1 00:00:00,300 --> 00:00:03,900 Robert Plank: Marketer of the day. Episode 727, rock the 2 00:00:03,900 --> 00:00:07,920 recession. Reinvent Yourself, start that business, or pursue 3 00:00:07,920 --> 00:00:16,500 gig economy, side hustles with Jonathan slain. Hey everyone, 4 00:00:16,500 --> 00:00:19,980 and welcome back to the marketer of the day podcast. We are here 5 00:00:19,980 --> 00:00:24,860 with Jonathan slain from recession.com and Jonathan spent 6 00:00:24,860 --> 00:00:28,220 the last great recession huddled in the fetal position on the 7 00:00:28,220 --> 00:00:32,660 floor of his office. He borrowed $250,000 from his mother in law 8 00:00:32,660 --> 00:00:35,840 to survive, and he paid his mother in law back. And he's now 9 00:00:35,900 --> 00:00:39,560 a highly sought after consultant. And Jonathan not 10 00:00:39,560 --> 00:00:43,720 only understands how to prepare your business for the next major 11 00:00:43,720 --> 00:00:46,660 recession, but also how to turn it into a profitable 12 00:00:46,660 --> 00:00:49,780 opportunity. And he will be educating us today about 13 00:00:49,840 --> 00:00:53,860 economics recessions, and we will be having a lot of fun and 14 00:00:53,860 --> 00:00:57,820 finding out what we need to know to not only survive but also 15 00:00:57,820 --> 00:01:01,980 thrive in the these up and down roller coaster times that we may 16 00:01:01,980 --> 00:01:04,320 be living in or maybe living in the future. It's kind of 17 00:01:04,320 --> 00:01:07,200 guaranteed that we don't know what to expect. So Jonathan, 18 00:01:07,200 --> 00:01:08,820 glad to be talking to you. Hey, 19 00:01:08,820 --> 00:01:11,460 Jonathan Slain: thanks for having me on. Let's rock All 20 00:01:11,460 --> 00:01:12,060 right, let's 21 00:01:12,060 --> 00:01:14,040 Robert Plank: rock the recession. And so what, like, 22 00:01:14,040 --> 00:01:17,040 first of all, why is that? Why is your branding, out of all the 23 00:01:17,040 --> 00:01:20,180 things that could be, why focus on the recession? Because, like, 24 00:01:20,180 --> 00:01:22,580 I guess there's a lot of mixed feelings with that, right? For 25 00:01:22,580 --> 00:01:26,480 some people it's good, some people it's bad. So why is that 26 00:01:26,480 --> 00:01:28,940 your your jam? Why is that what you focus on? 27 00:01:29,540 --> 00:01:33,260 Jonathan Slain: Yeah, so as we were thinking about the content, 28 00:01:33,500 --> 00:01:36,680 I didn't want to just regurgitate the conventional 29 00:01:36,680 --> 00:01:40,280 wisdom about recessions. You know, the you should just fire 30 00:01:40,280 --> 00:01:44,380 people, cut overhead and just try to survive. That didn't 31 00:01:44,380 --> 00:01:48,220 really seem like the message of where I was coming from and what 32 00:01:48,220 --> 00:01:51,340 we wanted to add to the conversation. So Paul baller, my 33 00:01:51,340 --> 00:01:54,880 co author, and I, we really had something to add, which was that 34 00:01:54,940 --> 00:01:58,360 recessions are massive opportunities. If you know where 35 00:01:58,360 --> 00:02:01,320 to look, if you prepare yourself, then you can really 36 00:02:01,320 --> 00:02:04,620 rock the recession. You can grow your business. I know a lot of 37 00:02:04,620 --> 00:02:08,220 the audience that we're talking to today smaller businesses. 38 00:02:08,220 --> 00:02:11,640 Maybe some solopreneurs want to figure out how to break through 39 00:02:11,640 --> 00:02:14,580 to the next level. And so it's really thinking through that 40 00:02:14,580 --> 00:02:17,340 recessions like the Great Recession. That's where we got 41 00:02:17,340 --> 00:02:20,720 the whole gig economy. It's where a lot of companies that we 42 00:02:20,720 --> 00:02:24,860 know as major unicorn brands today were first forged. And so 43 00:02:24,860 --> 00:02:28,700 my message is one of you know this Corona recession, it's 44 00:02:28,700 --> 00:02:31,220 going to be a big recession. It's going to be long, it's 45 00:02:31,220 --> 00:02:35,000 going to be deep. Let's figure out how we can actually benefit 46 00:02:35,120 --> 00:02:38,000 if we're smart as entrepreneurs. That's why the branding is rock 47 00:02:38,000 --> 00:02:38,780 the recession, 48 00:02:39,680 --> 00:02:42,580 Robert Plank: fantastic. And and I think this is, this is, I 49 00:02:42,580 --> 00:02:45,880 think this is so important, because it's easy to let the 50 00:02:45,880 --> 00:02:49,060 self fulfilling prophecy win, right? It's