886 Trixy Castro:

Melinda Wittstock:

Coming up on Wings of Inspired Business:

Trixy Castro:

You can ask for it and you can actually accomplish what you want. And I saw my mom take such a proud of ownership and everything that she did, and it really instilled in me the ability to believe if I wanted something to go for and to just block out the noise. That came in very handy in raising money because you’re thrown in an environment where it’s completely uncharted waters. You just got to get in there and make the ask. So, I knew if they weren’t going to let me in through the door, I was going to go through in through the window.

Melinda Wittstock:

Entrepreneurship is all about navigating uncharted waters, especially for women who pioneering innovation in traditional male-dominated industries like tech and finance. Trixy Castro knew at a very young age she wouldn’t get anything she didn’t ask for, and her fearless determination has led her to found or invest in some 50 companies now. That’s right, 50. Like me she’s passionate about helping other women to excel in business, so today we talk money, resilience and the abundance mindset necessary for success.

Melinda Wittstock:

Hi, I’m Melinda Wittstock and welcome to Wings of Inspired Business, where we share the inspiring entrepreneurial journeys, epiphanies, and practical advice from successful female founders … so you have everything you need at your fingertips to build the business and life of your dreams. I’m all about paying it forward a five-time serial entrepreneur, so this podcast is all about catalyzing an ecosystem where women entrepreneurs mentor, promote, buy from, and invest in each other. Because together we’re stronger, and we all soar higher when we fly together.

Melinda Wittstock:

Today we meet an inspiring entrepreneur who lives and breathes our Wings #liftasweclimb mantra, now actively investing in other women-owned businesses after having built, scaled and sold many of her own. Trixy Castro is a recognized innovator in the real estate and mortgage finance industries, and as a woman in predominately male dominated industries, she is constantly breaking barriers. Today we talk determination, resilience and how women can best overcome any and all obstacles to achieve their goals in business and life. Trixy will be here in a moment, and first:

[PROMO CREDIT]

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Melinda Wittstock:

We talk a lot on this podcast about how much entrepreneurial success simply comes down to your mindset – and what you subconsciously believe about yourself and your value.  We can only achieve what we truly believe is possible, and Trixy Castro never let anyone create or lower the ceiling on her own entrepreneurial journey.

Melinda Wittstock:

Trixy is a leading light in real estate and mortgage finance, always innovating novel ways to solve some of the biggest challenges in her space. Capitalizing on an ability to predict real estate trends, Trixy saw an under-served niche for real estate professionals needing access to assets and financing for real estate acquisitions. In 2007, just before the real estate economic meltdown, she founded and scaled Genesis Capital, a leading national originator of private money loans, originating over $2 billion in loans annually to the nation’s top real estate developers. By 2011 she’d also created its sister company Genesis Auctions, the first technology-driven real estate disposition platform for investor buyers, giving them access to purchase distressed properties and the capital to do so. She sold Genesis to Goldman Sachs in 2018, and Trixy, also the former CEO and Owner of real estate auction company Hudson & Marshall, sold to Fidelity in 2017.

Melinda Wittstock:

These days, Trixy is focused on real estate investments in both the residential and commercial sectors, as well as continually developing and investing in dynamic business concepts and startups and empowering women, to excel in their business and entrepreneurial pursuits.

Melinda Wittstock:

So much to talk about today, so let’s put on our wings with the inspiring Trixy Castro and be sure to download the podcast app Podopolo so we can keep the conversation going after the episode.

[INTERVIEW]

Melinda Wittstock:

Trixy, welcome to Wings.

Trixy Castro:

Thank you so much for having me.

Melinda Wittstock:

Trixy, you have been an entrepreneur since you were 14. Is this just something in your DNA?

Trixy Castro:

You know, that’s a good question. I think I’m coming to finally realize, you know, in my 40s that yes, it is something in my DNA because it was not something I set out to do. It really came as a necessity. I mean, you know, I talk about how I started Trixy’s Tutor Time at 14 years old, But that was at a necessity. I had made a soccer team in a chair, and each sport was I think $1,000 in those days that you had to come up with. And my parents struggled to put food on the table, sort of speak. And so, I didn’t want to burden them with that. And I wanted to earn it. Well, turns out at 14, you need a workers permit. Who knew that? You need someone to give you a ride and hand in. And so, I had to get creative. And I made business cards with magic markers. went across the street to my younger sister’s elementary school and spoke to the principal and explained to him what I was doing, and he was kind enough to introduce me to the teachers and within 30 days, honest to God, I was making more money than both my parents combined. And that’s where I realized, you know, I realize a lot of things, right? But I realized where there’s a will, there’s a way. I realized, huh, if I make my sweet spot, my second and third graders, I can hire the sixth graders and I can hire my mom to drive me to the other schools and expand. So, I really realized, okay, you’ve got to put a lot of thought into this and reflecting back now as a grown up, I realized, he paid it forward with me, right? He didn’t have to take a 14-year-old girl and a research teacher. Teachers knew that I was 14 and they were willing to give me a helping hand, right? To be that person that was willing to say, “Yes, you can do it.” And so, I kind of vowed to myself to be able to do that for others as well. And from there, I created a real business, but it wasn’t far further from that. I mean, I started Genesis Capital with a phone and a desk and that was it and a big idea and a desire and passion to want to do it.

