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Speaker 1: Welcome to How the Money. I'm Joel and I and Matt.

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Speaker 1: Today we're talking about pursuing entrepreneurship and avoiding legal mishaps

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Speaker 1: with k Gruner. Yeah, you'll here on the show. We

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Speaker 1: talk a lot about entrepreneurship, but it is not for everybody,

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Speaker 1: you know. For some folks working at traditional nine to

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Speaker 1: five with benefits, it's the way to go. For others,

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Speaker 1: entrepreneurship and starting their own business has its own set

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Speaker 1: of benefits and perks, you know. But you want to

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Speaker 1: make sure that you're going about things in the correct way.

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Speaker 1: You want to make sure that you're going about things legally.

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Speaker 1: Uh So, our guest today is k Gruner, who is

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Speaker 1: an entrepreneur and intellectual property lawyer, so she is the

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Speaker 1: perfect guest for this topic. She is also the founder

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Speaker 1: of Startup part Up, which exists to bring entrepreneurship to

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Speaker 1: everyone through U d I Y tools, education, and empowerment.

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Speaker 1: We're going to make sure that your side hustle gets

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Speaker 1: through those awkward middle school years and that you're able

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Speaker 1: to transform it into a legitimates full fledged business. Okay,

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Speaker 1: thank you so much for joining us. Oh thanks for

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Speaker 1: having me. I am so excited to be here. Okay,

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Speaker 1: we're excited to have you. And every episode, Matt and

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Speaker 1: I would drink a beer. It's something that we care

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Speaker 1: about and drinking nice beer. Um, And it's kind of

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Speaker 1: our way to say that we're we're splurging on something

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Speaker 1: that's meaningful to us right now while we're also saving

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Speaker 1: intentionally for the future. So our first question every guest

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Speaker 1: is what's your craft beer equivalent? Do you have something

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Speaker 1: that you spourge on now while you're also trying to

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Speaker 1: save for your future self? I sure do, and I

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Speaker 1: hate to say it, but at the same time, I'm

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Speaker 1: going to fully embrace that I do love my Starbucks,

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Speaker 1: so you'll see me there several times a week pulling

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Speaker 1: through the drive through. All Right, how many special request

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Speaker 1: you have on your Starbucks beverage and us people are

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Speaker 1: like triple sway, latte cut whatever. I don't know. I

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Speaker 1: don't even know all the termin knowledge people used, but

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Speaker 1: I know it gets intent sometimes, Yeah, like was it

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Speaker 1: burg King or McDonald's. Like at the Travis Scott Meal,

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Speaker 1: what's the what's what's the cake ruiner? Starbucks drink the

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Speaker 1: k Gruner, So the k Gruner Starbucks drink it sounds long,

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Speaker 1: just because all the Starbucks drinks names are long. But

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Speaker 1: it's the caramel machiato ic. And then my special edition

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Speaker 1: is actually a elimination. I get half a pump of

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Speaker 1: vanilla and I'll tell you the size I get normally

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Speaker 1: has five full pumps, and I bring it down to

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Speaker 1: one half of one. WHOA, that'd be um overly sweet.

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Speaker 1: I would think you kind of the regular way. It

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Speaker 1: does explain why they are so sweet. It's absolutely impressive

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Speaker 1: that you know that it takes five pumps. You know.

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Speaker 1: It's like when when when you go there enough and

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Speaker 1: you see them like one, two, three, Oh my gosh,

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Speaker 1: please stop too much. It's for too many. It's like, yeah,

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Speaker 1: maybe next time one. I know a little too much

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Speaker 1: about it. I love it though. All right, Okay, you're

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Speaker 1: sharing your own entrepreneurial endeavors in real time on your

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Speaker 1: on your podcast as well. Uh you know, can you

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Speaker 1: fill our listeners in on on what you're currently pursuing. Yeah, definitely. So.

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Speaker 1: I am a classic side hustler. At the moment, I

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Speaker 1: have a full time corporate job. I'm an in house

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Speaker 1: lawyer at a pharmaceutical company. But I've had all these

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Speaker 1: years of legal practice with traditionally corporate clients, so big companies,

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Speaker 1: and my heart is just out there with the little

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Speaker 1: guys pursuing their side businesses and their small businesses out

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Speaker 1: of their garages. So after you know, a few years

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Speaker 1: of like coffee dates and sort of given out free

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Speaker 1: advice and information which always you know, fills my cup,

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Speaker 1: I decided to make it a little more formal and

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Speaker 1: create a business model where I could put the information

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Speaker 1: in my head, this critical legal knowledge into sort of

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Speaker 1: the everyday entrepreneurs hands via what I call the d

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Speaker 1: I Y resources, so that way they could save money

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Speaker 1: before actually hiring a lawyer down the road. I love

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Speaker 1: it yet, because that that can be daunting, right Do

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Speaker 1: I need a lawyer or to get started? And sometimes

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Speaker 1: you know, they just need somebody like you in their

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Speaker 1: corner to offer some free expertise, which what you're doing

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Speaker 1: a great job at. I wanted to to ask you, um,

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Speaker 1: at one point you wanted to start your own business

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Speaker 1: selling disposable running shoes. I thought that was fascinating when

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Speaker 1: I heard you talk about that. How did that work

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Speaker 1: out for you? It didn't. So here's here's what actually

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Speaker 1: so well, you know, it's a non story, but it's

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Speaker 1: it is a perfect example of exactly how this you know,

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Speaker 1: entrepreneurship works. Me and my husband all the time, you know,

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Speaker 1: we're calling each other on the phone for years now saying, hey,

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Speaker 1: I've got this great idea. It's genius, and you know,

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Speaker 1: you get so excited. Y'all are sitting around, you know,

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Speaker 1: drinking your beers, you're out of bonfire, and you're like, hey,

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Speaker 1: I've got this idea. What you all think? So it

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Speaker 1: was a classic story like that, and we got excited.

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Speaker 1: We actually bought some rubber gloves. Um. The idea you

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Speaker 1: mentioned disposable running shoes. I'm a long time runner, was

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Speaker 1: that when we travel we always want to bring sneakers,

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Speaker 1: but it's so bulky. So we thought, you know what,

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Speaker 1: We're going to have these very simple one runs was

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Speaker 1: going to be the name. And just like a tiny

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Speaker 1: slip of of protective fabric or thin rubber that is

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Speaker 1: so thin that it can get you on the treadmill

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Speaker 1: at the hotel or like out on some clean, you know,

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Speaker 1: sidewalks for one run. But then we saw somebody else

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Speaker 1: was already doing it, and we're like, you know what next?

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Speaker 1: But that's such an important part of the process of

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Speaker 1: pursuing an idea is checking to see what else is

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Speaker 1: out there, is anybody else, you know, creating something similar

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Speaker 1: and and so yeah, it sounds like you did your

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Speaker 1: research on the front end and you're like, wait, no,

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Speaker 1: somebody else is already putting this into action, so we

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Speaker 1: should probably concentrate on the next big idea exactly. And

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Speaker 1: you know, I also, I don't want to discourage people

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Speaker 1: from not pursuing something because somebody else is doing it.

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Speaker 1: But like everything, it depends on the situation. And here

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Speaker 1: we were like, oh, this is going to be an invention,

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Speaker 1: We're gonna go get a patent on it, and you

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Speaker 1: know it's going to be revolutionary. And then when you

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Speaker 1: have products that require extensive manufacturing, all those upfront costs.

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Speaker 1: So that was what led to us saying, yeah, I

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Speaker 1: forget it. But if we were, you know, wanting to

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Speaker 1: start like a hand poard candle business, there's millions of those,

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Speaker 1: but you could still carve out your little niche, but

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Speaker 1: the startup costs would be so much lower in that case. Okay,

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Speaker 1: I like, I want to get some clarity too, So

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Speaker 1: on these adhesive shoes, like originally your original idea like

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Speaker 1: did they go on your your foot Barefoot's like, is

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Speaker 1: this sort of like a minimal running kind of shoe approach?

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Speaker 1: That's exactly it. So I have worn the Vibram five

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Speaker 1: finger shoes, I say, I've I've warned them, I've owned

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Speaker 1: several pairs. I have ran sixteen miles in a pair

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Speaker 1: of those shoes, so I do. Yeah, I love the

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Speaker 1: minimal running shoe. So that was the idea. And when

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Speaker 1: I mentioned earlier, I think we bought some rubber gloves,

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Speaker 1: cut them up and taped them to our foot. You know,

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Speaker 1: we envisioned how it would be just enough for one run,

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Speaker 1: you know what you would need to protect yourself from

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Speaker 1: you know, whatever's out there, or there's a treadmill really

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Speaker 1: just so you're not running barefoot on a treadmill. But yeah,

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Speaker 1: that was the idea. Very cool. So market research that's

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Speaker 1: obviously like an important step when it comes to thinking

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Speaker 1: through an idea that you might have, Like like, what

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Speaker 1: are some other good tips for helping individuals out there

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Speaker 1: to discover and come up with, you know, business ideas

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Speaker 1: of their own. Oh yeah, absolutely so from market research,

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Speaker 1: I definitely recommend doing the most almost obvious thing is

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Speaker 1: googling and asking the question where is this industry going?

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Speaker 1: And also you have to understand what your niche is

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Speaker 1: within the industry. They say, then the riches are in

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Speaker 1: the niches. So the more specific you can get, the better.

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Speaker 1: And you can actually get so much information for free,

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Speaker 1: especially with the the you know, they have these market

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Speaker 1: research reports that they give you a summary. You've got

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Speaker 1: to have an idea if the industry is even growing,

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Speaker 1: you know how many players are there. So, I mean

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Speaker 1: another concern with market research too is our people like

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Speaker 1: asking those questions. You can go to forums like Reddit

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Speaker 1: or Facebook groups or whatever whoever you think your ideal

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Speaker 1: customer is and do some social listening and just listen

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Speaker 1: to what they're talking about. Ask questions what are their

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Speaker 1: pain points? If you get a sense, I mean really

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Speaker 1: a lot of the times too, it's it's a get sense,

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Speaker 1: but you have to validate it by checking these things,

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Speaker 1: then you can get started. You know, just don't overinvest

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Speaker 1: before you're like actually looking into it. Let's talk about

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Speaker 1: the win of starting a business. Our economy is in

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Speaker 1: obviously kind of a freakishly weird time right now, but

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Speaker 1: say everybody's feeling it, right, But history shows us that

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Speaker 1: that economic downturns are often a great time to start

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Speaker 1: a business. So yeah, what do you think is it

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Speaker 1: does now feel like a good time for a lot

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Speaker 1: of entrepreneurs to to get started. Yes, I wholeheartedly agree

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Speaker 1: with that, And you know, I've had a little bit

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Speaker 1: of mixed feelings because I actually I haven't wanted to

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Speaker 1: go out there and almost say the wrong thing because

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Speaker 1: there are so many people who have lost their jobs.

