381 Marley Majcher

Jeffrey Feldberg: [00:00:00] Marley Majcher, CEO of the Party Goddess!, is a profit powerhouse. Her book, But Are You Making Any Money?, establishes her as a leading profit expert for entrepreneurs. This event planning mogul to the stars crafts legendary bashes for A listers like Snoop Dogg and Sofia Vergaga. Now, Majcher is the profit goddess, delivering savvy business coaching that Forbes lauds as a must read with techniques that make you want to keep reading more. A lauded speaker, Majcher's profit mastery has earned praise from the Wall Street Journal to her sold out seminars, empowering entrepreneurs to achieve lucrative business success.

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Welcome to Deep Wealth Podcast. Well, Deep Wealth Nation, we have a fellow entrepreneur in the house, but not just an entrepreneur or any entrepreneur, a successful entrepreneur, an influencer, someone who knows what's going on, where you are not and where you need to be, we'll be [00:03:00] talking all about that. So Marley, welcome to the Deep Wealth Podcast.

An absolute pleasure to have you here. And Marley, I'm curious because there's always a story behind the story. What's your story? What got you from where you were to where you are today?

Marley Majcher: Well, it would take a really long series of podcasts to cover that, so I will try to do it as succinctly as possible. First of all, thanks so much for having me but I grew up in Pasadena, California, which is a suburb of Los Angeles, and decided that I was going to go to Georgetown, which is in Washington, D.

C., and if anybody who knows me at the time or even knows me now, that was a very big reach, but I just was like, well, too bad. At the time, Georgetown was looking for business school applicants who had a demonstrated business ability. Well, I had started my first business selling Shrinky Dinks door to door at the age of four.

And so I was like, well, that's absolutely demonstrated business ability. Why wouldn't they be desperate to have me? [00:04:00] And I actually got in and went to Georgetown and was Like a fish out of water in so many ways because everybody just felt so smart to me and book smart and all these things that I wasn't, I was a natural entrepreneur, but I didn't have any of those other skills.

And then it was my junior year. I had just come back from summer in Paris where I'd gone to cooking school and had a French tutor basically because nothing really appealed to me for the summer. And I thought, okay, well. This is kind of educational and I can sell it to my parents. Well, when I came back, I had for one of my classes, my speaking classes I had to do a speech on what I knew more about than anybody else.

Well, that was absolutely nothing. And I said to my mom, I'm like what is my topic going to be? I mean, These people are, you're going to talk about. Aerospace or something. I have nothing. And she said, you just came back from cooking school. Why don't you do it on French cooking? There's no way they're going [00:05:00] to know more about that than you.

So I was like, okay, great idea. So, these were such old days that you would go and get your film developed. So I went into Georgetown and to get my film developed and I ran into my professor and I just, you Blurred it out. Oh, I'm in your class and I love it so much and this is my topic and I've got an interview with the chef from 1789.

Well, 1789 is this very fancy restaurant in Georgetown that I had just passed on the way to get my film developed. It's the only reason I can possibly think of why that came to mind. I didn't know the chef from 1789, I don't even know why I said that.

And I, and she was like, oh my gosh, it's my favorite restaurant. Starts going on and on. I go home in tears, tell my roommates and, cause I'm now convinced I'm going to get kicked out of school for lying, directly to my professor. And they say, listen, I know the chef, he just came from New York, we'll set up an interview.

I got lucky and I said, I just need two minutes just so that I'm not lying that I had this interview. So I go [00:06:00] and it's in just the bowels of this like townhouse, pretty much. That's how the, some of the kitchens are. And I remember meeting him and, I was like, I have to marry him.

And that was obviously absolutely ridiculous, but for me, not so ridiculous because I got my mind in three seconds. But then the whole time I'm thinking, how am I going to marry him if he's way down here in this basement, working 24 hours a day? So the whole time I'm conducting my quote interview, I'm thinking, I've got to close this deal.

And how am I going to make it so that. I'm going to be valuable to him somehow, right? Because he doesn't know this amazing life he's going to have being married to me. So I just realized two things. One, that they have soufflés on the menu. And two, that his Spanish isn't very good. And I just come from cooking school, so soufflés are my deal.

And I thought if I can just translate for him, maybe I've got a shot. So at the end of the interview, he said, okay, fine. I said, listen, I feel like I need some more [00:07:00] input. He said, fine. I went back, net, got a job and worked there three days a week, getting out of class working 3. 30 to 11.

