Hi friends, welcome back to another preschool story time from the Long Beach Public Library. I'm your storyteller, Miss Shana. I think I hear the story time fairy. Hi story time fairy. Is this for me? Thank you so much. There's a lot in here today, huh? I'll see you next time. Bye. Okay, let's see what we've got today. Something very yellow. Feels like clothes, maybe. Huh, is that a little raincoat and an umbrella? I think I know what story time's gonna be about today. What do you think, Teddy? This raincoat looks like it would be a perfect fit for you. Would you like to put it on? Looks like there's some clouds rolling in. You'd better get dressed up for the rainy weather. Do you like it when it rains? Do you like to be inside or outside when it rains? I like to be inside where it's cozy and warm, but it is fun to put on rain boots and a raincoat and go splash in all the puddles. How's that, Bear? Looks great. Now all we need is our umbrella. I think we're ready for our first story. What do you say? Here, you hold that, Bear, and I will read our story. Today's story is called Tap Tap Boom Boom. It's written by Elizabeth Blemley, illustrated by G. Brian Caris, and I'm reading this today with permission from Candlewick Press. Thanks, guys. Tap tap. Dark clouds. Tap tap. Damp air. Tap tap. Cold drops of rain. Dot. Hair. Street carts appear. Umbrella's here. Tap tap. Tap tap. Boom boom. Tap tap. Tap tap. Boom boom. Crackle boom. Got a storm. Big storm. In bloom here soon. Sky grumbles. Rain tumbles. Big weather. You'd better get under umbrella. Boom boom. That's right. Slam bang. Hold tight to umbrella. Wind whirls. Helter skelter. Boom boom. Tap tap. Tap tap. Slap feet. Shoes flap. Feet wetter. You'd better go down underground where the water can't get ya. Ya betcha. Now harder. Now faster. Big rain. Side blaster. The subway is shelter. Boom boom. Downstairs. We wait. Folks congregate. We squeeze. Whose feet and knees are these? Hey hey. Watch spray. We get more wet. Tap tap. Tap tap. Boom boom. See big. Big fellow. With tiny umbrella. It's yellow. Tap tap. Boom boom. One girl. All fancy. She's late for dancing. Can't wait. Fast dash after lightning flash. The storm above makes friends of strangers. We laugh undercover at thunder and danger. Tall lady with poodle sees kid. No umbrella. Hands hers. No words. Just a smile as her hello. Two friends. Descend. Huddled close from weather. Wet sides. Smiles wide. Together is better. Storm ending soon. No tap. No boom. Outside. Clear light. Bright afternoon. We race. Upstairs. Shake drops. Off hair. Look up. We cry. Surprise in the sky. Now people scatter. Through puddle. Splatter. We wave. Goodbye. So long. Keep dry. Till the next. Tap tap. Tap tap. Boom boom. Till the next. Tap tap. Boom boom. The end. This action rhyme is called rain on the grass. For this game you'll need scarves and if you don't have scarves at home that's okay. There's lots of other things you could use. Scarves, bandanas, handkerchiefs. If you have a little tissue box nearby just grab two tissues. You could use a piece of toilet paper and fly it around. You could use ribbons and if you don't have any of those things you can just use your hands.  Rain and if you're just using your hands rain okay. Rain. Rain on the grass. Rain on the trees. Rain on the rooftops but not on me. Now let's make some wind. Wind on the grass. Wind on the trees. Wind on the rooftops but not on me. Now some snow. Could we make it snow? What would it look like if it was snowing outside? Snow on the grass. Snow on the trees. Snow on the rooftops but not on me. Getting kind of sick of the cold weather. How about some sun? Sun on the grass. Sun on the trees. Sun on the rooftops but not on me. What happens after it's done raining and the sun is out shining? That's right we get rainbows. Rainbows on the grass. Rainbows on the trees. Rainbows on the rooftops but not on me. This next story I'm going to tell is based on the book called Move Over Rover by Karen Beaumont. I'll be telling this story with puppets. Rover's in the doghouse chewing on a bone. What a day to romp and play. Too bad he's all alone. Oh my. Look at the sky. Thunder. Lightning. Mighty frightening. Now the rain is pouring. Oh how boring. Rover's in the doghouse sleeping through the storm. That came looking all around to find a place that's warm. Where could she go? Move over Rover. That's in the doghouse sleeping through the storm. On came. Find a place that's warm. It's in the doghouse sleeping through the storm. On came. Blue jay. Looking all around to find a place that's warm. In squirrel. Move over Rover. Day's in the doghouse sleeping through the storm. Place that's warm. Out of the way blue jay. Squeeze in squirrel. Skits cat. Cat. Move over Rover. Snakes in the doghouse sleeping through the storm. Place that's warm. Sorry mouse. Full house. Crowded in the doghouse but all are sleeping well. But then a catch a whiff. That awful smell. Skitter. Scamper. What's the hearse in the doghouse sleeping through the storm? The rest are racing around to find another place that's warm. Oh my. Look at the sky. Storm's over. Where's Rover? Romping. Racing. Jumping. Chasing. No. Rovers. Back in the doghouse. Chewing on a bone. Soaked in sopping. Tail flip-flopping. Happy. He's alone. The end. Have you ever gone out in the rain and tried to catch raindrops on your tongue? What if rain were made of candy? Like lemon drops and gum drops? That would be really sweet, huh? This song is all about if the weather were sweet. It's called If All the Rain Drops. If the snowflakes were candy bars and milkshakes.  Singing. Thank you so much for joining me today. I'll see you next time.


Hi everyone, this is Sonali. Thank you all for carving out some time for attending today's webinar on the episode 29 of the Business X Learning series, Invest, Scale, Value and Exit. To all the attendees out there, please type in any questions you might have in the Q&A section and we'll try to answer as many as possible at the end of the session. I would now like to welcome our speaker, Mr. Gaurav Mara, Chairman and Founder of the Franchise Zingar Group. A very warm welcome to you, sir. Thank you Sonali and welcome friends and welcome to another edition with Business X, which Business X is our vertical where we do a lot of work in the space of actually helping business owners to sell their existing businesses and also a lot of startup and mid-sized companies to raise capital. And particularly the last couple of years, we've seen a big action on exits, even small businesses which never used to conventionally think about planning an exit is now doing so. Because the whole culture of understanding how you use to run a business has significantly changed. People are lesser emotionally involved in their businesses. They are building, because they understand the business is built for a building of a profit and at a certain stage they would like to plan an exit and really put the profit. So that's where today's session is going to be. We are going to talk about the exit, why exit is so important for businesses and it has to be planned well. I'd rather call it a three ways of people going through an exit. One, planned, which is the best way to do it because when you plan yourself, you really design yourself that next two years you will find an exit for your business. That's the best way to do it. Second is very opportunist way. Somebody really walks up to you and say consider selling your business. That's also sometimes a great opportunity because it knocks on your door and you want to pick it up. Most of the deals in the mid-sized businesses are happened because of a very opportunist approach. And the third is I think forced exit, where you have for some reason not able to continue the business and you look at an exit. But I feel that the most right way of doing it and there are multiple institutes globally which actually do exit planning. There are professionals out there, especially in Europe and US, we do a lot of exit planning because at a certain level there is a culture where you don't pass your businesses to your children. So people start planning the exit structure and more you plan, more you do it in a very structured, in a very professional way, more you will get the right value. And you will be able to pass the business in the right sense too. So it's very important you need to really know at what stage you are in and we'll talk about in today's session that. But let's understand why people need exit. Why are they looking at a different level of exit? There are multiple reasons. Obviously one of the reasons which I am seeing these days, particularly in post-COVID and especially in last two, three months that kind of inquiry is becoming in.  They are facing some kind of fatigue. They don't have the ability to go back to their businesses, build it again and so on. So they won't really want to do an exit on that. Even successful businesses and I have seen the kind of energy level has gone down for people to really go back and rebuild the teams if they have destabilized few things and so on. The fatigue can hit to you anytime and this even happens. A lot of people think that it happens with the older people that they don't want to run it. Actually it happens much younger. Young people actually when they start their businesses for five years, they've done that. They don't want to do this and they want to look at other opportunities and they start fitting some kind of fatigue. The second reason which is also now emerging in India. It's very big Europe, US is succession planning because they don't have somebody to look after the business. And India also we are seeing this big time. It's now becoming very big and we get calls from people who say, look I want to exit this business or we got calls from sometime the children who call us and say my father is in a particular city and he doesn't want to continue a business and he wants to look at an exit. And this is become a very emotional. I got a call from an investor who said my father runs a small grocery store but he's been running that grocery store for the last 30 years. And we all are very emotional about it and me very emotional about it. I'm not his very successful guy. Now his children are very successful and they're doing very well. Obviously they want to give better life to their father and want to bring him to where he was. But he didn't want to close the business because it was easy for him to just shut down the business and bring his father. And he said this is not important to me. It's more important to me that I pass this business to somebody who brings a continue today and continue to run that or rather improve the business and continue to grow because it has an emotional value to that. So you see there are different objectives on finding an exit and what you're going to do that and that also would really then define who you want. And that's what we're going to talk about in today's structure. Third is diversification. You want to diversify or consolidate. Consolidation also is creating a lot of opportunities. Some of the businesses which you don't feel you want to continue, you want to exit. So there is always a time to really go out and on a buy side and then there is a time where you need to start consolidating. In French as in a group also in 2016 we were investing a lot and 18, 19 we were consolidating a lot. And I think 2000 was not so much of opportunity for consolidation, but this year also we'll consolidate further doing it. And then we start mid of the 2021 we'll start investing again in some of the startups of businesses. So we have a different portfolio of investments where we go out and invest into emerging businesses more on the consumer space and then try to see if there is a... And some businesses