MBA2320 Bonus Episode: You're going to love My First Million

Summary

The $100 MBA Show – Episode MBA2320 Bonus: You're Going to Love My First Million

Release Date: June 7, 2023
Host: Omar Zenhom
Guest: Patrick Campbell, Founder and CEO of ProfitWell

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Introduction

In this bonus episode of The $100 MBA Show, host Omar Zenhom presents a special feature from the acclaimed podcast My First Million, hosted by Sam Parr and Sean Pury. This episode provides an in-depth conversation with Patrick Campbell, the founder and CEO of ProfitWell, who recently sold his company to Paddle for an impressive $200 million. Campbell shares his entrepreneurial journey, strategies for business growth, and unique insights into various industries.

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Patrick Campbell’s Entrepreneurial Journey

Bootstrapping to Acquisition
Patrick Campbell discusses the evolution of his company, initially named Price Intelligently, which began as pricing software and services.

“[00:04:11]Patrick Campbell: We were bootstrapped, so we owned 100% of it.”

He elaborates on how ProfitWell transitioned into a comprehensive metrics tool for subscription businesses, ultimately leading to its successful acquisition by Paddle.

Equity and Team Success
Campbell emphasizes the importance of equity distribution within his company, highlighting a generous approach that resulted in 13 millionaires among his team.

“[00:02:23]Patrick Campbell: We were pretty generous about giving out equity... we had like 30,000 companies using ProfitWell when we sold.”

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Deep Dive into the Quilting Industry

Market Insights and Growth
Campbell provides a surprising analysis of the quilting and crafts industry, revealing it as a $4.5 billion per year sector with significant growth in subscription-based models.

“[00:08:22]Patrick Campbell: Quilting and crafts subscription companies are growing insane.”

He explains the intricacies of the quilting market, including the Block of the Month clubs, community-driven retreats, and the blend of nostalgia and modern creativity that fuels its expansion.

Niche Opportunities
Campbell identifies quilting as a robust, non-fad industry where loyal, engaged customers contribute to low churn rates and high lifetime value.

“[00:19:04]Sean Pury: Most businesses selling to women in middle America have the highest loyalty and engagement.”

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Advanced Competitive Intelligence Techniques

Utilizing NSA Skills in Business
Drawing from his background as an intelligence analyst at the NSA, Campbell shares his approach to competitive intelligence, which involves mole hunting and mass data analysis.

“[00:29:14]Patrick Campbell: Competitive intel has to be done over time. It’s about collecting different points.”

He details methods such as sending shadow NPS surveys to competitors' customers and leveraging Red Team Docs to anticipate and counteract potential threats.

Impact on Marketing and Retention
By implementing these intelligence strategies, Campbell achieved better retention rates and lower customer acquisition costs, attributing this success to a deep understanding of market trends and competitor actions.

“[00:35:35]Patrick Campbell: Competitive based marketing teams typically have much better retention and lower CAC.”

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Innovative Debt Buying Strategy

Exploring the Debt Market
Campbell discusses his interest in the shadowy world of debt buying, where debt is purchased at pennies on the dollar.

“[00:44:01]Patrick Campbell: I can buy a bunch of debt for pennies on the dollar... understand how debt collectors work.”

He explains the complexities of the debt market, including the ethical considerations and potential for both profit and societal good by alleviating burdens for debtors.

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Hostile Takeover of a Person’s Shares

Unique Approach to Shareholder Engagement
In a fascinating move, Campbell recounts how he executed a hostile takeover of Mike Merrill's personal shareholder company, K Mikey M, by purchasing a significant number of shares and influencing decision-making through shareholder votes.

“[00:54:30]Patrick Campbell: I bought 2,000 shares and attended the shareholder meeting to influence decisions.”

This unconventional strategy provided Campbell with valuable insights into community-driven governance and the dynamics of personal shareholding.

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Personal Reflections and Future Aspirations

Balancing Wealth and Responsibility
Campbell reflects on the personal impact of sudden wealth, emphasizing the importance of reinvesting for learning and societal improvement rather than indulging in material excess.

“[00:49:10]Patrick Campbell: It amplifies the worst and the best in you... my duty is to go crazy and go deeper and make big swings.”

He shares his commitment to addressing significant societal challenges such as democracy, defense, and debt, aiming to leverage his resources for meaningful change.

Background and Personal Growth
Campbell touches upon his Midwest upbringing, his transformation through extracurricular activities like debate, and how these experiences shaped his analytical and strategic thinking skills.

“[00:51:29]Patrick Campbell: I was a national champion debater... synthesizing information and structuring arguments.”

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Notable Quotes

• Patrick Campbell:

  • “[00:02:23] We were pretty generous about giving out equity...”
  • “[00:08:22] Quilting and crafts subscription companies are growing insane.”
  • “[00:29:14] Competitive intel has to be done over time.”
  • “[00:35:35] Competitive based marketing teams typically have much better retention and lower CAC.”
  • “[00:49:10] It amplifies the worst and the best in you...”

• Sean Pury:

  • “[00:19:04] Most businesses selling to women in middle America have the highest loyalty and engagement.”
  • “[00:66:02] This was an episode of the podcast My First Million...”

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Conclusions and Key Takeaways

Strategic Equity Distribution
Campbell's approach to equity distribution fostered a loyal and motivated team, crucial for the successful scaling and eventual sale of ProfitWell.

Niche Markets as Goldmines
Exploring non-traditional industries like quilting highlights the potential of niche markets to sustain long-term growth and customer loyalty.

Intelligence-Driven Marketing
Implementing competitive intelligence strategies can significantly enhance marketing effectiveness, reduce churn, and lower customer acquisition costs.

Innovative Financial Strategies
Venturing into debt buying, despite its complexities, showcases innovative financial strategies that balance profit with societal impact.

Entrepreneurial Philosophy
Campbell advocates for reinvesting wealth into impactful ventures that address systemic issues, emphasizing responsibility and continuous learning over personal indulgence.

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Final Thoughts

This episode offers a treasure trove of insights from Patrick Campbell, blending his entrepreneurial acumen with unconventional strategies and a profound commitment to societal betterment. Listeners gain valuable lessons on leveraging niche markets, implementing advanced competitive intelligence, and balancing wealth with responsibility, making it a must-listen for aspiring entrepreneurs and business enthusiasts.

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For more detailed business strategies and entrepreneurial insights, visit The $100 MBA Show.

Transcript

[Patrick Campbell]

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[Sam Parr]

Hey, hundred dollar MBA listeners. This episode we're doing something a little bit different. We're featuring an episode from one of my favorite podcasts. It's called My First Million. It's hosted by Sam Parr and Sean Pury, who've both built and sold eight figure businesses to Amazon and HubSpot. Each week they brainstorm ideas. They chat about what's going on in business these days. They share what's working for them, what's not, and even how to start a side hustle that can make you a few grand a month or even a billion dollar business. What I love about this podcast is that both Sam and Sean are just real people. They admit their flaws while simultaneously really knowing their stuff. When it comes to business idea generation and opportunity, that's just hiding in plain sight. In the episode I'm about to play for you, Sean and Sam sit down with founder and CEO of ProfWell, Patrick Campbell, who's also a friend of this podcast. Patrick Campbell recently sold his company for $200 million to paddle. This conversation gets into all kinds of interesting topics, from the billion dollar quilting industry to using spy secrets in business, to buying cheap debt, to a hostile takeover of a person. It's not what you think. Let's jump into that episode right now.

[Sean Pury]

All right, we are live. What's going on, man? How are you?

[Patrick Campbell]

What's going on, gentlemen?

[Sean Pury]

So we have Patrick Campbell. The company was Profitwell.

[Patrick Campbell]

Yeah.

[Sean Pury]

But originally it was. It was something else for first, right?

[Patrick Campbell]

Yeah. We called it Price intelligently. So. So we did a little piece of pricing software, morphed into pricing software and service, a lot of service, actually, and then started building this metrics tool and all that kind of fun stuff, and then recently sold the Paddle, which is a payments infrastructure product, if that makes sense.

[Sean Pury]

And the headline price was $200 million. And you bootstrapped the company. And I think in a tweet, you said you owned. I don't know if it was you and Your co founder or company owned. But like you guys owned almost all of it, right?

[Patrick Campbell]

Yeah, we were bootstrapped, so we owned 100% of it. And so we. Yeah, but we were pretty generous, I think I tweeted about the fact that we were pretty generous about giving out equity. So it wasn't like I had 100%. We had. I think the headline number is we had 13 millionaires. We had like 30, 35 people, made 6Ks or more. And then I think there's like 120 people all in. People who had worked at the company previously and the current employees who got some sort of consideration out of the deal. So I think the.

[Sean Pury]

It was 200.

[Patrick Campbell]

Over 200. It was over 200. Technically. Like we're not public. I don't know, it's so weird about these numbers. It's like, what are you public with? What are you not? And I have a board and a boss now, so I have to have to be a little careful. Not that careful, but a little careful about all the things I say.

[Unknown]

You do. You do seem like you're cultivating that trillionaire energy that we like to see. So I gotta say I'm getting the vibe. I'm getting that. I'm getting that extreme satisfaction and relief vibe that comes when you sell a company.

[Sean Pury]

Well, Sean, ask em.

[Patrick Campbell]

If only you knew how tightly wound I am. So. Yeah, that's interesting.

[Sean Pury]

Ask him where he just moved to. Go ahead, tell him.

[Unknown]

Where did you just move to?

[Patrick Campbell]

I moved to Puerto Rico for all of the obvious reasons. Just put it out there. Just to be very clear, very obvious reasons why I moved here. And it's 80 and I'm not a huge fan of the heat, but I am like basically recording with a 6K camera right now. And that's that trillionaire energy where it's like, where do you put the money? I don't like cars. So I got a really cool dope setup, basically.