30. And then, of course, he never asked me out. So, I plotted the whole summer before my senior year, because now I'm in Normandy in cooking school, like how I'm going to ruin his life, because now I'm basically his best employee, right? I would pick up every shift. I was there early. I was amazing. And so I go back and I say, listen, and with my big speech prepared, and then he says, okay, great.

Would you like to have dinner? I was like, well, what? Okay. I get took a year. So the month after graduation, we got engaged and Let's forget about the fact that he was 20 years older, et cetera. And I met him, when I'm 19 years old. So this is a hard sell for a very conservative family back in Pasadena.

And really, what do you do if you marry a chef? You're never going to see them. So we moved back to California, got [00:08:00] into the restaurant business, and now I'm supposedly applying everything I've learned at Georgetown, having graduated from the business school, and he's running the front of the house and I'm running the back of the house, but.

What I realized was that what you learn on paper and it sometimes is very hard to translate into being in business. And at this point, I was in a very big business. So my goal was to do a million dollars in sales my first year. I hit that number, but what I failed to hit was that you set a goal of a million dollars a year.

You can't spend 1. 1. That doesn't count really to hit the goal. So I was just like, Oh my gosh, what am I doing wrong? And here I am just floundering around and trying to figure this out, and I made a mistake like a lot of entrepreneurs make, which was, Oh, okay. We'll just, we need more revenue.

So I'll just, we'll start a catering company or we'll start a banquet operation, we'll do this. And all that does is just divide your focus. And then yeah, maybe you're going to get some more [00:09:00] revenue coming in from here or there. But it really can be a recipe for disaster. So he's an amazing chef, but the thing is, you can be as amazing as you want if you can't get these numbers under control.

At that point we had a hundred employees, et cetera. You've got no shot. And so I was basically just drowning, thinking, oh my gosh, what am I going to do? Well, Then, you know, to me at the time, my, the best thing I could think of is nothing better than financial trouble for like romance.

And I just thought, okay, whatever, I'll get pregnant. So I got pregnant. So now I have this restaurant that I'm dealing with and a marriage that's starting to fall apart. And I'm like, oh my gosh, what am I doing? Net, Net, I have a very bad skiing accident and thank God we own the land. And my dad was our partner was like, listen.

This is crazy. Everything's falling apart. And I was like, but I can't quit. Like I just had in my head, if I quit or change direction, I'm failing and, [00:10:00] but then you know, the skiing accident is not in a brace up to my hip. And, I have a one year old that's being raised in front of the cappuccino machine, and my marriage is falling apart.

I mean, The whole thing. And I was just like, basically I caved. Well, what we ended up doing was we partnered with another restaurant group because they had been after us all the time because we had a great location. And so fast forward, it's the worst time of my life. Everything falls apart. And At that point, I just decide, okay, whatever, what am I going to do?

So I, think, well, my dad says, you love the event. So I started I was like, I'm just going to do event planning and I can do that out of my house. So I started a company called the Party Goddess. And ironically, I did that because I was like, what's the. Most go big or go home tight, like company name I could come up with, which was the Party Goddess. And so I started doing events, but realized this is such a saturated market in LA and New York that I've got to come up with a differential advantage. [00:11:00] And so what I did was I started realizing that celebrities were going to be the key. If I could just get some celebrities, then I should be off to the races, right?

Because growing up, my friends. Who had more money than most of the celebrities, I always noticed they were reading magazines, or looking at what this one was wearing, or And would buy it, and I was like, but it's not even the best product, so I set out to get some celebrity clients, I had no idea where to start, and came up with this thing with a publicist friend of mine who was in the fashion industry, and she said, hey, listen, let's send them some gift certificates, and that point really changed my life because that was when, I started getting celebrity clients like Britney Spears and Sofia Vergara and Snoop Dogg and, Rolls Royce, like huge companies.

And all of a sudden it was like, wait a second I'm no different really than I was before. I was a great event planner before, but now because I have celebrities, [00:12:00] I started getting all this publicity and press. It was just so bizarre to me to make that connection that it's just so much, I mean, yes, it's about marketing, but it's about just.

Presentation and positioning. And I was listening to one of your other podcasts, which was terrific. And it was about mindset. And I was laughing because I was thinking, well, Lord knows, I know how to get into it, into a positive mindset where you just literally believe that you are at this level and it starts to work out well, at that point, then I still was having a lot of the same problems in terms of, I guess I had huge clients and I have very different business model.

