Bill Smith grew a broken business very fast

When Bill Smith told his high school counselor he wanted to drop out at 16, the counselor told his parents not to worry. He was already selling cell phones to local businesses in Birmingham, where his father ran companies of his own and answered the thousand questions his son asked about them. Twenty-five years and four companies later, the counselor holds up.

Smith sold his first real venture, prepaid card company Insight Card Services, to Green Dot in 2014. With the proceeds, he bought seven floors of the John Hand Building at auction for $510,000 and launched Shipt out of them. Three years after that, Target bought Shipt for $550 million in cash. He was 32.

Landing, his fourth company, came out of the move that Shipt required. Relocating his family from Birmingham to San Francisco in 2016 meant Craigslist ads, paper applications, and a cashier's check. He founded Landing in 2019 to replace all of that with a network of furnished apartments on flexible leases, and when people left their homes again in the summer of 2020, the business exploded.

The growth was hiding something. "The unit economics of the business didn't work," Smith told us on the CEO Podcast. "We had kind of a bad business model, but we had so much growth, and I had all these kinds of smart people, finance people, and everybody could show me a model of how it was going to work." By early 2022, the models had stopped working on paper too, and he pivoted the underlying business hard while leaving the consumer product alone. What he took from it: "The economics have to work from the beginning. They did at Shipt. And at Landing, I thought it was going to be different, but it's never different."

The rebuilt company is profitable and, by his account, doubling every six months. In May 2025 it secured $180 million in debt financing to grow the portfolio. The offering is built around one idea: travelers want the trust of a hotel with the space of an apartment, so every Landing has the same Wi-Fi password, the same lock on the door, and nothing to do at checkout. No binder of house rules. "I hate the book too."

He runs it all on a weekly business review borrowed from Amazon, roughly 250 stats, discussing only what falls outside of normal. Every guest gets an email from his personal address, and he reads the replies. The morning of our conversation, he had been reading Proverbs on wisdom, and it showed up in how he described his executive team: people who question each other's part of the business and receive the correction as a gift. A Landing leadership principle is authenticity. "We shout about our failings and shortcomings, and we're kind of quiet about our wins."

He has kept moving since we recorded. In November 2025, his firm, Smith Ventures, agreed to acquire Green Dot's fintech business for $690 million. Eleven years after selling his first tech company to Green Dot, he is buying much of it back. Landing's headquarters, meanwhile, sits in the John Hand Building, the one he bought at auction.

At CEO.com, we believe the chances one gives are just as important as the chances one takes. Asked who gave him a chance, Smith named his parents, that counselor, the first bank that lent him $500,000, and the executives who put their careers on the line to buy his companies. "Anybody who's reached a level of success has had hundreds and hundreds of people who have helped them along the way. Including all their employees who sacrificed."

00:00:00 The Journey to Founding Landing
00:01:49 Building a Startup in Birmingham
00:03:24 Lessons Learned From Shipt to Landing
00:06:06 Defining the Target Market and Consistency
00:07:08 Inside the CEO's Daily Routine
00:08:41 How AI is Transforming Operations
00:11:22 Recruiting and Building an Entrepreneurial Culture
00:14:34 Navigating Competition in the Hospitality Space
00:17:24 Funding Strategies and the Role of Debt
00:20:11 Market Cycles and the AI Bubble
00:24:30 Creating a Seamless Customer Experience
00:26:20 Giving Back and Expressing Gratitude

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You<00:03:32.606> know,<00:03:33.072> I've<00:03:33.489> said<00:03:33.955> for<00:03:34.356> years<00:03:35.014> that<00:03:36.764> I<00:03:37.005> always<00:03:37.487> look<00:03:37.727> back<00:03:38.065> 3<00:03:38.370> years<00:03:38.626> ago<00:03:39.654> and<00:03:40.232> say<00:03:40.633> to<00:03:40.714> myself,<00:03:41.275> I<00:03:41.436> really<00:03:41.757> didn't<00:03:41.998> know<00:03:42.239> much<00:03:42.640> then.

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And,<00:03:44.308> you<00:03:44.484> know,<00:03:44.580> it's<00:03:44.724> been<00:03:44.885> over<00:03:45.109> 6<00:03:45.526> years<00:03:45.782> since<00:03:46.151> I've<00:03:46.247> sold<00:03:46.632> Landing.

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By<00:03:48.090> the<00:03:48.234> way,<00:03:48.347> I'm<00:03:48.555> completely<00:03:49.132> obsessed<00:03:49.693> with<00:03:49.917> compounding,<00:03:51.536> not<00:03:51.696> just<00:03:52.097> the<00:03:52.257> interest<00:03:52.658> piece<00:03:53.043> of<00:03:53.155> it,<00:03:53.379> but<00:03:53.604> really<00:03:53.924> compounding<00:03:54.966> of<00:03:55.223> learning<00:03:55.703> and<00:03:55.848> capability<00:03:56.585> and<00:03:56.665> relationships<00:03:57.627> and<00:03:57.771> all<00:03:57.883> the<00:03:58.027> things<00:03:58.188> that<00:03:58.332> happen<00:03:58.637> in<00:03:58.749> life<00:03:59.149> that<00:03:59.326> are—<00:03:59.390> it's<00:04:00.255> very<00:04:00.512> hard<00:04:00.912> to<00:04:02.211> explain<00:04:02.660> it<00:04:02.756> to<00:04:02.836> people,<00:04:03.317> but<00:04:03.541> when<00:04:03.701> they<00:04:03.797> just—<00:04:04.182> when<00:04:04.262> you<00:04:04.358> kind<00:04:04.519> of<00:04:04.599> just<00:04:04.695> see<00:04:04.935> it<00:04:05.064> happen<00:04:05.400> in<00:04:05.480> your<00:04:05.625> own<00:04:05.785> life,<00:04:06.138> it's<00:04:06.282> incredible.

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But,<00:04:07.949> uh,<00:04:08.478> look,<00:04:08.686> I<00:04:08.766> think<00:04:09.087> one<00:04:09.247> of<00:04:09.311> the<00:04:09.407> things,<00:04:09.872> the<00:04:10.032> biggest<00:04:10.353> learnings<00:04:10.770> in<00:04:10.930> Landing<00:04:12.516> is,<00:04:13.013> uh,<00:04:13.734> when<00:04:13.878> I<00:04:13.894> started<00:04:14.327> this<00:04:14.535> business,<00:04:15.160> we<00:04:15.256> started<00:04:15.801> right<00:04:16.058> before<00:04:16.378> COVID<00:04:17.484> and<00:04:17.756> I'm<00:04:17.900> literally<00:04:18.301> late<00:04:18.557> 2019,<00:04:19.262> started<00:04:19.503> the<00:04:19.583> business.

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We<00:04:21.329> had<00:04:21.490> a<00:04:21.506> little<00:04:21.986> bit<00:04:22.131> of<00:04:22.227> a<00:04:22.371> lull<00:04:22.707> for<00:04:22.868> a<00:04:23.012> couple<00:04:23.509> of<00:04:23.829> months,<00:04:24.310> but<00:04:24.470> when<00:04:24.630> people<00:04:24.935> started<00:04:25.191> to<00:04:25.351> get<00:04:25.512> out<00:04:25.656> of<00:04:25.688> their<00:04:25.832> homes<00:04:26.249> again,<00:04:26.858> um,<00:04:27.338> just<00:04:27.675> call<00:04:28.316> it<00:04:28.492> summer<00:04:28.941> of<00:04:29.021> 2020,<00:04:30.543> our<00:04:30.799> business<00:04:31.584> just<00:04:32.241> exploded<00:04:33.107> overnight<00:04:33.684> with<00:04:33.844> growth.

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I<00:04:34.469> mean,<00:04:34.709> it,<00:04:35.030> it<00:04:35.126> was<00:04:35.366> incredible<00:04:36.007> growth,<00:04:37.032> uh,<00:04:37.209> and<00:04:37.353> the<00:04:37.449> thing<00:04:37.770> that<00:04:37.994> I<00:04:38.234> missed<00:04:39.196> and<00:04:39.356> I've<00:04:39.757> learned<00:04:40.014> it<00:04:40.238> the<00:04:40.319> hard<00:04:40.736> way,<00:04:41.762> is<00:04:42.725> the<00:04:42.821> original<00:04:43.382> business<00:04:43.783> model<00:04:44.024> we<00:04:44.184> had<00:04:44.489> for<00:04:44.666> landing<00:04:45.789> really<00:04:46.751> didn't<00:04:47.136> work.

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The<00:04:48.195> economics,<00:04:49.301> the<00:04:49.398> unit<00:04:49.574> economics<00:04:50.120> of<00:04:50.184> the<00:04:50.280> business<00:04:50.681> didn't<00:04:50.906> work.

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We<00:04:51.339> had<00:04:51.547> a<00:04:51.740> kind<00:04:51.900> of<00:04:52.044> a<00:04:52.766> bad<00:04:53.167> business<00:04:53.568> model,<00:04:54.771> but<00:04:54.916> we<00:04:54.996> had<00:04:55.156> so<00:04:55.349> much<00:04:55.654> growth<00:04:56.279> and<00:04:56.343> I<00:04:56.375> had<00:04:56.680> all<00:04:56.857> these<00:04:57.338> kind<00:04:57.482> of<00:04:57.514> smart<00:04:58.124> people,<00:04:59.006> finance<00:04:59.503> people,<00:05:00.065> and<00:05:00.289> everybody<00:05:00.851> could<00:05:01.027> show<00:05:01.332> me<00:05:01.492> a<00:05:01.509> model<00:05:02.054> how<00:05:02.487> it<00:05:02.631> was<00:05:02.792> going<00:05:03.032> to<00:05:03.177> work<00:05:03.658> and<00:05:03.754> it<00:05:03.899> was<00:05:04.396> going<00:05:04.620> to<00:05:04.701> the<00:05:04.781> moon<00:05:05.198> and<00:05:05.278> we<00:05:05.422> were<00:05:05.519> going<00:05:05.631> to<00:05:05.679> be<00:05:05.759> so<00:05:06.000> profitable.

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And,<00:05:08.005> you<00:05:08.069> know,<00:05:08.181> that<00:05:08.566> didn't<00:05:08.870> really<00:05:09.271> pan<00:05:09.528> out<00:05:09.833> and<00:05:09.929> it<00:05:10.009> became<00:05:10.394> really<00:05:10.650> clear<00:05:11.436> a<00:05:11.532> couple<00:05:11.869> years<00:05:12.094> then<00:05:12.318> in<00:05:12.478> early<00:05:12.655> 2022.

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And<00:05:14.723> we<00:05:14.819> had<00:05:14.980> to<00:05:15.204> pivot<00:05:15.621> our<00:05:15.942> business<00:05:16.263> model<00:05:16.583> pretty<00:05:16.888> hard.

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We<00:05:17.321> didn't<00:05:17.545> really<00:05:17.706> change<00:05:18.107> the<00:05:18.187> consumer<00:05:18.668> offering,<00:05:19.069> but<00:05:19.229> we<00:05:19.309> changed<00:05:20.592> the<00:05:20.897> underlying<00:05:21.458> business<00:05:21.795> model<00:05:22.115> completely.

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And<00:05:24.344> now<00:05:24.745> the<00:05:24.841> business<00:05:25.162> has<00:05:25.322> been<00:05:25.643> completely<00:05:26.269> transformed.

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It<00:05:27.551> is<00:05:27.792> a<00:05:27.888> very<00:05:28.129> profitable<00:05:28.834> model<00:05:29.331> and<00:05:29.411> it<00:05:29.492> works<00:05:29.796> very<00:05:30.037> well.

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But<00:05:31.095> the<00:05:31.239> thing<00:05:31.432> that<00:05:32.202> I<00:05:32.362> learned<00:05:33.164> is,<00:05:33.564> uh,<00:05:34.062> letting<00:05:35.990> a<00:05:36.070> business<00:05:36.456> grow<00:05:36.697> too<00:05:36.874> fast<00:05:37.275> on<00:05:37.356> the<00:05:37.500> wrong<00:05:37.822> model<00:05:38.223> can<00:05:38.384> create<00:05:38.706> a<00:05:38.722> lot<00:05:38.947> of<00:05:39.043> pain.

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And<00:05:41.196> usually<00:05:41.951> somebody<00:05:42.482> can<00:05:42.642> show<00:05:42.964> you<00:05:43.124> how<00:05:43.382> one<00:05:43.687> day<00:05:44.024> with<00:05:44.249> just<00:05:44.522> enough<00:05:44.747> scale,<00:05:45.245> it's<00:05:45.470> going<00:05:45.776> to<00:05:45.872> work.

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And<00:05:46.836> now<00:05:47.720> the<00:05:47.800> way<00:05:47.961> I<00:05:47.977> look<00:05:48.282> at<00:05:48.363> businesses<00:05:49.311> is<00:05:49.713> they<00:05:49.825> need<00:05:50.082> to<00:05:50.275> work<00:05:51.400> very<00:05:51.898> early.

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The<00:05:52.685> economics<00:05:53.264> have<00:05:53.521> to<00:05:53.649> work<00:05:53.810> from<00:05:53.971> the<00:05:54.051> beginning.

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They<00:05:55.031> did<00:05:55.272> it<00:05:55.321> at<00:05:55.417> Shipt.

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So<00:05:56.397> Shipt's<00:05:57.024> business<00:05:57.345> model<00:05:57.924> really<00:05:58.229> worked<00:05:58.550> from<00:05:58.711> the<00:05:58.808> beginning.

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And<00:05:59.932> at<00:06:00.092> Landing,<00:06:00.798> I<00:06:00.814> thought<00:06:01.150> it<00:06:01.294> was<00:06:01.599> going<00:06:01.856> to<00:06:01.920> be<00:06:02.016> different,<00:06:02.481> but<00:06:02.577> it's<00:06:02.801> never<00:06:03.122> different.

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And<00:06:04.004> the<00:06:04.164> unit<00:06:04.356> economics<00:06:05.062> always<00:06:05.382> need<00:06:05.478> to<00:06:05.623> work<00:06:05.799> from<00:06:05.959> the<00:06:06.023> beginning.

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Who<00:06:06.905> is<00:06:07.065> your<00:06:07.226> target<00:06:07.530> market<00:06:07.931> at<00:06:08.027> Landing?

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Today<00:06:09.294> we're<00:06:09.486> really<00:06:09.710> focused<00:06:10.255> on,<00:06:10.897> um,<00:06:11.698> all<00:06:11.875> types<00:06:12.147> of<00:06:12.275> consumers.

