#765 Small Business Converts To Bitcoin Standard w/ Kevin McGarvey

Kevin McGarvey is the Co-Founder & President of All Out Parking Lots. Kevin has built a great 30 person small business and has recently converted to a Bitcoin Standard. They have put Bitcoin on the balance sheet and have started paying out weekly Bitcoin bonuses to employees. This is a fascinating conversation to understand how an entrepreneur of a non-public, non Wall Street backed, company can successfully convert to the Bitcoin Standard to run their business. ======================= My friends at Coin Cloud will give you $50 in FREE Bitcoin when you buy $200 or more at any of their 4,000+ machines. Use promo code POMP to get your free Bitcoin. For details or to find your nearest Coin Cloud machine, visit www. Coin. Cloud/Pomp Coin Cloud has been serving customers since 2014 and has established itself as the world's leading digital currency machine (DCM) operator. More than just a Bitcoin ATM, Coin Cloud machines make it easy to buy and sell Bitcoin and 30+ other digital assets with cash. To find your local ATM and get $50 in free Bitcoin, visit www. Coin. Cloud/Pomp ======================= With 10M+ users, Crypto.com is the easiest place to buy, and sell 100+ cryptocurrencies. The Crypto.com Visa Card gives you up to 8% back instantly, and 100% back on Spotify and Netflix. Also, Crypto.com lets you earn up to 8.5% p.a. on BTC, and 14% p.a. on stablecoins. Get $25 when you download the Crypto.com App with code "pomp". Download the App now: https://crypto.onelink.me/J9Lg/pomppodcast2021 ======================= Ethernity.io: The world’s first authenticated and licensed NFT platform, trusted by over 150,000 members. Digital NFTs and exclusive real-world unlockables, authentic partnerships with athletes and artists. Visit Ethernity.io, where you can buy and sell authenticated NFTs from top notable figures, rights, license, and IP holders you can’t find anywhere else; the start of an entire ecosystem bringing utility to #NFTs. =======================

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Anthony Pompliano?

  What's up everyone, this is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Kevin McGarvey is the co-founder and president of All Out Parking Lots. Kevin's built an awesome, small business in America. He employs about 30 people. And the most noteworthy thing is that they recently have started to convert to a Bitcoin standard. That's right. They've put Bitcoin on their balance sheet. He also pays out weekly Bitcoin bonuses to his employees. It's a fascinating conversation to understand how a entrepreneur in America who doesn't run a publicly traded company, nor a large Wall Street bank, has started to adopt and plug their business into the Bitcoin standard. Before we get into this episode, though, I want to quickly talk about our sponsors.

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• 1:32Anthony Pompliano?

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• 2:14Anthony Pompliano?

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• 2:57Anthony Pompliano?

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• 3:41Speaker 01

  Anthony Pompliano runs POMP Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of POMP Investments. You should not treat any opinion expressed by POMP or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 4:04Anthony Pompliano?

  We have Kevin joining us. Now, I have, uh, I've been told that, uh, Concrete Kev is a way that we could think about Kevin. Kevin, are you there?

• 4:14Speaker 02

  I'm here.

• 4:15Anthony Pompliano?

  Concrete Kev, is that what people call you?

• 4:17Speaker 02

  That's what they call me.

• 4:21Anthony Pompliano?

  All right. I want to start with the first thing, All Out Parking Lots. That is an all time name. Where did that name come from? And you're grinning, so I know, I know you and I are going to get along. Where did that name come from?

• 4:32Speaker 02

  Thank you very much. So my business partner and I, my business partner is my best friend, Marco. And anything that we ever do, we go all out. So when we were starting this company, that's the name we came up with.

• 4:43Anthony Pompliano?

  Legend. You guys just said, I wish you could name the company. I don't know, we can go all out. Let's call it All Out Parking Lots.

• 4:50Anthony Pompliano?

  I love it. All right. Walk us through a little bit about the company pre Bitcoin. In terms of, you know, when did you guys start the company? How big is it? What do you guys do from a services standpoint? Then we're going to talk about this adoption of the Bitcoin standard.