But I was starting to run into the same issues that I had before in the restaurant business in terms of my numbers and just not really grasping how could I get this big deposit for an event. And then not, it just, it's like at the end of the month it just felt like, where did all this money go? And so, [00:13:00] I decided, there was my industry convention at the time, if you taught a class, you would get a free pass.

Well, the, convention pass was like 100, something really expensive. So I thought, okay, I have figured this out with my little rinky dink system of cost of goods sold and stuff. I'm going to teach a class and then I'm going to get the pass. So I teach this class, which was basically an expanded, but simplified version of, cost of goods sold and how event planners or other creatives could do it.

Well, before I know it, the class now has standing room only and they're asking questions. Now, I started the class like I started this with my trainwreck story. And they start asking me all these questions like, how do you price this? do you do a markup? Do you do this? And I'm, I was like, let's remember why we're here, I'm here to get a free pass, my, our commitment is coming to a close, and did you not realize that I'm the one that is the biggest money train wreck [00:14:00] ever?

And they're like, but you're the only one answering the question. And I, it was so bizarre to me, but I was like, well, okay if I can answer. Long story short, I stayed there, and it was like the Pied Piper, and I realized there was this huge space, where no one was talking about money, and no one was talking about pricing the nitty gritty literally, how do you do it?

If you have a dress line, How do you, sure, big corporations know this, but the equivalent of how do you have an Etsy store where a small business owner knows to add up all the, price, the costs to produce their product. But my secret sauce was always time.

And that's what I saw was always missing is that I would see these entrepreneurs so passionate about their businesses and have a terrific product and have everything going for them, but they were lousy at not just how they spent their time, but they didn't track it. And then, most importantly, they didn't factor it into the [00:15:00] equation of how should it affect their product or service.

So, for example a masseuse would say, okay, yeah, what's your hourly rate? And they say a hundred bucks an hour, and they think they make a hundred bucks an hour.

But they're not taking into consideration that they've got to load the car, book the appointment, drive to the location, unpack, Get paid, load the car, all this.

So at the end of the day, what really boiled down to is I tried to show people how to get their hourly rate and not could then say, oh, I really charged 33 an hour, but it was a great baseline for them to say what was worth doing in their business and what wasn't. So when I brought it down to them and said, okay, really, as a masseuse, you're not making a hundred bucks now, you're making like 33.

And you've got to scale this, but how do you do that? And then the next question is, well, I need help. And okay, can I hire an assistant? Well, okay. If you could pay an assistant [00:16:00] to do these tasks, what's your highest level of, activity? And so we started, I started working with people to create that and basically cut the fat out of what they were doing in their businesses, either delegated to somebody else, or figured into their pricing, and ultimately, then, I wrote a book on it called But Are You Making Any Money?,

and the title of the book comes after many conversations with my dad at dinner, who is a very good businessman, who would say, Oh, I'm doing this for Britney Spears and the Hollywood Bowl and I'm, we're doing the Critics Choice Awards and all these things and he would say, but are you making any money?

And I was always like, well, and he's no, how much is in your bank account? What? Well, depreciation, he's you're not depreciating martinis. What is in your bank account? How much do you make from each of these parties? And I really realized had to just be continued down this path.

That there [00:17:00] was this huge space primarily with women definitely with men as well, but what I found was a lot of women were, let's say they were reluctant entrepreneurs or they were intentional entrepreneurs, but they were leaving something, let's say where they were the top of their game, like the big law firm, and then they said, okay, I want to go now and, have a product or bake cupcakes and start the next revolution.

And. They didn't know, they didn't have the skills to translate to what they needed to do boots on the ground, but the most important component was that they didn't, they felt like a fraud and they felt like Oh my gosh, I didn't go to business school for this. I'm not going to be able to do this.

Everybody else knows how to price and do these things and I don't. And so that's the space that I came in where, yes, I still do events, but I wrote this book and then I have another one coming out probably the beginning of next year called whatever you don't [00:18:00] do this because it's. An absolute laundry list of all the things as entrepreneurs, all these mistakes we made but MySpace really ended up being about where do you spend your time?

And to your point, like how you're leaving so much on the table,

Jeffrey Feldberg: Yes. Yes.

Marley Majcher: how you're just Strangling yourself because you're not spending your time effectively and most importantly, we're so often careful about money or, oh, this costs this or this costs that, but we waste our time constantly and we don't realize we can always make more money.