easy to hear the 51 00:02:49,060 --> 00:02:51,400 doom and gloom and say, well, I might as well just give up now, 52 00:02:51,400 --> 00:02:55,480 because things will decline. So I might as well just let it 53 00:02:55,480 --> 00:02:58,960 happen and then, like you said, like so many, so many things 54 00:02:59,080 --> 00:03:03,420 like, needed to change, but didn't have really the push that 55 00:03:03,420 --> 00:03:07,140 that was required, until some big catastrophe economically 56 00:03:07,260 --> 00:03:10,260 happened a minute it pushed it. And he said in there that the 57 00:03:10,260 --> 00:03:13,200 gig economy happened last time around, and some of these 58 00:03:13,260 --> 00:03:16,500 unicorn brands. And so if someone hears that and they say, 59 00:03:16,500 --> 00:03:19,860 Well, I don't know what maybe I don't know exactly what the gig 60 00:03:19,860 --> 00:03:23,780 economy means, or some of these, maybe household names that were 61 00:03:23,780 --> 00:03:27,260 just nothing before didn't exist or now exist, like, maybe, is 62 00:03:27,260 --> 00:03:30,680 there a handful of these kind of companies that really stand out 63 00:03:30,680 --> 00:03:33,680 for you, as far as, like, the biggest success stories of the 64 00:03:33,680 --> 00:03:34,520 last recession? 65 00:03:34,820 --> 00:03:36,980 Jonathan Slain: Yeah, I think we're talking when we talk about 66 00:03:36,980 --> 00:03:41,260 gig economy, we're talking about things like Uber. And agnostic 67 00:03:41,260 --> 00:03:44,740 of your views on Uber whether or not you love the company or you 68 00:03:44,740 --> 00:03:47,860 don't like the company, it's thinking through that a lot of 69 00:03:47,860 --> 00:03:50,500 what drove us in the great recession is that we had a lot 70 00:03:50,500 --> 00:03:54,940 of people unemployed all of a sudden, and so that's where the 71 00:03:54,940 --> 00:03:58,060 millennial generation especially starts to pick up. This idea of 72 00:03:58,060 --> 00:04:01,260 always having a side hustle, of having multiple streams of 73 00:04:01,260 --> 00:04:05,220 income and enjoying being able to do things like whether it's 74 00:04:05,220 --> 00:04:10,080 Uber Lyft or or even Upwork or Task Rabbit, all these ideas 75 00:04:10,080 --> 00:04:13,500 where you can do some gig work, you know, where it's like, just 76 00:04:13,500 --> 00:04:17,760 doing a gig for somebody else, some sort of service task really 77 00:04:17,760 --> 00:04:21,380 became a major part of the economy, whereas before that, 78 00:04:21,560 --> 00:04:24,680 you really worked in a job. It was 30 years, and then you got a 79 00:04:24,680 --> 00:04:29,660 gold watch, and now we're much more in tune with you. Maybe 80 00:04:29,660 --> 00:04:32,900 work for a couple years at each of your different opportunities 81 00:04:32,900 --> 00:04:35,420 before you move on to the next one. You have a side hustle 82 00:04:35,420 --> 00:04:39,380 going at the same time, you have a podcast on the side to amplify 83 00:04:39,800 --> 00:04:43,300 your major focus of work or your income stream, that's what I'm 84 00:04:43,300 --> 00:04:46,000 really referring to. And I think what we're going to see, you 85 00:04:46,000 --> 00:04:48,940 know one thing, it's funny, you're asking about the branding 86 00:04:48,940 --> 00:04:53,380 rock the recession. I think I may have screwed that up. So I 87 00:04:53,380 --> 00:04:56,740 want to admit here that I probably should have called the 88 00:04:56,740 --> 00:04:59,620 book dodge the depression, because I really think that 89 00:04:59,620 --> 00:05:03,420 given. The gravity of coronavirus and the severity, 90 00:05:03,480 --> 00:05:06,780 the the speed with which it's dropped us into recession. This 91 00:05:06,780 --> 00:05:09,540 might be more of a depression than an actual recession, 92 00:05:10,740 --> 00:05:14,520 Robert Plank: scary stuff. But what, what I have noticed with 93 00:05:14,580 --> 00:05:18,600 this recession and with the last recession, it seems like that we 94 00:05:18,600 --> 00:05:21,920 have that early warning, right? Like you think back to even 2007 95 00:05:22,580 --> 00:05:26,120 before that recession really kicked in. Like people knew that 96 00:05:26,240 --> 00:05:28,760 these things were coming, but there was a lot of maybe 97 00:05:28,880 --> 00:05:32,960 ignoring reality or hoping it would all work out. So that's 98 00:05:33,020 --> 00:05:36,560 what's good, at least with, with everyone