Valuetainment - February 24, 2020


Episode 432： Zero Experience Success Formula


Episode Stats


Length

8 minutes

Words per minute

205.79305

Word count

1,717

Sentence count

146

Harmful content

Misogyny

2

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Pat Rigsby is a serial entrepreneur who built a life insurance company from the ground up. He s been in the business for over 30 years and is now the CEO of a $20B+ company. In this episode, Pat talks about how he got to where he is today and why he s so damn good at what he does.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
00:00:00.420 30 seconds.
00:00:01.860 Did you ever think you would make it?
00:00:04.520 I feel I'm so close I could take sweet victory.
00:00:07.620 I know this life meant for me.
00:00:10.740 Yeah, why would you bet on Goliath when we got Bet David?
00:00:14.360 Value taming, giving value is contagious.
00:00:16.420 This world of entrepreneurs, we get no value to haters.
00:00:19.180 How they run, homie, look what I become.
00:00:21.440 I'm the one.
00:00:22.500 Something happened this past week that I think it could inspire you,
00:00:26.380 especially those of you guys that want to recruit the right running mate,
00:00:28.520 the right investor, the right true believer,
00:00:30.540 the right credible source or voice in your industry to give you an endorsement
00:00:35.060 or the right partners that 100% believe in you and the right talent that wants to run with you.
00:00:39.640 I want to share a testimony with you what happened this past week.
00:00:42.620 You know, once a year, I hold my annual investor meeting, okay?
00:00:46.340 An annual carrier meeting, annual partner meeting.
00:00:49.100 Thursday, we had our board meeting.
00:00:50.860 And then the following day, we had our annual partner meeting.
00:00:54.020 And we hold it at the Crescent in Dallas.
00:00:55.760 I host everybody at the Capital Grove.
00:00:58.520 We take them out.
00:00:59.180 My waiter, my favorite waiter in the world, Steve, who's absolutely world-class.
00:01:03.120 He hosts us.
00:01:04.580 And we take the bill.
00:01:05.960 We don't let these insurance companies. 0.74
00:01:07.300 They're multi, multi-billion dollar companies.
00:01:09.120 They could easily take their credit card out and pay the $10,000, $15,000 bill.
00:01:12.640 But we take it.
00:01:13.740 And we show them a good time.
00:01:14.760 And by the way, this is what's so weird about this meeting that we do.
00:01:17.180 Everybody at that table, they're competitors.
00:01:19.140 Meaning, they're not collaborating necessarily.
00:01:23.180 It's like, I don't want to give you my ideas on what I'm doing in 2020.
00:01:27.280 And then we got some people that are technology people.
00:01:29.400 Pretty much the who's who of the life insurance or the financial industry, for the most part, are in one room together, okay?
00:01:35.060 Then the following day, I have the meeting.
00:01:37.680 And I present to them what we're going to be doing in 2020.
00:01:39.700 And this year was a little bit different because this year, out of the four hours of talk time, out of the three hours and 15 minutes of presenting, at the end, 45 minutes of dialogue going back and forth, I only spoke 25 minutes this year.
00:01:54.400 Because what happened this year was incredible.
00:01:57.180 We cast the division.
00:01:58.500 All the blind spots, all our good, bad, ugly challenges we faced were very transparent, open about what things we struggled with, open about things that we don't know what we're doing, we need their help with.
00:02:06.640 And then we go back and forth, and they give us insight, we give them insight.
00:02:09.940 But there's something that happened in the meeting.
00:02:11.980 I'm in the side, and I'm kind of looking around.
00:02:15.920 And afterwards, a couple of my friends, Jose and Matt, and a couple of the guys are asking, saying, you know, how was this meeting for you?
00:02:23.780 I asked them initially, how was the meeting for them?
