“Look for the real things in life that really mean the real things. ” - Derek Gallimore
Derek Gallimore is passionate about outsourcing – it is the most transformative business tool available today. He is committed to helping people integrate it into their businesses and see them thrive. Derek’s blend of extensive international business and travel experience means that outsourcing came relatively naturally to him. Derek has been in business for over 20 years, outsourcing for over seven years, and has lived in Manila, Philippines – the world’s outsourcing capital – for over three years. He has worked and lived in five countries and worked and traveled through dozens more. Having been in various businesses since 17 years old, Derek is a fully committed entrepreneur. He has founded and bootstrapped two 8 figure businesses, enjoyed fantastic successes, as well as his fair share of challenges. After more than 20 years in business, Derek has now set his sights on disrupting the outsourcing sector.
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Your liquidity event is the most important financial transaction of your life. You have one chance to get it right, and you better make it count.
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When it comes to your business deep wealth, your exit or liquidity event is the most important financial decision of your life.
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Derek Gallimore is passionate about outsourcing. It is the most transformative business tool available today. He is committed to helping people integrate it into their businesses and see them thrive. Derek's blend of extensive international business and travel experience means that outsourcing came relatively naturally to him.
Derek has been in business for over 20 years, outsourcing for over seven years, and has lived in Manila, Philippines, the world's outsourcing capital for over three years. He has worked and lived in five countries and worked and traveled through dozens, more. Having been in various businesses in 17 years old Derek is a fully committed entrepreneur.
He has founded and bootstrapped to eight-figure businesses, enjoyed fantastic successes, as well as his fair share of challenges. After more than 20 years in business. Derek has now set his sights on disrupting the outsourcing sector.
Welcome to the Deep Wealth Podcast. According to the media, this whole pandemic thing has been great.
You have The Great Resignation and now you have The Great Return that this word great everywhere. I don't know if it's been great or not. But all joking aside, it's been challenging as business owners, where do we find talent and how do we find talent that actually fits the budget? Where do we turn? What can we do?
It's a real serious issue. It impacts EBITDA. And when you're preparing for your liquidity event, because your business does run without you, right? All you business owners, wink, wink nudge, nudge, what do we do? Where can we turn for that? Well, We have an absolutely terrific episode.
You heard it in the introduction. Our guest is a fellow business owner, entrepreneur, founder, doing some incredible things in the area of talent, but I'm getting ahead of myself, Derek, welcome to the Deep Wealth Sell My Business Podcast, and absolute pleasure to have you with us. Derek, there's always a story behind the story.
What's your story? What got you to where you are today?
[00:03:37] Derek Gallimore: Yeah, thanks, Jeffrey. Excited to be on the show with you. Lot of hard work and persistence and grit, I think. I thought it would be any easy journey at the beginning, but yeah, you realize only the good things come with the hard work but I'm a sort of an entrepreneur through and through it's in my blood and it's all I've ever been able to do.
It's my passion. It's my hobby. And maybe takes a little bit too much of my focus.
[00:03:59] Jeffrey Feldberg: Well, you're clearly passionate about this Derek, and we'll get to these things. I don't want to jump too far ahead, but you're a thought leader. You're an author. You have a book coming out. You have a podcast. But it's really all things outsourcing. And today that's very timely because the pandemic was just a game changer in so many ways.
It really has changed personal life, but it's also changed the business front as well. So I'd love to hear what's been going on in the world of outsourcing, as you see it.
[00:04:28] Derek Gallimore: Yeah, look everyone obviously COVID is horrible in many ways, but it has dramatically changed how business is done, and right from employment to the notion of a workplace. And it's really opened people up to the opportunity of working remotely. And if COVID happened 10 years ago, I think we would have been in a real you know, situation. Now, in some ways, it's a blessing that the technology is there that enables remote work. And so in many ways, the economy could keep going. And what COVID did, I think is it forced many business people to very quickly flip into some sort of remote, alternative way of working.
A lot of people weren't necessarily happy to do that. They weren't necessarily comfortable, but it gave everyone a crash course on the potential for remote work. And along with that, when you're working remotely and also if the economy is crashing around you, there's an opportunity to look beyond your local market and start to look toward a global market. And then you realize that there's a lot of people on the planet. There's 8 billion people on the planet. Many of them, the vast majority, in fact significantly lowest salaries have lower living costs. And there is a huge opportunity there to tap into the global workforce access abundant talent when it is in such a shortage.
