0:00

I've done two different types of equity deals.

0:02

I want to talk about those today. What I've learned, what my opinion is, what I would do

0:06

differently, and just overall how I feel about the whole situation.

0:10

So let's start with some of my opinions that you may or may not agree with.

0:15

I don't like equity deals. I don't. I used to think that they were special.

0:20

you know, I grew up watching Shark Tank, seeing all these investors, put in money

0:24

for a certain percentage of the business. Let me ask you a question.

0:27

When do you get paid out on an equity deal? Liquidity event is the answer.

0:32

What's a liquidity event, you might ask? Sale, acquisition, buyout, IPO.

0:38

Yeah, most stuff can fit into that category.

0:41

Most companies don't ever do those things. Most companies don't IPO.

0:44

Most companies don't get bought. Most companies don't have these liquidity events, which leads me to my next point.

0:52

You can't eat equity. You can't eat equity until you get to a liquidity event.

0:57

Let's unpack that really quick, because what that means to me is that your equity

1:00

is worthless until a business is sold. Your equity is worthless until a business IPOs.

1:05

Your equity is worthless until you get acquired or some sort of rearrangement

1:09

of the capitalization table occurs.

1:12

Your equity is worthless. I've looked at it in a couple different ways because people have offered me

1:16

equity for their business or to buy into their businesses before, but I

1:21

have never really taken them up on that. And then people have parts of my business as equity owners and I'm like, you're

1:29

not going to get paid until we sell.

1:32

It's a long time. It's a long time to not get a return on your investment and the

1:36

likelihood of getting that return as time goes on, it goes down and down.

1:40

So it's really interesting looking at it from like a risk

1:42

versus reward type of standpoint. There isn't a set multiplier.

1:46

There is whatever you're able to achieve and however much value you're able

1:50

to create while the business exists. Okay.

1:52

So let's back up a little bit. That's my opinion on equity, right?

1:55

You can't eat it and you don't get to realize the gains until there's

1:59

a liquidity event that happens. So then why do people do it all the time?

2:03

I think that's a really good question. I think there's a couple reasons.

2:07

One is glamour and ego.

2:10

Second is just, I was just naive, right?

2:13

Naive thinking that it's the way to go. And three.

2:18

There's no upfront capital expense to the business owner, right?

2:23

So think about it from the business owner's perspective.

2:25

You have no cash. You have a great idea.

2:28

You've got a great team. You're executing.

2:31

You have nothing to give aside from promises.

2:34

The only thing that you can offer to somebody in exchange for money

2:39

is the promise and sharing in the upside of what you're building.

2:43

And that's really why investors will purchase equity from a brand or why

2:48

investors will give money and invest money into a business for a piece of equity so

2:52

that they can get paid back when those promises are met, when the entrepreneur

2:57

does what they say they're going to do, that's when investors get paid back.

3:01

So if you're looking at it from that, perspective, it's like, Whoa, A lot of

3:05

this really depends on the business, but mainly the entrepreneur themselves.

3:10

Yes. Yes. Okay, so let's talk about now that my opinions are out of the way and like how

3:17

I feel like I just want to make sure that was clear as we go into this discussion

3:22

because I don't want you to think that I am totally against equity deals.

3:26

I'm not. I think that they can be great in the right situation,

3:29

in the right circumstance. But do I prefer them?

3:32

Nah, I don't. I prefer them as the brand because you get the better end of the deal, but

3:38

I don't prefer them as the investor.

3:40

So much so that and we'll get this out of the way too.

3:44

When you look at the vision, the business plan for Operator Academy and Vanadar

3:48

and what we're trying to accomplish here. If you look in the end game section and you can all see this by the way, it's in

3:54

the example section of the business plan templates and the legal docs in circle.

3:58

But if you look at the end game there, what's our exit strategy?

4:01

What's our plan? What are we going to do with all the profits that we've generated?

4:05

We are going to do the opposite of buying equity and businesses.

4:09

We are not going to be investing in people's brands like other

4:12

people that I know in this space. We are going to take those profits and we are going to buy businesses

4:18

to serve our customers in a different, new and unique way.

4:22

So let me explain what I mean. Let's say Nick, right?

4:25

Forefathers apparel. Let's say that he starts crushing it.

4:27

He joins operator Academy. He applies everything.

4:29

The business is, it's showing record profits.

4:31

It is growth trajectory. It is amazing.