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Speaker 1: There's so many people who are starting businesses because they

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Speaker 1: have to um and I think that So there's there's

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Speaker 1: that group of people, but then there's also people who

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Speaker 1: have just sort of been baking on their ideas for years.

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Speaker 1: And I don't want to say now or never, but

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Speaker 1: you gotta do it, just give it a try, go

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Speaker 1: for it. And I do think that now is a

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Speaker 1: good time to get started. Yeah, whether it's for market

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Speaker 1: reasons right because of the you know, there there might

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Speaker 1: be new needs and questions, pain points like you mentioned

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Speaker 1: that are out there that that now exists. So it

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Speaker 1: can be kind of like these big overarching reasons to

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Speaker 1: start a business. But like you said, it could also

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Speaker 1: be something that you've thought about for a really long time. Uh,

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Speaker 1: And like you said, I don't know if there's ever

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Speaker 1: a better time than just now. Like I've never seen

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Speaker 1: anybody have a good business idea or something that they're

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Speaker 1: really excited about, sit on it for five years and

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Speaker 1: then be more excited about it and it being more

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Speaker 1: successful down the road. I'm sure there are instances out there,

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Speaker 1: but man, the folks who I see really excel our

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Speaker 1: individuals who have the idea, they've identified the need, they

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Speaker 1: see where the industry is going in, they've been able

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Speaker 1: to identify ways to market it. There's so many things

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Speaker 1: that kind of keep in mind there even just aside

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Speaker 1: I guess from the pandemic. But you know, so actually

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Speaker 1: on that note, when it comes to marketing your product

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Speaker 1: or your idea, like most folks can't get by just

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Speaker 1: by by word of mouth, you know. So, do you

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Speaker 1: have any any tips, any ideas for listeners if they're

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Speaker 1: looking to promote their you know, their solid products, they're

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Speaker 1: they're great services out there without spending too much money.

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Speaker 1: Oh absolutely, And I'm actually so glad you added on

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Speaker 1: that last part. There are so many free ways that

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Speaker 1: you can communicate your message and I mean digital marketing.

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Speaker 1: Oh yeah, and me too. So digital marketing is obviously

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Speaker 1: huge umbrella. But you got to understand where your people are,

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Speaker 1: the people who might buy the thing that you're selling,

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Speaker 1: whether it's services or products, and that I mean, this

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Speaker 1: information is out there, like what you can understand what

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Speaker 1: their demographics are. Are they on TikTok or are they

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Speaker 1: on Facebook, or are they on LinkedIn? You know, if

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Speaker 1: it's business to business, maybe LinkedIn is your best place.

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Speaker 1: But the tip that I have actually are pretty simple,

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Speaker 1: and I think that people give up before completing these.

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Speaker 1: And that's one. Don't be afraid to show up with

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Speaker 1: your face because people who are on these forums, um

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Speaker 1: want to see real people. They want to buy from

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Speaker 1: real people. And if say take the candle example, they're

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Speaker 1: gonna buy some from somebody who they know, they've seen

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Speaker 1: that person's family, maybe they've seen that person's coffee order.

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Speaker 1: You know, they like them a little bit more, they're

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Speaker 1: going to buy a candle from them and want to

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Speaker 1: support their business. Um. So showing up with your face

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Speaker 1: is one, and two Planting seeds is so important. So

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Speaker 1: in everything that you do essentially, whether it's like purposely

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Speaker 1: for the business, or if you're just out and about

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Speaker 1: seeing your friends and family, bring up your business. Bring

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Speaker 1: up you know, don't don't be you know, over the top,

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Speaker 1: like planting seeds so that when people down the road

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Speaker 1: either need you or meet someone who might need the

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Speaker 1: thing you're selling, they can recommend you and refer and

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Speaker 1: those seeds show up later. So got to be patient.

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Speaker 1: And then the third thing is to be consistent. And

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Speaker 1: I think this is actually where people do drop off

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Speaker 1: because they don't see results right away, and we're so

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Speaker 1: used to that like instant gratification that when they go

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Speaker 1: online they feel embarrassed because they showed their face, they

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Speaker 1: talked on video, they stumbled, they messed up whatever is

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Speaker 1: nobody bought, and if they only did it for three months,

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Speaker 1: they think they've failed. But it takes I would say

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Speaker 1: minimum six months to a year to get like real

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Speaker 1: traction and people paying you. You know, you can't expect

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Speaker 1: it to happen in three months. Yeah, And that's part

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Speaker 1: of the reason why oftentimes starting up as a side

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Speaker 1: hustle can make so much sense for so many people.

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Speaker 1: Just like just like you're doing right and just like

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Speaker 1: Matt and I did for the longest time, it. Uh,

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Speaker 1: it does take a lot of time to gain traction

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Speaker 1: and to find your voice to um. Yeah, there's some

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Speaker 1: great tips. Well, okay, we want to talk more with you,

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Speaker 1: and specifically, since you're a lawyer, we want to talk

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Speaker 1: about some of the legal necessities when you're starting a business.

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Speaker 1: So we'll get to some of those questions right after

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Speaker 1: this break. All right, we're back to the break in. Okay.

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Speaker 1: We we've talked about how now might be a great

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Speaker 1: time to start a business. We've talked about finding that

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Speaker 1: inspiration to start your own business. But you know, now

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Speaker 1: let's dive into the legal stuff, the fun stuff. On

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Speaker 1: your site, you give a legal roadmap for starting a

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Speaker 1: small business. Can you start us off, you know, with

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Speaker 1: an overview of that and the steps that we kind

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Speaker 1: of need to go through. Yeah, absolutely, So to start,

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Speaker 1: I think one of the things that is really important

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Speaker 1: to remember when you're starting out, because I really part

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Speaker 1: of why I'm doing this is to encourage entrepreneurs to

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Speaker 1: not quit when it gets hard, because it is going

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Speaker 1: to get hard, right and things are going to get

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Speaker 1: confusing and overwhelming. So when you know sort of what's

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Speaker 1: to come, it's it's gonna be more approachable when it

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Speaker 1: gets there. So what's the difference between what's required when

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Speaker 1: you're starting a business versus what would be nice or

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Speaker 1: what important when your business is starting to scale. So

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Speaker 1: one of the things that I think is really important

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Speaker 1: to do right up front is just to make sure

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Speaker 1: that your business name is even available for use. And

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Speaker 1: there's a couple of reasons for that. One because you

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Speaker 1: don't want to have to rebrand down the road if somebody,

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Speaker 1: you know, if you end up having to change it

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Speaker 1: for some reason. But too, if somebody else is using

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Speaker 1: that mark and they have rights in it, they could

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Speaker 1: actually send you a cease and desist, they could sue

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Speaker 1: you for trademark infringement. There's all sorts of issues that

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Speaker 1: could come up. The costs are endless, So make sure

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Speaker 1: your business name is available. You don't have to file

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Speaker 1: a trademark right away. In fact, I actually in a

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Speaker 1: lot of cases recommend not to because don't spend the money.

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Speaker 1: You might change your business name at Okay, how does

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Speaker 1: it work from a legal standpoint? By the way, Let's

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Speaker 1: say if you if you do try to go with

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Speaker 1: a name and and somebody else has similar or like

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Speaker 1: the same same name, because I mean yeah, like I

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Speaker 1: feel like I swear I've seen stores like or I'm like, wait,

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Speaker 1: I've seen that name of that store before, but that's

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Speaker 1: a completely different store and it's like maybe in a

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Speaker 1: different city or something like that. Right. So here's the thing.

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Speaker 1: If it's a very generic type name, like here in

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Speaker 1: Georgia we have this oh gosh, what was it? The

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Speaker 1: stores they're like florin decor and like literally it just

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Speaker 1: names the thing that you're buying, furniture superstore like that.

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Speaker 1: Anybody can use. It's not going to be protectable. If

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Speaker 1: you were to go to the US Patent Trademark office

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Speaker 1: and say, hey, I want to register this mark and

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Speaker 1: it's just a generic description of what you're selling, you're

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Speaker 1: gonna get rejected and you won't get your money back.

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Speaker 1: So that's okay. Anybody can use those names. I would

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Speaker 1: never recommend it because you're not going to stand out

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Speaker 1: in the market and people are going to get confused

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Speaker 1: and they might go to that store thinking it was yours. Um.

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Speaker 1: So that's one thing. The other thing is if somebody

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Speaker 1: is already using a name and it's at least a

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Speaker 1: little bit distinctive, if they have filed their trademark registration

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Speaker 1: and then you use the same name are similar, You

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Speaker 1: will lose your right to do that if they, you know,

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Speaker 1: find you and tell you, hey, I've got this registration.

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Speaker 1: So that's a problem. But then in the other that's

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Speaker 1: when you would get that cease and desist letter. Is

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Speaker 1: exactly when it's something that's already trademarked and then you

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Speaker 1: decided that, hey, this is what I'm gonna call my

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Speaker 1: blog or that, or this is I'm gonna start selling

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Speaker 1: candles under this name. But it already exists out there

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Speaker 1: exactly well, and if it's like registered, if it's not registered,

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Speaker 1: that doesn't give you a green light. But here's what

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Speaker 1: would happen. They would be already operating, and then you start,

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Speaker 1: say a year, five years later or whatever it is,

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Speaker 1: and then you try to get a trademark registration. They

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Speaker 1: could then file for prior use rights, meaning that even

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Speaker 1: if you get your registration, they're going to still be

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Speaker 1: able to operate. You can't then cease and desist them,

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Speaker 1: you know, backwards in time, because they were using it first.