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I<00:06:12.916> mean,<00:06:13.381> there's<00:06:13.542> a<00:06:13.702> lot<00:06:13.942> of<00:06:14.039> use<00:06:14.279> cases<00:06:14.664> for<00:06:14.760> our<00:06:14.920> product.

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Uh,<00:06:16.123> when<00:06:16.283> we<00:06:16.363> started,<00:06:16.844> we<00:06:16.988> were<00:06:17.084> focused<00:06:17.565> fully<00:06:17.950> on<00:06:18.110> living,<00:06:18.864> so<00:06:19.794> you<00:06:19.890> could<00:06:20.130> only<00:06:20.371> stay<00:06:20.611> in<00:06:20.691> a<00:06:20.755> Landing<00:06:21.076> for<00:06:21.236> a<00:06:21.332> month<00:06:21.589> or<00:06:21.717> more.

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And<00:06:23.240> my<00:06:23.432> vision<00:06:23.801> was<00:06:23.977> people<00:06:24.314> would<00:06:24.859> live<00:06:25.100> with<00:06:25.244> Landing<00:06:26.542> Maybe<00:06:26.767> they<00:06:26.863> live<00:06:27.039> in<00:06:27.328> Austin<00:06:27.648> for<00:06:27.745> 3<00:06:27.985> months<00:06:28.306> and<00:06:28.450> go<00:06:28.610> to<00:06:28.963> San<00:06:29.412> Francisco<00:06:29.828> for<00:06:29.989> 6<00:06:30.309> months.

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And<00:06:31.672> what<00:06:31.896> we've<00:06:32.137> really<00:06:32.393> seen<00:06:32.858> is<00:06:33.836> consumers<00:06:34.541> and<00:06:34.718> business<00:06:35.022> travelers<00:06:36.305> want<00:06:36.625> the<00:06:36.721> consistency<00:06:37.587> of<00:06:37.683> a<00:06:37.747> hotel<00:06:39.270> and<00:06:39.366> the<00:06:39.463> space<00:06:39.992> of<00:06:40.024> an<00:06:40.104> apartment.

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And<00:06:41.755> that<00:06:41.931> consistency<00:06:42.829> and<00:06:42.973> trust<00:06:43.518> is<00:06:43.695> really<00:06:44.015> the<00:06:44.175> key<00:06:45.041> piece.

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Like<00:06:45.923> every<00:06:46.259> landing<00:06:46.644> you,<00:06:47.285> you<00:06:47.382> check<00:06:47.686> into,<00:06:48.728> the<00:06:48.824> Wi-Fi<00:06:49.225> password's<00:06:49.866> the<00:06:49.946> same,<00:06:50.507> the<00:06:50.588> check-in's<00:06:51.213> the<00:06:51.309> same,<00:06:51.790> the<00:06:51.870> furnishings,<00:06:52.752> everything<00:06:53.297> is<00:06:53.457> exactly<00:06:53.954> the<00:06:54.034> same<00:06:54.371> and<00:06:54.579> very<00:06:55.060> consistent.

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And<00:06:56.439> so<00:06:56.679> that<00:06:56.855> applies<00:06:57.240> to<00:06:57.320> a<00:06:57.384> lot<00:06:57.561> of<00:06:57.641> people.

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It's<00:06:58.154> families<00:06:58.442> that<00:06:58.603> are<00:06:58.683> traveling,<00:06:59.404> it's<00:06:59.564> people<00:06:59.869> that<00:06:59.981> are<00:07:00.109> going<00:07:00.350> somewhere<00:07:00.767> for<00:07:00.927> a<00:07:01.071> week,<00:07:01.552> it's<00:07:02.610> people<00:07:02.931> that<00:07:03.107> are<00:07:03.171> on<00:07:03.315> a<00:07:03.396> work<00:07:03.636> trip<00:07:03.909> for<00:07:04.053> 3<00:07:04.197> or<00:07:04.293> 4<00:07:04.470> months<00:07:04.935> or<00:07:05.079> relocating.

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So,<00:07:06.041> there's<00:07:06.217> a<00:07:06.297> lot<00:07:06.522> of<00:07:06.618> use<00:07:06.842> cases<00:07:07.243> for<00:07:07.323> the<00:07:07.419> product.

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Yeah.

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So,<00:07:09.327> give<00:07:09.439> me<00:07:09.599> a<00:07:09.663> sense<00:07:09.984> for<00:07:10.208> what<00:07:10.385> a<00:07:10.465> typical<00:07:10.946> day<00:07:11.170> looks<00:07:11.411> like<00:07:11.587> for<00:07:11.747> you<00:07:12.068> as<00:07:12.228> CEO<00:07:12.613> of<00:07:12.693> this<00:07:12.853> company.

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It's—<00:07:14.392> well,<00:07:14.617> every<00:07:14.793> day<00:07:15.017> is<00:07:15.114> different<00:07:15.595> and<00:07:15.691> that's<00:07:15.915> what<00:07:16.059> I<00:07:16.075> like.

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I'm<00:07:18.079> constantly<00:07:18.640> kind<00:07:18.945> of—<00:07:19.746> I<00:07:19.794> don't<00:07:20.179> like<00:07:20.404> to<00:07:20.724> just<00:07:22.071> let<00:07:22.247> it<00:07:22.472> go,<00:07:22.888> kind<00:07:23.289> of<00:07:23.594> let<00:07:23.834> business<00:07:24.091> just<00:07:24.315> happen<00:07:24.636> the<00:07:24.732> way<00:07:24.892> it<00:07:25.052> normally<00:07:25.373> does<00:07:25.629> every<00:07:25.790> single<00:07:26.094> day.

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So,<00:07:27.361> I'm<00:07:27.537> very<00:07:27.697> close<00:07:28.018> to<00:07:28.162> the<00:07:28.258> product<00:07:28.755> and<00:07:28.852> I'm<00:07:28.980> very<00:07:29.140> close<00:07:29.461> to<00:07:29.541> the<00:07:29.621> customer.

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And<00:07:30.490> that's<00:07:30.732> something<00:07:31.136> I've<00:07:31.297> done<00:07:31.539> consistently.

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I've<00:07:32.588> been<00:07:32.749> building<00:07:33.072> businesses<00:07:33.572> now<00:07:33.830> for<00:07:35.750> over<00:07:35.912> 25<00:07:36.460> years,<00:07:36.944> which<00:07:37.057> is<00:07:37.202> crazy.

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I<00:07:37.606> just<00:07:37.767> turned<00:07:38.009> 40<00:07:38.800> and<00:07:38.896> I've<00:07:38.977> been<00:07:39.122> doing<00:07:39.300> business<00:07:39.510> for<00:07:39.622> almost<00:07:39.848> 25<00:07:40.348> years.

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So<00:07:41.704> I<00:07:42.107> like<00:07:42.365> to<00:07:42.591> really<00:07:42.768> talk<00:07:42.962> to<00:07:43.075> our<00:07:43.236> customers<00:07:43.656> a<00:07:43.672> lot.

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So<00:07:44.608> everybody<00:07:44.866> that<00:07:45.027> stays<00:07:45.350> with<00:07:45.576> us<00:07:45.737> actually<00:07:45.995> gets<00:07:46.156> an<00:07:46.382> email<00:07:46.721> from<00:07:46.947> my<00:07:47.366> landing<00:07:47.834> email<00:07:48.496> and<00:07:48.560> I<00:07:48.722> get<00:07:48.980> a<00:07:49.044> lot<00:07:49.206> of<00:07:49.254> feedback.

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And<00:07:50.448> so<00:07:50.512> I<00:07:50.593> take<00:07:50.835> that<00:07:51.060> in.

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We<00:07:52.270> run<00:07:52.996> what's<00:07:53.173> called<00:07:53.351> a<00:07:53.480> weekly<00:07:53.883> business<00:07:54.206> review<00:07:54.544> process.

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That's<00:07:55.496> really<00:07:55.738> important<00:07:56.109> to<00:07:56.222> our<00:07:56.319> business.

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It's<00:07:57.476> actually<00:07:57.733> something<00:07:58.198> that<00:07:58.310> we<00:07:58.391> took<00:07:58.679> from<00:07:58.920> Amazon.

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So<00:08:00.604> I<00:08:00.764> partnered<00:08:01.165> with<00:08:01.277> a<00:08:01.341> guy<00:08:02.624> named<00:08:02.865> Bill<00:08:03.105> Carr.

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He<00:08:04.693> wrote<00:08:04.869> a<00:08:04.950> book<00:08:05.110> called<00:08:05.415> Working<00:08:05.751> Backwards,<00:08:06.858> and<00:08:07.259> it<00:08:07.596> covers<00:08:07.997> a<00:08:08.061> lot<00:08:08.253> of<00:08:08.397> the<00:08:09.103> kind<00:08:09.247> of<00:08:09.424> Amazonian<00:08:10.081> processes.

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And<00:08:11.140> the<00:08:11.268> weekly<00:08:11.525> business<00:08:11.909> review<00:08:12.086> is<00:08:12.246> one<00:08:12.407> of<00:08:12.471> those<00:08:12.808> where<00:08:12.968> we<00:08:13.128> review<00:08:14.251> about<00:08:14.556> 250<00:08:15.213> different<00:08:15.598> stats<00:08:16.881> on<00:08:16.977> a<00:08:17.057> weekly<00:08:17.378> basis.

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If<00:08:18.581> everything's<00:08:18.966> going<00:08:19.206> well,<00:08:19.527> we<00:08:19.623> don't<00:08:19.767> talk<00:08:20.024> about<00:08:20.265> it.

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We<00:08:20.489> really<00:08:20.666> focus<00:08:21.050> on,<00:08:21.387> you<00:08:21.548> know,<00:08:21.708> what's<00:08:22.013> kind<00:08:22.189> of<00:08:22.269> outside<00:08:22.686> of<00:08:22.830> normal.

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So,<00:08:24.515> I<00:08:24.531> spend<00:08:24.836> a<00:08:24.852> lot<00:08:25.013> of<00:08:25.141> time<00:08:25.414> on<00:08:25.558> that,<00:08:26.184> a<00:08:26.200> lot<00:08:26.425> of<00:08:26.505> time<00:08:26.698> on<00:08:26.826> recruitment.

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Talent<00:08:28.528> is<00:08:28.913> key<00:08:29.410> to<00:08:29.651> any<00:08:29.812> business.

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So,<00:08:30.710> I,<00:08:30.774> like,<00:08:31.047> I'm<00:08:31.176> going<00:08:31.336> to<00:08:31.416> New<00:08:31.561> York<00:08:31.737> tomorrow,<00:08:32.925> I'm<00:08:33.037> interviewing<00:08:33.744> 6<00:08:34.065> different<00:08:34.321> executives.

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So,<00:08:35.573> kind<00:08:35.653> of<00:08:35.894> all<00:08:35.990> over<00:08:36.151> the<00:08:36.295> place<00:08:37.595> and<00:08:37.740> like<00:08:37.932> to<00:08:38.253> kind<00:08:38.462> of<00:08:38.783> touch<00:08:39.040> a<00:08:39.104> lot<00:08:39.264> of<00:08:39.297> different<00:08:39.602> things<00:08:39.842> across<00:08:40.083> the<00:08:40.243> business.

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How<00:08:41.447> is<00:08:41.672> AI<00:08:42.009> changing<00:08:43.036> the<00:08:43.132> company,<00:08:43.774> changing<00:08:44.256> your<00:08:44.480> workflow,<00:08:45.122> changing<00:08:45.524> your<00:08:45.700> day-to-day?

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Well,<00:08:46.888> I<00:08:46.984> think<00:08:47.209> the<00:08:47.369> biggest<00:08:47.771> change,<00:08:48.974> well,<00:08:49.135> for<00:08:49.295> me<00:08:49.472> personally,<00:08:50.178> I'm<00:08:50.290> using<00:08:50.659> Groq<00:08:51.141> all<00:08:51.301> the<00:08:51.398> time.

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So,<00:08:51.863> that's<00:08:52.120> my,<00:08:52.843> my<00:08:52.940> kind<00:08:53.811> of<00:08:54.118> AI<00:08:54.473> of<00:08:54.618> choice.

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I<00:08:55.974> hardly<00:08:56.458> ever<00:08:56.716> go<00:08:56.877> to<00:08:57.023> Google<00:08:57.345> now,<00:08:59.362> which<00:08:59.540> is<00:08:59.863> wild<00:09:00.653> if<00:09:00.766> you<00:09:00.831> think<00:09:01.008> about<00:09:01.299> how<00:09:01.331> fast<00:09:01.783> that<00:09:02.090> changed.

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Yeah,<00:09:03.092> crazy.

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I<00:09:03.366> mean,<00:09:03.479> when's<00:09:03.657> the<00:09:03.738> last<00:09:03.964> time<00:09:04.158> you<00:09:04.287> used<00:09:04.465> Google?

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Yeah,<00:09:06.146> I<00:09:06.243> use<00:09:06.485> Perplexity,<00:09:08.038> but<00:09:08.510> same<00:09:08.819> concept<00:09:09.322> as<00:09:09.485> Groq,<00:09:09.810> right?

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And<00:09:11.354> yeah,<00:09:11.436> I<00:09:11.663> don't<00:09:11.842> use<00:09:12.151> Google<00:09:13.061> almost<00:09:13.386> ever<00:09:13.614> now.

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It's<00:09:14.346> pretty<00:09:14.589> wild.

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Yeah,<00:09:15.696> maps<00:09:15.972> are<00:09:16.053> the<00:09:16.134> only<00:09:16.378> thing<00:09:16.557> I<00:09:16.703> really<00:09:16.882> use<00:09:17.044> Google<00:09:17.304> for<00:09:17.613> now,<00:09:18.490> which<00:09:18.669> is<00:09:18.831> crazy.

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I'm,<00:09:20.815> I<00:09:20.895> know<00:09:21.056> Google<00:09:21.281> has<00:09:21.522> a<00:09:21.698> bright<00:09:21.939> future.

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I<00:09:22.421> think<00:09:22.582> they'll<00:09:22.807> actually<00:09:23.064> probably<00:09:23.626> be<00:09:23.851> one<00:09:23.963> of<00:09:24.027> the<00:09:24.108> big<00:09:24.268> winners<00:09:24.589> in<00:09:24.734> AI<00:09:24.991> because<00:09:25.296> they<00:09:25.328> already<00:09:25.537> have<00:09:25.714> all<00:09:25.794> the<00:09:25.891> data.

