#triplefive

Every #entrepreneur faces the choice of raising tons of money to get going or finding a way to start with what you have today.

I don't like waiting around and prefer to self-fund if possible. Some businesses cannot be self-funded and I have started one of those, Keystone Augusta, an investment firm. It takes capital to buy stakes in existing businesses.

Distribution companies however need little startup capital. They need the right products to distribute, a market to target and a team with contacts to open doors and close sales.

Palisade is now the exclusive partner for AMPs in all CARICOM countries except the Bahamas (CARICOM is like the EU but older). That gives us access to more than 10 countries off the bat.

How did we land this deal?

In the interest of helping other entrepreneurs I will share the story of how we negotiated this deal and the reasons behind the choices. It should end up making it clear that reputation matters and it's not just about who you know but really about who knows you.

The Family Office Association was having their Winter Retreat in Orlando, Florida starting on my birthday, January 12, this year. They reached out and invited me to attend so despite my wife, Kathryn, having special plans for that night, I had her postpone them so that I could participate in all the events and go network. The cocktail reception was supposed to be from 6pm - 8pm and she had dinner reservations for us at 7pm so wanted me to leave early.

I literally said to her that it was my birthday and it was less important to celebrate than to be at the cocktail reception. Plus, if things went according to plan then I would be there all night networking and meeting people.

She was upset but she admitted that it was my birthday.

Lesson 1:

Entrepreneurs have to make sacrifices on the way up and their spouse has to be understanding. It's not easy and most people will not make those sacrifices.

The Family Office Association, FOA, describes itself as "an exclusive global forum that provides its elite membership access to cutting-edge content and community guidance to stimulate, perpetuate and advance idea generation, investment strategy, and impactful implementation. We strive to help the most successful families worldwide shape their legacy according to their valiant philosophies and principles."

I was told that they had read about me and also read some of the columns I had written for the Jamaica Observer. They really liked my story and wanted me to attend as a guest.

Lesson 2:

Be visible and put yourself out there. I wrote columns even when I wasn't getting paid and I shared all the ideas I could find about improving Jamaica.

One of the presenters at the event was Ira J. Perlmuter of Triple Five Equity, a family office that owns the 3 largest malls in North America and the largest privately-owned bank in Canada.

He was going to speak about being your own KKR - Kohlberg Kravis Roberts - one of the most storied leveraged buyout firms, made famous by Barbarians At The Gate.

I happened to sit at his table and we started talking. Around this same time the Jamaica Stock Exchange had reached out to me to present at their 9th regional investment and capital markets conference from January 21-23.

They wanted me to speak about Diaspora investment and in-flow through new products. This was was directly connected to the numerous newspaper columns I had written in the Jamaica Observer about ways to get more investment and the fact that I had served as the first Future Leaders Representative on the Jamaican Diaspora Advisory Board for 3 years.

The board advises the Government of Jamaica on diaspora affairs through the Ministry of Foreign Exchange and Foreign Trade. We get no money to serve and in fact had to pay for everything out of our own pockets, including travel to Jamaica for meetings.

I had served anyway because it was my chance to give back and try to do something rather than complain. The Jamaica Observer offered me a weekly column on Sundays after the board had a meeting with them where they asked us questions and wrote a few articles.

Lesson 3:

Give of your time without expecting something in return. You never know what doors it will open for you.

After Ira presented, FOA indicated that some of us could tour the factory of a company Ira had just bought for Triple Five. I couldn't make it though because I wanted to be part of the Exotic Driving Experience they had setup (check out my Skyline GT-R R35 drive here).

Ira and I arranged to visit the factory the following day and I was blown away by their attention to detail, the cost savings for clients in Turks and Caicos, Bahamas and St. Maarten.

I told Ira about my Palisade plan and asked who was their distributor in the Caribbean. They had none and he said that if I setup the company, he would consider making us a distributor in the Caribbean.

Lesson 4:

Recognize an opportunity when you see one but make sure your potential partner is a good person.

I liked where things were going and said to Ira that I would need exclusivity to put my reputation on the line and to open my network to AMPs.

I then told him about the stock exchange conference I was presenting at and pointed out that the Prime Minister, the Minister of Finance, a senior executive from Sandals and the CEO of JPS (the only utility in Jamaica) would be presenting as well so if he came, he could meet some great people.

Ira booked his ticket to Jamaica 2 days later. Now I knew we had a serious partner.

He wanted me to get him a meeting with the Prime Minister and I said I could. I called the stock exchange person that invited me, Tamara Cox, and sent her Ira's bio, pointing out that he would be my guest and I needed him to meet the Prime Minister and not have to pay to attend the conference.

They were floored by his bio and allowed me a couple guests for free and guaranteed the meeting. Tamara really took care of Ira.

Lesson 5:

If you don't ask for it then you definitely won't get it. Be willing to open your network to the right people.