Melinda Wittstock:

Well, here’s the thing that stands out between you and all successful entrepreneurs really and the rest of the world is being willing to put yourself out there and just ask, like, you know, just to literally ask for the opportunity rather than just waiting around for something to happen, right?

Trixy Castro:

So true. So true. That is, you know, you’re right. Because if you want it bad enough, you’re willing to say, huh, let me, let me figure out a solution. Let me, whatever it takes, right? Roll up my sleeves and get it done. And at this point, it was really just being creative. And it wasn’t, you know, anything far-fetched for me to look at business like, how do I solve a problem and expand on it? Right? How do I figure out how to monetize this issue? Right? Because if I’m having it, I’m going to make the assumption that others are too. So how do I help us all fix it? And that’s really kind of what the desire was for the lending company, which was completely foreign in those days. It was considered hard money. And I wanted to come out and put an institutional bow on top of it and organize it. It felt like a little bit of a mess of a wild, wild West. I really wanted to make it a private money model versus just lending to people based on a woman a prayer and on how much money you had really making it an actual bank. And so that’s what I set out to do and realized, you know, hey, there’s a huge opportunity, but I have to really be the best at it. I have to know it better than anybody else because I am going to be responsible for people’s money, for their careers, for their families, right? All of these things are going to now fall on me. So, I took it very seriously. And I really taught myself the business for five years before launching out. I did, you know, basically what today we call fractionalized lending, right? And I went out and I did every single piece of the job, originating, processing, underwriting, answering the phones, being the videographer, going to see the properties, construction oversight. You name it. I did it. And I loved it because I was learning every day. And it was my way of saying I’m going to learn this thing and be able to add value and quickly realized that for my borrowers, if we tweaked this or we looked at this or, you know, we could look at the math a little differently. I was able to add value to them. And, you know, it was interesting. I’m going to say a couple months ago, I went to see an old borrower and we happened to be in LA at the same time. And I’m looking at him and he goes, “Trix, you let money to my father and my grandfather.” And I’m like, “Whoa, whoa, calm down. I am not trying to go get Botox right now. Stop making me feel old. But I mean, he had tears in his eyes and he’s like, we had just come from Israel and you were the only person that would help us, and we have $2 billion of real estate in California today and have created generational wealth. And they were thanking me, and I was like, don’t thank me. I’m thanking them, saying I’m so glad we were able to do it, but it really, it struck a chord, right? Because I thought, wow, like this really is a generational thing. And it was something that, you know, young tricks he would have never realized, right? But it was being able to say, okay, here’s the need, which I interpret it as well as opportunity. Here’s this incredible landscape and let me come in and make life easier for everybody, right? For the capital stack, for the borrower, for everybody that touches this deal, let’s find a better, more efficient way to do it. And as a result of that, you know, also birthed an auction company so that I could help the banks and servicers dispose of the distress real estate, right? And move those assets quickly and bring in the right investor buyers and out there all the information that was needed. So, it ended up being two different companies. It was Genesis Capital on one side, which was the lender. And it was Genesis Auctions on the other which eventually became Hudson and Marshall. And so, it was two platforms that I started, you know, on a Post It note, if you will. And to give you just to take you back for a second, this was my dream team. I hired a 14-year-old girl named Brittany who was working for a prom dress from my brother. He was in the fitness industry, and I said, “What are you doing? Who’s this guy? What do you where’s your mom? You’re 14, you know, don’t you go to the prom at 18? What’s happening? And then she got the lead of a high school place. So, we hired her best friend. We hired my nephew who I paid in gas money, right, to go and be my videographer. This was how bad we wanted. This was how bad I wanted it. I still work with these people today. We all have built and sold companies together and love working together and really solving problems. And you know, kind of coming from that and being willing to not have an ego and just be willing to learn from anyone and anyone that would teach us and being able to do things the most efficient way and do it right is what gave us the opportunities and we got our first big capital partner with Oak Tree Capital out of downtown. They were phenomenal and talk about an incredible learning experience, right? It was amazing and the goal was to turn around and sell it to the institutional world which we were able to do and, you know, and so many pieces to the story, but the long and short is it was always a burning desire to go out and do something, right? To fix a problem to your point, to put yourself out there and ask for the business or ask for, you know, the guidance, right? There wasn’t, there wasn’t an amazing forum like yours where people could go and really connect, right? And use it almost like a thought partner. And so, you just kind of had to find your own way.

Melinda Wittstock:

Oh my goodness, I know those days, being an entrepreneur without even knowing what the word entrepreneur was. Like there weren’t really any entrepreneurs per se. Like that’s how far I go back, right? Or just even as a kid. Like I had my own businesses as a kid as well. Right? And it’s interesting when you think of what is the impetus that makes you wired in this way. Like so in your case, you were like, okay, you needed money. Like you specifically had something that you wanted to be able to do. And so, you went out to find it. And then I think it’s kind of interesting that you helped other people really do the same thing. So, take me back to the early days. You know, you mentioned you hired like a 14-year-old you’re sitting there and that’s it, right? You make it sound easy, but I’m going to assume it wasn’t. There were probably a lot of really hard challenges along the way. What were some of the biggest ones?