There are always ways to get more money, but you can't. Get more time. We can make an argument and get it if you meditate and, things like that. But really, you can't buy more time. You can always make more money, but it's lost On most people. And that's often at the root of their business challenges.

Jeffrey Feldberg: Wow. My goodness, Marley, there is so much there to unpack. We could forget this episode. We can have a whole series of [00:19:00] what's there. I'm going to do my best at the time that we have, but for starters, you've got to go down in the books here at Deep Wealth Nation as likely one of the youngest entrepreneurs at four years old.

You're already in business. I love that. And by the way, for our viewers, Deep Wealth Nation in the show notes. Please go to the show notes. Marley has an amazing book. We're going to talk about that, but are you making any money? Stop being busy and start creating cash. I just love how you're boom right there.

Here's what's going on. Here's the right questions. Don't confuse activity with progress. Now, one thing that really stood out for me. And some people call it imposter syndrome. I'm just going to call it the entrepreneur syndrome, where when we go out in business, we don't really, I'll speak for myself. When I first went out in business with Embanet as an example, my goodness, Marley, I was undercharging.

I was, I'm going to use another F word, fearful. I was fearful of charging what we were worth. Now, over time that changed. And now my MO when it comes to business is I go for the premium. I don't have to be the biggest business in the world. I just want to be the most profitable. If I can be at the premium and charge [00:20:00] really the.

Best possible value at the highest price. There's a certain segment for that. Now I'm going to make an assumption here, and you can tell me, Jeffrey, you're on base or off base. You're with the A listers, the celebrities, the people that are known worldwide. And I take it there's a big difference from that versus a party planner who's your local neighborhood party planner and is doing.

Different kinds of events. It's a stratosphere of difference. And so for our listeners in Deep Wealth Nation who are thinking, yeah, I hear you, Marley, but my goodness, I don't think we could ever be at the top of our game dollar wise, I would be afraid to charge that much or be ahead of everyone else in terms of having the highest price out there, dealing in, let's call it the luxury market that you're in or the high end of the market, what advice would you give to the listeners out there of why they're really missing the boat literally and figuratively by not being there?

Marley Majcher: Well, I've got a couple key points as to why, first of all, there is very little difference between the very high. [00:21:00] The very in lower end or lower prices. And here's why. Remember at the beginning when I said was, you know, hung out my shingle as the party goddess and basically had no, I had the experience of an event planner, but I had never had an event planning company, so I wasn't known for that at all.

So I was doing what everybody else does, right? You do the $500 baby shower, you do the, it was only until I switched my mindset and said, listen, I need a strategy here. To, in order to charge what I'm going to want to charge, I need to get some credibility, be the quote expert in the field. So the advice for people who are listening, who are like, oh, there's no way I'm not at that point.

The takeaway instead is find out who are the influencers. So that's the way you can get the most out of your town, of your region, of your pool of potential people. Right. Because that's the fastest way to charge more. As soon as you get somebody like [00:22:00] that, it doesn't have to be Snoop Dogg.

It can just be the mayor, the family that's been, in town forever, that third party endorsement, right? And all of a sudden you're like, oh wait. They use that service or that product. Wait, I'm going to also, and that's like an instant point of elevation. But the next thing is you have to start with the, it's a Stephen Covey thing, you begin with the end in mind where do you want to be?

And you have to keep seeing yourself that way. And then what you do in the meantime is you create the roadmap to get from, here to here. And. That means, you elevate your Instagram or your website or your the articles that you start publishing articles on different things, whatever you need to do in your space so that anybody who comes across your profile is going to say in pretty short order, Oh, they know [00:23:00] what they're talking about.

And that alone, it's like you have 30 seconds or less to make an impression. You want somebody to be able to see and be like, Oh, okay. Check the box. They're worth the higher prices they're worth. that's really the place to start. But it's also The key component that's like in the E myth revisited about working on your business and not just in it.

And that is so, so, so important, especially since we're talking about time, because most of us feel like we don't have enough of it. Now, in this case You can't just work, like in my case, we get very busy, we're working on an event, we're working on an event, we're working on an event, and so then we put off closing the next deal or fall, keeping that sales pipeline going and that sales pipeline nurtured.

And you can't. No matter how much, how busy, whatever fire you've got going on working in your business, you [00:24:00] have to carve out a certain time that is. Evaluating, like, where are your next clients going to come from? What worked about my pricing last time? Where could I have been more efficient? Where did I waste my time?

