Episode 340: 10-29-15
On this week’s, show we learn how Richard C. Wilson helps $100 million-plus families start their family office, and we talk social media in business with guru John Mahoney
Billionaire Family Office
Richard C. Wilson is CEO/CIO of The Miami Family Office a $500 million AUM single-family office. Wilson helps $100 million-plus net worth families start their family office.
Wilson is also the founder of Wilson Holding Company, which employs over 30 professionals and produces over $10 million a year in revenue through various operating businesses that include Billionaire Family Office and The Family Club, the largest membership-based family office association (FamilyOffices.com), along with holdings in the training, single family office management (SingleFamilyOffices.com), investor conferences, search, data research, physical bullion, private equity (PrivatEquity.com), food, and energy industries.
How Jim Uses Social Media in Business
John Peter Mahoney is @SocialMedia305. He taught Jim most everything he knows about social media.
Mahoney is an event marketing, consulting, digital media and public relations expert. He taught Jim the language of Twitter and the art behind Twitter and Facebook ads. He is also a top LinkedIn marketer.
We discuss how Jim uses social media in business to build his personal brand and close deals.
Episode 340: 10-29-15 (To download, right-click and select “Save Link As”.
Transcription:
Jim Fried: I’m here and I’m showing off to our guest Richard Wilson about how my email blast just hit me and that’s what we’re going to talk about in the second half of the hour. We’re going to talk about how I use social media in the market our show. The first half hour we’re going to talk to Richard Wilson. Richard is the preeminent source, he is the man when it comes to talking about family offices. Richard is going to tell us who needs a family office, how to set up a family office, why is a family office good, I’ll eventually turn off my phone in the background and we’re going to have a great show. So, because I need to turn off my phone, because somebody doesn’t realize I’m on my rather radio right now. I’ll throw it over to AC. I’ll be right back. Stay, coming traffic. We’re going to have a super time today. Make sure you join us. Back after this.
[commercial break]
Jim Fried: We’re back and we’re back with an awesome guest. I keep losing my audio because I’m getting so excited, I keep pulling my headsets out of the hookup there. We’ve got Richard Wilson on. Richard is the guy who basically started the sector of family office service providers. He was the first guy that I became aware of. He holds the preeminent conclaves for all the high network investors. They all come there to meet, greet and find deals. Welcome to the show, Richard Wilson.
Richard Wilson: Thanks, Jim.
Jim Fried: That was a real big ”Thanks, Jim”. Now, you got to have better answers than that. Now Richard, first off, how does a family know whether or not they should have a family office?
Richard Wilson: Think any family that has a $100 million net worth or more, for sure it needs a single family office. It doesn’t mean they should leave a private bank, it doesn’t mean they should act conservative or risky but they need to have someone looking out for them holistically for sure.
Jim Fried: So you say holistically and you talk about the banks. Many of the banks would say that they take a holistic approach. You’re really talking about something else, not just the bank, not just the stock broker, not just the real estate broker, it all comes together, no?
Richard Wilson: Right. For sure. So the whole reason the family office industry exists is that if you’re worth $100 million you don’t have time to remember what your insurance agent said, tell your CPA, tell your wealth manager and tie it all together. You need somebody playing quarterback for your whole balance sheet.
Jim Fried: Then the family office is a legal structure that also comes with a bureaucratic structure to help protect somebody’s – I’ll say this way – assets.
Richard Wilson: Right.
Jim Fried: I’ll say that three more times at least. So, Richard, how did you get started in a family office advisement business?
Richard Wilson: I really started by just seeing that while I was trying to learn more about the space in medium families that nobody was being open and providing genuine values so I start writing on it every single day and every time I’m at the family I shared what I learned and in the first two years those outside the industry hired me as a consultant and then after two years, $100 million and $1 billion families started hiring me for advice because nobody else, almost no one else has met with a thousand family offices face to face. So I can see the best practices arising.
Jim Fried: Actually you gave a great high five to what we’re going to talk about in the second half of the hour. Because you started out by blogging on the space and that’s how you got gravitas and became an expert, became well-known and then put all that to use to create – I got to just say it this way – the billion dollar empire.
