Intro: [00:00:00] Welcome to the Stacey Salyer Show, the podcast for property management leaders ready to think bigger about growth. I'm Stacey Salyer and the only acquisition strategist in this industry who sat on all sides of the m and a table. I've been the buyer acquiring a 370 door competitor during CO using seller financing.
I've been the seller building and exiting a seven figure business. And I've been the corporate evaluator as director of acquisitions, assessing over hundreds of companies nationally. That means I know exactly what you're thinking, what you're missing, and what actually works when it comes to buying and integrating in this space.
On this show, we dig into acquisitions as a real business tool. Not luck, not someday. You'll learn positioning, strategy, numbers, and integration from someone who's actually done it all. Let's go.
Stacey Salyer: welcome to the Stacey [00:01:00] Salyer Show today I have Evan Bruce on the guy with two first names, and we are gonna talk about the very, very exciting topic of E&O insurance. So Evan is gonna go in and talk a lot about like why E&O insurance is so important and, I got to meet you actually recently. I think we met, I don't know if we met in person at NARPM National, but we did get to meet at least online, and we got to have a conversation online and I thought, you know what, this would be a great topic for my listeners and welcome to the show.
Evan Bruce: I know our paths have crossed many times until here recently when we actually sat down and talked. So it's been nice getting to know you and joining the same groups as you. It's a very fraternal industry and I'm very appreciative for that.
Stacey Salyer: Yeah. So why don't you give us a little bit of your background.
I know my listeners would love to know besides your two first names, right. A little bit more about you and then we'll just like dive right in and start talking about [00:02:00] E&O.
Evan Bruce: Yeah, absolutely. So. I joined a company called PBI Group. We only work in the real estate industry, so we do real estate, property management, Arizona emissions insurance.
We work nationwide. And we're really trying to fill this gap in the industry where most of the times you're getting either online quotes or working with a generalist who may not specialize in the same industry as you. So, most of the times it's a quote and hope scenario where you're not getting the.
Proper advising that you should be getting in an industry that truthfully is underserved.
Stacey Salyer: Right. Okay. So you guys are specialists in property management, is that correct?
Evan Bruce: Absolutely.
Stacey Salyer: Okay.
Evan Bruce: Yep. So we we just got back from October's NARPM annual conference and we were absolutely blown away.
First of all, NARPM is killing it. Orlando was perfect. Mm-hmm. We were really blown away out there. And, There's a common misconception that we constantly run into either on the phone in meetings, [00:03:00] and especially at NARPM talking to folks that E&O is for my paperwork mistakes. We hear this constantly, and while yes, that is true the real nature of an E&O
policy is essentially a medical malpractice policy,
Stacey Salyer: okay?
Evan Bruce: Right. So it's not just for your paperwork mistakes. It's any claim tied to your professional service as a real estate agent, property manager, really anything that can fall on your professional service. And most of the time that's not communicated well to the industry.
Stacey Salyer: Right, right. Okay. And for those that don't know what does E&O stand for?
Evan Bruce: E&O is your errors and omissions.
Stacey Salyer: All right. Okay. So pretty much anytime somebody like messes up, it messes up really big, right? I mean, it has to be worth it to pay the deductible and then or omits information. Is that kind of like what the errors and missions basically means or,
Evan Bruce: right, and it goes a little bit deeper than that as well.
could mean bodily [00:04:00] injury claims, property damage environmental stuff, management of owned negligent maintenance, that sort of thing. Okay. And truthfully, the biggest claim that we see today is bodily injury.
Stacey Salyer: Oh, interesting.
Evan Bruce: Dog bites being one of the biggest. I was blown away when I started seeing these claims pop up 'cause it wasn't just one or two a year.
I mean, we see a lot of claims around dog bites And the people that have these claims, they sort of brush it off. 'cause general liability will kick it out saying, well, this is a professional services claim because you should have done a proper doc screening. Oh. And then, and then the policy holder will, say, all right, well it's going to e and do, and then it'll get denied because that being such a, a big exposure.
