Sow Part 2

So yeah, all right, cool. This changes the scope a little bit, but knowing that you guys are doing the entity creation and structure and that that’s earlier on in this flow will get the people to Jody faster, which is great because the last thing you want to do is go through the whole flow and then get a trigger that says, hey, you know, this actually didn’t work out for you. Yeah. Well, on the last net, I think no matter what, every single person should get, okay, here are your drafts. Are you sure you don’t want somebody at PLG to look over this for you? And then we’ll create a package for that. A limited scope of that. Yeah. They need to have something that they click on that says you are like waving your rights to Sue us because you didn’t want, I don’t know, whatever. This is your area. Like, yeah, we’ll get, we’re going to, we talked about this with Bo yesterday. We’ll have a whole bunch of disclaimers that this is a law firm, you know, while the law firm, you know, blessed this process, it’s not a law firm. We don’t know your deal. Yeah. Yeah. That’s much better. Okay. Do you guys want a dashboard for your clients to be able to go in and see where they are in the process to make payments? Yeah. Do you have that right now? Does gavel offer that? Not gavel. My case has where we can give them access to their documents. And I think that, but it’s all separate, right? The payment process is separate from the document process. Well, yeah, but they can pay in my case. That’s all on my case right now. Okay. So we don’t need to do anything with that. But where this comes more critical, not so much on the PPM side, it’s on the entity creation side is that when they need to make a change on in the entity, you really don’t want them having to contact you. It should be very easy for them to just log into a portal and they can make and submit the changes themselves. If they know what to do, they don’t always know. Yeah. That’s fine. And they can pay somebody at your company to do that. If you would charge that. I mean, once we can automate that, that doesn’t need to be phase one, but once we can automate that, we can always have that pop up, you know, like you need to make a change, not sure what now you can go back to Jodi and she’ll get you in the right place. Yeah. The dashboard. So, and that’s what changes a lot of this is like, if you do have a dashboard with a portal where people can log in to make changes or see anything. Which if they’re seeing the documents, they would just go to my case for that. So we, and we don’t really want to create two different portals for them. So maybe in this case we might, but it would just be with the entity creation. But let’s keep in mind what the end goal is going to be. So the first step of this goal is to create something that we can use internally. But the end, the end game is all of this sits at Verity and these people aren’t firm clients if they’re using the Verity thing, which means they’re not going to have the same experience if they’re firm clients. So if they’re firm clients, they can get into my case, but if they’re not firm clients, they’re only on Verity. They’re never getting into my case. Yeah. Right. Okay. Which is great because they would just use Verity’s dashboard. That makes my life easier. Right. Yeah. So there, ultimately there’ll be no crossover. They are either PLG clients or they’re Verity clients on a particular deal, but they’re never going to be both on a particular deal. Okay. At least for whatever the scope is, right? They could, they could hire PLG for something in addition, but it’s going to be a very limited scope if they’re Verity clients. So if they get bumped over to us, then it’s that very limited scope, not including whatever they did at Verity. So the Verity stuff needs to then come back our way. If they want to review it, if they want us to review it. Right. But we still have to have very clear engagement letters and all the whatever disclaimers it says, you know, you, if you want us to redo it, then it’s a whole engagement. If otherwise you’re engaging us just for the scope and that’s all we’re going to do. Cause I don’t, like I said, I don’t want to have it be where they pay whatever five or $6,000 to go through the process at Verity and then pay only a thousand dollars to have an attorney do all the rest of the stuff that we would have done for 12, five or 15. Right. Right. Okay. But how do we know when the entity creation and structure is done? How do you know, like to go to the next step? Right now? Yeah. The attorney and Laura, after the initial call figure, I’m sorry, I’m like, you guys can talk for yourselves. Just a lot of Slack messages and emails and whatnot, going back and forth or comments. We have tasks in my case, so there’s comments in there and. But we know it’s finished because we’ll get a notice from the state that everything’s been filed. Yeah. I mean, we get our documents back and then we send those to the clients. Okay. Then you send them to the clients, but you don’t wait to get the documents back before you start reviewing the PPM. Right. So you go into the questionnaire, then you go into entity creation. We start entity formation. And then the next step is the client provides us their business plan. And once we have their business plan, this is just our