Nick Friedman

We're very, I would say, optimistic by nature because, and that's what helps us be successful when we pursue our own vision because we believe it's gonna work even though others may not or even though it may be against all odds. Now, when you're investing in other people, you have to realize you're not just investing in the idea, but you're investing in the person, too.

We're very, I would say, optimistic by nature because, and that's what helps us be successful when we pursue our own vision because we believe it's gonna work even though others may not or even though it may be against all odds. Now, when you're investing in other people, you have to realize you're not just investing in the idea, but you're investing in the person, too.

And actually, I don't think I mentioned this earlier. We were on the very first episode of the very first season of Shark Tank. Awesome experience, kind of maybe my first experience pitching to investors. We didn't end up taking a deal, by the way. And quick side note, we were pitching a sister company. We were going to call it College Foxes Packing Boxes. Really?

And actually, I don't think I mentioned this earlier. We were on the very first episode of the very first season of Shark Tank. Awesome experience, kind of maybe my first experience pitching to investors. We didn't end up taking a deal, by the way. And quick side note, we were pitching a sister company. We were going to call it College Foxes Packing Boxes. Really?

Yeah, the sharks didn't think that was a great idea either, but... That's another story. But nevertheless, I think what I did learn from that experience and what I've learned in talking to some of the sharks from the show since then is a majority of the deals they do on television don't actually take place after they stop videotaping. And the ones that...

Yeah, the sharks didn't think that was a great idea either, but... That's another story. But nevertheless, I think what I did learn from that experience and what I've learned in talking to some of the sharks from the show since then is a majority of the deals they do on television don't actually take place after they stop videotaping. And the ones that...

do take place after they stop videotaping, less than 20% of those actually have been successful or moneymakers. I thought it was really fascinating. And so, you know, recognizing that early stage investing, small business or venture is very risky, and you've got to be willing to spread ships out across a lot of different, you know, ventures.

do take place after they stop videotaping, less than 20% of those actually have been successful or moneymakers. I thought it was really fascinating. And so, you know, recognizing that early stage investing, small business or venture is very risky, and you've got to be willing to spread ships out across a lot of different, you know, ventures.

And also, I think it's important to invest in stuff that you know, stuff that you can influence or have a pattern recognition of, Like I said, I'm invested in some franchise concepts. I understand youth sports. I understand the franchise model. I have become versed in real estate. So I think those sorts of things have allowed me to have successful investments.

And also, I think it's important to invest in stuff that you know, stuff that you can influence or have a pattern recognition of, Like I said, I'm invested in some franchise concepts. I understand youth sports. I understand the franchise model. I have become versed in real estate. So I think those sorts of things have allowed me to have successful investments.

If I'm just sort of taking a, you know, writing a check on a tip, whether it be publicly traded or some private business that somebody told me about might do well. It's like going to Vegas and rolling the dice. You really don't have much influence on it.

If I'm just sort of taking a, you know, writing a check on a tip, whether it be publicly traded or some private business that somebody told me about might do well. It's like going to Vegas and rolling the dice. You really don't have much influence on it.

Sounds good. Revenue is vanity. Profit is sanity. Cash flow is king. That's something I learned after a few years. We used to tout our revenue numbers. And yeah, even at the beginning of this, talking about what we're doing in Topline, it's exciting. It sounds like a big impact. But to your point, especially in the early days, you're plowing that money back in. Of course.

Sounds good. Revenue is vanity. Profit is sanity. Cash flow is king. That's something I learned after a few years. We used to tout our revenue numbers. And yeah, even at the beginning of this, talking about what we're doing in Topline, it's exciting. It sounds like a big impact. But to your point, especially in the early days, you're plowing that money back in. Of course.

And you're making small bets and sometimes big bets along the way. Not all of them pay off.

And you're making small bets and sometimes big bets along the way. Not all of them pay off.

Yeah, so the short answer is yes to all the above. All of those thoughts that you just rattled off is the stuff that wakes me up in the middle of the night and I got the hamster wheel running. It's like, oh, we could do this, we could do that. We should do this, we should do that.

Yeah, so the short answer is yes to all the above. All of those thoughts that you just rattled off is the stuff that wakes me up in the middle of the night and I got the hamster wheel running. It's like, oh, we could do this, we could do that. We should do this, we should do that.

There's a Jim Collins quote, I think, where he said, once companies hit levels of success, they don't die of starvation, they die of indigestion, trying to do too much. And so I think the idea is identifying that list, And we charted out on how much money can you make on one axis and how much heavy lifting, money, resources, time, distraction is going to be on the X axis.

There's a Jim Collins quote, I think, where he said, once companies hit levels of success, they don't die of starvation, they die of indigestion, trying to do too much. And so I think the idea is identifying that list, And we charted out on how much money can you make on one axis and how much heavy lifting, money, resources, time, distraction is going to be on the X axis.