[Unknown]

I mean, that bookshelf needs a little upgrade too, if I'm five months. Be honest here.

[Patrick Campbell]

I feel like, you know, this was literally like ikea. I don't have anything behind me. Like, let's throw some books up and kind of go from there. So we'll get there, we'll get there.

[Sean Pury]

So what, what exactly did you guys. I. We used you, I believe, but I think we got. I think we used you for free. And I was like, how did these guys make money? What exactly did you guys do?

[Patrick Campbell]

Yeah, so the headline kind of positioning is we. We basically exist to run and grow subscription businesses automatically. And the automatically thing was the thing that they worked well for us. And what I mean by that is like in the perfect vision world, you should be able to plug in ProfitWell to any subscription business. So into Stripe, Chargebee, Zora, whatever you're using for your billing. And then automatically you get all of your metrics for free, which is probably what you're referencing. And then we reduce your Churn, your cancellations automatically, optimize your pricing automatically. And now with the whole paddle deal, we take care of your taxes automatically, chargebacks, all that kind of fun stuff. And so yeah, I think the, the big thing for us was when we were this pricing service, we wanted to get to something that was more pure software. And we were helping a company with their pricing that was about to ipo and we actually discovered they were calculating MRR and Churn completely wrong, which was really fascinating. And so we kind of put those two insights together and then started producing this metrics product. So you get all of your financial reporting if you're a subscription or SaaS company. And then there were like 30 competitors. And it was all overnight, the space where we thought we were going to be billionaires for metrics. All of a sudden it was like, oh my God, everyone and their mother is building a stripe integration. And so we did some homework, we did some research, all that kind of fun stuff, and basically discovered that either this is a terrible business and we should stop doing it because no one is really great at monetizing metrics or the free route, which is what we did. And I think that's probably when we should have raised money in hindsight. But long story short, that's what grew. And we had at the end, well, still going, but we had 30,000 companies using ProfitWell basically when we sold. And that number is just kind of going up every single day, which is great.

[Unknown]

And when you, you reached out to us and you were like, hey, I think you do you listen to the pod? Is that kind of why you reached out?

[Patrick Campbell]

Of course. Yeah, absolutely. I'm glad to hang out with the 12 year olds. From a recent episode, I learned, yeah.

[Unknown]

You said something which kind of tipped me off. You were like, I grew up in Wisconsin doing hood rat shit. Had tip to Sam and I was like, oh, okay, he knows the inside jokes. He knows about sometimes you just want to do hood rat shit.

[Patrick Campbell]

Of course. That's why we're getting a ranch built in Utah right now. Everything's going to be great. Like that's, that's, that's the hood rat world there. Are you really?

[Unknown]

You're building a ranch in Utah?

[Patrick Campbell]

Yeah, that's the goal. So I grew up in Wisconsin, right? So I grew up, like, literally milking cows as a kid and, like, you know, kind of having the. Let's. Let's say the sand par lifestyle. Like, my dad has no idea what I do. He's, like, just confused. He thinks I'm being a tax evader, moving to Puerto Rico, like, all that kind of fun stuff. Which you are blue collar, Sam.

[Unknown]

He's like, you just more rich.

[Patrick Campbell]

Yeah. Yeah.

[Sean Pury]

What'd you say, Sean?

[Patrick Campbell]

That's funny.

[Unknown]

I said, he's like, you just more rich.

[Sean Pury]

It looks like it. That's what it seems like.

[Patrick Campbell]

I do what I can. I think the difference is Sam's living a little. Like, I'm like, all in. Like, just still, like, nose to the grindstone. But, yeah, I grew up in Wisconsin, and then after school, I moved to D.C. i worked in U.S. intelligence and then worked in tech in Boston. And that's kind of when I got into the. To the business space, basically.

[Unknown]

But what I was gonna say is you reached out intelligently because we get a bunch of people who are like, hey, would love to come on and tell my story. It's like, yeah, I'm sure you would. Who wouldn't want to come on and tell their story? Like, I also like to get, you know, free fame, but the. The thing you did was you sent us, like, I don't know, six or seven bullet points. You're like, here's, you know, here's some stuff I can talk about. And then you sent us, I would say, like, five or six really interesting things. So I kind of want to hop around on those. Sam, did you have a favorite one that you liked from these?

[Sean Pury]

Okay, well, let's. So do you have it in front of you? It's Hidden Industries I got in front of me. So. Hidden. Yeah.

[Unknown]

That's the juicy one. That's the juicy one. So basically you said, I think we have the largest subscription financial database in the world, right? Like, you guys have 100%, 20, $30 billion of annual recurring revenue flowing through your system, which is just a bunch of data that will tell you, I bet you there's some things that are like, huh, no way they make that much, right? There's, like, some surprising niches that make a lot of money, and then there's maybe some trends or benchmarks. So take it where you want it, but I think that's one that's going to Be super interesting for. I know I want to know the answer. So I know people listening will too.

[Patrick Campbell]

Yeah, totally. So there's a couple things. So one, just to give an example, we would always. So we study the data in aggregate. That's what helps train our algorithms for churn reduction and all that kind of fun stuff. But then the other really interesting thing is we publish a lot of content on this. So a lot of SaaS companies, it's like, oh, what should our churn be? What should this look like? So we publish a lot of that. The other thing that got really interesting was we would basically be kind of like a hidden, like, helper for deal flow for a lot of VCs. And we would never like, reveal someone's like, particular numbers. Of course not. But like, what was really fascinating is when kind of the Jungle Scout Amazon kind of play was happening, like, we would all of a sudden have like all of these apps just break our QA scripts because every time, like, someone was growing too fast, we would go, oh, something must be broken with the metrics. Right, Right. So that's a little bit of context. There's like three or four really fascinating industries, especially going into a recession that I think are really good for, like, people who want to fast move into them. One one of these industries that's kind of crazy to talk about, Quilting and crafts. Quilting and crafts subscription companies are like growing insane. What's fascinating is the quilting space. If. If you didn't know, quilting is. It's about a four and a half billion dollar per year industry. The average Quilter spends about 8 to $9,000 per year on like, most of that comes not just online, but it comes through quilt shops. So there's a really interesting local play that we've seen some of these companies use. And some of the more popular apps.

[Sean Pury]

Quilting just means, like making a blanket that has like designs on it. Right.

[Patrick Campbell]

For the most part. Now, as a mom, a Midwest mom who does hardcore quilting, like, there's a lot of other stuff. Like our house, we didn't have pictures up. We had quilts that were hung of, like, different designs and all kinds of stuff. But yeah, every major milestone in my life, I got a quilt. Like, I have six quilts in Puerto Rico that are useless to me just given how, like, warm it is.

[Unknown]

Here's paint. I see went to someone else's house, they had a painting on the wall. It's like, no, no, you don't need that. Just put a blanket on the wall.

[Patrick Campbell]

Quilts yeah, it's great. Sound deadening. It's really good. Sound deadening. But yeah, it's really interesting because like that market has gone wild. Like even like knitting, like crafts, that type of stuff. And what's really interesting about it is like, especially in the subscription space, there's a lot of these built in type projects that these companies have started taking advantage of. So there's this thing called Block of the Month club that has been around since quilters have existed. You create a block of a. Every single, you know, month basically. And it's like a community type thing. Um, so there's something there. Quilt retreats are a huge thing. Like quilt retreats. Like I didn't know about that. Like all of these mostly like middle aged or older women coming together, like hanging out and staying up all night talking and like, you know, quilting. So that's one space, the craft space, knitting, all that kind of stuff is really interesting. Another one that's interesting is basically old people.

[Unknown]

Wait, but before you move on, before Sam, do you know stuff about quilting? I feel like you have knowledge about this stuff.

[Sean Pury]

No, I don't, but I'm looking at, I just googled Block of the Month club. So that's like a, that's like a genre of clubs that sound like the name of a, of a club. Right. And I just look. Yeah. Or I don't know, a style. And I'm looking up what these are, what these are and I'm looking at the businesses. It wouldn't shock me if some of these are doing nine figures. So $100 million plus in subscription revenue based off just some of their traffic. Like there's craftsy, there's Annie's Kit clubs dot com. Do you know anything about these?

[Patrick Campbell]

Yeah. Yeah. So there's, there's, there are definitely nine figure companies in the space. I'll put it that way.

[Sean Pury]

And then nine figures a year. So 100 million plus in subscription revenue for sell and they basically like, I don't know what differentiates all of them, just clicking on the ads, but they just sell. Like they send you a block. You know what a block is, Sean?

[Unknown]

Like just one square patch of the quilt.

[Sean Pury]

A square patch. And during the holiday.

[Patrick Campbell]

This is making my dreams come true right now. Just this whole like learning you guys right now in this.

[Sean Pury]

People think that I, I am Midwestern. I grew up in like an urban environment, so I grew up in like the city. So we didn't, we weren't exactly quilting, but we basically what they do is they they send you a patch, like a, like a block, like a 6 inch by 6 inch block. And it looks like it's like got like pumpkins and a snowman on it. And that's like the holiday version of.

[Unknown]

What do you do with that? You stitch that into the other blocks that you've been getting.

[Patrick Campbell]

Yeah. So basically here's. Here's how a quilt gets made. I can't believe I'm about to explain this. So a quilt gets made by these blocks. Now sometimes it's just design, sometimes it's got stuff on it, like snowmen and stuff like that. So you create these blocks, you build a top. So let's say you want like a king size bed. It's just the top. So it's just one layer of fabric. What you do is you take it to a quilt shop and then you go to the quilt shop and the quilt shop's gonna charge you per inch to put a back and then a batting, which is like the stuff that makes it kind of a blanket. And then they like put a design in there as they like put those layers together and then you have a quilt. And then some hardcore moms, like, my mom has her own basically quilting machine that's like an eight foot machine to basically make all of these quilts out. So, yeah, and this is the thing.