talking about it, is we 99 00:05:36,560 --> 00:05:39,500 have some kind of advanced warning. And kind of, like you 100 00:05:39,500 --> 00:05:43,240 said, like, this will last a while, might lead to a 101 00:05:43,240 --> 00:05:46,900 depression, but Well, cool, now is the time to take some action 102 00:05:46,900 --> 00:05:50,920 and do some forward thinking. So as far as where people are at 103 00:05:50,920 --> 00:05:56,200 today, with, say, if the recession is coming or the 104 00:05:56,200 --> 00:06:00,600 second Great Depression, or whatever it may be, what can and 105 00:06:00,600 --> 00:06:04,320 what should we be doing? Should we be looking into side hustles? 106 00:06:04,320 --> 00:06:08,520 Or should we be putting in those extra hours to make that or that 107 00:06:08,520 --> 00:06:11,160 dream business work? Or like, what? What do you recommend 108 00:06:11,160 --> 00:06:14,760 people be thinking about focusing on doing these days? 109 00:06:14,820 --> 00:06:15,240 Yeah, so 110 00:06:15,240 --> 00:06:18,540 Jonathan Slain: the first step in to put the book together, we 111 00:06:18,540 --> 00:06:22,580 really looked at successful business owners from the Great 112 00:06:22,580 --> 00:06:27,680 Recession in earlier recessions, the.com burst in recessions 113 00:06:27,740 --> 00:06:31,340 since World War Two. And what we found is that they started step 114 00:06:31,340 --> 00:06:35,720 one was really to benchmark their readiness. And so on 115 00:06:35,720 --> 00:06:39,560 recession.com which is our website, we've got a free it's 116 00:06:39,620 --> 00:06:43,240 completely free, 20 question assessment. It's the recession 117 00:06:43,240 --> 00:06:46,480 readiness assessment, and in five to 10 minutes, you'll get 118 00:06:46,480 --> 00:06:50,680 your score. So if you score a zero, then you're likely to have 119 00:06:50,680 --> 00:06:55,120 a bankruptcy in the upcoming recession. If you score 100 then 120 00:06:55,120 --> 00:06:58,060 you're probably looking forward to this recession because of the 121 00:06:58,120 --> 00:07:01,200 massive opportunities that you're going to have. So right 122 00:07:01,200 --> 00:07:05,760 now, we're trending at about a 52 is the average score. So if 123 00:07:05,760 --> 00:07:08,280 you go to recession.com, and take it, you'll see if you're 124 00:07:08,280 --> 00:07:11,460 better than 52 you're probably better prepared than average. 125 00:07:11,580 --> 00:07:15,300 And below 52 then you've got some work to do. But 126 00:07:15,300 --> 00:07:19,680 benchmarking, knowing how you are set up versus everybody 127 00:07:19,680 --> 00:07:22,760 else, is probably the first thing to do if you want one 128 00:07:22,760 --> 00:07:27,020 action item, one like real actionable takeaway from there, 129 00:07:27,020 --> 00:07:29,780 I think it's starting to work. Through the 20 questions, and 130 00:07:29,780 --> 00:07:33,080 the ones that you're red on, meaning not very prepared for, 131 00:07:33,320 --> 00:07:35,720 try to bring those up to a yellow. The questions that 132 00:07:35,720 --> 00:07:39,260 you're yellow on, try to bring those up to a green. And that's 133 00:07:39,260 --> 00:07:44,500 how you'll improve in your score before we're into the depths of 134 00:07:44,500 --> 00:07:47,740 this recession. And like you said, I think the good news here 135 00:07:47,740 --> 00:07:50,980 is that, since the world is on pause right now, you kind of do 136 00:07:50,980 --> 00:07:54,100 have a little bit of time to start getting ready to rock, 137 00:07:54,460 --> 00:07:59,500 because nobody can move about at full speed. So I think really, 138 00:07:59,500 --> 00:08:02,040 the entrepreneurs that are putting in the time and effort 139 00:08:02,040 --> 00:08:05,280 right now are going to be the most successful and the most 140 00:08:05,280 --> 00:08:07,560 well positioned to be able to rock the recovery. 