Trixy Castro:

Oh, you know, there were so many. And I think part of it, you almost like block out because you just keep going, right? You kind of ‘white knuckle it’ and you’re tenacious and you’ve got grit. And that’s all fine. But when I look back and I reflect, I mean, one of the things I have never talked about, it’s lonely. I mean, it is very lonely because you don’t really know where you fit in because you’ve got this burning desire to be successful and build something great that’s greater than yourself and that you really could see an opportunity to do that. But who do you talk to? Right? Like to your point, like I didn’t even know what the word entrepreneur meant either. Let alone like, oh, I’m going to go do this. Right? And so, you know, it becomes this like you can’t really say too much because you don’t want people to think that you don’t know what you’re doing, especially when you’re trying to raise money or, you know, your name is Trixy and you’re trying to raise hundreds of millions of dollars. And I don’t know, just kidding. Billions of dollars, please, you know, you have no experience to speak of, you know, the capital markets, but being able to overcome that is one thing.

Melinda Wittstock:

Well, I want to stop you there. How did you actually do that? Because it’s very difficult. It’s like just say, you know, when we look at it from say the venture capital land, women with venture capital-qualified companies, in other words, they could be billion-dollar enterprises, still get less than 2% of the money. It’s very, very difficult for women to raise money. So how did you do that?

Trixy Castro:

I think one of the things was my mom really taught me to, you know, it sounds so hokey, but it’s so true to believe in yourself and you can do it, right? And so, she really instilled that. She came from Cuba. So, there was no choice but to, you know, to make it figure it out. And I saw her doing that daily, right? I remember being three years old and her going into a job interview in myself coming with her because the babysitter didn’t show up. And she was interviewing to be a caretaker for a lovely lady that had Alzheimer’s disease. And I remember her being so nervous in this meeting because it was the most beautiful house I certainly had ever seen. And it was intimidating. We’d never been in a home like that. And these were very sophisticated people that turned out that they were Italian immigrants once upon a time and had come to America and built the American dream. And I remember jumping in to help her and saying something to the effect of like you should hire my mom and they said why? And I said, because then you get me, and I really like your house. I want to play in the backyard. And there’s something to that, right? Because I think as a kid, you’re able to put aside the fear of, oh my gosh, I’m going to be judged and you just really kind of blurred out what you really want and what you think. And I got the positive response and, you know, we ended up, you know, actually living there, right? So, I didn’t realize it wasn’t my home. So now I realized, huh, you can ask for it and you can actually accomplish what you want. And I saw my mom take such a proud of ownership and everything that she did, right? She really did that, and it really instilled in me the ability to believe if I wanted something to go for and to just block out the noise. That came in very handy in raising money because you’re thrown in an environment where it’s completely uncharted waters. Same as when I was three. It didn’t feel any different, right? And you just got to get in there and make the ask. So, I knew if they weren’t going to let me in through the door, I was going to go through in through the window. There wasn’t going to be a situation where I didn’t get it done. And I knew that I needed to outwork the person next to me 10 to 1. I had to be better because I had the chips against me, and I knew that, and I understood that on paper I didn’t look like what you’re supposed to look like to go out and raise money. I understood that it was very clear there were oftentimes I was in a boardroom, and I understood I didn’t look like the people in front of me. I wasn’t a man. I understood that but it didn’t matter right it was like okay like in that in those sorts of circumstances say where you weren’t being taken seriously or I think sometimes women are speaking and the men aren’t even listening like they’re not even here.

Melinda Wittstock:

How did you get around all those sorts of things in that?

Trixy Castro:

Well, I got I smartened up real quick because I got tired of not being able to move as quickly as I wanted to which I think they were saying no and I was like, yeah, you just didn’t hear me clearly. So, I bought in, and I aligned myself with what was familiar to them. So, I had a great team of men that would come with me, and it made everybody comfortable. Okay, you guys want to do it this way. We can do it that way. And there were so many times where I’m walking in and these people, if you can imagine, they work for me, right? Like we’re scaling the company and everybody, you know, what you can imagine. Every first I’m told to get the water and like sure I’ll get you water, coffee tea, whatever you want, but I’m actually here to meet with you. Like there’s point A and point B is I just learned to start the meeting, right? Because if I didn’t start the meeting, forget it. I didn’t get a chance to talk, right? I think we all can kind of understand what that’s like. And I realize I’m going to always champion other women. I’m going to make sure that that microphone is given to them because the fact that they got in there, the fact that they had to work harder in many cases, right? And I knew that. And so, I didn’t, I wouldn’t get resentful about it. I just knew, okay, this is a giant chess game and let me just move the pieces around. Okay, this is what you’re used to seeing. This is what you’re familiar with. Okay, let’s do that then and let’s accomplish this. And once I knew that once I had that track record, then it didn’t matter because then it was like, okay, we just broke a little bit of a glass ceiling and that was a huge driver for me, right? There weren’t other places to go and talk to and business coaches wasn’t a thing. And all these great tools that we have now, it was very much a party of one. And you just had to figure it out and keep yourself, keep your head on straight. And it made me very mentally tough, and being able to not just have the resilience, but reflect back and say, okay, I just heard this feedback, many of you’ll call it criticism, whatever. Let me take what I actually think I need to improve upon and let me get the hurt feelings out of it, right? Let me get the hurt feelings out of basically being told your baby’s ugly, right? Your business has these issues or whatever the issue is. Let me fix the issues and let me use that to fuel so that I can be better stronger and get there faster. And I think that in raising money, that is critical and being able to identify what you want, right? Because otherwise you’re just kind of floating and it adds to that feeling of uncharted waters. So, taking a step back and I really wrote down, this is what I want, here is what I need, here is why I need this money. And this is the type of partner I’m looking for, not just the first person to throw a couple dollars at me. Now mind you, keep in mind, this is unheard of at the time, because the institutional world had never backed a company like mine, ever. It had not been done. So, for me to then say like, oh my God, and this is the type of partner I want, was like you’re asking for that, like just be happy that you get something. but I wasn’t willing to take that.