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Speaker 1: So it's just better from the start because one of

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Speaker 1: the first things you're gonna do is is you know,

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Speaker 1: build your brand, tweak it however it makes sense. But

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Speaker 1: but you're starting that like customer recognition from day one,

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Speaker 1: so you really don't want to choose a business name

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Speaker 1: that is just like totally generic or you haven't researched

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Speaker 1: to make sure that nobody else is using it. True. Yeah, yeah,

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Speaker 1: So I like what you said to about you know,

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Speaker 1: a roadmap and just how essentially it gives small business

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Speaker 1: owners or or soon to be small business owners, right,

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Speaker 1: hopeful hopeful entrepreneurs. It gives them something to look forward to,

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Speaker 1: and just so I guess things don't surprise them, right,

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Speaker 1: you know, it's I guess when you're constantly surprised with things,

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Speaker 1: it's like what is this ever going to end? But

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Speaker 1: if you know that there's a number of things that

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Speaker 1: you whack a mole. Yeah yeah, But if you know that, like, okay,

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Speaker 1: I know that these are a few things that I

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Speaker 1: have to do, it's easier to kind of get through

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Speaker 1: some of those maybe initial growing pains. What are what

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Speaker 1: are a few other things like that that we you know,

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Speaker 1: anybody out there starting a small business needs to make

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Speaker 1: sure that they do. So if you're starting a small

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Speaker 1: business that is very low risk, and you can This

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Speaker 1: is another thing you can google and look into a

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Speaker 1: little bit. But there's also a little bit of a

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Speaker 1: gut feeling. If you're selling um, hand knitted sweaters or

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Speaker 1: like stationary, you know, something that nobody's going to get

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Speaker 1: hurt using, then you don't really need to worry about

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Speaker 1: getting your business registration. You know your LLC paying those

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Speaker 1: costs right away, you can do it, And the benefit

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Speaker 1: of doing that is that it will protect you from

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Speaker 1: personal liability of your business. So if you have a

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Speaker 1: credit card and you're racking up you know, all the money,

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Speaker 1: and you end up not being able to pay it back,

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Speaker 1: the business fails. Whatever your creditors, if you don't have

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Speaker 1: an LLC in place, they're going to come after your

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Speaker 1: personal assets, which is obviously a problem. But if you

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Speaker 1: are like in the early stages, you haven't made any

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Speaker 1: sales or barely any sales. You you know, say, your

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Speaker 1: products very cheap, you're on Etsy, you maybe don't need

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Speaker 1: to worry about that right away. But then when you

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Speaker 1: look into the risk of something like people who are

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Speaker 1: selling food or um maybe cosmetics, things that's going on

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Speaker 1: people's skin, candles, you know, their fire I don't know

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Speaker 1: things that like, oh, I know, fitness instructors, health nutrition coaches,

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Speaker 1: like the kind of thing where somebody, yeah, right, disposable

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Speaker 1: running shoes, um, something that literally somebody could get are

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Speaker 1: using or doing. Then you're going to at a minimum

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Speaker 1: get business insurance at a minimum. But I would recommend,

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Speaker 1: as you know the lawyer in the room, I would say,

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Speaker 1: just follow your LLC at that point, because it is

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Speaker 1: not cost prohibitive to get an LLC to protect a

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Speaker 1: business that you're serious about that has any potential of

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Speaker 1: hurting someone. Al Right, So I'm glad you brought up

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Speaker 1: the LLC. There are different ways that you can register

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Speaker 1: your business, right and so how how does a business

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Speaker 1: owner choose between an LLC, S corps, sole proprietorship partnership.

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Speaker 1: I feel like this thing I can get so confusing

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Speaker 1: as you're trying to think through these things. So can

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Speaker 1: you bring some clarity to how you legally define your

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Speaker 1: business structure? Absolutely so, sole proprietorships I would say never

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Speaker 1: worth it. It is a very cheap way to register

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Speaker 1: your business and gives you zero protection from personal liability.

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Speaker 1: So I just don't ever see a reason for registering

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Speaker 1: as a sole proprietorship or a partnership. Both of those

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Speaker 1: don't provide that liability protection. Now, if you haven't registered,

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Speaker 1: if you're just you know, the scenario is describing before

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Speaker 1: you just you've started your business. This is most people

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Speaker 1: when they first get started, you are a sole proprietor

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Speaker 1: any anyway. That's just like yeah, exactly. So if you

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Speaker 1: then take the steps saying, oh, I think I should

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Speaker 1: register now, don't register as a sole proprietorship because you

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Speaker 1: already are one, and then you're just paying extra money

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Speaker 1: to essentially like formalize it, it doesn't make sense. LLC's

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Speaker 1: you know, every state is different, and I actually the

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Speaker 1: resource I recommend to everybody is this website called ll

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Speaker 1: C University, and they have a state specific page for

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Speaker 1: every state. It's awesome, such good information, very simple, like

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Speaker 1: the way that it's worded. But so LLC is typically

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Speaker 1: going to be the option for most small business owners.

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Speaker 1: When you get into corporations, at that point, you're really

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Speaker 1: looking at a company that you would be wanting investors

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Speaker 1: and ship our holders, and so most small businesses are

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Speaker 1: going to just start as a simple LLC. Very cool, yeah,

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Speaker 1: and so like, and there's certainly some tax advantages for

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Speaker 1: going with say, you know, an escort over a partnership.

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Speaker 1: The way I understand that partnerships are kind of like

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Speaker 1: the worst way to go from a tax standpoint, but

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Speaker 1: even though there's tax advantages as well, But like from

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Speaker 1: like a like a legal liability standpoint, is there a

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Speaker 1: difference between like a partnership as well as a corporation

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Speaker 1: as far as the ability, like you said, for creditors

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Speaker 1: to come after you or if a business gets sued.

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Speaker 1: Aside from those tax benefits, what are like, I guess

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Speaker 1: the liability benefits that some of those different structures also have. Yeah,

428
00:21:38,920 --> 00:21:42,000
Speaker 1: so the corporation and the LLC generally, you know, every

429
00:21:42,000 --> 00:21:45,479
Speaker 1: state is different, are going to provide that protection from

430
00:21:45,520 --> 00:21:49,560
Speaker 1: personal liability once you get into the partnership world. It

431
00:21:50,000 --> 00:21:53,399
Speaker 1: changes state by state, but in general, actually that liability

432
00:21:53,560 --> 00:21:56,679
Speaker 1: does pass through to the individual partners, just like a

433
00:21:56,720 --> 00:22:00,360
Speaker 1: sole proprietorship. And the exception to that is that are

434
00:22:00,400 --> 00:22:04,000
Speaker 1: in some states the limited partnership option, But in that

435
00:22:04,080 --> 00:22:07,040
Speaker 1: case there's still gonna be at least one general partner

436
00:22:07,480 --> 00:22:10,160
Speaker 1: that is going to have that personal liability. So I

437
00:22:10,240 --> 00:22:13,280
Speaker 1: just personally never recommend it, and I mean, you know,

438
00:22:13,400 --> 00:22:17,119
Speaker 1: every situation is different, but I think that in most

439
00:22:17,160 --> 00:22:20,199
Speaker 1: cases you're really going to just do an LLC or

440
00:22:20,280 --> 00:22:23,800
Speaker 1: corporation if your business is one of those bigger you know,

441
00:22:23,880 --> 00:22:27,360
Speaker 1: building a software app or you know, something where you're

442
00:22:27,359 --> 00:22:30,640
Speaker 1: really going to be collecting like investment funding and having

443
00:22:30,680 --> 00:22:34,399
Speaker 1: shareholders and things like that. But that the liability is

444
00:22:34,440 --> 00:22:39,320
Speaker 1: there for LLC corporation and then taxation. UM LLC is

445
00:22:39,320 --> 00:22:41,199
Speaker 1: really the best of both worlds, if you can. All right,

446
00:22:41,280 --> 00:22:44,520
Speaker 1: let's talk more about taxation than obviously in some ways

447
00:22:44,640 --> 00:22:47,040
Speaker 1: UM as a small business, when you get to pay taxes,

448
00:22:47,080 --> 00:22:49,280
Speaker 1: it's it's good because you're like, it means I'm making

449
00:22:49,280 --> 00:22:53,080
Speaker 1: a profit, right, um So in some ways it's a

450
00:22:53,160 --> 00:22:56,120
Speaker 1: joyous occasion to get to pay taxes. But what are

451
00:22:56,640 --> 00:22:59,560
Speaker 1: the things like you've registered, you're a legitimate business. Now

452
00:22:59,600 --> 00:23:02,840
Speaker 1: you've gotten LLC UM and now you have to pay

453
00:23:02,840 --> 00:23:06,320
Speaker 1: the government. What do new business owners forget when it

454
00:23:06,320 --> 00:23:08,160
Speaker 1: comes to paying taxes? Do you have any tips for

455
00:23:08,400 --> 00:23:10,879
Speaker 1: you know, how they approach paying taxes to state and

456
00:23:11,320 --> 00:23:15,320
Speaker 1: federal authorities. I do. So. One thing that I think

457
00:23:15,440 --> 00:23:18,600
Speaker 1: sometimes comes as a surprise to some new small businesses

458
00:23:19,119 --> 00:23:23,720
Speaker 1: is that regardless of your business registration. If you do

459
00:23:23,880 --> 00:23:26,520
Speaker 1: or don't get a federal e I N, you have

460
00:23:26,680 --> 00:23:29,159
Speaker 1: to in some cases get a state tax I D

461
00:23:29,400 --> 00:23:32,680
Speaker 1: in order to collect taxes on the things that you sell.

462
00:23:32,760 --> 00:23:36,679
Speaker 1: You can't collect taxes at your state's tax rate without

463
00:23:36,720 --> 00:23:39,119
Speaker 1: that I D, so you actually have to apply for it.

464
00:23:39,160 --> 00:23:41,600
Speaker 1: And that's the kind of thing that it's not just

465
00:23:42,359 --> 00:23:44,960
Speaker 1: you know, would be nice. That's a required thing. And

466
00:23:45,040 --> 00:23:47,440
Speaker 1: in some states it's more than just products, it's services

467
00:23:47,480 --> 00:23:50,400
Speaker 1: as well that you have to collect taxes on. So

468
00:23:50,600 --> 00:23:52,359
Speaker 1: just making sure that you get that in order and

469
00:23:52,400 --> 00:23:56,760
Speaker 1: know your state specific requirements there and then otherwise, oh man,

470
00:23:56,920 --> 00:24:01,320
Speaker 1: I mean keeping track of your senses. Having a separate

471
00:24:01,320 --> 00:24:05,040
Speaker 1: business bank account, I highly recommend that's also good for

472
00:24:05,080 --> 00:24:08,440
Speaker 1: the liability reasons, but it just makes it easier when

473
00:24:08,440 --> 00:24:12,880
Speaker 1: it comes time too to submit your profits and losses.