Richard Wilson: Thank you very much. We found that the more we give away it sounds corny, with the more we give away the more we get in return. In this last book that I wrote called ”The Single Family Office”, it’s the number one best selling book in the whole industry, which I have been 700 writing it and you can buy it for $7. So it’s like a penny per hour for the time we spent on it. And we’ve meant 60 billion air families since we released that book.
Jim Fried: It sounds to me like you got the book, I got the radio show, it looks like we got some business to do here. Now, Richard, you’ve gone, you’ve interviewed the families, you’ve met them, you’ve had your conferences. What is the most important service that needs to be provided when this family begins to put together its family office?
Richard Wilson: The number one most important thing and they take away for anyone here whether they’re worth $10 million or $100 million-
Jim Fried: Take away alert.
Richard Wilson: -is that you shouldn’t do anything and spend any money or listen to anyone’s advice until you’ve gone through about 50 to 70 questions on exactly where you’re going and what your mission and values and goals and objectives are so that you can design a 360 degree holistic plan. Otherwise, who cares what somebody suggests or what your private banks as you should invest in. So you have to know exactly where you want to go before you start building that structure.
Jim Fried: So how many questions?
Richard Wilson: 50 to 70 questions is what I go through with the client when I start with them.
Jim Fried: It sounds like it’s somewhat proprietary so why don’t you give me question number one and we’ll have them call you for the other 49?
Richard Wilson: Actually, they’re all in the book.
Jim Fried: Golly gee, for $7 I get the answers then. Give me one right now.
Richard Wilson: The best question is just how risk adverse is the family and that’s interpreted very directly and what is your goal. Do you want to stay with $100 million for five generations or do you need a lot of income or are you trying to go from $100 million? One of my clients is trying to go from $350 million. He wants to be a billionaire in 12 years or less. So we’re structuring his portfolio to help him achieve that.
Jim Fried: Wait a minute now. You help structure their portfolio. Do you also help them to identify potential transactions to invest in?
Richard Wilson: We did the contract that I just referred to. It’s actually a family just sold their business last year and they hired me to start a single family office, help hire up the staff and then source deals and help them with structuring what types of deals they’re going to be entering, whether it’s real estate operating businesses etc.
Jim Fried: So you’re a one stop shop to help somebody who’s worth $100 million or more, protect their assets and let’s talk about why somebody might want a family office. I’ve always been thought of the fact that the family office really is defined by being part of the family because the one individual may have $100 million, $200 million, $300 million, let’s say he has four or five kids. Cut that up. Suddenly, the purchasing power and the ability to invest in transactions is really limited. Is that why people do these family offices?
Richard Wilson: I think the number one reason is they’re not satisfied with just the private banking relationship. Almost every client I have has 10, 20, 50 million dollars with the private bank but it’s all the other components they don’t get from a traditional private bank. Like if they wanted to own an apartment building, it’s not syndicated, it’s not a read, they just want to buy an apartment building. I walk through one today for one of my clients that he might buy directly and indirectly and there’s many times you’re not going to get through a private bank.
Jim Fried: Yes, actually you won’t. You get that through me. We talked about that earlier. And I’d love to help you work with loans and mortgages and leverage that your clients don’t need. Richard, your recently moved to Miami and you renamed your firm to Miami Family Office. First of all, high five to you for getting that and bad five to me for not doing it first. That was just awesome. That’s like money in the bank. Now, you’re based out in Key Biscayne, land of the rich and famous out there. Miami’s expensive Key Biscayne just blows it off the charts I guess. How are you finding Miami as a place to build your business?
Richard Wilson: I’m loving it. Especially Key Biscayne, The South Beach, parts of Brickell. Literally just going and take my daughter to pre-school I’m going to the park. I meet family offices every about ten days I’m meeting one.
Jim Fried: Do you wear a sign that blinks that says ”I’m the guy to see because I am going to have to protect your assets”?
Richard Wilson: I do have a little family crest golf shirts so that helps sometimes.
Jim Fried: That’s hilarious. Did you design that? Is that legitimate family crest?
Richard Wilson: It is legitimate from 1586 and it’s from England and that was on a wooden shied growing up all scratched up so I uploaded it to 99designs and did a $1500 design contest and they had the tongue stick out a bit for it and there was some spikey hair but it’s all real crest.
Jim Fried: That is just awesome. I guess a lot of the families have family crests.