Of course, carriers want to mitigate that exposure. They wanna sublimate this or exclude it altogether.
Stacey Salyer: Okay.
Evan Bruce: And you're stuck in a, a hard spot because on one hand, general liability, they don't claim it because it's professional services. And then the e [00:05:00] NDO saying, well, yes, it's professional services, but now we're gonna exclude that.
Stacey Salyer: Oh,
Evan Bruce: okay. Gray area where you're not getting coverage, you're not being advised properly, and a good e and o policy should pick this up.
Stacey Salyer: Oh, really? Okay. Okay, so the average e and o policy that most probably property management companies have probably do not include like the dog bites or that, that kind of thing.
Evan Bruce: Right. Okay.
Stacey Salyer: Or,
Evan Bruce: and we see this most commonly in folks that start as a real estate brokerage,
Stacey Salyer: right.
Evan Bruce: And pick up a property management division.
Stacey Salyer: Right.
Evan Bruce: And they don't go back and rate their policy properly. So they'll have bodily injury, property damage coverage on their Arizona missions policy. But in the definitions, it'll either exclude property management services or it'll be for things like open house or lockbox [00:06:00] scenarios.
Sure. Kicking out basically everything you're gonna do as a property manager,
Stacey Salyer: right?
Evan Bruce: That's where your denials come in.
Stacey Salyer: Okay. Yeah. And I know that's huge. So when I, like when I had my company, I did both. I had a, real estate brokerage part, arm, and then I had the property management, and I mean, I know the property management that definitely kicked up.
My price for sure because it is way more litigious and you have that like long-term relationship, right? Because in real estate sales it's like, what I mean, well, back in the day it was, you know, two weeks relationship maybe not really, but you've got a much shorter relationship and then, you know, property management, I mean it could be yours, like hopefully it's yours relationship with that house and that investor and, hopefully your residence, so that, is really interesting. So first of all, insurance is necessary, right? I mean, in order to run a good business, you need to have insurance. But I will admit, like my eyes start to glaze over when somebody starts talking about insurance.
I'm like, just whatever. [00:07:00] Just tell me whatever I need, you know? I mean, worst case scenario and yeah, just tell me what I owe you and I'll get it done. But like, what does your guys' process look like?
Evan Bruce: we see this issue all the time as well. Folks will go and get an online policy and not have an advisor, or they do have an agent that just doesn't know what they don't know.
Simple as that. Our process, we kind of reverse engineer things where we want to actually sit down with you before we even quote, and we want to go through your current policy, if you have one, or if you don't, go over what you actually need, what you don't need, and tailor it to your business. 'cause not every business is the same.
One person's needs are not the others. And sort of start there. And most of the times, folks that have a current policy, they've been paying for something that excludes their big ticket items that are going to bite them one day. For most folks, your e NDO is it, it's not a something you have on the back burner.
It's something you're going to use
Stacey Salyer: right. [00:08:00]
Evan Bruce: We have roughly a thousand clients nationwide, and we see close to a thousand claims a year. Wow. Of course, some of the larger clients are having multiple claims a year, but it's almost one to one. Wow. Yeah.
Stacey Salyer: Wow. So I guess I should consider myself lucky that I never had to use my e and o.
Evan Bruce: Yeah,
Stacey Salyer: that's exciting. But it doesn't mean that I didn't have challenges. It just means that I was able to, you know, negotiate those without them costing thousands and thousands of dollars. So in the case of like, let's say I have a property management company, I have a very basic e and o policy. I don't have the dog bite.
claim part on there. How much is that gonna cost me as a business owner? And, am I gonna potentially , lose my business? Am I gonna owe thousands and thousands of dollars or what does that look like?
Evan Bruce: Yeah, it's, it's always hard to say. I mean, it's okay. The key word we always use is alleged, right?
Just 'cause you run a tight ship and your doing everything right. Doesn't mean you can't be hit with a claim. 'cause for sure [00:09:00] today's age, anybody can allege anything. And if they can drag you to court, it's gonna cost you money.