Where didn't, where does my contract have holes, right? That working on your business time is what's going to pay the huge dividends. And as long as you're knee deep and just saying, I don't have time, I don't have time to do things like that. You're in big trouble. And to me, you're never really going to break through to the next level, whatever that is for you.

Jeffrey Feldberg: Yes, well said. And Marley, one quick question for you. So when you're at the higher end, it's like anything really in the luxury market. I can pick any brand here. I, maybe it's a Rolls Royce or a Mercedes or a Bentley, who knows. People, and you can agree or disagree, people would, when they're looking at the different brands, in this case, your brand, when you're out there with your services and what you're doing, they're going to associate themselves with that brand.

And so if they're in a [00:25:00] particular segment where they can write the check, you know what, I want to be. with a higher end brand. I don't want to be, no offense, no judgment, I don't want to be with a lower end brand, I want to be with a higher end brand. And Marley, something that you said earlier, which I think is really crucial for the Deep Wealth Nation to understand, the time, the effort that you're putting in, whether it be a higher end invoice that you're going to be putting out there with many zeros after it, or if it's going to be a lower end invoice with just a few zeros, it's really one and the same.

And I know in M& A, It's the same thing. Whether a deal is a hundred million dollars or a few million dollars, the amount of time and effort to have that cross the finish line, there's really no difference between the two of them. It's really one and the same. And I don't think you disagree. You can tell me if you have to spend your time and you are spending your time and your effort.

Why not go out there and get at the premium? Now for the Deep Wealth Nation, I love what you did in the book, but are you making any money? You've really taken the crux of one of the issues out there where we're confusing activity with progress. We tell ourselves all these [00:26:00] lies, otherwise called narratives, we're drinking our own Kool Aid and it's the wrong one to be drinking.

And you really put it into an easy to follow, step by step methodology and strategies of What you should be doing from, how should I be looking at the expense equation to how I'm going to be on the coding side of what I'm going to be doing there when it comes to the expenses. This is a tough question I'm going to ask you because, again, I could take each chapter, we could make that an episode and we would have a lot of rich ground to cover.

But. The question, it's not a fair one, because you could say, well, Jeffrey, you might as well ask me to pick my favorite family member, but I'm going to ask it anyways, from all the strategies that you have in there, is there one that's your favorite? Is there one that really moves the dial the most?

Marley Majcher: Absolutely. That's actually an easy question to answer. And that is, yes, you must track your time. And there are no excuses. I don't care if you track it on an index card with a pencil. You don't. You can [00:27:00] track it on your phone, you can track it on, but you must track it. You can track it on a time sheet.

But the idea is, first of all, that pays the biggest dividends of any, actually any business advice. can think of because there is something about writing it down or, typing it if you're going to enter with real granularity for a week. Now, by the way, you're going to know in two days what the, what your issues are, but when you track your time and you literally write, 9am to 912, surfing Facebook, 912 to 942.

Instagram. And when you start looking at it, and I'm not saying don't spend time on Facebook and Instagram. What I am saying is when you start reviewing your day and then your week and you look at the patterns, I can tell by looking at somebody's time chart exactly what problems they're having in their business.

Without ever talking to them, without ever, I'll be like, oh, this person has a sales problem. Oh, this person has a, [00:28:00] because it's all right there in front of you, but you have to take the time to put it out so you can take a look at it and then analyze it. And the key to profitability It's just taking, okay, I look at the day or the week, and I see I was on social media this amount of time, and I was doing this and this, and then you ask yourself, where did your customers come from?

if you're on social media and you're doing TikTok videos and you're a TikTok superstar, well, I'd say that's probably a great place To put your time, right? That's your secret sauce, but what are you doing? Are emailing contracts or paying bills and being your own bookkeeper, that kind of thing?

Well, that's not going to bring in money for the most part. Unless you're writing handwritten notes, it says, please give us more business or something like that. So how do you substitute those, the lowest level activities? With your highest level activities. And as soon as you can come up with, let's say three of those, now you're truly on your way because you're going to take a few things that you can [00:29:00] pay somebody minimum wage or, whatever, 20 bucks an hour to do that frees up even one hour in your day.

Well, if I say, okay, great. I just freed up that one hour in your day, but now I want you to tell me what are the highest level activities you can do in one hour? Well, for me, let's say it'd be doing a big podcast like this, right? I spend one hour doing it. It's going to go all over the world and back, and you're going to put show notes and that's going to have legs and there are going to be so many different ways to leverage this, right?