[Unknown]

Your Mom's a bad.

[Patrick Campbell]

99% of them are on like Facebook. They're all like, they're really targetable, which is really fascinating. And like the YouTube content that's come out of, like, the quilt community is pretty wild as well. And yeah, there's. There's this one in Missouri. I can't remember exactly, but it was like this town that was like basically, you know, on its last legs. This woman, her, you know, basically her son started doing YouTube videos where she would just explain how to do quilting stuff. It's created, it basically revitalized the town, like, because everyone comes on buses to come visit the town and go to the quilt shop and all that kind of fun stuff. And the quilt shows, quilt and craft shows are pretty fascinating. This is all my childhood coming out because I got dragged to used bookstores and quilt shops, basically. And the quilt shows are wild. Like they'll just be famous quilters on stage with a camera, like doing quilt stuff, like, basically, which is just kind of a fascinating world and it's a lot of money in it. That's like kind of like old school. Meaning, like there's a couple of really big players that kind of sell everything and there's all these new school folks coming in and kind of lopping off different segments, which is a new school.

[Unknown]

Company that I would look at.

[Patrick Campbell]

So the one I was describing.

[Sean Pury]

These moms, while you're looking at that, up these moms, these quilters are not using Instagram a lot. It looks like I'm like, looking up quilting on Instagram, Facebook groups, real heavy. There's not a ton of pages on Instagram that are doing quilting, but, like.

[Unknown]

An opportunity, by the way, to, like, build big quilting pages on Instagram.

[Sean Pury]

They are Facebook groups. The Facebook group I've seen, I saw just researching while I'm here, I'm looking at tons of highly engaged quilting Facebook groups.

[Patrick Campbell]

Well, it's also interesting. Like, you'll even in Boston, like, there'll be these little, like, meetups. So the younger community, they're kind of going through knitting into, like, quilting because it's like, oh, you get to build something. The designs are a lot more. More modern, all that kind of fun stuff. But, yeah, it's an interesting, interesting world. A Missouri Star quilt company is the one that I was referencing. The YouTube kind of kind of world.

[Sean Pury]

How big is that?

[Patrick Campbell]

I don't know their revenue. Individually, I don't think they have a subscription.

[Sean Pury]

Sean, have you heard of Hallmark? You know, Hallmark cards?

[Unknown]

Of course. So neighbor used to own, like, 50 Hallmark stores. And really, I was like, how is this? How are these people so rich? And they're like, oh, now they own, like, 100 hallmarks.

[Sean Pury]

So Hallmark is an interesting company related to this. And everything I'm saying is off the top of my off memory. So I may be wrong, but they. Hallmark is a privately owned business. It's owned by a family, and I think it's one of the largest privately owned companies in the world in America. And they do $5 billion a year in revenue. And I think that they make money in two ways. They have these stores that are franchises, and they just sell cards. So Hallmark just sells cards. And then the other thing that's kind of weird is they own Hallmark Media, which is a Hallmark TV station channel. Yeah, yeah. Where they make like. It's a joke. It's like a genre, Hallmark movies, which is like, sappy movies that moms like. But I wouldn't be surprised if they own, like, if they're just like, you know, behind the scenes in the quilting game, just calling the shots. You know what I mean?

[Unknown]

They're deep in the underground quilt game.

[Sean Pury]

Yeah. Big quilt. Yeah.

[Unknown]

There's only one. One I fear it's big quilt coming after us. Stop laughing about this.

[Patrick Campbell]

So it's those companies, man, they're huge. Some of the big originals, they're huge.

[Unknown]

This, this hobby, I think has legs for a couple reasons. One is it has a bunch of factors that individually are strong characters of like, you know, potentially good businesses. But when you stack them, it becomes even more valuable. So it's like this is a stacking of trends. So you have the trend of DIY and crafts at home, right? Then you have the trend of oddly satisfying, which is you've seen these videos of people cutting sand or like asmr, stuff like this, which is like, there's a therapeutic benefit to doing these things, like these repetitive, tedious, clean, straight lines, you know, stuff with your hands that you can do that has like a tactile feel to it. Then you add on community and it's like, oh, yeah, people get together and they do this together. Okay, so now this is an excuse. It's like, you know, guys get together, play poker or something like that. It's like, yeah, yeah, we don't all really, you know, we're not trying to be the best poker player, but it's just an excuse to sit around and bullshit. And so you start stacking these on top of each other. Then it's like nostalgia because people are making quilts out of like their kids clothes and stuff like that because, you know, they don't want. Yeah, what do I do with these old stuff? And then all it becomes this like this like, memory in this heirloom. And like, you know, I have a blanket that my grandma made before she passed away. And it's like, that means something to our family because she made it right? It's like a memory of her. So you stack all these things on top of each other and now you have this like, you know, sort of like this, you know, Long island iced tea of a business where you stacked all these different, you know, things into one cocktail. And it's, it's just a strong, you know, son of a bitch.

[Sean Pury]

Additionally, I think maybe you could kind of tell me if this is true or not. But from my experience, most people in Silicon Valley and young people, they're like, we're going to make this app or this widget for like millennials or Gen Z. In reality, every business that I know of personally, that are the majority of my friends who own businesses that sell stuff to women in middle America between The ages of 30 and 60, hands down, has the highest loyalty and engagement and lowest amount of churn. Is that accurate? Other than businesses? I'm talking about a group of consumers.

[Patrick Campbell]

Yeah. So normally, if you're selling to normally older audiences, from a consumer perspective, retain at a higher rate, mainly because of the implications that you're already alluding to. It's. They're less finicky. Like, they're harder to convert sometimes because of that loyalty, but once they're in, they've, like, made a decision, and then they're sticking it out for quite some time. And this is kind of like, as a lesson, I can tell you anytime there is a more premium product or a more niche audience, you just have better churn, like, every single time. So, like, Butcherbox started with the whole kind of paleo crowd. A very niche. It was very premium in terms of price point. Worked out really well. Whoop. Started very high. They were like, we're athletes. And then all these people who were like, I want to be an athlete, too, and they're charging 30 bucks a month. Right. That's always. What I recommend is if you're starting something, especially if you're bootstrapping, start high and then come down. It's a lot easier than it is to start really cheap and then go back up. Unless you're running a freemium model, which is a very different model to run.

[Sean Pury]

Sean, have you ever been doing. Have you been doing Applebee's lately?

[Unknown]

Hell, yeah. Chili's and Applebee's, baby.

[Sean Pury]

Have you really been doing Applebee's?

[Unknown]

Yes, I have.

[Sean Pury]

That's hilarious. So do you know how their whole shtick is? Like, even though it's a chain, it, like, they put, like, the neighborhood baseball team on the wall, which. Who knows if it's. They're actually from that neighborhood. Like, you know, whenever you go there, they make it feel like that. Well, I had a friend that worked on the advertising part of. Of Applebee's, and one time we had to go there and, like, order everything on the menu and drink and eat it all, and it was horrible. But I was like, tony, this food is, like, quite bad. Like, this is horrible. I don't, like. I don't. I don't think you're going to be able to be able to make this cool. Like, you know, you're telling me like, a. It was like a nuclear green, like, limeade. Like, I was like, dude, this is horrible. I don't want to drink this shit. This is awful. Or, like, one time I thought, why.

[Unknown]

Does the cheese taste like beans and the beans taste like cheese?

[Sean Pury]

Yeah. Well, they. They sent over something. I'm like, I don't know what this is. And so we dipped it in there, and it was icing. Like, it was like, a side of icing. And I was like, dude, this is horrible. Why do people like this? He's like, well, it's mostly middle America. And they call. I believe that they called their ideal customer a Jim Bob, which is someone who is in their 50s, 60s, and 70s, and has a little bit of money but wants to continue going there because it feels like it's the last, like, hoorah for the neighborhood, and they're supporting their neighborhood and they're willing to put up with the crappy food because it somehow feels like their way of life is under attack. And this is, like, the last, like, thing that represents their neighborhood, even though it's some huge national.

[Unknown]

Yeah, the world is changing so much. And this is all. This is the one staple that, like, you walk in and it feels exactly the same as it did when you were 14, right?

[Sean Pury]

Well, yeah. What were you gonna say?

[Unknown]

I literally wrote this last night. So I'm reading a slack Message last night, 12:35am so right after midnight, I just slacked this to myself. I wrote, if you're selling a cool thing to a cool person, you're playing the game wrong. That is hard mode. And this is all of. You know, you meet Most people in D2C, most people in Silicon Valley, it's like they are in their 20s, they're cool and new in the world, and they're selling to cool and new people in LA and New York and San Francisco. And they're like, yeah, of course I'm gonna create this new cool thing, and I'm sell it to new cool people. And what you want to do is you want to sell simple things to simple people. And so. And I had a buddy tell me this with project I was working on. He goes, okay, so what's your main sales channel? I was like, oh, Facebook ads. He goes, okay, so that means your customer at scale is an overweight, overworked mom in Texas. And he's like, so I look at your website, and I don't see anything that, like, appeals to her. Like, it doesn't have to look like her, at least to look like how she wants to look. And it basically was like, you know, if you can't sell to an overweight, overworked mom in Texas, like, you can't scale. And I was like, what the hell? Like, okay, okay.

[Sean Pury]

You don't even know any overweight, overworked moms. In Texas, do you?

