JF976: Properties UPDATE, a Networking Hack, and 7 Tips to Be Extremely Successful #FollowAlongFriday
Get The latest from Joe on his property purchases, hear about a networking hack you need to start today, and seven tips to set you for life! Best Ever Tweet: Start a local meet-up, especially if you want to go farther faster.
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Joe Fairless: Best Ever listeners, how are you doing? Welcome to the best real estate investing advice ever show. I’m Joe Fairless, I am with my co-host on Follow Along Fridays, Theo Hicks. How are you doing?
Theo Hicks: I’m doing good, and my favorite color is still blue.
Joe Fairless: It’s still blue! Alright, cool. The loyal Best Ever listeners who listened last week will get that inside joke. We’re gonna talk about – as we do on Follow Along Friday – what we’ve got going on in our entrepreneurial endeavors, and not necessarily to talk about what we’re doing, but rather how it can be applied to you, because that’s why this show exists – how we can add value and help you out. How do we wanna structure our call today?
Theo Hicks: So you’ve got some stuff you wanna talk about in your business, and then we’ve got two questions from Best Ever listeners, and then we also have [unintelligible [00:02:54].01] seven principles of the super rich, and I wanted to go over a couple of those and ask you some questions about that; I think that will be very valuable to the Best Ever listeners, because the blog post based off of that was doing very well.
Joe Fairless: Alright, good. So let’s see… First, what I’ve got going on. Let’s see. We are scheduled to close on one apartment community 2nd June or sooner, most likely sooner; probably the last week of May. That’s in Forth Worth, Texas – very nice area, Forth Worth, Texas.
Then I have an investor call this coming Monday to talk to the investors who I have a pre-existing relationship with and who are accredited, and I’ll be presenting along with Frank, my business partner, that opportunity. That is scheduled to close late June; probably a little bit earlier than that, but according to the contract it’s late June.
Theo Hicks: In the same location?
Joe Fairless: This one’s in Dallas.
Theo Hicks: Okay.
Joe Fairless: Yeah, and we have 750 apartments in this submarket of Dallas already; it’s in Richardson, Texas, for anyone familiar with the Dallas area. So we already have 750 apartments in Richardson, but we know the submarket very well, and this will put us almost at the thousand apartment mark just in this submarket… So we’re excited about that.
One thing I wanted to mention is that when — I was talking to a vendor that I hired to help optimize my website, and they said “Who’s your target audience?” I started thinking of that, and I think I’ve mentioned this on last week’s call, where the target audience, after had had asked me this – I didn’t really stop to think about it – it’s 35-65 year old males, living in a major city or close by to a major city, who are accredited; their profession tends to be a real estate investor who is now not wanting to be as active, they want to be passive, or it is a doctor, a lawyer, someone in programming or software engineering, or a small business owner. That’s my target audience.
I didn’t realize that until after they asked me the question, and since then we have put up a page, InvestWithJoe.com – did I mention this last week?
Theo Hicks: I think so… Partially.
Joe Fairless: Okay. Well, two days after we put up InvestWithJoe.com, I got an e-mail from an investor and I’ve already been on a call with him, and I’ve got two other e-mail since then. This is like within three, four days. The point is that those were missed opportunities if I didn’t have that page up, and who knows how many missed opportunities I had prior to not having the page up.
The takeaway is that we have to think really hard about who is our ideal target audience, and if you don’t know, then think about who has bought from you or invested with you, or whatever your service is within real estate – who has done that before, and then look to see who your current audience is or your current client base is (that’s how I came up with mine). Then make sure that you have an easy way for them to get in touch with you. Previously I did not, and it’s so obvious that now that I have that up, I’ve already got submissions, I’m having conversations and starting to establish relationships with new accredited investors who previously didn’t have a place to reach out to me other than the Contact Joe page, which is at the very bottom of the website, tough to find, and it was tough to get a hold of me.
Theo Hicks: So for someone that’s trying to raise money — essentially, how you got to this conclusion, because last week we talked about being specifically or selectively famous with 2,000 people versus being generally famous… That triggered in your mind, like “Alright, who do I want my 2,000 people to be? How am I gonna capture these 2,000 people?” You already have a website that’s got a lot of traffic, so can you think of maybe something a Best Ever listener could do when they select their 2,000 people in order to capture investors or deals or whatever it is that they’re doing, if they don’t have such a large website?