474
00:24:12,920 --> 00:24:15,639
Speaker 1: So when you do file as a sole proprietor or

475
00:24:15,680 --> 00:24:19,480
Speaker 1: an LLC with the pass through taxation or partnership with

476
00:24:19,480 --> 00:24:22,159
Speaker 1: with passed through, that means that it passes through to

477
00:24:22,240 --> 00:24:25,280
Speaker 1: the individuals tax returns. You're just going to follow your

478
00:24:25,320 --> 00:24:28,119
Speaker 1: normal tax returns and then you're going to add a

479
00:24:28,200 --> 00:24:30,520
Speaker 1: schedule on there. I forget what the number is, but

480
00:24:30,800 --> 00:24:33,280
Speaker 1: I'll have it up on my website after this. But

481
00:24:33,400 --> 00:24:35,760
Speaker 1: you're going to just fill that out on your individual

482
00:24:35,760 --> 00:24:38,720
Speaker 1: tax returns. What's what's kind of funny about its owning

483
00:24:38,720 --> 00:24:40,520
Speaker 1: your own business too, is that, like, so much of

484
00:24:40,560 --> 00:24:42,280
Speaker 1: this just kind of comes up naturally. I guess to

485
00:24:42,280 --> 00:24:45,040
Speaker 1: a certain extent, and so certain vendors like or you know,

486
00:24:45,040 --> 00:24:47,200
Speaker 1: getting paid or making payments. It's like, okay, well I

487
00:24:47,240 --> 00:24:48,919
Speaker 1: need a business checking account. It's like, okay, well, how

488
00:24:48,920 --> 00:24:50,680
Speaker 1: do I get a business checking account? It's like, okay,

489
00:24:50,680 --> 00:24:52,440
Speaker 1: well you need a federal e I N It's like, okay,

490
00:24:52,440 --> 00:24:53,760
Speaker 1: how do I get one of those? Oh? You have

491
00:24:53,800 --> 00:24:56,720
Speaker 1: to register your business like a backward domino. Yeah seriously.

492
00:24:56,760 --> 00:24:59,200
Speaker 1: And so I think that's sometimes where it can where

493
00:24:59,200 --> 00:25:01,760
Speaker 1: it can get discouraging, because you're just like, oh my gosh,

494
00:25:01,800 --> 00:25:03,760
Speaker 1: like there's one more thing that I need to register for.

495
00:25:04,240 --> 00:25:06,400
Speaker 1: That kind of makes me think of like local permits

496
00:25:06,400 --> 00:25:09,760
Speaker 1: and licenses. You know, some industries are just rife with these,

497
00:25:10,040 --> 00:25:12,760
Speaker 1: but then there are some instances where these aren't necessary.

498
00:25:12,840 --> 00:25:14,280
Speaker 1: Do you know, do you have any kind of general

499
00:25:14,359 --> 00:25:17,400
Speaker 1: rules rules of thumb as to when individuals do need

500
00:25:17,440 --> 00:25:22,040
Speaker 1: to to seek out specialized licenses and permits. Well, I

501
00:25:22,080 --> 00:25:24,800
Speaker 1: would say the rule of thumb again would be sort

502
00:25:24,840 --> 00:25:28,119
Speaker 1: of that risk factor because most of those permits and

503
00:25:28,160 --> 00:25:31,640
Speaker 1: things are related to consumer protection. The reason that they're

504
00:25:31,680 --> 00:25:34,639
Speaker 1: required is to have sort of some vetting to the

505
00:25:34,680 --> 00:25:37,880
Speaker 1: business owner and the business structure and what you're selling

506
00:25:37,960 --> 00:25:40,880
Speaker 1: and stuff like that. When you're selling like kids products,

507
00:25:40,960 --> 00:25:43,240
Speaker 1: for example, you have to test them a certain way

508
00:25:43,280 --> 00:25:50,040
Speaker 1: and get certain certifications. But because there are state requirements federal, local,

509
00:25:50,720 --> 00:25:54,879
Speaker 1: you just have to go to um your state's rules

510
00:25:54,920 --> 00:25:58,119
Speaker 1: on it. And that's honestly where googling comes in handy too,

511
00:25:58,280 --> 00:26:01,199
Speaker 1: Like how do I start a blink business? You know,

512
00:26:01,200 --> 00:26:03,320
Speaker 1: fill in whatever it is you're doing. You should be

513
00:26:03,320 --> 00:26:05,600
Speaker 1: able to find information. And actually the second bit of

514
00:26:05,600 --> 00:26:08,360
Speaker 1: advice that I do have is that before you call

515
00:26:08,400 --> 00:26:14,160
Speaker 1: a lawyer, call that department, like call the state's hotline

516
00:26:14,240 --> 00:26:16,760
Speaker 1: number or whatever it is and just get someone on

517
00:26:16,800 --> 00:26:19,119
Speaker 1: the phone because they're there to help. And the SBA

518
00:26:19,240 --> 00:26:22,960
Speaker 1: dot gov is another incredible resource. Call someone, just ask

519
00:26:23,200 --> 00:26:25,440
Speaker 1: They do it all day long. That's a great tip

520
00:26:25,480 --> 00:26:28,840
Speaker 1: because before you out and spend money, see see if

521
00:26:28,840 --> 00:26:30,840
Speaker 1: you can contact someone who works for the state who

522
00:26:31,000 --> 00:26:32,679
Speaker 1: literally is their job, and they can say, now, you

523
00:26:32,680 --> 00:26:34,280
Speaker 1: don't need anybody for this. You can do this on

524
00:26:34,320 --> 00:26:36,239
Speaker 1: your own. And sometimes you just need a little bit

525
00:26:36,280 --> 00:26:38,840
Speaker 1: of friendly advice as opposed to paying for that advice.

526
00:26:39,040 --> 00:26:40,680
Speaker 1: Or they'll say, Joel, yes, if you want to sell

527
00:26:40,720 --> 00:26:42,680
Speaker 1: craft beer, you have to have a liquor license. Body.

528
00:26:43,080 --> 00:26:44,600
Speaker 1: You can't just start selling a beer out of your

529
00:26:45,280 --> 00:26:49,480
Speaker 1: drunk out of your front yards the passers. How do

530
00:26:49,480 --> 00:26:53,120
Speaker 1: you know what my next business plan was? Matt? All right, well, okay,

531
00:26:53,200 --> 00:26:56,200
Speaker 1: we've got some more questions to get to with you, um,

532
00:26:56,320 --> 00:26:58,800
Speaker 1: some some legal questions. In particular, we're gonna talk about

533
00:26:58,920 --> 00:27:02,119
Speaker 1: intellectual property and we'll get to some questions about that

534
00:27:02,200 --> 00:27:13,399
Speaker 1: and more right after this break. Alright, we're back for

535
00:27:13,440 --> 00:27:16,919
Speaker 1: the break, and we are talking about pursuing entrepreneurship and

536
00:27:16,960 --> 00:27:20,320
Speaker 1: avoiding legal mishaps with k Gruner. Okay, let's let's get

537
00:27:20,320 --> 00:27:23,640
Speaker 1: even nerdier with it. Let's talk about intellectual property. Let's

538
00:27:23,680 --> 00:27:28,000
Speaker 1: do it. These are things like like trademarks, copyrights. Can

539
00:27:28,040 --> 00:27:30,920
Speaker 1: you talk about the main differences between, you know, these

540
00:27:30,920 --> 00:27:36,040
Speaker 1: different types of intellectual property. Yeah, definitely. So intellectual property

541
00:27:36,359 --> 00:27:40,760
Speaker 1: is sort of this type of property that protects your ideas,

542
00:27:41,359 --> 00:27:46,400
Speaker 1: your knowledge, inventions, artwork, and actually people get very confused

543
00:27:46,400 --> 00:27:50,879
Speaker 1: about what the different types are. And I'll say, right now, trademark, copyright, patent,

544
00:27:50,920 --> 00:27:54,680
Speaker 1: these are not interchangeable. They cover very different things. But

545
00:27:55,000 --> 00:27:57,160
Speaker 1: you're going to be familiar with each of those things

546
00:27:57,160 --> 00:28:00,359
Speaker 1: that just may not be common knowledge. So trade arc

547
00:28:00,560 --> 00:28:05,240
Speaker 1: is basically your branding brand identifiers like logos and business names.

548
00:28:05,320 --> 00:28:10,800
Speaker 1: It is specifically attached to like the commercial nature advertising,

549
00:28:10,840 --> 00:28:15,359
Speaker 1: commercial aspects. That's trademark, so it's there's some creativity there.

550
00:28:15,359 --> 00:28:18,320
Speaker 1: But when you get into things like creative works and

551
00:28:18,560 --> 00:28:23,600
Speaker 1: art and music and images, that's copyright. And so the

552
00:28:23,640 --> 00:28:26,119
Speaker 1: next thing after that would really be patent. And a

553
00:28:26,160 --> 00:28:29,360
Speaker 1: lot of people interchange. It surprises me sometimes because now

554
00:28:29,400 --> 00:28:33,000
Speaker 1: I have been practicing intellectual property law for years, and

555
00:28:33,280 --> 00:28:35,560
Speaker 1: so for me, you know, the difference between trademark and

556
00:28:35,600 --> 00:28:37,320
Speaker 1: patent is night and day. And people say, can I

557
00:28:37,359 --> 00:28:40,320
Speaker 1: patent my business name? And I think, oh no, wait,

558
00:28:40,800 --> 00:28:44,000
Speaker 1: you know they're so different. A patent covers inventions only

559
00:28:44,360 --> 00:28:48,440
Speaker 1: that's like devices, um, medical stuff, that kind of stroke

560
00:28:48,480 --> 00:28:53,280
Speaker 1: of genius, like state of the art technology. Most people

561
00:28:53,840 --> 00:28:56,720
Speaker 1: are not going to have a patentable invention when they

562
00:28:56,720 --> 00:28:59,400
Speaker 1: have an idea for their business and they think that

563
00:28:59,520 --> 00:29:02,440
Speaker 1: maybe they can patent it, but it's such a high, high,

564
00:29:02,520 --> 00:29:07,240
Speaker 1: high standard. And you know, quick disclaimer, if you listener,

565
00:29:07,560 --> 00:29:09,760
Speaker 1: think you have an invention that may be patentable, get

566
00:29:09,760 --> 00:29:12,120
Speaker 1: yourself to a patent attorney asap, because you can lose

567
00:29:12,120 --> 00:29:14,960
Speaker 1: your rights if you disclose it publicly, if you talk

568
00:29:14,960 --> 00:29:18,840
Speaker 1: about it without confidentiality agreements in place. But most people

569
00:29:18,840 --> 00:29:21,400
Speaker 1: actually are not going to have patent in their name.

570
00:29:22,120 --> 00:29:24,719
Speaker 1: And then the last type of intellectual property on my

571
00:29:24,800 --> 00:29:28,960
Speaker 1: list is sort of this broader category of confidential information

572
00:29:29,040 --> 00:29:32,200
Speaker 1: and trade secrets. So if you think Coca Cola or

573
00:29:32,240 --> 00:29:36,560
Speaker 1: in Atlanta rite that secret recipe is like highly guarded. Um,

574
00:29:36,560 --> 00:29:40,640
Speaker 1: maybe your grandma's like famous brownie recipe is that highly guarded?