4:34

And he says, Evan, I would love for you to take 5 percent in this company, buy

4:39

in at this valuation and on advise and expertise and where our shirts in your

4:45

content, which is a reasonable deal.

4:47

And it would be smart, honestly. However, That's not what I'm interested in.

4:52

I'm not interested in potentially getting a piece of the upside

4:57

of the business down the road. It's just, it's too risky and it's not the game that I want to play.

5:02

All right. I want to play a different game. So I would say no to something like that to stay true to the mission.

5:09

So now that I've said that, let me explain what the mission is.

5:12

end game. to buy businesses that would serve Nick.

5:16

So instead of getting equity in his business, I would take that

5:20

cash and instead of investing it in him, I would go buy a warehouse to

5:25

house and ship his products for him.

5:28

I would buy the warehouse and put a manager in place, understanding,

5:32

that business And I would purchase one and I'd be like no.

5:35

Instead of like me investing, like just use our people, use our business, use the

5:40

businesses in our network that we own. We can give you favorable rates and I can guarantee you that the people put in place

5:46

are killers and they will do right by you.

5:48

So Nick would get an affordably priced, high quality partner or service to

5:55

help him grow his brand even more successfully and we would get paid

6:00

when he pays that company as a service.

6:03

This does a couple of things. One, it's sounds more fun to me because we get to own a bunch of different companies.

6:11

Mergers and acquisitions sounds like a ton of fun and around a million dollars

6:14

in EBITDA is when I believe you can start. Looking at that seriously.

6:18

So that's a million dollars in profit a year. It's the threshold that you need to start looking at other businesses

6:22

to buy them, to bring them into the company, to grow the valuation.

6:24

So what that would look like is we get to a million dollars in EBITDA and

6:29

instead of investing in businesses like Nick's, we would say, Hey dude, we've

6:32

got the warehouse, we've got the printing company we've got the advertising agency.

6:37

Just use our people. And we'll help you grow this brand.

6:40

That way you get to keep all your equity. You're going to be using these contractors and professionals anyway,

6:45

just use our people that are the best. And that way we're growing a portfolio of businesses that all serve each

6:50

other and are very synergistic. Yet we aren't taking from the business itself.

6:56

Imagine Vander owning warehouses and injection molding companies and blow

7:00

molding companies and printing companies and label companies and manufacturing

7:03

companies and shipping and advertising agencies and media companies and writing.

7:08

Like we can do all this stuff, editing companies, right?

7:12

That's where my head's at because of my opinion.

7:17

on equity deals. And I have that opinion on equity deals, because like I said, I've

7:21

been through a couple of them. So now that we've gotten that out of the way, the opinions, and then my

7:26

intention with how we intend to build this business, let me share with you some

7:31

of those deals or the details of those deals and why I feel the way that I feel.

7:36

Now, I've tried to do equity deals in the past. I tried to make them work with various individuals.

7:42

And none of them really worked out most likely because I wasn't the person

7:46

capable of providing enough value to these people to get them excited and bought in.

7:50

Also, they weren't the right fit.

7:53

I was trying to force it. I was trying to make it work because I wanted it to work, because I

7:57

wanted to do one of those deals. I've always wanted to raise money and get investors and give them equity for it.

8:05

Like I've always wanted to. And after having done that, I'm just like, Oh.

8:09

That wasn't very fun. So I Tried to in the past multiple times didn't work out and I'm glad it

8:15

didn't because they weren't the right people there was once where a time

8:19

where I offered a contractor a Smaller monthly retainer and a percentage of

8:26

the upside of the company the percentage of the profits five percent And that

8:31

was like my first, equity style deal and no complicated contracts handshakes

8:35

and a documents to sign and and that was fairly straightforward and fairly

8:40

simple just amend the operating agreement Agree to it when we sell

8:44

you can have a piece of it right very simple stuff, that's like introductory

8:50

under the table kind of deals. The deals that I'm talking about are the ones that are fully built out,

8:57

have full contractual obligations and are a little bit more serious.

9:02

Not saying there's a difference in seriousness in my mind, but just like

9:06

different ways of approaching things. So the two other deals that I did, So there have really been like two equity

9:13

deals that I've done really to the first is with my partner, Nick, and

9:18

the second is with an investment fund.

9:21

Now I want to talk about my partner, Nick second, because that's a

9:25

deal that feels really good. And then the deal with the investment fund was just deal with the investment

9:31

fund was I went through this program and I created a pitch deck and the whole goal

9:36

of the program was to learn how to pitch your business, raise money, take on an

9:40

investor, grow the business, and exit.

