{ "id": "tie-in-011", "number": "011", "title": "Private Equity Is Buying Commercial Roofing—Who Wins and Who Loses?", "published_at": "2026-09-17", "issue_url": "https://www.roofingauthority.network/the-tie-in/episode/011", "video_url": "https://www.youtube.com/watch?v=Migzm35lzcw", "duration_seconds": 4765.3048, "coverage": { "first_spoken_at": "00:00:11", "last_spoken_at": "01:19:15", "composition_ends_at": "01:19:25", "descript_project_id": "9ba8b8ef-75ea-4bef-aef6-7e131966edae", "descript_composition_id": "4d169eab-6f77-4424-a535-d92c84c96974" }, "word_count": 16154, "chunk_count": 250, "speakers": [ "Keith Bilous", "Michelle", "Steve Reiss", "Hector", "Reed Dietz" ], "chunks": [ { "speaker": "Keith Bilous", "start_seconds": 11, "text": "Private equity is buying roofing companies. More owners are selling, more capital is coming in, and fewer companies are staying independent. If you're the owner, are you selling the company or control of what happens next? Sometimes both. That's the part the spreadsheet can't see. So who wins, who loses, and what changes for contractors?", "timestamp": "00:00:11", "id": "tie-in-011-0001", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=11s" }, { "speaker": "Michelle", "start_seconds": 29, "text": "Reid Deets is here today to help us get underneath it. Good. I've got questions.", "timestamp": "00:00:29", "id": "tie-in-011-0002", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=29s" }, { "speaker": "Keith Bilous", "start_seconds": 38, "text": "Good morning, Steve Reese. We are back in the saddle together again for The Tie-In, brought to you by Division Seven. I have a heart for non-profit, a mind for business, and a love for communities that I live and work in. You know, these buildings, they belong to the community, and we want to work alongside the community and the non-profits to help these things stand the test of time.", "timestamp": "00:00:38", "id": "tie-in-011-0003", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=38s" }, { "speaker": "Steve Reiss", "start_seconds": 61, "text": "We can grow income through events, partnerships, philanthropy, instead of passing building costs onto the small businesses. Yeah. Modernization should protect what people love while improving the basics. The vision of Division Seven is so rooted in the future as well. The way you guys have embracing technology, new forms of doing things, is really what excites me as we continue to build this wonderful platform.", "timestamp": "00:01:01", "id": "tie-in-011-0004", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=61s" }, { "speaker": "Keith Bilous", "start_seconds": 87, "text": "We're just getting started.", "timestamp": "00:01:27", "id": "tie-in-011-0005", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=87s" }, { "speaker": "Keith Bilous", "start_seconds": 96, "text": "Today we're talking about the money moving into commercial roofing. Private equity is buying contractors, combining local companies into larger platforms and betting that recurring service and steady demand can sail. For an owner, that can look like a reward. For the people inside the company, it can feel very, very different.", "timestamp": "00:01:36", "id": "tie-in-011-0006", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=96s" }, { "speaker": "Keith Bilous", "start_seconds": 115, "text": "So who wins after the deal closes and who loses? Coming up next, live on The Tie-In.", "timestamp": "00:01:55", "id": "tie-in-011-0007", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=115s" }, { "speaker": "Keith Bilous", "start_seconds": 130, "text": "Steve Reece, Keith Bilous live on The Tie-In. Good to be hosting with you, brother. Hey, listen, private equity sees an industry with steady demand, recurring service, strong local businesses, and room to build larger platforms with the money. It could bring systems, technology, purchasing power, and opportunity.", "timestamp": "00:02:10", "id": "tie-in-011-0008", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=130s" }, { "speaker": "Keith Bilous", "start_seconds": 145, "text": "Reid Dietz is here to join us. But Steve, things, but the things that make a roofing company worth owning are often the hardest things to put on a spreadsheet. Steve, when a roofing company gets acquired, where does scale actually make the business better? Let's kick it off today, my friend. Yeah, Keith, well, it's great to be here with you as well.", "timestamp": "00:02:25", "id": "tie-in-011-0009", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=145s" }, { "speaker": "Steve Reiss", "start_seconds": 161, "text": "I'm super pumped to, uh, run this show today with you and have Reid as our main guest and talk about, you know, this, a little bit of a controversial topic of private equity. And, um, you know, I'm not gonna speak my entire mind on the subject, but, you know, there's a lot of things that, yeah, go into the PE, um, buy of a company.", "timestamp": "00:02:41", "id": "tie-in-011-0010", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=161s" }, { "speaker": "Steve Reiss", "start_seconds": 182, "text": "When you're looking to buy, sell roofing companies, or any company for that matter, there's a lot of things, like you said, that aren't on the spreadsheet. It's hard to put culture, relationships, um, and, and things like that on a spreadsheet, and, you know, what a, what an owner's built over time. Yeah, yeah.", "timestamp": "00:03:02", "id": "tie-in-011-0011", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=182s" }, { "speaker": "Keith Bilous", "start_seconds": 198, "text": "We're talking private equity. Reid Dietz is here this morning live with Keith and Steve. Let's get into our first nugget of the morning because this one's fascinating to me, Steve. Because, you know, as I've been welcomed into this industry with all of you guys, and I'm learning about the roofing business, roofing has become an asset class.", "timestamp": "00:03:18", "id": "tie-in-011-0012", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=198s" }, { "speaker": "Keith Bilous", "start_seconds": 213, "text": "You see, private equity does not enter an industry because it loves the product. It enters because it sees, Steve, a repeatable financial machine. Let's just get into this idea that, oh yeah, that's an asset class now. Steve Reece. Absolutely. It, it certainly is. And so, you know, I don't, um, I don't hate on, you know, the companies that are going out there and rolling up these companies.", "timestamp": "00:03:33", "id": "tie-in-011-0013", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=213s" }, { "speaker": "Steve Reiss", "start_seconds": 235, "text": "Um, but yeah, it's a... This is what owners of companies have been seeing for decades, and why they feel like being in the commercial roofing space is worth it, because- So- ... it's a, it's a good industry to be in. So Steve, you, you, you, you know, you know the answer to this question. What, what does, uh, what does a Wall Street executive see in a commercial roofing company that, that you, y- you know, your family, Division 7, has seen for over 30 years?", "timestamp": "00:03:55", "id": "tie-in-011-0014", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=235s" }, { "speaker": "Keith Bilous", "start_seconds": 262, "text": "You guys are in this space, and maybe it's one of those situations where we can't see the forest through the trees, but you're in the space. Now Wall Street's going, \"Oh, we see that over there.\" Steve, what do they see? Yeah. I mean, they see, uh, companies with great profit margins, and they want to be able to have scale, um, in the industry where they have power to, um, you know, get better material pricing, uh, better processes, and there's like, man, if we can combine those two things, um, with a, a brand that has been established over a very long period of time, maybe we can win in the end.", "timestamp": "00:04:22", "id": "tie-in-011-0015", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=262s" }, { "speaker": "Keith Bilous", "start_seconds": 299, "text": "Yeah, yeah. Now, I don't wanna put words in, in, in George's mouth, but as George has been in the business f- you know, a lo- longer than y- yourself and everything, do you think George is, George, you know, George Rees who started Division 7, do you think he's surprised by what's happening within, you know, the private equity and how, and how the industry is, is, is maturing?", "timestamp": "00:04:59", "id": "tie-in-011-0016", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=299s" }, { "speaker": "Steve Reiss", "start_seconds": 318, "text": "Heck no. Uh, a- absolutely not surprised. Um, yeah, th- he's known this for a long time. It's, you know, he, he got into the b- you know, people don't get into the business all the times to make money, though. Mm. It's something that is a by-product of being, um, a company that values people and does the right thing.", "timestamp": "00:05:18", "id": "tie-in-011-0017", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=318s" }, { "speaker": "Steve Reiss", "start_seconds": 335, "text": "Yeah. And like, like, our tagline is roofing with integrity. Yes. Yeah. Yeah. Yeah. Well, and it's fascinating, right? Because when you see Wall Street waking up, going, \"Yeah, it's an asset class now,\" and your comment w- we, you know, we didn't build this business to make money, we built this business to help people, but then lo and behold, 30, 40 years later, we got a wonderful asset that now has lots of value, and Wall Street's knocking on the door.", "timestamp": "00:05:35", "id": "tie-in-011-0018", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=335s" }, { "speaker": "Keith Bilous", "start_seconds": 355, "text": "We're gonna keep that conversation going. We're talking private equity this morning live with Keith and Steve on The Tie-In. Coming up, Reed Dietz will be se- will be featured up with Blair Sutton, but before we do that, we got Randy and Hector setting up the roofer's desk three stories. We start that conversation right now.", "timestamp": "00:05:55", "id": "tie-in-011-0019", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=355s" }, { "speaker": "Keith Bilous", "start_seconds": 377, "text": "Steve, 87% of firms still have craft openings. Yeah, and data center wage pull is how platforms bid Ohio crews off ordinary commercial work. Randy Hector set this one up for Keith and Steve.", "timestamp": "00:06:17", "id": "tie-in-011-0020", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=377s" }, { "speaker": "Keith Bilous", "start_seconds": 394, "text": "NRCA says 87% of firms still have craft openings. 42% say worker shortages are delaying projects. That tracks. 28% worked a data center job last year. Labor was one of the biggest headaches. Those jobs can pay to pool people. A bigger platform can bid harder for the same crew. Then you'd better know what your good people are hearing before they hand in notice.", "timestamp": "00:06:34", "id": "tie-in-011-0021", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=394s" }, { "speaker": "Hector", "start_seconds": 412, "text": "So what keeps them? A foreman they trust, enough work to stay busy, a path to earn more without having to leave. That's the part owners need to hear. Steve, Keith, what would you change before your best crew starts looking somewhere else? I don't know, because I don't know what a craft opening is. Steve, Steve educate me and answer Hector and Randy.", "timestamp": "00:06:52", "id": "tie-in-011-0022", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=412s" }, { "speaker": "Steve Reiss", "start_seconds": 431, "text": "Yeah, I mean, you can think about roofing as a craft, right? Ah, okay. Like, you know, hone in your craft, uh- Yeah ... perfect your craft. So what caught my eye about this is that 87% of cra- uh, contractors still have, we'll call them job openings for you, Keith. Um- Thank you ... uh, skilled labor positions, right? Ooh. That means, so, so that means that the industry's biggest growth constraint may not be demand.", "timestamp": "00:07:11", "id": "tie-in-011-0023", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=431s" }, { "speaker": "Steve Reiss", "start_seconds": 457, "text": "It may not be that, yeah, there's not enough roofs to put on. It may be the ability to deliver on those roofs. Oh. So- Deep ... you can't sell your way out of a labor shortage, and, you know, the message here is your recruiting, training, and retention engine has to be every bit as strong as your sales engine.", "timestamp": "00:07:37", "id": "tie-in-011-0024", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=457s" }, { "speaker": "Keith Bilous", "start_seconds": 476, "text": "Yeah, yeah, interesting. Hey, so Steve, so specialized, uh, uh, commercial roofing contractors and, and, and skilled laborers, um, are you seeing more, more skilled craft la- uh, uh, workers or less? Is, is it, is it a... I'm looking for the right words here. Is, is it like a dying breed or a dying skill set, or are there some folks that go in and go, \"I'm gonna be an expert in this.\"", "timestamp": "00:07:56", "id": "tie-in-011-0025", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=476s" }, { "speaker": "Keith Bilous", "start_seconds": 496, "text": "Is that more common or uncommon, Steve? It's much less common today. Yeah. Uh, think about where, you know, over the past 30, 40 years, um, what happens after high school? Well, it's, we've been taught that you have to go to college. You need to go to a four-year university, get a degree, this and that. Well, guess what?", "timestamp": "00:08:16", "id": "tie-in-011-0026", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=496s" }, { "speaker": "Steve Reiss", "start_seconds": 513, "text": "There's too many of those people now, unfortunately. Oh, yes. And we are, the trades have seen a very steep drop-off in, um, skilled labor positions. And so thank God that, you know, the trade schools are coming back, and now in the last, in the last 12 years or so, I would say, um, you know, uh, just from an- anecdotally, right?", "timestamp": "00:08:33", "id": "tie-in-011-0027", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=513s" }, { "speaker": "Steve Reiss", "start_seconds": 534, "text": "Yeah, yeah. Like, in the last 12 years, uh, trade schools have started to make a comeback, and people that say, \"Well, college isn't for me,\" coming out of high school, instead of their answer or the response being, \"Well, no, you need to go to a four-year school,\" the response is now, \"Oh, well, that's cool,\" like, \"There's another opportunity for you.\"", "timestamp": "00:08:54", "id": "tie-in-011-0028", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=534s" }, { "speaker": "Steve Reiss", "start_seconds": 552, "text": "Yes. And there's so many things you can do in the trades. I mean, it is really fascinating to think about all of the skilled labor positions, not even in construction. Um, but think about, like, being a barber, right? Yeah, yeah, yeah, yeah. Positions like that, um, across- Across America I never thought about it that way, but you're right.", "timestamp": "00:09:12", "id": "tie-in-011-0029", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=552s" }, { "speaker": "Keith Bilous", "start_seconds": 570, "text": "You know, you, you, you could, you stepping university or college today, go and become, uh, immensely skilled at a craft, and inevitably there's gonna be a lot of jobs available for you, right? Yeah. Yeah. A- absolutely. Yeah. Yeah. All right. Yeah, there's no shortage of jobs there. Yeah. Michelle and Randy, number two, specialized North American roof coatings are near, uh, what, 48 billion, while cool roof coatings are $1.82 billion.", "timestamp": "00:09:30", "id": "tie-in-011-0030", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=570s" }, { "speaker": "Keith Bilous", "start_seconds": 592, "text": "Owners are choosing restoration over tear-up. I'm not sure what this is all about. Ra- Michelle, Randy, let's set it up for Keith and Steve. (Scene boundary — segment end)", "timestamp": "00:09:52", "id": "tie-in-011-0031", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=592s" }, { "speaker": "Michelle", "start_seconds": 600, "text": "A top roofing magazine puts the North American coatings market near $0.48 billion this year. And that's only one part of it. The wider cool roof market is around 1.8 to $2 billion.", "timestamp": "00:10:00", "id": "tie-in-011-0032", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=600s" }, { "speaker": "Keith Bilous", "start_seconds": 611, "text": "Big market, but most roofers still make only a small share of sales from coatings. 