• 5:02Speaker 02

  Sure. So we started the company 10 years ago in summer. Before we graduated college, we just went door to door seal coating driveways. In the Northeast, there's asphalt driveways. They need to be protected and seal coated. And so that's what we did. We had a beat up old van, some buckets, a squeegee. And we went from house to house, just seal cutting driveways. Once we graduated, we then went in full bore. We bought bigger trucks, bigger tanks. We were doing driveways, then led us to commercial. We started getting into line striping, then concrete, and then eventually paving. And now we do all commercial work and that's why we're All Out Parking Lots.

• 5:43Anthony Pompliano?

  All right. So there's people who are watching this who may not know some of the stuff you just described. So I'm going to ask a couple of what may be elementary questions. First is when you talk about sealing a asphalt driveway, describe exactly what happens there. And then once you get done with that, talk about the actual line striping and what that means for like a parking lot.

• 6:00Speaker 02

  Sure. So seal coating, you have asphalt sealer and you apply it with a brush or a squeegee to the driveway or parking lot. And what that does is it protects the asphalt. So it puts a layer of sealer on top, similar to paint coats wood, right? It makes it look great, but also protects it. And that's what sealer does. And then the line striping, obviously, you know, whenever you pull into a parking lot, you have all those stalls, you have handicap stalls. Different stop signs, different things like that. And so you apply that with paint, obviously. And that's what we do in the parking lots.

• 6:38Anthony Pompliano?

  You can't have a parking lot unless you got the lines. So somebody's got to draw the lines, right? You know, that was always something I was like, all right, man, if they tell you to draw lines at school, this is important because there's somebody somewhere who does it for a living. And I don't know if you've ever seen the viral videos on the internet where people go and they've got like the roller thing, like the hand cart or whatever, and they're drawing like lines or they're writing stuff in the street. And I'm like, dude, that guy just wrote stop perfectly. No stencil, no anything like that guy is way better than anyone, anything I could do. All right, let's talk about the adoption of the Bitcoin standard. So you guys are, I'll label it as a small to medium sized business.

• 7:18Anthony Pompliano?

  How many employees? What were you guys doing with your balance sheet beforehand? And then why did you get interested in Bitcoin?

• 7:23Speaker 02

  Sure. So we have 30 full time employees. And we had, you know, we had a problem, right? March of 2020 hit, the pandemic, everything gets shut down. We had contracts that were pulled from us. And myself and Marco were discussing, hey, what are we going to do here? We're not sure, you know, how everything is going to shake out. So like most Main Street companies, you know, we had a down year. It was, it was tough go for us. We were working, you know, twice as hard, but kind of going backwards a little bit. And we, it was January of this year where the second stimulus package came out. And I just said, this is crazy. You know, I, you don't have to be a genius economist to know that

• 8:08Speaker 02

  what's going on right now is not right. And our dollar is being devalued. So I was talking with my accountant, who's my cousin. And he said that his brother was very much into Bitcoin. At that point, I would have taken anything. I would have taken advice from anybody about anything because I was pretty desperate. So I said, this Bitcoin thing, I know nothing about it, but you know, it's crazy what's going on in the economy right now. Set up the meeting, I'll talk to him. So he was explaining it to me and he was telling me this block and then the next block and it's this ledger, this guy Satoshi Nakamoto. It seemed like something out of a science fiction movie. But when he was talking about it, he said, hey, you know, Michael Saylor just put, you know, $250 million into this.

• 8:50Speaker 02

  And for me, I look at everything through the lens of entrepreneurship. So when I heard that another entrepreneur had gotten involved in it, that intrigued me. So I went home, I Googled Michael Saylor, I see this publicly traded CEO, very successful guy, graduated from MIT, he's a technologist. Okay, let me look into what this guy's talking about. So I see him on, you know, your podcast, I see him on other podcasts, I start watching your show and just start going down the rabbit hole and I really haven't come out since then.

