WEBVTT - Career Talk: Jalene explains how people fall victim to bad deals, and why contracts matter. 0:00:00.080 --> 0:00:02.680 Welcome to my show. I'm Rashon McDonald, a host of 0:00:02.759 --> 0:00:06.120 Money Making Conversations Masterclass, where we encourage people to stop 0:00:06.160 --> 0:00:10.000 reading other people's success stories and start planning your own. Now, 0:00:10.000 --> 0:00:12.200 you don't want to miss an episode, so please take 0:00:12.200 --> 0:00:14.800 a moment right now to follow or subscribe to Money 0:00:14.800 --> 0:00:20.079 Making Conversations Masterclass. It's free. You can follow me on iHeartRadio, app, Spotify, 0:00:20.320 --> 0:00:23.880 Apple Podcasts, or wherever you listen to your podcast. New 0:00:23.920 --> 0:00:27.800 Money Making Conversations Masterclass episodes drop daily. I want to 0:00:27.880 --> 0:00:30.440 keep you on alert because my guests provide tips on 0:00:30.480 --> 0:00:34.360 how you can uplift your community, improve your financial planning, motivation, 0:00:34.760 --> 0:00:38.199 or advice on how to be a successful entrepreneur. Now, 0:00:38.240 --> 0:00:41.320 let's get this podcast started. My guest has an eagle 0:00:41.360 --> 0:00:44.840 eye when it comes to reviewing bad contracts. Don't sign 0:00:44.840 --> 0:00:46.960 a contract that can ruin your dream, and she is 0:00:47.000 --> 0:00:51.559 a trademark registring expert. She has successfully integrated the demanding 0:00:51.640 --> 0:00:55.840 roles of wife, mother, TV and film producer, writer, actress, 0:00:56.160 --> 0:01:00.000 playwright and author. Please welcome to Money Making Conversation Masterclass. 0:01:00.440 --> 0:01:05.039 America's favorite entertainment attorney, Jayleen Mack. How you doing, Jayleen? 0:01:06.280 --> 0:01:12.520 Hey? Hey, Hey, wow for having me back. Look, well, 0:01:12.560 --> 0:01:14.800 I really want to say thank you for having little 0:01:14.840 --> 0:01:17.319 old me on your big old platform. 0:01:17.520 --> 0:01:19.520 There you go. Well, you know it's time to get 0:01:19.560 --> 0:01:22.000 down the business of you of just personally. They always 0:01:22.040 --> 0:01:25.160 tell you, I have a relationship with individuals who I 0:01:25.200 --> 0:01:27.919 bring on the show. From a standpoint of my relationship 0:01:27.959 --> 0:01:32.240 with entertainment attorney Jayleen Mack, she has personally handled all 0:01:32.280 --> 0:01:37.160 of my trademarks that I've done throughout my managing of 0:01:37.240 --> 0:01:40.440 Steve Harvey and other clients and business associates I've had. 0:01:40.680 --> 0:01:43.120 That relationship has been over at least twenty years, wouldn't 0:01:43.120 --> 0:01:44.200 you say, Jayleen. 0:01:45.319 --> 0:01:51.160 Yes, when did you open up hip hop? No? 0:01:51.040 --> 0:01:53.080 No, no, I'm talking talking about I'm talking about legally 0:01:53.360 --> 0:01:55.920 hip hop was thirty two years. That's thirty two years. 0:01:56.120 --> 0:01:58.280 That's thirty two year. I'm talking about when you finally 0:01:58.280 --> 0:02:00.800 got out of college, you know, with that plaque of 0:02:00.920 --> 0:02:04.680 I'm being a I'm a lawyer officially, all that good stuff. 0:02:04.760 --> 0:02:07.040 Then we started coming to me with Sean, give me 0:02:07.080 --> 0:02:08.799 a shot, give me a shot, I can do this, 0:02:08.880 --> 0:02:10.840 I can do this, And I gave you your shot, 0:02:10.840 --> 0:02:14.280 and we've been I've been turning you for registrations for 0:02:14.400 --> 0:02:17.120 my trademarks and how important is it just to do 0:02:17.160 --> 0:02:19.680 it right when it comes to trademark and protecting your brand. 0:02:21.080 --> 0:02:23.960 Yeah, but just to correct you, I started doing legal 0:02:24.000 --> 0:02:26.960 work for you back then when you had hip hop. 0:02:27.880 --> 0:02:29.519 I'm just trying to take you back. That's how old 0:02:29.600 --> 0:02:30.360 you are, not me. 0:02:30.680 --> 0:02:33.440 Oh okay, thank you, thank you very much. That's absolutely 0:02:33.480 --> 0:02:36.600 because because like I said, look, everybody a little history 0:02:36.600 --> 0:02:39.200 on me. Nineteen ninety two, I had a comedy club 0:02:39.320 --> 0:02:41.560 called very popular comic club in Houston, Texas called the 0:02:41.639 --> 0:02:45.080 Hip Hop Comedy Stop. Everybody played that club, and even 0:02:45.440 --> 0:02:49.440 that Beyonce and Destiny's Child performed at that club. In fact, 0:02:49.520 --> 0:02:51.240 I brought them on stage one of the very first 0:02:51.240 --> 0:02:53.720 performances with that club. But it was a who's who 0:02:54.280 --> 0:02:57.600 of comedy entertainment that came through there, as well as 0:02:57.600 --> 0:03:01.920 celebrities you know from you know, the Willie D's Garface. 