Richard Wilson: Yes. A lot of them do, some don’t. It depends on the country they’re from. But just to be super clear I think it will be interesting for your clients and this is that. The Miami Family Office is the brand we created for the single family office that I run for the family and we’re totally transparent on all the assets that they own. You can see it at themiamifamilyoffice.com. That’s their organization. But I think it may be fascinating for somebody to go there and they can see all their assets they own.
Jim Fried: So this actually shows a family what your consultations have helped somebody to create.
Richard Wilson: It shows what’s currently in their portfolio, yes. And what we’re looking for. I think many people will say ”What are they looking to invest in?” and it’s like all that’s detail there and we don’t have time to cover that here but I think it will be interesting to see an example of a single family office in the real world because most of them don’t have websites.
Jim Fried: And where is this again, family?
Richard Wilson: themiamifamilyoffice.com.
Jim Fried: Okay, I’ll write that down. AC, did you write that down? Good. And I’m going to make sure that we make sure we work with you. We’re going to start coordinating our social with your social I think. So Robert will be involved too. We’re going to have some great stuff and like I said, Johnny will be here in just s few minutes. You can meet Johnny and maybe he can work with you and your families on some social stuff. So I guess that depending on a family, it’s always a different investment plan. You said it’s risk, what type of risk, what type of assets, all kinds of different things. So question number two, after you assess the risk, what’s the next thing they got to figure out?
Richard Wilson: Part of it is their focus, if they created their wealth in manufacturing, typically the families that do best are going to invest big portions of their wealth in manufacturing again. That might change based on the other 50 questions you ask and the most important thing is to know where they’re going holistically but I think that many families they have to research and experience a connection advantage just like you do in the real estate base. You can help me or my families navigate through real estate base instantly. I think that is the key, to invest in where you made your money. It seems obvious that that’s one of the things you need to define early on that they want to be like an entailment fund or they want to be like a private equity fund or they want to be a hybrid and be diversified like an entailment fund an part of their portfolio but then maybe take some concentrated bets in the industry they know best or roll up a niche monopoly area in the little operating industry.
Jim Fried: This is awesome. We only have 30 seconds left in this segment. We go to break early maybe and we’ll save a little for the next segment. You can stay for a second more, can’t you?
Richard Wilson: Sure.
Jim Fired: All right. We’ll be right back after this. We’re going to talk about how $1 billion families protect their assets, do their investments. You’ll hear what it’s like to be part of the rich and famous. We’ll be back after this with more Richard Wilson talking about money money money.
[commercial break]
Jim Fried: We are back and we are better than ever and I’ve got Richard Wilson. He’s the family office man. His company is the $1 billion family office company. And we’re going to talk to Richard with more insights about billionaires. So, Richard, let’s start off with this. You counsel billionaire families about how to protect their assets. Some of them want to grow their assets. How does a billionaire get richer?
Richard Wilson: There’s really five really quick ways. No time to explain all of them but there’re five strategies that I see $100 million net worth families using. The first one is buying up assets in a very niche monopoly space. Usually if you act in a very local regional level or in a small industry, you can dominate the small industry and nationally if you did that, you’d break anti-terrestrials but small-wise are never really in much trouble typically. So definitely, sort of legal-
Jim Fried: No, I can point to a lot of real estate people that are exploiting that even just in Wynwood and the design district. So there are people that are monopolizing and dominating in. No, I’m not advocating anybody be a monopoly unless they can be. So everybody go up and become a utility. Next. Actually I know a lot of people who got rich being utilities but we’ll talk about that off air.
Richard Wilson: Another strategy is just getting shown deals faster before anyone else does. You have to buy it before it’s even on market and you got to do J-curve jumps, you got to monetize it faster because you know the guy you sell it to, you know that they’re put in place, they’re not improving etc.
Jim Fried: So, what that is a sort of arbitraging the information in the market place?
Richard Wilson: Right. That’s what we were talking about before the show.
Jim Fried: Information arbitrage. No one needs to know what we’re doing.
Richard Wilson: Another strategy is a private equity strategy of building a platform business. You buy five different company sales, sell it to same customer and now you can cross-sale at one strong sales team.
Jim Fried: That’s what Mr. Wonderful does on Shark Tank. Sorry, I’m just translating in to guy.