we would stay invested because we feel that there is a much more larger life cycle of contribution from us. So diversification is another big reason. Fourth is the partner split. A lot of people come together and start a business and at certain time they don't see each other or they don't want to work with each other. That also creates splits and most importantly these days particularly the biggest sell side is coming from cash flow crunch. People have eaten their cash flows they don't have ability to bring further working capital. People are tight on their cash flows and they want to really exit the businesses. And if it is more stretched it becomes even more difficult then it starts eating into your company. So you need to also see where you are on cash flows and what is in that. But there are many other reasons which would come to your structure which can be a reason for you to sell. But the best way to really find and plan your exit is when you want to sell for profit. This is something which I like the most when people are doing well and they know they can do even better. The businesses can even go better. That is the best value time you really are and you want to really sell at profit. And don't really think through that this is only for made for tech companies or dining. There is a buyer for every profitable asset out there. There is a buyer for it. If it is a profitable and can become even more profitable going forward. This is the best time if you really want to sell it for profit. That's the best time to get your business valued and go out into this. But you need to ask yourself a lot of questions before you go into that. I think there are three components to any business and three components. I call the SAS principle SAS principle. The SAS principle is there is a strategic value. What is the strategic value in that in the business? It can be your team which you build because sometimes you have a fantastic team which is very difficult to get. That itself is a strategic value. If you have a certain amount of your contractor or something which works with you which has locked in your business. That's also a big value. Your supply chain, your vendors, anything which is very strategic to that business and you have done it better than anybody else. That creates a strategic value. It can be the great location which you're sitting on which might be useful for not for your current business, but can be useful for some other businesses which can do extremely well there. It can be some kind of other valuation which is there in your business model which gives you a strategic advantage. That's the first S and that's something to me is very important and very intangible value really comes out. The third is assets. You have machinery equipment or whatever that is there. It's easy to assess that stand part. And third is a subscriber with your consumer base. So how big is your consumer base and how loyal is going to be with your entire thing and what is a life of that consumer to buy from you. So these three are important. In some businesses we clearly find all three. In some businesses we find two and some businesses only one. And say you just have assets left out and there is no strategic value. There's no real logged in subscriber which would stay in that thing. If you're say a school and you have 50 kids but you're not still doing well because you need 200 to survive. But you have 50 people who are already committed to pay you for next five years, 10 years. The only thing you lack is like we are advising one of the schools which is a big residential schools. So what they lack is that they're not running on the optimum capacity level. And while the peak capacity because they're large infrastructure can make them super, super profitable. Why they cannot move from here to optimum to peak because they don't have cash. They don't have enough investment. This needs investment to come down to that. So these are good assets. These are good assets. Easily we can really find a good investor who can pull this up to this and then to take it to this. And the business can turn around and become extremely profitable. So one of the very important aspects for you is to really ask yourself where you are before you even talk about looking at an exit structure or exit planning. First, is your business model profitable and will it remain like that or it can further grow, which is a great situation. If it remains like that, which is very rare, either businesses go up or go down. If it is still going to be there or proportionately going to be there, it will mean that you will have a very small increase in your sales, but your inflation would also hit you. But the business largely margins would be retained over the time. Or you see a significant growth which can come in, which is the best situation to be or it can also decline. So say which means that your industrial business, you're currently running on a government order which is going to expire for next year and there are chances you might not get renewed. Now that business is on risk. There is a risk in the business and unless and until we have very strong backing and feedback that this would really renewed, this becomes a difficult. Or the businesses which are facing disruption where we know that they would be like technologies which are getting like these days auto OEMs are in big quick problem. Why they are in problem, especially in the two wheeler and the spaces because the electric is coming big time. Now if I am investing into OEM and buying into a company which is supplying to the conventional technology businesses and this large Kpex been deployed. Then I know that two to three years this market is going to significantly decline and the equipment or the assets which might not feel right. So you need to really see where your businesses and some businesses and there also you have an opportunity to act now, whatever you want to do that. But you need to really define what is the next three to five years. Second kind of businesses are what I call the survival businesses and this is where a lot of people get fatigued. They go to business, the business keeps running but it's not either growing, it's just stagnant while it can improve. In some cases if you put more capital or you bring in better management, if that is a question then it is still a great situation to be in because you are able to push that business. And if it is no, the answer is no that even if you put in more capital or better management is going to be there at the same level, then it is a stagnant business. It just has a small income, you need to discount that income and that's the only way we can find the exit on the businesses. These businesses we get sometimes advertising agencies which have some old clients which they are retaining and the business is not improving at all. In the last three, four, five years a balance sheet would say the same kind of a numbers versus rather there is now because of print going down that this whole advertising agencies, a large part of the businesses were through their print and other media houses and not so much for digital and digital is picking up big time. So I see a future which is not so great for this advertising agencies unless and it will be significantly change their positioning and start doing some other mediums. Now the third is if the business is failing now and failing also if the business is not profitable, it's non-performing and then we need to early ask is there a sense of revival. If yes, what is a timeframe for this revival, what it takes for that revival and this is what are very, very important three questions. You need to assess yourself and your business where you are and depending on that, we have to create a strategy. We have to create a strategy that how do we plan your exit and also we need to really see what is your minimum ask, where are you at this stage, especially for the second and third one because on one side you are just stagnant and one side you're just losing. Losing you want to really stop loss it, you want to really cut your losses at this stage and you want for a certain amount of price, but for profit you can still really stay strong on your ask because you want to really get money and higher profitability and reach there. So that's the three areas which are important and also on that we assess what is your ask, what is the minimum structure you're looking at. Then we also go further in terms of understanding a few other things which are very important, timelines. What is the timeline you need to do that rather in my resale team, I define this into three colors and we say blue which is profitable and then we have red which are non profitable businesses and then there was yellow. What we used to do is that these are businesses which for some reason have urgency to sell because there is something which is there which would change if next three to four months they don't do either they would be erosion of their valuation or they would have to go out and put in the business into liquidation. Like for example, you're running a restaurant and you're losing money, one lakh rupee every month. Now, choice is that you can try for next four or five months, but if you're not doing that you would have another six lakh rupees gone into what I call as a bad investment. So you have to make a choice, you might be better off today to take a lower valuation case and give this business right away rather than waiting for six months and for reasons you don't get buyer after six months or one year at the right structure or you will have even more loss gone and that is like your good money following a bad money and that cycle you have to break. So sometimes the sellers we go and advise that you don't wait for more, put a timeline to it, put 60 days to it and 60 days find a buyer and find an exit. So that's also a quite a bit work, so which means that you need to understand time, but if you're a profitable and you can improve your sales then you advise the client and say, let's go on a full planning. We go on a full planning cycle, let's do a six months to one year cycle but continue to improve our sales cycle so that we are able to get our better valuation. That's on how can second point is that how you can improve your overall performance. If there is some way the performance can be improved and this can be done on a short period which is one quarter to two quarter, that always is advisable. And it also gives us a time to clean up a lot of books and a lot of clean up on the whole structure of the and it makes it more presentable as an asset to do that. Third is possibility, one of the reasons which I have found businesses find it hard and one of the businesses and negotiating currently is stuck on how the business would be transferred because it's too much dependent on the business owner and if he goes out of the ways or start losing interest while he's committing himself that I will be part of it for next six months but the buyer is still doubtful that the business would start declining as in I think we've seen this happening many, many times. There is a good acquisition which happened by a very large company of Intellectual Property Business in Nidali and this company Large Melting National acquired but this man personally had all the contacts and three year they signed off a non-compete, a business is a recover, the team was more loyal to the original buyer and they kept floating and as the period of three years was done, the seller again started a new company and brought the entire team back. Now that's something which is a big hit for this bigger company because they didn't forecast this can happen but this is exactly what happens if you are not ready for transferability and really able to see how you are able to transfer the