Melinda Wittstock:

Well, it’s such a different psychology around what you’re describing, right? Because if you show up with a begging bowl in your hand, like someone’s doing you a favor, right? Because what you’re actually doing is you’re giving them an opportunity. As a result of your work, as a result of your ingenuity and in your determination, your resilience, your vision, all of these things, you’re making other people money.

Trixy Castro:

Right. Exactly.

Melinda Wittstock:

And this is the thing that I think women sometimes fall into the trap of actually not knowing their own value that the money is just an exchange of value between things. It’s not like a thing. No one’s doing you a favor. You’re actually doing me a favor. Like it’s all the risks and all the work is you.

Trixy Castro:

Right, exactly because to your point, you are the business, right? So, it’s really simple to tell somebody, okay, you built this great thing. Now go fix these five things. Okay, great. But how difficult is it to be able to build the thing? Right? That’s creating something out of nothing. And to me, that’s, that’s the secret sauce that we as women forget that we are the business, right? We are the person that put it all together and juggles 37 plates every day. And it’s still, you know, a great friend and mother and sister and daughter and, you know, all the things. And, and yet we focus on beating ourselves up over the one thing we missed, right? And, and I learned very quickly, yeah, we’re, we’re going to miss. and that’s just part of it. And we have to focus on the winds a little bit. And that’s hard to do as a woman. It’s very hard because we’re not really told oftentimes, hey, good job on this or whatever, right? It’s very much like here’s another problem for you. Here’s another plate to juggle. So being able to look at it from a perspective, especially in terms of capital raising and being able to say, no, no, no, this is what I want for my business or my– and this work family, right? This is what the need is, and this is what I want and being able to go out and ask for it and not deviate from that. That’s critical because if you have the right capital stack, you can fly. If you have the right partner, you can fly. If you choose wrong, it’s a much tougher road, right? To get there and it just makes it a little bit less of a pleasant experience because then, you know, all the issues that come with that. But I think having that mindset of this is what I’m willing to, this is what I want to do. And of course you’re flexible. If you nobody’s going to be inflexible about it, but really being able to ask for that, regardless if people think you’re nuts. I already knew that people thought I was nuts. I’m okay with that. I already knew that I marched to the beat of my own drum. That was okay, right? You could kind of see it when I’d go to a cocktail party and I’m explaining what I do for a little bit and people’s eyes glaze over. That was like clue number one. (laughing)

Melinda Wittstock:

Yeah, I’ve had that in my life, you just feel like nobody gets you, right? But you can see it clearly and like, where does that will come from to just keep marching through that? I think it’s very rare. Do you think this is just something that is a gift that certain people have, and other people don’t or to what extent can it be learned?

Trixy Castro:

I think I think of it like a muscle. (laughs) You know what I mean? You choose to, if you like it, you like, you know, and you want to continue to grow that muscle, I think that we can because I didn’t have any clue that this is what I wanted. But I used a lot of the personality traits that I knew I had, right? I’m a fixer, I like to build people up. That’s a big deal to me. I literally wrote them down. I was like, “Hey, these are the things I like, and these are the things I enjoy, and let me figure out how to put this into something that makes me money.” And that was really the premise of kind of a lot of this. So, when I’ve talked to a lot of women and a lot of other entrepreneurs or aspiring entrepreneurs, there’s a lot of those similarities, right? I think that a lot of people will tell you, I think you’re born with it, or you either have it or you don’t, I don’t believe that. I believe it’s a muscle that you can grow and develop, and it takes time, and it takes a lot of effort and a lot of work. But I truly believe if someone wants it and it’s interesting to them, then they absolutely can do it. Absolutely, 100%.

Melinda Wittstock:

One of the things I’ve learned about entrepreneurship is it’s almost entirely an inner game. Like it’s what’s going on in our own subconscious minds, is really a predictor of whether we’re going to succeed or not. I think there’s a certain amount of baggage on the basis or not that women take into this where we’re sort of a we want to fit in on some level. I think women can sometimes allow themselves to be taken down by the judgment of others or just that aloneness or being the odd one out or different or isolated or whatever on this journey, right? And so, to have that inner strength that you’ve had, like I can only imagine certain women weren’t hugely supportive or friendly to you.

