30417_ccr_guyobrien_mp3.mp3



Announcer: Broadcasting live from the Aria Resorts in Las Vegas for the DBA International Conference, it’s Capital Club Radio. Now, here’s your host, Michael Flock

Michael Flock: Good afternoon. Thank you for listening to Capital Club Radio here in Las Vegas. We are very honored and delighted today to have with us, as a guest, Guy O’Brien. Guy is the founder and CEO of Bull Bridge Capital, brokerage business in the subprime auto world. Prior to this, Guy was the face of Innovate Auto Finance, as VP of Sales and Marketing. Under his leadership there, he implemented strategies to increase market share, and to contemporize the brand of Innovate Auto Finance. Making Innovate one of the top recognized brands today in the subprime auto finance portfolio acquisition market.

Guy O’Brien: Correct.

Michael Flock: Guy thanks for coming all the way to Las Vegas, and participating in our show today, here. How did you get into the subprime market? Why is this your passion today?

Guy O’Brien: I have been in the subprime market for the past five, six years, and the opportunity in subprime as it relates to really just the segment of credit, continuing with the depth and breadth of the credit dynamic out there. There is just a tremendous amount of opportunity, a tremendous amount of volume, and for investors, just a tremendous amount of yield to participate if you are in acquisitions or if you are in indirect model. Just a lot scale.

Michael Flock: Its yield, it is, I guess financial returns, but you are in Sales and Marketing, so why would that get you excited? Are you not more interested in the revenue growth? The market share? Or, is it all of the above?

Guy O’Brien: All of the above. It is interesting how I came to Innovate. In 2011, I joined Innovate to be their face, to do just that, to grow their brand. Had a tremendous pedigree, and tremendous executives that started Innovate, the majority of their background was the founders, and some of the key personnel to launch AmeriCredit, which we all know too well. So, within that space in those heavy resumes, they were looking for somebody that had an ability to create a brand, and ability to penetrate the market. In a space inherently where subprime from an indirect model was very germane to their resumes, very consistent with their backgrounds.

And so, my background, as it relates to marketing branding, sales training, sales consulting. Although I am proud to say I was not exactly from the space, but there is so many consistent threads when you are talking about brand-initiatives, and brand-growth. And, getting out there, and finding out just how big was the market. Just how much opportunity was out there, specifically from a bulk purchasing, from a portfolio. Taking a look at the landscape. So, there was a really great opportunity for me to sink my teeth in, candeleeprah on a personal level.

My wife and I just had our first son, and I have been travelling prior to that for the last ten years for about 40 weeks a year as a speaker, and as a sales trainer, and as a consultant. With that, with my background in that there was a very consistent thread at the end of the day, and I certainly took it very serious with the gentleman that I sat across the table, and the founders of Innovate because of their background, to make sure I did a good job. But, when we started out in acquisitions, they were vetting that out; in terms of how big was the opportunity.

So, we looked at every opportunity, and tried every element that you could in a Sales and Marketing engine, as it relates to grass-root, hitting the streets, phone call campaigns, and identifying what is the best way to evolve the brand. And, you get an opportunity to see a lot of paper. In that space, what so interesting and what is so key, is you have to take a look at a lot of opportunity to make the very best decisions. And, your decisions are only predicated based upon how much depth and breadth you have in terms of what you sourced in your portfolio looks to say, “What do we have on the table?”

And, certainly, I know I have had many robust conversations over the years within my peer group, talking about, “How do you do that, and do that right? How do you price, and get the appropriate discount to effectively make the yields that you committed to your investors? Make the yields you committed to your board, and grow your business, and scale?”

Michael Flock: How did you build a brand like Innovate in a market that is so huge, and so populated by so many companies? I would think it would be easier said than done. How did you do it?

Guy O’Brien: Daunting.

Michael Flock: How did you measure the growth, and depth, and impact of the brand? How did you do that?

Guy O’Brien: One of the first things that you have to do, is taking a look at where the concentration, in any business, but we will keep it specific to bulk purchasing, that where was the concentration of the amount of Marketing and Sales activities? Where were they? Were they hit in the streets? Were they literally walking on to auto dealers? Lots? Was it through phone campaigns? What model were they using? Was it through a tremendous amount of inside sales generation? Or, was it through primarily sea level executive conversations? And, to answer your question, you have to do the basic grass-roots gorilla-marketing. You have to get out there, especially with that brand. When we launched it, Innovate was not a known brand.