business and there is no further compete or a competition really coming out of the seller. Is a strategic or a financial buyer you need to also very clearly know that who's your buyer would profile. If the business needs some form of turnaround or need more something more than capital then it has to be strategic and if it is performing and it can go just by financial input then you need a good financial buyer on this. You need to also then start working towards what I call creating your information memorandum to put the kind of a docket for evaluation and also start working on what I call selecting your team which is going to work on this whole brokerage cycle which is maybe a business broker like a business sex or any other broker which you can choose. Sometimes people choose from industry because they are best to advise. Say for example you are in a sector like textile it would be best to go to a textile consultant because he is connected in the industry he knows who is there and if he has a certain amount of reputation he might be a good business broker in that space because he will be able to connect the dots and he would be able to do that. A lot of times there are some senior guys who participate after their professional employment they are people in the boards of the companies they are also taking these assignments of advising companies because they are very well connected and their professional journey give them opportunity to open up doors so they are also doing that but you also have to have somebody strong in your tax and the legal advice because both are also extremely important. Now let's understand the six ways you can really find yourself an exit. If the business is not at all doing well and apart from the asset you don't have any strategic or subscriber value then I would say liquidation and this also should not be delayed. Sometimes people delay the liquidation and they prolong it and that also really adds up into your losses cycle you need to really at a certain stage if you don't see that this is going to be anyway improving for the next couple of months just from emotional or social pressure or other things if you continue to drag that it would create more losses for you you need to really decide and start liquidating and liquidating as early as you decide if the business is it is much better because you will be able to sell your assets much easier but you need to also see carefully where your other obligations are. Are you locked in on a property because sometimes you are not able to liquidate say you are in a retail kind of business and you locked in for three years but in the six months in the business you decided that business is never going to make money but now you locked in for three years. Best is no one negotiate with the real estate or the property owner negotiate hard with him and anyway knows that you are not going to continue the business for that long but just don't prolong that situation. If you prolong that situation you are going to lose that thing. And also if you are a franchisee sometimes franchisees do this they find liquidation as a better way of doing it because they don't own the brand you need to really think the franchise contracts. The franchise contract might be locked in and you might have future liabilities to pay on the royalties and so on so that also if you need help we can advise you on what is your potential liability coming in is it allowed for you to really go out in the business. Second which is becoming more interesting now and this is the area which I am encouraging a lot of companies is conversion or mergers. So it's a very good opportunity if you are doing something which you feel you can merge with another identity at a company so like there is a tomorrow I'm doing a webinar with one of the times of India group companies where we are looking to convert existing sometimes non-performing salons to a feminine flaunt of theirs. So they have a feminine flaunt sometimes businesses struggle because they don't have a brand and they don't have capability to run so they are converting those businesses. So these are good opportunities today is find out who's there who can either like to merge with you so it would improve their business so to say and it can be backward forward and overall mergers can be happen and also conversion. Sometimes it also can be also help you to not cash out but swap your equity. A lot of first software these technology companies do that all the time all the news you hear whether this company bought over like these days Edutek every day we hear a news that somebody bought at a certain amount of valuation is actually the big buyer which is the big company say an academy is already had a certain amount of value he values this smaller startup at a certain level and they do the equity swap and the business would be done and most of the time the founder of this smaller company would be on an executive role in the company and when the big company goes for an IPO then this would find an exit so it is a little prolonged exit but it is a great thing to do because rather than sitting on a isolated value you are part of a larger piece and your value remains intact or rather it has an opportunity to grow the equity. I like these kind of deals quite a bit because these deals are great today and it actually gets rather than this small company trying to compete with the big boys so if you are in a space where there is somebody who's already become large go and approach actively offer this proposition these are great deals it in turn helps the bigger companies or bigger organizations to get bigger valuation because they are having a bigger play and there is a future for your equity growth and eventually exit through an IPO so that's point number two the point number three is sell to insider sometimes you don't have to look at outsider you need to go to an insider it can be your employee it can be somebody who you know who knows your business well and he's around your business they are one of the people who are best to really do that especially businesses which are has certain amount of operational capability required it is best to look at insider to come in one of the businesses I invested was a South Indian food chain and in 2007-08 I really approached all my managers because there was smaller outlets it was run on you know it was brand called Dosa Plaza and we had about eight outlets in Delhi and one outlet in Karnal and places like that so I called all the managers and say if you want to buy that business and some of them actually came up and said we'll give you money installments but we will run that business and those businesses and those outlets are still running successfully because they were operators they were in the business they knew what was going on and it was much easier for them to really take over the business and you need to also see if you want to sell it to a pure plain investor again I have explained it can be strategic if somebody needs to come and turn around the business needs to have more than capital and that's the strategic value and second is the pure play of financial and if you are a reasonably sized company then you can go IPO these days there is an IPO and exchange for SME also relatively easy to get in and after two years and serving on that exchange you can move to the main board and that is a good opportunity a lot of people are doing that they go on a small exchange continue to perform in the business and then take it on the main board so this is what I wanted to share today I think we are running close to half an hour this is a half an hour session so you need to really see where your business is on the business you need to ask a few questions about timelines what you are looking at and what stage you are in and then subsequently go and decide what is best for you to choose what type of exit you would like to do that the least is your liquidation because that's the least value you will get only sell the assets and close the business and everything else is going to give you a higher much higher value but you need to also see who would you qualify as to be your advisor who is your broker advisor who would come in what is your fair value and also carefully see your tax and structuring what kind of structuring is required for your business so this was a session on exit if you have any questions for me Sonali I can answer that sure sir so first of all thank you so much for another wonderful session Gaurav sir we do have quite a few questions lined up with us the first question I would like to take up what is the counterbalance to business fatigue can you elaborate is it something to do with the person the situation passion lost or something else you carry multiple things in that it can be business fatigue happens largely because you are not excited enough to really do that and especially if business needs to go again uphill so it just loses that excitement when you build something new out of the ground you are very excited and businesses have cycles something which would be very exciting at a particular level I was reading some article that Nanda which is the owner of a Scott his son actually turn around a Scott's but I know how difficult it is with these are large businesses you need to come with a phenomenal amount of and I have seen other businesses there are many other industries businesses which if you see fatigue there were great assets but nobody had in the family energy to really pull this up again and that happens and if that already started triggering in your business then there are signals that you would not be able to control it and continue to go decline and so sometimes we don't really appreciate because we are in the mindset still income business but you don't understand the value is going down and if the value is going down that's not a good situation that's not the best way to run business so you need to really find the fire and do it and put energy into something which you really want to do and that's where the real value comes in I today in the morning I had a call with young guys who started a business in 2017 and they built the first India's first crypto exchange took the business on 250 million exchange was happening at that time and then government came to the guideline that you cannot not allowed to do it so they just pulled off and moved into nothing and now they'll come back another fintech product which they raised again around them so I can see these guys are good they're smart they know when to get in when to get out they don't really get too emotional about it and then go out and use their skills and something else and this is a generation we are in and if you don't appreciate this generation this is what everybody has to do there is no other way you can run these businesses and even the classic businesses like reliance and things that I look at the last two years of investment commitments all guys going into new age businesses and so they are not shying away even companies like reliance sold their equity in their petroleum business significant part of it they sold their equity in their petroleum retail business so they're selling everywhere so they know that some businesses they would not be seen or not be far that after say 5, 6 years you don't see reliance in petroleum so they might be in a new energy businesses and new new businesses and they might give it to old conventional companies like British petroleum and things of that nature so they might run that but they are not going to go so it's a it's a very clear conscious call about how you want to really do that it's fatigue it's sometime fatigue which happens it's not only small businesses it happens in big businesses also yeah absolutely sir the next question we have is I'm trying to sell my business of