And also you can save 50 to 70% of your staffing costs. So it's been an incredible journey and I think also an incredible sort of learning curve for a lot of people that are experiencing remote and then global employment.
[00:06:13] Jeffrey Feldberg: And Derek, I want to dispel some myths that are out there and I've had the I call it privileged because I learned so much of traveling to what some people would call the third world. And there's a bit of a stigma around outsourcing. And the stigma is that people are being taken advantage of because people in the west are looking at salaries and what hourly rates are.
And then they're looking when you're going offshore, so to speak, and they're seeing much lower hourly rates and the myth or the belief that I don't subscribe to is that people are being taken advantage of. This is not right, and we shouldn't be supporting this. So maybe you can help dispel why that isn't the case and how we have to remove the lens of the west.
And really look at it for what it is and what a privilege and honor it is for so many people in the outsourcing industry to be able to help of, just being a game-changer for them. What does that look like from where you see it?
[00:07:07] Derek Gallimore: Yeah, it's a complex picture. And for those that don't travel some much and non-exposed to the rest of the world so much, it's hard to really grasp the rest of the world. They live in very different realities. In the developing economies, often as much as half of the population are earning under a dollar 90 a day in fact, large swathes of the world are earning under a dollar 90 a day and many hundreds of millions or billions are earning under $10 a day.
And so to give people an opportunity to work and to contribute, but most significantly to basically access the Western economy from where they are sitting is an incredible opportunity. And that kind of opportunity has only been available in the last 10 years, for the entire time that we've known humanity to be around.
Accessing the global economy from where you are sitting effectively from other laptops using an internet connection has never been available in the last sort of few hundred thousand years. It's only in the last five years, 10 years that has actually been accessible. And so what that opens up is the opportunity for people that have only access to an economy where they can earn 10 to 20 to $50 a day, they can potentially tap into the Western economy that can 10 X that amount. And that is a fantastic opportunity for them. And it is also a fantastic opportunity for the Western economy as well. You're just basically seeing the network effects from the network size increasing. You know, New York is a big place for example, but it's only 8 million people.
And New York gets the best of everything as a result of being a big city. But when you expand that network to 8 billion people and with that, you have all of this sort of cooperation, collaboration. It becomes incredibly powerful and that's, what's happening with the world, the salary imbalances on there, and they will only be improved with the network kind of making the world more homogenized.
But as it is at the moment, the salary imbalances are a fantastic opportunity for the west and also for the destination country as well.
[00:09:29] Jeffrey Feldberg: So Derek what I'm hearing you say, and you know, really it's a different way and a better way of looking at it. We can really, in the west, we can pay it forward because what we view as our resources are significantly multiplied, you have a multiplier effect for what we're able to do. So as an example, if I'm able to outsource and it's I'm going to say a fraction of the cost or much less than what I'm paying typically in the west. And we're going to talk about the talent in a moment, but let's just take the position that the talent is as good maybe even better. I'm changing people's lives from what you're saying. If the average is $2 a day.
I'm rounding up a little bit. If it's average of $2 a day and someone can now earn much more than that in my own small way, which is a big way I'm changing somebody's life is really what I'm hearing from you. And because the costs are lower in the other countries, they're actually benefiting as well.
They're earning more. They can spend more, they're going to be paying it forward on their side. So really it's a win-win-win for all involved.
[00:10:30] Derek Gallimore: Yeah, absolutely. The developing world isn't all developing. I lived in Manila in the Philippines, which is the heart of the outsourcing world. It's an emerging economy and there are tens of millions of people in the Philippines that don't have you know, that are subsistence living.
But there are also tens of millions of people that are brilliant college graduates that are highly qualified that are accountants or doctors or architects or PhDs or rocket scientists. It is all in the Philippines and generally, and other countries as well. So the other developing nations. Generally, all of that comes at about a 60 to 80% discount to the typical salary in the west. And that is a phenomenal discount and giving those young professionals or whoever they are, even seasoned executives opportunity to work for a Western company, earning a little bit more is a fantastic opportunity and it's also a huge opportunity for the west as well.
Yeah. It's just, it's incredible.
[00:11:35] Jeffrey Feldberg: So Derek with your company, can you walk us through the types of positions that you're able to help companies with in terms of finding the talent for them?