59% offer coatings. They make up only about 9% of sales. So offering it isn't the same as knowing where it fits. The real question is simple: Can this roof be restored or does it need to be replaced? And which choice makes sense for the owner.", "timestamp": "00:10:11", "id": "tie-in-011-0033", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=611s" }, { "speaker": "Keith Bilous", "start_seconds": 629, "text": "So when do you restore instead of replace? Steve, where are you drawing that line with owners right now? Steve. So not every roof, uh, can be restored. And so I love the way they set that up. So there has to be... The, the direct answer is this: there has to be life left in the roof in order to restore it/coat it, because a lot of coatings, they're not, it's not necessarily a waterproofing system.", "timestamp": "00:10:29", "id": "tie-in-011-0034", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=629s" }, { "speaker": "Steve Reiss", "start_seconds": 660, "text": "It is a membrane preservation system, okay? Mm-hmm. So it's important to be able to offer the service, but you have to know when is the right time, just like Randy and, um- Yeah ... Hector said. Yeah. I, I never, I gotta be honest, I never considered, my assumption was you could always restore a roof, but there's a certain point where, what is it, Steve, is it financially not worth doing, or is it just, is the, is the, is the stability, the structural stability not there to restore it, hence you're starting from scratch?", "timestamp": "00:11:00", "id": "tie-in-011-0035", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=660s" }, { "speaker": "Steve Reiss", "start_seconds": 689, "text": "Right. It's more about the structural stability. Um, and then if you try to restore a roof that's past the point of being restored- Yes ... now, now you're, you've made a mess, and- Yeah ... and the financial situation looks a lot worse because you just paid, you know, 20% to 30% of a re-roof cost to restore it, and it doesn't work, so now you're going for the full replacement, so now you're looking at 130% of the cost it, it would've taken.", "timestamp": "00:11:29", "id": "tie-in-011-0036", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=689s" }, { "speaker": "Keith Bilous", "start_seconds": 713, "text": "Yeah, yeah, yeah. Coming up live, Reed Dietz is joining us. We're talking private equity, roof talk with Blair Sutton, Keith, and Steve. But hey, first of all, our last story on the roofer's desk this morning with Randy and Hector. PE, Private Equity, just launched another operator-led roofing network with $150 million plus under management, no platform debt.", "timestamp": "00:11:53", "id": "tie-in-011-0037", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=713s" }, { "speaker": "Keith Bilous", "start_seconds": 732, "text": "Local brands stay, system centralized, and yeah, exit is shared. Guys, what's this about? LB Capital just launched EM Exteriors, bringing 15 roofing companies across 13 states into one group. That's a big footprint. The local names and leadership stay. The group shares systems, sales tools, tech, and buying power.", "timestamp": "00:12:12", "id": "tie-in-011-0038", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=732s" }, { "speaker": "Hector", "start_seconds": 753, "text": "So local outside, shared operation underneath. Together, they represent more than $150 million in revenue, and the model is built toward a shared sale later. That changes the math. Scale can mean stronger systems and stronger buying. And more pressure on independents chasing the same crews and service work.", "timestamp": "00:12:33", "id": "tie-in-011-0039", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=753s" }, { "speaker": "Keith Bilous", "start_seconds": 770, "text": "So does this help local owners or make the market tougher? Steve, what does a group like this change for an independent roofer?", "timestamp": "00:12:50", "id": "tie-in-011-0040", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=770s" }, { "speaker": "Steve Reiss", "start_seconds": 780, "text": "Steve So this one is really cool, and let me be, let me be clear, Division 7 is not for sale. We are not entertaining offers from private equity. My phone rings on a weekly basis, uh, with these offers, and we're just not. So, but, um- But what a, but what a compliment, right? And I, I wanna pause. What a compliment because that, that clearly is a testament to the value you've created, the integrity of the business, the work, the people.", "timestamp": "00:13:00", "id": "tie-in-011-0041", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=780s" }, { "speaker": "Keith Bilous", "start_seconds": 808, "text": "Like, it's... Steve, uh, g- bad companies aren't being called, so as, as, you know, as we, we wrap some humor in it, that's gotta be taken as a compliment for you and your family and the leadership of Division 7 to know that the work you're putting in... Yeah, and I, I know you guys don't need to be pat, patted on the back, but it's being noticed.", "timestamp": "00:13:28", "id": "tie-in-011-0042", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=808s" }, { "speaker": "Keith Bilous", "start_seconds": 827, "text": "That's gotta feel great, man. Yeah. It, it truly does. Um, it's cool to be, you know, on that list of people that are, you know, um, looked at as a great company and worth- Yeah ... you know, a lot or whatever. Yes. Yeah. Um, but, but, but I... So I like this model though. I like what EM Exteriors is doing, and I don't know the companies involved and all that.", "timestamp": "00:13:47", "id": "tie-in-011-0043", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=827s" }, { "speaker": "Steve Reiss", "start_seconds": 847, "text": "Yeah. But what is really cool is that they're keeping the brand intact. Mm. And I think that that is something that's really important because it's another thing, again, that's not on a spreadsheet, right? Like, you can't, you can't calculate the value of a brand- Yeah, yeah ... um, from the spreadsheets and numbers.", "timestamp": "00:14:07", "id": "tie-in-011-0044", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=847s" }, { "speaker": "Steve Reiss", "start_seconds": 864, "text": "You have to understand what that business looks like internally, uh, what its reputation is with, you know, the outside world. Um, so anyway, I, I really love how they're keeping the brands intact, and I don't think it's a great play to just buy companies, rebrand, you know, gut the interior. That's just not how good companies operate.", "timestamp": "00:14:24", "id": "tie-in-011-0045", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=864s" }, { "speaker": "Steve Reiss", "start_seconds": 884, "text": "So- And, and Steve, is that- I think if, if any model works, it's this one. And is that typically how perhaps historically the PE spa- the PE space, excuse me, has worked in the commercial roofing industry is that there's been a bunch of accumulated companies, and then brands are ripped away? And what's striking about wi- with you with this one is that they're really saying, \"We're setting up a hold co.,", "timestamp": "00:14:44", "id": "tie-in-011-0046", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=884s" }, { "speaker": "Keith Bilous", "start_seconds": 903, "text": "perhaps, and we're, we're keeping all the independent brands.\" Is that, is that what I'm hearing from you? So that's how it feels. I'm not gonna... I can't speak specifically to- Sure, sure ... that's how it is, right? So I wanna be really clear about that. Yes, yes. But that's, that's the way it's felt just anecdotally when you hear about these things happening.", "timestamp": "00:15:03", "id": "tie-in-011-0047", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=903s" }, { "speaker": "Steve Reiss", "start_seconds": 920, "text": "Um, and, you know, companies suffer internally because of it, and the culture starts to erode, which is, man, that would be like the worst thing ever- Yeah ... if that were to happen to Division 7, which is part of the reason why we're not for sale 'cause we wanna... We're, we're a value-driven company. Yes, yes.", "timestamp": "00:15:20", "id": "tie-in-011-0048", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=920s" }, { "speaker": "Keith Bilous", "start_seconds": 936, "text": "Private equity is buying commercial roofing. Who wins and who loses? We're moving on to our next nugget this morning with Keith and Steve. Coming up in a couple of minutes, we got Reed Dietz joining the conversation. I'm excited about that one. You know, so we, we... in our first nugget, we talked about, you know, a commercial roof is now an asset, but Steve, what, what exactly is somebody buying?", "timestamp": "00:15:36", "id": "tie-in-011-0049", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=936s" }, { "speaker": "Keith Bilous", "start_seconds": 953, "text": "Trucks and... trucks, equipment. You look around your building, it's easy to count. The estimator, the superintendent, and the service department are not. So, you know, when PE firms are looking at all this, what are they actually buying? Yeah, I mean, they're buying a brand, they're buying, uh, the culture. That's what, that's what I think that they're trying to capture, right?", "timestamp": "00:15:53", "id": "tie-in-011-0050", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=953s" }, { "speaker": "Steve Reiss", "start_seconds": 974, "text": "And what happens so often, what it feels like, again, is that, um, they are stripping companies of those things and it becomes a f- kind of a fear-based culture. Mm. And that's, that's not how great companies thrive. So I think they're, they're buying the brand, though, if you really think about it. Like, if Nike went up for sale today.", "timestamp": "00:16:14", "id": "tie-in-011-0051", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=974s" }, { "speaker": "Steve Reiss", "start_seconds": 993, "text": "Think about that, right? Yes, yes. What are they buying? They're buying the, the great processes that made them profitable, and they're buying the brand that everyone knows and loves. Yeah. Yeah, absolutely. All right, guys. Hey, listen, today's episode of the, of The Tie-In is presented by our friends at Division 7 Roofing.", "timestamp": "00:16:33", "id": "tie-in-011-0052", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=993s" }, { "speaker": "Keith Bilous", "start_seconds": 1009, "text": "When people talk about what a roofing company is worth, the numbers only tell part of the story. The people, the relationships, and the trust matter, too. That is what Division 7 has been building since 1979. Absolutely. Jimmy, let's go to the Rooftop Intro, my friend – *[No speech / no-audio — intro transition]*", "timestamp": "00:16:49", "id": "tie-in-011-0053", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1009s" }, { "speaker": "Michelle", "start_seconds": 1057, "text": "Today's guest sat inside a massive roofing company and learned something unexpected. There was no secret formula. They had deeper pockets and more people, but they were still solving the same problems as everyone else. Reed Dietz left those meetings with a different idea of growth. Find the right people, give them room to solve the problem.", "timestamp": "00:17:37", "id": "tie-in-011-0054", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1057s" }, { "speaker": "Michelle", "start_seconds": 1080, "text": "Today, he owns Roof Revivers. His job is to think about where the company goes next, and the company is built around a simple idea: service and installation come first. They don't treat repairs like an inconvenience. Repairs are work they actively want. Reed believes that model is changing. Roofing companies built around insurance-driven replacements are going to have to adapt.", "timestamp": "00:18:00", "id": "tie-in-011-0055", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1080s" }, { "speaker": "Michelle", "start_seconds": 1108, "text": "He expects repair work to grow. Roof Revivers built its foundation around service long before that shift arrived. The goal is big: become Columbus' largest roofing repair service company and let the work drive the growth. No shortcuts. Just service, installation, and work worth coming back to. Reed, welcome to The Tie-In.", "timestamp": "00:18:28", "id": "tie-in-011-0056", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1108s" }, { "speaker": "Keith Bilous", "start_seconds": 1132, "text": "Ethan, Steven, Reed Dietz live here on The Time with Blair Sutton. Steve, I was excited about this one, and I know you were as well. I'm gonna throw the tennis ball- Oh, yeah ... over to you to set it up with Reed Dietz. Reed, welcome to the show. Thank you. Thank you. What a, what an awesome introduction. Got to read that.", "timestamp": "00:18:52", "id": "tie-in-011-0057", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1132s" }, { "speaker": "Steve Reiss", "start_seconds": 1148, "text": "Appreciate it, guys. Th- thank you for, for joining us today, and, uh, we really appreciate it, man, and I can't wait to get in this conversation with you. I feel like over the past year and a half, we've become, uh, much better friends, and, um, I'm really excited to be able to, be able to talk about your story, man, and really highlight where you've come from and, uh, you know, everything that you're doing right now to build a really cool company that we were talking about before the show started.", "timestamp": "00:19:08", "id": "tie-in-011-0058", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1148s" }, { "speaker": "Reed Dietz", "start_seconds": 1174, "text": "Yeah, absolutely. Likewise, Steve. Uh, it's been pretty cool. We've done some pretty cool projects together too. Um- Yeah ... we did the big shopping mall where you handled the, the low slope, and we did all the shingle stuff on it, and, uh, yeah. And I've been in the industry for, since 2003 is when I first got involved, and, and, uh, I've s- kind of seen it evolve and change over the, over the decades, and, uh, I'm pretty excited about where, where it's finally changing ---", "timestamp": "00:19:34", "id": "tie-in-011-0059", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1174s" }, { "speaker": "Reed Dietz", "start_seconds": 1200, "text": "...and going to. I think we're gonna see on the shingle side a massive change in the way roofing companies operate. Yeah. Yeah, I'm super excited to talk about that. So, you know, I wanna dive in on, on, on what you, on what you said just a second ago. So the beginning, right? Take us back to the beginning, Reed. What was happening in your own career that led to Roof Revivers, and what did you see in, in roofing that made you want to build the company differently?", "timestamp": "00:20:00", "id": "tie-in-011-0060", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1200s" }, { "speaker": "Reed Dietz", "start_seconds": 1225, "text": "Yeah, yeah. Um, so I came from, in 2003, I was going to s- college at Ohio State, and I had a, a, a roommate, good close friend of mine. His younger brother was making a decent amount of money, and he was younger. We're like, \"What are we, what are you doing? You know, we need some beer money.\" And, uh, he was knocking doors for a storm company that came from Minnesota.", "timestamp": "00:20:25", "id": "tie-in-011-0061", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1225s" }, { "speaker": "Reed Dietz", "start_seconds": 1244, "text": "We had a big hail storm in 2003, uh, in Columbus, so we were just kno- he was knocking doors to generate leads, inspections, insurance. We're buying roofs. Nobody at that time even knew that you could have your roof replaced by insurance. So we started doing that, and, um, and being the sales reps for that. I eventually got out of that, graduated college, moved to Chicago.", "timestamp": "00:20:44", "id": "tie-in-011-0062", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1244s" }, { "speaker": "Reed Dietz", "start_seconds": 1265, "text": "Um, worked for a few years, and my friend stayed in it. And here I am, you know, thinking I'm g- doing the right route going to corporate America, and he's making three times the amount of money I'm making and having a lot more fun. So I said, \"Get me back in.