Trixy Castro:

That’s hard. I’ll give you one example. I worked really hard to, you know, get to try and come in and ask for the business. And it was almost like I had to pay for the, you know, struggles that they had had, right? So, they weren’t going to give me a shot. But to give you an example, I could hear them, and I was so excited to come in and meet with them and, you know, just to be in the same room and get to learn from them. And they turn around and I’m still there and they’re like, “Mm, she must not be able to have children. That’s why she works so hard.”

Melinda Wittstock:

Oh my God.

Trixy Castro:

Could you imagine? And I was like, I was dumbfounded. I was completely speechless because you didn’t even give me a chance, right? Like, we’re not only not going to help you, we’re going to try and, you know, put this label on you. And can you imagine how someone else would have felt, you know, a young, you know, Trixy coming up would have felt, at least I was at that point, you know, had had a few battle wounds and knew how to like, protect myself if you will, but could you imagine that could destroy somebody?

Melinda Wittstock:

There are different words for it. It’s like Tall Poppy Syndrome. If women are in scarcity, the whole scarcity mindset basically has it that if someone else is succeeding, you can’t, right? And that’s disastrous for women in business. We soar higher when we fly together. So, we’ve got to find this way of getting into an abundance mindset and genuinely helping other women. And yet I think there are some women that get really threatened by other women. So, coming out of their mouths is like, yeah, I support women, but then their actions are a little bit different.

Trixy Castro:

Right, right. I’ve found that.

Melinda Wittstock:

And it’s perplexing to me and frustrating to me. Or they’ll help women who are not perceived as a threat, that don’t have the big dreams or whatever. It’s just kind of a strange thing. I’d love your perspective on this, because I think it’s changing, it’s getting better, but it’s still sort of a little uneven, I guess.

Trixy Castro:

I could sit and think of example after example, as you’re, as you’re talking, you’re 100% right. Right? So, it’s like, if you’re beneath them in the totem pole, sure, we’re going to help you, right? But if you’re trying to come in and say, hey, I don’t even see this pecking order. I just want to light the world on fire and all of us to go together, right? It’s almost like, now you’re a threat because you’re not staying in your box. Go stay in your box. That’s not like what box? (laughing)

Melinda Wittstock:

So, you just described my life. I mean, this has actually been painful too. And I think it’s hard, especially when women generally or acculturated to, you know, we have empathy and intuition. We’re sort of more community oriented. We want to help other people, we’re entrepreneurs, so we can help, but then there’s this weird disconnect. So, tell me how you walk through that with the right mindset. Like, because yeah, like you mentioned, like the young Trixy CEO, had you encountered that very early on, that could have really devastated you. right? You develop these battle scars and like your armor.

Trixy Castro:

Yeah, yeah. In many ways. Yeah, absolutely. Because you know, you’re looking to the women as like your safe place, right? I’m out here battling all day and like being told 50 ways to Sunday that I can’t go on the boy’s trip, and I can’t do the business deal on the here and the there. Right? All these different doors closing on you, right? And you got the weight of the world on your shoulders, and you go to that safe place just to get punched in the face and you’re like, wait, wait, wait, wait, what just happened? I’m just laughing because I just think, I mean, my entrepreneurial journey has been so filled with both of those things. Yeah. And it’s just something that like I literally had to take a step back and go for a drive or a walk. It took me a minute and like reflect and say, okay, we all have a choice. I’m choosing to be who I am and that I’m kind of constantly championed women in anyone that wants to improve their life, regardless, right? Or regardless of what it is they want to do. I’m choosing that just because that person doesn’t choose that, that’s a “them” issue, right? And I had to navigate it because then I had on the other side of the point I had these like crazy egos, I’m dealing with, right? So, I’m like, okay, how do I figure a way to deal with your crazy ego? Ah, I know, I’m going to let you think it’s your idea, but we’re getting to where I want to get to, right? Like, okay, got that. I understand that game, right? But over here, you’re supposed to be an ally. We’re supposed to have a sisterhood, and you just punch me in the face, right? How am I going to make sure that I don’t let that impact me and become bitter Betty, right? Or have an issue where down the road, you know, it reflects you. I had to literally let it go, like visualize.

Melinda Wittstock:

Literally actually let it go. That’s really where I’ve come to on that. And a mentor of mine said, look, you know, Melinda, you have to realize people are operating based on what they have available to them.

Trixy Castro:

Mm-hmm.

Melinda Wittstock:

At any time. So how sad is it that they’re so sad? And then you end up in this kind of compassionate kind of thing like, oh my God, you know, because you have to realize it’s not you.

Trixy Castro:

Right, right. I have found it’s usually a “them” issue. But it can become a me issue if I allow it to, right? If I got up in that emotion at that moment and I react, you know, then, then I’m at a disadvantage for myself. Forget the situation. It’s for myself, because at the end of the day, it’s a really tough thing to say, “I’m going to go against the grain,” right?