Richard Wilson: I think this goes to strategy typically is real estate roll-up so it either will be aggregating small pieces of real estate. You put it in the portfolio, tie it with a bow and sell it to vague institution or you get the stressed real estate and what it needs is recapitalization and the past owner was that mom and papa couldn’t recapitalize. You recapitalize and then you sell it once you made it pretty.
Jim Fried: The Glaciers did that with small little real estate pieces. Left and right they’ve just killed it with their big real estate fund. They get great.
Richard Wilson: Right. My number one strategy is something that I’ve focused my whole business on.
Jim Fried: Richard, why are people going to hire you? You’re giving away the cow here.
Richard Wilson: So they know there’s value here.
Jim Fried: I love you man.
Richard Wilson: So mastering the Rockefeller habits, he talks about in that book, Verne Harnish does, about how Rockefeller acquired the steel ring producer on the Oak Barrels and in the Oak Barrel Company and that the oil wasn’t in bottle neck. It was controlling that strategic industry asset of producing the oak barrels and then he controlled the whole industry after that.
Jim Fried: Right. Because he was producing the oil and then he produced the containers and then I guess he produced the transport rail roads?
Richard Wilson: Exactly.
Jim Fried: The guy was vertically integrated.
Richard Wilson: If you own a chokepoint, then all your industry has to come through you and that’s why we bought singlefamilyoffices.com, that’s why I wrote the book, that’s why we do our conferences, we’re trying to own the chokepoint of being the most helpful person in the family office industry just like you are at real estate in South Florida with families.
Jim Fried: Yes, it’s great and I think you’re doing a great job. That’s how we met. We met because somebody referred me to you, I said ”Who’s the go-to guy at family office, my friend?”. I’ll never forget this. Mike Sheer from England referred me to your conference. And then I went there and Mike introduced me to Tom Handler and it was go, go, go from there.
Richard Wilson: And to bring that point home, anybody can use that. I don’t care if you’re a college student trying to figure out how to get into an industry or a $1 million net worth family that has a restaurant or someone that has a radio show or you’re a billionaire family, you can use that to control little parts in industry that’ll roll on itself and you get greater and greater access in your total booth in your industry.
Jim Fried: Don’t tell anybody my ideas about radio. Would you just stop right there? AC, you’re coming with me, by the way. AC is the guy behind you with that voice. Can I get a little AC?
AC: I’m with you all the way.
Jim Fried: I love you, AC. Now, Richard, we’ve talked about some of the wealth creation strategies. How about some wealth preservation strategies, because we’re in a zero interest rate environment so anybody taking risk, you got to take a little risk to get any kind of yield.
Richard Wilson: I’d say the two go-to strategies would be that strategies where something is over-collateralized like it’s actually a great thing and somebody doesn’t make their debt payments, not great for them, but great for you if you actually have to collect. The other strategy is almost every $100 million family I know owns an apartment building. Again, it’s not investment advice that you should but almost all of them own an apartment building with low to moderate debt or no debt and then they sometimes will put that in special vehicles so the kids can’t mess it up and you always have five, ten million a year in cash flow coming in to the family.
Jim Fried: 100% the right way to go with no brand around apartments and I can always introduce them to the top apartment managers in town. I have a particular friend, his name starts with J. In fact, that’s his first name in any event. So, now we’ve given some good strategies, how about places to live? Where do the rich and famous want to live and none of these tax haven like Monaco or any of that stuff? Where’s a good place in America for a $1 billion family to live? And you could say South Florida, that’s okay.
Richard Wilson: As one of the reasons I moved to Key Biscayne is there’s 20 billionaires have houses there and Miami is a top seven city for ultra wealthy per capital globally. And I think most people don’t know that. A lot of New Yorkers have a lot of money are in Miami. So I would say Miami is definitely a top destination. I think that a lot of these billionaires have family connections, they don’t want to live on their private jet and going back and forth all the time so many of them are in the Hamptons a lot of the year or nice places in Connecticut and then it’d be access to New York but a lot of them have private transportation to get around. They don’t want to live on a plane.
