SVB Collapse Explained, D2C Brands That May Fail, And Suli's Next Venture

**Sam Parr** (0:00)
All right, there's this amazing book called Getting Everything You Can Out Of All You've Got. I read it a few years ago and it changed my life.
And the reason I loved it was because it basically talks about how to get and make more money using things that you already have.
Coincidentally, today's podcast is brought to you by Business Made Simple. It's a podcast by Donald Miller, who I'm gonna tell you about in a second, but he has this amazing episode that's all related to this book and the things that I learned in this book. It's called How To Make Money With What You Already Have. It's an incredible episode. It talks about all the stuff that I learned in this book. The host is Donald Miller. I didn't know who Donald Miller was up until recently, but over the last 12 months, this is totally by coincidence. It was all separate people. They said, you have to check out Donald Miller. He's amazing. So I'm happy that he's part of HubSpot's podcast network. You can check it out, Business Made Simple Podcast. It's where he coaches you on how to build your business like an airplane, where the cockpit is your leadership, the body is your overhead, the right engine is your marketing, the left engine is your sales.
You have to check it out. This guy's amazing. It's called Business Made Simple with Donald Miller.
Shaan, you want to set us up? What are we doing? What are we doing here?

**Shaan Puri** (1:16)
Well, this is the first time the three of us have been on a pod. So, please come on, I think three or four times. Somehow, you've never been here during those, even though y'all are friends, you know each other, and that's just strange to me. But I think this, we'll see how this goes. I mean, I think this will be fun, the three of us here. I wanted Suli to come on because there was a whole bunch of rich people, smart people shit that was going on over the weekend. It was the Silicon Valley Bank disaster, bank run, all that good stuff.
There's stuff going on in the stock market.
And so Suli's the guy I go to whenever I have questions, I said, all right, well, just bring them on the pod. Instead, I'll ask you the questions here instead of just texting or calling. And so that was my idea.

**Sam Parr** (1:57)
Did you guys get impacted by this at all?

**Shaan Puri** (1:59)
I had money in Silicon Valley Bank through my fund. So our venture fund had money through Angel List. Angel List keeps all their money or kept all their money in Silicon Valley Bank. And so we were lucky that I started hearing about it and I was like, yeah, I think we should get out.
And so we ended up, we had like 1.5 or $1.6 million in that account, maybe a little more actually because they hold some for management fees. And then we got it all transferred out to a bank I've never heard of. They were like, you want to move to Grasshopper Bank? I was like, you could put it in the fucking field outside your office. You can put it anywhere. Just don't leave it in the bank where it's like a bank run is going on.
So we got out like literally in the nick of time.
So yeah, we were almost impacted, but not in a major, major, major way. There were some people that were stuck, tens of millions or even $100 billion. Suli, I'm sure you heard some crazy stories. What did you hear? How did it play out from your perspective?

**Suleman Ali** (3:00)
Yeah, I was at this SV Angel founder event, founder summit in San Francisco on Thursday when the bank run was happening.
And people all around me were on their phones trying to take all their money out of SVB and transfer it. And people walked out of the sessions and were sitting on their laptop trying to do that. One guy told me that he wired $70 million out of his SVB accounts that morning into his personal Morgan Stanley account because he didn't wanna wait for a bank account in the business name to open because that would take 24, 48 hours.

**Sam Parr** (3:37)
Which in normal circumstances, that would be maybe not illegal, but hugely frowned upon.

**Suleman Ali** (3:44)
Definitely ill-advised, yeah. Looks like you're about to steal $70 million of other people's money and put it in your pocket, but I think in this case, there's-

**Shaan Puri** (3:51)
Were people right away? Was it like, let's see what happens? Because the series of steps was, I saw the stock price go down. That was the first text I woke up to, Sam in our group chat, somebody showed the stock was down 30 or 40%.