Stacey Salyer: A hundred percent. Yeah.
Evan Bruce: But bodily injury, property damage is side.
There's some other big hitters that we see sublimited or excluded, entirely fair housing discrimination. That's a, a big ticket claim that it may be covered on a good real estate e and o policy and not covered as well for your property management division. So again, it's that overlap of what you're doing when you need it and.
If you have a startup property management firm, you want a policy that's gonna stick with you. You don't wanna outgrow your policy in a year when you add on 200 doors,
Stacey Salyer: right? Yeah. So kind of coming to that you know, I am teaching acquisitions, right? Like , growing by acquiring so what is some advice you can give to people in that boat?
So let's say. You manage 300 doors. You go out and buy a portfolio of 200 doors. Sure. You need to make sure that you have a policy that's gonna [00:10:00] grow with you. But what should the seller be doing with insurance? I mean, should they be doing so like, I mean, do they get to just be like, oh, walk away here.
You know, I get my check and I don't have to like, worry about buying insurance anymore, or what should they worry about?
Evan Bruce: And this is where it's so important to have an advisor in your corner.
Stacey Salyer: Okay?
Evan Bruce: So as a seller, and of course there's different forms of acquisition. If it is a asset purchase and you're the seller,
Stacey Salyer: you
Evan Bruce: want to make sure that you pick up tail coverage.
Now, tell coverage is a, a continuation of your coverage. Basically, you want to distance yourself from your prior works. As far as possible typically the average is two to three years. Which gets you outta the statute of limitations for , most of your claims. There's some exceptions there.
Stacey Salyer: Sure.
Evan Bruce: But that's the name of the game. You want to extend your coverage to protect yourself from prior works. 'cause most of the claims that we see aren't from things that you do that day or [00:11:00] that week or that month. It's two, three years in advance where claims start popping up from your works. And I found that a good way to explain this is, thinking of an architect who builds a bridge, right? He's not gonna expect any damages to come back to him maybe years after he builds a bridge, right? It's gonna collapse. Hopefully not day one after he builds it.
Stacey Salyer: Okay, so that's cool. So the seller really needs to make sure they have tail coverage. And is there like a set timeframe or is that kind of just like, oh, well we suggest three years, but maybe you wanna do five or we suggest three and then the seller's, you know, like a cowboy renegade and he is like, whatever, I'm just gonna do one.
Like is there a hard and fast rule for that?
Evan Bruce: Well, as far as picking up, tell coverage, you wanna pick it up on all of your current ongoing. Deals are finished. It's not for ongoing deals. It's for all of your past actions. Past deals,
Stacey Salyer: right?
Evan Bruce: Which is more of an issue for real estate and less so [00:12:00] for property management.
Stacey Salyer: Okay?
Evan Bruce: But once everything, all your current deals are done, even if it's after an acquisition, if you still have something in the works, it's been going for two months, you wanna hold off. And then once everything's completed finalized, you cancel your current policy and pick up tail coverage. And really it's for however long it makes you comfortable really.
Stacey Salyer: Okay. Two to
Evan Bruce: three years is the average that we see. You just want to distance yourself enough to where you feel comfortable dropping all coverage and feeling safe that if a client did come back to bite you, you're gonna be okay.
Stacey Salyer: Okay. Okay, so now on the buyer side. So let's say, I go buy a 200 door portfolio, whether you know, asset or stock purchase.
And I realize probably the insurance might be a little bit different depending on the, the purchase. But what kind of things do I need Or am I just like absorbing whatever I purchase into like my current policy?
Evan Bruce: So the name of the game is growth without taking [00:13:00] on a bunch of risk. Right.
Stacey Salyer: Okay.
Evan Bruce: You don't want to eliminate any growth by limiting yourself with a ton of risk.
As far as a stock purchase goes, you are inheriting that risk.
Stacey Salyer: Right? Right.
Evan Bruce: So either buying the entity itself and you are taking their current policy. Just taking it over, slapping your name on it.
