The Necessity of Inventory Insurance for Business Owners

Show Notes

Do you have a product that requires you to stock inventory? If so, then this segment of the Thrivetime Show is a must listen because Clay Clark will be talking about why you need it and who you need to talk for inventory insurance.

  1. BOOK – More Than A Hobby – David Green
    1. https://www.amazon.com/More-Than-Hobby-Americas-Superstore/dp/1595559833
  2. Businessman Saves Oral Roberts University
    1. http://www.nbcnews.com/id/23017687/ns/us_news-giving/t/businessman-rescues-oral-roberts-university/#.Wp8dSJPwaV4
  3. Clay’s Movie Recommendation – Pure Luck
    1. https://www.amazon.com/Pure-Luck-Martin-Short/dp/B0033PSHBI
  4. NOTABLE QUOTABLE – “You can’t run a business without taking risks.” – Millard Drexler (former CEO and current Chairman of J.Crew Group and formerly the CEO of Gap Inc. He was a director at Apple Inc. from 1999 to 2015. He is currently Chairman of NYC based Outdoor Voices.)
  5. ACTION ITEM – Schedule an appointment with your insurance agent.
Business Coach | Ask Clay & Z Anything

Audio Transcription

Attend the world’s best business coach workshop, led by america’s number one business coach for free by subscribing on itunes and leaving us an objective review, claim your tickets by emailing as proof that you did it and your contact information to an for drivetime show.Com, alright, drive mission, welcome back to the front time show on your podcast download. Drink. This podcast or radio show segment. 12 play we are going to be talking about why you need to buy inventory insurance and little bit about what what that is. What should I read a lot of trouble album by inventory insurance? This is this is a thing if you get a chance to read the book called more than a hobby by david green, this book, which I have in my hands right now, I got the signed by david crane and he left a little encouraging verse in the book and I love getting book signed by people who wrote the book because it’s a want to be weird to have it signed by someone who didn’t read the book. I’ve been signing all your books back here and I think that that this is a powerful. Let you know kind of what that person’s all about, and it’s more, but it just feels more real. That’s what he wrote. This is what he wrote. He said:god’s best play flippy and 1/6 of you look up, philippians 1:6.

It says being confident of this that he who began or my screen flicker, that he who began a good work in you will carry it on to completion until the day of jesus christ. So he’s saying that basically god, he believes that god. Will he pray that god’s going to continue to do a good work within me. So mr. David hope will not let you down here, but one of the things that david talked about in his book more than a hobby was there was a time in 1985 in tulsa oklahoma, where there was a flood west. You remember. The flu 1985 in tulsa, oklahoma I was in florida in 1985, since I was 5 and see. If I can put this on the tell me about it. Okay, what happened was in tulsa, the flood got to be pretty massive and it began to it started with the arkansas river and it’s flooded over the bank and it grew and it grew and it grew and it grew, and if you can’t begin a thing where oral roberts university began to have huge problems with a rosian and it began to tear away parts of the university it began to water began to climb up the riverbanks. Zoo became a huge problem, and it just it was just a lot of people. Don’t realize that, but during that flood of 1985 it put a lot of best business coach out of business I put up on the big screen. Two guys can see it, but like I’m we’re talking about that’s that there’s a bridge in tulsa where you can ride your bike over. There was a mass. It will take that slammed into the side of it, and our business is really really struggled, and so one of the businesses that got absolutely destroyed was hobby, lobby and hobby. Lobby had most of their wealth in inventory. Don’t want you to think about that for a second. If your listing this applies to you inventory hobby lobby’s inventory, what do they have at hobby lobby value? They have old, rustic frames frames yep, they have old, but they have voice of giraffes wooden letters. I mean what’s that worth to a non retail buyer. Nothing. So they’ve got like millions of dollars of inventory that this is a cool story about the character of david green. All of the inventory is lost. He realizes business.

You know, I can’t go out of business because I owe money to people and I want to see, starts cold, calling all the vendors we always pays on time and he gets a hold of a trucking company in the story is shared in the book more than a hobby and the owner of the trucking company says david green how you doing all, is, lost and I always pay you guys on time and I want to see. If you can extend me alone and no bank, nobody would extend hobby lobby alone, except for this trucking company. He said because you pay on time every time and because I’ve known you for like over a decade, how much do you need and he gave them the love? That’s only reason the hobby lobby’s in best business coach today. What’s crazy about that story is billy joe, daugherty right, billy, joel used to cold call david green. This is the guy who’s, the head of victory and he says I’d like to pray for you and david green told me this person. He said you know a lot of ministers will call and pray and in the last for money or whatever, but this guy never asked for money. He just faithfully called me and said david green. How can I pray for you? How can I pray for I want to pray for you I appreciate what you’re doing that I appreciate, that. Age, add you’re doing with the sinner’s prayer I appreciate you promoting the gospel i, appreciate you being closed on a sunday I appreciate you standing up for this or that what can I do so in billy joe dority took over as the interim president of oral roberts university. Do you know that david green had no connection oral roberts university at all and he’s strictly invested in, or are you in or out of diversity because of his relationship with pastor dirty and he wanted to return the favor cuz people that helped him and his time of need? So he wanted to help somebody else.