[PROMO CREDIT]

Wings of Inspired Business is brought to you by the new podcast, Zero Limits Business Growth Secrets. Join me together with Steve Little – serial entrepreneur, investor and mergers & acquisitions maestro – as we explore the little-known 24 value drivers that spell the difference between a $5m business, and a $50mm even $500 mm business. That’s Zero Limits Business Growth Secrets, produced by Podopolo Brand Studio at zerolimitsradio.com – that’s zerolimitsradio.com and available wherever you get your podcasts.

Melinda Wittstock:

And we’re back with Trixy Castro, serial real estate and mortgage finance entrepreneur and investor.

[INTERVIEW CONTINUES]

Trixy Castro:

And for me, it was, “Why are you doing all of these things? You’re supposed to follow the path and do A, B, and C.” Okay. Many of us are told that. We’re supposed to do A, B, and C. And we choose to go out on our own or we choose to want to, you know, scale the corporate ladder and be really passionate about what we do. And that’s okay. And we’re never going to let ourselves feel if it’s okay, unless and get others to allow us to think it’s okay, unless we truly feel it’s okay. And I think that just like we put time into our business and into our people and into our teams and into our culture, it’s important and critical to put that time into ourselves. Even though the world tells us not to and you know, we’re selfish if we do take 10 minutes to ourselves and God forbid we don’t respond within 13 seconds, right? Being able to actually take that time and look at yourself as a business, right? And make that time to reflect on the good and the bad, but also make that time to grow for yourself, right? What feeds you? What makes you feel good? You know, finding that that tribe of people and being able to sit with them for 10 minutes, right? Or whatever it is for someone that helps them feel like they’re growing, but really investing in themselves and being able to listen to podcasts and all these incredible tools that are out there now and grow and feed ourselves is the right answer. You know, because then when these things happen, you don’t take it so to heart. It just becomes a like nuisance rather than a complete dead standstill.

Melinda Wittstock:

Exactly. And I love what you said to moments ago about just continuing on like if you believe in supporting women it’s what it’s who you’re being and as well as what you’re doing, and you just become an example and there’s a permission structure. The more of us just do that right the more it opens the doors for other women to be that and get beyond there because chances are a lot of the people that are resentful say towards other women are that way because they chose and what do you call it, Bitter Betty?

Trixy Castro:

Yeah. They fell into that trap.

Melinda Wittstock:

Yeah, so, they’re sort of stuck there because they didn’t do as you did, which was let it go. And so, the more we just literally stand up and just do this. And that’s why I do this podcast. I don’t really have a lot of time for this podcast. I’m scaling an AI and blockchain business and podcasting and all of that entails. I just think it’s so important that we just do this. We affirm and acclaim other women doing amazing things.

Trixy Castro:

I couldn’t agree with you more.

Melinda Wittstock:

Yeah, and you’ve taken it further. You’re investing in businesses and I’m going to assume women’s businesses as well. So, tell me about that.

Trixy Castro:

I think it takes one to no one, right? (laughing) And I always look at it and I think like, okay, in business, we have a lot of challenges, right? So, who are you going to hitch your wagon to? Who are you going to be aligned to? Who do you want with you when the chips are down? Who’s going to roll up their sleeves and say, let’s get in there, let’s fix it, let’s get it done, let’s improve, right? And I think about that. And when I look at that, these entrepreneurs, they are that, right? They’re just in a different, like we all just chose different pieces, right? I chose these two sectors and finance and real estate. They might have chosen like yourself tech or all these other things, but like even in talking to me, your passion, right, for what you do. I mean, it’s obvious to me everything you touch is going to turn to gold. It’s obvious to me you’re going to do what it takes, right? To build a business. And so, as I’ve come across other entrepreneurs, it just was synergistic and I wanted to get involved, right? And so, whether that meant dollars and connections and access or whatever it meant. I wanted to be that, right? I wanted to make sure that, hey, let me come in and help you with your business if I could add value, right? If I could add value, if they do that. And it came from a place of synergies, right? It came from a place of being excited about what they were doing and realizing, huh, these some good basic business principles that I’ve applied over here that makes sense over here too, right? Or these contacts or whatever it is and somehow, you know, woke up and here we are 50, 50 plus businesses later in other entrepreneurs that I’ve, you know, personally invested in and become a part of and it’s so rewarding. It’s so exciting and very weird at first, right? Because I’m used to building them from the ground up and I still do that as well and I I probably always will, I’m a little bit of a glutton for punishment on that.

Melinda Wittstock:

Can’t help yourself…

Trixy Castro:

That’s like, yeah, exactly. Can’t help myself. It was a little bit weird of like, wait, I’m not supposed to do every single piece of the puzzle, right? Like, what? But it was a great learning lesson for me too, right? Because you want to be able to just encourage people to fly and soar. And it’s been so much fun. I have to tell you, it’s been incredible because I learned, I’m constantly being challenged And I’m learning things that are way outside of my wheelhouse. And it feels great to be able to understand their vision and be able to see it grow, right? And to be able to see them accomplish what they’ve set out to do is incredibly rewarding. And that’s something that I experienced in my own businesses, right? But it’s different when you’re seeing someone else’s vision come to life and how hard they’re working. And the challenges are very similar, right? Just different, just put a different name on it. Very similar what we all go through and really hitting back on the point that you said, you’re so right and your podcast is so great about showing this in every episode that I’ve heard, your abundance mindset, right? You have come in and said, hey, listen everybody, let’s change our thinking. Think of it from a place of abundance. Think of it from a place of being able to join forces and that’s really how I became an investor in other businesses because it was coming from a place of there’s enough for all of us. Let’s figure out how we could work together and in my case, you know, I teamed up with competitors, you know, and so there was never this fear of like, let me hide the ball, let me keep everything so close to the vest that, you know, nobody, no, of course not. Let’s find a way to work together and, you know, build something really exciting.