Stacey Salyer: Yep.
Evan Bruce: Keeping their retroactive date, which retroactive date for anybody doesn't know is basically the birth date of your coverage.
And which is why it's so important to never let your e and o coverage elapse. 'cause essentially your coverage dies the, the day you let it lapse.
Stacey Salyer: Okay.
Evan Bruce: So maintaining that retroactive date from the birth date, either adopting their policy that they have, keeping that coverage going, or taking that named entity and putting it on your current policy,
Stacey Salyer: okay.
And
Evan Bruce: putting that retroactive date as well. And of course, it's something you want to communicate well with your agent on your policy to make sure that's done correctly. And speaking of asset acquisitions [00:14:00] this can go two ways. I'll tell you the way we see it done most is the seller picks up tail coverage, assuming risk for prior acts,
Stacey Salyer: right?
Evan Bruce: And the buyer, essentially, you're not taking in all that new risk, right? Because still on the seller, that entity that the seller has still exists. You're just taking their assets,
There's a small exception to that. We don't see this often. Sometimes it's done in family deals where it'll be a written agreement and a letter to the agent where the buyer and an asset acquisition assumes all risk.
Stacey Salyer: Oh,
Evan Bruce: interesting. So they're adding full prior acts to their policy for not that entity, but all of its assets. So in that instance, the seller would not need to pick up tail coverage. Not done often. Typically it's not what you wanna do as the buyer because you're now inheriting all that risk.
Right. And you don't know what that seller was doing three, four years ago.
Stacey Salyer: Right, right. Yeah, that would be really interesting. I have not seen that in the acquisition world, [00:15:00] in, in my. Realm. I've, I've seen stock purchase and that, you know, is a little bit different, but I haven't seen that on the asset side.
Okay. Well that, that's good to know. So what other things, okay, so as far as like an advisor, so you guys are advisors, you're, you know, creating relationships with your clients, what should that relationship look like? 'Cause I, I had an advisor, I had a local, business broker. In fact, I still do.
'cause obviously I still own businesses. Just not the property management company. But what should that relationship look like? Like should they be checking in with the person, like their client at least once a year? Should they be doing like a meeting, like, Hey, let's review everything. Tell me what that should look like.
Evan Bruce: Yeah, absolutely. It should be a very personal relationship. It shouldn't just be a, a once a year check-in. It should be, you know, six months you're checking in, renewal comes up. You're, you're doing a full walkthrough discussing any changes that might have had within policy, but also within your business.
Okay. Right. So [00:16:00] I, I review policies all the time for folks who aren't clients that. They haven't talked to their agent in years outside of just a, an email at renewal. And you see that in their policies. You see it reflected because the numbers just don't match up anymore, right? I mean, we'll, we'll have people come in that just acquired a firm that, well, they acquired this firm two years ago and it hasn't been reported on their policy.
So there's a huge chunk of revenue missing that should have been reported at time of the acquisition, and nobody advised them of doing so.
Stacey Salyer: Oh, wow. Yeah. That's huge. So it sounds like you guys have a pretty good process. So if a client was to come to you do they get a specific advisor?
Like, Hey, this is your advisor, this is a relationship you're gonna have, this is what it's gonna look like, what does that look like?
Evan Bruce: Yeah, we have a, an excellent team. Everybody has their own clients and we work very closely with them. And it I do get comments on my age sometimes being a, how are you an expert?
You look too young. [00:17:00] First I take that as a compliment, but also
Stacey Salyer: as you should. As you should. Yes. But,
Evan Bruce: but also we have some fantastic people on our team. Paul Bondy, who is the PB and PBI group he's been in the industry serving real estate property management for over 30 years.
Stacey Salyer: Wow.
Evan Bruce: Well over 50,000 policies.
And at any point, if there's something that anybody maybe falls short on or doesn't quite get, he's always one email or one phone call away.
Stacey Salyer: Right.
Evan Bruce: And it's an absolute wealth of knowledge in the industry.