That’s pretty cool and for your listeners. Mr. Green is now heavily invested in the war. You right, I mean or roberts university in the amount of money that was given to a university from hobby lobby amount of money. I think, are you at the time had 5,700 people that called or are you there school they’re home I’m, pulling up on the screen? Chapel puts on the show notes, hear the title of the articles best business coach. Man rescues, oral, roberts university and he extended the school, a 70 million dollar investment without having any connections to the school based strictly upon the law of reciprocity of law of reciprocity and his relationship with billy joe daugherty I mean that’s a pretty cool and you talk about giving back at me. You talk about saying thank you. I’m in this trucking company saved hobby lobby, so he gave back so at what does it have to do with you inventory insurance a lot of people, don’t think they need to buy inventory insurance, except for when the rains come down and the floods go up when the tornadoes hit the ground in the stuff blows up. People don’t think about this until the ice storm happened, so wes I want to get your take on this marshall I want to get your take on this as a business coach, so west, what’s with you first legally, if a best business coach has a loan for the inventory that they don’t even own the stuff that she have it on loan and a tornado comes in and just destroyed the store. Do they still owe me the money or they get off the hook, because the tornado, the most likely the ones I see when I could I review? These a lot is that the loan agreement is the collateral, the inventory and it’s your obligation to ensure and protected. So if you failed to do that, so sorry for you too bad for you, you still owe me all that money and I see a lot of business and I say a lot. I mean it. Since you and I have met many business owners that went out of business. There was a phone store in tulsa i, know of the story first and it caught on fire flame, wiped out all the inventory. The average phone is probably what selling for 700 bucks a hundred bucks that wiped out his whole inventory dude, never recovered it.

On. Just talkin, once-in-a-century flood. We talked about floods, fires theft by so many fire extinguishers, so many more fire extinguishers, then I would say most listeners have cumulatively luck with my kids tonight. It starts danny glover and the surprisingly funny martin short will put on the show funny funny you don’t expect. Martin short is wicked hilarious comedian comedian, but be what the movies about song with chronically bad luck and so marshall. If you’re working with a best business coach client, why do they not want to focus on inventory insurance during their meeting that they don’t want to focus on it? Because it’s not sex sex and we’re not talking about marketing we’re not talking about sales, we’re not talking about the purple cow marketing system, it’s the thing that will insure you, keep you from having a bad life and make it to that. You only have to have a bad day. Watch up to the people not want to talk about this because they typically haven’t had a break down. Yet they haven’t lost a massive some of inventory where they lost a bunch of money have been through that. Therefore, it’s not a major concern yet and that’s why it’s so important to work with a coach who can show you hey. We’ve worked with people, we have mentors. We have people that have been down. This road do not know, make that mistake. Learn from this mentor, so I’m going to walk you through right now, tribe, nation, hopefully, a personification of what this feels like, because david rena gave you his story made. It feels too big to broad to unrelatable, so here’s mine, I was growing dj connection out of my dorm room at oral, roberts university, then I moved into an apartment and I moved into a mini storage facility, and then one day my equipment’s gone, not all of it, but a lot of it was in one place at one time have a guy you took it. I know his name:i want to see his name on the air right out so hard, not to say his name. Cuz I know who you freaking are, and he was tipped off by a local fm, dj whoo workforce the time in the book. Fm dj said to his buddy:hey dude. If you want to steal the stuff, it’s really easy to get access to the stuff and that guy stole my stuff wes. He stole my stuff, so I actually I didn’t understand how log works yet I don’t understand how life works. I didn’t have kids, yet so I went to his house and I confronted the guy in my equipment was right there in the garage I called the police they showed up. They saw the equipment is it could you describe it to me, I said:can disagree with the serial number I said? No, because I don’t memorize serial number. That is if we cannot take it back and I watch the guy right there. He goes what’s up now. I’m invite dude I’m bad bad deal on that. Another great point to second, when you have insurance for the stuff, take pictures right of the serial number to write, number everything funny what I lost the stuff and there’s things I did after that, I won’t talk, band radio show, but there’s things I did and to try to get back and I got it back, but I just will say like as an adult now.

I would never do those things now, because fellowshipping with guido could cause problems in prison for the first time was when you need it right now. I would just say right now, if you’re listening to bring it out. If this makes you know right now, what you want to do is you want to make sure that you have enough inventory insurance? What’s enough? It’s when you have a bad day and not a bad life in the next segment, we’re going talking about setting up a weekly group interview process marshall. Why does every single listener need to know how to interview people? Because you can’t wait till there’s a gap in your company to start hiring? Okay, the group interview process is the best hiring and management and will tell you why, in the next segment, I had a person who is on facebook. Today you can go to my facebook page or you can go to the thrive time, show facebook and see it. It’s called colaw fitness you listen to a podcast. Quite a bit. Charles colaw has opened up three multimillion-dollar locations, he’s been in best business coach for over 15 years, and he told me he said we are selling. So many memberships right now that if it was not for your group interview process, we would have absolutely blown apart at the seams. You shoot a burst at the seams cuz. We could not keep up with the demand we have. Our marketing is going great, but we literally would not be able to keep up with our staffing demand that we had not implemented the group interview process that was taught at the thrive time show in person workshop. Can we come back we’re breaking up specifically the proven process for find the people that you need to grow your business before you need those people stay too

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