Jim Fried: What they do is they bring everybody here. They all meet here. Which is why you’re out there looking for the six and seven bedroom condos. I love this guy. Now, Richard, what do you see as the future of the industry because you’re creating a chokepoint, you’re actually creating – I just have to say it – you’re professionalizing the industry and the real question is what do you see going forward? We’ve gone from a fractured industry that wasn’t able to be disrupted because it didn’t exist. Now you’re creating a nice industry. What are your plans to disrupt what you’re creating?
Richard Wilson: First, you’re exactly right when I started people said it’s not an industry, Richard. And now everyone refer to this one. But I think that what’s happening is all these families that have holding companies are now formalizing the single family offices. That’s happening right now. What’s happening in the future that I’ve only seen happen less than five times at 1000 family offices I’ve spoken to is that the single family offices that usually have no website and they’re not public at all are becoming very public within a holding company.
Jim Fried: Your idea, your Miami-
Richard Wilson: themiamifamilyoffice.com. You’d have to have something like that or your won’t get good deal flow. No one knows you exist. They don’t know what you’re on invested.
Jim Fried: So they’re starting to market themselves because back in the day they just go to one of the big pension fund advisors and put their money and then get locked in as the world went down in the toilet. They couldn’t push the button and liquefy. It sounds like that’s what they’re looking for.
Richard Wilson: Right. And they all complain. No one shows good deal flow, they only have deals from the 12 other $100 million families I know. How come we don’t get shown good deals? Because no one knows you exist.
Jim Fried: Right. There’s got to be a Firestone out there, there’s got to be a Rothschild out there but who’s the company that’s behind Hot Pockets for instance?
Richard Wilson: Right. I think that the problem is that if you’re not already so famous you can’t help but be in the limelight like Richard Branson. Then a lot of other families have never really tried and then they have to go through brokers and investment funds and private banks-
Jim Fried: They just love paying fees, don’t they? That was a joke, everybody. I think that Richard was going to wretch when I said that.
Richard Wilson: Very anti-fee and I think a lot of them are migrating away from taxes. There’re more people have left the United States in the past six to eight years and denounced their citizenship by multiple of a hundred than a couple of presidents say this before-
Jim Fried: I think that we need to get a change in leadership in that regard. We don’t do a lot of politics but Lord knows I want to keep what I make. And build on that, not give all of that away either but I’m not running for president at least in this cycle. Now, Richard, we’ve only got about a minute left. If people want to get a hold of you, other than calling you directly, how do they find you?
Richard Wilson: The number one thing is to go to singlefamilyoffices.com and go to Amazon, type in ”single family office book Richard Wilson”, buy the book, I guarantee you’re going to love it or I’ll literally send you money in the mail, give you money back because you’re going to love the book. I think it’s great.
Jim Fried: If the book is anything like this interview, they’re going to love it because I love the interview and I got to ask a question. Will you come back because you’re going to have your conference soon, I want to have you and Handler in the same room, see if you’re not the same guy, Superman or Batman or whatever it was. But we’ll see if we can get you and Handler and maybe we can get Sheeran, we’ll see it. That’s your quite guy.
Richard Wilson: Sure. I’d love to everyone to come and attend. It’s December 1st and 2nd, JW Marriott on Brickell and it’s going to be 500 professionals there, over 150 family offices in their room. There’s more single family offices and billionaire families in that room than any other stage in the world for 2015.
Jim Fried: It’s where I learned the family office business and I began to make my connections. You must attend this conference if you’re interested in the family office business. Richard, thanks for being on the show. Right after this we’re going to coordinate when you’re coming on again because this was great. We’ll be back after this. Johnny is taking photos, he’s getting social and we are getting ready to rock it. Back after this.
[commercial break]
Jim Fried: I feel like sugar and spice and that’s where they always bring me in. And today the sugar and spice, we’ll perhaps that’s an oxymoron, it’s John Mahoney, SocialMedia305, intergalactic communicator. What’s happening, John Mahoney?
John Mahoney: As always I’m just glad to be here.
Jim Fried: We’re glad to have you too. It’s great to see that you’ve become occupied by some four and fours but it’ll be great anyway. So, Johnny, tell me a little bit about the cap you’re wearing.
John Mahoney: We are 100% these days ZabCab and thank you very much for bringing that up. The likes of the Ubers and the Lyfts have been for the past two years very fun but at the end of the day taxi drivers need to earn and taxis in city that I live in, we live in what’s called the hailing world. You hail a cab. So guess what? Instead of just walking out to street, why not just while you’re in your apartment or at the pool just press a little tap-tap on your cell phone just like you would with the Uber have a yellow cab pick you up and take you where you need to go.
