Business Problem Solvers with Eric Alspaugh, Episode 4
In this episode of Business Problem Solvers, Eric Alspaugh interviews Mark Monin, a seasoned professional with over 41 years in the securities industry. Mark’s expertise spans executive services, 401(k) management, and asset management, providing specialized financial planning and stock options analysis among other services. Mark is a financial advisor at Raymond James, a Florida-based diversified holding company providing financial services to individuals, corporations, and municipalities through its subsidiary companies engaged primarily in investment and financial planning, in addition to capital markets and asset management.
Tune in to the episode to hear about:
•Current Trends in the Medical Device Industry: Mark discusses the fluctuating state of the medical device industry, highlighting concerns about pharmaceutical stocks and regulatory pressures.
•Networking Tips for Entrepreneurs: Mark emphasizes the importance of networking and advises entrepreneurs to engage in multiple networking groups.
•Investment Stages and Fundraising: Mark outlines the different stages of investment, from friends and family rounds to venture capital, private equity, and eventually going public.
•The Importance of Volunteering and Board Participation: Mark advocates for active participation in organizations and boards.
•Leveraging Incubators and Networking Events: Mark suggests that entrepreneurs should leverage incubators for their extensive resources, including mentorship and office space, which can be crucial for early-stage startups.
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Learn more about Mark Monin:
•Connect with Mark Monin on LinkedIn:
https://www.linkedin.com/in/markmonin
•Follow Raymond James Financial Inc. on LinkedIn:
https://www.linkedin.com/company/raymond-james-financial-inc-
•Visit Mark Monin’s YouTube:
https://www.youtube.com/@markmonin5824
•Read Mark’s bio on Raymond James Financial Inc.’s website:
https://www.raymondjames.com/markmonin/about-us/bio?_=Mark.Monin
•Email Mark: Mark.Monin@RaymondJames.com
•Call: 949-939-6612
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About Business Problem Solvers:
Welcome to Business Problem Solvers Podcast, where legal insight meets entrepreneurial innovation. Are you a startup founder navigating the complex legal landscape of entrepreneurship? Are you seeking practical advice, actionable strategies, and expert guidance to propel your business forward? Look no further. In each episode of Business Problem Solvers, seasoned attorney Eric Alspaugh takes a deep dive into the intersection of law and business, bringing you insightful interviews with a diverse range of industry experts, thought leaders, and successful entrepreneurs.
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Connect and learn more from your host, Eric Alspaugh:
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Read the entire transcript of this episode:
Introduction to Business Problem Solvers Podcast
Eric Alspaugh: Welcome to Business Problem Solvers Podcast, where legal insight meets entrepreneurial innovation. Are you a startup founder navigating the complex legal landscape of entrepreneurship? Are you seeking practical advice, actionable strategies, and expert guidance to propel your business forward? Look no further.
Eric Aslspaugh is a seasoned attorney. Based in the vibrant startup hub of California. And he’s thrilled to be your host on this exciting journey. In this podcast, we’ll dive deep into the intersection of law and business, bringing you insightful interviews with a diverse range of industry experts, thought leaders, and successful entrepreneurs.
From intellectual property and contract law to corporate governance and regulatory compliance, we’ll cover the essential legal topics that every startup needs to know. Our guests will share their wisdom, [00:01:00] experience, and practical tips to help you navigate legal challenges. Seize opportunities and build a thriving business in today’s dynamic marketplace.
So whether you’re a seasoned entrepreneur, a budding startup founder, or simply curious about the intersection of law and business, join Eric on business problem solvers podcast, as we explore the legal insights and entrepreneurial inspiration that will fuel your journey to success.
Meet Our Guest: Mark Monin
Eric Alspaugh: Hey, Mark, welcome to the business problem.