\" So I got back into roofing at that point. Um, and in 2019, um, I had the ability to purchase Roof Revivers for its name and website from Mike and Todd Feasel, who", "timestamp": "00:21:05", "id": "tie-in-011-0063", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1265s" }, { "speaker": "Reed Dietz", "start_seconds": 1289, "text": "Feasel Roofing's really big in Columbus. They had sold that, and they started Roof Revivers, uh, in 2012. And they were going to nationally franchise the business for, like, a roof repair only business. Shortly into that journey they found a product that you spray on a roof and it helps prolong the life of the shingles, and they were going that direction as, like, manufacturing, distributing it to their v- to their, like, uh, preferred partners.", "timestamp": "00:21:29", "id": "tie-in-011-0064", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1289s" }, { "speaker": "Reed Dietz", "start_seconds": 1311, "text": "And Roof Revivers was gonna dissolve out. And I said, \"Hold on, 'cause I'm just coming back and looking ... I'm starting my own thing up again, and let me buy your name. And your story's way cooler than mine.\" They'd been in the roofing industry since the '80s. Uh, and they were a real roofing company, you know? And I'll kinda elaborate on that.", "timestamp": "00:21:51", "id": "tie-in-011-0065", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1311s" }, { "speaker": "Reed Dietz", "start_seconds": 1328, "text": "Um- Yeah ... in today's world ... So insurance for residential roofing, it's somewhat different for your space, the commercial roofing, I believe, than residential or shingle roofing, so to speak, is that the majority of the companies now are sales organizations, and they have driven revenue and growth on the backs of doing insurance claims.", "timestamp": "00:22:08", "id": "tie-in-011-0066", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1328s" }, { "speaker": "Reed Dietz", "start_seconds": 1349, "text": "Hm. And it's been really somewhat easy revenue growth if you're willing to go out and knock doors, build relationships. And because of the way the insurance, uh, regulations were written, like the policies, we could have one or two damaged shingles on a $30,000 roof and they'd total the whole roof out for, you know, like kind quality, appearance, all these different technicalities.", "timestamp": "00:22:29", "id": "tie-in-011-0067", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1349s" }, { "speaker": "Steve Reiss", "start_seconds": 1367, "text": "Yeah. These companies are just booming. Well, insurance companies finally I think have said, \"You know what? This is not sustainable to our bottom line. We have to change something.\" So they're starting to make really high deductibles for hail and wind. They're starting to make actual cash value policies, so they only give you, like, the current value of the roofs.", "timestamp": "00:22:47", "id": "tie-in-011-0068", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1367s" }, { "speaker": "Reed Dietz", "start_seconds": 1384, "text": "If it's a 20-year-old roof and it's a 30-year roof, they'll give you, you know, a third of the money up front minus your deductible. So there's not a lot of money left over. So there's a, this is the part where I talk about, like, a big change happening in the industry is all these revenue streams are going to change.", "timestamp": "00:23:04", "id": "tie-in-011-0069", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1384s" }, { "speaker": "Reed Dietz", "start_seconds": 1401, "text": "Hm. And coming back to where the roofing companies were in the '80s and the '90s and the early 2000s are going to be the ones I think that can sustain and grow, um, as the market kinda changes. Yeah. Man, Reid, you hit on some major points. And, uh, you know, I, uh, I'm, I'm chuckling i- internally because this is exa- I mean, I can't think of a better guest to have on- Yes", "timestamp": "00:23:21", "id": "tie-in-011-0070", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1401s" }, { "speaker": "Steve Reiss", "start_seconds": 1424, "text": "today- Yes ... for this show. I mean, you, I mean, I would j- I mean, there's so many things I wanna dive in on. Um, but okay, let's dive in on this. So- In the, earlier in the show we were talking about what is a PE firm buying when they buy a company, right? Mm-hmm. Mm-hmm. Now let's dial that back to here's an owner who, or here's an operator that has some roofing indus- industry experience, right?", "timestamp": "00:23:44", "id": "tie-in-011-0071", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1424s" }, { "speaker": "Steve Reiss", "start_seconds": 1448, "text": "You worked roofing back in college, which is another cool segue because man, you don't have to go to college anymore. You thought you were doing the right thing. Yeah. But then picking up your side job in college was actually the thing that was gonna produce more money in the long run, so speaking to the trade, so that's super cool.", "timestamp": "00:24:08", "id": "tie-in-011-0072", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1448s" }, { "speaker": "Steve Reiss", "start_seconds": 1463, "text": "So any, that's a side tangent, I'm sorry. Yeah. Um, but you were, like you said, you bought the name. So what was not on the spreadsheet, Reed, that you were buying? I mean, what made it attractive to buy this particular company? Like, what were you looking at? What were you seeing? Yeah. Good question. Yeah, absolutely, and really it was, is the initial, the, the leads that were coming in.", "timestamp": "00:24:23", "id": "tie-in-011-0073", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1463s" }, { "speaker": "Reed Dietz", "start_seconds": 1487, "text": "So they were getting three to five organic leads from the internet every day, and to, and, and roofing leads in, in our, you know, segment of the business, they're super expensive. They can be anywhere from $200 to $1,000 a lead. Yeah, a lot of competition. So to have that, it wa- it was a, it was a jumpstart, and it was all service.", "timestamp": "00:24:47", "id": "tie-in-011-0074", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1487s" }, { "speaker": "Reed Dietz", "start_seconds": 1504, "text": "So it was me and one other guy, um, Joey Sayer, who's my right-hand guy in the company. And, um, we just went out and started selling repairs, and then we would take the repairs. You know, sometimes you go out to a roof and you're like, \"Listen, we can do this repair. It's gonna be $2,300, but your roof is, like, a few years away from needing to be replaced, so do you wanna reinvest that money in another three years, or do you just wanna, like, total the roof out now and replace it?\"", "timestamp": "00:25:04", "id": "tie-in-011-0075", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1504s" }, { "speaker": "Reed Dietz", "start_seconds": 1527, "text": "So we were using those leads, you know, to, to do the repairs and also, you know, get the bigger jobs, uh, for the replacements, um- But yeah, but go ahead. What was the next question on that? No, yeah, I mean, what, what were you seeing really? So you're seeing a, uh, a lead generation tool, right? That was one thing that you saw.", "timestamp": "00:25:27", "id": "tie-in-011-0076", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1527s" }, { "speaker": "Reed Dietz", "start_seconds": 1549, "text": "Yes. Um- Yeah, there we go. Thank you. Um- Yep ... so, and, and it's really like company story, right? So our presentation now is so much easier than it was then because we have all these, you know, large jobs and thousands of repairs we've done and, and our Google ratings, I think we have like 500 5-star reviews on Google.", "timestamp": "00:25:49", "id": "tie-in-011-0077", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1549s" }, { "speaker": "Reed Dietz", "start_seconds": 1567, "text": "They had 28 at the time, but the Feazel name was really p- like powerful in the roofing world- Yep ... because Feazel was big in Columbus for a long time. They had a great name. Um, so that was like our, our leverage point when we're presenting to the homeowner, you know, like, \"Here's the company story.\" So much like PE buying companies or buying that brand.", "timestamp": "00:26:07", "id": "tie-in-011-0078", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1567s" }, { "speaker": "Reed Dietz", "start_seconds": 1586, "text": "Now, this brand was a lot smaller, but the name kind of helped with that. Um, so that was, that was big. It was a cooler story than my background, right? So we, we leaned on that heavily. We don't even talk about it now, um, unless somebody's been around the industry a long time, they might know about it. Yeah.", "timestamp": "00:26:26", "id": "tie-in-011-0079", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1586s" }, { "speaker": "Reed Dietz", "start_seconds": 1602, "text": "But now we have our own company story. Yeah. That's awesome, man. Hey- And that's what we're here, here to explore. Go on, Keith. Hey, Steve, you know what I love about that, that question you just asked Reid and what Reid put on the table, and it's, it's rarely talked about in business. Let's just move out of commercial roofing a second and talk about business itself.", "timestamp": "00:26:42", "id": "tie-in-011-0080", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1602s" }, { "speaker": "Steve Reiss", "start_seconds": 1618, "text": "Yeah. The cost to get a customer. Like Reid, you just unlocked a, a, a nugget of conversation there. Like this, the, the idea of a CAC, cost of acquisition, right? So when you, when I heard you say I, I'm buying this company 'cause I wanted to buy their leads, that's profound. A lot of business owners and operators don't think that way.", "timestamp": "00:26:58", "id": "tie-in-011-0081", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1618s" }, { "speaker": "Keith Bilous", "start_seconds": 1636, "text": "We think, \"Oh, I'm gonna start a business. People are gonna show up.\" No, there's a cost to get somebody to listen to you. Reid, talk about that because clearly the, you know, clearly you were taught that, you knew that, but th- this is not a common question that o- all owners and, and operators are asking about, where are my leads coming from?", "timestamp": "00:27:16", "id": "tie-in-011-0082", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1636s" }, { "speaker": "Keith Bilous", "start_seconds": 1654, "text": "Yet it was the number, it was the number one thing you said, Reid. Absolutely, and it's getting more and more competitive, especially with the PE firms coming in and, and- Yeah ... some of these roofing companies, some of the sh- the, we'll call it the shingle side, you know, they're $100 to $200 million companies, you know, that are corporate in Columbus.", "timestamp": "00:27:34", "id": "tie-in-011-0083", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1654s" }, { "speaker": "Reed Dietz", "start_seconds": 1668, "text": "So like- Yes ... the amount of competition and, and checkbooks we're battling, right, to fight over the same customers is, is there. Uh, so yeah, it's a big deal. Um, 40 to 45% of our leads every year come from referrals and repeat customers, so- Interesting ... a lot of, like, the foundational idea on the, on the, the growth is let's go after the stuff nobody wants to do.", "timestamp": "00:27:48", "id": "tie-in-011-0084", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1668s" }, { "speaker": "Reed Dietz", "start_seconds": 1689, "text": "Some of the, most of the roofing companies don't even do repairs. The few in Columbus that do them, they do them because they have to, not 'cause they want to. So we're like, let's shift the thought process behind that and let's do this because we want to. Let's design our business around the fact that w- we gotta work just as hard for $1,000 repair as we do a $20,000 replacement.", "timestamp": "00:28:09", "id": "tie-in-011-0085", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1689s" }, { "speaker": "Reed Dietz", "start_seconds": 1707, "text": "It's the same calls, the same orders, the same production scheduling. It's almost the same everything. Yep. You know? 1/20 of the, of the size of the job, so it's a lot of work, a lot of moving parts, but that's kinda what I've learned. As, you know, I'm learning something new every day, but as I look back and I think, like- What have I learned seeing some of these big companies and being on KPI calls with some behind the scenes in some of these hundred million dollar companies versus a small business, is that there is no secret sauce.", "timestamp": "00:28:27", "id": "tie-in-011-0086", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1707s" }, { "speaker": "Reed Dietz", "start_seconds": 1736, "text": "It is, like, show up and go to work and outwork everybody. That's really the secret, you know? And then surround yourself with really, really good people, pay them really well, and as a team you can kinda rise together. And so we wanted to take advantage of the service industry, especially, like, property management wise.", "timestamp": "00:28:56", "id": "tie-in-011-0087", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1736s" }, { "speaker": "Reed Dietz", "start_seconds": 1752, "text": "It's a whole nother segment outside of, of residential roofing. But we knew that if we could service residential roofs, repair them, we can make lifelong customers out of them. So in five years, 10 years when they need a replacement and they're... All these people are paying big bucks for these leads, they're gonna know us because we're sending them email follow-ups and we're staying in touch with them.", "timestamp": "00:29:12", "id": "tie-in-011-0088", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1752s" }, { "speaker": "Reed Dietz", "start_seconds": 1773, "text": "Um, but we've also worked for them and did exactly what we said we were gonna do, when we said we were gonna do it, and how we said we were gonna do it, right? And, um, that's been really cool, and that's what's driving, like, 40 to 45% of our leads is, is all organic and referrals and, and, uh, previous customers.", "timestamp": "00:29:33", "id": "tie-in-011-0089", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1773s" }, { "speaker": "Steve Reiss", "start_seconds": 1790, "text": "Wow. Wow. That's, uh, that's fascinating. Hey, you're here with Keith and Steve, live on the Tie-In every single Thursday at 10 o'clock Eastern Time on the Roofing Authority Network. And on the Tie-In channel we're joined by Reed Dietz", "timestamp": "00:29:50", "id": "tie-in-011-0090", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1790s" }, { "speaker": "Steve Reiss", "start_seconds": 1800, "text": "Wow. Wow. That's, uh, that's fascinating. Hey, you're here with Keith and Steve, live on the Tie-In every single Thursday at 10 o'clock Eastern Time on the Roofing Authority Network. And on the Tie-In channel we're joined by Reed Dietz right now. We're having some great conversations about PE and so forth. So, boys, I'm gonna take over a couple questions.", "timestamp": "00:30:00", "id": "tie-in-011-0091", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1800s" }, { "speaker": "Keith Bilous", "start_seconds": 1805, "text": "I'm gonna throw them to both of you guys, 'cause I think this actually sets it up really quite well. Um, so Steve, I, I actually wanna start with you, and kinda play off what, what, uh, what, uh, Reed was saying. Sure. But Roof Revivers, and I think Division 7 too, you guys are built around service, integrity, repairs, installation quality, rather than treating repairs as something you only do when you have to.", "timestamp": "00:30:05", "id": "tie-in-011-0092", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1805s" }, { "speaker": "Keith Bilous", "start_seconds": 1825, "text": "And that's something that struck me about Division 7, 'cause Reed, I'm gonna throw you the q- same question. Steve, why do you guys do it this way? Like, why, why, why do you choose to make repairs and service, um, so much as part of the entire company or building? 