141 00:08:08,760 --> 00:08:10,800 Robert Plank: Super cool everyone, even while you're 142 00:08:10,800 --> 00:08:14,460 still listening or watching this interview. Go do recession.com 143 00:08:15,360 --> 00:08:18,780 and take that quick test, maybe even while still listening. And 144 00:08:18,780 --> 00:08:22,640 when you say that there's that that score zero to 100 and a lot 145 00:08:22,640 --> 00:08:26,480 of, like, the average there is 52 what comes to mind, at least, 146 00:08:26,540 --> 00:08:31,520 knowing nothing about your test, is that there there are a lot 147 00:08:31,520 --> 00:08:34,460 of, at least in my small town here, there are a lot of, like, 148 00:08:34,460 --> 00:08:37,940 restaurants and small businesses that have just given up. They've 149 00:08:37,940 --> 00:08:40,480 just they've closed their doors. And you wonder, like, how are 150 00:08:40,480 --> 00:08:44,140 they even paying their lease on their office space? And there's 151 00:08:44,140 --> 00:08:49,000 a handful of mom and pops that are kind of transitioning and 152 00:08:49,000 --> 00:08:53,020 doing like online delivery. They're having workers work from 153 00:08:53,020 --> 00:08:56,920 home, if possible. They're doing curbside. They're getting 154 00:08:56,920 --> 00:09:00,780 involved with the various apps, especially the restaurants, 155 00:09:00,780 --> 00:09:04,200 getting involved. No GrubHub, DoorDash, and so that's just 156 00:09:04,200 --> 00:09:07,440 what comes to mind there. So when, if these businesses, if 157 00:09:07,440 --> 00:09:11,940 they score high, are there a few, like, a few things come to 158 00:09:11,940 --> 00:09:14,220 mind as far as what they're doing, right? And if a business 159 00:09:14,220 --> 00:09:17,880 scores low, are there a few easy things that you're noticing 160 00:09:17,880 --> 00:09:19,380 there as well? Yeah, 161 00:09:19,380 --> 00:09:22,520 Jonathan Slain: so for the businesses scoring high. These 162 00:09:22,520 --> 00:09:25,880 are the ones that probably have a strong balance sheet, meaning 163 00:09:25,880 --> 00:09:29,840 that they had saved up for a rainy day, so they've got cash, 164 00:09:29,840 --> 00:09:32,900 enough cash to get them through the tough times and also to 165 00:09:32,900 --> 00:09:36,200 invest. So when you're thinking about it, there's a lot of 166 00:09:36,260 --> 00:09:40,040 assets to be had in a recession. So think through like, if you're 167 00:09:40,040 --> 00:09:43,240 a restaurant and you are interested in getting into 168 00:09:43,360 --> 00:09:46,600 pizzas, and you want one of those expensive, fancy pizza 169 00:09:46,660 --> 00:09:50,860 ovens, your options are to buy it from Italy, and they can ship 170 00:09:50,860 --> 00:09:54,820 it over, and you can start brand new, or you can start having 171 00:09:54,820 --> 00:09:57,940 conversations with your bank to let them know the kinds of 172 00:09:57,940 --> 00:10:00,840 equipment you're interested in. And. When the bank has to 173 00:10:00,840 --> 00:10:04,380 foreclose on other restaurants that do go out of business, then 174 00:10:04,380 --> 00:10:07,200 maybe they call you as a customer of the bank and let you 175 00:10:07,200 --> 00:10:10,620 get access to that equipment for cheap. One thing I know is that 176 00:10:10,620 --> 00:10:15,480 banks do not want to own pizza ovens. They want to quickly sell 177 00:10:15,480 --> 00:10:18,660 those assets. Because if you think about it, if a bank 178 00:10:18,660 --> 00:10:21,320 forecloses on a restaurant, they're going to have to go to 179 00:10:21,320 --> 00:10:23,480 that restaurant. They're going to have to take a truck. They're 180 00:10:23,480 --> 00:10:27,440 going to have to get the pizza oven out of the restaurant and 181 00:10:27,440 --> 00:10:29,600 then take it and store it somewhere. They're going to have 182 00:10:29,600 --> 00:10:32,540 to hire somebody to auction it off. That auctioneer is going to 183 00:10:32,540 --> 00:10:35,480 want a third of whatever they sell it for. In any case, it's a 184 00:10:35,480 --> 00:10:38,780 mess. So if you can talk with your banker and let them know, 185 00:10:38,780 --> 00:10:41,560 Hey, I'm looking to grow my business, I'd love to get a 186 00:10:41,560 --> 00:10:45,280 pizza oven or whatever kind of business you're in, and those 187 00:10:45,280 --> 00:10:49,120 large assets are for you. It's really letting your banker know 188 00:10:49,120 --> 00:10:52,060 what you'd be interested in, and that's how you can set yourself 189 00:10:52,060 --> 00:10:54,760 up for some of the great deals that I think are going to come 190 00:10:54,940 --> 00:10:57,760 to those of us who are smart enough to start having those 191 00:10:57,760 --> 00:11:02,460 conversations now. So another tactical thing to help yourself 192 00:11:02,460 --> 00:11:04,980 get in position to be able to move forward. 