Joe Fairless: They just need to know not 2,000, just one person. Best Ever listeners, you need to know who is your ideal one person, and then build something out for them so they can easily get in touch with you. Even if you’re not an accredited investor, if you wanna see an example of what the page looks like, just go to InvestWithJoe.com and you can see the page; it’s a super simple form, and that’s all you have to create. Make it easy for them to access it, maybe come up with a cool URL like InvestWithTheo, or PartnerWithTom, PartnerWithPat, or whatever. That would be the approach.
If you have no clients or no customers at this point, if you’re just starting out, then simply identify someone in your market who is further along than you are, and determine as best you can who their clients are, because then you have an idea of who yours will be.
I wanna make sure I mention the disclaimer, as I did last week – I mentioned my primary target audience, but of course outside of that there are exceptions, like females, for example… I didn’t mention females; I said 35-65 year old males, and that’s because 95% of my investors are males, so clearly there’s a trend there, although I certainly do have some females that I work with as well, but I’m just saying that’s my primary target audience. And it’s important to know what your primary target audience is, so that you can act accordingly.
For example, I have a PR agency that works on our behalf, and I have made it very clear now the type of guest… They’re looking to get A-list celebrities on the show, and before I said “Well, any A-list celebrity”, but now it’s very specific… Now it’s every A-list celebrity that would appeal to 35-65 year old males, like Arnold Schwarzenegger, like Tim Ferriss – people like that. That’s a more refined approach, and the more refined we get in our marketing, the more successful and effective we’ll be.
Theo Hicks: To add on to that [unintelligible [00:09:35].15] if you don’t have a large website or a large following, a way to get there is to start your thought leadership platform: a YouTube channel, a podcast… Like you said, start with one person and having it blossom out from there.
Joe Fairless: Yeah, and start a local meetup. If you have not started a local meetup and you’re wanting to go further faster, then start a local meetup. I was just on an interview – this interview won’t go live until mid-July – with a gentleman named Anson Young. He’s based out of Denver – some of you who are local to Denver might know him. He has a meetup in Denver, he’s had it for three years and he’s made over six figures from the meetup via deals he’s gotten in the meetup. It’s free to attend the meetup, apparently they go drink beer at some brewery for like three hours once a month, and through the relationships he’s made, he’s gotten deals and he’s made over six figures. He said it’s close to about $150,000 that he’s made. That’s just one example.
The meetup that I had this past month, it had probably the lowest amount of people for whatever reason, but the two new people, one of them said I was in a book, so I bought the book, and lo and behold yeah, they mentioned me mentioned me in the book – pretty cool, it was good stuff.
The other new person who attended, he mentioned he wanted to invest in my deals. So even though the turnout was small, the effectiveness was very large. That will happen, I guarantee it, if you start a local meetup and do it for a long period of time and are consistent with it.
Theo Hicks: Going back to that, it all sounds like a selective vs. general ones; it’s not about the amount of people that are coming, it’s who is coming. For you, who was coming are people that are actually going to push your business forward, not people that are just gonna come there and just watch and listen — which is, obviously, perfectly fine still, but now that you’re more laser-focused on that, I’m sure that that was a success.
Joe Fairless: Yeah, absolutely… It’s one of the things I push all of my clients to do who I’m teaching how to raise money and buy apartments. One of them is in Miami – he scheduled his first meetup, and then I get a message from one of my investors who was in Miami, and he says “Hey Joe, I saw this multifamily meetup – are you gonna be in town to attend?” I’m like “This is so amazing”, because my client has started this meetup and now he’s already getting traction from accredited investors to attend the meetup, and he hasn’t even hosted his first one yet. That’s the type of exposure that you’ll get and the type of relationships. We just gotta get out of our comfort zone and actually do it, and do it consistently.
Theo Hicks: I think this is a good transition, talking about networking, into the seven principles of the super rich. I guess I’ll quickly go over what the concept is. You interviewed John Bowen on the podcast – I think it was last week – and he essentially did a study of 3,500 successful entrepreneurs, and he defined successful as people that have a net worth of over 500 million dollars or more.
Joe Fairless: 500 million?
Theo Hicks: Yes, 500 million.
Joe Fairless: Wow, he interviewed that many people who had a net worth of over 500 million?
Theo Hicks: I guess, that’s what he said in the podcast.
Joe Fairless: Wow.
Theo Hicks: That’s how he defined the super rich.