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Uh,<00:09:27.063> but<00:09:27.706> anyway,<00:09:27.979> so<00:09:28.188> I'm<00:09:28.284> using<00:09:28.525> Grok<00:09:28.750> a<00:09:28.910> ton<00:09:29.633> and,<00:09:29.906> uh,<00:09:30.035> I'm,<00:09:30.549> I'm<00:09:30.774> finding<00:09:31.175> the<00:09:31.256> array<00:09:31.818> of<00:09:32.444> information<00:09:32.862> I<00:09:32.926> can<00:09:33.006> get<00:09:33.103> to<00:09:33.263> so<00:09:33.569> quickly.

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Like<00:09:34.083> if<00:09:34.211> I<00:09:34.291> want<00:09:34.388> to<00:09:34.452> find<00:09:34.773> out<00:09:34.870> about<00:09:35.046> a<00:09:35.111> public<00:09:35.416> company<00:09:36.058> or<00:09:36.958> something<00:09:37.681> kind<00:09:37.905> of<00:09:38.564> minute<00:09:39.030> detail<00:09:39.512> that<00:09:39.672> would<00:09:39.769> take<00:09:39.945> a<00:09:40.010> ton<00:09:40.186> of<00:09:40.251> research,<00:09:40.797> you<00:09:40.893> can<00:09:41.054> get<00:09:41.214> it<00:09:41.375> pretty<00:09:41.536> much<00:09:41.841> instantly.

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At<00:09:42.821> Landing,<00:09:43.688> uh,<00:09:44.186> we<00:09:44.411> are<00:09:44.571> using<00:09:44.909> it<00:09:44.989> a<00:09:45.134> lot.

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At<00:09:46.017> the<00:09:46.258> property<00:09:46.676> level.

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When<00:09:47.141> we<00:09:47.238> think<00:09:47.382> about<00:09:47.543> how<00:09:47.704> we<00:09:47.864> price<00:09:48.266> our<00:09:48.442> products,<00:09:49.149> where<00:09:49.326> the<00:09:49.406> demand's<00:09:49.952> coming<00:09:50.273> from,<00:09:50.852> we're<00:09:51.060> making<00:09:51.333> pricing<00:09:51.896> movements<00:09:52.618> all<00:09:52.779> throughout<00:09:53.164> the<00:09:53.261> day<00:09:53.823> on<00:09:54.128> all<00:09:54.369> of<00:09:54.530> our<00:09:55.108> properties.

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That's<00:09:56.473> been<00:09:56.714> one<00:09:56.875> of<00:09:56.907> the<00:09:57.019> biggest<00:09:57.357> needle<00:09:57.597> movers<00:09:57.999> for<00:09:58.320> us.

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And<00:09:59.445> the<00:09:59.589> other<00:09:59.766> thing<00:09:59.926> we're<00:10:00.023> seeing<00:10:00.408> is<00:10:00.553> it<00:10:00.633> just<00:10:00.810> takes<00:10:01.276> a<00:10:01.292> lot<00:10:01.533> less<00:10:01.854> people<00:10:02.898> to<00:10:03.685> manage<00:10:04.343> the<00:10:04.504> business<00:10:04.970> day<00:10:05.146> to<00:10:05.227> day<00:10:05.853> as<00:10:06.014> we<00:10:06.174> grow.

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So<00:10:07.250> our<00:10:07.395> headcount<00:10:07.957> really<00:10:08.198> hasn't<00:10:08.519> changed<00:10:09.081> recently,<00:10:10.190> but<00:10:10.270> our<00:10:10.447> growth<00:10:10.768> has.

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So<00:10:11.250> we're<00:10:11.812> We're<00:10:11.972> pretty<00:10:12.133> much<00:10:12.534> doubling<00:10:13.578> our<00:10:13.738> business<00:10:14.364> every<00:10:14.541> 6<00:10:14.862> months<00:10:15.102> right<00:10:15.263> now.

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So<00:10:15.889> we're<00:10:16.162> seeing,<00:10:16.611> you<00:10:17.061> know,<00:10:17.173> insane<00:10:17.751> triple-digit<00:10:18.939> year-over-year<00:10:19.420> growth.

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And<00:10:20.544> our<00:10:20.640> headcounts,<00:10:21.924> it<00:10:22.101> might<00:10:22.390> grow<00:10:22.887> 10<00:10:23.144> or<00:10:23.208> 15%<00:10:23.594> this<00:10:23.867> year.

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So<00:10:25.456> we're<00:10:25.600> able<00:10:25.761> to<00:10:25.857> do<00:10:26.082> a<00:10:26.098> lot<00:10:26.419> more<00:10:26.643> with<00:10:26.756> a<00:10:26.772> lot<00:10:27.061> less<00:10:27.446> now<00:10:28.987> than<00:10:29.292> you<00:10:29.372> would've<00:10:29.549> been<00:10:29.709> able<00:10:29.870> to<00:10:29.934> do<00:10:30.191> a<00:10:30.271> few<00:10:30.367> years<00:10:30.592> ago.

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Yeah,<00:10:31.555> that's<00:10:31.796> remarkable.

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What<00:10:33.225> do<00:10:33.305> you<00:10:33.465> read?

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What<00:10:34.124> reading<00:10:34.364> recommendations<00:10:34.990> would<00:10:35.103> you<00:10:35.183> have<00:10:35.327> for<00:10:35.472> us?

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Well,<00:10:37.334> one<00:10:37.655> book<00:10:38.040> I<00:10:38.217> just<00:10:38.618> finished<00:10:39.404> is,<00:10:40.127> it's<00:10:40.448> called<00:10:40.705> Last<00:10:41.090> Man<00:10:41.331> Standing.

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Have<00:10:42.133> you<00:10:42.213> heard<00:10:42.374> of<00:10:42.406> that<00:10:42.615> book?

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I<00:10:43.337> have.

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Yeah,<00:10:43.898> I've<00:10:43.994> not<00:10:44.154> read<00:10:44.331> it.

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It's<00:10:45.020> all<00:10:45.197> about<00:10:46.079> Jamie<00:10:46.400> Dimon<00:10:47.506> and<00:10:47.843> kind<00:10:48.067> of<00:10:48.148> how<00:10:48.404> he<00:10:49.992> came<00:10:50.312> up<00:10:51.034> through<00:10:51.194> the<00:10:51.291> banking<00:10:51.676> world.

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And<00:10:53.520> it<00:10:53.616> is<00:10:53.712> such<00:10:54.177> an<00:10:54.402> interesting<00:10:54.979> read<00:10:55.364> because<00:10:55.717> it's<00:10:56.086> real<00:10:56.326> world,<00:10:58.010> talks<00:10:58.266> a<00:10:58.331> lot<00:10:58.507> about<00:10:58.748> the<00:10:58.828> financial<00:10:59.373> crisis<00:11:00.271> and<00:11:00.431> how<00:11:00.752> some<00:11:00.993> of<00:11:01.025> these<00:11:01.233> deals<00:11:01.634> came<00:11:01.875> together<00:11:02.356> where<00:11:02.516> they<00:11:02.757> bought<00:11:03.639> a<00:11:03.703> few<00:11:03.959> banks,<00:11:04.424> bought<00:11:04.681> WaMu<00:11:05.339> and<00:11:05.483> bought,<00:11:05.948> I<00:11:06.846> think<00:11:07.022> it<00:11:07.086> was<00:11:07.872> Bear<00:11:08.049> Stearns.

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And<00:11:10.376> so,<00:11:10.520> I<00:11:10.536> absolutely<00:11:10.938> love<00:11:11.259> that<00:11:11.500> book<00:11:11.821> and<00:11:11.966> I<00:11:12.046> highly<00:11:12.544> recommend<00:11:13.026> it<00:11:13.251> even<00:11:13.428> if<00:11:13.508> you're<00:11:13.588> not<00:11:13.829> into<00:11:14.054> banking.

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I<00:11:14.536> helped<00:11:14.729> start<00:11:15.050> a<00:11:15.114> bank,<00:11:15.436> so<00:11:15.580> I'm<00:11:15.902> really,<00:11:16.143> I<00:11:16.159> love<00:11:16.480> banking<00:11:17.106> and<00:11:17.428> I<00:11:17.524> found<00:11:17.781> it<00:11:17.909> very<00:11:18.086> relevant,<00:11:18.552> but<00:11:18.648> I<00:11:18.729> think<00:11:18.873> it's<00:11:19.002> just<00:11:19.130> a<00:11:19.275> great<00:11:19.853> business<00:11:20.897> book<00:11:21.122> right<00:11:21.299> now.

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Give<00:11:22.986> me<00:11:23.130> a<00:11:23.162> sense<00:11:23.532> for,<00:11:23.853> I<00:11:23.869> mean,<00:11:24.174> you're<00:11:24.351> going<00:11:24.656> to<00:11:24.752> New<00:11:24.833> York,<00:11:25.154> you<00:11:25.218> mentioned,<00:11:26.198> tomorrow<00:11:27.564> to<00:11:27.644> do<00:11:27.740> some,<00:11:28.110> how<00:11:28.206> do<00:11:28.270> you<00:11:28.383> think<00:11:28.592> about<00:11:28.768> recruiting?

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How<00:11:29.732> do<00:11:29.796> you<00:11:29.893> think<00:11:30.134> about<00:11:30.600> maintaining<00:11:31.098> culture?

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Does<00:11:32.238> everybody<00:11:32.527> have<00:11:32.624> to<00:11:32.768> be<00:11:32.865> in<00:11:33.009> office?

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Those<00:11:33.764> types<00:11:34.053> of<00:11:34.134> questions<00:11:34.551> that<00:11:34.712> go<00:11:35.836> into<00:11:35.997> the<00:11:36.077> recruiting<00:11:36.559> process.

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Yeah,<00:11:37.764> so<00:11:38.390> I'm<00:11:38.486> a<00:11:38.727> big<00:11:39.128> in-office<00:11:40.252> guy,<00:11:41.216> but<00:11:41.376> I<00:11:41.457> found—<00:11:42.163> and<00:11:42.420> most<00:11:42.677> of<00:11:42.725> our<00:11:42.902> people<00:11:43.127> are<00:11:43.303> in<00:11:43.383> office<00:11:43.865> unless<00:11:44.186> they're<00:11:44.411> in<00:11:44.491> a<00:11:44.507> field-type<00:11:45.230> role,<00:11:45.696> which<00:11:45.872> we<00:11:46.017> have,<00:11:46.980> you<00:11:47.012> know,<00:11:47.221> hundreds<00:11:47.783> of<00:11:47.815> those<00:11:48.104> people<00:11:48.377> around<00:11:48.666> the<00:11:48.746> country.

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But<00:11:50.368> I<00:11:50.448> think<00:11:50.673> you<00:11:50.769> cannot<00:11:51.315> beat<00:11:51.637> in<00:11:51.733> person.

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But<00:11:53.355> the<00:11:53.483> reality,<00:11:54.286> particularly<00:11:54.768> being<00:11:55.024> in<00:11:55.089> a<00:11:55.105> secondary<00:11:55.667> market<00:11:55.988> like<00:11:56.213> Birmingham,<00:11:56.726> I<00:11:56.791> need<00:11:56.951> to<00:11:57.032> be<00:11:57.272> open<00:11:57.577> to<00:11:57.658> hiring<00:11:57.915> people<00:11:58.412> in<00:11:58.477> other<00:11:58.637> cities.

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And<00:11:59.601> we<00:11:59.745> have<00:11:59.857> some<00:12:00.163> amazing<00:12:00.644> people<00:12:01.046> that<00:12:01.270> work<00:12:01.447> for<00:12:01.672> us<00:12:01.832> remotely.

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But<00:12:02.973> it<00:12:03.278> takes<00:12:03.615> a<00:12:03.631> special<00:12:04.097> talent<00:12:04.579> to<00:12:04.708> have<00:12:04.885> the<00:12:04.981> discipline.

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Um,<00:12:06.106> certain—<00:12:07.054> a<00:12:07.070> lot<00:12:07.311> of<00:12:07.375> people<00:12:07.632> don't<00:12:07.938> have<00:12:08.098> the<00:12:08.195> discipline<00:12:08.741> to<00:12:09.705> work<00:12:09.946> remotely<00:12:10.750> and<00:12:10.862> kind<00:12:11.071> of<00:12:11.248> be<00:12:11.408> as<00:12:11.569> productive,<00:12:12.292> but,<00:12:12.678> uh,<00:12:12.935> kind<00:12:13.096> of<00:12:13.128> those<00:12:13.401> outliers<00:12:14.060> do.

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So,<00:12:14.718> uh,<00:12:15.008> I've<00:12:15.586> been<00:12:16.390> kind<00:12:16.550> of<00:12:16.711> beating<00:12:17.016> the<00:12:17.097> in-office<00:12:17.579> drum<00:12:18.012> for<00:12:18.221> a<00:12:18.253> long<00:12:18.559> time.

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I<00:12:19.282> think<00:12:19.523> it's<00:12:20.085> coming<00:12:20.407> back<00:12:20.664> in<00:12:20.808> vogue<00:12:21.130> now,<00:12:21.371> and<00:12:21.531> it's<00:12:21.917> certainly,<00:12:23.042> uh,<00:12:23.283> you<00:12:23.363> can<00:12:23.443> certainly<00:12:23.781> tell<00:12:24.006> in<00:12:24.102> New<00:12:24.183> York,<00:12:24.890> uh,<00:12:25.066> people<00:12:25.307> are<00:12:25.468> back<00:12:25.709> to<00:12:25.789> work<00:12:26.095> there.

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Um,<00:12:26.834> that<00:12:27.059> is,<00:12:27.396> that<00:12:27.573> is<00:12:27.782> one<00:12:27.959> city<00:12:28.344> where<00:12:28.763> people<00:12:28.989> are<00:12:29.150> absolutely<00:12:29.570> willing<00:12:29.958> and<00:12:30.459> want<00:12:30.701> to<00:12:30.846> work<00:12:31.105> in<00:12:31.250> office.

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So<00:12:32.542> that's<00:12:32.736> a<00:12:32.801> big<00:12:33.027> thing<00:12:33.285> for<00:12:33.511> us.

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But<00:12:34.803> the<00:12:34.900> other<00:12:35.062> things<00:12:35.240> I'm<00:12:35.450> looking<00:12:35.789> for,<00:12:36.850> I<00:12:36.866> really<00:12:37.128> like<00:12:37.439> to<00:12:37.684> work<00:12:38.028> with<00:12:38.847> people<00:12:39.338> that<00:12:39.813> want<00:12:40.074> to<00:12:40.238> be<00:12:40.467> entrepreneurial,<00:12:42.750> that<00:12:43.410> like<00:12:43.668> a<00:12:43.748> lot<00:12:43.990> of<00:12:44.071> latitude.