• 9:20Anthony Pompliano?

  So when you start doing that kind of research, right? You start going down that, that path. What were the things that either Saylor or other people were talking about that you kind of remember? Like, oh, like that's what made it click in terms of, hey, I should at least do something here, right? Doesn't mean that I gotta kind of go crazy. But like, are there certain things that you heard or ways that it was described or whatever? That stuck out to you as like, hey, even though I'm not a publicly traded company, even though I'm not some big financial, you know, Wall Street bank, I own a business, I've got a balance sheet, I've got employees to kind of look after, and this may make sense for us?

• 9:52Speaker 02

  Sure. So Michael Saylor gave a great analogy of small, of any business, right? And you're, you're in your rowboat. And we're sitting, we're sitting here, we're paddling as hard as we can, maybe 10, 15 miles an hour. But you have a 25 mile an hour wind blowing in your face. So if you're a company and you can grow by 10, 15, 20%, like that's excellent. You should be awarded for that, right? But, but we're not in today's economy, right? We're going backwards. And so what he said is, you need to go ahead and get out of your rowboat, put up a Bitcoin sale, put it on your balance sheet and blow with the wind. So that when this economic, all the monetary policy with the money printing,

• 10:35Speaker 02

  you're going to go and get wealthier because of that, because you have, you know, a strong asset in Bitcoin versus going ahead and just continuing to try to chase dollars that are being devalued.

• 10:46Anthony Pompliano?

  Got it. And so when you think about doing this, how did you first start? Did you go and put 100% of the balance sheet in Bitcoin? Did you say, hey, let's start out with maybe 1% or 2%? Like, what was kind of the actual sequence of events or the execution that you took as a small to medium sized business to start to do this?

• 11:03Speaker 02

  Sure. So we looked into a few services. We were actually very fortunate. We took a little while to get onboarded. In that time was that big drawdown in May. And so we were able to buy up a good amount when it was kind of at the bottom there in the 30s. So it worked out for us. But we just looked into a couple services and we chose to and then we started buying from

• 11:28Anthony Pompliano?

  there. Got it. And then in terms of like the balance sheet, was this something that you guys almost have like a treasury policy? Right? So using Michael Saylor as an example, he talks about his business in terms of they have a software business, a business intelligence, you know, product. They go out and their job is to build great software, sell it, drive a healthy financial performance in terms of revenue and profitability for that. They also have a second strategy, which is their treasury strategy, which is obviously all the Bitcoin stuff. Is that how you look at what you guys are doing in terms of, hey, we've got the all out parking lots kind of as a core business and service. We're going to go out, we're going to drive top line revenue, we're going to drive profitability, but then we also have a treasury service? Or do you have some other way that you kind of look at it from a framework standpoint?

• 12:08Speaker 02

  You just said it correctly there. So we have our P and L strategy, right? We're out there every day paving parking lots, pouring concrete, line striping. And then we have our balance sheet strategy. And so, so we're taking those cash flows, those profits and going ahead and plugging them into Bitcoin.

• 12:25Anthony Pompliano?

  Got it. And then in terms of the employees themselves, I don't know how aware they are that you guys are doing this. Have you sat down and like told them what Bitcoin is? Are they asking questions? Just talk to me about like what the employees kind of reaction as you guys started to do this was?

• 12:40Speaker 02

  So what we did was we implemented a weekly Bitcoin bonus. I feel very strongly about this. And so I wanted everybody in the company to be able to adopt Bitcoin. And so when Stripe came out with the Pay Me a Bitcoin feature, it made it pretty simple for businesses, right? You have your, they give you a routing number and account number and you put that in, we use ADP for our payroll, you put that in through ADP. And so, so it's just a $5 bonus. Everybody in the company gets it. There's nothing that's taken out of their paycheck or anything. It's just the benefit that the company is offering.