Michael Flock: What is gorilla-marketing?

Guy O’Brien: Gorilla-marketing is just sweat equity. Getting out there, pressing flesh, and walking on to lots, asking for the business, and asking for the opportunities. And, taking a look at walking through and talking to auto dealers, and the very same thing we do today in Bull Bridge, understanding really what are the pain points, and what are the objectives specifically with Buy Here Pay Here dealers. Buy Here Pay Here dealers that have a related finance company, and that want to build a portfolio. Then, you take a look at that on a scale; it is just on a larger scale. When you go to a Buy Here Pay Here, or to an indirect finance company that is purchasing paper through point of sale.

And, above beyond that, obviously the largest indirect company Santander and CapOne, things of that nature. Effectively there is a consistent thread in their objective, which is, how do you buy, and how do you get in the front, and acquire the very best consumers from a credit quality, and from a structure? What is the appropriate collateral structure, and what is the appropriate deal structure? Then, when you take a look at that, to answer your earlier question about what do you do to launch that brand? Well, what we had to do very uniquely, was what I call going into “thin air.” Effectively, we had two things: we had balance sheet, and we had a servicing platform.

And, because of the balance sheet, there is an opportunity to deploy capital in a way that makes sense. Well, taking a look at that, who needs capital, looking at indirect finance companies? Certainly, when you talked about a populated space, when you talked about a competitive space, that competition can be defined as Buy Here Pay Here dealers, that can be defined as small to medium sized regional or national finance companies that are originating subprime auto loans indirect. And, taking a look at they have the same pain points, which is this, either they are capital constrained, or they are servicing platform constraint. Either they have the ability to originate more if they had the capital to do so, or they can’t originate more because they didn’t have a servicing capacity to meet those needs. What we did, was to get out there, and identify finance companies.

Which was an element, what I call “thin air,” is they get out of in front of finance companies, and buy paper that was not aged. Buy paper, as it relates to their ability, effectively my objective there was to outsource the sales channel. If I can get in front of indirect finance companies, that have the ability to originate loans, but don’t have the capital to do so, well we had that. So, what we would do is, use effectively and outsource their brand to originate those loans, and effectively buying behind the scenes. Very much like it is done in the mortgage bit space. Very much, it is like it is done on any forward flow, or flow agreement space.

That is what we did, in that respect, you asked me, “How do you distinguish yourself amongst the competitors?” There wasn’t a lot of folks that was going into that vertical or that segment of business with respect to finance companies or a little larger capitalized originators. Traditionally, bulk acquisitions companies work with a very grass-root, a very traditional Buy Here Pay Here structure. Where the portfolio age, the portfolio collateral, and the portfolio consumer underlying credit is pretty consistent, and with the background of AmeriCredit, I knew there was sophistication, a desire to get into a much more sophisticated business model.

Sophistication from the underlying underwriting, to underwrite the deals, to have the ability to look at deals that have been already vetted out, make certain the deals were contract compliant and underwrote.

Michael Flock: Correct me if I misunderstood, I think you said that there wasn’t that much competition with Innovate and the model that you had. Can you elaborate on that? Because from an outsider’s perspective Buy Here Pay Here, is so darn competitive. So, did deeper, let’s find a niche then. Did you create a niche in this competitive market? And, how exactly did you do that?

Guy O’Brien: So, let’s define that: Buy Here Pay Here, it is absolutely competitive. That is a very large segment of business.

Michael Flock: It is ruthless. It is brutal!

Guy O’Brien: It is! And, no two dealers are the same. No philosophical business model from dealer to dealer is the same from a commercial standpoint or to, how the paper is actually originated under what terms. So, let me just say this, what I mean by distinguished, there is certainly a model. When I think of the models, I think of a CAC type model, where it is a hybrid type model. CAC, Credit Acceptance. Great business model as it relates to how they are advances, and how they structure their deals. Then, when you get into a traditional bulk purchasing, there is just a heavy amount of different elements on how they value a portfolio.

And, what I’m saying there is, it’s not so much in the competition, there is heavy competition, and looking at Buy Here Pay Here portfolio one after the other. But, where there wasn’t a lot of competition, taking a look at portfolios, was in the indirect finance originator space. And, taking a look, and getting in specifically in front of those finance companies that had a desire to originate. And again, were either confined by capital, or confined by their servicing platform.