The Business Problem Solvers podcast. Uh, Mark Monin. It’s a pleasure to have you and I’m looking forward to our discussion today. I want everybody to, uh, know that you have fantastic interest and have been a good friend for more than 10 years of mine. I enjoy spending time with you at, um, different networking events.
cooking events, and [00:02:00] I’m looking forward to, um, getting a, a, a plane ride with you as, as a pilot. So, um, welcome to the show. And I’m interested in getting your perspective on, uh, just the business and financial environment right now. And to the extent you can opine on the medical device industry and your experience, uh, I want to hear your thoughts.
Mark Monin: Good. Thanks for having me on. Uh, really appreciate it. And I too, uh, you’ve been a great friend. So thank you for everything.
Current Trends in the Medical Device Industry
Mark Monin: Uh, right now, as we see it, um, you know, it’s, it’s been an interesting period of time in the medical device area. Uh, because of the fact that, um, you know, the pharmaceutical stocks have been kind of weak.
Uh, people have been worried that there might be additional [00:03:00] regulation or, um, you know, additional, uh, pressure on profits. So it’s, it’s been an interesting, uh, time, but I do think that it’s, um, you know, there’s some real opportunities out there right now.
Eric Alspaugh: All right. Great. Um, do, do you have any, I don’t know, inside stock tips or we didn’t really have an opportunity to, um, discuss.
All the topics that we could discuss today, but some of the financial experience that you have as a financial advisor and expert, are there some things that some of our entrepreneurs should be looking for?
Mark Monin: Well, uh, you know, I, I’ve got a rounded education. I started in aeronautical engineering at the University of Buffalo.
I was on a wrestling scholarship and then [00:04:00] the bank. Paid for anything financed and, uh, as a result. Uh, I got a finance degree and then Morgan Stanley sent me to, uh, Pepperdine MBA and also, so as a result, um, got a good background in education.
Networking Tips for Entrepreneurs
Mark Monin: And one of the things that we were going to talk about is, uh, networking.
Eric Alspaugh: Awesome. Awesome, I remember that now. So in Orange County, I’m really tied in with Device Alliance and formerly with other very good networking groups, Ocean, Octane. I know that there’s a lot of these groups out there. Can you tell us about some of the groups You’re involved with that might be beneficial for entrepreneurs.
Mark Monin: Yeah, I was very active with Octane, especially early on. You know, I think it’s important when [00:05:00] you’re networking that if you can get involved in a group early on, uh, that’s a big help. Um, you know, because you get, you get in as the, you know, the solid first people. Um, so anytime there’s a networking opportunity that That’s early, uh, grab that and, and I usually tell people to give it two years, um, a lot of people after a couple of months, they’ll, uh, or a couple of meetings, they’ll give up if they don’t have a ton of out of it.
And um, But if you, if you look long term for it, then, um, you come across as a person that’s willing to give to the organization and not just take. And, uh, I have found that, oh, three quarters of a year, you’re down the road. That’s when the leads start coming in. And most people have given up on the organization [00:06:00] well in advance of that.
So one of my biggest recommendations is give it time when you go into it, you know, give it time. And I also feel that, um, being involved in at least four different groups. Most meetings are once a month and, uh, if you’re with 4 different groups, that’s 1 meeting a week, which won’t overtax you. And, um, that way, if 1, 1 area is working and another 1 isn’t, you still have a lot of leads and contacts coming in.
All right, that’s.
Eric Alspaugh: That’s great advice. Um, in terms of so, yeah, I totally appreciate what you’re saying. And I hope that our young entrepreneurs really get that nugget, which is it takes time showing up at events repeatedly. You’re [00:07:00] not going to show up and be the smoothest talking salesperson in the room and expect to bring business home that night.
It just does not work that way in the real world. And so a time commitment of. Probably, realistically, a year, uh, without any real prospect is reasonable. How do you, um, and I appreciate what you’re saying about diversifying into four groups so that you have opportunities once a week. Um, what kind of, uh, fields would you recommend for folks that are medical device entrepreneurs?
What kind of, uh, Diversification should they consider for networking events.
Mark Monin: So, uh, basically, you know, what I found is, uh, each group has its own [00:08:00] complexion and, um, and the ones that you’re the most comfortable with are, are the ones that you will prosper at. Um, so. You know, with that, um, you know, octane got so big, uh, that it wasn’t as helpful to me for the new business because they were doing mega things.