Jim Fried: Sounds to me like you got a cap that is disrupting the disruption.
John Mahoney: That’s actually James, can I get a high five? Because that is-
Jim Fried: I just turned the phrase for you. You can have that. You can tweet that out. Just say ”@jimfried thank you” but you can have that.
John Mahoney: I like that.
Jim Fried: There’s actually proof there on the media now.
John Mahoney: Disrupting the disruption.
Jim Fried: There you go.
John Mahoney: Can I get a high five?
Jim Fried: Stop pandering your woman there and let’s continue. You’re here to give people social media tips. What’s a tip? Give me a tip.
John Mahoney: A person foremost which actually thanks to Paula-
Jim Fried: You are just over here, buddy.
John Mahoney: Yes, but here we are. One thing I realized-
Jim Fried: Lean it to the shot at least, let them see who you’re talking about.
John Mahoney: I don’t know. Your cameras stand up over here but it doesn’t actually do-
Jim Fried: She has to lean in to the shot, Johnny.
John Mahoney: We’re not MSNBC yet but we’re close.
Jim Fried: We’re getting there. But, Johnny, what’s your tip for social media? Create content that gets eyeballs?
John Mahoney: No, I’m actually, it’s amazing because I was giving a speech-
Jim Fried: Because you’re the content that’s creating the eyeballs here.
John Mahoney: I know but I want to tell you something. It’s the reverse instead of putting content and let me reuse that word one more time, instead of putting content out let’s bring contacts in.
Jim Fried: Look at you. And that he hasn’t even written down, he just came up with that. High five to you. How do I use social media to build my contacts and make me money?
John Mahoney: Let me tell you something. What is your, listen, you love doing radio, you’ve been on radio for God knows how many years, a long time. At the end of the day, what is your bread and butter?
Jim Fried: Kicking butt on the real estate business which is why we had Richard on before because I do real estate with Richard.
John Mahoney: In the real estate business, and I think-
Jim Fried: You’re really rocking it here, Johnny. I mean, you’re going an inch at the time but you’re really getting gold on me.
John Mahoney: To be honest with you, it’s this ZabCab hat.
Jim Fried: It just grabs your whole soul and re-purposes you? But Ironman, so give me one real thing here.
John Mahoney: At the end of the day, your business, my business, our business, everybody’s business is really based on what’s called a qualified lead.
Jim Fried: Thank you. The only thing that salesperson wants in life is a qualified lead. And I got to tell you, it took me 20 minutes but you got to the pearl of wisdom because you’re right on. So how do I generate qualified leads?
John Mahoney: I like being on video.
Jim Fried: You got to come on more often, you’re absolutely cool. Robert is going to love doing this one.
John Mahoney: Let’s go back to the qualified lead. Everybody, every business needs a qualified lead. I don’t care if you’re selling cars, if you’re selling houses, whatever you’re selling, you can sell [beep] sorry.
Jim Fried: Did you dub that fast enough? You got it. Okay.
John Mahoney: Thanks AC. Sorry.
Jim Fried: It’s the first bleep. Johnny, you’re the first bleeped guest I’ve ever had. So bleep you. You’re a bleeper, man. Can you believe this bleeping stuff?
John Mahoney: At the end of the day let’s go back to the simplest part of this whole thing. We are out to sell avocados. Selling avocados we need what’s called qualified leads.
Jim Fried: We need some guacamole.
John Mahoney: We need guacamole.
Jim Fried: We’re making guacamole so we need to buy some avocados. My real question is how did I get all these nuts on my show.
John Mahoney: Let’s go back to the original question. We’re going to get to the point right now. All of our drivers, thank God you’re sitting in traffic.
Jim Fried: I should’ve queued up Ramblin’ Man for this guy’s out call.
John Mahoney: You should always queue up the best songs for my segments.
Jim Fried: I got one. It’s a great song I got queued up for you. But I’m after go to Ramblin’ Man now. AC is going through it right now.
John Mahoney: AC, do you have music ready for us?
Jim Fried: Yes, but it’s not going to be what I got, it’s going to be Ramblin’ Man because you’re absolutely off the hook.