corrugated boxes manufacturing from quite some time now but do not know where to find potential buyers other than just word of mouth can you guide me how to go about it? this is a space which is hot today one of the vendors capital raised company which is in same space 180 crores from McKinsey infrastructure I think so no Morgan Stanley infrastructure so they invested into 180 crores into similar kind of a packaging this sector is on demand it's obvious reasons clearly impacted with delivery packaging all that is is a growth site so I would like to understand where your business is and if I can advise on that you can reach me so I can really see I mean if it is too small then it's talent sometimes because you don't have quantum and or you don't have that kind of it needs a lot of upgradation in machinery and things of that nature but if there is something which we can understand better then we will be more than happy to advise sure sir the next question we have is what is the best exit strategy to put in your pitch deck while trying to raise funds from investors demonstrate your future that's very very clear ease of takeover that the business is ready you can just take over the business very clearly to me these are two significant points if you'd go anything around that just talk about yourself what you did that buyer is not interested in you absolutely because you're exiting so there is no no value rather it is counterproductive they want to really see business five years from now can be super super performing and it is very easy to take over that something which you can deliver in as sharp as three four five slides that's it nobody wants to know anything outside after that is a DD process you know you need to go deeper into the numbers and these and that but when you are doing pitch don't go and and talk about anything else show the future you know you take we buying something at X it has a five X value for you sitting out there that's that's what people want to know and if that is not there then also be straightforward and come with a very clear situation what it is and if it is a turn on story then also you can say this need this much of capital and the business would go there and and and clearly see the possibility in small businesses is very big big issue you know and most disputes happen when people trying to get in the business and the older seller is not trying to get out and there are issues going on or settlement doesn't happen and that's that's quite a quite a bit of a problem you need to be absolutely clean as a company and sometimes that's why companies don't buy it you know because they don't buy companies they buy assets in a fresh company and because they don't want to take a legacy of older businesses you don't know what they are carrying and the finance and something lose finance on the company or something is there so that all is quite a bit of a challenge yeah right the next question we have is would someone be interested in buying a business if it's already incurring losses but does have a potential to do better in the right hands how is it possible for me to convince them about this yeah so it is you know every asset has a value every business has a value I always say that you need to really have that very strong you know clear conviction in terms of you know how you present it you know if and that has to be back with solid data it just not say because I was not able to put money in marketing and if I put money in marketing and these are the answers I get normally I say why are you losing money because I'm not marketed now that's not going to be answer right this is this is very hypothetical situation then and and you need to show demonstrate and if that is also case you that you not enough marketing then do the marketing for two months show the results that how that spike came up and you're doing better than what you were supposed to do earlier but these are all very important aspects of of how you really present and and these are very again the starting point what I said where are you I mean you are if you're looking for an exit plan it well planned exits are the best and small businesses don't get to opportunist approach unless you are in a very very sunshine category like these days edutek fintech all these technology based business where they are opportunist you know because somebody would just currently don't want to wait for time and you have some innovation I just pick you up and and do that so that happens only largely in technology spaces or where you are entry barrier but do not happen in any other space right another question we have is how to trust the business situation that the seller is showcasing is there any way of knowing that he is not lying about his business and financials involved so that you can do a very deep DD on that and use some good experts which can go into depth of the businesses and and and that should not be no nothing really is should which shy away to ask and review from banking statements to and there are some times difficult issues come in and somebody would say you know I used to take some cash in the business I I had some my own monies I used to take and I used to withdraw and this and that these answers I I discount and honestly I'm representing the investor I would say if you've taken that money it's already with you so don't put in the balance sheet we will only go balance sheet and and people have to expect balance sheets now you know you cannot have these discussions which are not demonstrated so anything which is on a balance sheet has to be true there is not so much of and I think you need to see the entries how they have been reflected I can understand you want to do some some financial adjustments to better that's okay that also very little provisions available now but if you still able to do it that's okay if that intelligently you can mind but no nothing which is not on the balance sheet is not discussed right and a follow-up question on that is do you also assist in legal documentation or due diligence by buying or selling of businesses yeah we do that we obviously assist that but we also advise you never use one reference point you can use another reference point say if you engaging us as a as a broken team then maybe hire a legal firm do that it's not that we cannot do it but it's not bad it it just helps because now I'm on this position I would not like to just be there to sell my services and that's not the objective of this webinars objective is to give you fair knowledge it's always good to have two people on the entire thing because they bring collective mind and collective responsibility and they are both specialized deal making is very different to legal assessments and tax assessment is even very different and that you anywhere would have your CPA who would tell you if you're getting this cash what is going to be how it has been retreated and what kind of tax implications can come in right sir so with this I'll just wrap up the Q&A session and finally we have a lot of requests from people who want to know more about us assisting them towards exiting their business and who want to get in touch with you regarding the same yeah sure so you can all get in touch with me I'm available at gm at goromaria.com while Sonali leads the the discussions reach out to her if you have any requirement on selling buying or valuing your business we will be more than happy to assist you in any of these things sure sir so with this we'll just wrap up our session thank you so much once again Gaurav sir for another wonderful and insightful session and for very patiently answering all our questions like always anything you would like to say in the thank you I think this is our initiative for for business X to really address the small business space you know and I'll be honest our objective is that because we sometimes in the noise we don't really talk about the biggest community in India which is small businesses and Frenchers in the group business X all our group companies are dedicated towards only the small business in small when I say it's anything from a few crores to say 250-300 crore kind of a bracket businesses I personally feel that they're the most impacted in this whole period and the least being talked about by anybody and this is my frustration also because this is what largest community in this country is and the biggest job creator and things of that nature but nobody is really talking so we need to really make more and more initiatives to help the community to understand what they can do with their businesses either value scale exit invest also invest also is a great opportunity in this sector and I'm trying to do and thank you very much if you have any questions please reach out to me thank you thank you so much once again and thank you to all our attendees we really hope we were able to add some value to your lives through this session and we'll see you next time in our next session at 3 o'clock next Saturday thank you so much


Hi, my name is Sina. I'm Lori. Hi, I'm Chantal Warner. I'm P.J. Alfred. I'm Albrecht Glassi. I'm Dr. Chisel. Hi, I'm Wojtek. I've just finished my class. I was teaching. Hi, who are you and what are you up to right now? I'm Peter Ecke and I'm going to my office. Hello. Who are you? My name is Jan. I'm a PhD candidate in the Transcultural Institute. I'm Mary Wildermasset and my general field is applied linguistics. Oh, hi Janice. Can you tell us who you are and what you're doing? I'm Janice McGregor. I'm a professor here in German studies and I'm about to go teach. I forgot something in my office so I'm going to get it and then I'm going to go teach German 303. Hi there, who are you? I'm David Gramley. I'm sorry I didn't clean up my office before you might have to say hello. Well, what are you working on? I haven't decided yet. Who are you and what are you doing right now? Good morning. My name is Hattis from the Facebook. I'm a second year master's student and I'm currently sending out emails for coordination meetings and preparing for my class that I'm teaching later on today. Yeah, study for my comprehensive exams because we are coming up in three weeks. Perfect. Well, we wish you the best. Thank you. Hi, who are you and what are you doing right now? I'm a first year PhD student in German. And what are you doing with what looks like toys? Okay, we're trying to plan for tomorrow's class and see how best we can make the class communicative and lively for the students. Hello, who are you and what are you working on? My name is Barbara Costa and I am right now preparing my my film class, which I'm teaching this afternoon. And you're also the department head, right? I'm also the department head.  I think that's a good exercise. What's happening here? We're discussing lesson planning for German 101. Hello, who are you? Hi, I'm Taylor Jacobs. I'm one of the professors here and right now I'm filming for this video. Hi, who are you and what are you doing right now? I'm Kira. I'm a grad student in the German department. And right now I'm planning my lesson for today for my 201 class. And you? And I'm Thomas. Hello. How are you doing? I'm doing well. What are you doing right now? It's good. I'm grading right now some assignments that some of my wonderful students have submitted. Right now I'm working on a new book for Routledge and that will deal with trails, tracks, on tracking in medieval literature. So right now I'm writing my first major chapter on Beowulf. Okay, so I'm walking on my thesis. So I'm writing my thesis. I'm in my third semester and I decided to take a thesis project this semester. Perfect. Right now I'm up to drinking the rest of a cup of coffee. At the moment I am running off to a community meeting and then I'll be meeting with graduate students later and I hope to meet you.