Not that it’s not, it’s a great organization. Uh, but sometimes these groups grow and, um, it’s not the parameters that you’re looking for. If you’re looking to bring in or be involved with new, uh, entrepreneurs, Then each group kind of has its maturity level. Also, what I found is is working with entrepreneurs.
A lot of them will like to spend a lot of the money they raise and on equipment because they’re many times engineering [00:09:00] backgrounds. And, um, if you can find ways to do your R and D. Uh, and not have to spend tons and tons of money on the equipment. Um, then you don’t dilute the shareholders because sometimes people spend so much money on R and D and go through so many raises.
That, um, they’ve got way too many shares, so it’s very important that you don’t overburden the company with an extraordinary number of shares.
Eric Alspaugh: That’s, that’s good information. I appreciate that, Mark. I wanted to get into those, um. Uh, investor level, uh, questions and help entrepreneurs understand when they’re asking questions and looking for financing and funding, what those types of.
Um, funds are [00:10:00] and what kind of educational things, but let me, let me put that on the back burner and ask you one more question about, uh, networking in Orange County, L. A. In California, uh, do you have any recommendations or thoughts on, uh, entrepreneurs participating in these organizations as members or, uh, Uh, participating and volunteering time.
The Importance of Volunteering and Board Participation
Mark Monin: Yeah, if you, if you go on their board and get involved in the group, uh, to the rest of the participants, that looks very good. And you’re at a different level. So I would highly, if you’re going to be there and participate and be spending time, if you can be an active member on the board or whatnot, you’ll be looked at by them at a way different level.
So I would highly advise people getting active, being involved, [00:11:00] adding to the organization, uh, because that really comes across as somebody that’s contributing and not just taking.
Eric Alspaugh: I love that, that concept of, of service and volunteering. And I, I find that in, in that role, you have a, an icebreaker automatically of a reason to be at an event and you don’t have some.
Awkward obligation to to say, oh, I’m here just trying to help you out in a disingenuous manner that. If you are serving and participating, there’s a good reason for you to be there already. So
Mark Monin: now there’s other, there’s other groups that I would highly consider that might not be like the best would be a medical device group, but I’ve had very good luck at Chamber of Commerces because medical like out here in Lake Forest.
There’s so many [00:12:00] medical device companies and the chamber out here is very active with the medical device companies and I’ve gotten tremendous leads by being active in the chamber too. So, um, chamberers, Irvine Chamber is strong, Newport Beach is strong, South Orange County is strong, Mission Viejo is strong, um, so don’t forget about the Chamber of Commerces because, uh, yeah, there are restaurants and a lot of different businesses.
Uh, but some of those people refer people to you to, um, and then many people that attend that are active in technology.
Eric Alspaugh: Great quick follow up. What do you think is the level of professional expertise or experience that somebody ought to have before volunteering or attempting to volunteer to get onto a board?
I have my own opinion about small nonprofits where [00:13:00] we’re able to take advantage of any warm body. That wants to volunteer, but do you have an opinion or, um, some encouragement for entrepreneurs that are thinking about getting onto a board?
Mark Monin: Yeah, I, um, I think it’s important that, um, you know, we all have to, uh, put in a little time before getting to the board level.
Okay. So. Um, uh, putting in time doing the hard drag out work and, uh, is important because then that means that you’re willing to, uh, you know, contribute and, um, some people go right to the top of the board because of their reputation or their track record. Uh, but if you’re just getting started out. Uh, just contribute to the organization and, um, people will give you a crack, uh, down the road because you know the [00:14:00] members, you know the organization, you’ve seen what they’ve done in the past.
So, um, just be a little patient when it comes to being on the board or being active. Um, you know, it takes a little time sometimes, but it’s, it really pays off in the end.