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I<00:12:45.440> like<00:12:45.682> to<00:12:45.762> work<00:12:45.924> with<00:12:46.069> people<00:12:46.391> that<00:12:46.584> are<00:12:46.810> more<00:12:47.776> the,<00:12:48.485> more<00:12:49.533> ask<00:12:49.710> for<00:12:49.871> forgiveness<00:12:50.516> instead<00:12:50.773> of<00:12:50.902> permission<00:12:51.402> type<00:12:51.644> people,<00:12:53.260> the<00:12:53.422> people<00:12:53.680> that<00:12:54.052> really<00:12:54.391> just<00:12:54.714> show<00:12:55.118> extreme<00:12:55.991> ownership<00:12:57.076> that<00:12:57.798> whatever<00:12:58.134> part<00:12:58.311> of<00:12:58.375> the<00:12:58.455> business<00:12:58.856> they're<00:12:59.080> in,<00:12:59.658> they<00:12:59.962> own<00:13:00.123> it<00:13:00.299> completely.

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They'll<00:13:01.822> make<00:13:02.079> decisions,<00:13:02.704> they'll<00:13:02.865> take<00:13:03.265> risks.

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And<00:13:03.987> then<00:13:04.708> when<00:13:04.853> I'm<00:13:05.013> building<00:13:05.334> a<00:13:05.430> team,<00:13:06.376> uh,<00:13:06.552> and<00:13:06.633> the<00:13:06.937> executive<00:13:07.354> team<00:13:07.595> I<00:13:07.739> have<00:13:08.012> at<00:13:08.140> Landing<00:13:08.477> right<00:13:08.637> now<00:13:08.893> is<00:13:09.038> by<00:13:09.198> far<00:13:09.439> the<00:13:09.519> best<00:13:09.775> I've<00:13:09.823> ever<00:13:09.920> worked<00:13:10.321> with.

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I<00:13:10.641> mean,<00:13:10.802> it's<00:13:10.946> just<00:13:11.138> an<00:13:11.202> incredible<00:13:11.667> team.

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And,<00:13:13.191> uh,<00:13:13.672> we<00:13:13.768> had<00:13:13.912> our<00:13:14.073> executive—<00:13:15.035> or<00:13:15.211> we<00:13:15.355> have<00:13:15.452> a<00:13:15.596> monthly<00:13:15.933> kind<00:13:16.093> of<00:13:16.173> executive<00:13:16.654> team<00:13:16.959> meeting<00:13:17.520> where<00:13:17.921> the<00:13:18.017> remote<00:13:18.338> people<00:13:18.642> we<00:13:18.723> have<00:13:18.979> fly<00:13:19.380> in.

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We<00:13:19.621> spend<00:13:20.278> a<00:13:20.342> few<00:13:20.502> days<00:13:20.743> together.

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Just<00:13:21.865> had<00:13:22.026> that<00:13:22.170> last<00:13:22.491> week,<00:13:23.389> and<00:13:23.453> I'm<00:13:23.549> in<00:13:23.629> the<00:13:23.709> meeting<00:13:24.335> and<00:13:25.078> Everybody<00:13:25.578> on<00:13:25.659> the<00:13:25.739> team<00:13:26.078> is<00:13:26.288> challenging<00:13:26.934> each<00:13:27.176> other<00:13:28.306> in<00:13:28.386> a<00:13:28.403> respectful<00:13:28.984> way,<00:13:29.355> but<00:13:29.516> they're<00:13:29.694> questioning<00:13:30.565> each<00:13:30.824> other's<00:13:31.227> part<00:13:31.485> of<00:13:31.550> the<00:13:31.711> business.

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And<00:13:32.664> how<00:13:32.841> could<00:13:33.067> you,<00:13:33.325> how<00:13:33.487> could<00:13:33.632> we<00:13:33.729> do<00:13:33.890> that<00:13:34.052> faster?

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Have<00:13:34.925> you<00:13:34.957> thought<00:13:35.184> about<00:13:35.426> changing<00:13:35.911> this?

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And<00:13:37.108> that<00:13:37.302> takes<00:13:37.625> kind<00:13:38.401> of<00:13:38.434> a<00:13:38.498> special<00:13:38.984> group<00:13:39.307> because<00:13:39.549> on<00:13:39.630> the<00:13:39.792> one<00:13:40.018> hand,<00:13:40.342> you<00:13:40.374> need<00:13:40.665> people<00:13:40.989> that<00:13:41.102> are<00:13:41.393> okay<00:13:41.732> to<00:13:41.959> ask<00:13:42.201> the<00:13:42.282> hard<00:13:42.541> questions<00:13:43.252> outside<00:13:43.738> of<00:13:43.851> their<00:13:44.143> kind<00:13:44.402> of<00:13:44.467> little<00:13:44.710> kingdom.

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And<00:13:45.957> you<00:13:46.086> gotta<00:13:46.265> have<00:13:46.362> people<00:13:46.686> that<00:13:46.832> can<00:13:47.074> receive<00:13:47.641> that<00:13:50.055> and<00:13:50.735> appreciate<00:13:51.513> it.

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Because<00:13:52.638> I<00:13:52.654> think<00:13:52.959> one<00:13:53.120> of<00:13:53.152> the<00:13:53.601> biggest<00:13:54.003> gifts,<00:13:55.528> uh,<00:13:56.507> it<00:13:57.134> kind<00:13:57.294> of<00:13:57.374> goes<00:13:57.631> back<00:13:57.808> to<00:13:57.952> wisdom.

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I<00:13:58.434> was<00:13:58.579> actually<00:13:58.836> reading<00:13:59.141> Proverbs<00:13:59.783> this<00:14:00.024> morning<00:14:00.586> about<00:14:01.148> wisdom,<00:14:01.565> and<00:14:01.709> like,<00:14:01.950> one<00:14:02.063> of<00:14:02.127> the<00:14:02.207> biggest<00:14:02.609> gifts<00:14:02.914> you<00:14:03.010> can<00:14:03.251> give<00:14:03.588> is<00:14:03.732> to<00:14:05.161> help<00:14:05.418> people<00:14:06.462> be<00:14:06.687> wiser<00:14:07.570> and<00:14:08.067> give<00:14:08.292> them<00:14:08.453> correction<00:14:09.577> and<00:14:09.898> feedback.

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And<00:14:10.717> so<00:14:11.022> one<00:14:11.182> of<00:14:11.295> our<00:14:11.680> core,<00:14:12.643> one<00:14:12.788> of<00:14:12.820> our<00:14:13.045> core<00:14:13.286> values<00:14:14.393> or<00:14:14.634> leadership<00:14:14.971> principles<00:14:15.453> at<00:14:15.533> Landing<00:14:16.015> is<00:14:16.400> authenticity,<00:14:17.524> and<00:14:18.278> It's<00:14:18.422> all<00:14:18.566> about<00:14:18.887> being<00:14:19.288> authentic,<00:14:20.425> being<00:14:20.666> transparent.

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We<00:14:22.172> kind<00:14:22.348> of<00:14:22.428> shout<00:14:23.614> about<00:14:24.014> our<00:14:24.447> failings<00:14:24.992> and<00:14:25.072> shortcomings,<00:14:25.873> and<00:14:25.937> we're<00:14:26.097> kind<00:14:26.178> of<00:14:26.274> quiet<00:14:26.690> about<00:14:26.818> our<00:14:27.075> wins<00:14:27.732> so<00:14:27.956> that<00:14:28.180> other<00:14:28.341> people<00:14:28.581> can<00:14:28.757> learn<00:14:29.062> from<00:14:29.943> what<00:14:30.135> didn't<00:14:30.360> go<00:14:30.584> well.

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And<00:14:31.065> so<00:14:31.225> I<00:14:31.481> try<00:14:31.641> to<00:14:31.722> build<00:14:31.898> a<00:14:31.962> team<00:14:32.282> of<00:14:32.347> people<00:14:32.587> that<00:14:32.699> are<00:14:32.827> comfortable<00:14:33.164> with<00:14:33.324> that.

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How<00:14:34.590> do<00:14:34.670> you<00:14:34.766> think<00:14:34.990> about<00:14:35.167> competitors,<00:14:36.352> and<00:14:36.689> who<00:14:36.913> do<00:14:36.993> you<00:14:37.154> consider<00:14:37.538> a<00:14:37.730> competitor?

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I<00:14:38.131> mean,<00:14:38.355> Airbnb<00:14:38.756> is<00:14:39.156> probably<00:14:39.653> somewhere<00:14:40.214> in<00:14:40.374> there,<00:14:40.695> but<00:14:40.839> they're<00:14:40.951> not<00:14:41.159> doing<00:14:41.416> it<00:14:42.121> exactly<00:14:42.617> the<00:14:42.762> same<00:14:42.938> way.

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Like,<00:14:43.659> how<00:14:43.803> do<00:14:43.883> you<00:14:43.979> think<00:14:44.236> about<00:14:44.460> your<00:14:44.620> competitors?

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I<00:14:45.742> never,<00:14:46.287> in<00:14:46.464> any<00:14:46.544> of<00:14:46.704> my<00:14:46.864> businesses,<00:14:47.489> I<00:14:47.586> really<00:14:47.906> haven't<00:14:48.147> spent<00:14:48.387> much<00:14:48.628> time<00:14:48.868> on<00:14:49.028> competitors.

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There's<00:14:50.375> always<00:14:50.952> competition.

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We<00:14:52.619> certainly<00:14:53.036> have<00:14:53.292> competition,<00:14:54.238> a<00:14:54.398> lot<00:14:54.799> of<00:14:54.976> it.

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So<00:14:55.440> we're<00:14:55.681> competing<00:14:56.306> with<00:14:57.925> a<00:14:58.005> couple<00:14:58.326> of<00:14:58.390> different<00:14:58.646> groups.

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We<00:14:59.833> compete<00:15:00.330> with<00:15:00.570> the<00:15:00.730> major<00:15:01.051> hotel<00:15:01.516> brands,<00:15:02.237> particularly<00:15:02.878> in<00:15:02.975> the<00:15:03.039> extended<00:15:03.455> stay<00:15:03.696> segment.

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So<00:15:05.151> I<00:15:05.171> don't<00:15:05.379> know<00:15:05.539> where<00:15:05.684> you<00:15:05.876> live.

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Where<00:15:06.181> do<00:15:06.245> you<00:15:06.357> live?

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Utah.

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Okay.

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Have<00:15:09.226> you,<00:15:09.627> uh,<00:15:09.852> are<00:15:09.948> they<00:15:10.108> building<00:15:10.493> a<00:15:10.589> bunch<00:15:10.909> of<00:15:11.134> like<00:15:11.374> Home2<00:15:11.807> Suites<00:15:12.416> or<00:15:12.496> Residence<00:15:12.833> Inn?

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Yeah.

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Okay,<00:15:13.811> you've<00:15:14.196> probably<00:15:14.468> seen<00:15:14.580> that.

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They're,<00:15:15.238> they're<00:15:15.462> building<00:15:16.360> these<00:15:16.520> extended<00:15:16.937> stay<00:15:17.290> hotel<00:15:17.546> brands<00:15:17.963> all<00:15:18.059> over<00:15:18.220> the<00:15:18.284> country.

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It's<00:15:19.086> the<00:15:19.246> fastest<00:15:19.711> growing<00:15:19.904> segment<00:15:20.288> in<00:15:20.353> hospitality<00:15:21.876> because<00:15:22.117> when<00:15:22.213> people<00:15:22.518> travel<00:15:22.887> now,<00:15:24.041> they<00:15:24.218> want<00:15:24.394> a<00:15:24.458> kitchen,<00:15:25.084> they<00:15:25.244> want<00:15:25.420> a<00:15:25.485> little<00:15:25.661> more<00:15:25.821> space.

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So<00:15:26.944> that<00:15:27.281> segment's<00:15:27.826> grown<00:15:28.051> significantly.

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And<00:15:29.414> then<00:15:29.510> you<00:15:29.654> have<00:15:30.216> alternative<00:15:30.633> accommodations,<00:15:32.236> which<00:15:32.461> people<00:15:32.637> book<00:15:32.862> through<00:15:33.038> Airbnb<00:15:33.600> and<00:15:33.744> VRBO,<00:15:34.562> and<00:15:34.883> they<00:15:35.107> built<00:15:35.348> massive<00:15:35.765> businesses,<00:15:36.326> particularly<00:15:36.807> Airbnb.

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And<00:15:37.930> so<00:15:38.154> what<00:15:38.395> we're<00:15:38.571> trying<00:15:38.892> to<00:15:39.052> do,<00:15:39.758> we,<00:15:39.998> we<00:15:40.079> kind<00:15:40.223> of<00:15:40.255> sit<00:15:40.431> in<00:15:40.560> the<00:15:40.592> middle<00:15:41.362> where<00:15:42.244> we're<00:15:42.340> providing<00:15:43.222> The<00:15:43.302> consistency<00:15:44.248> and<00:15:44.328> the<00:15:44.408> trust<00:15:44.905> you<00:15:45.129> get<00:15:45.306> with<00:15:45.466> a<00:15:45.482> hotel<00:15:45.947> brand,<00:15:46.508> you<00:15:46.572> know,<00:15:46.652> I<00:15:46.765> know<00:15:47.053> when<00:15:47.149> I<00:15:47.229> check<00:15:47.550> into<00:15:47.790> a<00:15:48.015> major<00:15:48.271> hotel<00:15:48.656> brand,<00:15:49.073> I<00:15:49.089> pretty<00:15:49.297> much<00:15:49.474> know<00:15:49.554> what<00:15:49.714> to<00:15:49.794> expect.

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Um,<00:15:50.836> and<00:15:50.932> so<00:15:51.141> we're<00:15:51.317> delivering<00:15:51.878> that,<00:15:52.199> but<00:15:52.343> we're<00:15:52.519> doing<00:15:52.904> it<00:15:53.145> in<00:15:53.177> an<00:15:53.305> apartment<00:15:53.802> setting.

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So<00:15:54.491> we're<00:15:54.603> giving<00:15:54.844> people<00:15:55.244> the<00:15:55.341> space<00:15:55.822> of<00:15:55.886> home.