575
00:29:41,080 --> 00:29:47,360
Speaker 1: That's right, yes, exactly. And the thing is actually people

576
00:29:47,400 --> 00:29:52,160
Speaker 1: sometimes unknowingly confused confidential information and trade secret because trade

577
00:29:52,160 --> 00:29:55,400
Speaker 1: secret again this is a state by state specific law,

578
00:29:55,560 --> 00:29:59,440
Speaker 1: but it has really strict requirements, like it has to

579
00:29:59,480 --> 00:30:03,040
Speaker 1: be very guarded. Um, they even get into some technical

580
00:30:03,080 --> 00:30:06,520
Speaker 1: requirements like uh, you know, paper versus having it online

581
00:30:06,560 --> 00:30:09,720
Speaker 1: and being um, you know, guarded with passwords. Like it's

582
00:30:09,760 --> 00:30:14,520
Speaker 1: so specific. Confidential information is basically everything else non non

583
00:30:14,600 --> 00:30:18,400
Speaker 1: public proprietary. Your your formulations if you're coming up with

584
00:30:18,440 --> 00:30:22,000
Speaker 1: a skincare line or your recipes. It could even be

585
00:30:22,040 --> 00:30:26,840
Speaker 1: your strategies, your customer lists, your vendor lists. That's what

586
00:30:26,840 --> 00:30:30,160
Speaker 1: I would consider confidential information. So those are the common types,

587
00:30:30,680 --> 00:30:33,240
Speaker 1: all right, And okay, let's just talk about overall broad

588
00:30:33,320 --> 00:30:35,800
Speaker 1: view of intellectual property, Like what are some of the

589
00:30:35,920 --> 00:30:38,920
Speaker 1: risks that a potential business owner runs if they're not

590
00:30:39,000 --> 00:30:41,920
Speaker 1: really paying attention to i P as they're getting their

591
00:30:41,920 --> 00:30:44,920
Speaker 1: business off the ground. Well, so there's a couple of things.

592
00:30:44,960 --> 00:30:48,240
Speaker 1: We talked a little bit earlier about the brand name

593
00:30:48,400 --> 00:30:51,960
Speaker 1: and how you could have to completely rebrand. There's costs there,

594
00:30:52,280 --> 00:30:56,640
Speaker 1: but then there's also infringement costs. So that's with trademarks,

595
00:30:56,680 --> 00:30:59,120
Speaker 1: so again like the logo or the name. And then

596
00:30:59,200 --> 00:31:01,479
Speaker 1: actually when it comes the copyrights, this is probably one

597
00:31:01,520 --> 00:31:04,240
Speaker 1: of the most common things I see is the use

598
00:31:04,280 --> 00:31:09,640
Speaker 1: of copyrighted images and artwork and lyrics in selling your products.

599
00:31:09,680 --> 00:31:12,360
Speaker 1: So if you go to Etsy and look for a mug,

600
00:31:12,440 --> 00:31:15,800
Speaker 1: you could find lyrics from there. Was actually this well,

601
00:31:15,840 --> 00:31:18,480
Speaker 1: you know, not famous case, but in my world I

602
00:31:18,520 --> 00:31:22,479
Speaker 1: read legal blogs and things where Taylor Swift's Taylor Swift's

603
00:31:22,480 --> 00:31:25,920
Speaker 1: attorneys UM had sued at least one et C seller

604
00:31:26,000 --> 00:31:29,720
Speaker 1: for putting lyrics from her songs on mugs. And one

605
00:31:29,720 --> 00:31:34,760
Speaker 1: of the reasons why some companies would actually not enforce

606
00:31:34,840 --> 00:31:38,719
Speaker 1: those copyrights in that case is because there's sort of

607
00:31:38,760 --> 00:31:42,960
Speaker 1: this public distaste, like they don't want to see Taylor Swift.

608
00:31:43,040 --> 00:31:45,000
Speaker 1: Yeah it looks bad, right, they don't want to see.

609
00:31:46,720 --> 00:31:49,760
Speaker 1: But then you know, you look at Disney and some

610
00:31:49,920 --> 00:31:53,760
Speaker 1: Mickey Mouse, like, I'm sure they're going to enforce that.

611
00:31:53,880 --> 00:31:56,360
Speaker 1: I mean, those are so valuable when you think of

612
00:31:56,480 --> 00:31:59,480
Speaker 1: merchandise and things like that. So that's one of the

613
00:31:59,520 --> 00:32:02,000
Speaker 1: most common and issues I see is that people use

614
00:32:02,680 --> 00:32:06,200
Speaker 1: copyrighted materials and they don't just use it in their advertising,

615
00:32:06,680 --> 00:32:08,240
Speaker 1: which is another issue. You know, you've got to make

616
00:32:08,280 --> 00:32:12,040
Speaker 1: sure that the images are fair um for commercial use,

617
00:32:12,200 --> 00:32:14,920
Speaker 1: allowed for a commercial use, but they're literally selling the

618
00:32:15,040 --> 00:32:17,640
Speaker 1: thing like on a T shirt or on a money

619
00:32:18,000 --> 00:32:21,320
Speaker 1: that is blatant copyright infringement. Don't do it. You're gonna

620
00:32:21,360 --> 00:32:24,160
Speaker 1: get your sc shot pulled down at some point. It's

621
00:32:24,200 --> 00:32:27,120
Speaker 1: not a case you're gonna win. So that's one issue

622
00:32:27,440 --> 00:32:31,800
Speaker 1: not against the Disney Juggernaut well, and in case especially

623
00:32:31,840 --> 00:32:34,440
Speaker 1: like if someone's creating a website and they're using images

624
00:32:34,560 --> 00:32:36,880
Speaker 1: or a blog and they're using images for their blog posts,

625
00:32:36,920 --> 00:32:39,560
Speaker 1: whatever it may be that they're finding online, a lot

626
00:32:39,600 --> 00:32:41,120
Speaker 1: of people get in trouble with that, and there's been

627
00:32:41,160 --> 00:32:44,480
Speaker 1: a whole lot more lawsuits about using other people's images lately.

628
00:32:45,360 --> 00:32:47,040
Speaker 1: Do you have any advice for people as they're like,

629
00:32:47,360 --> 00:32:50,280
Speaker 1: you know, if they're creating a website, to make sure

630
00:32:50,360 --> 00:32:53,920
Speaker 1: that whatever they're putting up there isn't um isn't gonna

631
00:32:53,920 --> 00:32:57,760
Speaker 1: make them liable to a potential lawsuit. I would definitely

632
00:32:57,840 --> 00:33:02,720
Speaker 1: recommend using There are so many freesites with beautiful images,

633
00:33:02,840 --> 00:33:06,280
Speaker 1: like unsplash is one. You just got to make sure

634
00:33:06,320 --> 00:33:09,160
Speaker 1: that it's that you have commercial rights in it, and

635
00:33:09,560 --> 00:33:13,040
Speaker 1: it doesn't take long to check. If you just google, oh,

636
00:33:13,040 --> 00:33:15,320
Speaker 1: I need a picture of a house, and then you

637
00:33:15,400 --> 00:33:17,960
Speaker 1: just find one of the first ten images, you may

638
00:33:17,960 --> 00:33:20,480
Speaker 1: not know what the rights are there, but if you

639
00:33:20,600 --> 00:33:24,400
Speaker 1: google website for free commercial use images, you're going to

640
00:33:24,480 --> 00:33:27,720
Speaker 1: find a bunch. So I would just be careful about

641
00:33:27,720 --> 00:33:30,520
Speaker 1: what you're using. And I think when you use websites

642
00:33:30,560 --> 00:33:33,560
Speaker 1: like Squarespace and those kind of builders, I mean those

643
00:33:33,560 --> 00:33:37,760
Speaker 1: are four businesses, so I can't stay with a percent certainty,

644
00:33:37,840 --> 00:33:40,360
Speaker 1: but I would hope that square space is vetting the

645
00:33:40,400 --> 00:33:43,920
Speaker 1: images that they upload because I mean their business website,

646
00:33:43,960 --> 00:33:47,800
Speaker 1: So you're probably safe there. Yeah, Okay, we wanted to

647
00:33:47,840 --> 00:33:51,080
Speaker 1: ask maybe a more general question about contracts as well. Um,

648
00:33:51,640 --> 00:33:53,280
Speaker 1: you know, it can be easy to kind of get

649
00:33:53,320 --> 00:33:56,440
Speaker 1: lost in the legal ease and you know, to where

650
00:33:56,480 --> 00:33:58,680
Speaker 1: it feels like you almost need to hire an attorney,

651
00:33:58,880 --> 00:34:01,360
Speaker 1: to hire a lawyer to look over things. Are there

652
00:34:01,400 --> 00:34:04,480
Speaker 1: any common pitfalls that business owners make, you know, when

653
00:34:04,520 --> 00:34:07,400
Speaker 1: it comes to the contracts they sign or you know,

654
00:34:07,840 --> 00:34:11,319
Speaker 1: is that something that is easily d I yable. That's

655
00:34:11,360 --> 00:34:14,680
Speaker 1: a great question. I love contracts. It's one of my

656
00:34:14,800 --> 00:34:16,920
Speaker 1: favorite things to do. It is one of my areas

657
00:34:16,920 --> 00:34:21,840
Speaker 1: of expertise, and it it has in recent years overcome, um,

658
00:34:21,880 --> 00:34:26,319
Speaker 1: my love of intellectual property. So it's yeah, it's a

659
00:34:26,320 --> 00:34:29,520
Speaker 1: great question. And there are so many common pitfalls. And

660
00:34:30,000 --> 00:34:34,319
Speaker 1: the problem is that when you are in the very

661
00:34:34,320 --> 00:34:39,840
Speaker 1: early stages, if you're making tiny sales, tiny collaboration, it

662
00:34:39,920 --> 00:34:42,600
Speaker 1: may be okay to use a template that you find online,

663
00:34:42,800 --> 00:34:45,760
Speaker 1: but my number one piece of advice is to read

664
00:34:45,800 --> 00:34:51,640
Speaker 1: it and if there's something that you don't understand, completely understand,

665
00:34:51,960 --> 00:34:54,520
Speaker 1: change it, make it clear, because the point of a

666
00:34:54,600 --> 00:35:01,440
Speaker 1: contract is to memorialize, formalize the agreement of the people

667
00:35:01,520 --> 00:35:04,960
Speaker 1: signing the contract or in most cases the company, because

668
00:35:04,960 --> 00:35:06,759
Speaker 1: you don't want to be held personally liable. You know,

669
00:35:06,800 --> 00:35:09,680
Speaker 1: if you do have your business register, to sign it

670
00:35:09,680 --> 00:35:13,120
Speaker 1: with the company, but you've got to understand what it says.