Eric Alspaugh: Great. And and for to add on to what you’re saying, I think that, uh, volunteering on a board of a nonprofit or a professional industry group is valuable for engineers and scientists who might not see behind the scenes how um, Meetings are held, how, uh, decisions are made in a matrix management style or just how other finance and regulates regulations are and compliance are handled from a corporate perspective.
And I think that boards have to deal with those issues. So, um, in serving, there [00:15:00] will be opportunities to learn if the, uh, if they’re paying attention.
Mark Monin: Now, another thing, I’m very active with the United Way of Orange County, and I’ll tell you, three quarters of the people or the board there are all high tech.
I mean, we’re talking, you wouldn’t believe some of the people that come to those meetings. Uh, some very top level professors at, uh, UCI, uh, are very active, and they do a lot of, uh, speaking engagements for, uh, Uh, the United Way, uh, because they have things every quarter. So, you know, whether it be a chamber or United Way, you’re, you’re going to, or something direct in medical device organization, um, you know, you’re, you’re going to get exposed to a lot of different opportunities.
Eric Alspaugh: Great. And I think that’s true with a lot of boards. I’m not sure about all boards, but many boards have very [00:16:00] diverse board members that come from different backgrounds and different industries. They’re not always in the exact same medical device space. So that’s something to be aware of.
Mark Monin: Exactly.
Investment Stages and Fundraising Tips
Eric Alspaugh: Um, so since I do have you and you are my financial expert, I want to ask you to think about how you explain to entrepreneurs the various investment stages.
And the purpose of giving them some terms of art would be to prepare them and send them in a direction where they can do some of their own research and learning some of the terminology that might be helpful for them. in developing their pitches and and developing their marketing materials. So specifically, can you talk about the various kind of levels of investment that a [00:17:00] CEO would look for, uh, in a startup?
Mark Monin: So, uh, the first thing you want, uh, there’s A, B, and C rounds. there’s venture capital and then private equity. And then the ultimate is going public. And then, uh, after you go public and you trade on an exchange, then you can also do a secondary and raise additional funds by buying stock or issuing shares up and beyond the outstanding shares you have now.
Uh, so those are the various levels. And, um, you know, each, each round, hopefully your valuation is going up and hopefully you’re becoming more efficient and hopefully your, your revenue and profit numbers are, are, are looking good. If you can be somewhat profitable or [00:18:00] approaching it. That’ll get you a much better valuation than if you’re a long way away.
Now things go in crazes. I know I’m not talking about medical devices here, but, uh, the most recent craze is artificial intelligence. The craze before that was, you know, mobility and drones. Um, and I can’t believe I’m in aviation, uh, and a pilot, and I couldn’t believe how many companies raised a hundred million dollars.
So, um, if you’re in the right industry at the right time, that can help the process, but none of us can control that. Um,
Eric Alspaugh: there
Mark Monin: are times that you’re at the right place at the right time. And, uh, when that happens, run with it, because, um, the amount of money you’ll raise and, um, you know, will be, um, [00:19:00] a lot larger than, you know, if the market isn’t red hot.
Eric Alspaugh: Gotcha. So, Now, my class of listeners are more likely going to be in the earlier stages, uh, as startup companies looking to raise money, friends and family, series A and B rounds. And in the medical device space, we are nowhere near revenue generating at all, unless we have some patents and IP that we can license.
But we are a pre revenue company that has a burn rate until we obtain some sort of FDA authorization to sell, whether it’s a PMA, a 510k, something like that. So can you help, uh, with the terminology and maybe some tips on [00:20:00] how to raise money if, if you have any for those very early stage.
Mark Monin: Okay, again, I know I’m repeating it, but have a solid business plan.
Have it well thought out. I mean, know your numbers cold. Um, you know, if this this and this happens, where would you be in revenues? And where would you be? Would you be approaching profitability or breaking even? Uh, so it’s really important. And if you have to get an MBA student or a friend at, at school, uh, you know, there’s medical people at UCI and there’s MBA students at UCI.