[00:11:45] Derek Gallimore: Sure. Yeah. And this is where outsourcing is generally the umbrella term. And it's what everyone uses. But unfortunately, it's a little bit of a misnomer. The outsourcing of yesteryear really applied to the call centers. And it's still what the big fortune 500 enterprises do. But the modern offshoring that is applicable to smaller, medium-sized businesses is really you think that just more like staff augmentation or employment. It's just that they are sitting somewhere else. They are sitting in a different country. They are typically employed by a different entity, but they are your employee. You would treat them as you would your own other employees, you would manage them, manage the deliverables, manage the performance.
Just like a normal employee. The only difference is that they are sitting in a different locations. And so when you look at it like that, Offshoring or outsourcing is as broad as employment itself. We work with clients and the staff are accountants or architects. There's obviously a lot of digitalist, a lot of developers, Shopify developers, Google analytics people any role you can imagine.
And of course, it's all about sales, SDRs, customer service but also, executive talent and leadership, and HR, all of those roles are available offshore and effectively as a hack, just treat them as if they are your own staff. And it's as easy as that.
[00:13:17] Jeffrey Feldberg: So really just to start, let's start changing some myths and some misnomers here because what I'm hearing you say is everything from executives to professionals really Derek what you're doing you're like a global recruiter. Now you happen to be based in Manila in the Philippines. Is that where the majority of your talent is coming from within the Philippines? Is that your focus?
[00:13:37] Derek Gallimore: Yeah, absolutely. So, you know, I live in the Philippines. I've been here about nine years, so I am biased toward the Philippines in terms of an outsourcing destination. Although India is obviously really significant in the industry. But then also there's all of the nearshore destinations, but then also, you know, in all of the emerging economies, there are major outsourcing efforts now, or efforts to become an outsourcing destination.
Jamaica, Jordan, Peru, you know, I've had conversations, Fiji all of these destinations are really making efforts to open up their economy to the international economy. And those populations generally earned less. So again, it's a great opportunity for that population, but also, and then the perspective clients that would employ them.
[00:14:25] Jeffrey Feldberg: And Derek again, you know, you speak to business owners. I hear a lot of what I believe are misconceptions that are out there. So one of the misconceptions, generally speaking, is I don't know if I want to outsource because they don't speak the language.
English is not the first language, I speak English. My customer base is English. And maybe if they're a coder, if they're a graphic designer, English doesn't have to be the first language. But Jeffery, what are you saying that I can have someone in the executive level who isn't from here? English is not the first language and they don't even live here.
That they're going to be as good maybe even better. I find that hard to believe is what I typically hear out there. So Derek let's begin to dispel why that isn't the case. And how does it work in terms of someone who maybe English isn't the first language and they're not living locally, they're remote? What do you say about that you're dealing with that everyday?
[00:15:15] Derek Gallimore: Yeah, there's a lot of misconceptions about the Philippines. I suppose, you know, it is a developing economy, but there are in Manila, for example, it is home to Facebook. It is home to Google. It is home to Coca-Cola, Procter and Gamble. It is home to a massive JP Morgan brand new building that they've just put up.
It is home to Citi Group. It is home to every major Fortune 500 here. But also in the Philippines, you can find Filipino, Harvard graduate, Stanford graduates that are sitting here in the Philippines. They are world-class, high-caliber professionals. Then also within the Philippines, you have their own Ivy league colleges, college systems.
Then also there are multi-billion dollar conglomerates within the Philippines also that are working at an international standard. So you have the entire range of professionals within the country and you can access all of them, remotely. And now, before it used to be a sort of cookie outlier concept that you could have someone work for you on a laptop sitting somewhere differently.
But now, especially with the sort of nudge of COVID, that is far more normalized, people are now familiar with the tools that come with the tools you and I are talking over Zoom. It's just such a normal part of the day. And then sooner or later, people realize if we're doing all of this remotely, and I'm sitting in New York paying another high salary to someone else sitting somewhere in New York, why don't we explore the global workforce?
And also when you're struggling to find someone when there's a skill shortage, staffing, shortage, Great Resignation. There is 8 billion people out there and there's a lot of high-caliber candidates. And as I said, there's every kind of high-caliber candidate you could ever imagine.
Web three, crypto, developers, coders, Amazon all available. Absolutely.
[00:17:19] Jeffrey Feldberg: And you know Derek I know that some listeners are saying, Jeffrey and Derek. Yeah, I hear what you're saying, I don't know. You know, we're now displacing people here locally and we're going offshore and we're creating higher unemployment.