Stacey Salyer: Yeah. That's awesome. Yeah, that, well, that's really good to hear. So when you were at Bum you said you were blown away.
What were you blown away by? Tell me more about that.
Evan Bruce: The conversations we had.
Stacey Salyer: Okay.
Evan Bruce: First off, this is what I made a, a really terrible video on LinkedIn. It was, it was really cringy. I just had to make it to get it out there. 'Cause I spoke to three different people and all three people told me that they had dog bite claims.[00:18:00]
Stacey Salyer: Oh wow. Okay.
Evan Bruce: That was one area that blew me away was getting real life claims, examples from people who have dealt with denials.
Stacey Salyer: Okay.
Evan Bruce: And getting to talk with them about what should have happened and what could happen moving forward. And also very interesting topic of EPA violations, which is a vastly growing issue.
It is really taking off, and I know there's a lot of reasons to that, and I am no expert on why these EPA audits are happening so often. The
Stacey Salyer: lead based paint one. The lead paint one? Yes. Yeah. Yeah. Well, I have my opinions, but you know, I won't share those today on video. That'll be a different, that'll be a different video.
Evan Bruce: Yeah. You need to have Monica Gilroy on here talking about that.
Stacey Salyer: Oh, absolute fact. She will be coming on my show, so I'll, I'll make a note to bring that up and say,
Evan Bruce: yes, absolutely. We've had many conversations with her over this, and she's. [00:19:00] Incredibly knowledgeable on that. I think everybody in the industry needs to talk to Monica at least once,
Stacey Salyer: right?
Right. Yes. Or they can watch my show with Monica on it. So there's that too. So, you basically learned a lot about, you know, all the different things that like claims. So it sounds like dog bites are like kind of the number one claim. So do you get Yeah.
Evan Bruce: Really.
Stacey Salyer: Okay.
Evan Bruce: Really anything bodily injury related?
Stacey Salyer: Okay.
Evan Bruce: The nature of the claim, it's very litigious, gonna be expensive. And got to listen to a lot of stories a lot of real life stories, and we, we like to take that experience and put it into our policies. So from talking to all these people, we learn a lot about, well, what really needs to be covered?
And. That's kind of what's so unique to our program. Alright. It's, it's an exclusive policy with a carrier named Palomar. We've chosen Palomar sort of went in with them and said, here's what we wanna see on our policies. If you can make this happen, we'll move our book of business to [00:20:00] you. Oh.
And that's sort of how we get our policies in the shape that we want to protect property managers 'cause they're not getting it elsewhere.
Stacey Salyer: Right.
Evan Bruce: And with the EPA stuff, actually we were, to my knowledge, we're one of the, the only carriers out there that have defense coverage in there for EPA audits.
So we'll do up to $10,000 now in reimbursements for the defense coverage for EPA audits.
Stacey Salyer: Oh, very cool. Yeah, so I mean, while the policy may technically cost a little bit more, I mean, I'm assuming like if it has better coverage than like a policy that doesn't I mean, it's kind of a no brainer to really do that as a business owner, right?
I think a lot of times when people start businesses, they tend to start them kind of as like a job, you know, it's like, oh well I manage, maybe I already own some investments and I'm just gonna start managing third party. I'll get licensed, do that thing. And then all of a sudden it grows into this big business.
So really before it grows into the big business, they should be talking to you for [00:21:00] sure. And then once they have that relationship established, then you guys would help them grow their insurance policy.
Evan Bruce: Right. And that's the thing, it's, we are seeing very competitive premiums across the board. I, this whole year, I haven't gotten a quote back that wasn't very competitive on pricing, if not a little bit less than competitors.
Stacey Salyer: Oh wow.
Evan Bruce: Okay. That's just the nature of the program. The way the deal we've worked out with our carrier we're able to keep the same competitive pricing as others while increasing all of this coverage for your top claims for property management.
Stacey Salyer: Wow. So really there is like no reason why somebody, it's
Evan Bruce: a win-win.
