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What is up everybody? Welcome back to Capital University the number one business podcast in the world. If you guys are watching on YouTube, don't forget to like comment and subscribe, and if you're listening on a podcast we greatly appreciate you maybe a little more than the YouTube people. Don't forget to rate the podcast 5 Stars subscribe and leave a great review Van Buren introduced the first guest. Absolutely before we introduce today's guests. Do not forget. Go to Kraken.com. We need you at cracking.com to go buy some
Currencies you are Bitcoin ether whatever shit going. You want go to crack and.com make sure that you go and use that to buy any crypto currencies. They are only sponsor. The only ones who put up with us. And so we want to keep them around and the way that you help us do that as you go to crack and.com. That's where Bryce buy.com. Today's coin is up right now everybody $50,000 almost go to crack and.com get some cryptocurrency Our Guest today is Rich climate. He's a partner at 35.
Jurors, he is Kevin Durant's manager. He's basically in and about everything in culture and sports and business has got a podcast where he interviews all kinds of great people called The Boardroom anything that kind of happens at that intersection of culture Sports and business. Rich is always in God's hands involved. So hope you guys enjoy this. He dropped a bunch of great knowledge on us and let's get started now. All right, Rich, maybe let's just start with kind of your story. Obviously. Everyone knows you for a lot of the work you do now, but where did you grow up? And how did you kind of get into the
business grew up?
The New York City was obsessed sports fan, but I didn't do very well in school and left college early knew I wanted to be somebody I'm not quite sure what that was, but I wanted to be somebody ended up in the music business and managed to handful of artists. I was had a studio in SoHo with Mark Ronson and Amy Winehouse recorded Back to Black there with incredible incredible times early 2000s, and I got to meet Jay Z and obviously that changed my life. I produced his
Documentary Fade to Black and then went to work at Roc Nation as a music manager for years and I then wanted the pull back to sports and Jay was starting sports agency. So you let me be a part of launching that and I had known Kevin Durant for a long time. So he was one of the first clients at Roc Nation and after a few years at Roc Nation its timing in life, you know for us the two of us both like I said before wanted to be somebody when it came to business and he was already somebody in the world, you know, I'd be
built a really nice career and I was successful but I wasn't where I thought I wanted to be and I didn't like the feeling of thinking I had a ceiling and Kevin and I started 35 Ventures and now we've been doing that for five
years. So you started off in music
management. Yeah. Actually I friend of mine sold this show the life that was on ESPN in 2000. We just celebrated 20 year anniversary of it and it was basically just behind the scenes of athletes with this was pre-internet really or pre-social media for sure and
You do music supervisor. So my only way on the show was to be the music supervisor and I hustled I met people in New York that had their own Studio at their own band or a producer and I said, let's not get you on TV on ESPN. Yeah, give me your music and I built this catalog up of unsigned artist next thing. I knew I was managing musician. So how did
you go from music management to managing the one of the biggest names in sports
while I was mad as aging artists and music. It was the same thing that I love, you know, I love being a part of a
process of taking somebody that was so gifted so cool. So so talented and being able to get that skill in front of as many people as possible and be able to help their vision and execute it and to be a part of it, you know, and to make a name for myself and I think that what I got from the energy in the music business was awesome, but it wasn't what I was passionate about right? So when I ultimately said to myself I got to be in sports it wasn't how do I get there as much?