And we saw what happened when we do that with our manufacturing. That just doesn't seem right. I really want to be patriotic and all those other things that go with that. I don't think that's the case because what I see out there are two disparate kinds of situations. Number one, it's people who don't want to do some of the work.
They find that it's either too menial for them, or they just would rather not do what they want to do higher-level kind of work. So where do you find the people for that? Because of work still needs to get done. And then secondly, to your point, Derek, you can't find the people you'd happily hire somebody locally but they're just not available and so you can't find the people. And so what Derek and I are talking about for the listeners out there, this is a way of supporting the local economy because you're growing your business because you can find the talent.
Talent is your engine, your assets as a business. They in the traditional sense, they would pick up and walk out your door every day. Now COVID change that, but your assets are people. And if you can't find the right people, you don't have a business to put that simply. And so Derek continuing along the myth side of things, and again, I don't subscribe to this, but I would just love for the listeners to hear this.
There's some people that say, okay, look, Jeffrey, some areas, if it's technical I get it We can do it, but when it comes to sales and marketing, if you don't understand the language, if you haven't lived as an example in the US you can't really do sales and marketing effectively, you're just gonna miss some of the nuances because you're not a native speaker and you haven't really grown up in this culture. It's just going to go over your head. Is there some truth to that, Derek? What would you say about that?
[00:19:01] Derek Gallimore: Get look, you know, people sometimes ask me how much does it cost for a salesperson? And I put it back then, how much does it cost in the US? And a salesperson in the US can cost $20,000 a year, or they can cost $20 million a year. You know It depends on how good that salesperson is. Again that range is available in the Philippines as well. Coming back to one of your earlier questions in terms of the language look you know, I sort of represent all of the emerging economies, but specifically for the Philippines, it is a highly Anglo-Americanized society. It's quite uniquely so, It was actually Catholicized 500 years ago.
It was taken over by the Spanish and it was introduced, like became a Catholic society 500 years ago, which means that the 500 years they have been in some sort of Anglicised kind of trajectory. Then of course, they had very close relationships with the US for many decades now. All of the street signs in the Philippines are in English.
Kind of official language where all of the law, all of the medicine, everything is written in English. They do also have their national language. But also there are about a hundred dialects in the Philippines. So English is used as the dominant language because the common language amongst all of those dialects.
So even in a developing economy. It is quite unusual for the laborers and the taxi drivers. They all speak fluent English. And so when you have all of the college graduates who are in their twenties, thirties, Yeah, and they are raised on a diet of Netflix and YouTube.
And they're in the same forums. This is an English society, absolute English. There is a bit of a twang, a bit of an accent, but again, most of what they read and watch is American. So generally the accent is very Americanized. Coming back to silos was look we had clients that are working in a very sensitive veterans affairs, they help veterans with a lot with sort of mental disablement and things like that claim they're veterans disability, very sensitive area. You're dealing with veterans that are very potentially clicky in dealing with very sensitive, confidential topics. Their philippine team outstripped the performance of their American team. And then took the Philippine team to 600 staff.
Whatever, if you compare any team performance, generally the Filipino team will outperform the US team. If you are dealing with small localized, knowledge that is relatively difficult to break the cage. You know, If someone needs to know about the snow in Northern parts of the US, it wouldn't come naturally as it doesn't mean, you know, I know a lot more about beaches and Palm trees.
So that is very difficult to replicate, but in terms of sales processes, then they can be outperformed here in the Philippines.
[00:22:00] Jeffrey Feldberg: That's terrific. And you know, for our listeners, Derek and I, we've been taking it really easy here. I've been going with some of the myths to dispel laying the groundwork, and now we're going to open things up and really get to it.
So Derek let's open it up. So we've dispelled a lot of myths. We've been taking it a little bit slow right now, and now let's have a little bit of fun with this. Let's hear some success stories of what you've been able to do for companies that have come to you in any kind of position that you can share with us to really show the power that comes with the ability as you say, To now open up the gates of not just where you are locally for people that you may be able to hire from a few million, you're now opening up to potentially billions of people.
So what does that look like with success stories with your company? I'd love to hear a few examples from you.
[00:22:45] Derek Gallimore: Yeah, absolutely. Look, we have endless stories and honestly selling offshoring is difficult because people don't quite believe it. And it's getting people to change their practices and their habits. However, once they start, it's like crack. People start with one or two employees, they get used to the process.