So if that's the case, that one substitution of. The bottom of the barrel to the cream of the crop changes everything almost instantaneously. We have to step back to know which change to make. And we can all do that just by figuring out where we spend our time.

Jeffrey Feldberg: And actually, it's a great segue to one of the questions that I had, and once again, this marvelous book that you put out there, but are you making any money? [00:30:00] And I never quite heard it this way, and perhaps it's just me not being in certain circles, but I love how you did this. This is in part two. You're talking about expense coding explained.

And for the Deep Wealth Nation, for their benefit, can you just share the insights? Okay, why are we doing coding in the first place? Why is this important? And then really, this is part of your secret sauce in what had you get out there to the stratosphere. So what's going on with that, Marley?

Marley Majcher: So expense coding is basically taking every aspect. of the product you create, or the service you provide and tracking it, okay? It's sound it's usually pretty easy, when, let's say we take a, an article of clothing, and we take a dress, and, You have the basics, cost of goods sold. I break it down into A, B, C, and D costs.

So, A costs are cost of goods sold. That's usually where, people do, they get it. Okay. The dress has a zipper. It has fabric. It has buttons, whatever. So, you add up all of those. Okay, great. And you get your cost of [00:31:00] goods sold. And typically this is where people get in trouble because then they say, okay, great.

The dress costs me 20 to make, right? So I'm going to charge. Conventional wisdom is, two or three times if I'm wholesale to retail, but where the wheels start going off the bus. Now, they might've been smart enough to put the time that the, it took the seamstress, but what if you are the seamstress?

See it's, if you get an invoice or something from the seamstress to sew the dress and you add it to your pile of cost to get sold and call it a day, but what if you are the seamstress, right? So now we get into B costs, which are time, and you've got to put down that you sewed the dress for, 40 minutes.

And then let's not forget, though, you didn't just sew the dress for 40 minutes. You got the fabric out, you did this, you cut it, you, all these other things that go into, to your time. And because there's not an invoice for you, we forget to include it and that's where the wheels [00:32:00] go off the bus. It's, so it's the same thing as once the dress is finished.

And you have to make all these connections and make all these calls and try to get some, a store or whatever to pick up your product. That's hours and hours of time that we don't know where to park into this formula. And then the C costs are what I call forget me nots and this can be another real trap because these are the small things like, oh, my cost of goods sold for linens is, 20 each, but we forget that Oh, I need them, I didn't order them fast enough, so I need a rush shipping charge, so I've got that.

Or I have to, pay a tip for the guy to bring them up to the room, or I, all these little tiny things that add up, parking for the picking stuff up, that also start eating into your margin. And then the D costs are, of course, overhead. What I found is that overhead, ironically, people don't usually get in as much trouble with overhead, because it's obvious, they're like, oh, I'm paying way too much in rent and I don't have the revenue.

So, it's right there in the middle. Those B and C costs that they go, gosh, I had no idea. [00:33:00] And that goes back to tracking your time. You don't realize how much time you're spending until you see it in front of you and you just go, oh my gosh, this is insane. And when I did it, just to make anybody who's starting to feel a little queasy, feel better.

When I did it, I realized, I would have been making more money at McDonald's. So,

Jeffrey Feldberg: Oh my goodness.

Marley Majcher: Which is the, which. Quite frankly what a lot of entrepreneurs would be making a lot more money at McDonald's if they really got down to how much they're taking home.

Jeffrey Feldberg: Yeah. And you know what's interesting, because Marley, I can imagine there's some listeners in Deep Wealth Nation when they started listening to this podcast saying, okay, Jeffrey, I hear you, you're bringing on an entrepreneur, but it's a party planner, and why are they on the Deep Wealth? What's going on?

This is, I suppose, growing a business, selling a business. But I got to tell you, and Marlee, you can tell me if I'm on base or off base, here is what I'm going to put out there. This is my own experience. It's a data point of wine. And maybe it's just me. I don't think it is. You're going to verify that.

People want to do business with friends, not strangers.[00:34:00]

Marley Majcher: Absolutely.

Jeffrey Feldberg: out there with these A listers, it's not just a party that you're putting together for them. Yes, perhaps surface level it is, but business is taking place. Relationships are being deepened. This is where you get that inner circle that's going on.