Stacey Salyer: Yeah. I mean really what I'm hearing is everybody that owns a property management company really needs to talk to you and yeah. Book a call 'cause you are gonna at least look at what their current policy, right. And what they're paying. And then you're probably gonna run a quote and, you know, maybe even if it was a little bit more or if you [00:22:00] can get it to equal or even less, obviously that's even.
Very much a no brainer. The more coverage you have, the better you're off. Like better off. Right. So.
Evan Bruce: Right, right. And even if we don't work with people, we like to just read their policies with them.
Stacey Salyer: Mm-hmm.
Evan Bruce: Education's the name of the game. We want to teach folks what they need to be looking for in these policies so they're not paying for something all these years.
And then a claim pops up and they find out they've been paying for nothing.
Stacey Salyer: Right. Yeah. Yeah. And I think insurance as a whole, you know, industrywide probably needs to do a better job about that. Sure. I would say. Probably because of the internet, we can all easily go online. I know I had this discussion with my kids as we were, you know, rolling out car insurance, like they were getting their license and they're like, why is it so expensive?
You know, they're like, well, my cousin just went on Geico and he was able to get this policy. And I said, okay, well let's take a look like, sure. I will do the [00:23:00] exercise with you. Let's go through Geico and let's make sure that you're adding everything in that you currently get with our coverage. Right?
And then it came out and it was actually more expensive than what I was paying, right? So, but they're just not educated to know what they may or may not. Need. So, right, and I think that's kind of the same just across the board, it just seems like people will just jump online quickly.
Yeah, yeah, yeah. Whatever, whatever. They just kind of look at the number, the bottom line, like, oh, how much do I have to pay? Instead of like having the foresight of like, okay, well, how much will I have to pay? If little fluffy, in unit 5 0 1 who bites the neighbor and I'm not covered.
Right. So,
Evan Bruce: right.
Stacey Salyer: That's really important.
Evan Bruce: Yeah. It's more than just checking a box to say you have insurance. Not every policy is the same.
Stacey Salyer: No.
Evan Bruce: More so than your coverage limits is checking your definitions, making sure that real estate professional services. Isn't just [00:24:00] for real estate, it's property management as well.
Stacey Salyer: Right? Yeah, that definitely has to be spelled out for sure. Yes. Because they are two very different jobs. So as far as like acquisitions go, is there anything else somebody should be thinking about like insurance wise? Like if they're looking to buy portfolios or another company what should be on their radar?
Evan Bruce: This is something that needs to be brought up at the table when you're discussing an acquisition, not after it's the conversation of tail coverage. Who gets tail coverage or who is getting prior acts coverage? It needs to be had upfront 'cause a lot of folks aren't familiar with the cost of tail coverage which it's rated as a percentage of your premium.
So if you have a, a $10,000 premium, your first year of tail coverage is likely going to be 10,000. And it's sort of rated after that to where, you know, for two years it might be 1500 three years, 20,000. And that's something that most people, if they don't have that conversation upfront. [00:25:00] Might be a little bit upset that they didn't work that into some sort of deal and now all of a sudden they need to shell out $20,000 to make sure they're still protected when that could have been a conversation at the table and worked out somewhere in their deal.
Stacey Salyer: Okay. So that needs to be on their due diligence checklist conversation. And so should they be looping in their insurance advisor when they're out shopping for property management companies?
Evan Bruce: 100%, not just for that reason, but also to make sure that you maintain your policy and keep it rated properly.
So on the buyer side of things, you want to always have your agent looped in with your acquisition deals to make sure that you're listing all new revenues, new doors and maintaining your policy to reflect what you're truly doing.
Stacey Salyer: Okay, and so are you seeing that being done or are you seeing it where people don't know that and then they're coming to you and they're like, Hey, guess what?
Super exciting news. I bought this. [00:26:00]
Evan Bruce: Yeah. So unfortunately it's sometimes a, an afterthought and it'll be a, a year, usually a renewal. Okay. They'll be like, oh, by the way,
Stacey Salyer: right, oh, by the way, I bought 300 doors, and you're like, oh my gosh, like, you weren't properly covered, or whatever the case may be.