They realize that these are high-caliber staff. They see the savings they're making, and then they go from 2 staff to 10 staff to 50 staff to 500 staff, and you can never go back once you realize that this works. And again, it's not just cost saving, it's access to capable staff.
We had a US company from a relatively small isolated town. The town was based on a lot of tourism. They ran a lot of this sort of touristic things there. They couldn't get staff. They lamented that he was hiring from a talent puddle and not a talent pool. And he started with two staff and then within about six weeks, he had hired 18 staff within his hometown.
He was basically having to hire literally. That could spell the name and have to teach them the functions that he needed to do, whether it was digital marketing, whether it was customer service, whether it was administration. And that really slowed his progress. Whereas when you came offshore, I gave him access to a country of 110 million highly qualified people.
And he was able to hire the right people for the job very quickly. And he is just completely blown away by it. So there's endless. Once you see it work, you will never go backward. It's really compelling.
[00:24:30] Jeffrey Feldberg: And so Derek what you've been incredibly effective at doing is just painting the picture for us. And I know there's a lot of listeners out there when, as you say, when you think of offshore, when you think of outsourcing, you're thinking of the call centers, back in the I'm going to say, mid-nineties to the early two thousands.
And in fact, I'm going to date myself a little bit. I know at one point there was a little bit of a spoof that went on out there. It was a film, it was on YouTube and it was making fun of the whole outsourcing thing. And it was a funny comedy about that, but it's really grown up. It's really changed.
This is a different animal. This is a different entity altogether that we're talking about. So you've shared everything from Harvard and Stanford grads that you have locally in some of the countries, particularly in the Philippines where you are, that are available to sales and marketing, to accounting and architecture, to some of the technical things, programming, graphic design, really it's the whole onslaught of talents that you're bringing on board.
And you also brought on another interesting point I mean, with the pandemic, what's come out of that is you can operate your business from anywhere and people are operating the business from anywhere and you may choose a remote location, but you're no longer confined to that local town that may not be so big.
You can really open things up. And so I know our listeners are saying, okay, Derek, hey, this is sounding really interesting. You've changed my perspective. I'm paying it forward. I'm helping people have access to talent. But what's the catcher. What does it cost? What am I looking at? If I were to work with someone like yourself, what am I paying?
What are some of the rates like for different kinds of skillsets and how does it work when I hire someone who is offshore or certainly not local?
[00:26:09] Derek Gallimore: Yeah. So, we actually represent the market. We aren't like TripAdvisor representing the entire outsourcing market. We actually listed at three and a half thousand outsourcing firms collectively the industry is about $250 billion annually. So you are stepping into a barrier-established, mature industry and that also has its benefits because you timidly go into this offshore market a little bit scared and there are phenomenal highly capable companies with top executive teams that can help not only give you staff at a massive discount but can help build your processes.
The industry has actually called business process outsourcing. That's one of the monikers for it, a BPO and it is all because they are focused on building processes, designing processes, and then optimizing those processes. And they have 30 years' experience in this. And so you can come to this set of destinations. And tap into this sort of phenomenal experience and help better structure your business, and plus you get the incredible staff, plus you'll make an incredible saving. In terms of the cost structure. It varies a little bit, but generally, in the Philippines, you should aim to save about 50 to 70% on your costs. There is a seat leasing model, which is now far more prevalent and common for SMBs small and medium-sized businesses. And it's referred to as transparent pricing. The way that is structured is that you have the person's salary, which I'll come back to in a minute.
Then there is the government contributions, which can be 20 to 30% on top. And those two amounts there is zero margins or zero markups. There is the person's salary, plus what goes to government or the benefits or the healthcare or the pension. Then there is the service fee of the intermediary. And if you're familiar with we work, it's a little bit like we work on steroids.
The staff will get a grade office facilities. They will also be provided with all the hardware they need. Typically dual screen, 24-inch monitors, a nice warm happy healthy work environment. Plus the intermediary also takes care of the employment, which has all of the legal and compliance aspects, all of the payroll, and all of the, to be honest, it's a real pain to employ people in emerging economies, it's highly bureaucratic.
So all of that is taken care of. Plus all of the infrastructure, internet, all of that sort of stuff, plus all of the account management, which is really like the co-parenting between the client, which is the effective boss, sole manager of the people, and the institution, which is the employer of the people.