00:02:25.200 Because this was their first time in that meeting.
00:02:26.800 They said, but how's it for you?
00:02:28.640 Because, you know, we're going around saying, Pat, those guys dropped your contract.
00:02:33.580 Now they're back.
00:02:35.120 Those other guys dropped your contract three months after you started a company 10 years ago.
00:02:40.060 Then they came back.
00:02:41.080 Now they're our biggest partners, and we love them, and they love us.
00:02:44.640 Those guys on the technology side, they didn't want to do business with us.
00:02:48.760 We didn't want to do business with them.
00:02:50.260 Then they wanted a big check, and then we held back and said, no, no, we're going to be your biggest partner because you're going to see what we're going to do for you.
00:02:56.160 We patiently waited until they came up and said, look, we'll do business for you.
00:02:59.460 What do you want to do?
00:02:59.980 So those guys ended up investing into the company.
00:03:03.440 Those guys were worried about me being a 30-year-old CEO with no four-year degree, no two-year degree.
00:03:08.980 I've never ran a financial firm before.
00:03:10.880 I don't know any of this.
00:03:11.980 I don't have a CFO, no COO, nothing, nothing.
00:03:15.440 I don't have any.
00:03:16.180 I don't even know how to get an E&O for an insurance company.
00:03:19.420 They're looking at us saying, well, we kind of didn't do business with you because we didn't trust you how it took to make this business work.
00:03:26.600 Those guys secretly banked against us that these guys are just not going to make it.
00:03:32.220 Those guys would say, hey, don't tell everybody that you're associating with us.
00:03:35.620 And we're sitting in the room today and the former CEO and chairman of a major organization that everybody in the insurance industry pays $20,000 a year to be a member of.
00:03:47.040 The former CEO and chairman is sitting on our board now.
00:03:50.760 And the press release just went out.
00:03:53.260 Bob, sitting on our board.
00:03:55.340 What happened here?
00:03:56.260 So, in that moment, it's very easy for somebody to say, look who I am.
00:04:03.260 Look at this.
00:04:05.040 Screw everybody.
00:04:06.000 It's because of us that this is what happened.
00:04:08.500 No.
00:04:09.300 It took patience to win them over.
00:04:12.540 It took patience to win people over.
00:04:15.860 I don't blame them for not initially trusting to do business with us.
00:04:21.640 I don't blame them.
00:04:22.600 I may have the same feeling about somebody if I was them.
00:04:26.680 They have a lot more to lose than I do.
00:04:29.240 This is why some of the companies that banked on us early, I really have a lot of value and admiration for them.
00:04:36.440 Because I don't even know if I would do it.
00:04:38.000 Because if I knew about PBD, how much he knew about running a company, I probably also wouldn't do business with PBD 10 years ago.
00:04:46.840 The 30-year-old CEO of PBD.
00:04:48.560 He had no clue what to do.
00:04:49.920 What's the moral of the story here with this?
00:04:52.360 Everyone's sitting there.
00:04:53.140 It's like, oh my gosh, we're going to get so much business from this company.
00:04:55.860 They're going to write a hundred and some thousand policies and we're going to get this.
00:04:59.500 Yes.
00:05:00.180 This is why I said at the beginning to you, aggressively, patient.
00:05:04.920 You know what's funny?
00:05:05.960 Over the years, I've done business with a lot of people that took me seven years to do business with.
00:05:11.180 Two years to do business with, six months to do business with, five years, 10 years, even 15 years until they eventually do business with me.
00:05:19.840 And you know what happens sometimes?
00:05:20.980 I look at them sometimes and they'll say, yeah, I just don't know if this is something that we can do together.
00:05:24.680 And I look at them and I'll say, ah, one of two things is going to happen.
00:05:29.760 What's that?
00:05:30.680 One, I'm going to find somebody and we're going to run with that person.