[Unknown]

I used to live in Houston. That, that turned out to be a valuable. It's just like you were saying, like, you know, my mom used to drag me probably kicking and screaming to these quilting shows. And now that you're an entrepreneur, you're like, ooh, quilting niche. Tell me more. Right? Like, it's like we flip, you know, the thing we used to resist, now we, you know, want to, want to go, go for. And so it's the same thing. Like, growing up in Texas, I was like, man, I just thought everything cool was in New York and San Francisco and la, and I just wanted to go there. And now that I'm here, I'm like, dude, I don't want to sell to these like, fickle millennials who are like, you know, you know, trying to do like berry detoxes. Like, I want to sell, you know, something to a mom in Texas, because if I could do that, that's a license to print money. And like, if you go look at, you know, the best selling car last, I don't know, 30 years is the Ford F150. It's a, you know, it's a pickup truck that sells for, for $36,000. You go around San Francisco, you want C1, right? You know, you would think the best selling car in America is the Tesla model X, you know, and it's like, that's just not the case because you're in, you're in a bubble. And so, you know, and I think the gym Bob, you know, overweight mom in Texas, the, you know, the other one is, you know, the enterprise sales one is like, you know, you're selling to Bob, the mid level manager or the, you know, senior manager who's, you know, got a little bit of a belly and he's losing his hair. Like, that's who you're selling to. And you gotta like, can you nail that sale? Because if you can, you could build a very, very big business. And I mean that in like the most loving way possible. Which is basically just saying to most entrepreneurs and most kind of young people, like, get out of your bubble.

[Patrick Campbell]

But you end up not chasing fads. Like, there's a lot of fads, like business built on fads, right? And those are great businesses, right? Like, we hear about them all the time. The guy who, what was it? The teeth, Like, I can't remember, like the hillbilly teeth. You remember this? At gas stations, like apparently like $20 million business, right? Like the Snuggie huge fad. You Know, hundreds of millions of dollars, I believe in revenue. But like something like quilting has been around forever. It's not sexy. Right. But the targeting gets really interesting. And like some of the other things, right. Like you guys talk about this a lot where it's like services, business, you know, lawn care, H Vac, all these other things end up being like stuff that sticks around for a long time and you know, through the businesses that you don't really hear of. And there's a lot of opportunity in terms of roll up or like flipping the model that, you know, was basically being used by the folks that are the incumbents.

[Sean Pury]

So what are some of these other.

[Unknown]

Or if you're, if you're going to innovate, innovate on just one thing. So it's like, oh, quilting people love. But there's not a lot of Instagram theme pages and communities on Instagram. Okay. That's like, it's just like I can do one new thing on top of nine old time, you know, nine things that are still going to be the same and that's like a new thing. Right. Sam did the news, but he did it through email instead of, through, you know, printed papers. Right. And so like one new thing and then he didn't need to change everything else. Everything else could stay the same because the human needs stayed the same. All right, yeah, sorry. We went up long ass time on.

[Patrick Campbell]

Quilting, but talking about quilting, baby, it's great.

[Unknown]

Yeah. What else? What else you got? What are some other kind of niches?

[Patrick Campbell]

Like three other spaces have to go deeper. Trades, roll ups, plumbing companies, H Vac companies, electrician companies. There's a lot of that stuff happening. It's not like machine shops or those types of things where it's just like hard to innovate. It's like skilled enough that there's a niche and there's like a moat, but it's not skilled enough that you can't roll it up. A lot of these guys and gals are looking for basically a way to retire and it's kind of like accountant shops. Like they don't get more than 1x max, right. In terms of their business, basically things to sell to kids of old people. That's the best way to put it.

[Sean Pury]

What does that mean? I don't know. I saw you wrote that products that prey on baby boomer kid guilt.

[Patrick Campbell]

Yeah, yeah. So a really good example, it's not a huge company because it's a one man shop out of Boston is nanograms. It's Basically a. I don't know if you email or you post it on Instagram and then it automatically sends a postcard to your nana or to whomever you want to send it to. So there's some really interesting things that are happening there where you have high disposable income in a certain group, low amount of time that wants to be spent necessarily with their parents or their grandparents, depending on the personality. And as basically the trend that's happening is there's a huge portion of population that are aging. So you're seeing like the multiples on things like old folks homes or hospice care actually increasing pretty substantially, which is kind of crazy. And then there's, there's, there's got to be more technology plays. I don't have like a giant technology play there. I just have seen like a number of people like start to build on that particular trend. And then the last one, which I think is really interesting is death, which that sounded terrible. I find death interesting. No, I'm not that, that scary. But there are four or maybe five companies that basically own everything in the literal last mile of your life. Coffins, the funeral service homes, everything that's being sold in the funeral service homes. Even how the memories and kind of that last part looks. There are some businesses that have tried, but because of the five people owning everything and multi billion dollar companies, what's the biggest ones essentially have been. I don't have the names in front of me. I know someone tried five years ago, a guy named Dave Balter in Boston basically tried to start a memory company where basically you would load up memories essentially, and then all of a sudden you would get that information back via Alexa. So you could be like, oh, Alexa would tell me about my grandpa or something like that and what happened six years ago or something with him in an adventure. But he was the one telling me that basically he would go visit these companies, like, hey, maybe I could sell to these companies. And they were all buttoned up suits, all that kind of fun stuff. And so that's a space that I think given the aging population, there's probably something there that makes sense as well.

[Unknown]

Gotcha. Let's switch gears real quick. You had said something else, which was let's do some quick hits. Okay, so let's try to do these. Give me the kind of the quick jab on these. You said I used NSA learnings to do competitive intelligence. What the hell are you talking about?

[Patrick Campbell]

Yeah, yeah, yeah. So I, my first job out of school, I worked at nsa, so I was an intel analyst. Best way to put it. I was like Jack Ryan's desk job. So none of the cool stuff. I did have weapons and defensive driving training, which is kind of cool. The defensive driving training is like, so much more useful than the weapons training in my real life. But what's really interesting about it is it's basically was the best career start in first principles, thinking and thinking about a target. And so I had a competitive intent retail program basically at ProfitWell. It was just me running it where I had every quarter I had stats. And it's kind of like what you guys have talked about before, but like a little bit deeper. So what I did is I had shadow lists of like, each competitor, even our partners, like customers. And I would send like shadow NPS surveys, you know, product research surveys, these types of things. And the thing that people miss on competitive intel is like, it has to be done over time. And this is something that they teach you when you're going after a target on the inside, which is like, I need to understand not just a point, I need to understand, like multiple points in order to kind of create a profile, basically.

[Sean Pury]

And how did you get that NPS stuff?

[Unknown]

No, he said he sent a fake nps.

[Patrick Campbell]

I straight up sent surveys to their customers. Sent surveys to their customers.

[Sean Pury]

So walk me through that. Walk me through all your research methodologies. This is crazy. Fascinating.

[Patrick Campbell]

Yeah. So there's two main sources of information. There's moles and then mass data. Moles are like qualitative, like almost like customer development, product conversations. These are former employees. These are, you know, customers I know that are friendly to me. They're not going to switch because of whatever, but I can, like, talk to them.

[Unknown]

Okay, let's pause at former employees. You find, okay, this person used to work here.

[Patrick Campbell]

What happens?

[Unknown]

What is the. What is the guy.

[Sean Pury]

I do this all the time.

[Unknown]

Present this way. Yeah. Me and Sam have talked about this.

[Patrick Campbell]

On the POD once, but totally. So I like, you meet him at a conference. Oh, it looked like on Twitter. That didn't end well. They weren't like, after four long, wonderful years at so and so, I've now moved on. But it was like, I'm now over here, right? They took out the competitor name. That's someone I want to like, like a better phrase, target and have a conversation with and be like, hey, man, how's everything going? Right? Like that type of a thing. And again, you're not going to get a vast amount of information. But again, it's about collecting different points. Right. And then I'VE talked to an investor and then I've talked to an investor who's thinking of investing in the company and then I've talked to like customers who are officially churning from the product. And all of a sudden I can start putting this together. But the more fascinating stuff, and that's color, right? Like that's color that kind of guides your analysis because you as an analyst, what you're trying to do is you're trying to predict what's gonna happen or based on some sort of stimulus what they're going to do. Right? So if all of a sudden something comes in or there's a feature that's launched or some sort of messaging or marketing thing that happens, what are they going to do? And that's going to help you respond to whatever they're going to do, right. And prepare for it. Right. So that was really interesting because you almost get like feel from those types of people. Like, oh, it turns out there's an exodus, a lot of people are leaving. That's great, let's step on the gas here. But the real kind of secret sauce is what Sam started asking about, which was there are many lists of customers that you can find if they have some sort of a snippet, obviously built with Clearbit, all those types of things, right? That's one. Everyone likes to talk about their customers, right? So they have case studies. That's two. Everyone likes to put the logos on their website. That's three. Right. And so you're looking at social, you're looking at built with, you're looking at all these logos. And then I'm like, well who's the main customer? Right? I can go find all those email addresses, right? And you're not looking for like oh my God, I have 10,000 people. Because most of these people don't have 10,000 customers. Right? But we were looking for is enough that then I'm going to start sending on every three month basis a survey or every other month I'm going to send an NPS survey and then I'm going to send.

[Unknown]

So what domain do you send the survey from? Like company name +feedback, like feedback.com or something or what?

[Patrick Campbell]

There's a couple. I don't want to go too deep but like, like probably reputation's already fried on this. So like. But go.

[Sean Pury]

Let's say you're, let's say you're trying to. Let's say you're creating a HubSpot competitor and you want to get HubSpot MPS information. Do you send an email that it's like hubsback feedback.com or like get hubs HubSpot feedback.com or something like that.