193 00:11:06,540 --> 00:11:08,580 Robert Plank: Fantastic. I love it. So you're saying that we 194 00:11:08,580 --> 00:11:09,780 need. Oh yeah, no, 195 00:11:10,020 --> 00:11:12,300 Jonathan Slain: I was gonna let you recap, and then I'll kind of 196 00:11:12,300 --> 00:11:16,200 give some thoughts if you're in the red and your business is not 197 00:11:16,200 --> 00:11:17,700 in shape to pounce right now. 198 00:11:18,480 --> 00:11:20,900 Robert Plank: And, well, yeah. And I was just gonna say that I 199 00:11:20,900 --> 00:11:25,940 like that, that way of thinking, there of of be on the lookout 200 00:11:25,940 --> 00:11:29,420 for those good deals, right? Because there's always that that 201 00:11:29,420 --> 00:11:32,120 I don't know what you call, like, the over enthusiasm, 202 00:11:32,120 --> 00:11:34,520 right? Of let me be super leveraged, let me get super 203 00:11:34,520 --> 00:11:38,780 fast, and let me time things just right? And it seems like 204 00:11:38,780 --> 00:11:41,800 your way makes a lot of sense, where you kind of be a little a 205 00:11:41,800 --> 00:11:45,460 little more careful, a little more strategic, and use this 206 00:11:45,460 --> 00:11:49,060 time to get whatever assets at a discount. I mean, there might 207 00:11:49,060 --> 00:11:52,780 even be like, if someone out there say they don't even own 208 00:11:52,780 --> 00:11:55,840 that pizza restaurant, and their dream has always been to own 209 00:11:55,840 --> 00:11:59,020 one, maybe this is a good time to be on the lookout for a 210 00:11:59,020 --> 00:12:01,920 business that's going under. Or maybe there's, you know, the 211 00:12:01,920 --> 00:12:05,040 owner of that pizza restaurant in town. Maybe they're tired and 212 00:12:05,040 --> 00:12:07,140 they're they're about, they're like, I don't I don't want to 213 00:12:07,140 --> 00:12:09,360 wait this out. I don't want to wait all these years for it to 214 00:12:09,360 --> 00:12:11,700 go down and come back up. That might be a good time to just be 215 00:12:11,700 --> 00:12:15,240 on the lookout for whatever assets to get at a discount, 216 00:12:15,240 --> 00:12:18,540 either either pieces of the business or the whole entire 217 00:12:18,540 --> 00:12:19,740 dang business. Yeah, 218 00:12:19,740 --> 00:12:22,400 Jonathan Slain: no, I love that, and I think that's a brilliant 219 00:12:22,400 --> 00:12:26,480 point, because right now is probably the worst possible time 220 00:12:26,480 --> 00:12:29,360 that this could have happened for baby boomers that were on 221 00:12:29,360 --> 00:12:32,900 the precipice of retiring. You know, they we were having some 222 00:12:32,900 --> 00:12:36,860 great years in the economy. 401, K's were at record highs. Stock 223 00:12:36,860 --> 00:12:39,920 portfolios at record highs. Everybody was trying to squeeze 224 00:12:39,920 --> 00:12:43,900 one more year out of this record run since our last recession, 225 00:12:43,900 --> 00:12:47,020 didn't want to sell their business quite yet, and then 226 00:12:47,020 --> 00:12:51,580 boom, we drop right into a recession, maybe a depression. I 227 00:12:51,580 --> 00:12:54,820 think a lot of baby boomers that own businesses, that own those 228 00:12:54,820 --> 00:12:57,700 restaurants that you're referring to may not want to go 229 00:12:57,700 --> 00:13:00,840 through another cycle. They may just be done. They don't want to 230 00:13:00,840 --> 00:13:04,260 spend the three to five years slowly clawing their way back to 231 00:13:04,260 --> 00:13:08,100 even slowly rebuilding the business. So if you are in the 232 00:13:08,100 --> 00:13:10,920 audience, and you're an entrepreneur and you do want to 233 00:13:10,920 --> 00:13:14,820 own a restaurant or a service business, I think now is a great 234 00:13:14,820 --> 00:13:18,780 time. It's in listen, I understand it could be construed 235 00:13:18,780 --> 00:13:22,340 as opportunistic, but I think that, in all candor, a lot of 236 00:13:22,340 --> 00:13:25,880 these businesses are going to go out of business in any case. And 237 00:13:25,880 --> 00:13:29,420 so if you're entrepreneurial, if you're hungry to own a business, 238 00:13:29,420 --> 00:13:32,840 I think it's a great time to start having conversations with 239 00:13:32,840 --> 00:13:36,860 business owners and just seeing if they are ever interested in 240 00:13:36,860 --> 00:13:40,480 selling or having you take over their lease, just letting them 241 00:13:40,480 --> 00:13:42,940 know that you're out there and that you're interested. That's 242 00:13:42,940 --> 00:13:45,700 how these great deals get made. That's why I think recessions 