So all of that basically is boiled down into a service fee and those can generally range from about 300 US per month up to maybe eight or 900 US per month. So the salary component is completely transparent. And within that, you could get cheaper admin staff for 400 a month. You could get very experienced executive teams for $4,000 a month. But then the service fee is fixed and effectively you're paying for the desk, the facilities, and the employment services. Typically, just go on a little bit longer, most salaries in the Philippines, a large swathe of administrative and entry-stage accounting. The base salaries would be between $500 and $1,000 US dollars per month.
Okay. It's pretty compelling. You can get developers for that. You can get digital marketers for that. You can get accountants for that, like the younger earlier stage. When you add it all together with the desk, with the service fee, with the employment government contributions, it will come to about 12 to 1500 US would cover a large swathe of jobs all in, you know, that it's all in employment.
So it's pretty, pretty incredible option.
[00:30:34] Jeffrey Feldberg: So, As they say in the wizard of Oz, we're not in Kansas anymore. Derek, what you're talking about here? This is very different than what people are thinking with these crowded centers and one person on top of the next and the power's going out all the time and as loud and as noisy.
And it's just not professional. What I'm hearing you say is these are professional centers. You have dual-screen monitors, it's a whole corporate setup that people have access to. But then when you factor in what the monthly salary is, and you have that 20% government contribution, even with a service fee, it's a fraction of a fraction of the cost.
And you're getting access to really world-class talent with what you're doing. And it sounds like a lot of it. When somebody comes to your website, outsourceaccelerator.com where would I start? What would I do?
[00:31:26] Derek Gallimore: So come and have a look at the website. We have about 15,000 pages of content. We also have endless videos, podcasts. We also have the most comprehensive directory of BPOs on the planet. So just come and have a look and there are resources there. I would recommend you can get the three free quotes.
It's completely free, and we will introduce you to three outsourcing partners. There's no obligation. There's no cost, but it is immensely valuable for you to have a call with them. And you share your situation. You share some insights into a business, your staffing requirements, and then they will tell you what they feel they can do for you and what their perception is of how they can solve your issues and their solutions. And just jumping on a phone call is infinitely valuable. It could change the trajectory of your business. And there's no obligation, but you from a phone call, we'll get very accurate sort of pricing, a very accurate insight in terms of a solution that you should take.
All businesses are very bespoke. All requirements are very different. But you will get very accurate pricing, very accurate sort of availability of staffing. And they'll also advise you in terms of solutions. So you know, it's all on the website.
[00:32:52] Jeffrey Feldberg: And so Derek for our listeners, let me make sure that I'm getting this right because I really like how you've been approaching this. So this whole new industry you call the business process outsourcing, or BPO is what you're calling it. And you're the matchmaker. There are thousands of BPOs that are out there.
So as an individual, if I want to find a BPO on my own I'm having to go to places. I don't know where to even start or where to look, but instead, I can come to you and you're going to be the matchmaker based on my needs you're going to introduce me to three BPOs at no charge. And based on the BPOs that I speak to, and that I interview with, I'm going to find one of them that can then take on my needs for talent and go on to find the talent.
Am I getting that right? Does that sound about right with you being the matchmaker between me and the BPOs?
[00:33:39] Derek Gallimore: Yeah. Yeah, absolutely. You know, we're a little bit like a TripAdvisor for the outsourcing industry. And look, you can opt for the three free quotes or there's also an option to book a consultation call there. You can also look through the directory and reach out to BPOs through the directory.
So, you know, as it pleases your journey is going to be unique. But we are there to basically spread the word of the opportunity of outsourcing. It's just huge, and as you say it has really evolved from the days of a call center. Those still exist, of course.
But now it's basically the gateway to global employment. And that is a sort of incredible opportunity.
[00:34:20] Jeffrey Feldberg: And Derek, I really like what you're doing. And you know, as an entrepreneur, I'm always, the glass is half full. I know though some listeners are saying, okay, wait a minute. So Derek's the matchmaker here and whether it's a three free quotes or I can book a one-on-one call or other kinds of things. I know they're thinking Derek, okay, what's in it for your company?
How are you monetizing this? How am I a part of that? What does that look like?
[00:34:41] Derek Gallimore: We are a marketplace, you know, unlike anything like Amazon or Uber. We charge a flat fee, a subscription fee to our BPO partners. And effectively, you know, just like booking.com or any of that. We do not charge commissions. So we are not incentivized for you to complete a sale.