Joe Fairless: And by the way, the reason why I’m repeating this is because some interviews I interview like 3 months before, so this is a refresher for me. Okay, cool…
Theo Hicks: Yeah, it was a long time ago. He said that he defined the super rich as 500 million dollars or more, and what he found is that there are seven specific principles that are common among all these people. I’ll quickly go over them.
Number one was they were all committed to extreme wealth. They made a commitment to want extreme wealth. They actually wanted it, and they knew how much work it would actually take and it wasn’t gonna be easy, obviously. Thirdly, they committed to a personal number. So they weren’t just like “I wanna be extremely wealthy” and that’s it; they were like, “I wanna be extremely wealthy, and what that means to me is a million dollars, or twenty million.”
Joe Fairless: So you said number one is commitment to extreme wealth, and then you said “thirdly” – so what’s number two?
Theo Hicks: Sorry, those are all in the commitment to extreme wealth.
Joe Fairless: Alright, got it.
Theo Hicks: I was defining…
Joe Fairless: So number one – commitment to extreme wealth.
Theo Hicks: …that’s personal and quantifiable.
Joe Fairless: Okay.
Theo Hicks: Number two is enlightened self-interest. I really like this one. It’s not selfish self-interest, where I’m doing a deal with Joe, and I’m like “I’m gonna do whatever I can to extract and exploit as many resources out of him as possible and then just push him to the wayside when I’m done.” No, it’s “I know what I want. Hey, Joe, what do you want? Our interests align, let’s help each other make a lot of money.” So that’s number two, enlightened self-interest.
Number three is put yourself in the line of money. If you’re listening to this podcast, you’re already doing that. Essentially, what you’re saying is that — did he give an example on here? For the people that make 25 million dollars or more – this wasn’t his specific story, this was something he got from somewhere else – nine out of ten of them got it through being entrepreneurs, business owners, which includes real estate. So if you’re listening to this, you’re already in the line of money.
Joe Fairless: Yeah, because even if you’re a doctor and you’re making 400k-500k/year, or more if you’re a surgeon or something, unless you have your own practice and unless you’re hiring more people under you and maybe even own the building, I don’t know how you’re gonna get to 25 million. It’s gonna take a while, especially with the loans and things. You’ve gotta be an owner of something, you can’t be an employee.
Theo Hicks: He said that the main point is the equity. You have to have an equity stake in something, that’s how you boost your growth.
Number four – these are all very self-explanatory obviously, but “Pay everyone involved.” They all hire very talented people and they pay them accordingly, versus hiring a ton of different people and trying to be stingy and pay them the least amount of money as possible. He said in there how the common stereotype of super wealthy [unintelligible [00:15:08].13] but this is what he said – that they’re cheap… Which is like, “No, they’re not cheap. They actually hunt out and find the best talent they possibly can and pay them a ton of money in order so there’s alignment of interest.”
Joe Fairless: So number four is not just pay everyone involved, but pay everyone very well, who’s involved, that’s the key. Make sure they’re compensated according to the talent level, and find the best talent.
Theo Hicks: Exactly.
Joe Fairless: Okay.
Theo Hicks: Five, very self-explanatory: your network is your net worth. [unintelligible [00:15:35].22] I think it was Zig Ziglar… Who was the one that says your five closest people…?
Joe Fairless: Everyone. [laughter]
Theo Hicks: Okay, everyone says that… But he was saying how for this example he’s not talking about your five closest best friends, he is talking about your network of 10-15 business associates that you can pick up the phone maybe once a month, do it bi-monthly, and kind of just talk shop, talk business, and see if there’s anything new going on in your industry or your world, and if there’s anything you guys can do together to grow your net worth together.
It’s not necessarily people you’re talking to constantly, you’re friends with and know on a personal level and get dinner with; I believe that’s what he was saying. So it’s not best friends, it’s business associates.
Joe Fairless: Okay, alright.
Theo Hicks: Six is “Failure, refine and refocus.” What these means is that these super rich aren’t afraid to fail. If they do fail, what he says is they wanna fail quickly, so that they’re able to essentially refine the process that they failed at, and then take out whatever bits and pieces they can use that are going to continue to add value to their business, throwing out everything else very fast, so it’s not wasting time, and then refocusing back on those things that actually work.