243 00:13:45,700 --> 00:13:49,960 can be great opportunities if you're a hungry entrepreneur and 244 00:13:49,960 --> 00:13:51,580 you are doing the legwork now, 245 00:13:52,600 --> 00:13:55,780 Robert Plank: and I'm hearing from you a lot of like, keep the 246 00:13:55,840 --> 00:13:58,960 get those feelers out there, right? Have those conversations, 247 00:13:59,020 --> 00:14:02,040 make it known with your banker, or there's people in town, and 248 00:14:02,040 --> 00:14:05,040 just kind of see what happens and and, and, like you said 249 00:14:05,040 --> 00:14:10,020 before, don't be I mean, there's not unlimited time, but there is 250 00:14:10,020 --> 00:14:13,980 some time to figure things out. So don't be in a huge rush and 251 00:14:13,980 --> 00:14:16,320 say, I need to buy all this stuff now. I need to make all 252 00:14:16,320 --> 00:14:20,780 these changes. I'm hearing from a lot of you is, is build these 253 00:14:20,780 --> 00:14:24,260 relationships, or keep their relationships alive with the 254 00:14:24,260 --> 00:14:28,280 people that may need your help in one form or another. Right? 255 00:14:28,340 --> 00:14:31,580 The bank wants to save that hassle of auctioning things off. 256 00:14:31,760 --> 00:14:36,140 The Boomer, it doesn't want like he wants to see the pizza place 257 00:14:36,140 --> 00:14:39,080 stay open, even if he's not running it. He doesn't want it 258 00:14:39,080 --> 00:14:42,700 to wait until it goes to 0% so I'm just hearing a lot of get 259 00:14:42,700 --> 00:14:46,540 their relationships going with the people that will need your 260 00:14:46,540 --> 00:14:47,200 help soon. 261 00:14:47,800 --> 00:14:50,080 Jonathan Slain: Yeah, you're right on it. And I think a lot 262 00:14:50,080 --> 00:14:54,520 of that is that I don't want the audience to be like spiders. You 263 00:14:54,520 --> 00:14:58,780 know, a spider weaves its web. It picks the best possible spot 264 00:14:59,080 --> 00:15:01,920 it can find in. Weaves a web and it waits and hopes that 265 00:15:01,920 --> 00:15:06,720 something hits it so that it can then pounce on it. That's not 266 00:15:06,720 --> 00:15:09,420 the approach that I think will lead entrepreneurs to be 267 00:15:09,420 --> 00:15:12,480 successful in a recession. I think we need to get out there 268 00:15:12,480 --> 00:15:16,200 and proactively have 10 conversations with 10 potential 269 00:15:16,560 --> 00:15:19,800 restaurants just to continue the metaphor that we started, and 270 00:15:19,800 --> 00:15:22,460 then maybe one or two of them will end up being a great 271 00:15:22,460 --> 00:15:25,760 situation, a great opportunity for you. I just don't want 272 00:15:25,940 --> 00:15:28,700 people to think that these things just kind of some people 273 00:15:28,700 --> 00:15:32,120 get lucky, and that's why they always seem to be the ones that 274 00:15:32,120 --> 00:15:36,020 get put into business. For a lot of us, I think it's having the 275 00:15:36,020 --> 00:15:39,920 Insight now to be having conversations in 10 different 276 00:15:39,920 --> 00:15:42,520 places with 10 different bankers, and that's how the 277 00:15:42,520 --> 00:15:45,700 smoking deal happens to be. You. You've got to put yourself in 278 00:15:45,700 --> 00:15:48,160 the middle of the street if you want to get run over, is what 279 00:15:48,160 --> 00:15:51,340 I'm saying. So that's really I just want the audience to lean 280 00:15:51,340 --> 00:15:55,840 into the potential here, instead of leaning back and hoping that 281 00:15:55,840 --> 00:15:58,780 they just get lucky with with a deal like the ones that we're 282 00:15:58,780 --> 00:16:00,540 contemplating. I 283 00:16:00,540 --> 00:16:04,860 Robert Plank: like that a lot. Have 10 or 20 maybes happening, 284 00:16:04,920 --> 00:16:08,400 and then one or two will work out, and the other 18 will just 285 00:16:08,400 --> 00:16:12,120 be things that never happened. And the reason why you lucked 286 00:16:12,120 --> 00:16:16,080 out was because you you had all those, all those possibilities 287 00:16:16,080 --> 00:16:18,480 out there. It's like how they say, the harder I work, the 288 00:16:18,480 --> 00:16:21,780 luckier I get, and and so, yeah, this is a lot of great stuff, 289 00:16:21,780 --> 00:16:24,620 and in these last few minutes, I want to make sure that we know 290 00:16:24,620 --> 00:16:28,460 all about the rock the recession book and about the recession.com 291 00:16:29,060 --> 00:16:31,640 