'Cause I heard Reed say not many companies will do that.", "timestamp": "00:30:25", "id": "tie-in-011-0093", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1825s" }, { "speaker": "Keith Bilous", "start_seconds": 1841, "text": "But yet you guys choose to do it all. Right. Starting with you, Steve. Why? Yeah. Well, and, and Reed, you set this up very nicely in your, in your answer just a minute ago. Um, you know, you mentioned that, you know, to... And I don't want this to be lost on people, right? Like, what Reed said was, \"You show up, you work hard, there's no secret sauce.\"", "timestamp": "00:30:41", "id": "tie-in-011-0094", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1841s" }, { "speaker": "Steve Reiss", "start_seconds": 1860, "text": "Well, I don't want it to be lost on folks that the secret sauce is what is in here and what is in here. Mm-hmm. Pointing at my heart, right? Mm-hmm. Um, there is a path to make having a successful business, and what path are you going to choose? Are you gonna choose the path of we're just gonna erode, um, erode, you know, the culture?", "timestamp": "00:31:00", "id": "tie-in-011-0095", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1860s" }, { "speaker": "Steve Reiss", "start_seconds": 1884, "text": "Are we going to cut pricing and be rock bottom, and that's how we're gonna grow and compete because we're cheap? Or are we going to grow in the way of we're gonna treat people really well, we're gonna do the right thing? And this is what Reed was saying, like, I don't want that to get lost on people. Like- Yeah", "timestamp": "00:31:24", "id": "tie-in-011-0096", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1884s" }, { "speaker": "Steve Reiss", "start_seconds": 1899, "text": "he's gonna do the right thing, he's got integrity, um, he has a really good heart. And so I think that that- Mm-hmm um, the person that just shows up and works hard but doesn't have the heart Every single day of the week. Yeah, yeah. And so then Reid, why did you choose the path? And what does doing repairs, and- and what does doing repairs because you want the work change about the company that you're building?", "timestamp": "00:31:39", "id": "tie-in-011-0097", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1899s" }, { "speaker": "Reed Dietz", "start_seconds": 1922, "text": "Yeah, I mean, at- at the end of the day it's making us a real roofing company, right? Like, we're not, it's not lost on us that we have to drive revenue and we have to drive profit, right? But it's not the, it's not the first thing we focus on. And that's, like, the sales organization's like, \"How much did you sell today, and where- where are we at revenue wise?\"", "timestamp": "00:32:02", "id": "tie-in-011-0098", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1922s" }, { "speaker": "Reed Dietz", "start_seconds": 1936, "text": "And it's like, I love blue collar, right? Like the whole micro movement and- and blue collar like you were talking about earlier, Steve. Like, y- you know, when we were growing up it was like college, college, college. And now, like, in trades it was kinda like, oh, you were a, you know, you kinda didn't make it if you went into trades, right?", "timestamp": "00:32:16", "id": "tie-in-011-0099", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1936s" }, { "speaker": "Reed Dietz", "start_seconds": 1951, "text": "Right. But now trades are starting to get a little bit more of a shine to them, right? And, uh, and you can make really good money in the trades. Like our top repair techs, they make well over six figures. You know? Yeah. Working 10 months a year, 'cause of the snow and stuff we're not working in the wintertime.", "timestamp": "00:32:31", "id": "tie-in-011-0100", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1951s" }, { "speaker": "Reed Dietz", "start_seconds": 1964, "text": "So there's lots of money to be made in it. But yeah, I just love blue collar and, uh, and it's, yeah. I mean, that's it. And- and you talk about, like, having heart and- and culture and stuff, and that really is, as I look back over, 'cause we've- we've hired people and some people aren't here anymore, but the core group of our people have stayed, and we've, every year we add a couple employees.", "timestamp": "00:32:44", "id": "tie-in-011-0101", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1964s" }, { "speaker": "Steve Reiss", "start_seconds": 1988, "text": "Yeah. And the main trait that I've- I've kind of realized is that you can't teach is, like, who you are as a person. Like, are you empathetic to other humans? Like, do you- Right ... really, like, feel good about, like, seeing another person succeed, right? And we have to be somewhat selfish as humans, 'cause we gotta make sure we take care of ourself.", "timestamp": "00:33:08", "id": "tie-in-011-0102", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=1988s" }, { "speaker": "Reed Dietz", "start_seconds": 2005, "text": "But, like, putting others first I think has been, like, a big variable that I've learned. When I watch our team, kind of the growth of it is, like, they're well because nobody's picking at each other, and they're all here to pick each other up. So we always say in our company, like, everybody has strengths and weaknesses.", "timestamp": "00:33:25", "id": "tie-in-011-0103", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2005s" }, { "speaker": "Reed Dietz", "start_seconds": 2021, "text": "So the weaknesses you have, it's okay. You don't have to hide them. You know? Like, bring them out, let's everybody know what each other's weaknesses are, because the person next to you has the strength that's your weakness, and vice versa. And that's been really powerful for us, you know? There's a lot of wisdom you packed in that, in that, uh, nugget there.", "timestamp": "00:33:41", "id": "tie-in-011-0104", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2021s" }, { "speaker": "Steve Reiss", "start_seconds": 2040, "text": "Reid, I really appreciate that, man. You're speaking my language. Yeah. Yeah. Yeah, yeah. So then, uh, here's something for both of you guys. So Roof Revivers and Division7, you know, Steve, when you and I were chatting yesterday you- you shared with me how great you guys work together and what you guys do, and I was excited to kinda throw this one to you guys, because you guys have found a natural way to work together.", "timestamp": "00:34:00", "id": "tie-in-011-0105", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2040s" }, { "speaker": "Steve Reiss", "start_seconds": 2058, "text": "Yeah. You know, your team, uh, so- so Reid, I believe that your team handles the shingle side, Division7 handles the low slope commercial work. But guys, for both of you, Steve, starting with you, what makes that partnership work? And what can two specialized roofing companies do together that either one would struggle to do as well alone?", "timestamp": "00:34:18", "id": "tie-in-011-0106", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2058s" }, { "speaker": "Steve Reiss", "start_seconds": 2079, "text": "Yeah, I think that's a great question, Keith. Um, so I think that w- we have found this natural way to work together because we understand the values That we're based upon, right? I mean, Reid just said it. Yeah. He's gonna do the right thing. He's gonna show up on time. Yep. Do exactly what he said he's gonna do, um, and put a really great product on, and that's We don't partner with just anyone.", "timestamp": "00:34:39", "id": "tie-in-011-0107", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2079s" }, { "speaker": "Steve Reiss", "start_seconds": 2099, "text": "And so, um, it's truly great to find another company that is able to perform in the way that we want them to perform, um, instead of just using a- another, you know, subcontractor to perform that shingle work, which I'll be honest would be cheaper, but that's not what we're after. We're af- we're after giving the client the best product at the end of the day.", "timestamp": "00:34:59", "id": "tie-in-011-0108", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2099s" }, { "speaker": "Steve Reiss", "start_seconds": 2123, "text": "And if we fi- if we have a client that's willing to pay for that, because let's be honest, not every client is, is, is equal in that regard. You know, we, they a lot of times, um, are beheld into the owner and the property management companies. You know, they are working for the owner, and we're working for them, you know.", "timestamp": "00:35:23", "id": "tie-in-011-0109", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2123s" }, { "speaker": "Steve Reiss", "start_seconds": 2140, "text": "Um, they don't always have the capital to put the right amount of money into a project. And so in those instances, they may not get, um, a... Well, I'll just say this. They'll get what they'll pay for, right? Mm-hmm. Um, and so I think that for those reasons, uh, Reed and I have... You know, when we find a target client that needs both, they need shingle and flat, um, and it makes sense for both of us, I have an understanding, we have an understanding with each other that we are going to do the right thing and we're gonna work well together, and we're not gonna get into...", "timestamp": "00:35:40", "id": "tie-in-011-0110", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2140s" }, { "speaker": "Steve Reiss", "start_seconds": 2170, "text": "And that alleviates a lot of ridiculous little disputes and contract language and all that. It's like contracts don't have to get enforced until someone does the wrong thing, but if we're all trying to do the right thing here- Ah, yeah. Yeah, yeah ... you know, it works well. Yeah. Reed, anything to add to, to Steve's comments?", "timestamp": "00:36:10", "id": "tie-in-011-0111", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2170s" }, { "speaker": "Reed Dietz", "start_seconds": 2185, "text": "Yeah. And I think it's just like specializing, knowing your lane, right? Mm-hmm. We ... Business owners, we have been guilty of this too many times. I've learned my lesson. But shiny objects, right? And shiny object is, like, could be a big flat roof. You know, those aren't inexpensive. But it's about knowing what you're good at and sticking to that lane and having that slow, steady growth.", "timestamp": "00:36:25", "id": "tie-in-011-0112", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2185s" }, { "speaker": "Reed Dietz", "start_seconds": 2205, "text": "So, like, commercial roofing and shingle work roofing are two different things. They're not even close to the same. So it's like I don't wanna learn the, the low-slope roofing because along the way I'm gonna, I'm gonna cause pain to the client, right? I'm gonna learn on their dime, and it's just not something that we're willing to do.", "timestamp": "00:36:45", "id": "tie-in-011-0113", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2205s" }, { "speaker": "Reed Dietz", "start_seconds": 2223, "text": "Uh, so yeah. But with that, with that though I do know, Reed, that you do a lot of, um, or some amount of small flat work. Yeah. Like, think about a condo complex, right, that has a bunch of shingles, um, but then they've got some garages. I know you've done some really cool- Yeah ... work on some smaller- Yeah, we'll do smaller stuff.", "timestamp": "00:37:03", "id": "tie-in-011-0114", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2223s" }, { "speaker": "Reed Dietz", "start_seconds": 2240, "text": "Um, but yeah, when it gets into the large commercial stuff, we're just not set up for it. Yeah. At the end of the day, like we, we do, we care about the client, so it's like I don't wanna set them up for... and then not deliver on the expectations, 'cause I know that I'm not gonna be able... That, that, that, that, uh, shopping center we did together.", "timestamp": "00:37:20", "id": "tie-in-011-0115", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2240s" }, { "speaker": "Reed Dietz", "start_seconds": 2257, "text": "Like, sure, I'm smart enough. I could figure it out, right? But it would not be the smoothest transition for the client. So I'd rather- Right ... you guys do what you're at. We'll take our revenue and profit at what we're good at, and we'll move on to the next, you know? Yep And so I think that, you know, doing... So f- if I was to say, \"Let's take on both projects and just, and do them both,\" um, I think that we would struggle on that, on that shingle portion because we don't necessarily have the e- experience and expertise to manage it.", "timestamp": "00:37:37", "id": "tie-in-011-0116", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2257s" }, { "speaker": "Steve Reiss", "start_seconds": 2286, "text": "Um, what are all the things that come along with working on the front of a, a retail shopping center with pedestrian traffic, and controlling the material, uh, that's falling off the roof, and all that kind of thing. So I think it's just, it becomes a really cool partnership that alone, like, we would not be producing the best result for the client, but we get to- What, and-", "timestamp": "00:38:06", "id": "tie-in-011-0117", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2286s" }, { "speaker": "Steve Reiss", "start_seconds": 2308, "text": "produce a better result together. That's right. And in the end, like the client knows that, so they appreciate that, right? 'Cause they don't, at the end of the day, they care who does it, but as long as it gets done right, they don't care at the end, you know, right? So- Yeah ... you're delivering them the best possible solution, you're gonna get more bu- or business, and I'm gonna get more business at the end of the day, 'cause they're gonna keep referring you 'cause they know they can trust you.", "timestamp": "00:38:28", "id": "tie-in-011-0118", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2308s" }, { "speaker": "Reed Dietz", "start_seconds": 2328, "text": "Right. 'Cause you say no on something, but let me bring this guy in, right? So it's like there's value to that, right? Well, and with- And that's it ... and with these partnerships, like it becomes a lead generation tool in itself, right? Because you're gonna get, uh, people asking you, because of your brand, people are calling you, you get a lot of leads.", "timestamp": "00:38:48", "id": "tie-in-011-0119", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2328s" }, { "speaker": "Steve Reiss", "start_seconds": 2344, "text": "Yeah. They may ask you like, \"Hey, does this flat work fit within your scope?\" And you're gonna say, \"No, not really, but I do have a great partner that I can refer you to.\" And so we get those calls. And on the s- same, on the, on the flip side, we get the calls like, \"Hey, we've got this, the shingle work. Can you do it?\"", "timestamp": "00:39:04", "id": "tie-in-011-0120", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2344s" }, { "speaker": "Steve Reiss", "start_seconds": 2362, "text": "Like, and I just say, \"Yeah, I can. I'm gonna, and I'm gonna have a great partner, you know, that we partner with perform that work for us if that's all right with you.\" And at 99% of the time they're like, \"Yeah, I would love for you to turnkey that for me.\" So it ends up being a really good deal. Yeah. Who, who called who first?", "timestamp": "00:39:22", "id": "tie-in-011-0121", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2362s" }, { "speaker": "Keith Bilous", "start_seconds": 2377, "text": "Steve, did you guys have the job and you called Reid? Reid, did you have the job and you called Steve? Like who, who, uh, who formed the initial, \"Hey, we need some help\"? Well, and this speaks to the power of networking. Mm-hmm. So, um, I met... Well, I take it back. It was my former salesperson, um, who met one of Reid's salespeople, uh, Zeke, over on, uh, a golf outing or a networking event, something like that.", "timestamp": "00:39:37", "id": "tie-in-011-0122", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2377s" }, { "speaker": "Steve Reiss", "start_seconds": 2400, "text": "event, something like that.", "timestamp": "00:40:00", "id": "tie-in-011-0123", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2400s" }, { "speaker": "Steve Reiss", "start_seconds": 2401, "text": "And you know, he brings th- that to me and says, \"Hey Steve, I got this really cool relationship that I think that we could bene- both benefit from. Let's explore it.\" And so I'm like, \"Okay, I've got an open mind, you know, let's do that.