671
00:35:13,200 --> 00:35:16,799
Speaker 1: And the point is that it reflects the actual understanding

672
00:35:16,800 --> 00:35:20,280
Speaker 1: of the parties. So if there's something in that template

673
00:35:20,800 --> 00:35:24,600
Speaker 1: that you didn't talk about and you want it to

674
00:35:24,640 --> 00:35:26,640
Speaker 1: be gone, take it out. If there's something you talked

675
00:35:26,680 --> 00:35:28,600
Speaker 1: about and it's not in a template, put it in.

676
00:35:28,960 --> 00:35:31,160
Speaker 1: I think too many people just say, oh, it's a template,

677
00:35:31,200 --> 00:35:33,920
Speaker 1: it's written by a lawyer. That means nothing. It really

678
00:35:33,920 --> 00:35:37,080
Speaker 1: truly means nothing because it's not customized. So read it,

679
00:35:37,200 --> 00:35:42,479
Speaker 1: understand it, and lastly sign it. Don't just like rely

680
00:35:42,560 --> 00:35:44,520
Speaker 1: on a handshake deal. And I think that's another thing

681
00:35:44,520 --> 00:35:47,440
Speaker 1: a lot of people do in the beginning, but kind

682
00:35:47,480 --> 00:35:50,960
Speaker 1: of like kind of like the business registration and when

683
00:35:50,960 --> 00:35:53,400
Speaker 1: you're thinking about as your business is growing to a

684
00:35:53,440 --> 00:35:56,839
Speaker 1: point of potentially even scaling, if you don't have your

685
00:35:56,880 --> 00:35:59,719
Speaker 1: contracts looked over by an actual lawyer. I think that's

686
00:35:59,719 --> 00:36:02,320
Speaker 1: a big mistake. Okay, yeah, that's some good stuff. I

687
00:36:02,400 --> 00:36:06,480
Speaker 1: love to the idea behind just if you don't understand it,

688
00:36:06,640 --> 00:36:09,319
Speaker 1: rewrite it and make it clear so that, yeah, you

689
00:36:09,320 --> 00:36:11,560
Speaker 1: can understand the terms of the contract that you're signing.

690
00:36:11,760 --> 00:36:15,160
Speaker 1: I think oftentimes, especially in today's society, you know, we're

691
00:36:15,239 --> 00:36:17,200
Speaker 1: used to agreeing to terms of service that we haven't

692
00:36:17,239 --> 00:36:20,080
Speaker 1: even looked at for everything, signing up her apps or

693
00:36:20,080 --> 00:36:22,200
Speaker 1: a new website, whatever it is, um and roll to

694
00:36:22,239 --> 00:36:25,359
Speaker 1: the bottom and click Okay, exactly exactly um. And it's

695
00:36:25,480 --> 00:36:28,640
Speaker 1: kind of terrifying that we're doing that. Is you also

696
00:36:28,680 --> 00:36:31,799
Speaker 1: just saw the time, right, that's right. You know, I

697
00:36:31,840 --> 00:36:34,319
Speaker 1: do have some specific terms that you can look out for,

698
00:36:34,480 --> 00:36:37,040
Speaker 1: and this applies to life things as well. I do

699
00:36:37,120 --> 00:36:40,000
Speaker 1: have a personal friend who had a contract with a

700
00:36:40,040 --> 00:36:43,600
Speaker 1: security company for her home and it was a five

701
00:36:43,680 --> 00:36:48,480
Speaker 1: year contract with no termination right, Like, there was no

702
00:36:48,560 --> 00:36:51,880
Speaker 1: provision about how she could terminate. So when she called

703
00:36:51,920 --> 00:36:53,879
Speaker 1: to say, hey, you know, we're there's four years left

704
00:36:53,920 --> 00:36:56,279
Speaker 1: on the contract. We're going we want to do something else.

705
00:36:56,840 --> 00:36:59,680
Speaker 1: They said, well, you you have to pay the remainder

706
00:36:59,680 --> 00:37:03,040
Speaker 1: of the tract like, well, you know, we'll stop doing

707
00:37:03,040 --> 00:37:05,960
Speaker 1: the services, but you owe the entire amount. So when

708
00:37:06,000 --> 00:37:09,040
Speaker 1: you're reading contracts, whether it's personal or business, make sure

709
00:37:09,080 --> 00:37:12,560
Speaker 1: that there's a clear termination clause. And in many cases

710
00:37:12,600 --> 00:37:15,760
Speaker 1: it's simply either party may terminate this agreement upon thirty

711
00:37:15,840 --> 00:37:18,880
Speaker 1: days notice to the other party. And if it's like

712
00:37:18,960 --> 00:37:22,000
Speaker 1: that's all you need. If there's something that is like

713
00:37:22,040 --> 00:37:25,160
Speaker 1: an investment on either side, say it's like you are

714
00:37:26,239 --> 00:37:30,279
Speaker 1: creating inventory, making something, then you can add like a

715
00:37:30,320 --> 00:37:33,440
Speaker 1: penalty clause. If the other party terminates, you can add

716
00:37:33,840 --> 00:37:35,759
Speaker 1: something along the lines of they have to pay for

717
00:37:35,800 --> 00:37:39,720
Speaker 1: the services rendered up until termination, just to make sure

718
00:37:40,200 --> 00:37:43,840
Speaker 1: that that's handled. And then the other thing is intellectual property.

719
00:37:44,080 --> 00:37:47,880
Speaker 1: So if you are either having somebody create intellectual property

720
00:37:47,920 --> 00:37:50,800
Speaker 1: for you or if you are creating it for others

721
00:37:50,840 --> 00:37:55,320
Speaker 1: to think like photographers, graphic designers, anything that creates these

722
00:37:55,520 --> 00:37:58,439
Speaker 1: works that I was describing, you want to make sure

723
00:37:58,440 --> 00:38:02,120
Speaker 1: that it's clear who owns it because there are automatic

724
00:38:02,120 --> 00:38:05,000
Speaker 1: ownership rights. You know, when intellectual property is created, if

725
00:38:05,000 --> 00:38:07,799
Speaker 1: it's not handled in the contract, those will control. So

726
00:38:07,840 --> 00:38:09,839
Speaker 1: you want to make sure that the parties understand who

727
00:38:09,840 --> 00:38:12,040
Speaker 1: wants it. Yeah, that makes sense. I love it. Yeah,

728
00:38:12,040 --> 00:38:13,719
Speaker 1: it's just getting clarity on on what it is that

729
00:38:13,760 --> 00:38:16,400
Speaker 1: you're agreeing to. And I can see why you would,

730
00:38:16,719 --> 00:38:19,239
Speaker 1: I guess appreciate and have a love for that. As

731
00:38:19,360 --> 00:38:20,879
Speaker 1: as a lawyer, it's just like, you know what, let's

732
00:38:20,880 --> 00:38:22,680
Speaker 1: figure these things out on the front end. That way

733
00:38:22,760 --> 00:38:25,680
Speaker 1: we don't have to go into litigation and exactly, and

734
00:38:26,040 --> 00:38:29,239
Speaker 1: they shouldn't fight it like if you're worried about the

735
00:38:29,280 --> 00:38:33,080
Speaker 1: other side viewing you as adversarial or like hard to

736
00:38:33,080 --> 00:38:36,239
Speaker 1: work with, no, no, just lose that fear. It is

737
00:38:36,239 --> 00:38:39,439
Speaker 1: a professional thing. It's a professional thing to make sure

738
00:38:39,480 --> 00:38:42,600
Speaker 1: that what you've talked about in your deal is written

739
00:38:42,600 --> 00:38:46,240
Speaker 1: on paper and signed by both parties. That's perfect. Okay,

740
00:38:46,360 --> 00:38:48,279
Speaker 1: You're you're pretty busy yourself. You know, you're married with

741
00:38:48,320 --> 00:38:50,800
Speaker 1: a kid. Most of our listeners they've they've got a

742
00:38:50,840 --> 00:38:52,520
Speaker 1: lot going on to you know. But we love the

743
00:38:52,520 --> 00:38:56,640
Speaker 1: idea of the side hustle, right for additional streams of income,

744
00:38:56,719 --> 00:38:59,720
Speaker 1: for some personal fulfillment. How can we continue to push

745
00:38:59,760 --> 00:39:02,520
Speaker 1: full or with that side hustle to see it become

746
00:39:02,800 --> 00:39:05,359
Speaker 1: a full fledged success, you know, with all the other

747
00:39:05,400 --> 00:39:09,080
Speaker 1: demands placed on our time. Well, I would definitely recommend

748
00:39:09,400 --> 00:39:12,680
Speaker 1: being willing to pivot and change from your initial ideas.

749
00:39:13,000 --> 00:39:15,560
Speaker 1: I have done that myself in my own side hustle,

750
00:39:15,680 --> 00:39:18,520
Speaker 1: and I think that does happen. People get so married

751
00:39:18,560 --> 00:39:22,440
Speaker 1: to their original ideas, their original business name, their original

752
00:39:22,480 --> 00:39:25,560
Speaker 1: whatever it is. And if you're seeing that people are

753
00:39:25,640 --> 00:39:29,239
Speaker 1: asking different questions, then you were trying, you know, the

754
00:39:29,280 --> 00:39:31,759
Speaker 1: topics you were trying to talk about. What listen to

755
00:39:31,800 --> 00:39:34,839
Speaker 1: those questions because those are warm leads. Those are people

756
00:39:34,880 --> 00:39:38,040
Speaker 1: who are listening and engaging with you directly. I'm talking

757
00:39:38,080 --> 00:39:41,200
Speaker 1: about really mostly in like that whole digital marketing sense

758
00:39:41,560 --> 00:39:45,239
Speaker 1: where you're online, you've got a consistent place where you're

759
00:39:45,239 --> 00:39:47,759
Speaker 1: showing up. Those are the people that are going to

760
00:39:47,880 --> 00:39:50,359
Speaker 1: buy the thing that you're going to sell. So if

761
00:39:50,400 --> 00:39:53,719
Speaker 1: they want something else, change it. I'm not saying change

762
00:39:53,760 --> 00:39:56,640
Speaker 1: industry completely, you know, work with whatever your skill set is,

763
00:39:56,719 --> 00:39:58,880
Speaker 1: whatever the thing is that you want to sell. But

764
00:39:59,160 --> 00:40:03,120
Speaker 1: I think that listening is so important and being willing

765
00:40:03,160 --> 00:40:05,560
Speaker 1: to pivot. I love that. Yeah, I mean kind of

766
00:40:05,560 --> 00:40:07,920
Speaker 1: go into your candle example, if like all your customers

767
00:40:07,920 --> 00:40:10,920
Speaker 1: are asking you about like, hey, do you have essential oils? Actually,

768
00:40:11,120 --> 00:40:12,520
Speaker 1: like I love the way the smells, but I would

769
00:40:12,520 --> 00:40:14,839
Speaker 1: love to get this in an oil form. Hey, maybe

770
00:40:14,840 --> 00:40:18,040
Speaker 1: you should switch to oils instead of candles because people

771
00:40:18,040 --> 00:40:19,920
Speaker 1: don't want their house to be hot with all the

772
00:40:20,040 --> 00:40:21,880
Speaker 1: with all the candles they got Burton. Uh, I think

773
00:40:21,920 --> 00:40:24,719
Speaker 1: that's so smart to to listen. Yeah, for sure, that

774
00:40:24,800 --> 00:40:27,800
Speaker 1: customer input is so valuable in helping us like proceed

775
00:40:28,120 --> 00:40:31,040
Speaker 1: with our business ideas and and soliciting that feedback even

776
00:40:31,280 --> 00:40:32,680
Speaker 1: not just waiting for it to come to you, but

777
00:40:32,719 --> 00:40:35,680
Speaker 1: so listening that feedback from people who care about the

778
00:40:35,680 --> 00:40:38,239
Speaker 1: things that you're putting out there, from your current customers

779
00:40:38,320 --> 00:40:41,360
Speaker 1: is great. Hey, k, this has been an awesome conversation.