Melinda Wittstock:

Oh my goodness. Okay. So, there’s a couple things you said there. It’s just like exploded my mind. I got like really excited about this because I don’t get to talk to too many people who are that share this perspective with me. I think more and more do, right? But what you said about competition, we can create business models. And this is something very much that Podopolo does because one of our core values is abundance mindset. So, what does that look like in in the world or even in our business model, it’s coopetive. We could create deals where everybody wins. We can win like you know what I mean? It doesn’t have to take all. It’s right, right? Exactly. You can create billion dollar-plus businesses with that mentality, right?

Trixy Castro:

So, like that just yes, I love that. Being able to be in that zone.

Melinda Wittstock:

But also, the abundance mindset of women investing in other women. I think when women have exits, sometimes they plow all their money back into their own thing or charity or whatever, but don’t give back or give forward or whatever we however we want to term it to other female entrepreneurs. And one of my passions is catalyzing that ecosystem where we are actually investing more women actually get maybe out of their comfort zones a little bit and invest in startups, you know, either as LPs and venture funds or as angels or however they want to do it, you know, and I mean, and diversify. And there seems to be the need for a lot of education in that space, right? To get women comfortable with doing that. What’s the perspective? Do you see a lot of other women increasingly getting into the investment kind of world on the VC angel kind of side of things?

Trixy Castro:

I do now, which is so exciting and like, oh, it’s such a great thing, right? I did not before. But I do now, and I see where not just investing, which is incredibly important and, you know, the whole foundation, but also being willing to go out and make introductions and open up their book of business, so to speak, right? And that’s something I didn’t see before really ever. And so, seeing that is so, I don’t know, heartwarming, I guess, is a right word to say because, you know, yes, as an investor, when you’re investing in someone else’s business, you feel like you’re free-falling because you don’t know what you don’t know. You’re used to doing it everything yourself. You’re probably used to bootstrapping it like I did and have, right? You know your way, right? And so, giving the, you know, the reins to someone else and being like, “Hey, go for it.” There’s a level of trust that is hard, especially when you’ve been kicked in business, right? So, the trust part…

Melinda Wittstock:

Exactly. Because you know how hard it is.

Trixy Castro:

Exactly. Exactly.

Melinda Wittstock:

It hits on all these buttons, right?

Trixy Castro:

And so, kind of checking yourself of like, “Okay, let me take a minute, right?” And really not lead with my own past experiences. Good or bad, right? But for lead with what actually is in front of me and what their business really is. And when I was able to do that, God, their business is incredible. The businesses are phenomenal. And maybe the missing piece of like the puzzle, right, you know, was something that was so synergistic. For example, you know, I’ve worked with somebody that was an expert engineer or somebody that was an expert veterinarian or woman that was an expert doctor. And so, like being able to help them accomplish what they do, you know, and their expertise was incredible. Yes, it was foreign to me. I learned it to a degree. I’m never going to be an expert like they are, but certainly was able to learn, you know, the mechanics of the business growth piece. And it was really cool to see us working side by side. And our team’s working together. And as I’ve seen that and talked about it, I’ve seen other women doing it because you just kind of end up gravitating towards each other. And I see VC funds out there. I see women even not just saying, oh, I’ll help you if, right? I’ll help you if has kind of started to dissipate. And here, let me help you because, right? And so, we see them make these introductions without asking for anything. And that is like the ultimate, right? Because that is what really needs to happen.

Melinda Wittstock:

Like I think we need to buy from each other, promote each other, mentor each other, invest in each other, but also just those introductions. It makes me think is when you look at, say, a powerhouse venture fund like Andreesen Horowitz A16Z and why they’re so successful and powerful or Lightspeed or any of these big Silicon Valley VCs, they don’t just provide money, they provide the introductions. Like they will literally help a company make a market.

Trixy Castro:

Yep, yeah, incredible, it’s amazing, right?