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Uh,<00:15:57.793> and<00:15:57.954> what<00:15:58.114> we<00:15:58.210> found<00:15:59.332> is<00:15:59.492> when<00:15:59.589> you<00:15:59.717> compare<00:16:00.198> Landing<00:16:00.599> to<00:16:00.935> the<00:16:00.999> extended<00:16:01.336> stay<00:16:01.737> brands,<00:16:02.522> um,<00:16:02.923> you<00:16:03.019> get<00:16:03.099> twice<00:16:03.500> the<00:16:03.580> space,<00:16:04.462> you<00:16:04.542> get<00:16:04.766> a<00:16:04.927> legitimate<00:16:05.584> full<00:16:05.905> kitchen,<00:16:07.732> you<00:16:07.828> get<00:16:08.133> in-unit<00:16:08.549> laundry,<00:16:09.095> which<00:16:09.271> is<00:16:09.431> really<00:16:09.591> important<00:16:09.976> to<00:16:10.072> people<00:16:10.377> when<00:16:10.537> they're<00:16:10.633> traveling<00:16:11.114> for<00:16:11.259> extended<00:16:11.659> periods.

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They<00:16:12.140> want<00:16:12.220> to<00:16:12.252> be<00:16:12.285> able<00:16:12.381> to<00:16:12.461> do<00:16:12.557> their<00:16:12.717> laundry<00:16:13.343> in<00:16:13.503> their<00:16:13.984> unit.

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Separate<00:16:15.347> bedrooms.

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And<00:16:16.149> then<00:16:16.310> the<00:16:16.422> amenities<00:16:17.048> we<00:16:17.193> have<00:16:17.450> are<00:16:17.530> just<00:16:17.835> off<00:16:18.011> the<00:16:18.092> charts<00:16:18.573> because<00:16:19.055> we're<00:16:19.360> in<00:16:19.841> all<00:16:19.954> of<00:16:20.018> these<00:16:20.259> brand<00:16:20.660> new<00:16:20.820> apartment<00:16:21.366> buildings.

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And<00:16:22.682> in<00:16:22.763> the<00:16:22.891> apartment<00:16:23.341> space,<00:16:24.111> there's<00:16:24.432> an,<00:16:24.833> there's<00:16:25.074> an<00:16:25.299> arms<00:16:25.636> race<00:16:26.037> for<00:16:26.182> amenities.

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So<00:16:27.963> everybody's<00:16:28.525> trying<00:16:28.846> to<00:16:28.991> build<00:16:29.569> the<00:16:29.729> coolest<00:16:30.275> resort-style<00:16:31.077> pool<00:16:31.575> and<00:16:31.735> the<00:16:31.880> best<00:16:32.859> coworking<00:16:33.565> space<00:16:34.143> and<00:16:34.288> the<00:16:34.384> best<00:16:34.785> fitness<00:16:35.572> and<00:16:35.813> theaters<00:16:36.390> and<00:16:36.615> all<00:16:36.728> this<00:16:36.936> kind<00:16:37.097> of<00:16:37.129> stuff.

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So<00:16:38.301> we<00:16:38.413> have<00:16:38.638> these<00:16:38.862> amenities<00:16:39.440> that<00:16:39.537> are<00:16:39.745> off<00:16:39.986> the<00:16:40.066> charts<00:16:40.484> compared<00:16:40.805> to<00:16:40.949> extended<00:16:41.302> stay.

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Like<00:16:41.864> if<00:16:41.928> you're,<00:16:42.185> if<00:16:42.329> you<00:16:42.410> go<00:16:42.554> to<00:16:42.634> a<00:16:42.651> typical<00:16:43.020> extended<00:16:43.293> stay<00:16:43.517> hotel,<00:16:43.822> it's<00:16:43.999> going<00:16:44.079> to<00:16:44.175> be<00:16:44.256> this<00:16:44.480> tiny<00:16:44.737> little<00:16:44.898> pool<00:16:45.283> out<00:16:45.443> back<00:16:45.781> with<00:16:46.070> you<00:16:46.198> know,<00:16:46.406> nothing.

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And<00:16:47.529> then<00:16:47.689> compared<00:16:48.267> to<00:16:48.908> alternative<00:16:49.325> accommodations,<00:16:50.656> everyone<00:16:51.314> is<00:16:51.458> different.

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They<00:16:52.099> all<00:16:52.260> have<00:16:52.436> different<00:16:53.158> check-in<00:16:53.703> processes<00:16:54.457> and<00:16:54.601> what<00:16:54.746> you<00:16:54.778> have<00:16:55.002> to<00:16:55.066> do<00:16:55.227> before<00:16:55.419> you<00:16:55.563> leave<00:16:55.980> and<00:16:56.109> the<00:16:56.205> furnishings<00:16:56.895> and<00:16:57.023> the<00:16:57.087> level<00:16:57.472> of<00:16:57.552> cleanliness<00:16:58.210> and<00:16:58.290> all<00:16:58.450> that<00:16:58.530> kind<00:16:58.755> of<00:16:58.787> stuff.

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So<00:16:59.974> that's<00:17:00.198> the<00:17:00.294> way<00:17:00.519> we<00:17:00.631> stack<00:17:01.016> ourselves<00:17:01.561> up<00:17:01.754> in<00:17:01.882> the<00:17:02.139> competitive<00:17:02.764> set.

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But<00:17:03.245> I<00:17:03.357> spend<00:17:04.624> very<00:17:05.009> little<00:17:05.266> time<00:17:05.731> paying<00:17:05.971> attention<00:17:06.388> to<00:17:06.469> what<00:17:06.709> everybody<00:17:07.190> else<00:17:07.431> is<00:17:07.511> doing.

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I<00:17:08.056> have<00:17:08.169> a<00:17:08.233> vision<00:17:08.650> for<00:17:08.954> what<00:17:09.339> I<00:17:09.500> want<00:17:09.756> Lanning<00:17:10.077> to<00:17:10.157> become,<00:17:11.504> and<00:17:12.403> I<00:17:12.547> know<00:17:12.788> if<00:17:12.949> I<00:17:12.981> spend<00:17:13.286> too<00:17:13.383> much<00:17:13.608> time<00:17:13.913> looking<00:17:14.234> at<00:17:14.314> competitors,<00:17:15.118> we'll<00:17:15.375> end<00:17:15.599> up<00:17:15.776> building<00:17:16.836> a<00:17:16.900> 6-month-old<00:17:17.704> version<00:17:18.186> of<00:17:18.346> whatever<00:17:19.133> they're<00:17:19.471> doing.

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Yeah.

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And<00:17:20.997> we'll<00:17:21.221> always<00:17:21.462> be<00:17:21.559> behind.

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Yeah,<00:17:22.506> I<00:17:22.539> think<00:17:22.747> that's<00:17:22.860> a<00:17:22.924> great<00:17:23.165> way<00:17:23.197> to<00:17:23.261> look<00:17:23.567> at<00:17:23.711> it,<00:17:23.791> actually.

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Give<00:17:24.868> me<00:17:25.012> a<00:17:25.028> sense<00:17:25.414> for,<00:17:25.896> uh,<00:17:26.362> well,<00:17:26.522> how<00:17:26.602> have<00:17:26.843> you<00:17:26.940> thought<00:17:27.100> about<00:17:27.325> funding<00:17:27.823> the<00:17:27.904> business?

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Like<00:17:29.590> taking<00:17:29.911> money,<00:17:30.233> raising<00:17:30.634> VC,<00:17:31.341> all<00:17:31.453> of<00:17:31.534> that<00:17:31.743> type<00:17:31.935> of<00:17:31.984> stuff.

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Give<00:17:32.337> us<00:17:32.498> a<00:17:32.546> sense<00:17:32.787> for<00:17:32.899> how<00:17:33.028> you've<00:17:33.188> done<00:17:33.349> that.

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So<00:17:34.409> my<00:17:34.505> first<00:17:34.811> two<00:17:35.052> businesses<00:17:36.240> were<00:17:36.401> both<00:17:36.658> in<00:17:36.738> financial<00:17:37.140> services.

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Uh,<00:17:38.248> the<00:17:38.344> first<00:17:38.634> one<00:17:38.730> was<00:17:38.907> kind<00:17:39.131> of<00:17:39.212> a<00:17:39.244> traditional<00:17:40.433> financial<00:17:40.818> services<00:17:41.316> business<00:17:41.879> with<00:17:42.120> retail<00:17:42.537> stores.

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My<00:17:43.260> second<00:17:43.710> one<00:17:43.871> was<00:17:44.048> fintech,<00:17:45.638> which<00:17:45.799> I<00:17:45.831> sold<00:17:46.120> to<00:17:46.200> a<00:17:46.216> public<00:17:46.538> company.

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And<00:17:47.245> then<00:17:47.421> when<00:17:47.566> I<00:17:47.582> started<00:17:48.064> Shift,<00:17:48.626> that<00:17:48.851> was<00:17:49.012> my<00:17:49.108> first<00:17:49.365> time<00:17:49.590> to<00:17:49.831> really<00:17:50.233> raise<00:17:50.554> venture.

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I'd<00:17:51.101> never<00:17:51.293> raised<00:17:51.583> venture<00:17:51.904> before<00:17:52.161> Shift,<00:17:53.029> and<00:17:53.350> I<00:17:53.687> had<00:17:53.832> a<00:17:53.848> few<00:17:54.716> great<00:17:55.053> firms<00:17:55.535> in<00:17:55.599> that<00:17:55.776> business.

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I<00:17:56.322> had<00:17:58.170> Greycroft.

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Actually,<00:17:59.953> Greycroft<00:18:00.821> kind<00:18:00.981> of<00:18:01.062> went<00:18:01.303> the—<00:18:01.640> did<00:18:01.785> the<00:18:01.865> whole<00:18:02.122> thing<00:18:02.459> for<00:18:02.668> me.

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They<00:18:03.327> funded<00:18:03.568> my<00:18:04.050> A<00:18:04.195> and<00:18:04.291> my<00:18:04.516> B,<00:18:04.998> and<00:18:05.287> then<00:18:05.416> I<00:18:05.576> raised<00:18:06.058> from<00:18:07.743> a<00:18:07.888> group<00:18:08.144> of<00:18:08.208> high<00:18:08.384> net<00:18:08.625> worth<00:18:08.930> individuals<00:18:09.507> when<00:18:09.651> I<00:18:09.667> started<00:18:10.052> the<00:18:10.132> business<00:18:10.388> and<00:18:10.533> I<00:18:10.549> put<00:18:10.725> my<00:18:10.853> own<00:18:11.030> money<00:18:11.350> in.

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So<00:18:13.017> I've<00:18:13.114> taken<00:18:13.498> a<00:18:13.578> unique<00:18:13.995> approach<00:18:14.540> to<00:18:14.636> funding<00:18:15.278> both<00:18:15.518> Shift<00:18:16.063> and<00:18:16.223> Landing<00:18:16.881> where,<00:18:18.067> um,<00:18:18.869> I've<00:18:19.125> built<00:18:19.766> this<00:18:20.327> relationship<00:18:21.353> with<00:18:21.530> a<00:18:21.610> group<00:18:22.155> of<00:18:22.812> people<00:18:23.357> that<00:18:23.517> I've<00:18:23.678> kind<00:18:23.838> of<00:18:23.934> taken<00:18:24.431> from<00:18:24.896> company<00:18:25.297> to<00:18:25.441> company.

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So<00:18:26.804> that<00:18:26.964> includes<00:18:27.942> venture,<00:18:28.984> but<00:18:29.128> it<00:18:29.208> also<00:18:29.561> includes<00:18:29.946> this<00:18:30.106> group<00:18:30.347> of<00:18:30.427> high<00:18:30.587> net<00:18:30.811> worth<00:18:31.068> people<00:18:32.190> that<00:18:33.136> I<00:18:33.232> know<00:18:34.179> that<00:18:34.355> trust<00:18:34.820> me<00:18:35.237> and<00:18:35.317> that<00:18:35.478> I<00:18:35.622> love<00:18:35.799> to<00:18:35.879> make<00:18:36.119> money<00:18:36.360> for.

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I<00:18:36.761> mean,<00:18:36.986> I<00:18:37.002> think<00:18:37.242> there's<00:18:37.547> no,<00:18:38.205> there's<00:18:38.606> no<00:18:38.830> greater<00:18:39.167> joy<00:18:39.648> than<00:18:39.873> having<00:18:40.851> really<00:18:41.317> long-term<00:18:41.894> relationships<00:18:42.696> in<00:18:42.840> life<00:18:43.322> with<00:18:43.482> people<00:18:43.819> you<00:18:43.963> really<00:18:44.220> love<00:18:44.781> and<00:18:44.862> care<00:18:45.166> about<00:18:46.209> and<00:18:46.369> that,<00:18:46.770> you<00:18:46.883> know,<00:18:47.268> and<00:18:47.348> they<00:18:47.508> know<00:18:47.813> you<00:18:48.150> and<00:18:48.230> they<00:18:48.310> trust<00:18:48.791> you.

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You<00:18:50.299> really<00:18:50.476> can't<00:18:50.861> beat<00:18:51.037> that<00:18:51.214> feeling.

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And<00:18:51.919> then<00:18:52.080> delivering<00:18:52.786> wins<00:18:53.187> for<00:18:53.267> those<00:18:53.523> people<00:18:53.924> is<00:18:54.005> so<00:18:54.309> cool.

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So<00:18:55.833> I've<00:18:56.314> taken<00:18:56.635> a<00:18:56.651> little<00:18:56.892> bit<00:18:57.036> of<00:18:57.132> a<00:18:57.213> non-traditional<00:18:57.951> approach<00:18:58.416> where<00:18:58.576> I<00:18:58.656> funded<00:18:59.458> a<00:18:59.474> lot<00:18:59.875> of<00:19:00.020> landing<00:19:01.287> I<00:19:01.960> funded<00:19:02.425> through<00:19:03.371> all<00:19:03.483> of<00:19:03.547> these<00:19:03.772> relationships<00:19:04.574> with<00:19:04.910> individuals<00:19:05.632> and<00:19:05.792> family<00:19:06.177> offices<00:19:06.594> and<00:19:06.674> people<00:19:06.898> like<00:19:07.139> that.

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And<00:19:07.460> then<00:19:07.556> I<00:19:07.636> brought<00:19:08.021> in<00:19:08.197> institutional<00:19:08.919> capital<00:19:09.304> on<00:19:09.480> top.

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And<00:19:10.282> then<00:19:10.426> I've<00:19:10.522> also<00:19:10.843> used<00:19:11.083> debt<00:19:11.404> to<00:19:11.500> fund,<00:19:11.981> particularly<00:19:12.606> to<00:19:12.687> fund<00:19:12.911> landing.

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And<00:19:15.092> it's—.

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Which<00:19:15.653> is<00:19:15.749> a<00:19:15.813> great<00:19:16.054> way<00:19:16.198> to<00:19:16.294> do<00:19:16.535> it,<00:19:16.599> actually.