9:42

That's what I wanted at the time. I don't want that anymore.

9:46

I don't necessarily want to have a giant exit right now or even

9:49

focus on selling the business.

9:52

That may be a discussion for another time, but long story short.

9:56

Sell a business for what? Why?

9:59

For a big pile of cash? And then what? What am I going to do?

10:01

This business is my opportunity vehicle. This business is a method for me to work on myself and become the person capable

10:09

of, the person capable of managing money and people and relationships and

10:13

growth and, time and all the things.

10:16

I work on the business, but the business works on me far more, and it's shaping

10:20

me into the person that I want to become. And the thought of selling that is just ugh.

10:24

And then starting over? Why?

10:27

So that's where my head's at now. I expect my opinion to change a little bit, but that's where my head's at now.

10:31

So I'm not as interested in an exit. I'm interested in a profitable business that continues to create cash flow.

10:37

I'm interested in a business that, continues to create opportunities.

10:40

That's my mission. After all, meaningful work, meaningful people, opportunity and abundance.

10:45

So the first equity deal.

10:48

I put together a pitch deck. I spent, damn near 100 hours practicing.

10:52

Recording, critiquing, changing my pitch so that it would resonate and be exciting.

10:59

And I got a lot of interest. And in fact, that the people that I pitched to were like, yes we're

11:03

in, this is what we want to do. And so they, wrote up a bunch of documentation for

11:07

me using their attorneys. And after looking at it, I was just like, Oh, this is really weird.

11:13

It wasn't like a straight up shark tank equity style investment.

11:17

We're going to give you a hundred grand for 10%. It wasn't like that.

11:19

It was like, we're going to give you this much at this valuation.

11:23

And then we have the option to buy more or do this and further down the road.

11:27

But you can't do these 10 things because that would compromise the deal.

11:31

You have to do it in this way, on these timelines, and then

11:34

if this is met, we can do this. And it was just convoluted.

11:38

It was confusing. I didn't understand it.

11:40

It didn't sit right, right here. So ultimately, I was just like, No.

11:45

This is weird. I don't like this deal. I feel like your attorneys wrote this in your favor greatly, and

11:51

it doesn't sit right with me. And so I kiboshed it.

11:55

And they were like, okay what would feel good? I'm like, straight up, man, just a straight up regular ass deal, right?

12:01

Buy into the company for this much at this valuation.

12:04

So I think at the time it was like a 2 or 3 million valuation and

12:08

we're, Oh, 2 million valuation, 100, 000 investment for 5%.

12:12

And I was like, okay, I'm good with that.

12:15

And what we ended up doing is changing that investment.

12:19

So instead of 100, 000 of cash, it was 350, 000 of debt financing.

12:26

And so instead of giving me 100, 000 for 5%, they were going to give me

12:29

access to 350, 000 so I could buy inventory with it, grow the business,

12:35

and their payment was going to be 5%.

12:38

Right, which I was good with because I wanted to take that money

12:41

and invest it into inventory and marketing and grow the business.

12:44

I spent that money on the wrong inventory.

12:46

And now I have to pay it back with inventory that's not turning.

12:50

Discussion for another day. But, nonetheless.

12:53

That was my experience with like my first equity deal.

12:57

I spent 10, 000 on attorneys to rewrite the contracts in my favor

13:01

from my people in my way because it's my business, my responsibility.

13:05

And eventually that's what we settled on. So 5 percent of my company is owned, Scorchmarker that is, is owned by an

13:12

investment fund and I owe them money. At one point they were going to have an option to buy more, but

13:18

that leads me to my next point. I don't know that those are people that are going to be

13:23

a good fit for me long term. So I don't want to continue to involve them more and more in the

13:29

business because I don't believe that they're the right fit.

13:32

At the time when we were doing everything, I was like, oh yeah,

13:35

this is great, this is amazing. But as I've grown and made mistakes and learned and done more, I'm like, oh,

13:40

maybe they aren't the right people for me.

13:43

And that was a sobering realization because I was just like,

13:45

dang, man, that it's a bummer. And so I say all this because when you do an equity deal with somebody,

13:51

you are work married to them. You are going to be working with them for a long time, whether you

13:55

like it or not, like their future is now intertwined with your future.

13:59

So if you do these types of deals, you've got to make sure these are people

14:03

that you want to get work married to. What do they bring into the table?