[Patrick Campbell]

I wouldn't go that far because if someone finds that out, like, it looks real bad, right? But what I would. And I'm sure people are gonna think everything I'm saying is really bad, but like, whatever, right? And so what I would do is I'll do more like marketingsoftwareresearch.com or something to that effect. And then the way that I position it is, hey, so and so you've been identified as a user of HubSpot. I would love 30 seconds of your time to understand what you love and what you don't love, right? And the 30 seconds there, 30 to 60 seconds there is really important. We've sent our pricing software's fed through surveys. We've sent like probably 10 million surveys at this point. If you're not compensating someone on an individual basis, the raffle thing doesn't work. I mean, it will work with some people, but most people doesn't work. But if you're not compensating, you have 30 to 60 seconds. So I'll send a survey that max five questions, right? NPS standard question. Here's five features. What's the most appreciated or most preferred feature out of that list? Same list. What's the least preferred? Right? So three questions. Maybe I'll throw in. Anything else you want to tell us about HubSpot, right? And then all of a sudden I have like a picture and then I'm going to send, oh, it's interesting. We're thinking about building this thing. They're thinking about building that. Like, let's do something next, next quarter or next month. But the same survey can be sent multiple different times. But the important thing here is you're building a timeline, right? Because now all of a sudden I can see these trends. And what was really interesting and the thing that I told you guys about was not only so first, you should never show this information to your product team. It is the worst information. Like we've seen, like competitive based product teams are really bad. Like it just doesn't work. But I have data and I'm happy to share it, that competitive based marketing teams like teams that it's correlative. Of course, it's not causal. But. But those folks who have competitive programs typically have much better retention and lower CAC because they just understand.

[Sean Pury]

What are you talking about?

[Unknown]

Basically he's saying impending is what he's saying is you Learn this stuff. If you go tell the product team, hey, here's what they said they want, or here's what you should build.

[Patrick Campbell]

Screws them up.

[Unknown]

It screws them up. They don't build the right stuff. But if you go to customer team and you say, here's what pain points were most important to them, or here's what benefits were most important to them, or here's, here's how they ranked these guys versus us, the marketing teams. If you have that competitive intel as part of your process, a marketing team will perform better than a marketing team.

[Patrick Campbell]

Without that competitive perfect example, real world example. We start hearing this is the early days of the metrics product. We realize getting accuracy for metrics is actually incredibly difficult because it's not like marketing metrics that can be like 5% off, like financial metrics. If you tell me I have this much money that's supposed to be in my bank account, I'm making decisions based off that. It has to be 99.9, if not 100. Right? So we start feeling this just as a product team. All of a sudden we start hearing from some of my, like my, my moles, if you will. And they don't know that they were these people. Just to be clear. It's not like I turned them and they're like, you know, there's drops and everything like that. But all of a sudden I start hearing like, ah, yeah, we're using it, but the accuracy sucks. Right? So all of a sudden we start hearing this totality of information all of a sudden. That is our core marketing strategy. Every single time comparison pages, we didn't do that many of them, but every single comparison page is the number one thing. All of our ads, like competitive ads, that's what they were. And then over time, all of a sudden that became their homepages, right? Because they're reacting to us rather than us reacting to them. Because we found the snippet that makes the most sense. And the most like, aggressive thing, if this doesn't sound aggressive enough is, so I have all this data. I have all this information. I've collected it, I've synthesized it. I know.

[Sean Pury]

By the way, do you keep that like a spreadsheet or like a notion and you're making and you're writing like narrative format.

[Patrick Campbell]

It depends how I'm using it, right? So the data is just tracking over time, right? So I can send you like some slides or something like that. So I have some slides that like I put together for when we were going to go raise money. For the first time as well, because it's just really good data in general. One thing I have is basically spreadsheets that has a lot of this information, especially the qualitative. And then the other thing that I build off of this are Red Team Docs. I don't know if you guys know what those are, but basically, like every thought I've had or every thought that I learned from this data, because this data, like customer data and market data, is probably 10x more important. But this is like some interesting data that's easy to talk about in a podcast. But Red Team docs is, when I look at all this data, it's like, what are the things that kill us? Every single thought that I've had that could kill us or hurt us goes into a doc. Some of those docs get built out, oh, someone accuses me of X, someone says this on Twitter. And then it basically, at minimum has, here are the steps that we're going to take so that when that thing happens, all of a sudden we have a head start on the, the little critical piece of the thinking. But to make a long story short, the thing that I referenced with you guys is I would have, like, these are all funded competitors, so they would try to go raise money. I would have their. The people they were trying to raise money from come to me, like, not tell me that they were trying to raise money, but it's obvious because they invest in the space. It's not the associate, it's like the partner coming, like, all that kind of stuff. Some of them would straight up tell me, like, hey, we're thinking of investing in so and so what do you think? But what I would do then is I would show them these slides and I would just basically be like, here's all the information on us and the person that you're thinking of investing in. I wouldn't say that unless they were upfront about it. I know for one, we killed one of the rounds that someone was trying to raise. I can tell you that definitively because one, okay, I'm going to invest in someone going against this psycho who has all this information. That's a pretty scary thing. And then two, like, all of our numbers are better because, you know, we just ended up, you know, doing really well at certain. A certain number of things, right? And so that, that I think is, again, it's a program that I think that you should have at least at a bare minimum, from a marketing and go to market perspective. If you have a market that becomes really competitive, if you're in like the blue ocean, as they say. Like, it's probably a waste of time, but it's just something where our ocean got red real quicker than I think.

[Unknown]

The look on your face. Tell me what you're thinking right now.

[Sean Pury]

I think I'm very good at, and I'm very good at doing what I do, which is like doing the exact same thing of finding moles, getting intel, reverse engineering. You have said, I think I'm a 9 out of 10. You have said some, some things to me that I realized that there's another couple levels that I can go to improve. It's pretty magical. That's pretty amazing.

[Patrick Campbell]

Yeah. Well, then keep in mind, like, I have all this market data, right? So that was interesting too, because all of a sudden I can understand, like, so, for example, Covid hit again. I can't look at anyone's accounts. And we're very, very, very, very strict about that. But I can see, oh, this sector that has 50 plus accounts, which is our terms, this sector's tanking, this sector's taking off. I can change my marketing almost instantly. Right. And when you have some competitive intel, especially on segments, I knew the segments that our competitors were going after, and I knew the segments we were going after. It just helps feed the wheel. And when you're feeding the wheel and you're getting that PhD in your business, which I think is really important if you're going all in, like all of a sudden, it's like now a lot of the decisions, like, we don't have to think about because it's like, we know what's happening, we know what strings being pulled, let's react to it, let's respond to it and kind of go from there.

[Sean Pury]

How much of your time is spent on that?

[Unknown]

Our.

[Sean Pury]

Sorry, go ahead, Sean.

[Patrick Campbell]

Well, now it's a system.

[Unknown]

Best way possible.

[Patrick Campbell]

It's a system now. So it's a system. So I don't spend that much time. I just get to collect. Right. And it's just documentation. Right. So, for example, I have names, like, I know I have. I have six names that I can tell you of users of a competitor of ours. I see them pretty regularly, especially since events are back. I'm friends with a couple of them, right. And I'm not hiding the fact, like, hey, how's it going with competitor A?

[Sean Pury]

Right.

[Patrick Campbell]

Like I'm not hiding it. Right. And that's the thing that there's a point here where I think you're kind of being an asshole and you're being Conniving. And then there's a point where you're just being smart and collecting data. And I try to stay obviously on that part of, of the divide, if that makes sense.

[Sean Pury]

Did you ever think about turning. Would you ever turn that into a business?

[Patrick Campbell]

Yes. Yeah, I think you could create a really good business around collecting NPS data. Honestly, G2 crowd reviews, that's where there's a ton of like, data. Like, I would love someone should create this. Cause it would just do my job, which is great. Quarterly report, kind of like for. This is the thing Forrester reports. I think there's also like a market to like, blow that whole business up. Give me like, quarterly reports instead of these reports where you called 100 people a quarterly report on the same company or on the same industry that has. Here are the reviews. The new reviews, positive of a competitor. Here are the bad reviews, negative of a competitor. Here's NPS data. All that kind of fun stuff. And again, you have to be careful on how much you use this information. You're using it to build a profile. You're not using it to immediately react to. And that's a big mistake a lot of people make.

[Sean Pury]

Sean and I had, we brainstormed this a lot and we were talking about how we both use glass door reviews. Because even though like, Glassdoor is typically like either fake or incredibly happy employees or like disgruntled employees, there's not really a middle. But like, you could still get a lot of interesting information from there. And you get information from like, LinkedIn. Like, they'll say, like, you know, I manage a pipeline of a $10 million a year business. And like, oh, okay, thanks for telling me. And like, we would like, we, we, we brainstorm this idea of this business where we, I think we called it like, I spy or something. Or like, it involved like spying on like many people in a, in a particular industry and just sending you an email because you can use like Facebook ads manager and be like, oh, wow, these guys just made a switch. They are now targeting older women as opposed to younger women. And we called it like, spy something. And it's kind of funny. You worked for the nsa. You, you, you, you don't. You are the spy that we were talking about. So, like, it is kind of interesting. I do think actually a business could be built doing this.

[Patrick Campbell]

I think the problem is, is that, so I've been talking about customer development, customer research, because you should do all of this for your customers. That's what you first start with rather than your competitor. Stuff sounds sexier, right? But I think that like I used to talk, when I give talks at conferences or like events all about customer development, 15% of people like care. And then even when you give them like everyone cares, everyone tweets the tweet. Oh yeah, you should talk to your customers, right? 15% of people actually do the work and then when you actually take care of the work for them and just give them the data and this is the one risk of this type of a business. I'm sure there's a big business in it, but then they like don't know what to do with it, right. And so all of a sudden it's like, okay, you're kind of giving people information, which that's probably fine because it's a vitamin. Then like they don't, they, they like that they have it, right? But then actually implementing on stuff like they probably don't do it. And that means like I don't know if you get, if you get a 36 month customer, like I'll take it. Right. Like they don't need to be 60 months necessarily for, for you to build a big business.

[Unknown]

Right. You're doing one other thing that I find fascinating, actually. Actually. Well, there's two. You said you're buy. I'll start with the, the less fascinating one. You said you're buying a shit ton of debt for pennies on the dollar. And so what's, what's actually going on there?