as I'm going to really make a conscious effort to change my thinking in life and fortunately Jay-Z is a leader in the way that when someone who's been a music manager comes to them and says, I want to I want to stop everything and be in sports and they say, all right,
let's do this because even though
he could do everything and he owned the whole business where I was at in my career, you know, I still had to earn my chops and I have to let go of a lot that I had built in music, but I knew it was worth it and then when I got into sports it
Was like, you know, I really felt like I had been speaking that language from the day. I was born. I knew everything about the World of Sports now coupled with the lessons. I had learned from managing town and music and I was like now I'm ready. Like now I'm ready to really do this and then you know again, like I said timing is everything Kevin was looking for the change in his career and Jay-Z is somebody that you know, everybody in the NBA and everybody. Look up to in terms of how we build this business. So, you know, that was our for
Ben and then having me there it all was the right move
for you. So what made you so passionate about the sports content World
Sports content for me at this point is just like I like it storytelling. I like storytelling if I'm sitting on a pod with you. I like storytelling if I'm just at home my family or with a group of friends and you know, when you have the ability and you are able to build your business up to certain point where you can start to do things and kind of control the Journey of it and when it comes to creating stories now, we're not
Relying on it's on our Core Business to make documentaries. You're gonna make a scripted series, but when we find a story that we're really passionate about then we go and we do it, you know as it relates to boardroom. That's a brand that I think that we build that's more than just content and it's something that I didn't bodies our whole group. It embodies the state of like the Sports World now, so,
you know, it's usually
all driven by just something that I'm passionate about or Kevin's passionate about that. We want to tell a story about
rich when you to kind of think through
People that you've surrounded yourself with whether it was Jay-Z Kevin Durant plethora of folks. You have to kind of talk through on the podcast that you've got. Like, how do you think about the impact? They've had do you intentionally go out and say like yo, there's that person that I want to make sure they're in my circle or do these things kind of naturally happen and kind of winners gravitate towards winners and that's how you built this network of just amazing successful people.
That's a good question. I appreciate it because I have consciously built a network my whole life. That's for sure. It wasn't
Always like famous people, you know, like it was people that I was enamored by people that I felt that like I gravitated towards who were successful and regarded and what they did. It happened to be that I love sports
and then from being in sports.
I got into music and I was able to really be exposed to some of these like superstars of the world of hip-hop, you know, and when I'm around people in general, I just don't I'm the same and you know, I think that when you get honest
You know the intensity for people that are in these really high positions of power and you act normal like it sounds stupid to like think that that's like something you have to consciously think about but you know, that's how celebrity is and that's how success has made out to be on our society that when people get a chance to be in the rooms been they don't know how to act and like I just don't get thrown off by stuff like that. I never have you know, and then because of that if I'm in a room like, why would I not go talk to like what else? What am I doing?
Here, you know that's always been kind of my attitude. So wait long lasting. I met my wife really young. So while everybody was out chasing girls to be honest with you. I was in the party like I was I've been partying I partied as hard as anyone but when I was doing it when I was doing it with my wife most of the time so I wasn't looking for girls. So if I'm out people saw me having a good time, my wife is cool as shit, and we went out and met people so it was kind of easy plants and point
that is goals. I wish
My girlfriend would would party with me. She's not really the park. This is
what's your family doesn't last the girl does but you can't party with them forever. You do have to sleep do it. So that part down. Yeah. No, I've tried I have I actually
have like not partied a lot recently, which is really good for me, especially with my friend party and we'll University but what's your ideal relationship with like a business partner? Like what do you what do you look for in? How is Kevin been energy energy Just Energy because that might not be
The my answer at every point in my
life, but I now know it's energy. So it's like
I could you know, when I met Joe for instance and you we were talking like the energy was good. So like we didn't come up with any way to work together. We didn't even think about saying, how are we going to work together? Because when you feel that energy, you're just like I will figure this out like his name will keep coming up. My name is keep coming up will
land on something and
good people act like that, you know and then
When you realize especially if you don't get it now after what's happened the last nine months that you can like have this insane drive to get what you want and be nice to people like you can have an insane drive to get what you want and not fuck people
over and when I really realized that I might go I'm
just going to be I could be a successful to anybody and be nice straight up be fair like because of can't stress the little things and it's like what does it work? So
So, you know for me like if the Energy's bad period so if we had Kevin here right now, what's the thing that he would say he bust your balls about the moat and then in Reverse, what's the thing you give him the hardest time of them? Well simple he would just say that rich just tell me to chill like just real chill out because
I definitely
talk about work more now than ever and during the pandemic. I think I just like
put everything into my family were very
Work. So because of that my brain is why would have been like I'm just like not to be able to turn me off like it's just the way it is or I'll just talk to you about my kids but no one wants to hear about your other people's kids.
