MJBulls 0026 Faces transcript
Dan Humiston: [00:00:00] Today's show the falling message are brought to you by a former guest Alt 36 is a cannabis payment solution that's powered by Dash crypto currency to learn how you can take part in their expansion. Go to Alt36 dot com or listen to MJ bulls episode 12.
Caela Bintner: [00:00:18] If you think about it there's like a hundred thousand jobs in Cannabis right now and by 2020 there's is will be over 650000 jobs. That kind of growth is phenomenal and get good partners and get into high gear.
Dan Humiston: [00:00:42] From Buminit media it's the MJ bulls podcast a show about raising Cannabis Capital
Dan Humiston: [00:00:51] I'm Dan Humiston And on today's show how the lack of the National Payroll companies in the cannabis industry left the space wide open for faces Human Resource Management
Dan Humiston: [00:01:09] Today we're joined by Caela Bintner the co-founder and managing director of faces human capital management. Caela thanks for being on the MJBulls podcast.
Caela Bintner: [00:01:17] Hi Dan. Thanks for having me.
Dan Humiston: [00:01:19] Well I met Caela and her partner Chris a couple of years ago and you guys were really just getting started. And I could tell back then it faces is going to explode.
Caela Bintner: [00:01:27] Well thank you. We've been in business now for about four years. You can believe that .
Dan Humiston: [00:01:33] Well before we get into talking specifically about faces and what faces does let's talk a little bit about why employee management is just so much more challenging for cannabis companies than it is for other companies in other industries.
Caela Bintner: [00:01:47] First of all there weren't any other companies really doing a great deal about it. One being the banking the banking issue were the real problem. So that was the beginning that we had to really get around finding the right banks to partner with be able to help these companies.
Dan Humiston: [00:02:07] It's not fair to call you our human resource category but that's kind of where you fall into what you do so much more. Just tell us some of the things. In addition with banking all the other things that your company touches.
Caela Bintner: [00:02:17] really Faces offers the cannabis industry human resource and banking solution. I mean we're really trying to strategically help to make caannabis more Fortune 100 compounding to their employees than you had ever been operating yesterday.
Dan Humiston: [00:02:36] Especially a couple of years ago you couldn't find somebody who could process your payroll and you certainly couldn't find anybody to help you with all the different rules that cannabis companies have to adhere to with their employees. Maybe just touch on that a little bit too.
Caela Bintner: [00:02:49] Yeah that's exactly right. Down here though like we said the banking was impossible. We had to really underwrite relationships there but not only that it would educating the owner of the cannabis companies and the cannabis industry component to crack down on employee turnover which was rampant still is very high. to be able to pay their employees direct deposit as opposed to paying them in cash. Just a little basic components that we take for granted in any other industry is definitely an education process for the cannabis space.
Dan Humiston: [00:03:21] Oh for sure. And every day in other companies bank account gets shut down. You know when your employees are scrambling because they don't know if they're going to get paid in their direct deposit may not go through so that's why having a company to work with that they can lean on is that's got to be invaluable.
Caela Bintner: [00:03:36] Well I think it is invaluable and I think it helps in the case of a business owner or have another level of security and compliance that they can feel comfortable about. They're not going to get shut down because their are being reviewed by their you know their employees are being paid direct deposit in the bank account. We're just trying to legitimize the industry because it is such a phenomenal industry and it's growing so rapidly and offerings so many jobs hundreds of thousands of people that we want to make it a again. So there are reasons to shut it down.
Dan Humiston: [00:04:11] Few years ago companies like ADP they weren't touching this. So there was really no one like no national groups I'm not sure if that's the case still.
Caela Bintner: [00:04:19] So right now we see that as an advantage honestly because we can get an idea of the land grab right now you know an industry get to be their leader give be the first mover advantage in a interface like that because eventually of course AdP's and the big time that going to come in because this is very you know a billion dollar bill industry but right now it's an opportunity for a player to I get in and move in and really help companies grow and legitimize what they're doing.