[Patrick Campbell]

Everyone wants to be Mr. Beast. On a long enough timeline, everyone wants to be Mr. Beast. That's what I feel like theory.

[Unknown]

I like it.

[Patrick Campbell]

No, so like here's the thing. I, I'm probably going to reinvest everything that I got into this into like business.

[Sean Pury]

Did you say how much, how much did you make from the sale?

[Patrick Campbell]

Trying. I, I gotta work with a lot of people. Uh, so I'm trying not to, to, to be super.

[Sean Pury]

Over or under nine figures.

[Patrick Campbell]

I'm not going to say what I got, let's just put it that way.

[Sean Pury]

But I was, I asked you if it was over or under $100 million and it took you a minute to think about it. So what I'm going to assume it's that number, give or take 30%.

[Patrick Campbell]

Give or take 30%. Yeah, let's just, let's. But like again, part of its stock, it's not all cash. Like there's a lot of different factors here that, that we, I don't want to get into, but I am, I'm going to, I'm fine. Right now like, I'm going to do fine. That if that makes sense. So. But I want to reinvest it because like, again, I'm. I'm not a car guy. I'm not like. And again, I've had it for like two months. I went from like, this is a fun fact. I did the whole Dave Ramsey, don't have any debt, pay off the house as soon as possible thing. So in January, I had $20,000 in my bank account and I paid off house. Like that was it. And then. And this happened. So I haven't adjusted to it is what I'm trying to say. So this might change in six months, but I want to go all out and go all out, not in a way of fancy cars and stuff like that, but in stuff that's really interesting and gets me on the quickest path to learning. And one of the reasons for the debt thing and also, I don't know if you're going to bring up the other one, but the debt thing was the debt market's just crazy. It's insane. It's insane how much debt there is, how that debt is purchased. I don't understand it. And this is one of the ways that I can like really understand it and also do some good in the world where it's like I can buy a bunch of debt for pennies on the dollar. I can understand how that system works, how debt collectors work, how the debt collectors sell to another debt collector and then also like obviously forgive some of that debt.

[Unknown]

So make it simple. What debt have you bought? How are you buying debt? What debt are you buying? How are you buying it? What are you doing with it?

[Patrick Campbell]

Yeah, yeah, I'm. I have not actually purchased the debt yet. Right. I am basically exploring right now. I just put some feelers out because that's the other thing, the debt market.

[Sean Pury]

Who did you reach out to to see if you can acquire some debt?

[Patrick Campbell]

See, that's the interesting part I was about to bring up. It's so shadowy that there's not a website that's like, we buy all the debt and then sell the debt and all that kind of stuff. There's nothing. So I have a buddy, I think he's. I don't know if he's cool with me saying his name, but he used to. He runs a really cool subscription conference now, but he used to do this and I was asking him, he was on the board of one of these debt agent associations, like a business association. And I was like, hey man, isn't it scammy and he was explaining to me that like in that market, there's like 20% of the market that's like very bad. Like, those are the ones you hear all the stories about threatening people. The other part of the market, like, he was in this, he was like, he would just call people and be like, hey, like, what can you do? Right? Because he bought it for pennies on the dollar. So he's like, give me 30%. Great. Like he made money, they get it done, all that. And this is like someone who study that market.

[Sean Pury]

This is like someone who owes $2,000 because they got an X ray or took an ambulance or, I don't know, whatever else you have credit card debt for. Right?

[Patrick Campbell]

Yeah. And the other thing is the reason this is interesting and this is to kind of speak a little bit more like how I'm thinking is like, I don't want to build a quilt company. Although it would be fascinating, don't get me wrong. The stuff Palmer Luckey's doing in defense, I'm all about it. The stuff that Aaron Swartz did before his passing in terms of opening up databases that were behind gateways but supposed to be free and making them free. That's the type of stuff I want to do. And, and if you look at debt, money in politics and defense, those are three giant areas where there's huge things holding us back. Cost plus pricing and defense is holding us back. Palmer's working on it. Debt, there's just so much debt. Most of it or not most of it, but a lot of it's student debt. And so there's something interesting there of how can you make money but also not be a jerk and also take that burden off people's plates. And then politics, money and politics. There's something there because I don't think we're just going to magically have people wake up and be like, let's vote against having this much money in politics. So what's a world look like where you accelerate the money in politics and hopefully break some of the log jams and kind of go from there? So those are the three things I really think about in terms of post paddle life, if that makes sense.

[Unknown]

And Sam, you want to do anything on those? Otherwise there's one other.

[Sean Pury]

Yeah, well, before we. I want to get to this last one. This is interesting. But I do want to do a quick. I have a quick question, which is you. You're 32, right? 33. How old are you?

[Patrick Campbell]

Yeah, 30, 33. Yeah. I turned 34 in a couple months.

[Sean Pury]

So you're 33, 34. You just made a huge sum of money. Have you done the math to when you become a billionaire? I'm sure you have. And how does it feel to have such a huge sum at such a young age? I mean, that's pretty wild, right?

[Patrick Campbell]

Here's the thing I learned and some of your guests. So actually, friend of the show, Hermozi, I talked to him a couple weeks ago and what I told him and he kind of was like, yeah, exactly. Back was, it amplifies the worst in you and the best in you. You're just the same person, right? So I thought when I was going to get money, I was going to like, oh, I'm going to be healthier because I can afford someone to yell at me about eating. It's like, no, now I can afford to go to terrible places all the time. Right. And, you know, I could afford that before, but, like, I think it's one of those things where I'm a big believer, something I talk a lot about. And I don't know if this is interesting, but like, Teddy Roosevelt, of all people, wrote this speech called the Strenuous Life and is basically his concept. And I think it's a better speech. Everyone references man in the arena. I think man in the arena is shit versus strenuous life. He basically said in a modern parlance, like, if you've been given something, like whether it's middle class life, upper class life, whatever it is, if you've had an exit, even though you worked for it. Right, whatever, your duty is to go be strenuous again. Your duty is to go crazy and go deeper and make big swings. And that's why I'm talking about. I don't want to go into quilting because it's like, yeah, there's a money grab there. I think it's great. But I want to fix democracy, I want to have defense, I want to fix debt. I want to try and fix those types of things because I think for every person doing that, you obviously have tons of people that are digging ditches who have no ability to. They're leading a strenuous license because they have to. And I know that sounds like, I don't know, people judge that answer in multiple different ways. But, yeah, I'm having fun, but I'm also all in. I'm trying to go. And it's part of the reason we went to paddle is I didn't want to hand over the keys because I wasn't done yet. I want to see What a company going through a public offering looks like. I want to see that so that I can decide, do I like that, do I want to go big next or do I want to do more small shit. So that's kind of what I'm thinking about, if that makes sense.

[Unknown]

When you were younger, were you kind of like highly competitive at anything or, like, you know, you between ages, I don't know, 12 to 18? If you look back now, if you were like a researcher just getting to observe you behind the glass panel, would you have seen anything in the way you behaved that would lead you to think, oh, this guy's going to have, like, a really interesting career in life? Or would you have looked like an average teenager at that time?

[Patrick Campbell]

Time, yeah. So I had a. Not. I don't know how Sam would look at this. I had like a Midwest childhood, let's say a bad Midwest childhood, which is like, the things that happen to me, like, would clearly be abuse today. But maybe back then, like, they were like, okay. And so there was that. And I think that, like, that makes me an incredibly insecure human being. Like, I'm incredibly insecure about, like, most things. But what I kind of learned, and I don't know if this was trial and error, but I had some good mentors in life, is instead of taking that and go become a deadbeat, channel it. Use that anxiety and channel it. The one thing in the answer to your question, fun fact. I am a national champion debater. So I did speech and forensics in high school.

[Sean Pury]

Should I make the joke, Sean? Sean, or do you want to go?

[Unknown]

Would you consider yourself a master?

[Patrick Campbell]

12 year olds.

[Sean Pury]

12 year olds.

[Patrick Campbell]

I love it. Yeah, so I, I did, by the way.

[Unknown]

So this is a segment. I don't know if you heard this. We did this segment on here. I said, I've observed these three patterns. People who are amazing at debate go on to do amazing in business. People who are amazing gamers can go on to do amazing. And I think poker was maybe my other one, but those three are like, not. You wouldn't associate that with success in the business world, but they have like this. I just keep seeing it over and over and over again.

[Patrick Campbell]

Well, so you know what it is? So I, I did. So I, like, I was doing football and like wrestling and all that stuff. I. I had to have foot surgeries for whatever some reason. And basically I was like, oh, I can't. I can't do wrestling that season. So I went and started doing what's called forensics. When you're in high school. And then I was like, oh, you can get scholarships. So I went to the school I went to on scholarship to. To do this. And it was one of the best schools in the country for it. It's Bradley University, like, lovely school, but like. Like, as the Northwestern kids would make fun of us, in Illinois, you get a public school education at a private school price, basically, unless you're on scholarship, that type of a thing. And if you think about it, so what I was doing is at least in college, for 40 hours a week, four years, I was synthesizing information and structuring arguments and getting to root cause, right? Which are these things that we always talk about. I never wanted to go into business. My dad still thinks I should be a doctor. I was going to go into law, but more people were graduating in law school than actual legal jobs when I graduated. So long story short, it was one of those things where it was like, I can synthesize information really quickly, and that's what I talk a little faster and all this other stuff. And so I think that's helped me a lot because literally our marketing strategy in the early days was I just write blog posts, and I can write them pretty quickly, and they're relatively deep. They're not all gems. But it's one of those things that definitely helped me. And I use it. I probably use it every day.

[Sean Pury]

You want to go to the last one, Sean? This is the most interesting one you're doing.

[Unknown]

You're also doing a hostile takeover traded person. So I saw this is this guy. I don't know how you say it. I've only heard Mike, background K. Mikey M is his, like, handle.