It matters to us, absolutely not. We basically do our job by providing awareness and education about outsourcing, and then we help people along that journey. Yeah. So in terms of how we monetize, we basically charge a flat fee, a subscription fee, little bit like yellow pages, and a third for people to appear on our website and we then help connect them.
[00:35:27] Jeffrey Feldberg: So really what you're doing is you're charging a flat fee to this BPOs who are now coming to you. And the brand promise that you're making to them is, hey, come to the outsourcing directory, the outsourcing accelerator, and we'll find you.
All kinds of people who will be looking for your services. And so you're out there really being in the marketplace like you're saying where you're bringing on the BPOs, you're finding the end clients and introducing them to each other. And when it comes Derek to bringing on BPOs, how do you know if a BPO is the real deal or not?
Is there any kind of background checks that go on from your side?
[00:36:05] Derek Gallimore: Yeah. I'm married to the industry. Really, I've been in the country nine years. I know all of the major players in the industry. It is a very disparate industry you know, brought down one end of the spectrum. You have Upwork and freelancers that's where you actually get a lot of disappointment or so underperformance, then at the top of the industry, you have the big players, like Concentrix, that has nearly 300,000 staff and they service the needs of Facebook and the likes.
For most small and medium-sized businesses would be outsourcing firms with 500 to maybe 5,000 staff. And that's not the only metric, but then group ensures that they have good systems in place, good operations in place, and really know how to look after their clients.
But we, yeah, we assessed all of the BPOs. We look into all of their front-end information, but then we also scope them out from the backend.
[00:37:02] Jeffrey Feldberg: So really what you're doing, Derek, and is terrific is you're giving a choice out there in the marketplace. So as a company I'm looking to grow and to expand, maybe I can't find the talent that I need, or maybe it's not at a budget level. That makes sense for me, I can come to you, you offer this directory really, I'm going to call it a world-class BPO business process, outsourcing companies where I can then find the right one and we can begin a search.
And now I'm not just local, I'm really going global. And with the global, the thesis here, which has proven time and time again, is I can actually upgrade the quality of talent that I'm getting. I can pay it forward and I can make a difference because you're the matchmaker, because you're the marketplace of what you're doing.
[00:37:46] Derek Gallimore: Yeah, absolutely. And everything needs a marketplace. There is Alibaba, for example, which connected Chinese manufacturers to businesses in the west and those Chinese manufacturers have always been there, but they're disaggregated and they aren't able to collectively communicate with the west very well.
When a marketplace comes in. They play a really important role of simplifying the navigation and orientation to the industry, but also instilling or adding trust into the transaction. And 15 years ago, it was very difficult to access Chinese manufacturing. And now with these platforms of, 14-year-old, boys can watch an episode of shark tank, get inspiration and order a prototype for a skateboard online and that is because of these marketplaces, simplifying the navigation of the market.
And Instead of increasing trust at the market. And equally, if you're going to book a hotel in Greece, maybe you've been to Greece. Maybe you don't know Greece. If you did not have a marketplace, the alternative is, what is the alternative? You scrape around Google for a hotel website. So I just saw such a huge need here for the marketplace, which aggregates the industry and properly represents industry, but also provides the education and awareness piece that's missing.
[00:39:13] Jeffrey Feldberg: Terrific. I just really like how you've challenged your passion into making a difference out there. And before we start to wrap things up, I know you mentioned earlier, you have the podcast you're coming out with a book. Is there anything that you'd like to share with us about the podcast and the upcoming book?
[00:39:29] Derek Gallimore: The website is called outsource accelerated. The podcast is also called outsource accelerator. That's kind of industry speak. We don't go too broad. It is just hardcore outsourcing. We talked to a lot of the BPO outsourcing owners. And it's really interesting.
And there's a lot of value there for clients. With the book, it's called Inside Outsourcing. And it is really the book that needed to have been written. There isn't really any book, there is a huge trend towards remote, towards global employment, or towards us outsourcing and offshoring. And it's the culmination of about five years writing and about mine 20 years in business experience to write this book and it really takes everything back to the core fundamentals of what networks are what societies are, what employment is. And then it zooms in, on what outsourcing isn't, how it's become, what it is, and then how you can harness it as a business owner and get it to work right for you.
[00:40:24] Jeffrey Feldberg: Well there you have it from the authority and the expert when it comes to BPOs and just connecting you with world-class talent. Derek, let's begin to wrap things up. I mean, I can go down so many different areas here, but we're bumping up against time and you've been very patient and absolutely fabulous with us.