14:06

Skills, time, or money. Hopefully they're bringing multiple, but in this situation

14:11

they were only bringing money. They don't have the skills and they don't have the time to be able to

14:16

move the needle or assist and help in ways that I need them to help in.

14:20

If I could go back in time, I would have practiced the art of pitching

14:23

and gotten good at it, but I wouldn't have said yes to any money,

14:26

any debt financing, any equity. I wasn't ready for it.

14:29

I didn't, I thought I knew how, but I wasn't responsible and knowledgeable

14:33

enough to be able to spend it in a way that could create more value.

14:38

I just, I was naive. I wanted to do the deal more than I wanted to execute on what the

14:43

deal was going to allow me to do. So that was the first equity deal.

14:47

I'm meh. Meh. Expensive lesson, right?

14:50

Expensive lesson. I'm learning a lot. I've got some money to pay back, that's for sure.

14:55

And we're chunking away at it. But nonetheless, it just didn't feel, didn't and doesn't feel like

15:02

something I'm really excited about. Which is my next point.

15:05

Listen to your gut. Make sure you're excited about it.

15:08

Make sure it feels right. Because it's messy.

15:11

and challenging to unwind and unravel and have conversations

15:15

about this type of stuff. Just throwing that out there.

15:18

Everyone's different. Your experience is not my experience.

15:21

So take that with a grain of salt, obviously, but do what feels right.

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can try it out for yourself. Now let's talk about the second equity deal that I've done, which

16:34

I am actually quite pleased with. And that's with my partner, Nick.

16:38

Nick gets 10 percent of the business scorch marker and

16:41

he is coming in as the CMO. He is bringing skills and time to the table.

16:44

He is not bringing money, which arguably is more valuable to me

16:48

because I need his expertise. This is a guy who has taken over 20 companies from a million

16:55

to 10 million in sales through strategic sales and marketing.

16:59

Like he is a CMO, a chief marketing officer through and through.

17:03

He gets it. He knows Google and Meta and he understands ad platforms and

17:07

the numbers and the analytics. He's a very complementary skill set to me, like super complementary.

17:13

We are both into the same things, but we have very different skill sets and

17:17

ways of going about doing business.

17:19

So we are very complementary. So it was great synergy.

17:23

I invited him into the business. He gets 10 percent of it.

17:26

When we get to 15 million, he gets 10 15 percent when we get to 20 million

17:31

he gets 20 percent of the business. We've set that up in a way to be, he also is getting a small salary too, by the way.

17:38

When things got tight and challenging, like he stopped getting paid,

17:42

just like when I stopped getting paid, like he knows that we're in

17:45

this together, we are building an asset that we are going to co own.

17:48

When the going gets tough, we both, pull back and don't get paid.

17:53

That's the kind of partner that I needed. So his job is to own the sales and marketing side.

18:01

My job is to own the product and operations and content side, and we work

18:05

together on this, knowing full well that there will probably come a time where

18:09

we are more equal in terms of equity because we are both putting in like the

18:13

hard work, like we are both doing it.

18:16

That partnership I feel really good about, and I am more than

18:19

happy to give him his fair share. And he didn't even put in any money.

18:23

Do you know why? Because he fucking shows up.

18:27

That's why. Because he's just there.

18:30

He gets the work done. He cares.

18:32

He shows up. He puts in effort.

18:34

He thinks about it. He gives it attention. He gives it his time.

18:38

And when he applies his attention and his time, it does good things.

18:42

I've learned so much from Nick. He has taught me so many valuable skills and so many good things.

18:47

Great ways of looking at things. He's the one that taught me how to do all my financial reporting, like big boy style

18:53

with his dashboard and understand AOV to CAC and budgeting and like all of these

18:57

things that are absolutely essential to get to the next level that I didn't know.

19:01

And he brought those skills to the table. He brought relationships, he brought expertise, he brought

19:06

patience, he brought friendship. Like he's helped me put together our mission and vision and values and

19:11

do all of these incredible things. He shows up and that is what is most important to me.

19:18

Effort and attention showing up, man.

19:21

So of all the equity deals that I've talked about, that one is

19:26

by far my favorite because I feel like I really truly have his buy in

19:31

his attention and he gives a shit. And I, that's the point I really want to make with this discussion.

19:36

Equity deals can work. They can align people.

19:39

Just make sure it's the right person. I didn't know what the right person looked like until I found Nick.

19:44

And Nick is, oh my gosh, he's the right person.

19:47

And I tell you why I believe that he's the right person.