\" And then through, you know, understanding what we both did together, then an opportunity came about and I'm like, \"Hey-\" Well, I have a contractor in my back pocket that I can refer this to.", "timestamp": "00:40:01", "id": "tie-in-011-0124", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2401s" }, { "speaker": "Steve Reiss", "start_seconds": 2424, "text": "And so it ended up being a really good thing, um, 'cause I have, you know, we've got multiple relationships with guys like Reed. But the other, other company that we wanted to w- work with as well, and you know, we gotta get the best price for the client, um, they, they declined a bid. And I'm like, \"Well, Reed, if you- We, we've got this, man.", "timestamp": "00:40:24", "id": "tie-in-011-0125", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2424s" }, { "speaker": "Steve Reiss", "start_seconds": 2443, "text": "As long as we can win together, we've got this work.\" Yeah, the networking. It's amazing how big of a world roofing is, but how small of a world it is, right? And especially in these commercial clients and property management companies, you got one shot. So they can drive a lot of revenue for you and a lot of, lot of customers.", "timestamp": "00:40:43", "id": "tie-in-011-0126", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2443s" }, { "speaker": "Reed Dietz", "start_seconds": 2459, "text": "But if you, if you don't do something right one time, you're out the door. You know, it's not like a residential job where it's one customer out of a thousand. It's like, yeah, not that, you know, you don't wanna have a bad customer, but it's not as big of an impact- Right ... these property management clients. So the networking is, has been huge, uh, for us and our growth and meeting guys like Steve and Division 7.", "timestamp": "00:40:59", "id": "tie-in-011-0127", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2459s" }, { "speaker": "Reed Dietz", "start_seconds": 2479, "text": "But it's funny, 'cause I've always known about Division 7 in Columbus. I've seen their trucks forever, you know? So, um- That's funny ... yeah, I knew about Division 7. For sure Division 7 didn't know about Roof Revivers, so. I was appreciative that, you know, the big fish gave the, the smaller fish an opportunity to kinda work together, so.", "timestamp": "00:41:19", "id": "tie-in-011-0128", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2479s" }, { "speaker": "Steve Reiss", "start_seconds": 2498, "text": "That's funny, man, and I didn't even know that, Reed. But I he- I'm hearing that more and more, where it's like people that I, that I don't know or I wouldn't have known that would be a client or, or a client today, like, um, are saying the same thing. And it's like, man, that's so cool, you know? Because it's a legacy thing for me at this point with, you know, my dad, uh, buying the company in 1982.", "timestamp": "00:41:38", "id": "tie-in-011-0129", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2498s" }, { "speaker": "Steve Reiss", "start_seconds": 2518, "text": "Um, and so it, it's super fun and a huge compliment to hear that, so thank you. That was the year I was born. Keith, Reed, and Steve live on the tie-in every Thursday. Reed's revealing ages right now on the show. Yeah. Hey, guys, scale can improve a lot of things. But somebody still has to know the roof, know the customer, and answer when there is a problem.", "timestamp": "00:41:58", "id": "tie-in-011-0130", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2518s" }, { "speaker": "Keith Bilous", "start_seconds": 2542, "text": "That kind of accountability is still at the center of the work that Division 7 does every day. Go find them on Division S-", "timestamp": "00:42:22", "id": "tie-in-011-0131", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2542s" }, { "speaker": "Keith Bilous", "start_seconds": 2557, "text": "Guys, we're back with Steve, Keith, and Reed here live on the Tie-In. Uh, you guys, you've raised a pretty pointed question about the industry. And, uh, Reed, let's start with you, man. Why are so many roofing companies built like sales organizations? You've said this a couple of times, and I'm quite fascinated- Yeah", "timestamp": "00:42:37", "id": "tie-in-011-0132", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2557s" }, { "speaker": "Keith Bilous", "start_seconds": 2569, "text": "by this, actually. Yeah, yeah. Uh, than actual service and installation companies. And, like, and then Steve, as I, as I, as I continue to work with and get to know Division 7, I gotta be honest, like my point of view outside looking in is you guys seem to be a bit of both. And I mean that as a compliment. Like, you guys are focused on your sales, your revenue, you guys are certainly a sales culture, you're very forward thinking, but yet time and time again, you guys are always talking about your service, your installation, your after work.", "timestamp": "00:42:49", "id": "tie-in-011-0133", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2569s" }, { "speaker": "Keith Bilous", "start_seconds": 2596, "text": "But Reed, starting with you. Yeah. Talk about this. I think it really is, uh, my opinion is on the backs of why these companies have grown and, and there's so many of them, because of insurance. Mm-hmm. So most of the, um, residential or sh- we'll say shingle roofing companies or steep slope roofing companies, the majority, if not 100% of their business, comes from insurance.", "timestamp": "00:43:16", "id": "tie-in-011-0134", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2596s" }, { "speaker": "Reed Dietz", "start_seconds": 2616, "text": "So when it comes to insurance, like they just gotta go meet the adjuster, you know, knock a door, do a roof inspection, find a missing shingle, maybe find some hail damage- Mm-hmm ... um, and then get the adjuster out. The adjuster writes the es- the estimate through a third party pricing software. So they don't even have to know how to estimate a job, and they're just there to facilitate with the homeowner and the insurance company, but there's no competition.", "timestamp": "00:43:36", "id": "tie-in-011-0135", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2616s" }, { "speaker": "Reed Dietz", "start_seconds": 2639, "text": "'Cause what does the homeowner care if they're only paying a $1,000 deductible and they're getting- Yep ... a brand new roof on a 18, 20-year-old roof, right? Yeah. And that's how it was for the longest time, so like what was happening is every company would then go get a bunch of sales guys knocking doors. After a year, these guys are knocking doors, meeting the adjusters, they're turning in production packets, and half the time they're the pr- project manager on the site with the subcontractor.", "timestamp": "00:43:59", "id": "tie-in-011-0136", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2639s" }, { "speaker": "Reed Dietz", "start_seconds": 2661, "text": "And they're like, \"I'm doing everything. Why am I giving half of my money to the owner of this company that didn't do anything other than get me an opportunity to go knock doors?\" Yeah. So every year it was like this new spawn of roofing companies, and this happened over like 20-some years. Um, and that's all they know, you know?", "timestamp": "00:44:21", "id": "tie-in-011-0137", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2661s" }, { "speaker": "Reed Dietz", "start_seconds": 2676, "text": "And it's, it, why change? Because they were making a ton of money doing it. There was no- Right ... reason to change. I thought this insurance change was gonna happen like five, four or five years ago, um, so I've been planning on it, and it, I'm seeing all these other companies. They're, they're doing, I could be doing way more revenue if I had that focus, but I was like, \"I'm gonna stick to my lane, I'm gonna do that.\"", "timestamp": "00:44:36", "id": "tie-in-011-0138", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2676s" }, { "speaker": "Reed Dietz", "start_seconds": 2695, "text": "But, and, and just go after retail and repairs. And we do our fair share amount of insurance, but we're not out knocking doors, uh, generating it. It's calls that are coming to us or it's our clients calling us. Uh, but that's it. So th- there was, it, there was no, you didn't need it. There was no barrier to entry, so to speak.", "timestamp": "00:44:55", "id": "tie-in-011-0139", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2695s" }, { "speaker": "Reed Dietz", "start_seconds": 2711, "text": "Um- Interesting. Interesting. Now that- Just- Go ahead. Yeah, so Steve, uh, y- yeah, a- as, as, as insurance driven replacement work changes, you know, when you guys over at Division 7 watch the industry move, what do you think that business model exposes? Yeah. I mean, I don't think that it's as big of an issue in the commercial space- Okay", "timestamp": "00:45:11", "id": "tie-in-011-0140", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2711s" }, { "speaker": "Steve Reiss", "start_seconds": 2734, "text": "in the flat- Of course. Yeah ... flat roof space. Yeah. Um, but I, I really like what Reid said and he's positioned himself really well, um, by being a service and repair company and not relying on the insurance. Mm-hmm. Uh, but I think that companies have gone the insurance route like he, like he just said it, you can make a ton of money.", "timestamp": "00:45:34", "id": "tie-in-011-0141", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2734s" }, { "speaker": "Steve Reiss", "start_seconds": 2752, "text": "You don't really have to know roofing. All you have to do is generate leads, hire a ton of salespeople, go out, canvas neighborhoods, uh, after a hail event and you're gonna get a ton of work and build a, a really big and profitable business. But what you have to ask yourself is, and i- is the, is the installation quality there?", "timestamp": "00:45:52", "id": "tie-in-011-0142", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2752s" }, { "speaker": "Steve Reiss", "start_seconds": 2774, "text": "Mm. And is it sustainable? And what we're finding out right now is I, you know, as... And I've asked myself this question. I, I drive around neighborhoods, I see a lot of roofs. I'm like, \"I don't think all these roofs are leaking.\" I think people are putting on decent roofs, right? Like, it's not like there's problems on every single house that you drive by.", "timestamp": "00:46:14", "id": "tie-in-011-0143", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2774s" }, { "speaker": "Steve Reiss", "start_seconds": 2793, "text": "Um, but is it a sustainable business? And the, the, in, in the time in which the insurance work has boomed up until now, the circumstances have been right for it and like, I guess I'm not gonna fault anyone for going, you know, after that model. But now that the tide has changed and is changing, uh, what's the, what's the future look like?", "timestamp": "00:46:33", "id": "tie-in-011-0144", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2793s" }, { "speaker": "Steve Reiss", "start_seconds": 2813, "text": "And I think that those companies are gonna really struggle. But again, if you have enough money You can maybe buy that talent, so that's a, that poses a little bit of a- Mm-hmm ... a risk, I think, for guys like Reed and I. Um- Mm-hmm. Mm-hmm ... are they, are guys just going to go chase the dollar now for a company who has to pivot and they have to...", "timestamp": "00:46:53", "id": "tie-in-011-0145", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2813s" }, { "speaker": "Steve Reiss", "start_seconds": 2833, "text": "Otherwise, their business is gonna go down. And how are they going to pivot, and what will that look like, and what effect will that have on the industry, is my question. Well, you, you guys were- Do you, do you guys... Go ahead, Reed. Go ahead. Please go ahead, Reed. Yeah. Yeah, so you guys were talking about private equity earlier, and private equity came hard into the steep slope roofing in the last three to five years.", "timestamp": "00:47:13", "id": "tie-in-011-0146", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2833s" }, { "speaker": "Reed Dietz", "start_seconds": 2852, "text": "Yeah. And, um, just like any business owner, I'm, I'm always curious how that world works. We have no, just like you, we have zero interest in selling to private equity. Um, we really love what we do, and I got, I'm still pretty young, so I got a long, long life of roofing left ahead. But, um, they started coming in really, really big into the...", "timestamp": "00:47:32", "id": "tie-in-011-0147", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2852s" }, { "speaker": "Reed Dietz", "start_seconds": 2885, "text": "Well, they're not gonna file a claim if a roof still has 5 or 10 years left. They're just gonna wait. So we're already seeing it. When I talk to the suppliers and, and volume and, and, you know, purchases, it's like, \"What are you seeing? What are you hearing?\" And they're all down. So it's like what are these private equity companies gonna do that spent $20 million, $30 million on a company that now is doing half the amount of revenue and profit it was doing?", "timestamp": "00:48:05", "id": "tie-in-011-0148", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2885s" }, { "speaker": "Reed Dietz", "start_seconds": 2908, "text": "And you know how hard it is to do service, and teach that, and teach, like, real roofing, right? Right. Like, it's not as easy as building out a sales team that goes and canvasses for, for low-hanging fruit on insurance. And I'm not knocking it either. Exactly. We've made a lot of money or done a lot of jobs off of insurance.", "timestamp": "00:48:28", "id": "tie-in-011-0149", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2908s" }, { "speaker": "Reed Dietz", "start_seconds": 2922, "text": "But, uh, it'll be interesting to see in our world what happens to these private equity companies. My opinion is we're gonna see a little bit of a collapse on it, and then we'll see some growth come out. And the companies, there's some companies in Columbus that I look up to and admire. Um, you're gonna see them get even bigger and kinda take, take that market share, in my opinion.", "timestamp": "00:48:42", "id": "tie-in-011-0150", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2922s" }, { "speaker": "Reed Dietz", "start_seconds": 2928, "text": "And I'm watching them buy up companies in Columbus, and I'm like, \"These, these companies are built on insurance. They're 100% insurance.\" These private equity companies, I don't think they've realized that the market was eventually gonna shift. These policies are gonna change, and instead of a homeowner having to pay $1,000, they're gonna have to pay $10,000 out of pocket.", "timestamp": "00:48:48", "id": "tie-in-011-0151", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2928s" }, { "speaker": "Steve Reiss", "start_seconds": 2942, "text": "Yeah. Would it, would it be fair for me to relate- Maybe a controversial statement here, but it so- when you guys speak with, with chasing insurance dollars, it sounds to me almost like, I hate the word, but it's like ambulance chasing. Is that maybe the same like read? Would that, would that be kinda how you- I think it's like- 'Cause like, is that, is that, is that- Twofold", "timestamp": "00:49:02", "id": "tie-in-011-0152", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2942s" }, { "speaker": "Keith Bilous", "start_seconds": 2962, "text": "is that a fair way to assess that perhaps? Twofold. So like when real big hailstorms hit, like the market, any given cities does not have enough local big roofing companies to handle the volume. Yeah. So we do need s- like we'll call them storm chasers. We do need these- Yes, okay ... people. The problem with the- Mm-hmm", "timestamp": "00:49:22", "id": "tie-in-011-0153", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2962s" }, { "speaker": "Reed Dietz", "start_seconds": 2980, "text": "insurance industry is that they're not getting roofs bought on big crazy hailstorms. They're getting roofs bought by the thousands, by the tens of thousands on a missing shingle or two. And then they're f- these companies are fighting on the fact that, well, we can't match this shingle, and you know. And kudos to them because the insurance regu- regulations for the...", "timestamp": "00:49:40", "id": "tie-in-011-0154", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=2980s" }, { "speaker": "Reed Dietz", "start_seconds": 3000, "text": "states set what it is.", "timestamp": "00:50:00", "id": "tie-in-011-0155", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3000s" }, { "speaker": "Reed Dietz", "start_seconds": 3002, "text": "So they're just following the rules. But it's- It's, like is it fair for an insurance company to pay $30,000 on a roof that has one missing shingle that's 12 years old, but the shingle changed its color scheme a little bit? Right now it's fair, but they're changing that, you know. And I don't think that insurance companies on one missing shingle, the roofing world will hate me for saying this on the shingle side of the world, but they shouldn't be paying $30,000 for one missing shingle.", "timestamp": "00:50:02", "id": "tie-in-011-0156", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3002s" }, { "speaker": "Reed Dietz", "start_seconds": 3028, "text": "Right. You know, we've got plenty of roofs bought because of it. We're following the guidelines and the regulations set by the state insurance board. But, you know, it's not sustainable. Well, one could argue that's kinda like theft. I'm, I'm, I'm, I'm, I'm stretching, but ... 