process. Once we have that business plan, then we schedule another longer call with the client, kind of go over that, which is the details of their deal. And kind of the rest of the questionnaire where the questionnaire outlines, supposedly the details of the deal. Okay. But usually that’s kind of an involved call comment. You’re so quiet over there. Are you comfortable recording that call? Do you already record that call? All of our calls are recorded. Yes. Okay. Then I will have an AI listen and transcribe that call and. It’s already done, unless you need something specific, but we use. No, that’s perfect. I mean, we’re going to use ours. Because I can control it more than Otter, but that’ll be a change later. But the fact that you guys are already doing that is great. And it already transcribes. Yes. It’s not always 100% clear, but it does transcribe. Okay. So your schedule call, this is more detail. Details of the deal. This is for the attorney and client. Then after that, the attorney enters the information in and then you get your first draft. Is that correct? Yeah. Yes. Jared, I’ll give you a rundown of like, what I did this morning for a deal that I had. So for example, I had a questionnaire that had some missing information that I got from another strategy call. So which is the second call. So I’m putting that in like a comment in like a PDF document for myself that I know that I need to make sure that that information gets over to document or gavel. Then I’m manually inputting gavel, all the information that I’m obtaining from that questionnaire. And then putting that information into gavel. And gavel spits out this document that has some red lines of like, that’s, I guess, the manipulated field or what’s being put in from gavel. That’s like not sent in every template. And so from there, there’s some issues with the template itself and the formatting of how gavel gives you that data. So like, for example, if there’s like a percentage that has like a point zero, and some have point zero, zero percent, so I have to go in and manually change all of that. So it’s, it’s uniform, or it capitalizes certain words of that shouldn’t be capitalized, that aren’t like really important to be capitalized. So then I’ll have to manually make those lowercase. And then it, depending on which asset class that they pick. So let’s say they do a multifamily deal, there’s certain risk disclosures that are associated with that type of asset class that we need to provide in that BPM. Gavel will sometimes import some of those, but sometimes some are missing. So we just need to make sure that when it’s pulling, it’s pulling all the right information, and that the formatting is correct. But right now, the process is that I have to go through manually and make sure that that’s all correct, and also make sure that if the client’s changing something that I’m making sure that the information is the latest information and not the first version. So if there’s a way for the client to update us, then instead of just like them calling me on the phone and say, hey, this is an update that I have, make sure that the docs are updated, that they’re able to say I can direct them and say, okay, hey, put it on your, your portal or whatever, and update it, and it’ll automatically update. That’s kind of like where the hang up is, because we’re always kind of like going from either email or a phone call or slack, all these different communication channels of information. So if we can filter them to provide the information in one channel, and it’s all on one area, it might be easier for us to be able to take that information and put it into the document without making a mistake or missing it. If that makes sense. Yeah, here’s, okay. So a client needs to be able to seamlessly update information without having an interface with the attorney. Not a problem. Like you can update the document, we could set it as global settings, and it’ll update. That technologically, not a problem. Where it is a problem is that if that’s not being reviewed, which it will, because I’ll have a bot that’s specifically designed to just check grammar. That you know, if you allow clients to update information that’s immediately available on the document, and it’s not reviewed, that could be wrong information, like the client didn’t know that it was wrong, or didn’t know that they made a mistake. So obviously you do want to check, but like, you know, we can build in those checks and balances. We would just want that to be tracked so we can draw our eye to it. Or we can notify that there’s an update, the client made an update to their, where we want to say. That’s another thing too is, so I, two wishes as I, as Matt was talking. The one is, if the clients are going to get any kind of version that they can make any changes to, like sometimes they ask for the Word version. If it could be in a place where if they make any changes at all, we know about it. And it alerts us. Right, because right now we have clients that’ll say, oh, can we have Word versions? And then we have reason to believe that maybe they’re out doing their next deal using our Word version documents, which could be garbage, but still look like our docs. Because they don’t know what they’re doing. Right? So if that, if there could be a trigger of if they download it