Michael Flock: You said your focus as VP of Sales and Marketing, was building the brand. What did building the brand have anything to do then with your success in this space? In this somewhat of a niche? What would brand had to do with that?

Guy O’Brien: I think the best way to describe that is the space is very boutique in nature. It’s very niche. It is, even though, the numbers are large, but the buyers are – there is certainly a depth and breadth, but the buyers are very boutique in nature. So, how we built the brand was, in a word, I said, “If we can be influencers. If we could be educators in the space, with respect to, of educating the originators of the deal, of what makes a good deal. Because the overall question that Buy Here Pay Here dealers or anybody that sells receivables has is this, “What do you look at when you make a valuation of a portfolio? What does a buyer inherently look at?”

What we want to do is answer that clarion call with an education platform, so we participated. We work within the trade shows across the country. With NIADA, NABD, work with Leedom, worked with the State Association. And, we did our very best to get out there and host educational platform, talking about just that, “How can you originate a deal that a buyer wants to buy? What does that look like? What does a buyer look for commercially?”

Michael Flock: So, you were teaching? Mentoring, in a way.

Guy O’Brien: Getting out there, on a one-by-one basis –

Michael Flock: Let me stop you for a second. This is interesting because you said your background – one of your passions is training, and development, and teaching. So, you brought that to your strategy of building a brand with Innovate through these educational platforms.

Guy O’Brien: I did.

Michael Flock: We love connecting the dots here on Capital Club Radio, and I think we’re now digging into the personality of the leader, who is Guy O’Brien, and it’s exciting to see how these things are coming together.

Guy O’Brien: I think with your earlier question, it is a daunting task to get into any space, but specifically the subprime space, as competitive as it is, to be relevant, and to be an industry leader. And, over the past five years and taking a look at, I purchased probably over $300 million on behalf on Innovate, and being involved in those deals. I have to tell you, to buy that much; you have to look at a lot of paper. I probably sourced on average between $60 and $70 million a month to make the very best decision that we could.

Michael Flock: How many deals did you have to reject to get to that?

Guy O’Brien: That is a very good question. That is a hard thing to do, is reject and say, “Let me give you the opportunity to take a look.”

Michael Flock: Particularly if you are a sales guy.

Guy O’Brien: For sure.

Michael Flock: You like to say, “Yes!”

Guy O’Brien: Yeah, we like to say, “Yes.” But, when you are taking a look at – it is interesting, in bulk purchasing, when you deploy the capital, you are already in a net negative in your deployment of capital. So, you don’t know if you bought the very best answer. You bought a piece of gold or you are pregnant with an alien. You just don’t know.

Michael Flock: That is a new one.

Guy O’Brien: With that said, you want to make that, from a commercial standpoint, and that is when I think – to answer your question, “How would we distinguish process? Operation?” We wanted to make certain that, and that is when I do now at Bull Bridge, is connecting the buyers and sellers. Above and beyond price and purchasing. There is so much more. There is so much. I believe you are known for the phrase – it is so much more than a transaction, and that is so true. When you take a look at beyond the funding, that is when the work begins. So, what I really focused on, in that education format was, is this portfolio, is it transferrable?

Can you transition it into another servicing platform? And, really spending time, really working from understanding a dealer’s inventory plan, or a finance company’s origination platform.

Michael Flock: So, you are looking beyond the deal.

Guy O’Brien: Beyond the deal.

Michael Flock: The first one.

Guy O’Brien: Absolutely. Take a look at what is their inventory plan, to what is their marketing plan. Everything in between to understand is it collectible because I always believe any buyer, and now representing many buyers, if a buyer can collect it, well then, I consider it uncollectable. There has to be consistency in those disciplines.

Michael Flock: You make it sound so easy and so much fun. But, Guy, what were some of pitfalls, and challenges that you found along this journey to building Innovate? What were they, and how did you cope with them?

Guy O’Brien: There was certainly a lot of late night, and a lot of hitting-your-head-on-the-table, right? No success of anything comes –

Michael Flock: Was it because the deals you were looking at, you didn’t win them? Or, was it building relationships? Was it competition? What was it?

Guy O’Brien: All of the above, but what I would say, is that you hope that common sense prevails. And, taking a look at the deal structure based upon whether it was the seller’s objective, and understanding truly what his assets, and what his portfolio is worth. And, then taking a look on the buyer’s side of really what the risk were worth. And, I will tell you, today, there is still a delta, there’s a tremendous misunderstanding, and misalignment, as it relates to what a buyer, as I said earlier, is looking for, and what a seller is saying, “What do I have here?”