Evan Bruce: Definitely an area you want to communicate well in.
Stacey Salyer: Right. Okay. So their insurance advisor should be like part of the conversation. And that should be a huge part of the conversation and negotiations between buyer seller for sure. And then probably it would be a great idea for the advisor to, well, I don't know if they wanna be part of both conversations, but making sure that everything is covered and that that, like if you're working with the buyer, that they know exactly what they should be talking about. So that they're covered mostly. Right. And that the seller understands.
Evan Bruce: Hmm.
Absolutely. And at this point, we're seeing some current clients that are going through acquisitions or both on the [00:27:00] buying and selling end. And a lot of times on the selling end we'll be working with folks getting Intel coverage, but also they'll mention to their buyer like, Hey, you should talk with us, or You should talk with them to review your policy.
'cause you're taking on all of my business. You need to make sure that you're protected. And even if it's a, a small acquisition, you know, if you're going from 500 to 600 doors, it's still growth. The more growth you have, the more risk you're taking on. And you just always wanna make sure that your policy is rated properly, but more importantly, covers what you want it to cover, covers what you need it to cover.
Stacey Salyer: Right. Absolutely. Very cool. So what before we wrap up, like what else should somebody know about e and l? I know that it's probably one of those conversations where people are like, oh my God, like I really have to talk about insurance. But it is a really important topic and it's a huge piece of your business and like making sure that your business is healthy.[00:28:00]
Right. So what else should people know?
Evan Bruce: you could take away anything from this podcast. It should be that your e ndo is not the same as somebody else's e ndo. Your business is not the same as somebody else's business, okay? You need to have it reviewed. You need somebody, same as having an attorney on standby, you need to have an agent that's going to.
Walk with you through your entire policy, explain any sub limits any complete exclusions and explain why they are there. That is without a doubt, the most important part of having, even though is understanding what you're paying for.
Stacey Salyer: Absolutely. Very cool. Well, do you wanna end with any like crazy stories?
Are there any like crazy insurance stories you can share?
Evan Bruce: I'll keep the boring insurance stuff out of it, but recently I shaved all my hair off.
Stacey Salyer: Yes. Okay. I saw that. I know, I know. Now did you shave it or did somebody else shave it for you?
Evan Bruce: I won't throw her under the bus, but also I will, my [00:29:00] fiance.
Stacey Salyer: Oh, she's
Evan Bruce: wonderful. She is absolutely wonderful. Many talents. Cutting hair is not one of them yet. if anybody's talked to me or seen me before last week, I have pretty long hair. I've been growing it out for a while, and I, I've been telling my fiance like, Hey, you wanna cut my hair? I, I, I'm just, I don't want to go somewhere to get it cut.
Why don't you just try? And she refused. And then we were coming up for npa and I was like, well, I don't wanna look. Ridiculous going to npa. So postpone it again. And then, of course, chose to do it a week before this podcast.
Stacey Salyer: Well, that's okay.
So wait, is she in school to cut hair or be a barber, or is this just like a fun hobby? Oh no. Like a Friday night. Instead of going out clubbing, you're like, Hey, let's cut my hair.
Evan Bruce: Pretty much, yeah, she's in school to be a teacher.
Stacey Salyer: Oh, okay.
Evan Bruce: But I, I figured, you know, after a few years of her making me look horrible, she'll get pretty good at it.
And then we'll be happy.
Stacey Salyer: I mean, that's a [00:30:00] theory. That is a theory. Yeah. I remember during a COVID shutdown, I attempted to do some hair trimming on my husband, and my boys did not let me touch their hair, but my husband did. And he's like, you're so bossy. You're kind of just like moving my head around.
I'm. Well, that's why I probably don't do this for a living, so, yeah.
Evan Bruce: Yeah. It's not very easy apparently.
Stacey Salyer: No, no. Well, I don't think you look bad, so. Well,
Evan Bruce: thank you.
