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The Stacking Benjamins Show

Lessons From Nearly Losing All of Your Money: Silicon Valley Bank Collapse

The Stacking Benjamins Show

Joe Saul-Sehy | Cumulus Podcast Network

Investing, Business, Self-improvement, Education

4.21.9K Ratings

🗓️ 24 March 2023

⏱️ 48 minutes

🧾️ Download transcript

Summary

How would you react if you suddenly had all your access to money cut off from your bank? Welcome to a special Friday episode of Stacking Benjamins! In today's show, Joe talks to Tiller founder and CEO, Peter Polson. As CEO of a tech start-up, Peter had a front-row seat to experience firsthand the Silicon Valley Bank drama as it unfolded. He recounts the events of that fateful day a couple of weeks ago - and how it impacted Tiller's business operations. FULL SHOW NOTES: https://www.stackingbenjamins.com/Peter-Polson-1334/ Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201 Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

My God, jukes are going to corner the entire frozen orange juice market.

0:11.0

Live from Joe's mom's basement, it's the stacking Benchiman show.

0:16.5

I'm Joe's mom's neighbor, Doug, and what if all your money was tied up in a bank collapse?

0:31.5

Today, we'll hear that story on a special episode of the show with the CEO of Tiller, Peter Paulson.

0:38.0

From the time Peter first saw instability, to finding out he had no access to his money at Silicon Valley Bank,

0:44.5

to the time he found out the bank was going under.

0:47.5

You'll not only hear Peter's story, but also gleam lessons about banking, diversification, relationships, risk management, and more.

0:55.5

And now, let's go right to the live chat Joe had with Peter earlier this week recorded on the Fireside app.

1:03.5

Here's Joe Salciha.

1:05.5

Hey everybody, and as Doug said, welcome to a special episode of Stacking Vegetements.

1:12.5

You know, just over a week ago, we had a special episode talking about the banking collapse and OGS the question,

1:19.5

man, what if you were one of the CEOs that had to make some tough decisions during that time?

1:24.5

And we've got one of those CEOs with us, a guy who I've been friends with for a while, and mostly,

1:32.5

not that he's not a great guy because he's a great guy.

1:35.5

But everybody that knows me knows how much I love his company, Tiller Money, Tiller HQ.

1:41.5

Say hello to Peter Paulson. Peter, how are you, man?

1:44.5

I'm fantastic Joe. It's great to be back on your show.

1:47.5

Dude, you've got to be doing a lot better now than you were just over a week ago.

1:51.5

Because when you reached out to me, I was like, oh my, you're one of the CEOs that had to go through the Valley of Death.

1:58.5

Yes, it's funny. I just had actually my mother-in-law sent me this text because she was taking a train here and she was lost.

2:06.5

And I had to help her get it sorted out. She's like, I'm so sorry to bother you. I know you're in the middle of, you know, a busy work day.

2:12.5

And I was like, it's no problem. I have tons of time. There was no bank run today.

...

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