So here's my question for you. As we wrap things up, I'd like you to think about the movie Back to the Future and in the movie, you have that magical DeLorean car that can take you to any point in time. So Derek, imagine now tomorrow morning, you look outside your window. The DeLorean car is there and the door is open, is waiting for you to hop on in, and you can go to any point in your life.
Derek as a young child or as a teenager, whatever the point in time would be, what would you be telling your younger self in terms of life wisdom or lessons or, hey, Derek do this but don't do that. What would that sound like?
[00:41:17] Derek Gallimore: Yeah, I've been through the ups and downs of entrepreneurship and it's an absolutely compelling right. I don't regret anything and I would probably just say, you know you continue to follow your passion. If I gave any specific advice, it probably buys Bitcoin at 1 cent or buys Tesla or Apple.
But yeah, it's a funny life. I'm still trying to figure out life. I'm beginning to really sort of value the simple things in life. And I think that's the beauty that only age and experience can bring with it.
And sometimes it's not so much the superficial and fancy things and short-term things that actually have the value that kind of gets most attention. So I suppose it's hard to put an old head on young shoulders, but just look for the real things in life that really mean the real things.
[00:42:05] Jeffrey Feldberg: I love that. Look for the real things in life, and enjoy the journey. You know, it's the tough spots that you feel at the time are tough, are really what got you to where you are today. And I think that is such sage advice for our listeners and Derek. I know we've mentioned the website and I'll have that in the show notes what would be the best place? Is the website the best place? If someone wants to reach you online, what would that be?
[00:42:26] Derek Gallimore: Yeah, I'm kind of everywhere. The website, LinkedIn anywhere. If you want to email me, if you want to have a chat, my name is derek[at]outsourceaccelerator[dot]com. It's all on Google.
[00:42:38] Jeffrey Feldberg: Terrific. And again, for our listeners, we'll make this so easy for you. It'll be in the show notes, it'll be point and click, and off you go. And with that, Derek, we're going to wrap up this episode. Thank you so much for spending part of your day with the Deep Wealth Podcast and as always, please stay healthy and safe.
[00:42:53] Derek Gallimore: Thank you so much.
[00:42:54] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.
[00:42:57] Lyn M.: This course is one of the best investments you will ever make because you will get an ROI of a hundred times that. Anybody who doesn't go through it will lose millions.
[00:43:07] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity
[00:43:12] Sharon S.: It was the best value of any business course I've ever taken. The money was very well spent.
[00:43:18] Lyn M.: Compared to when we first began, today I feel better prepared, but in some respects, may be less prepared, not because of the course, but because the course brought to light so many things that I thought we were on top of that we need to fix.
[00:43:34] Kam H.: I 100% believe there's never a great time for a business owner to allocate extra hours into his or her week or day. So it's an investment that will yield results today. I thought I will reap the benefit of this program in three to five years down the road. But as soon as I stepped forward into the program, my mind changed immediately.
[00:43:56] Sharon S.: There was so much value in the experience that the time I invested paid back so much for the energy that was expended.
[00:44:07] Lyn M.: The Deep Wealth Experience compared to other programs is the top. What we learned is very practical. Sometimes you learn stuff that it's great to learn, but you never use it. The stuff we learned from Deep Wealth Experience, I believe it's going to benefit us a boatload.
[00:44:20] Kam H.: I've done an executive MBA. I've worked for billion-dollar companies before. I've worked for smaller companies before I started my business. I've been running my business successfully now for getting close to a decade. We're on a growth trajectory. Reflecting back on the Deep Wealth, I knew less than 10% what I know now, maybe close to 1% even.
[00:44:38] Sharon S.: Hands down the best program in which I've ever participated. And we've done a lot of different things over the years. We've been in other mastermind groups, gone to many seminars, workshops, conferences, retreats, read books. This was so different. I haven't had an experience that's anything close to this in all the years that we've been at this.
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[00:45:05] Kam H.: I would highly recommend it to any super busy business owner out there.
Deep Wealth is an accurate name for it. This program leads to deeper wealth and happier wealth, not just deeper wealth. I don't think there's a dollar value that could be associated with such an experience and knowledge that could be applied today and forever.
[00:45:24] Jeffrey Feldberg: Are you leaving millions on the table?
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Enjoy the interview!