780
00:40:41,400 --> 00:40:43,799
Speaker 1: We've really enjoyed it. Can you tell our listeners where

781
00:40:43,840 --> 00:40:45,680
Speaker 1: they can find out more about you and what you're

782
00:40:45,760 --> 00:40:49,360
Speaker 1: up to? Yeah, yeah, this has been great. So you

783
00:40:49,400 --> 00:40:53,239
Speaker 1: can find me most actively on Instagram and recently TikTok

784
00:40:53,320 --> 00:40:56,160
Speaker 1: of all places. I've kind of had a little like

785
00:40:56,600 --> 00:41:02,200
Speaker 1: micro viral vid on there last week there, I know. Thanks,

786
00:41:02,280 --> 00:41:05,440
Speaker 1: it was actually very exciting. Um I went from thirty

787
00:41:05,440 --> 00:41:09,759
Speaker 1: followers to I think I'm at like now in a week.

788
00:41:10,040 --> 00:41:13,399
Speaker 1: So that was the percentages on that. But that's a lot.

789
00:41:13,920 --> 00:41:17,400
Speaker 1: It's a lot, right, So I'm I'm sort of focusing

790
00:41:17,440 --> 00:41:19,919
Speaker 1: on TikTok and Instagram and my handles. They are both

791
00:41:20,160 --> 00:41:23,120
Speaker 1: lawyer K and that's k a E for anyone listening.

792
00:41:23,200 --> 00:41:25,880
Speaker 1: Lawyer K. And then the other thing is my website

793
00:41:25,960 --> 00:41:28,920
Speaker 1: start up hartup dot com. If you're interested in the

794
00:41:29,000 --> 00:41:31,880
Speaker 1: legal aspects um start up part up dot com. Slash

795
00:41:31,960 --> 00:41:36,480
Speaker 1: legal will expand on everything that we've talked about and more,

796
00:41:36,960 --> 00:41:39,600
Speaker 1: including intellectual property. So yeah, those are the best ways

797
00:41:39,600 --> 00:41:42,000
Speaker 1: to get ahold of me. Awesome. Okay, thank you so much.

798
00:41:42,040 --> 00:41:44,520
Speaker 1: We'll be sure to link to all of those different

799
00:41:44,560 --> 00:41:47,480
Speaker 1: accounts and and site in your side as well. But yeah,

800
00:41:47,520 --> 00:41:49,240
Speaker 1: thank you so much for taking the time to talk

801
00:41:49,480 --> 00:41:52,319
Speaker 1: through some of these legal aspects of you know, not

802
00:41:52,400 --> 00:41:55,080
Speaker 1: only starting a business, but making sure that you continued

803
00:41:55,120 --> 00:41:59,120
Speaker 1: down the path of compliance. So get stuck with some

804
00:41:59,160 --> 00:42:01,799
Speaker 1: of those letters showing up telling you to stop whatever

805
00:42:01,840 --> 00:42:03,680
Speaker 1: it is that you're doing. We we really appreciate the

806
00:42:03,719 --> 00:42:06,399
Speaker 1: time that you've given us today. Well, thank you, thanks

807
00:42:06,440 --> 00:42:09,160
Speaker 1: for having me. I've so enjoyed it. Matt, that was

808
00:42:09,280 --> 00:42:12,680
Speaker 1: a great conversation. And Kay, by the way, so much

809
00:42:12,680 --> 00:42:15,279
Speaker 1: smarter than we are. So it's going to talk with

810
00:42:15,360 --> 00:42:18,600
Speaker 1: someone who is way more intelligent and knows like vastly

811
00:42:18,600 --> 00:42:20,840
Speaker 1: more about these things than that. It just depends. It

812
00:42:20,840 --> 00:42:22,520
Speaker 1: depends what we're talking about. All right. If we're playing

813
00:42:22,560 --> 00:42:24,880
Speaker 1: Jeopardy and there is a whole column about I P

814
00:42:25,200 --> 00:42:28,000
Speaker 1: she would crush. But if it was personal finance or

815
00:42:28,040 --> 00:42:30,759
Speaker 1: craft beer, oh yeah, yeah, she totally lose on that.

816
00:42:30,880 --> 00:42:33,880
Speaker 1: But OK, although if there was a category to about

817
00:42:34,040 --> 00:42:35,719
Speaker 1: barefoot running, you know, kind of the more of the

818
00:42:35,760 --> 00:42:37,480
Speaker 1: minimalist running, I think her and I could go head

819
00:42:37,520 --> 00:42:39,680
Speaker 1: to head on Yeah, I would like to see how

820
00:42:39,680 --> 00:42:41,359
Speaker 1: that shakes out. She might she might take the daily

821
00:42:41,400 --> 00:42:44,359
Speaker 1: double though, all ryeah, I know. But that was great.

822
00:42:44,560 --> 00:42:46,680
Speaker 1: And typically when we're talking legal things, I feel like

823
00:42:46,680 --> 00:42:48,520
Speaker 1: you could get boring. That wasn't boring. That was just

824
00:42:48,560 --> 00:42:51,479
Speaker 1: really informative. So all right, Matt, what was your big

825
00:42:51,520 --> 00:42:54,200
Speaker 1: takeaway from this conversation? I know you try really hard

826
00:42:54,239 --> 00:42:56,480
Speaker 1: to keep me limited to only one thing, So I'm

827
00:42:56,520 --> 00:42:58,560
Speaker 1: only gonna pick one this time, because sometimes I pick

828
00:42:58,560 --> 00:43:01,359
Speaker 1: two or three. You'd be a disciplined But that being said,

829
00:43:01,400 --> 00:43:03,080
Speaker 1: like what she said there at the end was so good.

830
00:43:03,280 --> 00:43:05,880
Speaker 1: The ability to pivot, the ability to listen to your

831
00:43:05,920 --> 00:43:09,799
Speaker 1: customers and find ways to make your business better. Uh,

832
00:43:09,840 --> 00:43:12,200
Speaker 1: it might be something that you didn't originally think of,

833
00:43:12,280 --> 00:43:14,400
Speaker 1: and I think it can be. It really can be difficult.

834
00:43:14,400 --> 00:43:16,440
Speaker 1: And I say that from personal experience, because if I

835
00:43:16,480 --> 00:43:18,719
Speaker 1: come up with an idea, man, it's gonna be hard

836
00:43:18,719 --> 00:43:21,000
Speaker 1: to divorce me from that idea. I'm gonna really want

837
00:43:21,000 --> 00:43:23,879
Speaker 1: to hang onto that. But through listening to your your

838
00:43:23,920 --> 00:43:26,880
Speaker 1: clients or your customers, you might find that whatever it

839
00:43:26,920 --> 00:43:29,279
Speaker 1: is that they're actually asking for, it might be something

840
00:43:29,320 --> 00:43:31,560
Speaker 1: that you're more excited to produce. Uh. There might be

841
00:43:31,560 --> 00:43:33,840
Speaker 1: better ideas that are able to come out of that. Honestly,

842
00:43:33,840 --> 00:43:35,399
Speaker 1: it even makes me think of us a little bit.

843
00:43:35,440 --> 00:43:37,200
Speaker 1: When we first started the podcast what do we call it?

844
00:43:37,200 --> 00:43:39,799
Speaker 1: We called it poor not Poor because we wanted to

845
00:43:39,800 --> 00:43:44,040
Speaker 1: incorporate uh, pouring a beer somehow and not being broke right,

846
00:43:44,120 --> 00:43:46,560
Speaker 1: thus the poor not poor. But what we found is

847
00:43:46,600 --> 00:43:49,920
Speaker 1: that that's really awkward and kind of difficult to explain

848
00:43:50,000 --> 00:43:53,080
Speaker 1: every time we get on the podcast. Uh, And so

849
00:43:53,400 --> 00:43:55,160
Speaker 1: finding a way to switch that to something that was

850
00:43:55,239 --> 00:43:57,880
Speaker 1: easier to relate to people how to money that was

851
00:43:57,880 --> 00:43:59,480
Speaker 1: a little bit difficult for us to do because we

852
00:43:59,520 --> 00:44:02,719
Speaker 1: really liked, you know, well we'd created Yeah, we really

853
00:44:02,760 --> 00:44:04,880
Speaker 1: like poor not poorn, and we'd kind of kind of

854
00:44:04,960 --> 00:44:07,080
Speaker 1: lashed onto that, but we were able to realize that,

855
00:44:07,120 --> 00:44:08,719
Speaker 1: you know what, the podcast is going to be better.