website, and we've got a few little tidbits. But is there 292 00:16:31,640 --> 00:16:35,060 anything that you feel like we left out that people really need 293 00:16:35,060 --> 00:16:38,540 to know about that's super juicy inside the book or in the 294 00:16:38,540 --> 00:16:40,840 website or both? Yeah. 295 00:16:40,840 --> 00:16:44,920 Jonathan Slain: So the takeaways are, start with doing the free 296 00:16:44,920 --> 00:16:49,180 assessment on recession.com and then with the book, which is 297 00:16:49,180 --> 00:16:52,840 just on Amazon, you can really start to have an emergency 298 00:16:52,840 --> 00:16:55,840 break. So for the solopreneurs out there, for the small 299 00:16:55,840 --> 00:16:59,020 businesses, I think it's having an emergency break, whether it's 300 00:16:59,020 --> 00:17:02,400 for your business or for your personal life, or maybe both of 301 00:17:02,400 --> 00:17:06,120 those overlap because they're closely intertwined. But if this 302 00:17:06,120 --> 00:17:08,880 thing continues longer than we're anticipating with 303 00:17:08,880 --> 00:17:12,540 coronavirus, if it does turn into a sustained recession or 304 00:17:12,540 --> 00:17:15,900 even a depression, then what's your plan? So say your income 305 00:17:15,900 --> 00:17:21,380 going into coronavirus was 200,000 a year, and you see that 306 00:17:21,380 --> 00:17:25,340 income drop to 150 what would be the things in your life that you 307 00:17:25,340 --> 00:17:28,460 would cut if you saw that income drop in half? So now it's more 308 00:17:28,460 --> 00:17:32,300 like 100,000 what would you cut? If it's 50,000 what would you 309 00:17:32,300 --> 00:17:35,300 cut so that you could survive? So I don't want the audience to 310 00:17:35,300 --> 00:17:37,940 get the impression that it's only about rocking the 311 00:17:37,940 --> 00:17:40,840 recession, because I understand that a lot of people are hurting 312 00:17:40,840 --> 00:17:43,960 right now that a lot of our incomes have been dramatically 313 00:17:43,960 --> 00:17:46,840 affected. So I think the thing that gives us psychological 314 00:17:46,840 --> 00:17:51,220 safety is to have that recession plan in place, that emergency 315 00:17:51,220 --> 00:17:54,700 break, and then, you know, you have it, if you need it, you'll 316 00:17:54,700 --> 00:17:57,520 calmly walk over, break the glass, take out your plan and 317 00:17:57,520 --> 00:18:00,900 execute instead of being huddled in the fetal position like I 318 00:18:00,900 --> 00:18:03,660 was, because I didn't have a good plan in the Great 319 00:18:03,660 --> 00:18:07,980 Recession, and so now I have a plan, and I am looking forward 320 00:18:07,980 --> 00:18:11,400 to opportunities to pounce, but I just wanted to kind of 321 00:18:11,400 --> 00:18:15,180 shoehorn that in at the end here, so that everyone that is 322 00:18:15,180 --> 00:18:18,480 hurting right now and does need a plan also has a starting 323 00:18:18,480 --> 00:18:18,840 point, 324 00:18:19,800 --> 00:18:22,280 Robert Plank: and that's Good life advice in general, right? 325 00:18:22,280 --> 00:18:25,100 Not just with your business, not just with money, but have some 326 00:18:25,100 --> 00:18:29,420 kind of a plan. It does not mean that you necessarily have to use 327 00:18:29,420 --> 00:18:32,300 it or that you need to get stressed out about it, but it 328 00:18:32,300 --> 00:18:36,500 makes a lot of sense to make have the plan in advance. That 329 00:18:36,500 --> 00:18:39,500 way you're not acting out of fear like a lot of people do 330 00:18:39,500 --> 00:18:41,920 when suddenly they're out of time, they're out of money now 331 00:18:41,920 --> 00:18:44,620 they have to do something desperate or do something that, 332 00:18:44,620 --> 00:18:48,520 in in hindsight, is stupid, so you just have that plan in place 333 00:18:48,520 --> 00:18:49,060 already. 334 00:18:49,240 --> 00:18:50,800 Jonathan Slain: Yeah, what I'm saying is, I want you to 335 00:18:50,800 --> 00:18:54,400 preserve your best options, because otherwise you might be 336 00:18:54,400 --> 00:18:58,540 choosing your least bad option. And that's just human behavior. 