I was provided with a hotel room for the duration of the conference and the hotel was booked out so I gave up my hotel room to Ira and offered to pick him up from the airport so he would have no worries.

Everything went perfect and I got him the meeting with Prime Minister Portia Simpson-Miller. We spoke for almost 40 minutes.

Ira was pleasantly surprised when she knew me and other people attending kept coming over to shake my hand and say hello. This is because many of them have read at least one column or seen me on television interviews (getting President Barack Obama to sign a birthday card for Jamaica's 50th anniversary of Independence did not hurt either - read here).

He got his meeting with Sandals and the JPS CEO. I also lined up some other meetings for him that went well.

The trip was a success and when he left, he remarked that I clearly had the right contacts to be a great partner for AMPs so we should move quickly to negotiate.

Lesson 6:

Under-promise and over-deliver. Take the time to build a solid reputation that can open doors for you, or involve people on your board or management team who can.

People keep saying it takes "links" and "connections" to get certain things done and that is a fact. Most people however are not born with these connections and access to these networks.

They earn their way in by doing something different from the average person.

In my case, I wrote letters to the newspaper editors in Jamaica since I was 15. That led to volunteering with the Jamaican Diaspora Advisory Board which led to being appointed the first Future Leaders Representative. That then landed me a newspaper column for 3 years where I chose to share solutions along with my complaints, even if I did not get paid.

I also ensured that our investment firm publicized it's first acquisition and promoted our plans so that others would take notice.

The two then combined with an older idea I had to put me in a unique situation years later that leads to today's announcement.

This is how the world of business really works. Learn the game that you are playing so that you can be better at it.

Lesson 7:

Florida-based RealVibez Ventures, part of the RealVibez Group, the family office of Robert and David Mullings, is pleased to announce the newly formed Caribbean partnership among Pacific International, LLC, Advanced Manufacturing and Power Systems, Inc. (AMPS), and Palisade Group, LLC.

Florida-based RealVibez Ventures, part of the RealVibez Group, the family office of Robert and David Mullings, is pleased to announce the newly formed Caribbean partnership among Pacific International, LLC, Advanced Manufacturing and Power Systems, Inc. (AMPS), and Palisade Group, LLC. Palisade Group, a Florida-based energy holdings company, is wholly owned by RealVibez Ventures. AMPS, of Deland, Florida, was recently acquired by Pacific International, LLC, a company affiliated with the Triple Five Group, owners of the Mall of America. Ira J. Perlmuter, Managing Director of Pacific International, LLC, and now Chairman of AMPS, led Pacific’s acquisition of this high quality, generator enclosure and set manufacturer in October 2013. President of AMPS, Joseph Scofield, responded to the decision and said, “AMPS is pleased and excited to be able to work with such an august group to help resolve one of the leading economic hindrances in the Caribbean. The costs of energy, and the inefficiencies caused by the lack of reliable energy, are major factors limiting the economic growth of the countries of the Caribbean. Reducing the cost and improving the reliability, and availability, of energy will help those economies to be more competitive in the worldwide marketplace and improve the lifestyles of their peoples. We are proud to play a small part in that process!” AMPS is one of only two State of Florida certified, High Velocity Hurricane Zone rated manufacturers. In addition, to their work in Florida, AMPS has been highly sought after for jobs in New York, including but not limited to Macy’s NY Headquarters, Brooklyn Performing Arts Center, an FBI building and several NYC public schools.  "After touring the Amps factory and reviewing the cost savings for current customers in countries with high electricity rates, it made sense to ensure that this technology was made available in the Caribbean starting with Jamaica.” said David Mullings, General Partner of RealVibez Ventures. He continued, “The biggest problems are high costs due to inefficient generation and transmission. Palisade will focus on energy production and energy use reduction technologies that improve the competitiveness of Caribbean businesses.” The latest move by this “triple threat” has gained Pacific International, AMPS and Palisade Group exclusive rights to all CARICOM countries, except for the Bahamas. The initial focus will be on Jamaica under the leadership of Errol Alliman, Chief Operating Officer of the Caribbean.  RealVibez Ventures is pleased with the reputation of AMPS and excited to partner not only with them, but with an outstanding worldwide organization such as Pacific International. The excellence of integrity and product precedes each group. There is no doubt that this collaboration will be equally impressive and will provide long term value and support to CARICOM countries.

About RealVibez Ventures 

RealVibez Ventures is a US-based multi-stage, multi-national venture capital firm that is part of the RealVibez Group, the family office for David and Robert Mullings, and includes companies involved in music, film, animation, mobile apps, clothing, energy reduction and energy production.  About AMPS

Advanced Manufacturing & Power Systems, Inc. (AMPS) is a US-based Corporation in the State of Florida. AMPS is located slightly north of Orlando and is a manufacturer of custom designed electrical power generating systems, and components.