'Cause that's affecting Reece's premiums.", "timestamp": "00:50:28", "id": "tie-in-011-0157", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3028s" }, { "speaker": "Keith Bilous", "start_seconds": 3043, "text": "It- That's affecting everybody's premiums because somebody's getting one shingle replaced for 30 grand, and over time you got a bunch of roofs, everybody's premiums go up. Well, I think it's on, it's on the insurance ca- company, the state regulations. Like they are doing what they're doing now, they're changing it.", "timestamp": "00:50:43", "id": "tie-in-011-0158", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3043s" }, { "speaker": "Reed Dietz", "start_seconds": 3056, "text": "Mm-hmm. But it's, it's not theft because it was the guidelines, and we're just playing inside the, the parameters set by people in that industry. So they're playing by the right rules. They're not doing anything corrupt. There is a lot of vandalism that happens, um, unfortunately. I think more than people wanna admit.", "timestamp": "00:50:56", "id": "tie-in-011-0159", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3056s" }, { "speaker": "Reed Dietz", "start_seconds": 3072, "text": "Because a- again, one missing shingle or one creased shingle on a $30,000 roof, they'll have $15,000 profit, right? Is, okay, let me crease this shingle, not the whole roof spot. Yeah. You know? Yeah. So there, and nobody wants to admit it, but I get on enough roofs that I'm on a roof after another company was and it's like, well, it's always the same companies that I, we're coming out to and it's the same, we're seeing the same stuff, you know?", "timestamp": "00:51:12", "id": "tie-in-011-0160", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3072s" }, { "speaker": "Keith Bilous", "start_seconds": 3097, "text": "You know, you know, you know what's, you know what's awesome? Is that all you gotta do is look at the Division 7 tagline, and I have no doubt that when Steve or his team walk onto a roof, roofing with integrity. That's right. So there is no vandalism happening, because they're going, no, this is it. This is what it is.", "timestamp": "00:51:37", "id": "tie-in-011-0161", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3097s" }, { "speaker": "Keith Bilous", "start_seconds": 3111, "text": "Eh, Steve Reece? Exactly. Yeah. I mean, I think it, it is ... When vandalism takes place in order to get a shingle roof installed, it is theft. It, there's no other way- I never even thought of them like that ... to put it but insurance fraud. That's what that is. Yes, that's exactly what that is. And I got to, I'm just gonna think out loud.", "timestamp": "00:51:51", "id": "tie-in-011-0162", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3111s" }, { "speaker": "Keith Bilous", "start_seconds": 3129, "text": "I got to imagine it probably happens more often than we know, and Reed and Steve, and I'm just, I'm just gonna postulate that. You guys would nod, 'cause it probably does, unfortunately, doesn't it? Yeah. It does. Yeah. Everyone wants to talk about it, but it really, it, you know, it does. It's- Wow ... sickening, so. And when I first got into it, there wasn't as many dimensional shingles that were older.", "timestamp": "00:52:09", "id": "tie-in-011-0163", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3129s" }, { "speaker": "Reed Dietz", "start_seconds": 3147, "text": "Dimensional shingles are like the ones that have a layered effect. They were all these flat three-tab roofs, 'cause that was the big thing, you know, 30 years ago. And dimensionals have come over. But when I first started, like you didn't see creased dimensional shingles. Now we're seeing creased dimensional shingles all the time.", "timestamp": "00:52:27", "id": "tie-in-011-0164", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3147s" }, { "speaker": "Reed Dietz", "start_seconds": 3162, "text": "I'm like, the, the winds didn't get that much stronger, you know? Like, come on. Come on. So, it's pretty wild. But they're changing it. It's gonna, they changed the policies, so the ripple effect will be that'll, there'll be less incentive to do that. Right. Homeowners are like, \"I'm not gonna pay $10,000 out of pocket to- Buy a roof that I don't need for another 10 years.", "timestamp": "00:52:42", "id": "tie-in-011-0165", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3162s" }, { "speaker": "Steve Reiss", "start_seconds": 3182, "text": "Okay. Yeah, it's interesting given the, the state of where roofing has been, uh, for the last 25 years or so on the shingle side with, you know, getting replacements, uh, based on, you know, a missing shingle or a shingle that is damaged or whatever. There's ... It's interesting how insurance policies have taken so long to catch up and change those regulations.", "timestamp": "00:53:02", "id": "tie-in-011-0166", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3182s" }, { "speaker": "Reed Dietz", "start_seconds": 3203, "text": "Mm-hmm. Surprising. 'Cause you know they've got some of the smartest actuaries and people. Right. You know? So they must have been profitable. But I think with the, with social media and there, there's all these conferences now and it's, it's insane the amount. Like the stuff we knew about how to get roofs bought on technicalities, you know, knew the rules, like there wasn't", "timestamp": "00:53:23", "id": "tie-in-011-0167", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3203s" }, { "speaker": "Reed Dietz", "start_seconds": 3222, "text": "Like not everybody knew that, but now it's like everybody knows it, so it's just exploded. So I think it got to the point where, you know, it's searched. But here's back to like the service side and, and why I was, I thought this change would happen years ago, um, but it's, it's now really starting to happen, um, is, well, homeowners do have some damage.", "timestamp": "00:53:42", "id": "tie-in-011-0168", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3222s" }, { "speaker": "Reed Dietz", "start_seconds": 3242, "text": "They may have a section of shingles blown off from a storm or a tree branch hits part of the roof. Well, they're not gonna pay for $10,000 for a whole new roof. They're not even gonna file a claim. They're gonna do a repair, and that's where I think our, on the repair division is going to explode over the next like three to five years because the replacements are gonna not be as, as prevalent.", "timestamp": "00:54:02", "id": "tie-in-011-0169", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3242s" }, { "speaker": "Steve Reiss", "start_seconds": 3261, "text": "Yeah. I, I completely agree with you. I think you're building your business in a very strategic way and have been, and, uh, yeah, you've been, you've been waiting for this to happen, man. I'm excited to see the- I'm excited. I'm a little excited. But we love repairs and, you know, we've always kind of been trying to figure out what is our, what is our main focus?", "timestamp": "00:54:21", "id": "tie-in-011-0170", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3261s" }, { "speaker": "Reed Dietz", "start_seconds": 3279, "text": "Like who are we as a roofing company? Are we an insurance company? Are we a retail company? Are we a service company? And at the end of the day, I think our focus point is, is we wanna be the largest, you know, shingle repair company in Columbus, Ohio and the best, right? And we wanna pay our techs, have them have careers, have them have- Yep", "timestamp": "00:54:39", "id": "tie-in-011-0171", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3279s" }, { "speaker": "Reed Dietz", "start_seconds": 3296, "text": "uh, advancement opportunities and, and really do something that the market hasn't seen, and I think we're gonna be able to do that. You know? So that's why I'm so excited. What a great way to set up our last question, Steve. Why don't you tee it up for, uh, for Reid this morning? All right, Reid, so your goal is to make Roof Revivers the largest roofing repair service company in Columbus.", "timestamp": "00:54:56", "id": "tie-in-011-0172", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3296s" }, { "speaker": "Steve Reiss", "start_seconds": 3314, "text": "You just said that. Yep. Yeah. With the belief that growth follows good service and installation rather than the other way around, right? So if that works, what do you hope Roof Revivers proves about what a roofing company can be? Hm. Good question. Um, I think we just go back and revert back to what I envisioned companies were like when I was, you know, a 14-year-old picking up trash on a job site for my dad.", "timestamp": "00:55:14", "id": "tie-in-011-0173", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3314s" }, { "speaker": "Reed Dietz", "start_seconds": 3341, "text": "You know, when we're on job sites, being a real construction company. We can't lose sight of the fact that we do need to drive sales and revenue, right? We have to. We're a business. But it doesn't have to be the primary focus. There's so many other things that are more important, and I feel like that's gotten lost.", "timestamp": "00:55:41", "id": "tie-in-011-0174", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3341s" }, { "speaker": "Reed Dietz", "start_seconds": 3356, "text": "You know, in today's world, it's like, I want the... It- it- it's social media, right? We see everybody with these flashy things and every- It's like, why are we chasing that? You know, there's like, um, a q- somewhat of a quote, I don't know if I came up with it or heard it or something, but it's, it is really something that I try to live by and as I, you know, kinda grow and mature, is like, \"Don't judge me by how much money I have, but how much I've given,\" right?", "timestamp": "00:55:56", "id": "tie-in-011-0175", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3356s" }, { "speaker": "Reed Dietz", "start_seconds": 3377, "text": "Hm. I love that. So as we grow this company, and it- it's probably one of the reasons why we've just naturally connected, because you're a faith-based company, right? And it's like we have similar moral compass, uh- Yeah But it's like as we grow this thing, like what kind of impact can we have? Not just on our employees, right, but most of the people that work for me, they make a lot more money and have a lot better career than they did before they came with us.", "timestamp": "00:56:17", "id": "tie-in-011-0176", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3377s" }, { "speaker": "Reed Dietz", "start_seconds": 3399, "text": "Like how cool. Yep. Right? That's my win. You know? That's- Absolutely ... exciting. It's the same, and I wanna do it with the techs, right? Yeah. So many of the, the shingle roofing is, is, you know, um, Hispanic workforce and stuff and, and I don't wanna get into the politics on it, but there's, there's a lot of negativity in that world I think that gets shined on that, and it's like- Sure", "timestamp": "00:56:39", "id": "tie-in-011-0177", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3399s" }, { "speaker": "Reed Dietz", "start_seconds": 3420, "text": "dude, this culture is some of the coolest culture I've ever seen. Like, these guys work harder than anybody I know. Yeah. They're huge family people. You know, like i- I go to some of their like parties and birthday parties since we're pretty intimate with our relationships with our crews now. Yeah. They're somewhat like family to us, and, uh, which is a whole nother subject of- Sure", "timestamp": "00:57:00", "id": "tie-in-011-0178", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3420s" }, { "speaker": "Reed Dietz", "start_seconds": 3439, "text": "why, you know, we're able to do what we do. But, um, it's just neat, so I wanna pour back into those communities as well, 'cause they're the reasons why we're able to grow the way we are, 'cause of the labor. Right. And the most important part of the whole equation is who's putting the tools in the hand and putting the shingles on the roof, right?", "timestamp": "00:57:19", "id": "tie-in-011-0179", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3439s" }, { "speaker": "Steve Reiss", "start_seconds": 3455, "text": "Yep. Isn't that what we just talked about, Keith? That- Isn't it true, eh? ... it's not a sales problem that we're running into, it's a labor problem. Yeah. Yes. And man, this is the right way to do it, Reid. Man, congrat- kudos to you, seriously, because, uh, people are the most important asset in our business. Um, no doubt about it.", "timestamp": "00:57:35", "id": "tie-in-011-0180", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3455s" }, { "speaker": "Steve Reiss", "start_seconds": 3476, "text": "And that's where I think, you know, just anecdotally speaking once again, that's where private equity has, is shortsighted. They're looking at the spreadsheets, they're not looking at the culture. Um, man, you are doing it the right way. And I, I agree wholeheartedly. When, you know, what, what, what was sparking in my brain as you were talking, Reid, was, you know, the circle of influence that, um, you know, an individual has, right?", "timestamp": "00:57:56", "id": "tie-in-011-0181", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3476s" }, { "speaker": "Steve Reiss", "start_seconds": 3498, "text": "And we can kinda conceptualize that. We've heard that. Um, you know, what's your circle of influence like? Like, how do you affect the people around you, um, in a positive way? And I think that, man, the reason, part of my deep why, right, that I am wanting to build a great business here and w- with a great team is that as a company, that circle of influence now expands tenfold, right?", "timestamp": "00:58:18", "id": "tie-in-011-0182", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3498s" }, { "speaker": "Steve Reiss", "start_seconds": 3520, "text": "Like, how much influence I could have as an individual is so much less than the influence that my company could have on the world. And you think about- Mm ... all the people that we're connected with, man. You know, you think about, you know, the labor, right? Our, our employees, um, internally and externally. You think about, uh, our suppliers.", "timestamp": "00:58:40", "id": "tie-in-011-0183", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3520s" }, { "speaker": "Steve Reiss", "start_seconds": 3540, "text": "Like, what do they think about us? How do they, how are they positively impacted? I think about the nonprofits that we get involved with, right? Mm. That we wanna give back to. Like you just said, like, it's not about how much you have, it's about how much you give. And I, that is deep rooted in my heart, man. So yeah, I, I agree what you said there.", "timestamp": "00:59:00", "id": "tie-in-011-0184", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3540s" }, { "speaker": "Steve Reiss", "start_seconds": 3556, "text": "I think we naturally gravitated toward one another because we have very similar values, man. And, you know, um, yeah, that, that just attracts- It's great. It's a great thing. I love it The, the power of value is attracting us together, hanging out with Steve, Keith, and Reed this morning live on The Tie-In. Reed, we're walking you out.", "timestamp": "00:59:16", "id": "tie-in-011-0185", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3556s" }, { "speaker": "Keith Bilous", "start_seconds": 3573, "text": "Closing comments, my friend. Anything you wanna say? Anything we've, we've missed talking about? Plug the business, plug the site, plug what you're up to before we walk you out this morning, my friend. Yeah. Well, just know that our mission is to, um, be the largest residential roofing repair company or property management repair, steep slope repair company in Columbus.", "timestamp": "00:59:33", "id": "tie-in-011-0186", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3573s" }, { "speaker": "Reed Dietz", "start_seconds": 3591, "text": "Don't lose sight, we do multimillion dollar, huge complex reroofs and stuff. Uh, but let's just do it the right way and let's have slow, steady growth and, uh, and *(segment boundary — no further speech captured in this interval)* ---", "timestamp": "00:59:51", "id": "tie-in-011-0187", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3591s" }, { "speaker": "Reed Dietz", "start_seconds": 3600, "text": "...network with good people. 