John Mahoney: I was thinking about a clown man.
Jim Fried: No, I was going to play Joe Jackson for you, look sharp but you’re not living up to that. You got to get the Ramblin’ Man.
John Mahoney: I’m going to tell everybody right now.
Jim Fried: What’s the key, Johnny?
John Mahoney: Everyone is always telling everyone to put stuff out. Forget about putting it out. Bring it in.
Jim Fried: How do you bring it in?
John Mahoney: You search at locations. You figure out who do you want to do business with. Where are they? What are they talking about? And then guess what? Instead of you putting out photos of this amazing pool or photos of this amazing piece of property or photos of this amazing dinner that you’re serving, how about this? How about you find the people that you want to serve the dinner to? And Monday through Friday or Thursday through Sunday? Instead of pumping stuff out you bring stuff in. And that is networking digitally.
Jim Fried: You want to know something? That’s right there, that’s exactly what Ivan says, the guy from BNI, Ivan Misner says all of that. He says it’s not, and Bruce Turkel, it’s all about them. It’s not about me. And so what you’re saying is I use my platform to help somebody build their platform, if they’re righteous, I just made myself a new contact, a new lead.
John Mahoney: Look at what you have right here. Look. 880 Wall Street Business Network, The Biz. Studios, you got AC, you got this girl sitting right here from browardcounty.org.
Jim Fried: She’s not a girl, she’s your lovely other half.
John Mahoney: Anyway, she’s not with me because Broward. You know what her favorite word is? It’s protocol. I’m sorry, that doesn’t match protocol.
Jim Fried: I’m sorry. We’ve only got one minute, John. I got to get you back on track. You got a whole another segment if you’re going to stick around.
John Mahoney: I will hope so.
Jim Fried: Sniffing all the Twitter juice has gotten you out of your mind. So, if somebody wants to get a Twitter tip, does this mean they have to stay until the next segment?
John Mahoney: Absolutely.
Jim Fried: All right. AC, you heard it. We’re going to be back after this.
[commercial break]
Jim Fried: We are back and we are back with Johnny SocialMedia305 even though he’s from New York, Southern Rock defines him because he is the Ramblin’ Man. Now we’re back and we’re going to ramble through social media again. So tell me, you talked a little bit about pulling contacts in. What else should somebody look for in today’s world of staying connected in building your brand online?
John Mahoney: I think they really should look for what people are saying.
Jim Fried: You need more coffee, John.
John Mahoney: Give me one second. It’s about psychology. One thing, I’ve been to so many meetings and so many conferences and so many webinars and it’s always the same things. You got to be authentic, you got to do this-
Jim Fried: Your authentic self?
John Mahoney: Your authentic self and you got to do this and you got to do that. One thing I realized what the world is not doing, what the webinars are not catching, what they’re not selling for lacking the better word is they’re always worried about what they’re putting out to the world. But the reality is, as a small business, most of us are. Granted Apple computer is sitting right now on $206 billion.
Jim Fried: And they still want me to buy a new phone. Can you believe that?
John Mahoney: At the end of the day they can hire the old Nike advertising firm and pay them $100 million and do a social media comment.
Jim Fried: Go make this look good.
John Mahoney: Yes. What about the local pizzeria? What about the local radio show, the local real estate guy, the tire shop? How do they do it? ”Yes, let me spend a $1 million this year on advertising”.
Jim Fried: You want to create a community, no?
John Mahoney: Yes. The thing about this is instead of creating content that you’re putting out, how about you just find the people that you need?
Jim Fried: And bring them in.
John Mahoney: And bring them in. So reality is, I love it, AC is probably the best ever.
Jim Fried: AC is making it. AC, I’m getting you another box of Skittles for this. You’re the man. He loves the rainbow, we’re getting him some more Skittles.
John Mahoney: See what AC is doing? He’s not working what we’re doing. He’s doing what he thinks is smart. And we love that.
Jim Fried: We love the fact that he thinks independently and he’s on our vibe. And what he’s done is he brought us into – I just got it – his world.
John Mahoney: So the thing about it, let’s take that to social media. Double time right there.
Jim Fried: I love that guy. We’re not showing the best part of the show. It’s the guy working in the control room.