So sometimes Kevin was
just like show like shippo
relax. Relax is all good. But aside from that like we really are lock
instead because we don't put this serious tone on anything. So if we disagree it's not going to get so serious with what what are we going to disagree over like
We don't we don't see it like life you're dead. So because we don't see it that way. We just talk through it and figure it out. I think what I would say with him, he's from a generation that thinks it's okay to like not respond to texts, but I'm supposed to understand like that. That is what I'm like, I just don't get that because I'm consciously if I don't respond to something sex, I'm consciously not responsible and I think maybe either he's conscious now responding or he doesn't pay as much attention to it as I think he should because
No, it's at this point in the world that we don't respond to some of Texas like you walk right by me the street. That's how I look at. What's the craziest business deal you've ever done when Kevin zikr deal was renegotiated and I was at Rock Nation
and I had never really been involved with a deal to be honest at that
level. You know, I have been in the similar parties with this level was ever that
high and I was
seeing like really shrewd and really intense.
Negotiating and leveraging and you
know and ultimately like
communication and figuring out
like how crucial that is at
all levels of deal-making no matter the size like nothing's different because of that. So for me, it was really like, I don't think I learn more on any one particular deal
about things like life
everything that I did just like being a part of it. I think I have like one when I first started social media and I first started getting my checks.
The first pair of shoes. I bought we're Katie's bar man. I was wondering how you're welcome for that by the way, no kidding. But when you're looking for investment or when you're investing in something, what do you actually typically look for?
Well, we invest in earlier stages so and a benefit of my network, which I think is a strategy and are investing is that the filter of deals that we see is really good because we've been able to build up a trusting
Flow of deals for people that respect how Kevin and I invest so from there it's kind of like what is the company? What are they doing? Do we get it like really get it. Do we understand it? Like can we see it and vision it wrap our head around it. It doesn't mean that we are the Arbiters of what's going to work. But if that doesn't pass a test right off the bat can't even look at it. And then again it's like the energy and the relationship with the founders when we speak and I like to talk to them not about
Like the nuts and bolts of a deck, but just kind of speak like we're out for a drink and I'm trying to learn about their business and how they're going to make money and then you know, I mean that I guess those would be the big test because once I got past that you're not negotiating at that level, you know at those deals like you're just you're investing it with the rounded so and we're pretty clear that every time we invest which you know, you'll get to at some point two is yeah. I'm investing is Bryce Hall, but you can't it's not my face but in the beginning
And you may have to use a little bit of what is your brand value in bringing it to the deal then you prove to that company and you know what yet? Maybe I shouldn't stand in front of it this time. These are the eight people that you should be talking to in. This is the way you should be marketing your product. Then the next deal. You say look I don't even want to talk about getting in front of it anymore. I just work behind the scenes. So that's kind of like where we've evolved from where they already know, you're not signing a deal with Kevin because we put money in like fundamentally. I always remind these companies.
Like where Kevin's giving you his money? What do you
mean? Like, why were you have to
do anything? So, you know, I think that if the energy and the idea connect then that's kind of like our first
pass when you guys think about need the mistakes you've made investing whether something didn't work out because of the founders or something because of of the decision-making you guys made what are those one or two things you look back on your life and we learned a lesson on that one. And now we know for next time to kind of look out for and really from a thought.
This is of as bright start looking at deals. What are some of the things that you guys kind of learn the lesson and you can pass on to him to look for deals.
I would probably ask that question to someone that had been investing longer than me because and then vice versa right like just all kind of life experiences with it. So, you know, I have a what a four year Head Start Bryce. However, what I will say is is like the ones that we've missed is not for any crazy reason that I wasn't focused. Like I did lock in to the point where I should
Because the way I'm doing it is the same every time I'm not going to be like, oh well, maybe if I took notes then I wouldn't have I wouldn't have missed it because I'm never going to take notes or like well, maybe if I'd spoken to seven other people that spoke during got references. I wouldn't miss it not I know that's not the case because that's never going to happen either. So quite simply I didn't lock in enough that's going to happen and I try not to beat myself up about it. Kevin always tells me to relax and not worry about it because I'm always like bro. I cannot.