19:50

Because I want to give him more.

19:53

I want to give him more. I don't want him to have less.

19:56

Whereas the other deal. I would prefer that they had none or less instead of more.

20:02

But with Nick, like I want him to have it. I want him to have more buy and I want him to be a part of it.

20:07

I want him to join me and get even more involved because it's

20:10

so synergistic and it's so fun. Moving forward, I am now looking for those types of relationships.

20:16

The type of people who make me want to be with them.

20:19

I want to call them up on the phone. I want to talk with them.

20:22

I want to be their friend. I want them to come visit me in the Redwoods and do our masterminds together.

20:26

I want to call them when I'm driving home from the post office.

20:29

I want to talk to these guys. I want them involved.

20:32

I want their buy in. That is what I now look for and that's what I think that you should look for.

20:37

people who can bring skills, money, and time to the table.

20:40

And money is arguably the least valuable when it comes to skills and time.

20:45

That's what I really needed. And I found that's what a lot of us need anyway, because I wasn't ready

20:50

to take on that money and spend it. I didn't have a clear enough plan.

20:53

I thought I did. And so did they, but I was wrong.

20:56

I was just wrong. So let's back up and let's unpack this whole thing.

21:01

My opinions on equity are probably different than a

21:04

lot of people's out there. And I have very little experience with this.

21:07

I've only done it a handful of times and work through these contracts and

21:11

read through them and figured out how we were going to execute on this.

21:14

Oh, actually, you know what? Before I recap, let me tell you how it works with Nick and I and in

21:20

scorch marker so that you can better understand how people get paid when

21:24

they own equity in the business. Okay.

21:26

So yes, you do own a percentage of the company, but you don't get paid on

21:30

shit until there's a liquidity event. And there may not be a liquidity event with Scorchmarker for a long time.

21:35

So here's how we've structured it. We set aside 5 percent of all top line to go into the profit account

21:41

because we use profit first accounting. That 5 percent gets distributed every single quarter.

21:47

Depending on your percentage of ownership in the business, you get a piece of

21:50

those profits every time we disperse them every quarter, based on the amount

21:55

of equity that you own in the business. So if you get 10, if you have 10 percent of the business, like

22:00

Nick, he will get 10 percent of the profits when we distribute them.

22:04

That's how we pay out our members and our equity holders in real time.

22:09

And then of course percentage wise based on when we have that liquidity

22:13

event, when we sell or when we get acquired or when we IPO, which

22:16

I'm not interested in as of now. So that's how we've structured things in the operating agreement and just

22:22

amongst each other to get a little bit while, while we're working on it.

22:26

Now we also take a small salary from Scorchmarker,

22:28

but right now, nothing crazy. If anything, maybe like a couple thousand bucks a month.

22:33

But right now we've decided to forego that to put it back into the business to

22:38

grow it as opposed to taking out of it. So the only money that we really make from Scorch Marker in the meantime, while

22:43

we're in growth mode is those profit distributions that we take in the quarter.

22:47

Anyways, let's unpack this and back up and touch on the original points that I had.

22:56

My opinion on equity, the equity deals that I've done, what it's looked like

23:00

and why I feel the way that I feel. I think we've answered that.

23:03

I think we've talked through the meat and potatoes of it, but long story

23:07

short, I've done two equity deals. The deal with Nick feels really good.

23:10

The deal with the fund doesn't feel that good because I just feel like,

23:16

yeah, there's something missing there. Will I do more equity deals in the future?

23:19

Probably not. It's not something I'm looking to.

23:22

So what would I do instead? Profit sharing, rev sharing.

23:25

Upside or just straight up paying people as contractors to do work for me.

23:30

It's less messy, they're happier. And most people realistically, they want money now.

23:35

They don't want potential money later. And so it's better for everyone.

23:39

I now avoid any equity discussions or talks or deals.

23:43

Because I think they're messy, time consuming, and they're not

23:46

worth it for the parties involved. You now understand where my opinions come from.

23:50

But at the same time I think it can be a valuable skill and as something that

23:54

can really set your business up for success if executed on in the right way.

23:59

And the right way is key. Like it must be done in the right way.

24:03

So what is the right way? A deal where you want that person in and you want to give them more and you feel

24:09

good about it and you're both showing up and you're both building the business

24:13

together in a meaningful, positive way.

24:16

Whether you need money, skills, or time, I would encourage you to make

24:19

sure that you're getting at least one of those, ideally two or three of

24:22

them, before signing any paperwork.