And, um, get them involved and have them help you, but the, the putting together a well thought out, uh, business strategy is very important, uh, because when you’re in the [00:21:00] interview, you will be blasted with a lot of questions by people who have, you’re probably the thousandth, uh, company they’ve interviewed in the last five years.
Thank you Um, a lot they don’t take and some they do, uh, so you really have to understand your, your business plan, your numbers, uh, your profitability, how long it might take, how long it might take to, you know, uh, get your approvals and, and progress and your IP, um, you know, at, at the level that makes it more and more valuable.
Eric Alspaugh: Okay, well, what I’m hearing from you, Mark, is you might be able to learn it. You’re going to have to learn it. But for getting started, maybe these, uh, entrepreneurs and engineers should focus on some team building aspects and just bring in some [00:22:00] resources that have financial expertise already.
Leveraging Incubators and Networking Events
Mark Monin: And when incubator is amazing because the incubator We’ll have classes.
The incubator will have people with very, uh, industrial experience. And, uh, so not only are you going to learn from the other people in the incubator, but you’re going to learn from the classes that they put on, but you also have a very inexpensive place to, you know, office and whatnot to, uh, to work out of.
So, an incubator, uh, is, if you can get into one, that can be really helpful in starting your company off without going through a lot of money.
Eric Alspaugh: Excellent advice, and that’s what we hear frequently even on this, uh, on this podcast, which only has a few or a few episodes in and at [00:23:00] incubators. And leveraging those type of resources is an excellent suggestion.
Do, are you involved in any incubators or do you have any suggestions on that, uh, off the top of your head?
Mark Monin: Well, there was a clean tech one over at UCI at the, uh, old Broadcom offices. And, um, but, and, and a lot of, uh, a lot of the investment banking groups were active in that. Um, clean tech is, is quieted down a little.
Um, but I don’t know if it’s still there. I haven’t been over there. I was there when it first started. So I can tell you, I’m sure, I’m sure it is. Uh, because it looked very, every office was filled, um, but I, I couldn’t tell you, I know there’s some incubators up in, uh, L. A., there’s many down here, um, but I haven’t been real active on the incubator side, you know, in the last two [00:24:00] years since COVID.
Eric Alspaugh: Okay, yeah, I, I, a lot of things, uh, Had really shut down and I have just recently started participating in networking events in the last six months myself, so I have seen people out. Everybody’s friendly and happy to be outside meeting again. So now is a good time to dust the shoes off and get out there and start networking.
Mark Monin: That’s a real important thing, uh, because, uh, the enthusiasm that I see at these meetings is the highest I’ve ever seen because people haven’t been doing it in a while and they’ve been, they were cooped up during COVID. Now, when I go to one of these meetings, my goal is to try to assess the people that are either like me or have products.
Like what I’m looking at or, um, uh, very active in, in the group. Um, [00:25:00] but I have a goal of at least 5 people that I want to talk to in that meeting. That’s my goal is at least 5. Now, you don’t want to talk. You don’t want to go for 20. I mean, that’d be nice, but if you make the conversation too short, you’ll kind of, um, hurt their feelings.
So you need to learn the right amount of time and the words to excuse yourself to go on and meet another person. All right. Sometimes the person you’re really wanting to talk to has just gotten free, and now you know, you, you do your best to not look like you’re taking off on the person you’re talking to currently, but you wanna make it a point, wanna make it a point to, uh, to get in front of, uh, certain people that you feel best fit you.
Eric Alspaugh: That’s super interesting. Just as a person who’s comfortable in their own skin and comfortable [00:26:00] evaluating the room and being able to speak with people competently. Do you have any thoughts or recommendations for people who are just starting off? I could tell you that personally I was okay going into a room and introducing myself, but do you have any recommendations for folks that might be a little bit shy or aren’t used to speaking and aren’t good without some artificial icebreaker?
Mark Monin: I’ll give you a trick. Always get their card. If you give your card, they won’t necessarily call you back, but if you get their card, you have their number, and then you can work and talk to them over, over time. So, um, I find ways to get their card first, uh, because then I got the number as opposed to handing.