Dan Humiston: [00:04:58] You have this awesome video on your website about this product that you have called each RUS and I know my God I would love to have something like this a few years ago.
Caela Bintner: [00:05:09] Thank you. Yes. It is our platform. So at the end of a business owner they can go on the platform and everything from hiring to all the paperwork for their employees to kind of tell them the time off clocking in clocking out to pay a paycheck you know anything they require sick leave any of that they can see and they can manage. And then on the by the employee or the company can do that as well.
Dan Humiston: [00:05:57] The way you approach this is really Hands-On. You're not afraid to customize people's operations and put people right in their shop if they have to just to get things up and running. Talk a little bit more about that versus you know the one size fits all you guys really are are known for your customization.
Caela Bintner: [00:06:12] We are. Yeah I think that you're right. We pride ourselves on service. We don't want to just throw a platform out there and let our partners or try to figure it out on their own. Some of our customers want and handson . That will have H.R. accounting representative at their location. Two days a week two hours a week from one just payroll we customized the package to their specific needs. As you know some of the bigger companies have multiple locations. tracking or time attendance in and out of different locations we take a very very high service approach.
Dan Humiston: [00:06:58] Just a quick shout out to one of our farmer guest. Turning leaf Capitol a cannabis investment firm that provides both small and large investors the opportunity to take part in the cannabis bull market with their unique asset specific investment vehicle. Listen to MJ bulls episode 10 or go turning leaf capital dot com to learn more. And now back to the show.
Dan Humiston: [00:07:21] You know I see on your Web site that you have offices I knew about the office in Denver but I wasn't aware that you had offices in Seattle Baltimore and Boston.
Caela Bintner: [00:07:30] We have been growing We started in Denver and really built out the model here headquartered make sure it works perfectly. Our clients are happy. And then we just scaled itto other cities and it's going really well they're opening up in California next month in northern California. We're growing really quickly. The model is proven.
Dan Humiston: [00:08:04] But like so many companies and you mentioned earlier you're in the land grab mode right now you're just trying to get as many cities as possible before the big guys take a step off the sidelines as long as the big guys are on the sidelines you have free rein. But I know how difficult it is to grow out of cash flow. So is there any plans for you guys to raise some capital to help with this growth.
Caela Bintner: [00:08:25] We are yeah we're really looking at that right now. This is our first official raise. We're raising a million dollars our first round and we're really excited about it. I mean if you think about it this way there's like 150000 jobs in the cannabis space right now and by 2020 there's will be over 650000 jobs are going to make that kind of growth is phenomenal. And so we're excited to get out raise some money and get good partners with them and in a high gear.
Dan Humiston: [00:09:00] Oh yeah. Get the 50 60 70 cities around the country so that you're ready. That is so good. So we've been speaking with Caleb Bintner who's the co-founder and managing director of faces human capital management and all of their information will be on the mjbulls Web site. caela your email address if somebody wants to get in touch or if somebody is interested in investing in faces.
Caela Bintner: [00:09:21] Absolutely. My first name caela at faceshcm.com.
Dan Humiston: [00:09:30] caela this is really exciting. I've enjoyed the first two and a half years I can't wait to see what the next two and a half can like you guys it's going to be a great day.
Dan Humiston: [00:09:40] Thanks for sharing the story with us and good luck.
Caela Bintner: [00:09:49] Just a quick reminder that you can become an MJbulls member for just four dollars and 99 cents per month and enjoy exclusive access to companies pitched decks and the MJ bulls Cannabis Capitol directory. Join today at mjbulls dot com
Dan Humiston: [00:10:08] Thanks for listening to the mjbulls podcast to learn more about today's guests or to become a guest. Visit our website at MJbulls dot com. Today's show was produced by buminit media with original music composed by Jamie humiston. I'm Dan Humiston and you've been listening to the mjbulls podcast.
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