[Patrick Campbell]

And there's this guy.

[Unknown]

Yeah, yeah, tell the story. Who's this guy? What did he do? And then what the heck are you doing?

[Patrick Campbell]

Okay, so again, quickest path to learning. That's. I think that's really important for, like, entrepreneurs, executives in general. Mike Merrill, like, 13 years ago, 2008, something like that, he became the first publicly traded person. So he sold shares in himself. There's an interface. The website is a little buggy sometimes, but there's an interface. He sold shares, he gets the money, but then what he does is he gets to choose to put votes up. And then the people who bought shares vote their shares. And he doesn't do little stuff like he does little stuff like what color glasses should I get? So a lot of the things, we probably don't want to make decisions on ourselves, which is really. But he also. What he'll do is he goes and he'll put, should I move in with my girlfriend? He puts that up for a vote. The debate is fascinating because some of them are his friends and his family. And then there's just randos in Connecticut being like, I've known Mike for like a long time through the project. I don't think this makes sense. He said this like three years ago. Blah, blah, blah, blah. It's fascinating. So I knew about this girlfriend.

[Sean Pury]

What's the URL again?

[Patrick Campbell]

Again?

[Sean Pury]

Say the spell it out.

[Patrick Campbell]

K Mikey M K M I K E Y M dot com. And so I, I got a little money and I was like, I've. I don't know what it's like to like do a takeover of a company. Right. And this is when Elon Musk was like doing his stuff with Twitter. And so long story short, I was like, oh, this could be fascinating one because there's like, I don't know how people react when this stuff happens. And so he put an auction up for additional shares and this is what he does every so often when he needs some cash. He'll actually put an auction up and people can buy, presumably if it's a Dutch auction, under the share price. Right. And I did like, by the way.

[Unknown]

Like do you get anything as a shareholder? There's no dividends, there's no like nothing like that.

[Patrick Campbell]

You can sell your shares. People buy like shares. So like I put my shares up and get money, like actually get cash. Right.

[Sean Pury]

Dude, look at Sean go to the website. I'm so he, he just says the things. So look, let me give you an example example. It's called the Finger Holders contract gig. I guess Finger Holder is the name of the company. But the short, the TLDR is should I take a short term gig contract coordinating the development of a community around the launch of an NFT project called Finger Hole Finger Holders.

[Patrick Campbell]

Should he take a job? Yeah.

[Sean Pury]

And then it goes the whole background of like why I'm interested in this, why do I want to do this, what are the contract details, how much they're going to pay me, what's the proposal? And then there's 300. I think there's like a crazy amount of comments that say like pros working on a project. Sounds fun. Cons NFTs are divisive. Divisive and may alienate some of your shareholders. And there's like incredibly thoughtful discussion on why he should. What?

[Patrick Campbell]

So listen to this. So I sneakily, I start buying shares and I start researching people who haven't been active because you can see the last time they like logged in and stuff, because I want to start contacting them. He launches this auction of about 2,000 shares. And I know that most votes there's only about 5,000 shares that are voting. So I was like, cool, If I get 2,000 shares, which is like 10, 11% of the entire thing. And then I did a sneaky way of doing the auction, which we can get into if it's interesting. But anyways, so I get the shares and then I go speak at his shareholder meeting. He has a shareholder.

[Unknown]

How much did you pay for the 2,000 shares?

[Patrick Campbell]

It's like 13 grand.

[Sean Pury]

And so then his market cap is only like.

[Patrick Campbell]

Yeah, it's not. It's. It's 130,000 where everyone gets in. Yeah. So right now he's got, I think 16,000 shares or something that have been sold. And the share price, I haven't checked today, but there's a share price. It goes up and down based on, like, purchases and stuff.

[Sean Pury]

But he's worth. It's in the six figure range, I think. Ballpark.

[Patrick Campbell]

I think so. Yeah, yeah. So if you owned all the shares, theoretically, that's the value. But then the other thing is the community makes it interesting. So I go speak at the shareholder conference and I go, hey, and it's on YouTube. And I say, listen, and I'm doing a hostile takeover of Mike. Here's why, Like, I think the project's undervalued. You guys voted to, like, make him not go on social media. Like, that doesn't make sense. Like, in order to get more people, he has to like, do this, blah, blah, blah. I think. And then all the questions are like, well, what about like, is this good for Mike? Cause there's a lot of his friends, like, his actual in person friends.

[Sean Pury]

Oh, my God.

[Patrick Campbell]

And I was like, listen, I think what's good for. What's good for the share price is good for Mike and vice versa. And I talk like, I talk about it. It's like a half hour interview I did. And it. And then everyone. And then there's all these people, especially the. Who don't know him, who are like, I think, Patrick, I think the takeover is good for the project. I think it's this.

[Unknown]

You only need go through LS500 to 1000 more shares roughly, to control the vote. You thought.

[Patrick Campbell]

No, no, no, I already, I already had. I got 1930 out of the auction. Right, right.

[Unknown]

But you said each vote has about 5,000 and you just need. You just need 51.

[Patrick Campbell]

It's never, it's never one sided. It's never one sided. So like if, if it's 2500, you.

[Unknown]

Already can swing whatever vote.

[Patrick Campbell]

And, and what's funny is I'm texting him and I'm like, hey, man, just so you know, here are my intentions. Like, it's like a little, it's a little takeover, right?

[Sean Pury]

That, that, that's cool. That's some insider trading though.

[Patrick Campbell]

No, no, I didn't, I didn't do anything.

[Unknown]

It's like the shares. Elon goes and talks to Parag and he's like, hey, look, I'm doing this and here's what I want to do with Twitter. And also there's kind of nothing you could do about it, but I'm going to inform you because that just seems like, you know, the standard, the right thing process here. Yeah.

[Sean Pury]

What does, what is, what obligation does this guy have to follow what you say? Like, we know, what if he just says, fuck off, I'm done with this project in.

[Patrick Campbell]

I mean, he could shut the project down. I don't know. Like, so first, before I started doing this, I started tweeting to him about what happens if there was a hostile takeover. Elon Musk seems interesting, right? Because I wanted to see like, is this, like it's, is this going to be a good investment? Probably not. But like, I'm learning. I can't tell you how much I'm learning, right? Because all of a sudden it's like, oh, interesting me, they responded to this and these aren't like the investors that I want to be working with in the rest of my life. But it's really fascinating. He has never, to my knowledge, in 13 years, gone against what a vote has said.

[Sean Pury]

But he could, it's all in good faith.

[Patrick Campbell]

He could. I mean, there's no, yeah, there's no like, oh my God, I can sue him or anything.

[Unknown]

Also, he, he gets to choose what he puts up for vote. So if he's like, you know, I just want to move on with my girlfriend, I don't have to put it up for a vote.

[Patrick Campbell]

But there has been some talk of, of you get to burn some of your shares in order to put a vote up for a vote, which is fascinating. It's. He's been covered by Wired, Atlantic, all kinds of stuff. It's. It was in a lull and I'm injecting some excitement into it again. And yeah, I'm looking at the price.

[Unknown]

Chart so it looks like it's. It started 2008, it opened at a dollar 99 cents, it looks like. And it basically was like between one and three dollars. Then it kind of peaked in 2013. Maybe he got some press or something like that. It was 13. Yeah, 1350, something like that. And then for the last six years, it's basically been flat at roughly four.

[Patrick Campbell]

Or five bucks for a takeover.

[Unknown]

And now it's 685 right now.

[Patrick Campbell]

And so it was about five when I started the takeover.

[Sean Pury]

This is far more interesting to be as small as it is, right? I mean, to be as cool, to be as unknown of a project. It feels, it's. It feels unknown to be as unknown of a project as it is. It's been around this 2008. It's pretty un. Under covered, right?

[Patrick Campbell]

Well, so in the beginning he got a lot. He was like on the Today show. He was on all kinds of stuff. And then he did. Because what was interesting is he's had some epics with it. Like a project was. I think it was called the Girlfriend project. And it was literally about his relationship. His girlfriend buys shares. His ex girlfriend is still a shareholder. I'm pretty sure his current. I don't know if it's his wife or not. Is like a share, like. And that was the end of the shareholders meeting. Was his ex girlfriend, his current girlfriend or wife having a conversation? It was the most interesting, like half hour I have ever seen in my life. Because they were just. And they're friendly. I think there might be friends, but just them talking about Mike. And it's kind of beautiful because you have all these people who like, either just from a money perspective or just a fascination perspective in my case, or from a love perspective, like supporting this guy and like trying to make the right decisions for him. So I think it's brilliant. Like, as soon as I announced this on Twitter, we got some inbound from like, some. Some like, I don't think they're. They're documentarians or something like that. Like, I don't know if it'll come with anything, but it's like, it's a fascinating story that I think deserves more, more, more give. So I'm glad you asked about it because you guys have a pretty medium audience, so it's great.

[Unknown]

There's. There's even like a. What happens when I die? Like, unlike a company, I will die. So what happens to my shares after I die? There's like, this is pretty crazy. I mean, it kind of makes no sense in that. Like, yeah, there's, there's. Yeah, it's completely nonsensical.

[Sean Pury]

Yeah, but bro, you bought a $150,000 image of a monkey. So, you know, like, did you buy an ape Punk?

[Patrick Campbell]

You got a. Oh, you're a punk guy. This is from Ape Fest. So this is my.

[Sean Pury]

Nice.

[Unknown]

Yeah, it was a 50. It was a coin flip to use the Milk Road portfolio. Either we buy a ape or a punk. And they were the same price on that day. And we knew that the. The purchase was gonna have to happen. The board ape was about to buy the punks. And so it was like, what do we. Which asset should we buy know knowing this news is about to break or it has just broken or something and we flipped punk and then apes went through the roof and punk's up and flat or down.

[Patrick Campbell]

Everything's down now too. It's interesting. Very interesting.