And when I was first introduced to you and what you're doing, I got really excited because I said, wow, finally, here's a person who really is straddling both worlds. You're straddling, on the one hand, the social side. Yes. but also the business side. And what went through my mind, I was looking back through my own liquidity event, with the different advisors that were out there, the investment bankers, really everyone, we took a very social approach.

And it wasn't just a business meeting. After the business meeting, we would have a social at the business where we would have a time to sit down and talk and there'd be drinks, dare I say cigars, other kinds of things. Everyone was just, having a really good time, all legal, all of that part on that side.

But we were But it wasn't expected. It wasn't traditional. And I got to tell you, even with the different buyers at the table, that's where the barriers broke down. And we just became, [00:35:00] people at the table all looking to create a win, not an I win you lose or you win I lose. It was really a win all around the table because there's that social element.

And what I wanted to ask you now, on behalf of Deep Wealth Nation, someone like yourself, you can come in there and put together, whether it's a function or a social or a party, whatever we're going to call it, that yes, it's on the one hand, perhaps out there on the social side, but it's really business.

It's business development. It's deepening the relationships where people, again, well, yeah, I can choose from anybody, but hey, Jeffrey's my friend and he had that great party and I was there and I met network and wow. So what's going on with that? What would you say?

Marley Majcher: Well, I would say especially after Covid, it goes back to what you learn, at business school 101 which is people do business with people they know, they like and they trust. And we used to make fun of my dad growing up, but he'd, golf every week but he would say, that's where you make the relationships.

And he said, that's when how you, you know, the reason you hire your lawyer and your dentist and all those people from the golf courses, he said, [00:36:00] you can tell a lot if the guy cheats on his scorecard and he's a money manager, that's not the one you want to hire.

You know, if this one loses their temper and, but sometimes you need to see people in other environments.

And there's a reason why these days, everything is the marketing story, right? it's all about the backstory. And we want something to connect to that doesn't feel like I'm just ordering from some warehouse in China with nobody behind it, not that there's anything wrong with that. But if we can feel like, There is some connection to the product or service and we get to know that and those bonds, it is amazing.

When we got into the restaurant business and fortunately we bought the land, my, we had identified a bunch of properties, but we just weren't at the right one and we couldn't close the deal. And there was a girl that I went to grammar school with, her family, and my mom ran into her uncle outside of mass.

And close the [00:37:00] deal for us on the church steps outside of mass because it wasn't getting done with, the middlemen and the lawyers and all this other stuff. And it turned out to be the, literally the greatest business deal that has set my life up, and But there's no way that deal would have gotten done.

He didn't even want to sell the restaurant. That deal only got done because he thought this is another family like ours who wants to start out like he had started out a million years ago and was going to take care of his building, even though, he was selling it to us and stuff. It makes a huge difference.

It's the reason why we know when there's bidding wars, for houses and people write a letter and it connects and sometimes it's not even the top offer. People are desperate for connection and that's no, it's absolutely positively true after COVID. People, I think, are just craving it. So this is the spot.

You don't have to throw a million dollar party, right? You can Do a pop up at a restaurant or your house or whatever, and just say, hey, listen, let's get [00:38:00] together for a couple hours. And maybe you're want to blow off steam. Maybe you want to just share your top three business ideas.

Maybe you just want to bring in another friend who, is new and provides a great service, whatever it is, but at the end of the day, it always comes back around. in my opinion, that is never going to go away. I don't care what AI does. I don't care. You got to have that. Warm body at the end of the line.

Jeffrey Feldberg: And as crazy as it sounds, well, before we go into wrap up mode, unfortunately, we have to go into wrap up mode. We're bumping up again sometime, but as crazy as it sounds, perhaps you're having your clients over or prospective clients and it's contract renewal time. Crazier things have happened. I can just imagine a client or prospective client saying, okay, do I go in this direction?

Well, they throw such great parties. I have so much fun. If I go in this different direction, wow, am I going to miss those parties? Yeah. Why not? Let me just go ahead. It sounds crazy. It's a human condition. We want to connect with each other.

Marley Majcher: It's a human condition but here's the thing, you remember all the things that you find out by going to somebody's [00:39:00] event, right? You see who their friends are. Somebody goes to my event they would see people my parents age. They would see kids.

They would see people that I'm in business with, I went to school with. You can't maintain all those kinds of relationships. If there isn't something behind it. So it's show what's in your kimono and be proud of that. That's what sells it. In addition is these days it's, you know, there's so much catfishing in every aspect of business, but it's like, wow, this many people she'd have a really hard time being a total con artist.