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Like,<00:19:17.962> too<00:19:18.202> often<00:19:18.379> we<00:19:18.539> get<00:19:18.763> a<00:19:18.779> little<00:19:19.004> stuck<00:19:19.357> in<00:19:19.485> the<00:19:19.645> VC<00:19:20.928> and<00:19:21.024> taking<00:19:21.345> money<00:19:21.569> for<00:19:21.746> equity.

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But<00:19:22.291> if<00:19:22.387> you<00:19:22.467> can<00:19:22.627> pull<00:19:22.932> off<00:19:23.028> the<00:19:23.189> debt<00:19:23.493> thing,<00:19:24.311> you're<00:19:24.423> not<00:19:24.632> giving<00:19:24.872> up<00:19:25.016> the<00:19:25.177> equity.

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Yeah.

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Now<00:19:26.556> it<00:19:26.700> cuts<00:19:26.957> both<00:19:27.261> ways.

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Yeah,<00:19:28.335> of<00:19:28.400> course.

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Yeah,<00:19:28.784> of<00:19:28.945> course.

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If<00:19:29.843> things<00:19:30.084> don't<00:19:30.309> go<00:19:30.470> well,<00:19:31.032> that's<00:19:31.272> the<00:19:31.353> challenge<00:19:32.493> with<00:19:32.734> debt,<00:19:33.761> but<00:19:34.098> it<00:19:34.500> all<00:19:34.725> comes<00:19:34.965> down<00:19:35.142> to<00:19:35.222> relationship.

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So<00:19:37.454> I<00:19:38.915> would<00:19:39.076> say<00:19:40.039> you<00:19:40.200> wouldn't<00:19:40.505> fund<00:19:41.308> a<00:19:41.404> venture-backed<00:19:41.966> business<00:19:42.287> through<00:19:42.448> a<00:19:42.512> traditional<00:19:43.010> bank<00:19:43.652> because<00:19:44.037> they<00:19:44.134> have<00:19:44.599> no<00:19:44.712> flexibility.

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So<00:19:46.125> if<00:19:46.221> you're<00:19:46.350> in<00:19:46.398> the<00:19:46.526> debt<00:19:46.703> space,<00:19:47.024> it's<00:19:47.184> going<00:19:47.281> to<00:19:47.329> be<00:19:47.490> venture<00:19:47.827> debt<00:19:48.164> or<00:19:48.292> private<00:19:48.613> credit.

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And<00:19:50.332> that's<00:19:50.781> where<00:19:50.877> a<00:19:51.600> ton<00:19:51.841> of<00:19:51.921> growth<00:19:52.242> is<00:19:52.387> happening.

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I<00:19:52.901> mean,<00:19:53.206> private<00:19:53.511> credit's<00:19:53.848> growing<00:19:54.073> like<00:19:54.233> crazy.

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And<00:19:55.597> you<00:19:55.693> can<00:19:55.934> deal<00:19:56.190> with<00:19:56.398> people<00:19:56.799> that<00:19:56.992> are,<00:19:57.777> that<00:19:58.082> really<00:19:58.402> understand<00:19:59.701> that<00:19:59.941> there's<00:20:00.326> ups<00:20:00.502> and<00:20:00.582> downs<00:20:00.919> in<00:20:00.999> a<00:20:01.063> business<00:20:01.544> and<00:20:01.624> that<00:20:01.704> can<00:20:01.929> work<00:20:02.169> with<00:20:02.330> you.

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And<00:20:03.211> I<00:20:03.243> think<00:20:03.468> if<00:20:03.532> you<00:20:03.612> have<00:20:03.788> great<00:20:04.013> relationships,<00:20:04.830> if<00:20:04.975> you<00:20:05.071> do<00:20:05.231> what<00:20:05.391> you<00:20:05.536> say<00:20:05.712> you're<00:20:05.952> going<00:20:06.049> to<00:20:06.113> do,<00:20:06.930> if<00:20:07.058> you're<00:20:07.219> a<00:20:07.235> trusted<00:20:07.716> partner,<00:20:08.581> you<00:20:08.677> can<00:20:08.902> get<00:20:09.078> all<00:20:09.222> the<00:20:09.319> flexibility<00:20:09.880> you<00:20:10.040> need.

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Yeah.

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How<00:20:11.948> are<00:20:12.108> you<00:20:12.140> thinking<00:20:12.525> about<00:20:12.669> the<00:20:12.749> market<00:20:13.150> currently?

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How's<00:20:13.887> it<00:20:14.032> looking?

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How<00:20:14.769> is<00:20:14.865> it<00:20:14.945> affecting<00:20:15.891> Landings<00:20:16.372> business?

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Obviously,<00:20:17.398> you<00:20:17.478> know,<00:20:18.039> first<00:20:18.360> half<00:20:18.552> of<00:20:18.600> this<00:20:18.841> year,<00:20:19.241> a<00:20:19.257> lot<00:20:19.498> of,<00:20:20.123> uh,<00:20:20.604> you<00:20:20.684> know,<00:20:20.860> kind<00:20:21.101> of<00:20:22.143> uncertainty,<00:20:23.105> let's<00:20:23.329> say,<00:20:23.746> given<00:20:24.147> the<00:20:24.291> tariffs<00:20:24.852> and<00:20:24.932> all<00:20:25.092> of<00:20:25.172> the<00:20:25.285> new<00:20:25.750> administration,<00:20:26.391> all<00:20:26.455> that<00:20:26.551> type<00:20:26.631> of<00:20:26.727> stuff.

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Seems<00:20:27.577> like<00:20:27.673> we're<00:20:27.898> a<00:20:27.978> little<00:20:28.138> bit<00:20:28.298> more<00:20:28.475> certain<00:20:28.875> now<00:20:29.276> in<00:20:29.356> the<00:20:29.436> back<00:20:29.677> half<00:20:29.933> of<00:20:29.982> this<00:20:30.158> year,<00:20:30.318> but<00:20:30.478> how<00:20:30.639> are<00:20:30.783> you<00:20:30.911> looking<00:20:31.184> at<00:20:31.280> it?

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Well,<00:20:32.947> um,<00:20:33.829> I<00:20:33.941> would<00:20:34.085> tell—<00:20:34.326> I<00:20:34.422> was<00:20:34.710> thinking<00:20:34.903> about<00:20:35.127> this<00:20:35.592> this<00:20:35.913> morning,<00:20:36.794> and<00:20:37.355> I<00:20:37.532> was,<00:20:38.013> I<00:20:38.077> was<00:20:38.237> thinking<00:20:38.494> back<00:20:38.750> to<00:20:38.958> 2008<00:20:40.497> and<00:20:40.577> 2009.

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So<00:20:42.886> I<00:20:42.966> had<00:20:43.126> my<00:20:43.222> first<00:20:43.623> business<00:20:44.008> during<00:20:44.248> that<00:20:44.425> time.

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I<00:20:45.002> was<00:20:45.146> in<00:20:45.226> my<00:20:45.403> early<00:20:45.691> 20s,<00:20:46.893> and<00:20:47.070> I<00:20:47.150> was<00:20:47.310> thinking<00:20:47.486> about<00:20:47.647> it<00:20:47.791> because<00:20:48.031> I<00:20:48.112> was<00:20:48.336> reading<00:20:48.593> Last<00:20:48.913> Man<00:20:49.089> Standing<00:20:49.699> about<00:20:50.019> all<00:20:50.276> this<00:20:50.500> stuff,<00:20:50.981> you<00:20:51.077> know,<00:20:51.141> during<00:20:51.382> the<00:20:51.462> Great<00:20:51.702> Recession<00:20:52.183> and<00:20:52.664> everything<00:20:52.824> that<00:20:52.969> was<00:20:53.161> going<00:20:54.354> And<00:20:55.242> I<00:20:55.403> don't<00:20:55.726> even<00:20:55.968> remember<00:20:56.387> being<00:20:56.775> worried<00:20:57.097> about<00:20:57.372> it<00:20:57.598> back<00:20:57.840> then.

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Like<00:20:58.550> I<00:20:58.743> didn't<00:20:59.437> really<00:20:59.776> think<00:21:00.099> about<00:21:00.406> what<00:21:00.567> was<00:21:00.664> going<00:21:01.051> on<00:21:01.229> in<00:21:01.293> the<00:21:01.358> market.

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And<00:21:02.584> I<00:21:02.600> think<00:21:02.762> that's<00:21:03.003> because<00:21:03.951> even<00:21:04.127> at<00:21:04.690> the<00:21:04.786> scale<00:21:05.172> I'm<00:21:05.396> at<00:21:05.573> with<00:21:05.798> Landing<00:21:06.232> today<00:21:07.164> is<00:21:08.851> you<00:21:09.011> kind<00:21:09.252> of<00:21:09.349> have<00:21:09.574> to<00:21:09.654> operate<00:21:10.216> your<00:21:10.313> business<00:21:10.714> through<00:21:11.020> all<00:21:11.694> cycles<00:21:12.321> of<00:21:12.450> the<00:21:12.482> market.

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So<00:21:13.857> I<00:21:13.938> try<00:21:14.100> not<00:21:14.262> to<00:21:14.327> get<00:21:14.570> too<00:21:14.812> hung<00:21:15.055> up<00:21:15.460> on<00:21:15.719> what's<00:21:15.961> going<00:21:16.269> on<00:21:16.528> day<00:21:16.690> to<00:21:16.770> day<00:21:17.094> because<00:21:17.644> A,<00:21:17.725> I<00:21:17.742> can't<00:21:17.984> control<00:21:18.454> it<00:21:18.632> and<00:21:18.793> B,<00:21:18.955> I<00:21:19.036> just<00:21:19.133> have<00:21:19.279> to<00:21:19.425> focus<00:21:19.684> on<00:21:19.829> execution<00:21:20.396> and<00:21:20.557> what<00:21:20.655> I<00:21:20.735> can<00:21:20.978> control.

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I<00:21:22.679> will<00:21:22.775> say<00:21:23.096> though,<00:21:24.058> today<00:21:24.459> compared<00:21:24.972> to<00:21:26.047> 2022,<00:21:27.009> which<00:21:27.186> was<00:21:27.410> an<00:21:27.651> awful<00:21:28.068> year<00:21:28.565> for<00:21:28.870> tech,<00:21:29.656> I<00:21:29.832> remember<00:21:30.169> starting<00:21:30.618> the<00:21:30.778> year,<00:21:31.336> I<00:21:31.356> mean,<00:21:31.500> '21<00:21:32.078> was<00:21:32.318> crazy.

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I<00:21:32.783> had<00:21:32.960> two<00:21:33.200> friends<00:21:33.665> that<00:21:33.842> took<00:21:34.002> their<00:21:34.163> companies<00:21:34.628> public.

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I<00:21:35.125> was<00:21:35.269> at<00:21:35.366> their<00:21:35.510> IPO<00:21:36.007> parties.

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It<00:21:37.130> was<00:21:37.595> awesome.

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And<00:21:38.076> then<00:21:38.317> we<00:21:38.413> started<00:21:38.750> 2022<00:21:39.680> and<00:21:39.744> it<00:21:39.776> was<00:21:39.840> like<00:21:40.097> every<00:21:40.418> day<00:21:41.300> the<00:21:41.380> market<00:21:41.701> was<00:21:41.861> down<00:21:42.278> for,<00:21:42.439> it<00:21:42.647> felt<00:21:42.808> like<00:21:42.904> the<00:21:42.984> first<00:21:43.241> 6<00:21:43.465> months<00:21:43.930> and<00:21:44.732> tech<00:21:44.973> was<00:21:45.213> out.

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And<00:21:45.951> I<00:21:45.967> definitely<00:21:46.352> think<00:21:46.593> we<00:21:46.689> are<00:21:46.913> back<00:21:47.218> in<00:21:47.379> boom<00:21:47.635> times.

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I<00:21:48.052> mean,<00:21:48.357> there<00:21:48.517> is<00:21:48.742> a<00:21:48.838> lot<00:21:49.063> of<00:21:49.159> capital<00:21:49.480> out<00:21:49.800> there.

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I<00:21:50.768> think<00:21:51.011> people<00:21:51.238> are<00:21:51.400> optimistic<00:21:52.470> about<00:21:52.713> the<00:21:52.875> future.

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Outside<00:21:55.650> of<00:21:55.812> AI<00:21:56.232> though,<00:21:56.734> it's<00:21:57.041> not<00:21:57.284> like<00:21:57.510> it<00:21:57.607> was.

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I<00:21:58.076> mean,<00:21:58.820> businesses,<00:21:59.710> if<00:21:59.791> you're<00:21:59.952> not<00:22:00.421> an<00:22:00.599> AI-driven<00:22:01.408> business<00:22:01.893> or<00:22:02.055> in<00:22:02.136> the<00:22:02.767> AI<00:22:02.880> space,<00:22:03.413> I<00:22:03.430> think<00:22:03.672> it's<00:22:03.769> a<00:22:03.786> little<00:22:04.077> more<00:22:04.238> measured<00:22:04.562> because<00:22:04.820> so<00:22:04.965> many<00:22:05.110> people<00:22:05.287> are<00:22:05.512> focusing<00:22:05.851> capital<00:22:06.222> on<00:22:06.334> AI.

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That<00:22:07.527> will<00:22:07.607> probably<00:22:07.946> come<00:22:08.187> back<00:22:09.154> and<00:22:09.235> kind<00:22:09.396> of<00:22:09.460> revert<00:22:10.121> a<00:22:10.202> bit.

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But<00:22:11.555> I'm<00:22:12.055> optimistic<00:22:12.699> about<00:22:13.022> where<00:22:14.894> we're<00:22:15.382> headed,<00:22:15.854> and<00:22:15.951> I<00:22:16.114> think<00:22:16.277> the<00:22:16.358> economy<00:22:16.928> and<00:22:17.172> the<00:22:17.253> markets<00:22:17.660> are<00:22:17.725> always<00:22:18.051> going<00:22:18.165> to<00:22:18.213> be<00:22:18.376> all<00:22:18.409> over<00:22:18.620> the<00:22:18.702> place.

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Yeah.

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Oh<00:22:19.974> yeah,<00:22:20.214> for<00:22:20.359> sure.

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Do<00:22:21.080> you<00:22:21.161> think<00:22:21.401> AI<00:22:21.658> is<00:22:21.754> a<00:22:21.818> bubble?