'Cause we spend the majority of our awake life at work, so we better be having an impact and, and having fun while we're doing it.", "timestamp": "01:00:00", "id": "tie-in-011-0188", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3600s" }, { "speaker": "Reed Dietz", "start_seconds": 3606, "text": "So make a little money along the way. So- I love it, man. Awesome. Thanks so much for joining us, Reed, and, uh, being able to be a guest today. This has been a fantastic conversation, and I can't wait to put you above the line at some point. Uh- Yeah ... you're just an incredible human, man, so thank you. Living the weed in that, that part of the world, but yes.", "timestamp": "01:00:06", "id": "tie-in-011-0189", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3606s" }, { "speaker": "Reed Dietz", "start_seconds": 3623, "text": "Yep. Thanks, guys. Thanks, Reed. I'm telling you, that repair business is gonna bother me all day. Good. Means you were listening.", "timestamp": "01:00:23", "id": "tie-in-011-0190", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3623s" }, { "speaker": "Keith Bilous", "start_seconds": 3636, "text": "What I liked? You actually want the repair call. Most guys treat that phone call like bad news. Most owners chase volume first. You're building the company around the work you actually wanna keep doing. That'll preach. What stuck with me? You know exactly what work you wanna be known for. Careful, he's gonna put that on a shirt.", "timestamp": "01:00:36", "id": "tie-in-011-0191", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3636s" }, { "speaker": "Michelle", "start_seconds": 3653, "text": "All right. Before we let you escape... You earned the hardware. Don't wear it to meetings. People might expect you to fix something. Reed, thanks for coming in.", "timestamp": "01:00:53", "id": "tie-in-011-0192", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3653s" }, { "speaker": "Keith Bilous", "start_seconds": 3665, "text": "All right, gang. That was awesome, man. Wrapping up with Reed Deetz. We're gonna come back to that conversation in a couple minutes, Steve. We're gonna move to our next nugget this morning. We're talking this morning private equity is buying commercial roofing, who wins and who loses? Steve, scale changes the bid.", "timestamp": "01:01:05", "id": "tie-in-011-0193", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3665s" }, { "speaker": "Keith Bilous", "start_seconds": 3678, "text": "You know, when roofing companies combine, they, they don't just get larger, they change the competitive rules around them. Here's the question for you, my friend. Can a centralized platform outbid a local shop without losing the job on the roof? The best answer is it depends, Keith. Yeah. Yeah. It truly depends.", "timestamp": "01:01:18", "id": "tie-in-011-0194", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3678s" }, { "speaker": "Steve Reiss", "start_seconds": 3699, "text": "Um, yeah, can you outbid? By that you mean have a lower price, right? Yes. Absolutely. All day long. Um, without losing the job on the roof? Maybe, right? And it's about the leadership of the company, it's about the skilled labor that they're employing. Are they using... How did they get to the, the lower number, right?", "timestamp": "01:01:39", "id": "tie-in-011-0195", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3699s" }, { "speaker": "Steve Reiss", "start_seconds": 3720, "text": "How did they get there? Did they cut corners in their details about installing this roof? Did they cut corners when it came to, um, you know, vetting out their subcontracted labor? Uh, where did they cut the corner? That, that would be my question. And yeah, anyway, th- yeah, that is my question. Where'd they cut?", "timestamp": "01:02:00", "id": "tie-in-011-0196", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3720s" }, { "speaker": "Steve Reiss", "start_seconds": 3737, "text": "Where'd they cut? Because, because ultimately the corner has to be cut somewhere, and when that corner is cut, somebody's going to pay, right? So. Absolutely. If you're buying on price, I think that, I think that it's almost inevitable. Now- Yes ... there are ano- there are anomalies, right? And we, sometimes Division seven ends up being the lowest price.", "timestamp": "01:02:17", "id": "tie-in-011-0197", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3737s" }, { "speaker": "Steve Reiss", "start_seconds": 3756, "text": "There are certain scopes of work that we just have, uh, really good outcomes on. And by, because, but that's only because we have our own labor, though. You can't do- Yes ... some of, some of the things that we do with subcontracted labor because they don't wanna do it. And so if we have our own labor, um, it changes the dynamic a bit.", "timestamp": "01:02:36", "id": "tie-in-011-0198", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3756s" }, { "speaker": "Keith Bilous", "start_seconds": 3775, "text": "Yeah, absolutely. We're gonna come back to our conversation with Reed Deetz in a few moments, but before we do that, we got somebody we're putting above the line. Every single Thursday we take somebody from the commercial roofing industry, and Steve, Ryan, and Jon, they say, \"Hey, we gotta put that person above the line and celebrate them.\"", "timestamp": "01:02:55", "id": "tie-in-011-0199", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3775s" }, { "speaker": "Keith Bilous", "start_seconds": 3791, "text": "Steve, we're putting somebody above the line today. Who is it? So Lori Ruschevics with, um, IREM. So she is the executive director of the Institute of Real Estate Management here in Columbus, Ohio. She's overseen this chapter for several years now. Um, she was doing the same thing out in Seattle. She's from Seattle, uh, was born out in Washington, and had a great career in the commercial real estate industry.", "timestamp": "01:03:11", "id": "tie-in-011-0200", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3791s" }, { "speaker": "Steve Reiss", "start_seconds": 3815, "text": "Mm. And now gets to put those talents to work, uh, with one of the most renowned, uh, networking and, um, you know, I guess, uh, what's the best way to put it? Uh, well, it's the Institute of Real Estate Management. Speaks for itself.", "timestamp": "01:03:35", "id": "tie-in-011-0201", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3815s" }, { "speaker": "Michelle", "start_seconds": 3836, "text": "There's a difference between knowing an industry and carrying responsibility inside it. Lori spent years doing exactly that in commercial real estate, and that's why we're putting her above the line today. At CBRE, she was managing real properties, real tenants, real owners, real problems. The kind of work where somebody notices fast when you get it wrong.", "timestamp": "01:03:56", "id": "tie-in-011-0202", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3836s" }, { "speaker": "Michelle", "start_seconds": 3854, "text": "Then she stepped into chapter leadership right when the ground moved under everybody. Lori led IREM Columbus through twenty twenty and twenty twenty-one, and when that term ended, she didn't disappear. She stayed. She kept organizing, connecting people, building the next thing. Lori has been running IREM's Forecast event for more than a decade.", "timestamp": "01:04:14", "id": "tie-in-011-0203", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3854s" }, { "speaker": "Michelle", "start_seconds": 3872, "text": "Five years in Western Washington, then six more in Columbus. Today, IREM Columbus describes itself as one of the fastest-growing chapters in the country. Lori spent years taking responsibility for buildings. Now she's helping shape the people responsible for what happens inside them. That is a career that leaves something standing after you leave.", "timestamp": "01:04:32", "id": "tie-in-011-0204", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3872s" }, { "speaker": "Keith Bilous", "start_seconds": 3895, "text": "This episode was brought to you by Division Seven Roofing. Reed talked about building around service and repairs, not just replacement work. That matters in commercial roofing too. Inspections, maintenance, repairs, and good documentation are what keep the relationship going long after installation day.", "timestamp": "01:04:55", "id": "tie-in-011-0205", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3895s" }, { "speaker": "Keith Bilous", "start_seconds": 3911, "text": "You know what? You can find it. That's part of Division Seven's work. Go find them, divisionseven.com. Reed hit the nerve. If storm work changes, a company built around storm sales has a problem. Only if it forgot how to roof. Some companies got very good at selling. That's not the same as being useful after the sale.", "timestamp": "01:05:11", "id": "tie-in-011-0206", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3911s" }, { "speaker": "Michelle", "start_seconds": 3930, "text": "So repair becomes the test. Always was. Find the leak, fix the leak, earn the next call. You know, that's basically a business model. Don't ruin it. Recurring service, customer trust, crews that can actually solve problems. Better. So what's the contractor read? Good question. Steve, Keith, what's your take on it?", "timestamp": "01:05:30", "id": "tie-in-011-0207", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3930s" }, { "speaker": "Keith Bilous", "start_seconds": 3952, "text": "You're back with Steve and Keith here, live on The Time, presented by Division 7 every single Thursday live at 10:00 AM Eastern Time. We just wrapped up with Reid from Roof Review or Roof Revivers. Steve, what did you take from that? I can't wait to share what I took from it. What did you take from that conversation we had with Reid?", "timestamp": "01:05:52", "id": "tie-in-011-0208", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3952s" }, { "speaker": "Steve Reiss", "start_seconds": 3966, "text": "Man, Reid is just an incredible human being. He's building an incredible company, and he wants to do things the right way. Yeah. And that is, um, a missing component in the roofing industry today at large. When you think about these massive companies, um, I think that he's just doing it the right way, and man, I'm so happy that we're involved with a company like Roof Revivers, um, because th- we align on so many values, man.", "timestamp": "01:06:06", "id": "tie-in-011-0209", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3966s" }, { "speaker": "Keith Bilous", "start_seconds": 3992, "text": "You know, what I... So I'm gonna give you something fluffy, man, but I, I, I, I think it holds lots of value. So there's, there, there's a, there's an attribute that's really important to me in who I like to interact with humans, and it's kindness. I spent 40 minutes with Reid and I, you know, the kindness coming out of that fellow, like, it's...", "timestamp": "01:06:32", "id": "tie-in-011-0210", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=3992s" }, { "speaker": "Keith Bilous", "start_seconds": 4011, "text": "And I, my... You know him much more than I do, but I'm like, this guy is kind. Like- Yeah ... I feel like if he comes to my job, he's got my, he's got my best interests in mind. He's got his people's interests in mind. Yep. He's got integrity. Like, I'm seeing you nod, but I was... Like, my, and I, I, I think I'm a good judge of character.", "timestamp": "01:06:51", "id": "tie-in-011-0211", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4011s" }, { "speaker": "Keith Bilous", "start_seconds": 4028, "text": "Man, the guy's kindness really stood out to me because kindness goes next to integrity, which means, \"Hey, here's my credit card. Help me. Help me.\" And he's gonna help you, isn't he? Absolutely. Yeah. He's just, he's just an incredible human. I, I love that. I g- I stole that term from him. He, he says it all the time.", "timestamp": "01:07:08", "id": "tie-in-011-0212", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4028s" }, { "speaker": "Steve Reiss", "start_seconds": 4042, "text": "Man, this person's just an incredible human, incredible human. Yeah. Um, but yeah, he is, man. And yeah, the kindness just, it exudes from him. And you can't, you can't teach that. It's clear. Right? No, you can't. You absolutely can't. And what I like is when you, you listen in between the lines of how somebody's talking.", "timestamp": "01:07:22", "id": "tie-in-011-0213", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4042s" }, { "speaker": "Keith Bilous", "start_seconds": 4058, "text": "You know, he talked about, you know, he's, he's talking about when I wanna... We, we're building this greatest company in Columbus, Ohio. Then he started talking about the people working for him, and the families, and going to their dinners, and birthdays, and all that, and, and that, to me, goes back to the integrity of the human being, right?", "timestamp": "01:07:38", "id": "tie-in-011-0214", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4058s" }, { "speaker": "Keith Bilous", "start_seconds": 4071, "text": "Right. And I gotta think if you're working for Reid, you're probably wanting to work for Reid. Absolutely. Yeah. Yeah. And he's not talking about all the, the stuff that he has and the experience- Yeah ... he's getting to, to do. It's all about his people. Yes. And he puts people first, and he says that, and it's clear in, in action.", "timestamp": "01:07:51", "id": "tie-in-011-0215", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4071s" }, { "speaker": "Keith Bilous", "start_seconds": 4090, "text": "Yeah. Yeah, absolutely. All right, let's go to our next nugget here this morning, guys. We're working up to the last, a couple of segments here on, uh, on the big show that we call The Tie-In over on the Roofing Authority Network. The day the founder stops owning the company. Steve, selling can solve a fi- a founder's financial problem.", "timestamp": "01:08:10", "id": "tie-in-011-0216", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4090s" }, { "speaker": "Keith Bilous", "start_seconds": 4106, "text": "I know you guys aren't for sale. You guys are happily building a long business, but let's talk about maybe you know some founders that have sold. Because when you sell, it can also create an identity problem that nobody put on the term sheet. Do you know anybody who's been in that situation, Steve? You know, personally, I'll be honest, I, I do know people that have sold companies, but the ones that, um, the one...", "timestamp": "01:08:26", "id": "tie-in-011-0217", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4106s" }, { "speaker": "Steve Reiss", "start_seconds": 4128, "text": "Well, the ones that I'm thinking of, uh, actually have had pretty good experiences because they are, um, in the same position as that, uh, c- company that we were talking about earlier this morning, that- Mm-hmm ... you know, it's just a select group. They're just buying companies based on values. They're not gutting the company.", "timestamp": "01:08:48", "id": "tie-in-011-0218", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4128s" }, { "speaker": "Steve Reiss", "start_seconds": 4146, "text": "Um, they are keeping the people, and the owner that has built the company is retained, and it's a g- it's a really good situation for them at the end of the day. Um, and one day they'll be out of it, but it's not this, the company sold, the owner's gone, and everyone just panics. Yeah. Well, it's interesting because I can relate.", "timestamp": "01:09:06", "id": "tie-in-011-0219", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4146s" }, { "speaker": "Keith Bilous", "start_seconds": 4167, "text": "I was an owner in my previous world in the media industry. I did sell my company, and I can tell you that I did go through an identity problem for a while after that. So, you know, as the founder who did sell, you kinda wake up going, \"Hmm, I'm kinda lost.