John Mahoney: You need more cameras. Apple should be sponsoring the show first off. Go Premo should be sponsoring the show at this point.
Jim Fried: We need to pull them in and we’re going to use your strategy to do that. So how would I do that?
John Mahoney: At the end of the day instead of worrying about what you’re putting out, instead of sending tweets, instead of putting out Facebook posts-
Jim Fried: Instead of broadcasting?
John Mahoney: Exactly.
Jim Fried: Not that I’ve ever heard the speech before.
John Mahoney: Search for the people that you’re looking for. Search the content that they’re talking about. Twitter, Instagram and Facebook have 100%, don’t speak, stop speaking. I see you. Do not speak. Twitter, Instagram and Facebook have 100% all re-done their search features. So I can search words, I can search locations, I can search everything. And that’s what customers or clients or businesses or whoever it is want to do. Instead of going to the feed, go to the search box and type in whatever you want to search for. You want to search for pizza? And you want to search for pizza in Coconut Grove? Do it. And you’ll get everybody in Coconut Grove.
Jim Fried: That’s looking for pizza.
John Mahoney: Exactly. Or have just had pizza.
Jim Fried: Then, for instance, in real estate what you want to do is you want to search #miamirealestate, you don’t even need a hashtag. It searches the word, no? I have four minutes John which means you have three.
John Mahoney: How do we find $100 million guy in real estate via social media? That’s the real question.
Jim Fried: Don’t even answer that, that’s for me. People will have to come to my office to hear that one. We’re not answering that on the radio.
John Mahoney: Let me tell you something. It’s real.
Jim Fried: Beyond real. What, are you kidding me? With Richard and the stuff that he has and the platforms that he’s going to – and by the way, we’re going to work with him, we’ve talked about we’re going to integrate our content because we do so much private equity and wealth management, we’re going to work with Richard, it’s going to happen. So we’re going to show Richard how to find his $100 million families. You’re going to show me first. I got to be there first.
John Mahoney: It works. Let me tell you something.
Jim Fried: No, you two are going home. You’re coming home with this sky palace, #skypalace. We’re going to go look at the sun or the moon rise and we’re going to find us some real estate investors. But Johnny, if people want to find you, what do they do?
John Mahoney: Are they Jets fans or regular people?
Jim Fried: We’ll make believe they’re both. You go first for us then the Jets fans.
John Mahoney: All right, the quickest way to do it is very simply just do Social Media 305 on any internet-
Jim Fried: Talk about the thought leader.
John Mahoney: Secondly, you can always call at 305 710 2273.
Jim Fried: Hold it, but the Jets fans.
John Mahoney: The Jets fans just go to any giant scheme and look for the billboard in the back and it’ll say ”SocialMedia305, We Love You Too”.
Jim Fried: I love you, Johnny. You’re the best. John Mahoney, SocialMedia305. How do I do this and get these performances from these people?
John Mahoney: You’ve been killing it, dude. I don’t even know what’s going on here.
Jim Fried: It’s unbelievable. I got to start thanking people. So I’m going to start by thanking Johnny, SocialMedia305 for being a guest and the heart beat on our show, I also want to thank Richard Wilson for coming in and providing some awesome family office content, I want to thank KIND Snacks, South Florida Business and Wealth Magazine, of course, the CCIMs, UHealth, Warren Henry, The NFL Alumni, SocialMedia305 we thanked you already, Aztec Group, Lauren’s Kids, The Miami Marlins, Bergstorm Center for Real Estate Studies, UHealth, I’ll thank them again, they’re the best, Magnum Energy Solutions, Engineered Tax Services, EarlyShares, I want to thank you our listeners, go to our Facebook page, like our show, join our community, give us feedback, comments. Tell us who you want to hear from @JimFried, @FriedOnBusiness, Facebook, LinkedIn, Youtube, website that hits are going wild. If you missed today’s show, it’ll be up on our website www.friedonbusiness.com. This is Jim Fried for Fried on Business. Look for us on 880 AM next Thursday at 6:00. Why? Because I just love doing this. Maybe we’ll even get bleeped again. Remember, this is not a rehearsal, this is your life. The person that wants to do something finds a way, the other finds an excuse. Now go out there and make it happen. Thank you. Julio, thanks for the great stuff, Johnny. You’re the man.
