. But you know those external forces can happen today. I think of the Bitcoin fiasco for some people right. Who. People who went and borrowed money mortgaged their house and bought bitcoin and watched it drop six or seven thousand dollars in a day or two and then they got to pay it back. Now fortunately it recovered but it’s those things those external forces and your inability to read them. Which is Steve talking about himself is not that I don’t have that skill set. And what you’re describing is not building risk into the model.
Stephen: [00:08:09] Right. That’s what we’re describing. And so you know there’s a person that you and I both know who’s been writing about their money troubles lately and just you know borrowing so much. It’s not building risk into the model. Everything’s good until it isn’t. Right. I’ve had so many people on that used to do the Google lease to build websites and then do the links in the back links and all that kind of jazz made fortunes off of those. Right. And then Google changed their algorithm and overnight their complete business is gone. And it’s like oh my gosh. Well you got to build that into your business. And so debt building debt risk into your business is probably the most it’s probably the most painful one. Right it’s the most volatile right. I mean to me. I don’t know what else would be I guess employees would be but Popoy that debt thing is scary that you might realize about this when you’re down.
Barry: [00:09:06] And then when the creditor writes that what happens.
Stephen: [00:09:10] You know there’s a tax gain. Right.
Barry: [00:09:14] Yes.
Stephen: [00:09:17] And so now you’ve got to owe more money on that whole thing. Technically so when you’re in the corner sucking your thumb.
Barry: [00:09:27] Well that’s something I figure out. I started to hire experts. They told me you just write a letter. The IRS says the true I have all this money I have no no assets zero. Therefore raised. And they said yes you’re right. And they did.
Stephen: [00:09:51] So there is a point when you can do that depending on what kind of debt it was. Right. That matters. Well
Barry: [00:09:57] this came up and that the whole foreclosure crisis. Everyone had income and so so many people were affected by it. They changed the law or they set up the mortgages written are never mind thought as I think more people are affected. It’s OK.
Stephen: [00:10:16] And it’s probably reasonable and that’s when when it should be you know those those things again and you know the banks lend you money and you bought it. So who’s who’s culpable. Both right. Who’s more culpable I guess that really comes down to I don’t know. I mean I have mixed emotions about it.
Barry: [00:10:37] If you look at it from a purely transactional point of view I probably paid the banks more money a hundred times over. I
Stephen: [00:10:48] agree with you. You know I always say that to somebody like go drive past the bank and look at their furniture and then look in your living room what that meant literally.
Barry: [00:10:57] If the money that ended up owing was greater because for a year they’re hitting you for 30 percent.
Stephen: [00:11:04] OK. So you might have owned them a thousand dollars and by the time they were done oh you always. Thirty thousand dollars. Very well.
Barry: [00:11:10] Now that it was technically owed but if you really look at the morality of it is up for 100000 I have paid back 120 and they said OK soloists Breillat twice like this. But nowadays we’re stuck with a morass somewhere right.
Stephen: [00:11:29] Right. And here’s the other thing I go to is that you know when you think about the right now I don’t know what category you’re selling in but you’re going to have returns right you’re going to lose a percentage of whatever you do no matter what. Well you just that’s you got to build that into your business model. Right. And so you know that a thousand times you pay that bank right and paid all the interest and whatever it was and then that one time you didn’t. They still made money on you and along when you look at the long game and so hence the reason they’re all still in business. So. OK so. So you go in the corner or you start sucking your thumb. How do you rise up out of there. I’m not going to let you get past this one I want to know how you get up and try to rebuild.
Barry: [00:12:13] Well I have the skills that I had. I have maintained that and been selling on eBay since 1997 and Amazon since 2002. And so there was a bookstore going into business and I said Oh I’m sure I could buy if I buy well bye bye. Well I can make money. So isn’t Amazon really quick. And so I went off with a 10 percent retail price freeze for certain categories classics mainly but they were classic. They always bring us up and turn up. And I was able to sell them pretty rapidly. And then parlays the profits and sell them when they return on capital in effect and buy more and I knew many wholesalers for them prior and they slowly opened accounts up and slowly built it up only working out of my garage.
Stephen: [00:13:14] I wanted to ask you that you had no thoughts of buying that brick and mortar of that bookstore going out of business in any possible way. Is
Stephen: [00:13:21] that where the gun shy isn’t. Yes yeah oh yeah.
Barry: [00:13:26] There was no way no not too much expense and also I was contemplating stay at home dad some to some degree at. So I could operate the house driving school and pick them up and then pack back the orders and ship the orders.
Stephen: [00:13:50] In between your marriage survived that downfall of the business. What’s that say about when you look back what you put your your wife through. I mean do you think about that.
Barry: [00:14:05] Oh yeah. She’s she’s amazing. She was me luckily. Luckily I have a Segas nicely.
Barry: [00:14:19] I was.
Barry: [00:14:21] I have zero money but I kept our assets separate so she she was able to an affair. She also got she started you do.
Stephen: [00:14:38] You were smart enough back then you know to keep things separate. So that’s another good lesson again. Building risk into the business. And I think that’s one of the big things you don’t plan to fail. Right. So you plan for all the good times right. Whenever you buy make a biopsy this all the time. Hey I just found I don’t know what was that hot toy fingerlings at Target and bam when I’m done selling them I’m going to make seventeen thousand dollars. You’ve seen the poster. You know I’m talking about. OK. Well that might be true but you are going to get some returns and you’re going to now deal with the...