\" So it's interesting. Uh, does, you know, does the scale actually buy money or does it buy a new identity?", "timestamp": "01:09:27", "id": "tie-in-011-0220", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4167s" }, { "speaker": "Keith Bilous", "start_seconds": 4185, "text": "That's a whole other conversation for a different day. Let's keep it rolling, my friend. Let's keep it rolling. Let's keep it rolling. Jimmy, let's get to the tie-in, the big topic here today, which is private equity in... Private equity is buying commercial roofing. Who wins and who loses? Guys, let's", "timestamp": "01:09:45", "id": "tie-in-011-0221", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4185s" }, { "speaker": "Keith Bilous", "start_seconds": 4200, "text": "set up the big conversation today on The Tie-In.", "timestamp": "01:10:00", "id": "tie-in-011-0222", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4200s" }, { "speaker": "Keith Bilous", "start_seconds": 4203, "text": "Private equity is buying roofing companies and combining them into larger platforms. Well, ownership may change, but the customer still calls us when the roof leaks. Private equity sees recurring service, steady demand, a fragmented market, room to scale. You make roofing sound like a spreadsheet. To them, it is.", "timestamp": "01:10:03", "id": "tie-in-011-0223", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4203s" }, { "speaker": "Hector", "start_seconds": 4218, "text": "That's the problem. Capital can improve systems, buying power, technology, career paths. Good. But when decisions move too far from the field, the customer feels it. You spent years teaching me to know the numbers before I ran the job. And to know the job before you trusted the numbers. Who wins after the deal closes?", "timestamp": "01:10:18", "id": "tie-in-011-0224", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4218s" }, { "speaker": "Hector", "start_seconds": 4234, "text": "If the best people stay, customers trust them, and the work gets better, everybody does. And you, are you working with some owners that have sold to private equity? And have they talked about some of the problems that they've had or some of the opportunities that they've had as a result of it? Yeah. So I guess s- some of the issues that are created are, um, massive sales goals- Yes", "timestamp": "01:10:34", "id": "tie-in-011-0225", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4234s" }, { "speaker": "Steve Reiss", "start_seconds": 4258, "text": "for, for the organization that gets sold. Um, and you've got, you know, someone that is in an ownership position that now has to meet these sales goals that they would never set for themselves because they're just way too aggressive, and it leads to a lot of burnout. And I've heard some horror stories of private equity, um, in that fashion where it's just like, man, it's led to burnout or they, um, they aren't able to meet some of these, you know, insane goals.", "timestamp": "01:10:58", "id": "tie-in-011-0226", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4258s" }, { "speaker": "Steve Reiss", "start_seconds": 4285, "text": "And so it ends up not being a good deal for them at the end of the day be- and if you don't read the fine print of what that contract says in the buy-sell agreement, um, you could be kinda SOL. I'd like to think that the responsibility, uh, of a pr- of private equity ownership of a roofing company, uh, is looking, you know, five, six, seven years beyond acquisition and what does that look like, right?", "timestamp": "01:11:25", "id": "tie-in-011-0227", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4285s" }, { "speaker": "Keith Bilous", "start_seconds": 4308, "text": "Who's the management in place? What's the culture like and so forth, right? It's one thing to put money into it, but how's the culture, you know, live beyond that purchase, right? And I think, and I think we, we talk often about the culture at Division 7. That's really the power of, uh... I'm sorry, that's, that's really what, what, what, what I'm hoping when PE buys a company they're looking at post five years.", "timestamp": "01:11:48", "id": "tie-in-011-0228", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4308s" }, { "speaker": "Keith Bilous", "start_seconds": 4328, "text": "Would you agree with that? I would say that the good PE firms are doing that. Mm-hmm. And I think that there's, you know, just like there's good businesses that are built on doing the right thing and integrity, there's businesses that are built on, you know, cutting the bottom line and making the biggest profit possi- possible, and the same is true in PE.", "timestamp": "01:12:08", "id": "tie-in-011-0229", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4328s" }, { "speaker": "Steve Reiss", "start_seconds": 4347, "text": "So it really just depends on who, who the PE firm is, what their values are, and I think that there are good ones out there. But the, the owner that gets approached, like I said, my phone rings every single week, um, and, you know, Jon's phone rings probably every single day, and these, we don't entertain them.", "timestamp": "01:12:27", "id": "tie-in-011-0230", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4347s" }, { "speaker": "Steve Reiss", "start_seconds": 4366, "text": "We just don't entertain them. Um, and if we did, I think what, what we'd find is that we're gonna have to spend an ex- a lot of time with a company, a PE firm, to understand who they are, what their approach is, what are the fine print, um, and all that kinda thing. So that's what I would say about that. Hey, hey Steve, so where, where do, where does private equity scale- You know, 'cause I, and listen, you g- you guys are very smart business operators.", "timestamp": "01:12:46", "id": "tie-in-011-0231", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4366s" }, { "speaker": "Keith Bilous", "start_seconds": 4392, "text": "You've surely had conversations around, like, cert- you know, these topics. When you look back and you kinda weigh the pros and cons, like, where does a private equity scale create legitimate operating advantage? So let's just do a game of pretend. Sure. Pretend. Okay, so division seven, now part of PE. They're not, but let's pretend.", "timestamp": "01:13:12", "id": "tie-in-011-0232", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4392s" }, { "speaker": "Keith Bilous", "start_seconds": 4409, "text": "Where, where does that legitimate operating advantage happen- Yeah ... rather than just, like, financial theater? Sure. So think about all of the systems that it takes to run a business, okay? All of the software systems- Mm-hmm ... and, uh, the training programs, um, all of that. Now, 15... So just think about it, right? Like, let's take, take the 15 companies that get rolled up, for example, right?", "timestamp": "01:13:29", "id": "tie-in-011-0233", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4409s" }, { "speaker": "Steve Reiss", "start_seconds": 4432, "text": "They all have their own ecosystem of software that they're running that can now be consolidated into one. So now you don't need 15- Yes ... instances of QuickBooks or computeries. You need one. You need one instance of your CRM, one instance o- of, you know, your estimating program and all of that, and it's just you're adding users to it, which is gonna decrease the cost.", "timestamp": "01:13:52", "id": "tie-in-011-0234", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4432s" }, { "speaker": "Steve Reiss", "start_seconds": 4455, "text": "That's legitimately the idea, right? To run your business on a pl- to platform your company, where you've got 15 companies operating on the exact same systems and they're centralized. Yeah, absolutely. Absolutely. All right, wrapping up our main topic this morning, private equity is actually buying companies, and who wins, who loses this morning live with Keith and Steve on The Tie-In.", "timestamp": "01:14:15", "id": "tie-in-011-0235", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4455s" }, { "speaker": "Keith Bilous", "start_seconds": 4478, "text": "Jimmy, let's move on over to the history of roofing. I love looking to the past to look to the future. What do we got for the history of roofing today, s- Jimmy? *(pause / no speech, approx. 4490s–4495s)*", "timestamp": "01:14:38", "id": "tie-in-011-0236", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4478s" }, { "speaker": "Keith Bilous", "start_seconds": 4494, "text": "Yeah, this is, so this is funny, Steve, because we're going back to history. Uh, 1999, wait a minute, I think we were both around then, but this week in roofing history, we go back to 1999. The issue of Interface was a feature called, look at this, The Consolidation of the Roofing Industry. Wow. Like, dude, even back then they were having these conversations, more scale, more systems, more buying power, more reach.", "timestamp": "01:14:54", "id": "tie-in-011-0237", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4494s" }, { "speaker": "Keith Bilous", "start_seconds": 4521, "text": "But the real question was the same as it is now, when a roofing company gets bigger, what gets stronger and what gets lost? When you hear about it back in 1999, you're, you maybe should ask George, should ask Dad about this. Right. What, what would this, what is it, what do you think it tells us about the cycle we are in now?", "timestamp": "01:15:21", "id": "tie-in-011-0238", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4521s" }, { "speaker": "Keith Bilous", "start_seconds": 4536, "text": "One and the same? No, I mean, it, it, what it, I think that it should mean is that, um, we're more advanced. You know, PE is more- Mm ... savvy when it comes to understanding businesses. I think that, you know, if 27 years have gone by, you would think that- ... um, you know, the owners of the PE firms, the people that are doing this, are much more dialed into what it takes to build a great company.", "timestamp": "01:15:36", "id": "tie-in-011-0239", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4536s" }, { "speaker": "Steve Reiss", "start_seconds": 4561, "text": "Yeah, that's what I would think. Yeah. Yeah. Absolutely. Absolutely. It's fascinating to me, man, because, you know, we always talk, you know, there's really nothing, there's nothing new invented. We just go through cycles, don't we, Steve? Yeah. It's just a cycle. It's just a cycle. It's just a cycle. Yeah, you- Well, PE's been here for a long time, you know?", "timestamp": "01:16:01", "id": "tie-in-011-0240", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4561s" }, { "speaker": "Steve Reiss", "start_seconds": 4576, "text": "Yes. Like, it, it's been through a lot of different industries, and it's just, it's finally kinda catching up to, you know, back in '99, it may have been a little bit, uh, roofing industry was before its time, or PE was before its time in the roofing space and, you know, they had, you know, pivoted probably to, you know, HVAC or another home service business or something like that.", "timestamp": "01:16:16", "id": "tie-in-011-0241", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4576s" }, { "speaker": "Steve Reiss", "start_seconds": 4596, "text": "There's been, you know, and dental offices, I mean, so many things PE has come through and consolidated. Yeah, absolutely. Absolutely. Uh, all right, listen to me, before we get to the invitation, before we close, a word from Division 7 Roofing. Ownership can change. Companies can get bigger. Systems can get more complicated, but the work still comes back to the same things: good people, good service, good installation, integrity and accountability when something goes wrong.", "timestamp": "01:16:36", "id": "tie-in-011-0242", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4596s" }, { "speaker": "Keith Bilous", "start_seconds": 4621, "text": "That, my friends, that is the standard Division 7 has been working on since 1979. *(pause / no speech, approx. 4630s–4636s)*", "timestamp": "01:17:01", "id": "tie-in-011-0243", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4621s" }, { "speaker": "Keith Bilous", "start_seconds": 4636, "text": "All right, wrap it up with Steve here. Dude, I had a lot of fun today. I love Reid's energy. Yeah. I love his kindness. Uh, I feel like we could have talked with Reid for hours. I think we could have, and, you know, you know what that means, Keith. Uh, I think we're gonna have to have him back at some point, man. I think we are gonna have to have him back at some point.", "timestamp": "01:17:16", "id": "tie-in-011-0244", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4636s" }, { "speaker": "Keith Bilous", "start_seconds": 4653, "text": "Yeah, absolutely. Thank you to Reid Deets for, from, uh, Roof Revivers for... I love the fact, dude, I j- I love his story. I go and buy the company 'cause their leads, and I, that's so profound to me 'cause not a lot of business owners think that way. Steve, they don't think- Yeah ... they go, \"I'm gonna go buy a business,\" and they go, \"Okay, leads are gonna happen.", "timestamp": "01:17:33", "id": "tie-in-011-0245", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4653s" }, { "speaker": "Keith Bilous", "start_seconds": 4668, "text": "They're just gonna happen.\" No, there's a cost to get somebody interested. Yeah. And his first answer was, \"Oh yeah, they had leads coming in two, three a day and I'm gonna buy them.\" Whoa. Right? That tells me a lot about how this guy thinks, eh? So, Reid Deets, thanks for joining us today and giving us a look at the company he's building around service, repairs, and what's his goal?", "timestamp": "01:17:48", "id": "tie-in-011-0246", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4668s" }, { "speaker": "Keith Bilous", "start_seconds": 4684, "text": "To build the biggest roofing, uh, not, not, not, not bigger than Division 7, but a big commercial roofing company in Columbus, right? Yeah, I mean, uh, yeah, the roofing company that is shingle based, that is doing repairs and maintenance, the biggest one of that kind. Yes. Yeah, he's on the right track for sure.", "timestamp": "01:18:04", "id": "tie-in-011-0247", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4684s" }, { "speaker": "Keith Bilous", "start_seconds": 4700, "text": "The biggest one of that kind, Reid Deets. Next Thursday we're back with another episode of The Tie-In. Listen, thanks to the entire team of Division 7. All of you guys over there, thank you for welcoming us in. Uh, and thank you to the production team for putting this whole thing together. This is The Tie-In, presented by Division 7.", "timestamp": "01:18:20", "id": "tie-in-011-0248", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4700s" }, { "speaker": "Keith Bilous", "start_seconds": 4717, "text": "If you wanna join us live in the pod, go knock on Steve's door, go knock on Jon's door, go knock on Ryan's door. Come knock on my door. You guys can stream the show live Thursday at 10:00 Eastern Time. You can watch the show on demand at the roofingauthority.network. Steve, take us home. Close it up. And when, and Jimmy, when Steve is done, let's walk us out of here.", "timestamp": "01:18:37", "id": "tie-in-011-0249", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4717s" }, { "speaker": "Steve Reiss", "start_seconds": 4735, "text": "Well, thanks to everyone who tuned in today. Join us again next week. We'll have another great conversation for you and, uh, we'll see you then. See you –", "timestamp": "01:18:55", "id": "tie-in-011-0250", "source_url": "https://www.youtube.com/watch?v=Migzm35lzcw&t=4735s" } ] }