Joe Fairless: That falls in line with the 50/50 goals that we talked about last Friday, where 50% of the goal is reaching your quantifiable objective, and then the other 50%, even if you don’t reach that objective, is what insights have you gotten from that experience that will help you in the long run. And as long as we have that second part of the goal, it’s overall a success, because since we’re in this for the long run, we’re able to apply it for the long run and optimize our approach. Then eventually we’ll get that quantifiable, measurable goal.
Theo Hicks: Yeah. I think I also talked about Scott Adams, the creator of Dilbert, last week [unintelligible [00:17:31].00] a book called “How To Fail At Everything And Still Win Big.” Essentially, he says how he’s failed at so many different things in his life, like complete fall on your face failure, losing a ton of money, but he was able to extract out these different systems and techniques from those, and eventually he was able to use all those, from super really random jobs that he did, in order to grow his writing business and his cartoon business. It’s a really funny book because he’s a cartoonist. I definitely recommend reading that, it was good.
Joe Fairless: Can I give a stupid example? [laughter]
Theo Hicks: Let’s hear it.
Joe Fairless: So this past Tuesday of this week Texas Tech was going to play Ohio State in baseball. I went to Texas Tech, Columbus Ohio, where Ohio State is – it’s a short drive, like an hour and a half away from me. So I saw that they were gonna play the game, and I was really pumped up, because Texas Tech is ranked number six in the country in baseball this year, doing phenomenal. Well, I bought the best possible ticket, got ripped off on [unintelligible [00:18:34].24] by far the best possible tickets; the tickets were $11 at the gate, I bought tickets for $45 each, because this is a once-in-a-year type of thing. We’re first row, right behind the Texas Tech dugout. So I had the tickets… Colleen (my fiancée) and I had planned on going; we do the road trip to Columbus, Ohio, dancing the entire way, picking out wedding songs – our wedding is in a month – and just enjoying the trip… And then we get there, we get in the hotel, we check in, we go to the bar, have a drink, get something to eat, then we walk to the stadium.
As we were walking up to the stadium, we were pumped up, listening to music along the way on the walk, and as we’re walking up to the stadium, there is one car in the parking lot. One car in the parking lot, and no players on the field, and it’s ten minutes before game time. I’m thinking, “Well, actually I don’t know what’s happening.” I can’t even think of what’s going on. Then we walk up to the gate office… There’s no attendee in the gate office to take our expensive tickets, and then the next thing we do is we search on it – the game was canceled. [laughs]
I was so disappointed, but immediately my psychology has taught me, “Well, that’s how it is. Let’s make the most of our time here.” Colleen was like, “Oh, this sucks! I’m so sorry…” I’m like, “No, that’s okay, that’s okay… We’re gonna go have fun, we’re gonna go do something else.” So talking about the failing fast, and then you have to just refocus your efforts in little things like that. I’ve trained my mind where — I was so freakin’ pumped up about this game, and I’m not gonna see it, but that’s okay, because that’s happened in the past, and now it’s time…
We went to a bar called 16 Bits and played NFL Blitz 1999 and some other things, and then we went to a nice dinner. It was a great night, and we really enjoyed it. That’s the type of psychology that is required for a business too, because what you do in little instances where there are bumps in the road, where something as ridiculous as having a baseball game canceled that you drove to, to even — I’ve recruited to my softball team…
Theo Hicks: I’m not very good, I’m not gonna lie… I pop out every single time.
Joe Fairless: …and just on the softball team, when something bad happens, if they let it carry over inning after inning, then I know their psychology is weak, and I also know how they apply that psychology to business and their personal life. When you pop up, you are upset initially and then you immediately start sharing for your teammates; you immediately start focusing on the next thing that you can do to help contribute to the team.
Those are two ridiculous examples, but how we do small things is how we do large things, and I wanted to mention that.
Theo Hicks: Those were really good examples. It was a good twist, because again, you can basically use that at a moment — use this “Failure, refine, refocus” on like a moment-by-moment basis. For your Texas Tech baseball example, you could have gone there, seen that the game wasn’t being played, and you could have just driven home or just been super upset and angry and bitter the entire time, and you wouldn’t have had the amazing time that you had, and you still, even the next day would have been home and the game would have been over, regardless if you would have gone there or not. I think that’s a really good example, and also that tidbit at the end of how you do small things is how you do big things is totally true, too. I’m sure all the Best Ever listeners can completely relate with that.