Your spirit desires get up and pray, get up and pray. The flesh, just a few more minutes of sleep. The spirit desires the word, the flesh desires entertainment and distraction. And so we are left to make the decision. Do we go after what the spirit desires or do we allow the flesh to convince us to not do that which the spirit desires? The Holy Spirit will give you the desire, but it's up to you to make the decision.


Bonjour tout le monde. I just wrapped up my participation in the Leaders' Meeting of the Asia Pacific Economic Cooperation Forum here in Bangkok. This was an opportunity to connect with other leaders from governments and businesses from around the world. It was important for Canada to be here, to deepen our trade ties in this region, which is a major part of our upcoming Indo-Pacific strategy. More trade, more market access, means more good jobs for Canadians and a stronger middle class. Just like we did during the ASEAN and G20 summits, we continue to demonstrate that Canada is a reliable and stable country to do business with. We have a diverse and growing economy, we have a skilled workforce, and we have strong trading relationships around the world, including the CPTPP, which benefits many of our APEC partners for our Pacific nations. The Indo-Pacific is the fastest growing economic region in the world. This means a lot of potential for Canada, for our workers, for our entrepreneurs, and for the growth of the middle class. As Minister Hing said, we will launch a series of commercial missions here in the Indo-Pacific and we will increase the Canadian diplomatic presence in the region with more people working on the field, in our embassies and missions. This work will generate more opportunities for our exporters and innovators so that they can create jobs and prosperity for us. Indo-Pacific economies are growing faster than almost anywhere else on Earth, and with it, so grows their need for food, agriculture, and fisheries. Today, we're announcing that we'll establish our first ever agricultural office in the Indo-Pacific. Canadian farmers are proud to feed the world. This new office will make sure that our agricultural products, known for their quality, reach new markets and feed this region's growing population. The need for clean energy and green infrastructure is also growing at a rapid pace here in the Indo-Pacific. As the world moves towards net zero, there is enormous potential to grow our ties in the natural resources sector. Canada is stepping up to be the reliable energy and technology supplier that a net zero world will need. For example, in just the last year, we've gone from fifth in the world to second in the world when it comes to the battery supply chain. To keep us moving forward, we're investing in our natural resource trade ties with Indo-Pacific partners. We'll boost our exports of critical minerals and hydrogen and we'll share our clean tech expertise. By meeting the demand for clean energy here in the Indo-Pacific, we're seizing opportunities for our workers and businesses at home to create more good middle-class jobs and economic growth. From economic and energy security in the Indo-Pacific to peace and security, today we witnessed yet another reckless ballistic missile test from North Korea that has landed off the shores of Japan. This is completely unacceptable and must not continue. This afternoon, I had a meeting with Vice President Harris and the Prime Ministers of Japan, South Korea, New Zealand, and Australia. We're committed to promoting peace, stability, and the rules-based order in the North Pacific and across the region. All global partners have a role to play. The Canadian Armed Forces are already working side-by-side with defence partners through, for example, the UN Neon, which helps enforce UN sanctions against North Korea. In our upcoming Indo-Pacific strategy, you'll see that we'll be making new investments to enhance the Canadian Armed Forces' engagement in the region. This will support our allies, Japan and South Korea, and all of us in the Pacific. In an uncertain world, this was an important week for Canada's economic interests and for many other issues that matter to people. At the ASEAN Summit, we announced that we'll elevate Canada's relationship with ASEAN to a strategic partnership. This is a strong demonstration of our engagement in the region and is part of our plan to expand and deepen our economic ties. What this means is that countries here with major populations and economies will increasingly look to Canada for business and investment partnerships. At the G20, where the world's biggest economies gathered, I again strongly condemned Russia's brutal invasion of Ukraine. We announced another round of military aid for Ukrainians. In my many conversations with world leaders, I discussed priorities like defending human rights in the Indo-Pacific and other parts of the world, such as Iran. We also announced new investments to fight climate change and build sustainable infrastructure, for example, to help countries get off coal power and transition to clean energy. During all these summits, including here at APEC, we focused on building partnerships that create good jobs for Canadian workers and more opportunities for businesses. Canada and the Indo-Pacific share strong ties between our peoples, and we'll keep working to make sure these ties get even stronger. Canada is a reliable, engaged, and long-term partner in the region ready to invest for a better future for everyone. While we are here in the Indo-Pacific to create jobs and opportunities for Canadians, we also pursue our work in Canada to help people who are most affected by the cost of their lives. Our government will help eligible parents to pay their children's dental care with up to $650 a year for two years. The bill has now been adopted, and the demands will begin to be taken from December 1. And in the context of our comprehensive plan to make a more affordable housing, we will also provide an additional $500 to those who have difficulty paying their rent. I want to end by talking about what we're doing right now to help Canadian families pay the bills and support their families. Our government's legislation to help parents pay dental expenses for their kids with up to $650 in support per year for two years has passed through all stages in Parliament. Applications for the benefit are starting December 1. Through this same legislation, our government is also delivering payments of an extra $500 for people who are struggling with the cost of rent. This is part of our plan to make life more affordable for Canadians. We've already doubled the GST credit for six months and enhanced the Canada workers benefit. We'll continue being there for people who need it the most. Across the country, childcare is becoming more affordable. For example, last year we announced an agreement to make childcare more affordable for parents in Nunavut with $10 a day childcare by 2024. Today we have some very good news. We're way ahead of schedule as $10 a day licensed childcare in Nunavut will be a reality as of December 1 in just a few weeks. And families right across the country are already feeling the impact of childcare fees cut in half this year. We're delivering real results for families and workers, and we'll continue to be there for all Canadians. Tonight, I'm going to visit Tunisia to the top of the Francophonie, where we will meet the French countries of the world to address the big issues ahead of us. Canada will be a strong voice for democracy and the rights of the people, and of course for the promotion of the French language. In addition, we will continue the work that we do here on the economic plan. In each of our conversations, we identify new opportunities to create jobs, and to increase trade in the profits of our companies and our Canadian workers.