337 00:18:58,540 --> 00:19:02,280 So the psychology of it is just have a plan, have it written 338 00:19:02,280 --> 00:19:05,820 down, and then review it every month while we're all getting 339 00:19:05,820 --> 00:19:09,000 through the corona crisis together. And then you can take 340 00:19:09,000 --> 00:19:13,500 action as needed. It's instead of winging it, it's having that 341 00:19:13,500 --> 00:19:16,920 foresight to put it down on paper now in the cool, rational 342 00:19:16,920 --> 00:19:21,980 light of day before CNN and Fox are constantly just putting 343 00:19:21,980 --> 00:19:25,820 recession across the headlines. Yeah, 344 00:19:25,880 --> 00:19:27,800 Robert Plank: I agree completely. Get ahead of it. And 345 00:19:27,920 --> 00:19:32,000 I can tell that when people get your rock the recession book, 346 00:19:32,000 --> 00:19:34,220 they'll they'll be really entertaining, because I like a 347 00:19:34,220 --> 00:19:38,420 lot of your, your your wordage here, some of your your 348 00:19:38,420 --> 00:19:41,740 metaphors, things about like, don't shoot Don't be stuck with 349 00:19:41,740 --> 00:19:44,560 your least bad option. You talked about things like be in 350 00:19:44,560 --> 00:19:47,500 the street so you can get run over. And that's really 351 00:19:47,500 --> 00:19:52,300 encouraging, because there's always that fear of when you 352 00:19:52,360 --> 00:19:55,240 when you learn things about like money or economics or business, 353 00:19:55,240 --> 00:19:58,360 there's always that fear that it'll be super dry and boring, 354 00:19:58,360 --> 00:20:02,520 and I can tell that you like. To liven it up. So we said that the 355 00:20:02,580 --> 00:20:06,960 book is rock the recession, which we can find on amazon.com, 356 00:20:07,560 --> 00:20:13,500 correct, correct. All right. And then recession.com and I checked 357 00:20:13,500 --> 00:20:16,260 that a few days ago. And there's all kinds of cool things to read 358 00:20:16,260 --> 00:20:19,680 and resources, but the number one thing people should be doing 359 00:20:19,680 --> 00:20:22,640 is click on the link and go to that assessment, figure out 360 00:20:22,640 --> 00:20:25,220 where you're at. Just takes you a few minutes, and that way you 361 00:20:25,220 --> 00:20:30,440 know if you're a 40 or a 60, and you can begin with that plan 362 00:20:30,440 --> 00:20:33,020 from there, because now you know what your strengths and 363 00:20:33,020 --> 00:20:36,260 weaknesses are, what to focus on. So we said rock the 364 00:20:36,260 --> 00:20:39,680 recession. Book, recession.com. Anything else? Jonathan, 365 00:20:39,680 --> 00:20:43,780 anything to for us to think about anything, to add any place 366 00:20:43,780 --> 00:20:47,320 for us to go. What do you have for us as we wrap our wine down 367 00:20:47,320 --> 00:20:47,740 here, 368 00:20:48,400 --> 00:20:51,640 Jonathan Slain: I will get you a coupon code if you want one that 369 00:20:51,640 --> 00:20:55,420 you can put in the show notes, that way, if people also want to 370 00:20:55,420 --> 00:20:58,780 get our rock the recession workbook, where we've got the 371 00:20:58,780 --> 00:21:02,460 resources to walk business owners through exactly how 372 00:21:02,460 --> 00:21:05,220 you're going to create your first written recession plan. 373 00:21:05,400 --> 00:21:09,120 That's all part of the workbook. And happy to get you a code so 374 00:21:09,120 --> 00:21:12,060 that the audience can also get that as well. 375 00:21:12,780 --> 00:21:15,960 Robert Plank: Fantastic. We will put that in the show notes. And 376 00:21:15,960 --> 00:21:18,900 in the meantime, you out there in podcast land, go to 377 00:21:18,900 --> 00:21:26,660 recession.com that's R, E, C, E, S, S, I O n.com, go to the 378 00:21:26,660 --> 00:21:29,360 website, fill out the assessment. We'll see you there. 379 00:21:29,360 --> 00:21:32,840 And thanks so much, Jonathan for taking the time and telling us 380 00:21:32,840 --> 00:21:35,240 what we need to know. I really appreciate you being here. 381 00:21:35,360 --> 00:21:35,660 Thanks 382 00:21:35,660 --> 00:21:37,700 Jonathan Slain: for having me on. Really appreciate it, and 383 00:21:37,700 --> 00:21:40,480 for all of you listening, just go out there and rock on 384 00:21:43,720 --> 00:21:46,600 Robert Plank: if you're a future podcaster, new podcaster, 385 00:21:46,600 --> 00:21:50,020 existing podcaster, or you're looking to make more money with 386 00:21:50,020 --> 00:21:53,920 your podcast with less time, you owe it to yourself to check out. 387 00:21:53,980 --> 00:21:58,780 Done For You. Podcasting.com we handle any or all of your 388 00:21:58,780 --> 00:22:04,080 podcasting needs go to done for you. Podcasting.com RIGHT NOW 389 00:22:04,080 --> 00:22:04,200 YOU.