[Sean Pury]

Dude, check this out. So if you go to Mike's blog, so there's news.k mikeym.com where he like it. It's ran like a shareholder company. I mean like a like the investor relations page of a publicly traded company. And he has a list of all of his principles and on health, it's so like as of October 23, 2019, I'm in favor of experimenting with psychedelics. And you click psychedelics and there's a like notes from a board meeting about like who voted and why they voted and what is the reason and what the reasoning is and how they are or are not going to start doing psychedelics. Then in 2016, I will not take a Psyllium pills. I don't know what that is. And it's like talks about why he wanted to take them and everyone's voting and he has like a update on that and then like entertainment it. Shareholders will have direct control over my television. Television watching. I will. And then 2019, I will watch Spider man.

[Patrick Campbell]

Subscriptions.

[Sean Pury]

I will not subscribe to Spotify.

[Unknown]

Yeah, some of these are like stupid. Like the glasses one, it says that 34 users voted with 18, 1800 shares. So 34 people participated in that vote for the glasses. I guess that was not a very. Not a very big one. Let's see this nfd.

[Patrick Campbell]

I haven't. I'm pretty sure people like who he's voting for, like president up. Like he's done stuff like that as well. Which gets really fascinating.

[Sean Pury]

Yeah. But that's just as meaningless as the glasses thing.

[Patrick Campbell]

Interesting. He is in. I believe he's in Oregon, so I'm not sure. I mean he's in a state that is is going to vote one way or the other anyways.

[Unknown]

Wow.

[Sean Pury]

Yeah. 2020. I will endorse Bernie Sanders for president.

[Unknown]

Okay. Amazing. Listen, man, this was. This was fun. I'm glad you came on and.

[Patrick Campbell]

Yeah. Good times.

[Unknown]

I think you brought some good stuff, Sam. What'd you think, dude?

[Sean Pury]

Can you send me. Send me the. The research thing. That was the most fascinating thing. That was really interesting.

[Patrick Campbell]

I will. And I'll send you some redacted. I'll send you the structure, and you can.

[Sean Pury]

Don't redact it. No, no one will. I won't share it with any of these losers. It'll just be for me.

[Patrick Campbell]

Let me think of about. I met again. I have a boss. I'm on a board. I got to be careful now. So. Yeah.

[Sean Pury]

Well, are you guys.

[Patrick Campbell]

I'll send you something.

[Sean Pury]

And Paddle isn't public now, but it will be, right?

[Patrick Campbell]

I mean, we're. We're not going next year. A number of years probably before anything like that happens, but great.

[Sean Pury]

You know. You know, there's no laws.

[Patrick Campbell]

I'll hook you up. I'll hook you up with something.

[Sean Pury]

Don't worry.

[Patrick Campbell]

Don't worry.

[Sean Pury]

This was awesome. I. I typically hate having. Not hate. I say no to everyone. Sean brought you in.

[Unknown]

We kind of hate having guess, but then we have many ways, and we're not. We're not fully sure why we do it, but we do it in the moment. It seems like a good idea. Halfway through the episode, it's like, I kind of wish I was just bullshitting with Sam instead of doing this conversation.

[Sean Pury]

But I'm always happy when we do it because I don't have to prepare. But you are one of the few.

[Unknown]

One out of every four is awesome. And I'll just hope that everybody thinks they're that one out of four. You actually were that one out of four. So good for you.

[Patrick Campbell]

What makes a good guess versus not a good guess? Just for the audience to hear.

[Unknown]

If they come to the pod, if they already know the vibe, if they know the. The what's cool, that that tends to work really well, I think. What do you think, Sam?

[Sean Pury]

I agree. And most people. Most people aren't like Sean and I in that they don't do this for a living. And so they need to come prepared with the things and. And even us, we come some. The re. We do research. Sometimes we do, sometimes we don't. But there's at least bullet points. So it's like, all right, next. And you did a good job of. Of saying next. A lot of People if you. I don't know if you paid attention. But Sean very purposely in the beginning, he's like, I don't really. Company and your background. Let's just move on to the other stuff. And we actually, we. We tend to do that a lot. And so that was cool.

[Patrick Campbell]

And so that's also the least interesting. Except for Michael Saylor. That episode was like. That episode was money because he was just so weird. Like it was just like, what's gonna happen guys? Like, what's gonna happen the next minute? That was. That was an interesting one.

[Sean Pury]

Did you hear when he alpha'd me? I was like, yeah, I like fast cars. He goes, I don't like fast cars, but I have a really fast. That's jet.

[Patrick Campbell]

That's. Well, no, the quote, the quote I tell everyone from that episode is, yeah, I don't really like things that you can't in normal use go at their max speed. Like and that's what he was referring with cars. Like it was like boats and jets. I'm allowed to go at max speed. You know cars. Not really. So.

[Unknown]

Which I was like, just a thought. Who even has that thought about like, am I utilizing this machine to its fullest velocity?

[Patrick Campbell]

A guy most of his balance sheet into bitcoin. That's. That's who has that thought, which is great. I love that those people. People exist, dude.

[Sean Pury]

Sean, I. Did you see my Instagram or Twitter or something? I did. I. This weekend I was in the Hamptons. That's not a humble brag. It was my in laws house. So I had nothing to do with it. But.

[Patrick Campbell]

And that's a Midwest thing. He just did a Midwest thing. Just so you know.

[Sean Pury]

The very Midwest.

[Patrick Campbell]

Oh, I have a. Yeah, I have an Equinox member. But like they're going to do my laundry, so it's like worth.

[Unknown]

It was on sale.

[Patrick Campbell]

Like, I'm not a big time guy. I'm not a big time guy.

[Sean Pury]

Yeah, it was my in law's house and I went out there and I drove. We went to the beach for bonfire on the 4th and we drove by this area that was just. It was like a. It's like a small one lane road and it was packed full of cars, but they were fancy cars. And in front of me was a Bugatti and it was a special Bugatti and I looked it up. It was like a $5 million Bugatti and I was like, what the fuck is going on here? And so I get to the parking lot to park my car and it was Full of black limousines, but not limousines. Like the Escalades full of them. And then in the corner, one of the limos had their trunk open. And literally, I'm not exaggerating, I have video of it. 100 limousine Dr. Drivers, we're just hanging out, drinking Coke, eating chips. And I was like, what the fuck is going on here? And they go, it's Michael Rubin's party. Michael Rubin has a famous white party. And I made a joke. I was like, he only lets whites in. Which they didn't like the drivers now. Yeah, yeah. I was like, you know, like, oh, whites only. Really? That's weird. Maybe I should go. I don't know. It was a bad joke. And anyway, I go, ruben. And they go, yeah, it's Ruben. He. He's having this party. It's famous. He goes, I drove this one guy was like, yeah, we drove Drake. And so the guy was like, yeah, Jay Z's there. And I was like, wait, really? And I looked it up on Instagram, and it was this crazy party. And I was like, well, tell me everything. He goes, you know, I drove this guy, and he's broke. One guy goes, I drove Tyrese. You remember Tyrese from Fast and Furious?

[Patrick Campbell]

Yeah, yeah, yeah.

[Sean Pury]

He's like, I drove that guy. And the driver goes, I'm richer than he is. That guy's broker than a joke. I got more money than that guy. And I was like, wait, what? Really? And he, like, kept dishing. He. And he kept telling me all this. He goes, the guys who are really rich, they typically drive themselves because they got that Bugatti and they want to show it off. But it was really fascinating. I was just hanging with these. We hung with them for, like, half an hour, just asking them. All rumors and gossip, and they knew it all.

[Unknown]

Dude, that's amazing. I. After you, as you sent that, you sent me that video. And then I went on Instagram and I saw, like, six NBA players were posting stories from the party. So it was like, James Harden's at the party. And then whoever. You know, like, these other guys were. Joel Embiid's at the party, and it's the all white party wherever these. Everybody's. Like, it was just rappers and athletes, it seemed like. Which is.

[Sean Pury]

Which is exactly. It was. It was so cool. Like, he's got, like, this private beach area. And then we were like, 100 yards down the beach and right next to the parking lot, and it was just packed. And we. There's Bugattis, there's all these crazy Cars. It was pretty. It was pretty cool.

[Unknown]

I just imagined you in the, in the party with like, you know that meme where it's the guy at the party yelling into the girl's ear and you're just like. It's a newsletter. We send it daily.

[Patrick Campbell]

It's a marketing automation company. Technically I'm there, but like, you know.

[Unknown]

The full snapshot of your customers in one CRM.

[Patrick Campbell]

I have a ranch in Austin.

[Sean Pury]

My first million. I said million.

[Patrick Campbell]

Yeah.

[Sean Pury]

No, no, no.

[Unknown]

With an M. You use Spotify. We're on there. We got video access on there.

[Patrick Campbell]

No, we mostly talk about 12 year old stuff, but it's pretty cool.

[Sean Pury]

Sean?

[Unknown]

No, he's not here. He doesn't leave his house.

[Patrick Campbell]

Sometimes he has hair, sometimes he has short hair. I don't know.

[Unknown]

No, I'm not at my in laws live here. That's my in laws live over here.

[Patrick Campbell]

No, my dad in law is jacked more than I am. It's kind of uncomfortable sometimes.

[Sean Pury]

That's up. That bit will not get old for a while. That's awesome. I guess we should. We got to end there, right?

[Unknown]

Yeah.

[Sean Pury]

Thanks for coming, dude.

[Patrick Campbell]

I feel like I can rule the world.

[Sam Parr]

That was an episode of the podcast My First Million. There are more episodes available where you'll hear Sam and Sean dive into all types of businesses, business ideas and interview folks like Mr. Beast, Rob Dyrdek, Alex Hermozi and dozens of other guests on businesses they'd start today. To hear those episodes, just search My First Million in your podcast app. That's my first million.