Believe we fucking didn't invest but you know it is what you can't do all the things that were doing. You can't this is what I always say, that's why I feel sometimes guilty when I someone refers to me as an investor because I'm like, I've consciously chosen to do all these things I manage Kevin first and foremost and with with that I help run his foundation. So when I'm doing that I wear completely different hat and I think about business and then there's a million.
Components of his business would you can imagine then? I have our media company boardroom our Investment Portfolio and I'm saying all right. Well if I miss a few deals, that's I mean, that's what I got to expect right? Like I'm not a full-time venture capitalist. So, you know, I think a lot sometimes do should I be building up and ramping up but it all happen in due time. It works itself
out. I love it. Let's talk real quick before we let you go. One of the things I like about you and Kevin.
In is we've done a number of deal. We need to talk about them. But we end up on the same cap tables, which means you guys are smart because I'm smart. So to smart people end up on the same time obviously on Golden auction talk a little bit about that one and kind of what will get you guys
excited. I look also investing as an opportunity to get a seat at the table. And when I see industries that are taking off and I see areas of the Sports World especially taking off really, I mean not areas all over business, but
I know that I'm going to have my hand in it in some way. So we built a platform in boardroom. That is so easily transferable. All of these different areas crypto cannabis media trading cards all of it. So as soon as that area becomes available as a few ways, we can participate I can start creating content and collaborating and that's what we are doing with a cad with a handful of other creators our own creators.
Building content and we can be
investors. So
by investing now I am in the world. I'm speaking to these companies. I'm seeing how they are the best at what they do in that world. I have an opportunity to make money. I have an opportunity to learn to partner so can have been doing it as long as anyone. He's one of the O
G's in the game and when
the opportunity presented itself it was obviously like now you have these pillars of okay. Are you exposing trading cards at all yet. I'm in these companies.
These These are and I'm not going to get in an investment and not be a mutually beneficial investor. So we're going to be working together, you know, so that's like that was a no-brainer for me. That's probably why you and I are so many the same deals because it's not the check size. But this becomes part of your network just becomes part of your business now and that's how you have to look at.
It completely agree last question for me. And then Bryson take us home is if you were 21 again Bridge, what do you wish you knew that? You know now that would have saved you a lot of
headache. This is justice.
To be all right, just chill out thought the same way that I do now back then and that's why I have friends that are in their 20s because I'm youthful I can talk to anybody at any age but I was stressed. I was like anxious. I was fucking anxious and I hate it. I was thinking I was thinking about everything I was thinking about who was going to be where I was what I wasn't going to who was that what party a fucking eye that is a miserable way to live and I wish I just chilled out, you know, I just I would
Which honestly and I wish I smoke more weed back then.
Well, I'm doing enough of
that. Well, then I'm making up for it now.
Awesome. Thank you so much for the thank you for coming on the podcast man.
Yeah. Appreciate it. Let me get that video for My Girls
bro before we let you go. Where can people go when I listen to your podcast.
Thank you for asking about that. Well, all of our former of content is a boardroom dot TV The Boardroom dot TV. So that's Kevin's podcast.
My podcast our video series our newsletter articles, but obviously you can go to Apple Spotify and it's called out of office and it's me and Jionni hero. We have a great time. We get incredible guests often as many people listen to us as people like you guys but yeah good guess
it is very good. I've listened to a couple of them. I liked it. Thank you. We gotta get you the energy that I you say you got to chill out. You got to bring that on the podcast get people really excited.
Oh, you think I got a little too mellow on the
Pod I'm saying that
A high energy all the time, but if you put it super high energy really do maybe the ratings go up who knows
and I would be rich Evie. I wouldn't be rich climate. That wouldn't be me.
I love it. All right, man. Listen. Thank you so much for doing this. All right guys. Thank you. Where's Ted? All right. Thank you guys so much for watching the podcast again. If you're watching Youtube, don't forget to like comment subscribe. If you're listening on a podcast you guys already know what to do. We'll see you guys next time Capital University.