Back to the seven principles – the last one is to stay focused on extreme wealth. It’s kind of redundant… It’s to play off the first one, which is commit to it. So you want to commit to it and have your personal, quantifiable number. These wealthy individuals don’t just forget about it and never focus on it again. They’ve got [unintelligible [00:22:21].06] poster board with his goals on it. So they continue to refocus on their goals, they continue to remind themselves why they’re doing it, instead of just writing it down one single time and then forgetting about it and then at the end going over their goals again. They look at it constantly, and are constantly focusing on it.
This guy said that this is the most important thing, and you have to keep number one, your commitment, at the top of mind, so that you don’t forget… Whenever things happen [unintelligible [00:22:49].20] you do fail, your goal is what enables you to have the mindset and the motivation to refine and focus.
I thought all those were super interesting, they all ring true and they all seem so simple, as long as you commit to all of them. But I wanted to go into detail on number six, which we did… But number two was interesting, at least from my perspective…
Joe Fairless: Which one is it?
Theo Hicks: I’m sorry, the enlightened self-interest. Because another stereotype, at least from my perspective, that I had for the “super wealthy” is that they were super selfish, and all they cared about was money. But once your start to actually get in the business, you realize that that just wouldn’t work. If you’re like that, you’re not gonna make it very far. What was the guy’s name…? The guy from The Aviator…
Joe Fairless: Howard Hughes?
Theo Hicks: I think that’s what his name was. I read the book by Ryan Holiday, Ego Is The Enemy, and he talked about his story and how his situation was a little bit different, because I think he came into a lot of money, but he was explaining how on his deathbed he was super angry and mad… And one of his butlers or assistants was saying, “Why are you so mad? You’ve got all this money, all this wealth and fame, why are you so upset about?” and he says to the servant, “You wouldn’t last a day in my shoes.” What he meant was that he was so egotistical about it… Even if externally seemed like it was okay – which, again, might not even be the case for most people, but he said [unintelligible [00:24:06].06], but internally he was just a complete mess. He just hated himself, hated everyone else… That kind of opened my eyes to it, but then I met you, and I saw this, and I was like “Huh, that stereotype is completely incorrect.” Yeah, they’re selfish, but not the selfish you’d think about. It’s like an enlightened self-interest in the sense that they’re selfish as long as it helps everyone.
I know I’m rambling here, but one of the things in the Scott Adams book I was talking about – he was talking about how you can be selfish, or you can be essentially dependent on someone, as a third option, but the one that rung true is if you’re not selfish in taking care of yourself first and someone else may have to take care of you, which is not a good thing to have, you’re not benefitting anyone… Whereas if you’re selfish in a certain sense, like there’s an enlightened self-interest, then not only are you helping yourself, but you’re helping so many more people around you: you’re giving people jobs, you’re giving people good times… I wanted to just say that and see what your thoughts were on that enlightened self-interest.
Joe Fairless: You have to take care of yourself first. Oprah talks about that a lot, how you have to take care of yourself first. I actually mentioned that to one of my team members recently, I said “You have to go on more vacations… You do. You really have to take care of yourself more and do more nice things for yourself, because you’re constantly doing things for others, and eventually, if you do too many things for others, you’re gonna get burnt out, you’re gonna get resentful, and you’re gonna go the opposite direction, at least for a brief moment, and I don’t wanna be around you when that happens.”
So it’s important to take care of ourselves along the way. Meditation is one thing… I don’t do meditation regularly; I do it when I’m in a tough spot, but I don’t do it regularly. I think I should, but I don’t. A really good book is 10% happier by Dan Harris – very, very good book. You gave me that book, right?
Theo Hicks: Yeah.
Joe Fairless: Yeah, very good book. I read that in like a week. So we do have to take care of ourselves, then we can take of others… Just like the oxygen mask thing on the airplane – you put the oxygen mask over your own face, and then you put it on your kids.
Theo Hicks: The biggest takeaway for me was that you shouldn’t feel guilty for taking care of yourself. You could be driven by “Oh, I wanna go on this vacation, but I feel guilty because I have A, B, C, D to do.” I think that’s the hardest part, to not actually feel guilty about it, because if you actually think about it and sit down and write it out and actually mediate and think about it, by you not taking care of yourself and thinking about yourself first, you’re actually doing more harm in the long run to the people around you than you actually think.