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I<00:22:22.636> mean,<00:22:22.781> yeah,<00:22:23.005> and<00:22:23.102> I<00:22:23.182> asked<00:22:23.422> that<00:22:23.535> because<00:22:23.968> on<00:22:24.064> the<00:22:24.144> heels<00:22:24.529> of<00:22:24.642> Sam<00:22:24.946> Altman,<00:22:25.347> like,<00:22:25.524> I<00:22:25.572> don't<00:22:25.829> know<00:22:25.925> if<00:22:26.069> it<00:22:26.133> was<00:22:26.230> last<00:22:26.470> week,<00:22:26.775> him<00:22:26.887> saying<00:22:27.256> it<00:22:27.336> was,<00:22:28.074> we<00:22:28.203> might<00:22:28.395> be<00:22:28.491> in<00:22:28.620> a<00:22:28.636> bubble<00:22:29.021> here.

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And,<00:22:29.999> you<00:22:30.063> know,<00:22:30.224> he<00:22:30.320> may<00:22:30.545> have<00:22:30.801> alternative<00:22:31.282> motives<00:22:31.667> for<00:22:31.764> saying<00:22:32.004> that,<00:22:32.245> but<00:22:32.951> what<00:22:32.999> do<00:22:33.191> you<00:22:33.304> think<00:22:34.074> about<00:22:34.555> AI<00:22:34.972> and<00:22:35.116> how<00:22:35.293> bubbly<00:22:35.694> it<00:22:35.838> is?

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From<00:22:36.816> the<00:22:36.961> outside,<00:22:37.554> it<00:22:37.843> looks<00:22:38.661> pretty<00:22:39.126> wild.

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It<00:22:40.265> kind<00:22:40.490> of<00:22:40.522> reminds<00:22:41.051> me<00:22:41.532> of<00:22:42.671> during<00:22:42.912> the<00:22:43.056> first<00:22:43.313> dot-com<00:22:44.115> boom<00:22:44.757> when<00:22:45.158> everybody<00:22:45.479> was<00:22:45.639> building<00:22:45.960> fiber.

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I<00:22:47.276> don't<00:22:47.421> know<00:22:47.501> if<00:22:47.630> you<00:22:47.726> remember<00:22:47.951> those<00:22:48.192> days,<00:22:48.530> but<00:22:48.610> people<00:22:48.932> were<00:22:49.157> building<00:22:49.430> fiber<00:22:49.832> networks<00:22:50.442> all<00:22:50.555> over<00:22:50.780> the<00:22:50.860> country<00:22:51.423> and<00:22:51.583> then<00:22:52.612> it<00:22:53.255> all<00:22:53.496> kind<00:22:53.672> of<00:22:54.138> fell<00:22:54.315> apart<00:22:54.813> and<00:22:54.942> then<00:22:55.038> people<00:22:55.296> were<00:22:55.424> buying<00:22:55.730> dark<00:22:56.007> fiber<00:22:56.808> and<00:22:57.379> it<00:22:57.461> all<00:22:57.624> turned<00:22:57.951> out<00:22:58.457> 10<00:22:58.686> years<00:22:58.947> later,<00:22:59.274> it<00:22:59.421> worked<00:22:59.748> out.

00:23:01.530 --> 00:23:05.155
But<00:23:01.787> anytime<00:23:02.190> you<00:23:02.271> have<00:23:02.448> this<00:23:02.609> much<00:23:02.915> growth,<00:23:03.817> there's<00:23:04.462> going<00:23:04.542> to<00:23:04.623> be<00:23:04.784> issues.

00:23:05.267 --> 00:23:07.249
I<00:23:05.283> mean,<00:23:05.428> I<00:23:05.509> think<00:23:05.735> a<00:23:05.751> lot<00:23:05.976> of<00:23:06.008> these<00:23:06.170> companies<00:23:06.621> are<00:23:06.653> going<00:23:06.782> to<00:23:06.878> be<00:23:06.959> zeros.

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And<00:23:09.668> if<00:23:09.816> you<00:23:09.980> kind<00:23:10.161> of<00:23:10.309> look<00:23:10.489> at<00:23:10.637> the<00:23:10.801> trend,<00:23:11.211> I<00:23:11.310> think<00:23:12.032> the<00:23:12.956> AI<00:23:13.309> itself<00:23:13.934> is<00:23:14.158> definitely<00:23:14.575> going<00:23:14.815> to<00:23:14.960> be<00:23:15.120> here<00:23:15.681> and<00:23:16.098> continue<00:23:16.579> to<00:23:16.659> grow<00:23:16.819> like<00:23:17.059> crazy,<00:23:17.620> but<00:23:17.845> the<00:23:17.941> amount<00:23:18.261> of<00:23:18.342> capital<00:23:18.822> that's<00:23:19.047> just<00:23:19.303> flooding<00:23:19.768> in,<00:23:20.025> I<00:23:20.041> mean,<00:23:20.585> there's<00:23:20.826> going<00:23:20.906> to<00:23:20.986> be<00:23:21.146> a<00:23:21.162> lot<00:23:21.387> of<00:23:21.419> zeros.

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You<00:23:22.893> just<00:23:23.374> don't<00:23:23.535> know<00:23:23.631> when<00:23:23.791> that's<00:23:23.951> going<00:23:24.048> to<00:23:24.096> happen.

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Yeah,<00:23:25.234> it's<00:23:25.394> starting<00:23:25.779> to<00:23:25.811> feel<00:23:26.035> a<00:23:26.115> little<00:23:26.339> bit<00:23:26.500> like<00:23:26.676> that<00:23:26.836> blockchain<00:23:27.798> bubble.

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Remember<00:23:28.263> when<00:23:28.375> everybody<00:23:28.824> was<00:23:28.936> a<00:23:29.064> Web3<00:23:29.705> company<00:23:30.122> or<00:23:30.282> a<00:23:30.362> blockchain<00:23:31.084> company?

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I<00:23:31.484> mean,<00:23:31.629> this<00:23:31.741> is<00:23:31.949> recent<00:23:32.270> history,<00:23:32.590> like<00:23:32.767> 3<00:23:32.927> years<00:23:33.167> ago,<00:23:33.344> 4<00:23:33.552> years<00:23:33.744> ago.

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And<00:23:35.475> almost<00:23:35.956> all<00:23:36.036> of<00:23:36.133> those<00:23:36.293> companies,<00:23:36.677> they're<00:23:36.790> zero<00:23:37.110> now.

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But<00:23:38.841> yeah,<00:23:39.114> you<00:23:39.242> look<00:23:39.498> at<00:23:39.723> crypto<00:23:40.220> and<00:23:40.332> now<00:23:40.540> crypto<00:23:40.925> is<00:23:41.005> like,<00:23:41.663> It's<00:23:41.904> back,<00:23:42.306> but<00:23:42.466> it's<00:23:42.627> more<00:23:42.868> real<00:23:43.221> now.

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It's<00:23:44.876> a<00:23:44.957> real<00:23:45.181> tech.

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It's<00:23:45.680> a<00:23:45.760> real<00:23:45.921> technology.

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Yeah,<00:23:47.190> yeah,<00:23:47.463> of<00:23:47.607> course.

00:23:47.848 --> 00:23:52.154
Like<00:23:48.025> the<00:23:48.170> winners,<00:23:48.571> like<00:23:48.716> the<00:23:48.812> Coinbases<00:23:49.311> of<00:23:49.519> the<00:23:49.616> world<00:23:50.660> are<00:23:50.821> true<00:23:51.544> real<00:23:51.785> companies.

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Yep.

00:23:53.054 --> 00:24:06.357
And<00:23:53.150> people<00:23:54.275> really<00:23:54.661> are,<00:23:55.159> particularly<00:23:55.560> for<00:23:55.785> Bitcoin,<00:23:57.151> I<00:23:57.569> think<00:23:57.729> people<00:23:58.051> view<00:23:58.308> it<00:23:58.436> as<00:23:58.533> a<00:23:58.613> true<00:23:59.031> store<00:23:59.400> of<00:23:59.448> value<00:23:59.898> now<00:24:00.219> and<00:24:00.380> it<00:24:00.541> needed<00:24:00.846> to<00:24:00.942> go<00:24:01.119> through<00:24:01.665> kind<00:24:01.890> of<00:24:01.987> all<00:24:02.212> these<00:24:02.453> phases<00:24:02.951> and<00:24:03.095> it'll<00:24:03.256> still<00:24:03.513> have<00:24:03.834> those,<00:24:04.236> but<00:24:04.959> I<00:24:05.039> think<00:24:05.264> people,<00:24:05.843> it's<00:24:06.084> real.

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People<00:24:06.807> understand<00:24:07.353> it<00:24:07.514> more.

00:24:08.477 --> 00:24:10.115
I<00:24:08.879> think<00:24:09.119> AI<00:24:09.521> will<00:24:09.601> go<00:24:09.713> through<00:24:09.954> that.

00:24:10.179 --> 00:24:12.844
I<00:24:10.259> think<00:24:10.484> AI<00:24:10.821> will<00:24:11.126> have<00:24:11.287> some<00:24:11.624> type<00:24:12.089> of<00:24:12.250> crash.

00:24:13.855 --> 00:24:16.697
It<00:24:14.112> happens<00:24:14.514> in<00:24:15.782> every<00:24:16.039> major<00:24:16.424> change.

00:24:16.761 --> 00:24:18.463
It<00:24:16.857> happened<00:24:17.243> with<00:24:17.387> the<00:24:17.484> dot-com<00:24:18.190> boom.

00:24:18.527 --> 00:24:19.827
It<00:24:18.688> happened<00:24:19.089> with<00:24:19.314> crypto.

00:24:20.437 --> 00:24:29.283
It<00:24:20.518> kind<00:24:20.678> of<00:24:20.710> happens<00:24:21.080> with<00:24:21.320> every<00:24:21.979> new<00:24:22.621> business,<00:24:23.183> but<00:24:24.146> the<00:24:24.788> use<00:24:25.013> cases<00:24:25.414> aren't<00:24:25.575> going<00:24:25.816> away,<00:24:26.233> and<00:24:26.377> then<00:24:26.538> it'll<00:24:26.779> kind<00:24:27.020> of—<00:24:27.100> you'll<00:24:27.260> see<00:24:27.453> who<00:24:27.582> your<00:24:27.678> big<00:24:27.903> winners<00:24:28.240> are,<00:24:28.481> and<00:24:28.529> it'll<00:24:28.641> be<00:24:28.786> mainstream.

00:24:29.765 --> 00:24:30.022
Yeah.

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How<00:24:30.648> do<00:24:30.792> you<00:24:30.889> think<00:24:31.146> about<00:24:31.675> consistency?

00:24:32.639 --> 00:24:38.048
That's<00:24:32.799> what<00:24:32.895> I'm<00:24:33.040> really<00:24:33.216> interested<00:24:33.634> in<00:24:33.762> with<00:24:33.939> Landaq<00:24:34.099> because<00:24:34.356> like<00:24:34.501> you<00:24:34.581> said,<00:24:34.742> like<00:24:34.918> if<00:24:34.982> you<00:24:35.127> go<00:24:35.207> to<00:24:35.287> an<00:24:35.368> Airbnb<00:24:35.769> or<00:24:36.010> VRBO,<00:24:37.214> you<00:24:37.310> get<00:24:37.407> like<00:24:37.712> book.

00:24:38.818 --> 00:24:45.409
You<00:24:38.978> walk<00:24:39.299> in,<00:24:40.101> you<00:24:40.181> get<00:24:40.277> a<00:24:40.438> book,<00:24:40.839> and<00:24:40.919> every<00:24:41.464> rule<00:24:41.801> is<00:24:42.025> different<00:24:42.346> and<00:24:42.442> everything<00:24:42.763> you<00:24:42.827> have<00:24:42.939> to<00:24:43.084> do<00:24:43.404> is<00:24:43.565> different,<00:24:44.110> and<00:24:44.367> it's<00:24:44.607> wild,<00:24:45.072> right?

00:24:46.275 --> 00:24:53.556
Um,<00:24:47.398> and<00:24:47.478> like<00:24:47.654> one<00:24:47.814> of<00:24:47.847> the<00:24:47.959> huge<00:24:48.135> downsides<00:24:48.616> actually<00:24:49.017> compared<00:24:49.418> to<00:24:49.498> like<00:24:49.723> going<00:24:49.979> to<00:24:50.140> a<00:24:50.220> hotel<00:24:50.861> where<00:24:51.166> every—<00:24:51.567> you<00:24:51.599> know,<00:24:51.824> it's<00:24:52.048> like<00:24:52.385> obvious<00:24:52.786> what<00:24:52.930> you're<00:24:53.026> going<00:24:53.123> to<00:24:53.187> be<00:24:53.347> getting.

00:24:54.373 --> 00:24:59.569
How<00:24:54.550> do<00:24:54.694> you<00:24:54.870> make<00:24:55.496> a<00:24:55.897> landing<00:24:56.394> and<00:24:56.458> that<00:24:56.618> experience<00:24:57.420> consistent<00:24:58.398> through<00:24:58.623> all<00:24:58.799> of<00:24:58.880> your<00:24:59.040> properties?

00:24:59.922 --> 00:25:03.386
Well,<00:25:00.708> uh,<00:25:00.868> I<00:25:01.028> hate<00:25:01.269> the<00:25:01.365> book<00:25:01.622> too,<00:25:02.231> um,<00:25:02.808> and<00:25:02.889> I<00:25:02.969> travel.

00:25:03.434 --> 00:25:10.164
I<00:25:03.530> stay<00:25:03.771> in<00:25:04.332> You<00:25:04.428> know,<00:25:04.572> particularly<00:25:04.957> if<00:25:05.053> I'm<00:25:05.197> taking<00:25:06.078> a<00:25:06.094> family<00:25:06.495> vacation,<00:25:07.216> you<00:25:07.312> know,<00:25:07.761> I've<00:25:07.921> rented<00:25:08.161> a<00:25:08.241> house<00:25:08.738> and<00:25:09.123> done<00:25:09.235> that<00:25:09.395> kind<00:25:09.603> of<00:25:09.635> stuff.

00:25:10.725 --> 00:25:11.750
And<00:25:11.045> I<00:25:11.061> hate<00:25:11.382> the<00:25:11.462> book.

00:25:12.087 --> 00:25:14.426
I<00:25:12.423> don't<00:25:12.583> want<00:25:12.712> to<00:25:12.808> read<00:25:13.689> all<00:25:13.865> that<00:25:14.026> information.

00:25:14.602 --> 00:25:18.848
I<00:25:14.618> don't<00:25:14.811> think<00:25:14.987> anybody<00:25:15.387> really<00:25:15.708> does<00:25:16.413> all<00:25:16.525> the—<00:25:16.894> all<00:25:16.990> these<00:25:17.214> rules,<00:25:18.015> all<00:25:18.111> this<00:25:18.272> kind<00:25:18.432> of<00:25:18.464> stuff.