Typically, a buyer’s market price of what he determines his assets or his receivables is worth, is based upon a previous sale or perhaps a peer or a friend that sold a portfolio in any given point. And, so really, understanding of why your portfolio valuation is what it is, and really, in any deal structure, there are three temples. There is the credit, there is the collateral, and there is the deal structure. And, up and down the scale, when you take a look at that. That all starts – and, what is interesting about the market, when you talk about trying times, well, that starts, when you are talking about being buyer.

That all starts within the big boys. As right now, and it has been over the last number of years, the amount of origination, and the amount of capita that is flowing in to the markets to originate indirect loans, whether it be through the securitization market, and press down. That compression, as you talk about the big boys such as Santander, and CapOne, and TDR Ameritrade, or Westlake, good and great operations, but as they go deeper and broader in credit criteria, and what that does to the second and third tier originators, now they’re compressed. So, they are compressed from a standpoint of what credit are they getting now, and at what discounts can they get the paper.

And so, based upon what they are business model is, there is a number of ways to do this. Some people originate to hold, some people originate to sell and hold some people originate just to sell for that margin. So, within that you must make certain you understand what the origination motive is. If it is purely to sell, that’s fine, but you have to, from that standpoint, the deal, the portfolio price after you purchase it, and when you talk about adversity, is getting the sellers to understand through liquidations, what they’re portfolio is actually worth. What is it actually worth? And, when you purchase $500 million, $2, $3, $10 million dollars, you obviously, you start knowing exactly what that portfolio is worth from a pricing standpoint.

Michael Flock: So, now in your new company, Bull Bridge, do you then have to teach some of these sellers? And, how to do it? And, where the value is, or where it isn’t?

Guy O’Brien: Our focus – I have had three conversations just today on the phone with two dealers and a finance company to truly understand what they have, as a pool of loan. And, you are always talking about the dynamics of all the long stratifications, as it relates to the underlying credit, the long stratifications to the collateral, the millage, the term, the APR, the aging, the portfolio. And, taking a look at these radio buttons, and the thing about it, is to keep the biggest challenges, keep your portfolio, either consistent in terms of a consistent thread, so you have a consistent take out. Or, certainly be open to tiers of pricing as that portfolio is taken out.

And, what happens is, when you talk about again, bump in the head is, there is a number that principles are sold to their board or investors. That we are going to originate at a 15 percent discount, and we are going to sell at a 10 percent discount, or realize the 5 percent yield. That is certainly doable, but all of your paper has to look the same. All your paper has to look the same within that, and all too often, there are a lot of cliffs within that portfolio to take a look at right price for right asset.

Michael Flock: So then, it sounds like the lessons learned from Innovate, has helped you build your new company.

Guy O’Brien: Without question.

Michael Flock: And, you are using your passion for speaking, and training, and consulting, to put buyers and the sellers together to connect with more than a transaction.

Guy O’Brien: Absolutely. For sure. It is true, so much is about that.

Michael Flock: It is the relationships.

Guy O’Brien: It is.

Michael Flock: What is your outlook for the subprime market right now? I mean, there is so much negative media about Buy Here Pay Here right now, with the compliance controversies, with the CSFB, who apparently are all over this segment now. More, and more competition. What would you like to share with your listeners about the future in your mind of the subprime Buy Here Pay Here space?

Guy O’Brien: Sure. The subprime space, all too often, the “B” word is used often, in terms that “Bubble-bursting.” I don’t see that happening in the markets in the near future. You would have thought, it already had happen, but when you take a look at returns and yields being between 5 and 7 percent on securitizations, and you’re talking about the treasury bonds producing a much less rate. They can get five, and eight times percent more. Wall Street can get through that capital ploy to the securitization market. When you talk about that, when you talk about what the Buy Here Pay Here dealers are getting, these guys up against a tall task.

There is no question that Buy Here Pay Here dealers have to take compliance more serious.

Michael Flock: That means they are going to have to change their own products after the consumers? Lower market? Markups? Is that part of it?