With this many people that have been around since she was born. So if you look at it that way, it takes a different course with how you develop your relationships.

Jeffrey Feldberg: Well said. And with that, Marley, we're going to go into wrap up mode here. It's a tradition on the Deep Wealth Podcast where every guest, I have the privilege and the honor of asking the same question. It's a really fun one. Let me set this up for you. So, when you think of the movie Back to the Future, Marley, you have that magical DeLorean car that will take you to any point in time.

So, the fun part, Marley, is [00:40:00] tomorrow morning, you look outside your window, not only is the DeLorean car curbside with the door open, you're going to now hop in, you're going to go back to any point in your life, Marley as, who knows, a young child, a teenager, whatever point in time that would be. What would you tell your younger self in terms of life lessons or life wisdom, or, hey, Marley, do this, but don't do that, what would it sound like?

Marley Majcher: Well, the list of do this, don't do that would be very long. But what I would say is I would remind myself not to, that it's all going to be fine. I would remind myself to just keep putting your head down and trusting your instincts. But. To work hard and mitigate risk. To always have a little more padding than you think you need, whether that padding is a little more time to get to the airport or whether it's a little more padding in your savings account, or whether it's a little more time to get a contract sent or a few more clients in the pipeline, because that padding is what creates confidence [00:41:00] and allows you to be more resilient and not get your, yourself pushed against a wall.

Jeffrey Feldberg: Wow, I love that. So give yourself some more padding, some really just in case, and with that additional padding, you're getting some more confidence, you're getting some more resilience for those who know what happens. No problem. I gave myself some extra time, or I have some more leads in the pipeline, or I have a few more dollars in the bank, not a big deal.

Marley Majcher: Well, it's what you said at the beginning when you said you had to redo your whole computer and you're like, how's my sound? How's my, usually when you have to reboot your computer or get a new one or do, it's typically not a planned. So just know there are all these things that are not planned that you don't know what's going to hit you.

And so just, if you give yourself a little bit of extra room and you get to the airport early, fine, go to the bookstore for 15 minutes. But if you don't have the 15 minutes and you get stuck, you the opposite is true. Really bad. So a little bit of padding buys a lot of peace of mind.

Jeffrey Feldberg: love that. And [00:42:00] before we officially wrap up, I know for Deep Wealth Nation, again, go to the show notes, click on the link, get the book, but are you making any money? Stop being busy and start creating cash. And that said, Marley, if a listener, they have a question, or better yet, they want some business advice from you, or they would like you to put together some kind of a party or a social for them, where would be the best place online for them to reach you?

Marley Majcher: They can just go to Instagram and go to our Instagram for business stuff is at the profit goddess with two D's and two S's and they can DM us and send it there.

Jeffrey Feldberg: Wonderful. And again, Deep Wealth Nation doesn't get any easier. It's in the show notes. It's a point and click. Well, Marley, congratulations. It's official. This is a wrap. And as we love to say here at Deep Wealth, may you continue to thrive and prosper while you remain healthy and safe. Thank you so much.

Marley Majcher: Thank you for having me. 

Jeffrey Feldberg: So there you have it, Deep Wealth Nation. What did you think? 

So with all that said and as we wrap it up, I have another question for you.

Actually, it's more of a personal favor. 

Did you find this episode helpful? 

Have you found other episodes of the Deep Wealth Podcast [00:43:00] empowering and a game changer for your journey? 

And if you said yes, and I really hope you did, I have a small but really meaningful way that you can actually help us out and keep these episodes coming to you.

Are you ready for it? 

The dramatic pause. I'll just wait a moment. Drumroll, please. Subscribe. Please subscribe to the Deep Wealth Podcast on your favorite podcast channel. When you subscribe to the Deep Wealth Podcast, you're saving yourself time. Every episode automatically comes to you, and I want you to know that we meticulously craft Every one of our episodes to have impactful strategies, stories, expert insights that are designed to help you grow your profits, increase the value of your business, and yes, even optimize your post exit life and your life right now, whatever you want that to look like.

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So all that said. Thank you so much for listening. And remember your wealth isn't just about the money in the bank. It's about the depth of your journey and the impact that you're creating. So let's continue this journey together. And from the bottom of my heart, thank you so much for listening to this episode.

And as we love to say here at Deep Wealth, may you continue to thrive and prosper while you remain healthy and safe. 

Thank you so much. 

God bless.