or if they change it or whatever, that’s thing one. Thing two is we recently, not recently, we frequently run into issues where there’s a new asset class or a different risk profile that isn’t something that we’ve programmed into the template that came up this morning. If we can have it learn every time we add new risks, for example, we have a client right now with a deal with a property in Canada. We don’t have specific risk disclosures for Canada. We have for Belize, we have for Costa Rica. So as we populate that right now, we’d have to reprogram the whole thing to get document to remember that. So we just want to be able to add to it and have it pile on if we could. Yeah. So this whole thing is going to be built on machine learning and then where the AI takes over, like the majority of it’s going to be machine learning. So like we still have to teach it those disclosures. We could do things like just import every PPM that goes to the SEC that’s public and capture those risks. That’s a little overkill probably. But segmenting, because this is something Matt said too, with risk disclosures with specific assets. So when someone puts a specific asset in, we have a templated version of what risk disclosures should be associated with that specific asset. With your case this morning, Bethany, we don’t really want to just scrape information from Canada’s version of the SEC or whatever. We really want you guys to curate what those risk disclosures are. You just have to do it at one time. Yeah, that’s what I’m saying. Right now we’re going back and looking, unfortunately all of our old deals sit in Dropbox, so we’re having to do searches. Yeah. Yeah. If I could get access to that where I can just pull in those PPMs, then I can help you filter through. Like I’ll build a bot for you to specifically filter through those documents. Okay, let’s see. This is, yes, this is amazing for me, by the way. This is very detailed. And we’re going to have more meetings like this. This is just going to allow me to create the initial scope so that I can tell you what’s going to be delivered, when, and in what stages. Like I can tell you like anything dashboard related is going to be more second stage per what Bethany was talking about. Like our number one priority is to just get this streamlined internally for you. So not client facing. Yeah. Can you streamline the clients to get us the information or understand what information we need? I’m going to work on that with the questionnaire. I think this is something I’ve been meaning to do for months and months and months, which is dial in that questionnaire. So we’ll work when we’re automating the questionnaire, we’ll also work on prompts and guides for the clients, which will hopefully minimize the time spent on initial calls. Okay. I have a weird question just because it’s blending into AJ a little bit, like the conversations we were having with him. Do you want CARE? Yes. Do you have a client interface with a digital AI? Yes, I do. You want that? Okay. Yes. Now we’re having fun. Because I originally had thought it should be me doing videos, but then I thought about it and Verity can’t practice law. So eventually as we’re guiding the clients through, it shouldn’t be, it should be, even if it’s, if it’s one of our faces, it should be telling them, Hey, I’m not actually a lawyer. I am just whatever. I wouldn’t do your, I wouldn’t do any real person. They need to know, you need to check to see if this is legally allowed. Because we would have this, this bot would have, cannot give legal advice. Like I would really. Right. No, no, no. That’s, that’s, that was why for Verity, I want to make sure that it’s not, it doesn’t even look like one of the lawyers because it’s going to very plainly state we’re not giving legal advice. Just a prompt. It could be Jody’s face walking through the questionnaire or Laura’s face walking through the questionnaire. So then when, let’s say the first version of the template goes out, the questionnaire is filled out perfectly and spits out a template and we update that template. And so like now we’re on version two. Well, then if a piece of information changes that would also flow over to like the operating agreement, for example, would it be possible for version two’s latest version, but you know, there’s only one version of the operating agreement to like match one another. And like, if you change it in one spot, it’s going to change it in both documents. Is that doable? Yeah. Yeah. So these are those global settings things. So like in global settings, you’re going to have a unique identifiers that, which in this case would be something that’s going to be on every single document. And if it’s not, then we have to put it there. Right. So this could be like an EIN, right? That’s going to be a unique signature. It could be a company name. It just has to be unique. So you pair the global settings to that so that on any document throughout the entire system and you could segment this, but if a global setting that’s paired with a unique identifier is changed, it updates it wherever that unique identifier exists on any document. Cool. So question though, as those changes are being made, do we have to go back to the initial input to make sure they populate throughout or can it be done in what looks like a word version