• 13:20Speaker 02

  And so our hope is that, um, you know, they're going to learn more about it. I've, I've taught them some about it. But of course you always learn more. Once you have some, you have some skin in the game and you, and you tend to look into it more. And so, uh, so it's funny, you know, I was walking through, uh, the shop after we did it recently and, you know, guys are talking, oh, Bitcoin's up today. Or, you know, Bitcoin's down today. This is what's going on. And so, uh, you could tell they're paying attention. And, uh, we're trying to get the message across that we want, um, everybody to be able to, you know, work, work real hard here, you know, they, they, they come out, they bust their ass and we want them to have, you know, savings at the end of the day. And, um, you know, it's, it's early in the process. Um, it's early in the case study, so they're just seeing it now, but, um, I'm hoping they're looking back shortly and saying, hey, you know what?

• 14:05Speaker 02

  My employer was actually looking out for me and then those guys are trying to take care of me.

• 14:09Anthony Pompliano?

  I love the, uh, the Bitcoin weekly bonus. I, I think that's a great idea and it doesn't even have to be a ton of money, right? It's just the, the act of kind of, hey, I'm going to help you dollar cost average to get started. Do you know whether, uh, any of the employees after you've kind of implemented this have started to actually, uh, convert some of the other part of their paycheck into Bitcoin? Or any insights in terms of, uh, other actions that employees have taken so far?

• 14:32Speaker 02

  Yes. So, um, you know, that's my hope is that they see the $5 now. They see it appreciating value and they continue to want to put more of their paycheck in there. But, um, yes, several employees have put their own money into Bitcoin. You know, they've asked me, hey, you know, uh, where, where else can I, you know, where else can I buy it? Or just to use, you know, use the strike app right there and you can, uh, link that to your bank account and purchase. And, um, so several employees already have, and I'm sure more will to come here.

• 15:01Anthony Pompliano?

  Yeah. It, it's, uh, it's fantastic when you create, uh, not only one, uh, the environment where they see you doing it. Two is then you say, hey, look, I'll help you get kind of jump started. And then you're basically just unleashing them to the world, right? And let them go get educated. Let them go figure out what they want to do. Uh, my last question before my brother's asked you a couple of questions is what about other entrepreneurs? Whether they're, uh, people that you guys do business with? Their customers, their service providers, other people in the local community. Have you had any conversations with them or any inquiries as people hear that you guys are doing this stuff?

• 15:31Speaker 02

  I have. So I've presented to my Vistage group, which is a CEO group. And, you know, I've successfully orange-pilled two of the guys and they were pretty much the two that were giving me the most pushback when I presented. So that was really cool. And I just did that recently. That was last month. So we'll see how it goes here moving forward. But I am, you know, actively discussing it with, with my CEO group. Then I'm also in another mastermind group. I've been speaking to them about it as well. And so just trying to get everybody on board here because for me, my passion is entrepreneurship. And I hate to see these entrepreneurs working so hard.

• 16:12Speaker 02

  And to see that their businesses kind of get devalued like that, it just frustrates me. So I want to help them as much as possible. And I think this is the best route.

• 16:20Anthony Pompliano?

  Yeah, I love this in terms of, one, you do it yourself. You got skin in the game. Two, then you turn around, you try to help your employees. And then three is you then turn around and say, hey, fellow entrepreneurs in the local area, right? Let me, let me explain to you what I'm doing. It's very similar to what we've seen other companies do where they basically say, listen, I remember the, the kind of infamous exchange now where Elon Musk basically tweeted, Michael Saylor responded. Elon was like, hey, you know, what do you know, basically, or whatever he said. And Michael was like, well, I spent, you know, hundreds or thousands of hours studying this. And then I put billions of dollars in there. And Elon was kind of like, all right, maybe we, maybe, maybe I should figure out more about this, right? So the skin in the game is, is really important. John, what questions do you have and Joe?

• 17:01Speaker 03

  Yeah. So my question would be around just how do you transition when you went from residential to commercial? You built up a book of businesses. What was that transition like going into the commercial industry? Where I'm sure the contracts are larger and everything that goes along with that?