Melinda Wittstock:

And the men that invest tend to be like, if they like the founder, the market has to be big enough, the founder and the founding team, like they’ve got what it takes, can it grow a market, all of that. But at that point, it’s like, yeah, okay, we trust this person, we’re here to provide support and what you ask for and maybe we’ll spot things or blind spots that you have, go. I think sometimes with women though, my experience, I’m curious your take on this. A lot of very, very wealthy women who have either generational wealth or wealth that they’ve created on their own. No problem writing massive checks, like a million-dollar check to charity, but writing a 20 grand start up investment for a company that’s doing the same social impact, say, like climate tech or something like that, right? Or whatever, or what I’m saying, or solving like a problem that they’re actually writing checks to charity to solve and they’re like, oh no, my husband makes that decision. Right? Or it’s kind of like, oh, I don’t really understand the tech. I found myself saying to one woman, actually not so long ago, I just kind of lost it. And I was polite. But I said, look, I don’t know about you, but when I go to the doctor, when the doctor tells me something and the treatment I should use for whatever condition, I do not say I have to go and get my medical degree, right? I’m back, to evaluate what you’re telling me. Like there’s a certain trust that this person has expertise in it, right? And so, when you apply that to investing in entrepreneurship, I think men tend to be more like, okay, like I trust this, it could go wrong, but I’m diversified, it’s whatever, but I’m here to help and I’ll go for it. I don’t have to know every single thing about how AI works or how to be able to make that investment decision. What’s your take on that aspect?

Trixy Castro:

100% and I think your analogy is so spot on, right? I love that you said that. And it’s so true. And oftentimes as women, we won’t even allow ourselves to think of that, but your answer was spot on. I think there’s so much room for us to rally behind each other, and actually put actions behind the words. And those actions translate into dollars, right? And I think that it goes back to checking yourself a little bit, right? So yes, it’s going to be scary. Yes, it’s going to be a free fall feeling for a moment. It’s a feeling, right? It passes, but that level of trust in the entrepreneur has to be greater, right? Has to be hit to let yourself really see the business and the person for what and who and what it is and be able to go with that, because otherwise it becomes to your point, I see all these incredible hoops put and these parameters and I’m like, but as the other person getting all of those hoops and parameters put around the money, because then it becomes at some point that the $20,000 or whatever number it is isn’t even worth it, because you’re spending all your time jumping through hoops to, you know, placate this one person, right? And on the other side, you wouldn’t have to. Like it just becomes almost like an unproductive kind of thing. And I think that it goes back to being able to trust yourself to invest in other businesses and women and know who it is that you’re investing with, but letting them do their thing too.

Melinda Wittstock:

Oh gosh, 100%. One of the things that it’s come to me now, Trixy, I was thinking in a linear way that I would exit Podopolo first and then with all that money, create my fund to be able to invest in women. And then I started to realize that I can do both at the same time.

Trixy Castro:

Mm-hmm, right.

Melinda Wittstock:

And so now I’m like, okay, what can I do and who can I do it with? I had this intention years ago that I was going to invest in initial $10 million in female run and owned businesses, right? So how can I accelerate that, right? And then the more I started to think that the more the right women have come into this I’ve met other women with other funds. And now I have this tremendous knowledge now about how to run a VC fund. I want to go do it.

Trixy Castro:

I love it. That’s amazing. It’s amazing. See the thing that we’re knocked for, right? We’re oftentimes women knocked for not juggling the plates fast enough, all of them at the same time, right? And it’s actually a superpower, right? I can balance a lot of plates and do them well. and what you just shared is a living proof of that, right? Like you didn’t have to wait. You decided I can do this and you’re doing it, and you turned it into a huge machine, which is incredible.

Melinda Wittstock:

Well, then all of a sudden the right people start showing up. Like so this is I’m a big believer in setting clear intentions. Like it goes right back to the beginning of the conversation. Know what you want. Yeah. Know who you want to do it with. Know why you want to do it. Know the impact that you want, right? Just be very clear. And then sort of things start to kind of mysteriously align like you start to see synchronicities and things like that. When you do that, like, have the right people kind of show up. Like this conversation, for instance, which I am really enjoying. So, thank you. It’s lifted my day. [LAUGHS]

Trixy Castro:

Likewise. Likewise.

Melinda Wittstock:

Like I could chat with you for hours, and we’ve had very similar experiences.

Trixy Castro:

So true.

Melinda Wittstock:

You’ll have to come back on the show again, but in the meantime, how can people find you, Trixy, and work with you?

Trixy Castro:

Well, I’m new to all of this because like I was sharing with you offline, I haven’t really been able to go out and tell the story because I was building things and, now. Life looks a little bit different. I am very easy to get a hold of just I have a website, TrixyCastro.com, and it definitely has the different businesses, some of the different businesses I’m involved in and how to get a hold of me and a little bit about the story. So please anyone feel free to reach out.

Melinda Wittstock:

Well, amazing. I’ll make sure all of your details are in the show notes and everything. Thank you so much, Trixy, for putting on your wings and flying with us today.

Trixy Castro:

Thank you for having me. That was amazing. Thank you.

[INTERVIEW ENDS]

Melinda Wittstock:

Trixy Castro is the founder of TRX Capital, Genesis Capital and Hudson & Marshall, creating, building, exiting and investing in more than 50 companies so far.

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Melinda Wittstock:

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Melinda Wittstock:

Miss a Wings episode? We’ve got hundreds in the vault, all with actionable advice and epiphanies. Check them out at MelindaWittstock.com or wingspodcast.com. You can also catch me on LinkedIn or Instagram @MelindaAnneWittstock. We also love it when you share your feedback with a 5-star rating and review on Apple, Spotify or wherever else you listen, including Podopolo where you can interact with me and share your favorite clips.