00:05:37.040 You know what's the other thing I tell myself?
00:05:38.500 And I tell them, maybe in the next 6, 12, 24, 36 months from now, we're going to do business together.
00:05:44.700 But maybe not right now.
00:05:46.120 Why?
00:05:47.480 Because I haven't earned my street credit yet.
00:05:50.640 Totally get it.
00:05:51.460 But be patient.
00:05:52.540 You'll see what will happen.
00:05:53.700 See, that mindset comes from you having to earn it.
00:05:57.920 Earn it.
00:05:58.740 Then you call the shots.
00:06:00.640 Not the other way around.
00:06:02.360 Not the other way around.
00:06:03.620 You want the best running mates? 1.00
00:06:04.920 You want the best investors?
00:06:06.440 You want the best advisors?
00:06:07.960 You want the best endorsements?
00:06:09.420 You want the highest level of credibility in the marketplace?
00:06:11.760 You want your enemies to become your frenemies and eventually become your allies?
00:06:15.840 And even become your best allies?
00:06:19.180 You got to go earn it.
00:06:20.720 I had to earn it.
00:06:22.260 Yes, sometimes they say stuff behind your back.
00:06:24.800 Yes, sometimes in front of your face, they'll tell you how amazing you are.
00:06:27.180 And the moment they walk and they go whisper to the other guy saying,
00:06:30.080 this guy's going to go out of business in the next 6 months.
00:06:31.800 And then it comes back to me.
00:06:33.140 Yes, I heard all of this stuff.
00:06:35.000 But I love it.
00:06:36.940 Because I understand in this game of business, I got to go earn it.
00:06:41.240 Even when I was afraid.
00:06:43.000 Even when I was insecure.
00:06:44.360 Even when I was about to throw in the towel.
00:06:46.220 And I was worried whether I had the goodies or not.
00:06:48.780 Even in those moments.
00:06:51.300 That's why when you win, it feels that good.
00:06:54.700 And when you look at those people's faces and their eyes,
00:06:57.860 you know how they look at you?
00:06:58.820 They don't say anything.
00:06:59.540 But here's what their eyes say.
00:07:02.540 Props.
00:07:03.340 I got a lot of respect for you.
00:07:04.460 Good for you.
00:07:05.400 That's what they say.
00:07:06.320 No words.
00:07:07.320 But the eye says everything.
00:07:08.660 Everything.
00:07:09.740 And that moment when you experience that,
00:07:12.460 all the money in the world cannot replace that.
00:07:15.680 That's why so many kids of billionaires die
00:07:19.200 to experience how some people looked at their father
00:07:22.620 who made the money and worked his tail off.
00:07:24.940 They can't experience that
00:07:26.140 because they got to go earn it themselves.
00:07:29.140 They got to go earn it themselves.
00:07:31.220 All the money in the world cannot buy you that look.
00:07:33.980 That look can only be earned.
00:07:35.800 Okay?
00:07:36.200 So if you want that,
00:07:37.680 you're in your early 20s.
00:07:38.940 You want everybody to realize how special you are.
00:07:41.320 You want everybody to realize how amazing you are,
00:07:43.260 how big you're going to be.
00:07:44.780 Go earn it.
00:07:47.300 Go earn it.
00:07:48.600 So you no longer have to make a case for it
00:07:51.320 because the marketplace makes a case for you.
00:07:53.700 You do that.
00:07:55.240 The rest is history.
00:07:56.340 Thanks everybody for listening.
00:07:57.580 And by the way,
00:07:57.980 if you haven't already subscribed to Valuetainment on iTunes,
00:08:00.920 please do so.
00:08:02.160 Give us a five star.
00:08:03.600 Write a review if you haven't already.
00:08:05.060 And if you have any questions for me that you may have,
00:08:07.240 you can always find me on Snapchat,
00:08:09.060 Instagram, Facebook, or YouTube.
00:08:11.020 Just search my name, Patrick Bid David.
00:08:12.940 And I actually do respond back when you snap me
00:08:15.760 or send me a message on Instagram.
00:08:17.760 With that being said,
00:08:18.480 have a great day today.
00:08:19.560 Take care everybody.
00:08:20.160 Bye-bye.