Joe Fairless: So true… That’s a huge insight. It’s something we have to believe, and when we believe it, then we act on it. And then ultimately, when our primary focus in business has components that helps others, then the more we take care of ourselves, the better we’ll do at whatever we’re doing to make money, and if that thing that makes money helps others – like this podcast, like buying apartments with investors and sharing in the profits, there’s a whole ripple effect of benefits there – then we’re able to do more good.
A lot of people get caught up with my goal of having a billion dollars worth of apartment communities by my 40th birthday, which is five years and a month from now, but the reality is that I’m a minimalist. I’ve mentioned this before, I drive a 2012 Toyota Corolla… When we buy something, we give something away, when Colleen and I do that. So I don’t care about stuff, it’s about the ride along the way that is the ripple effect of a billion dollars worth of apartment communities, and all the different areas and levels that that benefits, and it’s just enjoyable as well.
Theo Hicks: Awesome. I’ll put a link to this blog post, as well as the podcast, if you want some more information on this.
We’ve also got a couple of listeners’ questions that we’ll quickly go over; these will be pretty quick answers. They’re both from the same person, his name is Kev, and he mentioned that he just read one of our syndication articles, and he has a question:
“If I am the one doing the apartment deal and managing the property managers etc.” and then he says he has a friend that wants to bring the money for the syndication – “How would you structure a partnership like that? He has no knowledge of running apartments, and he’s busy, but can bring the money. I’m doing the rest.”
[unintelligible [00:28:13].16] I think you actually pointed him to those videos… He has a follow-up question. Do you want us to go straight to his follow-up question, since we’ve been through this before?
Joe Fairless: Well, since you’ve asked the question, we have to address it now. So he has the experience, his buddy has the money, and that’s all the money that will be required to purchase? Or they will bring in investor money?
Theo Hicks: Essentially not. I’m gonna read the rest of the question, because it will add more context to this.
Joe Fairless: Okay.
Theo Hicks: If I have someone bring the investor to me, what kind of reimbursement or percentage would you give them?
Joe Fairless: Zero, because it’s against SEC, unless they are a broker-dealer. You can compensate people for bringing you investors, unless they’re a broker-dealer; you’re in violation of SEC regulations.
Theo Hicks: Okay. He says that this buddy that has the money himself is also connected to other investors who have money that they bring onto the deals. That’s the entire picture.
Joe Fairless: Okay, so person A who’s writing has all the experience, has a deal; person B, who person A knows, has money plus has some people he knows that can partner up. How does person A structure with person B?
Theo Hicks: Yeah.
Joe Fairless: Okay. Then ultimately you structure it based on whatever makes more sense for both parties. There’s so much flexibility with this, you can do it however you want. It also depends on the track record of person A. If the track record of person A has done many of these deals before of this size, then they bring more value. But if they just know real estate but there’s a big question mark on if they can deliver on this size of project they’re looking at, then they’re not as valuable.
The other variable – is person A signing on the loan? And is it a personal guarantee or is it a non-recourse? So recourse or non-recourse? Because if it’s a recourse loan and person A has to sign, then they’re more valuable. If it’s non-recourse, then they’re not more valuable, even if they do have to sign.
So there are variables involved, and I can’t answer directly because of those variables. I just have to go off assumptions. Let’s just make an assumption and we’ll go with that. The assumption is that it is a non-recourse loan, so person A does not need to sign on it, and the assumption is that person A has experience doing this level of investment, therefore they are more valuable, but they don’t have to sign on a recourse loan. Then you could try 50/50, where you bring all the experience, your business partner who’s on the general partnership with you will bring some of their own money, plus they’ll identify people they know within their network, and they’ll invest passively. If you do a 50/50 partnership, then that will be fine… I’d start there.
I suspect person A will be more inclined to do the partnership than person B, because person A doesn’t have the money, therefore person A might need to go down to 40% ownership, and 60% to person B. It just depends on how you negotiate that.
Theo Hicks: Okay. As long as he’s actually partnering up with person B, that is not against the SEC rules?
Joe Fairless: As long as person B is on the general partnership and actively involved in the management, yes. And of course, go consult your SEC attorney (securities attorney) for this stuff, but that’s the general principle.
Theo Hicks: Alright, I think we’ve answered that question adequately. That’s all the questions we have for today.
Joe Fairless: Alright. Well, Best Ever listeners, I enjoyed it. I hope you have a Best Ever weekend, and we’ll talk to you soon.
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