24:25

Ask yourself if you want to be work married to this

24:27

person, because you will be. Ask yourself what happens if we don't get along anymore or things

24:32

change, because that will happen.

24:35

What do you do? And that's where you can line all that stuff out in your agreements.

24:40

To cap it all out I think there's a time and a place for equity deals.

24:44

Everybody's business is different. Everybody can do things differently.

24:47

That's just my opinion. I would much rather take my profits and buy businesses

24:52

that can serve people like you.

24:55

Versus buying into your business, Giving you a bunch of money, helping

24:59

you get there, and then getting paid back on the liquidity event.

25:02

You'd be happier if you had more of your company anyway.

25:05

I'd be happier if I didn't have the stress and the pressure and the weirdness there.

25:10

I do believe that my mind will change on this one day.

25:13

I think that I've been a little bit jaded by the experiences that I've had.

25:16

And I don't anticipate getting there. I'm not holding on to these opinions for the rest of my life.

25:21

In fact, I know they'll change because they've changed in the past,

25:24

but this is where I'm at right now. And I wanted to clarify that.

25:28

If you have any questions on this type of stuff, or if are going through it and you

25:31

want to see contracts or talk to me about the attorneys that I used in the process

25:35

or what I found to be true or not true.

25:37

And in that stuff feel free to message me and reach out.

25:40

But otherwise, I'm out. I think that's it.

25:42

I think that's a good breakdown of the deals that I've done and where

25:46

my head's at and how I feel about it and my big takeaways from having gone

25:51

through the process out of everything.

25:54

And I'll end with this, which is the most valuable thing that I

25:57

learned from the whole process. The most valuable thing that I learned was learning how to pitch, learning how

26:03

to get people excited about my business.

26:06

That's a skill that I will be able to use for the rest of my life.

26:09

That is by far the most valuable part of the process.

26:13

That and understanding the reality of what it's really like.

26:16

It's it's not all sunshine and rainbows all the time.

26:19

It's work. It's challenging. And expect it to be work and be challenging.

26:25

It's never going to be just perfect and smooth all the time.

26:29

I watched a YouTube video on shark tank, like, where are they now?

26:32

Type of stuff. And they studied all the deals, like what percentage of deals

26:35

like actually went through. And it was like 1%. Most deals end up falling through.

26:40

Most deals end up not working out.

26:42

Most deals, like they'll say yes in the TV show, but after due

26:47

diligence, they don't work out. And most of the deals that they do get, they don't make money.

26:52

There's only been like a handful of shark tank deals that have been like great investments.

26:56

Like less than 10 and they've done a lot.

26:59

Throwing that out there for some perspective. Figure out what you, figure out what you need, figure out what you want,

27:05

figure out what would make you feel good about growing and building this

27:08

business and chase and go after that.

27:10

That would be the big takeaway from this. Equity isn't all that it's cracked up to be.

27:15

All right, let's talk some numbers. I'm going to include TikTok Shop now.

27:19

We're going to talk about TikTok shop every time we talk about the numbers.

27:22

So that's Shopify, Amazon, TikTok shop, and now retail.

27:25

So we have four to choose from sales figures and conversion rate.

27:29

We're no longer sending traffic from our TikTok to our Amazon or our Shopify.

27:33

So we're going to talk about TikTok in and of itself as its own entity,

27:36

especially now that we are implementing the strategies that have been sharing

27:39

with you and reaching out to affiliates.

27:41

So over the last 30 days on Shopify, we did 33, 000 in sales.

27:46

at a 2. 23 percent conversion rate.

27:49

Slow season. Remember that. We are in the like literally the peak of our slow season.

27:55

So I'm not super mad about it. Amazon is at 65, 000 with a 12 percent conversion rate.

28:01

TikTok is at 756, just under a thousand at a 4.

28:05

2 percent conversion rate and retail is at zero.

28:09

I'm expecting some retail checks this month, however, so that

28:12

should jump up by the end of March. And we also rolled out a sale in the beginning of March on our

28:18

Shopify store and Amazon as well.

28:21

Plus TikTok starting to pick up some speed.

28:23

So I'm really excited to see how these numbers transform.

28:27

I'd like to take a moment to thank you for listening. Your attention means the world to me.

28:31

It really does. If you've gotten to a point where you have any questions or you're ready to

28:34

apply for the Operator Academy, shoot me a DM so I can take care of you.

28:38

Otherwise, keep doing the boring work and be good to future you.