Hello. All right. Let's get started. This is TechDepth for Product Managers. My name is Jason. I've been a technical product manager for almost 10 years at companies like Facebook, Square, and Flatiron Health, along with a short term with the federal government as part of the U.S. Digital Service. Having started my career initially as a software engineer, I've gravitated towards more technical work, like building foundational platform products or scaling product infrastructure. And so in working in these areas, building platforms, scaling infrastructure, I've been pretty close to many conversations around TechDepth tradeoffs, when to take it on, when to defer it. So that's the topic I'd love to talk to you all today about managing technical debt. I'm sure most of you who've been involved in software have already dealt with technical debt, but let's define it. It's a financial metaphor coined by Ward Cunningham, the author of the Agile Manifesto, to describe the code quality cost of shipping software quickly and those growing costs over time when it's not repaid. You can see here with the quote. Shipping first time code is like going into debt. A little bit of debt speeds development so long as it's paid back properly with refactoring. A danger occurs when debt is not repaid. Entire engineering organizations can be brought to a standstill. So actually in software, some technical debt is good. At Facebook, they used to say done is better than perfect. However, when you start to accrue too much debt, then your organization may eventually find it harder and harder just to stay afloat. And so obviously it's a balance. If your engineer is over engineer everything and optimize everything too soon ahead of time. It'll take too long to ship. You won't get to market in time and what you need to have built may have already changed by the time you ship it. If your engineers take too many shortcuts it becomes too hard to ship something solid and reliable to the customers. You can see this XKCD comic. There's no such thing as perfect code. You as a product manager want to make sure you know how to manage technical debt. Own it like you own any other feature of your product. But you might say, I'm not an engineer. Well, it doesn't matter. There are three tech debt management principles you should understand as a responsible product manager. First, foster safe spaces to discuss technical debt. To make tech debt visible to the business. And three, create tech debt feedback loops to adapt. Foster safe places to discuss technical debt. This might be the most important one. Basically it comes down to, can your team have candid trade off conversations about your technical debt. You need to establish trust with your whole team that you could talk about code quality, if there's something that needs to be addressed. If you don't have that trust and willingness to talk about that, you need to fix that. Establish there's no shame in tech debt. You want to keep reminding them that there's good and bad tech debt. So there shouldn't be any pressure to hide it. Again, not all tech debt is bad. If you have no tech debt, you're likely not actually building fast enough. In fact, tech debt can be framed as an opportunity to tackle interesting technical challenges to help a product become more reliable for customers and users in the end. Let your team know that they should feel free to raise any technical debt. They feel that might need to be addressed. Here you can see one example where Amazon found that improving the performance actually increased sales. And Google found that improving the page generation time affected traffic. And so there's real user benefits and impacts in the end to tech debt. So how do you do this? Well, when you're talking about your work, when it comes up, you want to make sure tech debt's part of every question, every conversation. Ask the right questions to help prioritize and make the right trade offs with your team. So first, ask questions about impact. What happens if we take this shortcut? What if we don't fix why immediately? Understand how doing these things impacts the end users, and in which cases, or in some cases, you know, how does it impact your developers? How much time will it take? How frustrating? Try to understand the severity. How likely will this happen? How long will it happen? Try to translate it to potential business loss, or maybe engineering days spent on working around it until it's repaired. Also try to figure out the timing of this. When will we see that impact? What happens if we defer the repair? Some issues develop faster than others, and others are much longer term risk. We'll see if the impact gets bigger every day, it's not repaired, or if it's basically the same effort and same impact as long as you repair it before it eventually materializes. And lastly, obviously, what's the effort and risk to fix this? Particularly with very complex legacy systems, what other dependencies are there that you might need to change with this investment? Usually there's a cascading set of dependencies, particularly if it's a very legacy, Harry Monolith might be quite risky. You might have to coordinate across teams. The areas that help you prioritize are going to be questions like, is this area of code going to be touched a lot? Might justify fixing and boning it up and making it higher quality sooner? Or is it going to be decommissioned or refactored soon? Is it basically in maintenance mode? These are things that maybe you could hold off and wait a little bit longer. Hopefully just make sure you're asking the right questions, make sure you're willing to talk about tech debt and every conversation. And you want to make sure you fully understand the issues and implications of not resolving it now or in the near future so you could collectively make a smart decision about that prioritization. In some cases, the decision might not be straightforward and involves risk management practices, but you need to understand as well as possible the risk you're taking with each decision and decide accordingly. Lastly, part of this in the end is you've got to trust your engineers. I mean, they're answering the questions as best they can. They're not trying to trick you. In my experience, most engineers actually don't want to work on too much tech debt in an excessive amount. Most of the time they're actually raising it for really good reasons, not necessarily just personal grief. But sometimes, and you can ask about this, it could be organizational or things that not only slow and affect them, but multiple people, multiple teams. Again, try to ask about the end user impact. And once you arrive at a decision, make sure you actually allocate that time and space to invest in these areas you determine are worth it against other product trade-offs. And if you've articulated your product vision well with your team, you've done a good job making sure your engineers understand the business domain that they're working in. Then collectively, you're going to make the best decisions together. Good pragmatic engineers understand there's always a trade-off between speed and quality with every decision here with taking on tech debt sooner or later. Not only will it make your product better in the end, but you also build this strength and trust between you and your important partners. And if nothing else, it'll make it easier for you to say no at other times when you're not quite convinced that the issue is worth immediately resolving that. In the end, you want to work for a really strong engineering organization if you're shipping any kind of software product. So two, make tech debt visible to the business. So now if you're having good conversations with the team, you want to make sure this tech debt that you're working on is visible to the rest of the business. Organizationally, it's going to be harder to work on invisible work that no one understands and sees. So doing this will help you manage your stakeholders, your partners, upwards, downwards, across the organization. In many cases, you're going to need to work with multiple teams. So this comes down to, can you show how bad or not bad your tech debt is, at least at a high level? And so just like with other products, try to find some good KPIs. Ideally, tie them to product outcomes. Here's some examples, some are better than others. Like what are the user bounce rates depending on your problem? How does this affect your net promoter score, your customer satisfaction score? What are the medium page load times or app crash rates? Maybe you could correlate those with your promoter scores or customer satisfaction scores. If you go down to more than nitty gritty, what's your release failure rate? Is every other release you're pushing out failing? How many bugs are escaping? Or overall, what's your availability and uptime? There's a lot of different KPIs that you can measure. I believe closer to the end user, the better to illustrate the outcomes until a good story. If your product has specific customer service level agreements, SLAs, those are great. Even better. Sometimes if you're going upstream against a culture that doesn't particularly value the importance of managing technical debt, as a product manager, you could prioritize these feature related work dependent on the elimination of some technical debt. It's like just one tactic. So some examples. Here's a dashboard we've used for engineering metrics on our build and test pipeline. Our process. This is great for a team's execution, showing the types of errors, whether there's things that spike and cause particular problems that slow and frustrate your process. And it's good for your team's execution, but it could be more compelling to tell a narrative across the business if you talk about the end users. So another example. Here's a chart of the number of high severity incidents broken out by reports from customers. And so you can see the percentage of incidents escalated by customers first. And then over time, if you invest in this, you can see the number of incidents decrease. So that's a great story to tell. And the better you can try to correlate these improvements with customer satisfaction scores or other measures of how well your customers enjoy your product. And so here's an example trend in user performance comments versus customer satisfaction scores and you can see that more people are rating the application, the top scores of four or five. The number of performance comments are decreasing. And so that implies some correlation with the performance of your application with how satisfied these customers are for your product in the end. And so that again is a really compelling narrative of why you're spending so many engineering weeks on technical debt that's not just try to make your developers lives easier. But again, it's also making your end users, your customers more satisfied, happier, it's going to be a better product in the end too. And if you could raise that makes it easier. And just like every other product as a product manager, much of your job is just marketing the projects that you're working on. Be an advocate for these impactful tech debt projects. It's oftentimes not as easy for higher level stakeholders to understand tech debt projects, as it is to direct customer impacting features. So we need to be especially vigilant and making sure people understand the impact of these projects so one proposed projects with clear impact to these end users to define what would happen without this investment.  