Guy O’Brien: Perhaps, perhaps. But, if you take a look at it, there is such a clear line. To what I was, saying earlier is, that has trickledown effect. It all starts from the top, right. As the traditional Buy Here Pay Here customer now is bought on franchise lots, and independent lots. That consumer credit, that would normally be a Buy Here Pay Here customers, now has an opportunity to get bought at 14 percent rate, where that would be a traditional, depending in the state you’re in, you’re in the high 20s, and things of that nature. That consumer has moved away. Buy Here Pay Here dealers are faced with a daunting task, and a question to ask themselves, “What do I do here?

Do I move and change my portfolio holding strategy, and now be a retail finance company because now within the market of being able to get that paper bought retail? Do I do a hybrid model, or do I hold?” And, within that hold, I would say these dealers have certainly had to be consistent within their disclosures. Consistent within their sales process, and owners have to, at the end of the day, understand that the bottom-line, how to make sure their sales folks are doing the right things for the right reasons. One of the biggest challenges in the market is down payments. Dealers are faced with the challenge of getting down payments. And, I will tell you this, down payment is the biggest opportunity when we talk about sales training, when I think about it just from purely sales perspective. Where dealers have an opportunity and the need to educate that, and should align their comps structure with down payment and the reason for that is, when you just have to make a decision of what you want to build your portfolio in. When you originate very lien down payment, and very long terms, and very high LTVs, you are setting yourself up for obviously defaults, and obviously voluntary surrenders, and things of that nature. And, what you have to make certain, you as a buyer, and the buyers that I represent, is to make certain that you understand that commercial motive.

The traditional aging of a portfolio, seasoning in the market is traditionally, a buyer requires three months of aging. When you have three months of aging, on a 42-month term, or a 48-month term, or a 60-month term, that does not tell you if you have a good loan or not. You haven’t hit any law’s curbs. With that said, it is understanding what those structures are, and I will tell you, no two buyers are the same. Some buyers take a look at collateral exclusively. Some buyers they have some models as it relates to what the originating term is, and what the remaining term is.

Taking a look at it from what they have in the metal value, as to relate to, what is the collateral of the car worth in terms of book value, and what their advances in the deal. And, take a look at those differences, and say, “Do we have a prayer to collect that, and produce the kind of yields that we want for our investors?” In some finance companies take a look at the consumer, and I would tell you, I think it takes all three. When you’re taking a look at a portfolio, to take a look at the underlying credit, and the down payment structures, and I’ll tell you, what’s interesting, every conference I’ve been to, every conversation I have typically somebody is more passionate about leg of the tent pole than the other.

Michael Flock: And, the consumer?

Guy O’Brien: Its credit, its collateral, and the deal structure of themselves.

Michael Flock: Of themselves?

Guy O’Brien: They think that, if I have the right ACB, then I have the right model. And, there is so much more of it than that.

Michael Flock: Guy, you have an incredible expertise and passion for subprime auto. What is your passion outside of business?

Guy O’Brien: Outside of business? As I said, I have a wife and a 6-and-a-half-year-old son. I am proud to say, we tried for five years to have a child, and through in vitro, and it was a miracle that we had him. So, he is our little miracle guy, and we consider him that. And, beyond that, I love the Lord, and have a passion to love to ride my motorcycle, and I love to work out, and things of that nature.

Michael Flock: So, you get spiritually inspired when you are on your motorcycle?

Guy O’Brien: I call it, wind therapy.

Michael Flock: Wind therapy?

Guy O’Brien: Yeah, for sure.

Michael Flock: What goes on in your head, then? Doing that therapy?

Guy O’Brien: I think about negotiating deals… no.

Michael Flock: With the Lord?

Guy O’Brien: For sure. I just think that, at the end of the day, what makes successful of anything is valuing human capital. Believing in serving leadership. And, all too often, I think John Maxwell, he writes some great stuff. He believes in a law connection, and I think that you asked me – when someone asks you questions like this, you do reflect on what you think makes you successful, and what do I think makes Bull Bridge successful, and will have success. And, I really believe, to that point about the law of connection, and really, unless you understand the heart of the matter –

Michael Flock: The law of connection? Maxwell.