Stacey Salyer: Yeah. I mean, and hair grows back. That's the great thing, especially for guys. They,
Evan Bruce: I don't care near as much as my mother cares.
Stacey Salyer: Right, right. Yeah, I know.
Yeah. My boys go back and forth between their, their hair cutting it. But yeah, in fact, my middle child kind of has like a little mullet thing going on right now, so. That's apparently back. I know it's been kind of
Evan Bruce: apparently
Stacey Salyer: back and forth, but, well, that's cool. Well, yeah, thank you so much for coming on and I really appreciate you.
This was really good information I feel like for my followers, [00:31:00] especially those that are looking to acquire or sell or just build their business in general. So, we're gonna put everything in the show notes, but how can they reach out to you?
Evan Bruce: Yeah, you can go to our website, PBI group or I really like using my calendar link.
I think that's the quickest way to get a meeting with us. And I guess we can share that as well.
Stacey Salyer: Yeah. Yeah.
Evan Bruce: Awesome. Took me out on LinkedIn, the most boring social media platform out there, but the one I'm most active on.
Stacey Salyer: Okay. Well, yeah, I agree. LinkedIn is like my least favorite platform. I went back into it kicking and screaming this year.
But it has done really good things for me as far as like making great connections like with you and some other people. But yeah, I'm way more fun on Facebook and Instagram. and I love being on those. But you know, I try and have fun on LinkedIn too 'cause might as well bring the fun.
There's, you know, some cranky people who get cranky about posts, but I like to have a good time, so, okay.
Evan Bruce: Somebody's got fun on there.
Stacey Salyer: I know, [00:32:00] I know, right? Yeah. The trick is, so I've started following a bunch of marketing people and they're slightly unhinged, so I highly recommend, even if you're not in marketing, just follow the marketing people because they're like, they'll just say whatever they want and I'm like, oh, well they can do it.
So can I. So maybe, maybe in the next year we can get more unhinged property management posts.
Evan Bruce: Oh, yeah.
Stacey Salyer: So, yeah.
Evan Bruce: Well, will we be seeing you at NPO Broker owner?
Stacey Salyer: Yep. I will be attending NPO broker owner that is in April in
Evan Bruce: new Orleans.
Stacey Salyer: New Orleans. That's right. Yeah. Yeah. And you'll be there as well?
I'm assuming? We
Evan Bruce: will be.
Stacey Salyer: Okay, cool. And is, can anybody find you, like, are you going out anywhere, quarter one to any other conferences? New Year.
Evan Bruce: We're thinking about going to Capital Summit, kind of dragging our feet on it right now.
Stacey Salyer: Okay. Okay. Yeah,
Evan Bruce: potentially.
Stacey Salyer: Okay. Go talk to the, the lawmakers and.
Bring your list of things that [00:33:00] they need to fix. That'd be cool. Yeah, so there's some great conferences out there, so people can meet you in person in New Orleans and go have a good time. Maybe your hair will be longer than, I don't know,
Evan Bruce: hopefully.
Stacey Salyer: Yep. And then meanwhile, you know, we'll put in the show notes like your LinkedIn and your calendar link.
So we really appreciate you taking the time to join us today and thanks so much.
Evan Bruce: Yeah, absolutely. Thanks for having me.
Outro: Thanks for listening to the Stacey Salyer show. Here's the deal. You can read about acquisitions anywhere, but you can't learn acquisitions from someone who's done it the way I have as a buyer, a seller, and from the corporate side evaluating hundreds of companies. That's why I need you to subscribe and share this with someone in your network who needs to hear it.
And if this episode landed, leave a five star review. It's how more PM owners find the only acquisition expertise in the space that comes from all sides of the table. And while you're at it, grab my Acquisition Readiness checklist on my [00:34:00] website at staceysalyer.com. Then when you're ready to move from Growth Thinking to Growth Building, explore the Built to Acquire program.
Don't leave it on the table. See you on the next episode.