856
00:44:09,160 --> 00:44:11,200
Speaker 1: Other people are going to be able to find the show,

857
00:44:11,719 --> 00:44:14,719
Speaker 1: uh if they're looking to find a podcast about money,

858
00:44:14,760 --> 00:44:17,360
Speaker 1: about personal finances. Uh. And when that's not even in

859
00:44:17,400 --> 00:44:19,799
Speaker 1: your title, it's kind of it's difficult to convey that

860
00:44:19,840 --> 00:44:22,680
Speaker 1: with the countless podcasts that are out there. So yeah,

861
00:44:22,719 --> 00:44:24,319
Speaker 1: that's that's something that she said there right at the

862
00:44:24,400 --> 00:44:26,759
Speaker 1: end that really resonated with me. How about you. I

863
00:44:26,800 --> 00:44:28,880
Speaker 1: agree there were multiples that I could have picked. But

864
00:44:29,120 --> 00:44:31,279
Speaker 1: you know what what Case said in the at the

865
00:44:31,320 --> 00:44:34,320
Speaker 1: beginning of the episode, towards the beginning, she said, niches

866
00:44:34,360 --> 00:44:38,080
Speaker 1: get riches, and she said understanding your niche, and Seth

867
00:44:38,120 --> 00:44:40,840
Speaker 1: Godin calls um, what a business should search for is

868
00:44:41,040 --> 00:44:44,400
Speaker 1: a minimum viable audience. You don't necessarily need to become

869
00:44:44,440 --> 00:44:47,920
Speaker 1: the next Amazon, right. Um, You're you're essentially looking for

870
00:44:48,440 --> 00:44:51,480
Speaker 1: the niche that you can fill the gap where people

871
00:44:51,719 --> 00:44:55,240
Speaker 1: want something, whether it's a service or something that you've created.

872
00:44:55,400 --> 00:44:57,480
Speaker 1: If you start a podcast, you don't have to get

873
00:44:57,520 --> 00:45:00,279
Speaker 1: five million downloads a month in order to be successful. Right,

874
00:45:00,440 --> 00:45:03,399
Speaker 1: You can find your audience and speak directly to them,

875
00:45:03,600 --> 00:45:05,200
Speaker 1: and you can do well. But I think it's hard

876
00:45:05,400 --> 00:45:08,919
Speaker 1: not to think about um, bigger is better and that's

877
00:45:08,920 --> 00:45:12,000
Speaker 1: just not always the case. Sometimes and most of the time.

878
00:45:12,400 --> 00:45:15,600
Speaker 1: Focusing your sites on a smaller goal, on a smaller

879
00:45:15,640 --> 00:45:18,000
Speaker 1: achievable niche that you can fill and then you can

880
00:45:18,040 --> 00:45:20,759
Speaker 1: dominate is is the way to go totally. Man. Yeah,

881
00:45:20,760 --> 00:45:23,080
Speaker 1: So on that note, right, niches get riches. How about

882
00:45:23,120 --> 00:45:25,920
Speaker 1: for someone like you who likes to say niches, you

883
00:45:25,920 --> 00:45:30,600
Speaker 1: can't say niches. I'm gonna have to change my pronunciation

884
00:45:30,640 --> 00:45:32,480
Speaker 1: for if you're gonna use that. If you're gonna use

885
00:45:32,480 --> 00:45:35,080
Speaker 1: that phrase, you gotta switch it to niches. It's true niche.

886
00:45:36,680 --> 00:45:38,400
Speaker 1: All right, man, let's go ahead, switch gears. Let's take

887
00:45:38,400 --> 00:45:40,279
Speaker 1: it back to our beer for this episode. Uh, you

888
00:45:40,320 --> 00:45:43,720
Speaker 1: and I are sharing a major decisions by McKellar Brewing

889
00:45:43,800 --> 00:45:46,600
Speaker 1: out of San Diego. And this is a fun name

890
00:45:46,640 --> 00:45:48,359
Speaker 1: of the beer for an episode like this. What we're

891
00:45:48,360 --> 00:45:51,080
Speaker 1: talking about potential big life change and making sure that

892
00:45:51,120 --> 00:45:54,359
Speaker 1: you're making your major life decisions informed. But yeah, man,

893
00:45:54,560 --> 00:45:57,480
Speaker 1: what your thoughts on this German pilsner? Yeah, it was

894
00:45:57,520 --> 00:46:00,120
Speaker 1: a dry hopped pilsner, and it's a style that I

895
00:46:00,160 --> 00:46:03,080
Speaker 1: don't often seek out. Dude, this was so good. It

896
00:46:03,160 --> 00:46:06,520
Speaker 1: was so laid back and approachable, but with that nice,

897
00:46:06,560 --> 00:46:09,279
Speaker 1: like hop undertone going on. It's got good flavor though,

898
00:46:09,360 --> 00:46:11,080
Speaker 1: and it's it's laid back, but that doesn't mean a

899
00:46:11,160 --> 00:46:12,799
Speaker 1: lack of anything, you know, that doesn't mean a lack

900
00:46:12,840 --> 00:46:15,160
Speaker 1: of flavor. No, it's there, but it's just it's just

901
00:46:15,239 --> 00:46:17,719
Speaker 1: really good. It's yeah, I'll let you finish. No, No,

902
00:46:17,760 --> 00:46:19,120
Speaker 1: it's fine, No really, I mean, that's all I want

903
00:46:19,120 --> 00:46:21,000
Speaker 1: to say, is it. It is like if you're used

904
00:46:21,040 --> 00:46:25,560
Speaker 1: to drinking a macro pilsner from like Budweiser or Miller,

905
00:46:25,600 --> 00:46:27,319
Speaker 1: and I'm not gonna say I've never had any of those.

906
00:46:27,440 --> 00:46:30,360
Speaker 1: There's a time in place for those guys occasionally, right, um,

907
00:46:30,480 --> 00:46:34,040
Speaker 1: very occasionally. But but if you wanted to compare what

908
00:46:34,200 --> 00:46:36,359
Speaker 1: that is to what this is their night and day,

909
00:46:36,600 --> 00:46:38,520
Speaker 1: and so if you're like, I don't like pilsners, because

910
00:46:38,520 --> 00:46:40,240
Speaker 1: all I've had is that we'll have a good pilsner,

911
00:46:40,239 --> 00:46:43,280
Speaker 1: because in this is definitely a good pilsner. Yeah. McKellar.

912
00:46:43,320 --> 00:46:45,200
Speaker 1: They're making amazing beers and it makes me think of

913
00:46:45,239 --> 00:46:47,720
Speaker 1: one of our local breweries that has opened up recently,

914
00:46:47,760 --> 00:46:49,920
Speaker 1: and they tend to focus on beers like this, on

915
00:46:49,960 --> 00:46:52,400
Speaker 1: pilsners and and really light beers, and you get a

916
00:46:52,400 --> 00:46:54,880
Speaker 1: good example of that style and you realize how tasty

917
00:46:55,000 --> 00:46:56,880
Speaker 1: can be. Like, as I'm drinking this, I'm just thinking

918
00:46:56,880 --> 00:47:00,920
Speaker 1: of biscuits. It's got like this really bready kind of biscuity,

919
00:47:01,360 --> 00:47:04,360
Speaker 1: you know, flavor going on, but without being overly multi

920
00:47:04,640 --> 00:47:07,000
Speaker 1: like you said, it's it's kind of hoppy. It's nice

921
00:47:07,000 --> 00:47:10,960
Speaker 1: and balanced, but somehow it still has that bready biscuity

922
00:47:10,960 --> 00:47:12,959
Speaker 1: flavor going on, and it kind of makes me feel

923
00:47:12,960 --> 00:47:14,239
Speaker 1: like that it's it's morning and you and I are

924
00:47:14,239 --> 00:47:16,120
Speaker 1: sitting here kind of you know, getting ready to spread

925
00:47:16,120 --> 00:47:19,800
Speaker 1: some butter on some business. That's get No. I appreciate

926
00:47:19,800 --> 00:47:23,080
Speaker 1: your description. You always come from a unique angle when

927
00:47:23,080 --> 00:47:25,560
Speaker 1: you're when you're describing your beers and in your flavor

928
00:47:25,560 --> 00:47:28,080
Speaker 1: profile notes. But um, yeah, this one was really good.

929
00:47:28,080 --> 00:47:30,719
Speaker 1: Big thanks to my buddy Craig out in California for

930
00:47:30,760 --> 00:47:33,279
Speaker 1: sending this one our way. Yeah, thank you, Craig. All Right, Matt,

931
00:47:33,320 --> 00:47:35,440
Speaker 1: that's gonna do it for this episode for listeners out

932
00:47:35,440 --> 00:47:37,640
Speaker 1: there who want the show notes and links to everything

933
00:47:37,640 --> 00:47:40,120
Speaker 1: that cage up to We'll put those up on our

934
00:47:40,120 --> 00:47:42,440
Speaker 1: website and how to Money dot com. Yeah, and if

935
00:47:42,480 --> 00:47:44,920
Speaker 1: you enjoyed this episode, if you enjoy how Some Money

936
00:47:45,160 --> 00:47:48,120
Speaker 1: the podcast, we would be incredibly thankful and grateful to

937
00:47:48,160 --> 00:47:50,080
Speaker 1: you if you were to head over to Apple Podcasts

938
00:47:50,080 --> 00:47:52,239
Speaker 1: and leave us a solid review over there. If you've

939
00:47:52,239 --> 00:47:54,719
Speaker 1: already done that, man, spread the word and let a

940
00:47:54,760 --> 00:47:57,600
Speaker 1: friend know. Maybe somebody who has kind of started a

941
00:47:57,600 --> 00:47:59,680
Speaker 1: side hustle and there they are starting to dabble in

942
00:47:59,719 --> 00:48:02,840
Speaker 1: the waters of entrepreneurship, but you're pretty sure they're not

943
00:48:02,880 --> 00:48:06,160
Speaker 1: doing anything legit when it comes to the legal side

944
00:48:06,200 --> 00:48:08,120
Speaker 1: of things. Share this episode with them. I think there's

945
00:48:08,160 --> 00:48:11,080
Speaker 1: a lot of actionable, helpful information that k cover today,

946
00:48:11,400 --> 00:48:13,040
Speaker 1: and like we mentioned, we'll make sure to link to

947
00:48:13,080 --> 00:48:15,719
Speaker 1: some of those additional resources in our show notes. Man,

948
00:48:15,719 --> 00:48:17,239
Speaker 1: I'm gonna make my seven year old listening to this

949
00:48:17,280 --> 00:48:19,480
Speaker 1: episode because you know those lemonades stands with a little

950
00:48:19,560 --> 00:48:21,839
Speaker 1: art sales she's doing, she might need an LLC for it. Hey,

951
00:48:22,239 --> 00:48:24,480
Speaker 1: it's okay if you're selling, you know, if it gets selling,

952
00:48:24,480 --> 00:48:26,560
Speaker 1: eliminate out front. But if you're out there selling hawking

953
00:48:26,600 --> 00:48:29,320
Speaker 1: your craft beer for for our neighbors walking by. I

954
00:48:29,360 --> 00:48:31,920
Speaker 1: think you're gonna get busted, right, were you to continue

955
00:48:31,960 --> 00:48:35,239
Speaker 1: doing that? All right, Well, that's gonna do it for

956
00:48:35,239 --> 00:48:38,600
Speaker 1: this episodes, Matt, until next time. Best Friends Out, Best

957
00:48:38,640 --> 00:48:39,319
Speaker 1: Friends Out,