00:25:19.377 --> 00:25:21.765
So<00:25:19.553> for<00:25:19.714> Lanning,<00:25:20.034> we've<00:25:20.178> just<00:25:20.338> tried<00:25:20.531> to<00:25:20.595> keep<00:25:20.771> it<00:25:20.899> super<00:25:21.316> simple.

00:25:22.582 --> 00:25:25.145
We<00:25:22.662> start<00:25:23.383> at—<00:25:23.944> with<00:25:24.024> the<00:25:24.184> booking<00:25:24.520> process.

00:25:25.241 --> 00:25:27.437
We<00:25:25.338> make<00:25:25.546> it<00:25:25.626> super<00:25:25.978> easy<00:25:26.283> for<00:25:26.427> people<00:25:26.635> to<00:25:26.764> book<00:25:27.004> with<00:25:27.148> us.

00:25:28.366 --> 00:25:30.785
When<00:25:28.510> I<00:25:28.526> started<00:25:28.847> the<00:25:28.927> business,<00:25:29.247> we<00:25:29.343> talked<00:25:29.648> a<00:25:29.712> lot<00:25:29.872> about<00:25:30.128> membership.

00:25:30.849 --> 00:25:32.099
We<00:25:30.994> had<00:25:31.090> a<00:25:31.170> membership<00:25:31.795> model.

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We've<00:25:33.157> thrown<00:25:33.478> all<00:25:33.654> that<00:25:33.879> out.

00:25:34.200 --> 00:25:37.022
You<00:25:34.280> can<00:25:34.360> still<00:25:34.616> be<00:25:34.697> a<00:25:34.777> member<00:25:35.017> of<00:25:35.178> Landing,<00:25:35.643> but<00:25:35.819> it's<00:25:36.060> very<00:25:36.364> approachable<00:25:36.877> now.

00:25:37.102 --> 00:25:39.684
I<00:25:37.182> mean,<00:25:37.342> you<00:25:37.423> could<00:25:37.567> just<00:25:37.695> stay<00:25:37.888> with<00:25:38.000> us<00:25:38.144> for<00:25:38.224> a<00:25:38.305> couple<00:25:38.609> nights<00:25:39.026> and<00:25:39.074> it's<00:25:39.267> very<00:25:39.571> easy.

00:25:39.748 --> 00:25:42.329
It's<00:25:39.972> just<00:25:40.165> as<00:25:40.309> easy<00:25:40.533> as<00:25:40.630> booking<00:25:40.934> a<00:25:40.950> hotel,<00:25:41.431> or<00:25:41.672> if<00:25:41.752> not<00:25:41.928> easier.

00:25:42.875 --> 00:25:45.488
And<00:25:42.955> then<00:25:43.099> when<00:25:43.179> you<00:25:43.275> check<00:25:43.660> in,<00:25:43.981> we<00:25:44.077> try<00:25:44.238> to<00:25:44.286> have<00:25:44.478> consistency<00:25:45.119> everywhere.

00:25:45.617 --> 00:25:48.182
So<00:25:45.841> we<00:25:46.066> use<00:25:46.322> the<00:25:46.386> same<00:25:46.723> electronic<00:25:47.268> lock<00:25:47.605> on<00:25:47.685> every<00:25:47.926> door.

00:25:48.631 --> 00:25:54.580
You<00:25:48.888> just<00:25:49.032> grab<00:25:49.353> the<00:25:49.385> phone<00:25:50.090> and<00:25:50.235> it<00:25:50.411> unlocks<00:25:50.812> the<00:25:50.956> front<00:25:51.213> door,<00:25:52.255> which<00:25:52.496> we<00:25:52.576> have<00:25:52.800> that<00:25:53.698> very<00:25:53.939> consistent.

00:25:55.206 --> 00:25:58.172
Um,<00:25:55.703> and<00:25:55.783> then<00:25:56.344> we<00:25:56.456> don't<00:25:56.649> really<00:25:56.889> have<00:25:57.370> anything<00:25:57.611> you<00:25:57.691> have<00:25:57.932> to<00:25:58.028> do.

00:25:58.348 --> 00:26:01.283
So<00:25:58.669> when<00:25:58.829> you<00:25:58.974> check<00:25:59.375> out<00:25:59.856> there's<00:26:00.674> nothing<00:26:00.978> to<00:26:01.058> do.

00:26:01.395 --> 00:26:04.490
You<00:26:01.491> can<00:26:01.636> leave<00:26:01.860> the<00:26:01.956> trash<00:26:02.357> in<00:26:02.437> the<00:26:02.502> trash<00:26:02.838> can,<00:26:03.223> the<00:26:03.303> sheets<00:26:03.704> on<00:26:03.865> the<00:26:03.961> bed.

00:26:04.682 --> 00:26:07.441
I<00:26:04.747> mean,<00:26:05.164> you<00:26:05.244> just<00:26:05.629> walk<00:26:05.949> out<00:26:06.158> just<00:26:06.511> like<00:26:06.671> you<00:26:06.767> would<00:26:06.927> of<00:26:07.008> a<00:26:07.088> hotel.

00:26:07.954 --> 00:26:09.830
And<00:26:08.371> that's<00:26:08.611> what<00:26:08.691> people<00:26:09.156> want,<00:26:09.718> you<00:26:09.750> know.

00:26:09.894 --> 00:26:12.732
People<00:26:10.167> don't<00:26:10.359> want<00:26:10.439> to<00:26:10.471> think,<00:26:10.920> oh,<00:26:11.081> what<00:26:11.193> does<00:26:11.337> this<00:26:11.562> host<00:26:12.444> need?

00:26:12.780 --> 00:26:15.875
And<00:26:12.925> if<00:26:13.021> I<00:26:13.101> don't<00:26:13.422> do<00:26:13.582> this<00:26:13.823> thing<00:26:14.063> exactly<00:26:14.528> right,<00:26:14.785> am<00:26:14.881> I<00:26:14.945> going<00:26:15.042> to<00:26:15.106> get<00:26:15.266> a<00:26:15.282> low<00:26:15.571> rating?

00:26:16.549 --> 00:26:18.088
With<00:26:16.693> us,<00:26:16.934> you<00:26:16.966> just<00:26:17.110> don't<00:26:17.238> have<00:26:17.287> to<00:26:17.415> worry<00:26:17.575> about<00:26:17.768> any<00:26:17.928> of<00:26:17.976> that.

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It's<00:26:18.377> super<00:26:18.730> easy.

00:26:19.740 --> 00:26:20.365
I<00:26:19.916> love<00:26:20.237> it.

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Uh,<00:26:21.199> finally,<00:26:21.664> we<00:26:21.841> end<00:26:21.985> every<00:26:22.226> interview<00:26:22.498> with<00:26:22.626> the<00:26:22.707> same<00:26:22.947> question,<00:26:23.284> and<00:26:23.428> that<00:26:23.621> is,<00:26:23.765> at<00:26:23.845> CEO.com,<00:26:24.727> we<00:26:24.887> believe<00:26:25.192> the<00:26:25.288> chances<00:26:25.753> one<00:26:26.074> gives<00:26:27.197> is<00:26:27.293> just<00:26:27.534> as<00:26:27.614> important<00:26:27.952> as<00:26:28.080> the<00:26:28.176> chances<00:26:28.562> one<00:26:28.738> takes.

00:26:29.766 --> 00:26:32.832
When<00:26:30.006> you<00:26:30.247> hear<00:26:30.488> that,<00:26:30.889> who<00:26:31.066> gave<00:26:31.242> you<00:26:31.387> a<00:26:31.451> chance<00:26:31.772> to<00:26:31.868> get<00:26:32.013> you<00:26:32.109> to<00:26:32.173> where<00:26:32.350> you<00:26:32.511> are<00:26:32.671> today?

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Well,<00:26:34.260> um,<00:26:35.304> a<00:26:35.320> lot<00:26:35.737> of<00:26:35.801> people.

00:26:36.668 --> 00:26:42.319
Uh,<00:26:37.230> I<00:26:37.326> would,<00:26:37.728> I'd<00:26:38.129> start<00:26:38.450> by<00:26:38.611> saying<00:26:38.916> my<00:26:39.012> parents,<00:26:40.280> you<00:26:40.376> know,<00:26:40.457> I<00:26:40.762> have<00:26:41.339> amazing<00:26:41.821> parents.

00:26:42.383 --> 00:26:54.085
My<00:26:42.624> dad,<00:26:43.507> I<00:26:43.619> don't<00:26:43.988> think<00:26:44.149> he<00:26:44.293> even<00:26:44.470> knew<00:26:44.694> what<00:26:44.775> he<00:26:44.855> was<00:26:45.032> doing,<00:26:45.433> but<00:26:45.674> allowing<00:26:46.139> me<00:26:46.236> to<00:26:46.460> go<00:26:46.573> to<00:26:46.781> work<00:26:47.038> with<00:26:47.183> him<00:26:47.536> and<00:26:48.627> I<00:26:49.189> answer<00:26:49.767> the<00:26:49.928> thousand<00:26:50.313> questions<00:26:50.730> that<00:26:50.843> I<00:26:50.891> always<00:26:51.356> asked<00:26:51.693> about<00:26:51.998> his<00:26:52.239> business<00:26:52.657> and<00:26:52.721> how<00:26:52.833> he<00:26:52.978> did<00:26:53.122> stuff<00:26:53.443> was<00:26:53.604> hugely<00:26:53.877> helpful.

00:26:54.827 --> 00:26:58.314
And<00:26:54.892> then<00:26:54.989> I<00:26:55.053> had<00:26:55.166> a<00:26:55.231> mom<00:26:55.715> that<00:26:55.941> was<00:26:56.022> just<00:26:56.280> incredibly<00:26:56.861> empathetic<00:26:57.507> and<00:26:57.636> supportive.

00:26:58.362 --> 00:27:01.865
And,<00:26:58.766> you<00:26:58.863> know,<00:26:58.960> she<00:26:59.250> always<00:26:59.508> told<00:26:59.686> me<00:26:59.815> like,<00:27:00.057> you're<00:27:00.235> gonna<00:27:00.396> be<00:27:00.558> successful<00:27:01.139> no<00:27:01.219> matter<00:27:01.591> what.

00:27:03.210 --> 00:27:10.830
The<00:27:03.242> counselor<00:27:04.031> at<00:27:04.128> my<00:27:04.273> high<00:27:04.450> school<00:27:05.175> that<00:27:06.705> when<00:27:06.850> I<00:27:07.269> said<00:27:07.495> I<00:27:07.575> wanted<00:27:07.833> to<00:27:07.898> drop<00:27:08.300> out,<00:27:08.558> told<00:27:08.800> my<00:27:09.202> parents,<00:27:09.750> hey,<00:27:09.992> we're<00:27:10.121> not<00:27:10.250> worried<00:27:10.427> about<00:27:10.733> Bill.

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He's<00:27:11.055> gonna<00:27:11.216> be<00:27:11.361> just<00:27:11.603> fine.

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And<00:27:13.491> then<00:27:13.752> all<00:27:13.915> the<00:27:14.013> people<00:27:14.306> along<00:27:14.567> the<00:27:14.649> way,<00:27:14.959> I<00:27:14.975> mean,<00:27:15.236> the<00:27:15.367> first<00:27:15.791> bank<00:27:16.182> that<00:27:16.362> lent<00:27:16.606> me<00:27:16.753> $500,000,<00:27:19.700> all<00:27:19.888> the<00:27:20.286> Businesses<00:27:20.928> I've<00:27:21.105> partnered<00:27:21.506> with,<00:27:21.827> like,<00:27:22.309> you<00:27:22.389> know,<00:27:22.630> the,<00:27:22.935> the,<00:27:23.818> uh,<00:27:24.299> the<00:27:24.379> executives<00:27:24.957> that<00:27:25.134> have<00:27:26.081> led<00:27:26.322> deals<00:27:26.659> to<00:27:26.803> buy<00:27:26.980> my<00:27:27.124> companies<00:27:27.751> that<00:27:28.007> put,<00:27:28.328> kind<00:27:28.585> of<00:27:28.633> put<00:27:28.730> their<00:27:28.890> career<00:27:29.195> on<00:27:29.227> the<00:27:29.292> line<00:27:29.613> to<00:27:29.693> buy<00:27:29.998> one<00:27:30.094> of<00:27:30.126> my<00:27:30.399> businesses.

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Um,<00:27:31.764> all<00:27:31.860> of<00:27:31.940> those<00:27:32.181> people<00:27:32.470> have<00:27:32.647> contributed.

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I,<00:27:33.449> I<00:27:33.465> think<00:27:34.413> anybody<00:27:34.910> that's<00:27:35.777> reached<00:27:36.114> a<00:27:36.194> level<00:27:36.516> of<00:27:36.596> success<00:27:38.024> has<00:27:38.346> had<00:27:38.683> hundreds<00:27:39.245> and<00:27:39.389> hundreds<00:27:39.806> of<00:27:39.887> people<00:27:40.192> that<00:27:40.272> have<00:27:40.384> helped<00:27:40.609> them<00:27:40.754> along<00:27:41.010> the<00:27:41.091> way,<00:27:41.588> including<00:27:42.054> all<00:27:42.134> their<00:27:42.295> employees<00:27:42.840> that<00:27:43.001> sacrificed.

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So<00:27:44.767> I,<00:27:45.088> I<00:27:45.200> am<00:27:45.345> thankful<00:27:45.682> for<00:27:45.826> a<00:27:45.891> lot<00:27:46.083> of<00:27:46.147> people<00:27:46.452> that<00:27:46.533> have<00:27:46.693> helped<00:27:46.854> me<00:27:46.950> get<00:27:47.175> here.

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Bill,<00:27:48.296> thanks<00:27:48.603> so<00:27:48.635> much<00:27:48.781> for<00:27:48.926> coming<00:27:49.168> on.

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Really<00:27:49.588> means<00:27:49.895> a<00:27:49.911> lot.

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Congratulations<00:27:50.961> on<00:27:51.025> everything<00:27:51.267> you're<00:27:51.348> building.

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I<00:27:51.913> love<00:27:52.155> landing.

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I<00:27:52.656> think<00:27:52.801> it's<00:27:53.060> genius.

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And<00:27:54.432> best<00:27:54.674> of<00:27:54.739> luck<00:27:54.917> with<00:27:55.062> everything.

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Thank<00:27:56.155> you<00:27:56.236> so<00:27:56.399> much.

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It<00:27:56.708> was<00:27:56.806> great<00:27:56.969> to<00:27:57.050> talk<00:27:57.229> to<00:27:57.376> you.

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Likewise.

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Appreciate<00:27:58.841> it,<00:27:58.890> man.