Guy O’Brien: It is such an incredible principle, which is, if you don’t understand the heart of the matter, then if you don’t understand that, then everything else doesn’t make sense. In addition, that is what I do now, and that is what I have always done, is really understanding when I talk about your motive of sale. Taking the time to understand the business model, and taking the time to understand, above and beyond the price. Aside from price, there is so much more to talk about, right. Certainly, there is a price that a seller’s needs, certainly there is a price that a buyer will pay. That is pretty easy. When you start talking about, what do you need to get this deal done, and what are you looking for, beyond the transaction. What are you looking for in that? And, with that, when you start talking about relationship based selling, in today’s world, it is often a term used, but rarely a term executed. And so, we talk about relationship based selling, is understanding, not just the need of the sale, but what is the recurring needs of the seller? What are the recurring needs of the business model? And, if you can stay ahead of that, you are always relevant. If you can stay ahead of that, you are always connected.

And, that is really, inherently to put a heartfelt nature into a finance world. That, really, is it. Understanding what is happening. Whether it is a deficiency sale, whether it is a purchasing sale, and really taking to heart the buyer. Like I said, we are getting pregnant with an alien.

Michael Flock: I love that expression.

Guy O’Brien: I you connect the wrong deal to the wrong buyer; it is going to have lasting impact for all parties. And, that is not the best thing for anybody.

Michael Flock: What books are you reading right now?

Guy O’Brien: I am actually reading a Maxwell book, so that is probably why it is on the top of mind.

Michael Flock: Which one?

Guy O’Brien: The 21 Irrefutable Laws of Leadership. I think it is a great book.

Michael Flock: And, the No. 1 law is the law of connection. Is that right?

Guy O’Brien: I think the No. 1 law, is the Law of the Lid. Which I think is so –

Michael Flock: The Law of the Lid. What does that mean?

Guy O’Brien: You can never excel beyond the lid of the leader, unless you empower the people to have thought leadership, and empower the people to take ownership of the vision. In that, understanding the element of a vision, one of the biggest things, when you talk about, how did I make Innovate successful? What do I tend to do make Bull Bridge successful? Is, when you start connecting with any principle, business owner, about understanding what their vision is, and what they want to accomplish, above and beyond the transaction. That is when you get a relationship, but that is when you start to consult them, and give them the ability to connect to a source. That is when, effectively, when you talk about a capital source, it is like, if you want continuous access to the well, then you have to have, effectively, consistent disciplines to get to that well. And, that is what I do well. I have the ability to communicate to both sides of the party, and making certain, at the end of the day, that the seller or the buyer is heard. So, I am so passionate about stuff like that.

When I talk about highest form of communication, is to be highly understood. I focus on it. Is to make certain that in the deal, from purchase and sale agreement, that you will understand the legal obligations that you are getting under. When you are looking beyond the transaction, you will look beyond, how could we evolve this business model? In addition, in that, product development always, always takes flight. If you are intuitive. In this space, at times, leaders have, and I say this not as a condemnation, but leaders have – because they are highly intelligent.

Have predetermined where that answer is going to come from, and when ask about what are the challenges that I have had, is sometimes when you are talking through the differences, in terms of product development or the answer is in the deal. What makes a good deal is sometimes they went into a deal with being burned from the past in certain deals, and they are not even willing to redlining, walk through a contract, about what is actually happening in the deal. Because they have been burned. When you start talking about reps and warrants, you start talking about buybacks.

No two of them are the same. No contract is the same, no elements of the contract are the same, and what I really focus on, is making certain they understand what their obligations are, and what their commitments are, to get back to – and, I will tell you, there is a tremendous need for that. And, there is a tremendous receptivity to that. I have talked about that in every show, I spoken in all the major conference shows, and to continue to do that with DBA, and things of that nature.

Michael Flock: Well Guy, this is wonderful way to conclude our conversation this afternoon, here in Vegas. Because as I said, when we kicked it off, we love to connect the dots, and we believe in more than a transaction, and frankly, it sounds like both in your personal life, and your professional life, the importance of relationships of human capital, servant leadership, understanding, celebrating thought leadership. That is frankly, why we founded the Capital Club Radio program. We are celebrating thought leaders, like you, who put together deals. You put together transactions, and you are successful at it because it is not just a transaction, it is more than a transaction. It is a long-term relationship, long-term servant leadership that you are providing to your customers, and I guess, the ultimate irony here is, we are in Las Vegas. The city of transactions.

And, we are realizing that really the importance, and the drive behind transactions, is really the human capital, the human connection. That we are here, celebrating today, with Guy O’Brien, the CEO of Bull Bridge Capital, and thank you very much for your time.

Guy O’Brien: Thank you, Michael for the opportunity. I appreciate your time.

Michael Flock: Thank you.

[End of Audio]

Duration: 34 minutes

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download