• 17:16Speaker 02

  Sure. So we did both for a period of time. And when we were just in the, what I call the maintenance business, we were seal coating and line striping. And we formed like a joint venture with a gentleman who had a paving concrete company. So we were doing the maintenance. He was doing more of the cap. Work and so that got us into the commercial realm and and then we started buying the equipment on our own and we started getting into commercial ourselves. We were doing all that work was more profitable for us and a better avenue. So we then abandoned the the residential side and went full commercial.

• 17:55Anthony Pompliano?

  Nice. Joe, what question you got? So my question would just be around like challenges you faced with doing this, right? I think we've seen a number of companies adopt the Bitcoin standard and start to do kind of interesting and cool things around Bitcoin specifically. But there's also a lot of challenges. So if you could just speak to some of the things that you've you've seen while doing this, that might be helpful.

• 18:13Speaker 02

  Yeah, sure. I guess, you know, the first conversation with my business partner, right? Like, we had talked about it and, you know, this is a newer thing. And, you know, initially, Marco was on board and then we had that big drawdown, right? And then there was some concern, which is legitimate, you know? And so we talked about it again, we discussed it. We said, hey, you know, we still think this is the best avenue to go. And so we did. And then we had our accounting manager, you know, he's a little bit older. So and he's new to our company. So he was kind of like, ah, I was wondering what it's going to like, be like working for a younger company. You know, you kids today type of thing. And but he, you know, he got

• 18:53Speaker 02

  on board with it. And so when they were both on board, we went ahead and bought.

• 19:00Anthony Pompliano?

  Kevin, I'm assuming that you haven't yet had an opportunity, but maybe I'm wrong, in either getting people to pay you in Bitcoin in terms of customers or any other types of ways for you guys to acquire Bitcoin, other than just, hey, we get paid in dollars, it's it's on our balance sheet, and then we convert it to Bitcoin? Like, is there anything else that you guys have thought about or tried to implement?

• 19:20Speaker 02

  You know, I thought about maybe like a Bitcoin IRA or something along those lines. Not a payment in Bitcoin yet or anything. You know, we'll see how the space develops and we'll act accordingly. But but the Bitcoin IRA is kind of my next thing that I'm going to look into here.

• 19:39Anthony Pompliano?

  I love it. The other thing that I think is really important about this with strike, and as everyone knows, I'm super biased because I'm an investor, is just that like you don't even have to necessarily get, you know, go buy Bitcoin, put on your balance sheet to then pay the employees, right? You can actually just send them dollars and it auto converts into Bitcoin. Same thing could be for your customers, right? Where instead of having to say, hey, let me teach my customers about Bitcoin, they go figure out how to buy it, then they turn around, they send it to me. You could basically just do the same thing and say, hey, look, we want to receive, you know, 10% of our customer funds, we're just going to divert it into Bitcoin or whatever. So you can start to do some pretty interesting things without having to actually buy in the other side of the transaction. But it seems like what you've really done is, once internally you guys were on board, you guys

• 20:24Anthony Pompliano?

  have really done a good job of kind of going out and educating folks on top of also being able to show them the skin of the game.

• 20:29Speaker 02

  Absolutely. And that's a great point. You know, if we get ACHs or anything like that, we can have them set it to strike and have a portion converted into Bitcoin.

• 20:39Anthony Pompliano?

  Yeah. John, what do you got?

• 20:40Speaker 03

  Kevin, what did that educational component look like for your employees? I'm sure you went down the rabbit hole first, it sounds like, and then you kind of brought them on with these weekly bonuses and kind of giving them monetary compensation. What did that education part look like for them?

• 20:53Speaker 02

  Really, it was just me talking, right? We were in the shop. I got everybody together and discussed that, you know, we were going to do this moving forward. And, you know, I was explaining it to them, but, you know, they're not all going to get it in one shot here. So it's kind of just a gradual thing. Whenever I, you know, I'm down there and I see my mechanic working on the truck or something, y'all talk about it. Whenever we're having an operations meeting, you know, afterwards, I'll talk about it with everybody and just try to educate them, you know, slowly, point them in the direction of, hey, you know, here's a few things you could check out, right? You could check out the best business show. You could check out, you know, some other podcasts, some of those things. And so I think it's a gradual thing. That's what I've been doing.