My card out. [00:27:00] If that’s the only way, if they don’t have a card and that’s the only way, then by God, I’ll give them a card. But I, I want that card because I want that number. And then you put all the numbers in a CRM, contact manager, and, uh, and then you just drip on them, you know. And have your, you know, have your dialer tell you, hey, I haven’t talked to this person in three months.
Uh, my last conversation, I put in some notes. So having, uh, you know, a record of what you talked about right at the first meeting makes you look, makes you look more, uh, together and more organized.
Eric Alspaugh: Well, you certainly thought about it and you obviously, uh, are willing to put in the effort and you care a little bit.
And I think that’s a great way to come across, uh, quickly as somebody who’s competent and, and caring. I think that’s a good thing. I have found recently [00:28:00] that there’s people that don’t have business cards based on their, uh, age and the lifestyle nowadays. So, um, do you have any tips for those people that are just purely electronic or below threshold age?
Mark Monin: Uh, you know, at the last device meeting, um, the top guy there, uh, gave me his LinkedIn, um, you know, and I just scanned it. Boy, we were connected like that. So that’s a, that’s another way. It just doesn’t, it isn’t card, but I’m, I’m trying to make sure that I’ve got their information. I’m not relying on them calling me back.
I’m gonna make sure I do everything, that I have their contact information so I can call them.
Eric Alspaugh: All right, well, that’s due diligence and being proactive. And so, uh, as a gentle reminder to our listeners, hey, hey, people, um, no, no matter how [00:29:00] much you like yourself, um, and think you’re likable, that’s not going to, uh, promote your business.
You have to take the initiative. And be proactive and that’s that’s excellent advice anytime
Mark Monin: I have a thing. I, you know, you never get anything in life. This goes for everything. You never get anything in life unless you ask for it. And when you ask for something, people respect that because if. If you’re in sales, they expect you to ask for the order.
Uh, they, they might think, uh, they wouldn’t think too highly of you if you didn’t ask for the order. So never be afraid of, of asking for the order or test closing. Uh, because, uh, that’s what people expect. They want go getters. They want people, um, you know, that are gonna make things happen. And the only way to make things happen is to ask.
Eric Alspaugh: Okay. Sound advice there.
Final Thoughts and Contact Information
Eric Alspaugh: Uh, this was fun, Mark. I [00:30:00] really appreciate you, uh, giving us some insights on on networking and service. And, um, I just, I hope that we can have a follow up conversation. Is there, um, I’d like to get your last thoughts before I got to wind this up on any educational tips or resources that you’d like to tell people about.
Uh, for starting their business. And then I’d like to give you the floor to, uh, tell us where people can get a hold of you and tell us, uh, anything that’s, that would make, make our lives easier to get in touch with you.
Mark Monin: Now, um, the Small Business Association, SBA, is a tremendous resource. You might be able to get a loan.
You might be able to get help in putting together your business plan. Uh, but I’ve worked with a lot of them. They’re really, really good people. Their [00:31:00] heart’s in the right place. So don’t forget about the SBA, they are active and, you know, really the more opportunities they create, the better it looks for them and also the better they feel because they’re working hard.
Eric Alspaugh: I didn’t think of that. That’s a great, great tip. And then, uh, so Mark, where, where can, uh, our listeners find you?
Mark Monin: So, um, I am, uh, in Lake Forest, um, and I’m at 1 Orchard Road, suite 130, and that’s in Lake Forest, California, 92630. My phone number is 949 939 6612. I’ll be happy to help anybody. Um, you know, and I’d be happy to guide you.
tel:949.975.0039
Eric Alspaugh: Thanks so much, Mark. Really appreciate your time [00:32:00] and looking forward to flying with you soon.
Mark Monin: Take care. Thanks for having me on Eric. Really appreciate it.
Eric Alspaugh: All right. God bless.
Closing Remarks and Upcoming Episodes
Eric Alspaugh: Stay tuned for our upcoming episodes where we’ll cover topics ranging from business formation and fundraising. To contracts and compliance.
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