Three discuss what these projects enable sometimes sometimes it's not necessarily addressing a problem but enabling future features making it easier. Even with things like test coverage. Sometimes you want to add test coverage it's better to front load it ahead of time and that could speed up the development. It's easier for your engineers to validate that a new feature that they're developing works properly, it shortens that feedback cycle for them, you can accelerate your product velocity. There's a lot of things that you want to make sure people really understand why you're doing what you're doing. So I'll make it easier for you to work on on that debt. Three. Now that you have buy in and then how do you actually execute on the right amount of tech debt. You want to create regular feedback loops to adapt as your product matures. So this comes down to do you have a regular process to identify the needs to address more or less technical debt over time. And then, early on, you may actually want to defer a lot of optimizations to get the product out the door. Since, in the beginning you may not even know you're building the right things that's not worth investing so much you might have to throw it all out, eventually. But as the product matures, you might want to adjust tech debt for it gets too large, depending on how much the tech debt has grown, you may need to eventually take larger measures so take a look at this craft. Your tech debt might be small and if you stay on top of it, you might have to just do a little bit of minor refactoring here and there every time you touch it. But as you build on it over time it might become harder to address you might need to do larger migrations or transformations to the code that takes more time. And if you wait really, really long, especially with big hairbally kluji legacy monoliths of code things that are just big balls of hard to understand chunks, not well isolated patterns and code boundaries. You might need to eventually just replace the whole thing entirely it's going to be easier than trying to decipher and unantangle the mess that you've created for yourself, this ball of spaghetti code that will be too hard to pull apart, and then you might just have to rebuild and refactor and there's many stories of companies that have eventually just died because they spent so much time rebuilding everything from scratch, and so you don't want to be in that place. Basically you want to stay ahead and address tech debt at the right time, but no sooner just the right amount of tech debt at any given moment. So how you want to track this tech debt with your other work. You want to track that epic or so just like any other feature, manage it regularly and your sprint grooming and planning with other work. Align with your team on the allocation for space for tech debt, make sure they understand that there's amount of bandwidth that should be allocated to keeping on top of things. Adding test coverage, doing things that will make your code quality better and make your delivery more reliable. And three plant reasonable workloads for sprints and includes slack. This is something that I believe in because slack is good for when features inevitably take longer than expected. We all know that software estimation is impossible. Most of the time, people don't estimate perfectly. And so slack is good when these features and only take longer than expected, but it's also good when sometimes features are finished faster. And then your team can use that slack time for a little bit more refactoring, cleaning up test coverage, other things like that, make it a culture and make it a habit for your team. So hopefully you're having these conversations when you're discussing and playing this work, try to identify bad code smells and track these hidden costs that you eventually need to tackle. So here's some examples of smells to identify when there might need to be a little bit more time to address some of your tech debt and some tactics to address it. So the first one, this is just an experiment for now, no need to make it bulletproof, no need to optimize it too much. And sometimes that's the right decision. But you want to roughly understand what's the cost to production is it eventually tactically, you can try to add a jury ticket into some future sprint ahead of time, knowing that you're going to have to get to it eventually. And sometimes teams fall in the habit of indefinitely deferring tech debt and they just eventually forget about this invisible work. Engineers might add to do comments in their code that eventually get lost and forgotten track that added your ticket placeholder ahead of time. So this is better for your experiments your AB tests your feature flags, you can have a productionizing playbook. When things get productionized and features get rolled out to 100% have a process of what you need to do to clean that up. Second one here. This is just one client, we can hard code this for now, maybe this is something even you've told your engineers yourself. So if you want to think about opportunistic refactoring, consider the boy scout rule. If an engineer is touching the same area a lot, leave the code in a better place than they found it. Or another variation, basically you can have a rule that if you touch a high risk legacy area X number of times, maybe two or three times. And so you won't defer it indefinitely. The areas that you're touching most often, and the areas that are most valuable for you to bone up and make solid.  Naturally it also means maybe there's a high risk legacy area it's never touched. Well, you don't actually necessarily need to spend that much time refactoring it. Third, you've probably heard this only someone is able to work on that code. And that's a pretty bad smell. You could end up in a bad place you have very low bus factor if that person gets hit by a bus, then you're in a pretty bad place. So hopefully you already have processes like code reviews where people are reviewing each other's code, not only helps with code quality but helps people get familiar with different areas of the code. And so that'll help with your bus factor help more people feel comfortable working on the area code. If you have more drastic measures, you can do pair programming or mob programming. This is when multiple engineers work on the same story and program it together. This will also improve your bus factor familiarity, make your code quality better. So when that one poor burned out engineer eventually leaves, you're not completely handicapped, and usually going to be in a better place your team will thank you, and you'll thank you. So, lastly, regularly reflect on the amount of tech debt allocation, you have these loops, make sure you have times to reassess. So the shortest time span have regular sprint retros. While I'm not a big believer in tracking exact sprint velocity points and seeing if it's going up or down any given sprint. I do think it's really healthy to ask open ended questions about productivity and retros. Are there investments to make our team more productive. Are there areas of the code that are constantly biting us. Are there really particularly frustrating areas that the team have felt in working on their features on a regular basis. And if so, what are things that the team can do sometimes they can be small little things like adding coverage, adding documentation, things like that, that can make your team overall more productive and happier. A two, when you do eventually have an incident, and every good product does have post mortems have the time and space to reflect, not only on how to fix the root cause, but how to risk, how to reduce the risk of future bugs. Particularly, if there's patterns and incidents that might motivate larger investments that you may have deferred before. That's really good to dig into. Try to look up other post mortem techniques their techniques like the five wise where you ask why multiple times in a row to really get into the root cause the crux of the thing, the issue. They'll help you really identify what you need to do to prevent this in the future, not just the immediate issue, but other types of similar issues. Lastly, consider lockdown thresholds. For instance, if you have a certain number of incidents in a quarter that might indicate it's time for your team to work more on tech debt, then other more direct user facing features. In the end, incidents take a lot of time for your engineers, they're stressful, they're high urgency they cause a lot of context switching they make your engineers not very efficient. And so if you have a certain number of incidents, it's time to take a step back and say, hey, like we got to work on this, we got to make things more reliable and they'll make us faster in the future. Or if you have other SLA targets like performance thresholds availability uptime that can be a time for your team to work more on tech debt and indicate, let's pause and other things that we can and work on these issues for reliability address tech debt. Lastly, these are good times to review those fancy dashboards and KPIs that you hopefully made at this point. And that's it. So summary, there are three tech debt management principles. One, foster safe spaces to discuss tech debt. To make tech debt visible to the business. And three, create tech debt feedback loops to adapt. Basically, manage your tech debt as rigorously as you manage any other part of the product. Don't be the pointed haired boss in this Dilbert comic. When you have these good conversations with your team, everybody understands why you're working on the tech debt that working on and making the trade offs with the product that you should team will thank you. You'll thank you. They'll build that trust with them, and your product will be better off for it in the end. Thank you.


I can see it taunting me. Does that spin? Does it spin? I get dizzy on the carousel. Really? Yeah. I think my voice just cracked there. I was so shocked. Really? Why doesn't he do it so well? It's because he does it so well. He does it all the time. You have to be more assistant. So, Krega... My assistant? It's happened. Everyone says they want you on Spinovator. Are you ready? I think I see a two-year-old on there right now. Yeah, well, they got bigger guts than I do. Shout out to them. The game's person behind us is ruining the quality on this right now. Come play my game, please. I'm going to go give her your address. So, you're going to do this? It's not a choice at this point. Just don't tell people that. Say what you will, but it's not a choice. I've been on this in two years. Maybe I'll be the one that gets sick. That would be a twist. Maybe I'll be the one that gets sick. Anthony's going to film us on the ride. Right, Anthony? Thank you, Anthony. You're saying that, but in a couple of minutes you're going to be watching them throw up over there. If you throw up, should there be a punishment? Yeah, you have to wear it. Oh, that's the punishment. Touche, Touche. Okay, well, let's get them on this. Here we go. Okay. Worse than I thought, for me. Me comes squishing me.