of the document? Like, does it, does it go back? Do they talk to each other? Does it have to go be in one, one, like sort of, I guess, initial place where changes are made. Meaning right now we make changes to a word document and that’s it. It doesn’t go anywhere. Yeah, no, no. This has to be an input into a field because all it’s doing is it’s, you know, when you’re operating on a software, it’s coming from a, a database. So what you’re actually doing when you’re changing those global settings is you’re changing the database. And so whatever references the database is going to get changed. So all documents have to be coming in referencing from a database. Otherwise, like when you make those changes, they can’t populate. Right. So we wouldn’t make edits to version two, we’d make edits to the database. Yeah. You’re definitely not going, you’re definitely not going into the database. So I just have to like create an easy way. Cause like, I thought what you were asking, maybe not was like when you make a global change and it updates across like, let’s say four different documents, do you have to go now review those four different documents and make sure that change was made? Yes. Right now I would. Yeah. You won’t have to on our system. If it’s, if it’s citing a database, it’s going to, it’s going to put in whatever’s in the database field. So you just need to verify that the database is correct. Okay. Cause yeah, what would normally happen is like they would fill out the questionnaire and we’d get information. I’d run it through gavel, get my template, start working on the template, get it all fixed up, send it to either Bethany or Bo to take a look at, and then the client will come to me. Oh yeah, this has actually changed. Blah, blah, blah. So then I got to make these changes after the fact. So I’m doing it in a word version manually. And then I have to remember to make sure I make the change to the operating agreement, make the change to the subscription agreement, for example. Yeah. Cause the word documents aren’t interfacing with the database. That actually is popping up as maybe the more complex thing of this whole thing is having the word doc, having a word document that you can collaborate on. I’m thinking out loud that references a database specifically. Okay. Just a heads up. We have three minutes left. What’s the sign off for the client? Like how does the client sign off on the document? Basically I’m sending it to them to review, have their CPA review, and then they let me know, yeah, this is good to go. Or hey, we need to make these additional changes or these facts change. So this has changed. And so then I’ll have to update them manually and then make the changes and send them and they finalize and they eventually say, yeah, it’s good to go. But they don’t click on anything. There’s nothing. The reason why I’m asking is like, we want them to click on something, some sort of interaction so that my case, and maybe this won’t work with my case, but like if you have a deal flow where it says here’s stage one all the way to the end, we want that to like automatically click so that whoever is doing operations knows exactly where everything is without potential human error. Like I didn’t go in and click the status change. We want to eliminate human input mostly is what we’re trying to eliminate. Gotcha. Well, it’s pretty much all human input at this point. Yeah, I’m seeing that. This is going to be fun. And lots of humans at that. Yeah, more and more. I want to thank you guys for your time. I definitely have enough information to put together like a pretty clear scope. We’re going to have to do this a couple more times. And your biggest involvement is, you know, if I could be paired with one of you at a time or whatever, going through a deal and like, because I’m going to be going through them and like a client would, and then I need to go through them like you would. So I understand both perspectives. And I’ll be asking questions, you know, like, why do you do it this way? Stuff like that. So I can really understand the flow. Yeah, let’s do this. Let’s assign Jared to one new deal with each of the three attorneys to walk through, we’ll come up with a script for either Jody or Ashley to get the client’s permission prior to assigning it. Just what’s happening, what we’re doing, why is there somebody there, we’ll come up with a pretty basic script to get that permission. And then we can go through the process that way. That’s perfect. Okay. I’m ready to dive in. So guys, I’m going to drop in the operations channel on Slack, just a place for us to reply with any further questions or thoughts for Jared. So now that you kind of get the idea of what he’s trying to do, just think through like, all right, this is the way we did it. But like, what would make it easier, more efficient, and even optimized for us to be able to do this particular task of getting this automated. So if you think of something, literally posting it in Slack right now, we can just keep that chain going and I’ll have ongoing conversations with Jared just to keep passing him along that information. So awesome. With that, we’re at the top of the hour. Awesome. Thank you. Thank you everybody for coming. Thank you. Talk to you later. Bye bye.

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