• 21:36Anthony Pompliano?

  Hey Kevin, what are the odds that we could get a two hour 11 a.m. Eastern to 1 p.m. Eastern break every day so that the employees could watch Best Business Show? Is that in the works?

• 21:47Speaker 02

  Those odds are slim to none. The all out break.

• 21:51Anthony Pompliano?

  Hey, listen, anyone who works at all out parking lots, I'm trying for you guys here. I will say I never did anything. I just thought, you know, maybe a little two hour break in the middle of the day. I got, I got fake union members over here who, they would love to take breaks.

• 22:04Speaker 03

  Kevin's not a fan of the union.

• 22:09Anthony Pompliano?

  You see, Kevin, here's the thing is what they do is they only ask people to join the union who they think don't know what unions do, right? But anyone who walks on here who owns a business or dealt with unions, they're like, all right, we ain't even gonna ask them about the union.

• 22:21Speaker 02

  Uh, we don't want that.

• 22:22Anthony Pompliano?

  All right, you guys got any other questions?

• 22:26Speaker 04

  No, thanks for coming on, Kevin.

• 22:27Anthony Pompliano?

  Kevin, what can we do to help you guys? Obviously, the audience, I think, is super impressed by what you guys are doing. I don't know. I mean, if anyone out there needs a parking lot sealed or line striped or anything like that, that'd be great. But what can we do to help you guys as you continue to build the business?

• 22:43Speaker 02

  Um, you know, really, this is just about me trying to help out. I've received a lot of advice and got into mentorship. And so, you know, I'm just trying to pay it forward here and help everybody else out. So, I mean, if you want to send them to my LinkedIn and then anybody can reach out and ask me questions and I'd be happy to help out.

• 23:00Anthony Pompliano?

  Awesome. I have your Twitter on hand. So I just put people there to go follow you on Twitter, but also LinkedIn as well. And I appreciate it, man. This is super cool. I am, I'm very bullish on this idea that public companies and large kind of Wall Street organizations are going to go do this, obviously. They've got access to capital markets. They usually are kind of more sophisticated financially. The executives, they're not as involved in the day to day, like actual operational, like, hey, we got to go get this job done. They have more time to kind of think because they've hired so many people. They've got big teams. They've got larger balance sheets, etc. But I do think that people are drastically underestimating how many small and medium sized businesses across America, which for

• 23:45Anthony Pompliano?

  those at home, make up 50% of all jobs in America. So maybe we should actually start treating those entrepreneurs a little bit better. You know, side note. But I am very bullish that those entrepreneurs are going to do the exact same thing. They're going to understand what's happening and they're going to say, there's no difference between a publicly traded company doing this and myself. And so the one thing that you guys are doing that I hadn't heard anyone do before is this like weekly Bitcoin bonus. So I'm going to think about how to kind of have other people incorporate that. But I love that idea because it really just gets the employees involved as well and paying attention. And it's not really that much money that you need to kind of spend in order to get them jump started.

• 24:20Speaker 02

  Absolutely. Thank you so much for having me, Pop. I really appreciate it, guys. Have a happy new year and all the best in 2022.

• 24:27Speaker 04

  Thanks, Kevin.

• 24:28Anthony Pompliano?

  You know, you know what? You know, my favorite part about Kevin is?

• 24:30Speaker 04

  What?

• 24:30Anthony Pompliano?

  All out. The only name better than All Out Parking Lots would be Relentless Parking Lots. Then we'd be like, damn, okay. All right, buddy. Thank you so much for coming on. I appreciate you.

• 24:40Speaker 02

  All right. See you, guys.

• 24:41Anthony Pompliano?

  Bye.