Hello friends and welcome back to another Pokemon how to guide here on the channel. My name is Lee also known as Osiris and in today's guide, we're going to be looking at how to catch Calyrex in Pokemon Sword and Shield Crown Tundra DLC. So shortly after arriving in the Crown Tundra, you'll experience the Dynamax Adventures with Pyoni. And shortly after this, you will arrive in the main town of the Crown Tundra, which is Freesington. After arriving here, the town mayor will approach you, will introduce himself and talk to you about the King of the Bountiful Harvest, which is referring to Calyrex and just give you a little bit of information about that. Shortly after this, Pyoni will appear and ask you to join him in his hut. And this is where you'll find out about the Legendary Quests, where he gives you a bunch of legendary clues, giving you information and hints on how to capture these legendaries that are roaming the Crown Tundra area. He will also give you a Master Ball as well as the Crown Tundra Snowsuit, which are really nice items to get this early on in the game, especially that Master Ball. Now, the first quest starts with the Legendary Journey 1, which is all about Calyrex. He'll talk a little bit about this and then end the conversation saying that you're going to go on your Legendary Quest and it's time to start hunting. So the first thing to do when you're in Pyoni's hut is to go and grab the stone crown that is on the table. Now, Pyoni will argue with you saying that it's his pillow, but he will eventually give into you and let you take this crown away. The first thing to do from here is to go out to the statue in the Freesington Village and place the crown on top of the Calyrex statue. This will then trigger Calyrex to actually appear in the village. And then from there, you go on to battle it. So once you defeat Calyrex, it will then start a conversation with you. It will take over Pyoni's body in a very funny sequence that continues through this saga and then tell you about how it's disappointed because the people in the village somehow don't remember it and somehow think it's a fairy tale. So from there, you go and speak to the villagers in the village. The NPC characters are the ones outside that you need to speak to. Once you've spoken to three or four of those, it will give you the message saying that you have spoken to the villagers about Calyrex and that you can go and inform Calyrex of their opinions. So you go back to Calyrex at this point and inform them about what the villagers have said, where Calyrex will then lead on to a conversation about its steed and needing it back to gain its full power. So from here, you need to find out a little bit more information about the steed and this legendary horse and the one person that you need to speak to at this point is the mayor of the town, the village again.  He isn't there. You will need to exit Freesington on the south side and make your way on to Frost Point Field and head towards the giant's bed. Now, if you follow my directions here, you will eventually reach the mayor who will then tell you that obviously I do know about the steed, but let's go back to my house and we'll talk about it there. So once back at the mayor's house, you inform me a little bit about the steed and then point you in the direction of a lot of books. So these books are important. They have a lot of information about Calyrex and how to obtain the things that you need to complete this adventure. The one thing that you will need to look at is the hardy crops of the tundra. Now, in this book, you'll find out about two variants of carrot, the ice root carrot and the shadow root carrot that grow in the crown tundra. Now, the ice root carrot will be the carrot that you will choose to grow if you want Glastria and the shadow root will be the one if you want Spectria, but we'll get to this a little bit later on in the guide. So now you've got the information about the carrots. You need to go back and inform Calyrex about this. So once you've told Calyrex about this, it will say if you can find a seed, then it will be able to grow one in the crown tundra using its power. So the first thing to do is head over to this NPC character here and the Freesington village. He will offer you a carrot seed for eight dinite all. Now, if you've done the Dynamax adventures already, you should have a bunch of dinite all, which is a new or introducing the crown tundra from that little introduction and those battles there. Now, if you haven't got any dinite all at this point, what you can do is go and do Dynamax battles and do raid dens and you will be able to collect those items that way. Now, once you've got the seed, you need to go back to Calyrex, who will then inform you of two areas in the crown tundra that you'll be able to visit and plant these carrots. So if you want the ice type, Glastria, steed to fuse with Calyrex. Now, you've got to remember that these Pokemon fuse with Calyrex. So once you've chosen them, this is a bit like Urshifu in the Isle of Armour. You're going to get to choose one or the other right now. So it depends on which bed, which carrot you grow will be depending on which steed you will get. Now, if you want the ghost type steed, you will make your way to the giant's bed. And if you follow my directions here that we're going in game, you'll be able to find this bed. And once you're here, you can choose to plant your carrot seed here, which will then allow you to get spectiae later in the game. If you want the ice type, steed, you will need to make your way to Snorslide Slope. And then you will be able to find this bed where you can plant the carrot seed here. Now, within this guide, I am going to choose the ice type. So we are at Snorslide Slope and we will plant the carrot. Once you do this, Calyrex will appear and you will use these powers to grow the ice root carrot. Now, once you have taken it out of the ground, you will then see your steed appear. So in this case, it will be Glastriae. If you did the shadow root carrot, then it would be spectriae that would appear. So you've got your steed, it has appeared, but then it makes its way back to Freesington. So this is where you need to go and you will have to battle your chosen steed and save the village. So once you do this, the Calyrex then explains that obviously he doesn't have enough power to actually take back the steed. The next thing he needs is going to be the reins of unity. So this is the next thing in the Calyrex adventure. So to get the reins of unity, you're going to need two items. You're going to need the hair from the steed, which you actually will pick up once you've defeated it in battle and you will need flour, the radiant petal. Now, Calyrex is very weak. So it can't produce the entire flower for you, but it will give you a petal from this radiant flower. Now you need to find someone that's able to make these reins of unity. Now go back to the mayor at this point. He will say that his family law passed down the method to make the reins of unity. And then he actually has a goal. You give him the two items, but he is unable to make this. Then Peony turns up and is able to put the reins of unity together with the two items, the horse hair and the petal from the radiant flower. So once you've done this, the next step is Calyrex explains to you that you've got the reins of unity. You will need to make your way to the crown shrines. Now the crown shrine is located in the northern section of the crown tundra to get there. You're going to need to make your way out of Freesington through the frost point field, then make your way through Giants bed, go up snow point slope and then into the tunnel on top through here. You wind a way around the cave system and then come to the path on the peak, which will then lead on to the crown shrine. Now sped up this journey here so you can actually follow along and slow this down at points so you can make your way to the crown shrine a lot easier. It's not the hardest thing to find, but it could be a little bit tricky. Hopefully this path helps you out in getting there. Now once you are here, you will arrive at the crown shrine. Calyrex will appear again with Peony and you will drop the carrot that you got earlier on into a basket, which will then summon either Glastria or Spectria to the crown shrine. And then this will trigger a series of events where Calyrex is fused with the steed of choice. Obviously in our case it is Glastria. It will then approach you and say its whole power has been restored and it would like to thank you by joining you on your adventure allowing you the opportunity to challenge it to a battle and capture it. Now you can go ahead and don't worry if you defeat Calyrex here it will not disappear. Just sit there and you'll be able to battle it again and again and again until you capture it. Now in this guide we are using our Master Ball. Thankfully just given to us recently by Peony to capture it and make sure that we are able to get it. And that rounds up the first legendary adventure in the crown tundra allowing you to get Calyrex. After this you'll head back to Peony's hut. You will inform them about capturing Calyrex and it will tick off your legendary clue number one the king of the bountiful harvest and that will be the Calyrex mission complete. So I hope this step by step guide helps you out and shows you exactly where you need to go and speeds it up for yourselves in getting Calyrex in the crown tundra. We'll wrap it up there my friends. If you've enjoyed this video as always please remember to drop a like. Do subscribe to the channel if you are new for more guides like this and all sorts of other Pokemon content that we cover on the channel. And I will catch you all for another episode very soon. So until then friends, take care of yourselves and bye bye.