0:03:02.040 --> 0:03:04.839 Everybody who's who who in the Houston market as well 0:03:04.880 --> 0:03:08.000 as a tour through town dropped into that comedy club. 0:03:08.200 --> 0:03:11.000 And that's why I met Jayleen and her friends. They 0:03:11.360 --> 0:03:14.560 really were rare instrumental in making my club a success 0:03:14.600 --> 0:03:16.640 and keeping the doors open as they say, keep the 0:03:16.680 --> 0:03:19.800 lights on, and that relationship that's about a relationship. You know, 0:03:19.840 --> 0:03:22.239 you developed something you don't know what is going to 0:03:22.360 --> 0:03:25.200 mean five years or ten years from now. And now 0:03:25.200 --> 0:03:28.080 we're on this show today talking about a career that 0:03:29.000 --> 0:03:31.600 is basically international when it comes from your for your 0:03:31.680 --> 0:03:33.360 legal service, could you tell some of the people that 0:03:33.400 --> 0:03:37.120 you represent now or contractually or can you say that 0:03:37.160 --> 0:03:37.840 on my show? 0:03:39.480 --> 0:03:43.400 Well, I represent a lot of in the general scheme 0:03:43.440 --> 0:03:53.640 of things, actors, producers, writers, directors, arthurs, playwrights, film producers, 0:03:53.760 --> 0:03:59.520 television producers. As far as some clients that I've represented 0:03:59.520 --> 0:04:04.080 that mind me saying obviously I've done leave a work 0:04:04.120 --> 0:04:09.040 for you, Greg Carter, who's a filmmaker. I've done work 0:04:09.160 --> 0:04:16.400 for Kim Barell, Steve Harvey. Uh, just really tons of people, 0:04:16.480 --> 0:04:17.280 even athletes. 0:04:19.000 --> 0:04:21.679 Now, when you when I called to Day about setting 0:04:21.760 --> 0:04:23.920 up what this show is going to be about, and 0:04:23.960 --> 0:04:26.320 you said, Miean, I really want to talk about the 0:04:26.520 --> 0:04:30.880 lure of the bad deal. How people are will scam you, 0:04:31.920 --> 0:04:35.520 even from an entrepreneurial standpoint, even from a film production standpoint, 0:04:35.839 --> 0:04:38.760 into how when you say the lure of the bad deal, 0:04:38.839 --> 0:04:41.360 explain them all these exactly what that is and how 0:04:41.400 --> 0:04:43.400 they can be trapped by. 0:04:44.520 --> 0:04:48.479 So, if you are a writer and you have a 0:04:48.520 --> 0:04:55.400 script and you've been shopping for either a producer or 0:04:55.560 --> 0:05:01.039 a financier, or you're a producer who has a script 0:05:02.080 --> 0:05:05.080 and you've been shopping with the financier for some money 0:05:05.360 --> 0:05:09.400 to get your movie made. Sometimes you'll come across people 0:05:10.600 --> 0:05:14.120 who are not in the industry who want to be 0:05:14.240 --> 0:05:18.600 in the industry, or they claim to be in the industry, 0:05:19.320 --> 0:05:23.080 but their credentials are not quite up to par, and 0:05:23.120 --> 0:05:28.040 so they may represent that they have access to money 0:05:28.200 --> 0:05:32.960 or endless amounts of money, and they entice that to 0:05:33.080 --> 0:05:38.640 have a conversation. Right, And sometimes it's about really the 0:05:38.760 --> 0:05:44.040 association of a project that might put them on the 0:05:44.040 --> 0:05:47.240 map as opposed to the other way around. Right. And 0:05:47.839 --> 0:05:52.840 I say that because I've seen money people or alleged 0:05:52.880 --> 0:05:58.919 money people offer funding and it'll be you know, it 0:05:58.960 --> 0:06:03.440 could be hundreds of thousands or millions of dollars. But 0:06:03.600 --> 0:06:07.760 the more you dig, the more you realize they can't 0:06:07.760 --> 0:06:11.760 show proof of funds, or the more you dig you 0:06:11.880 --> 0:06:18.640 find out this person isn't legitimate because this business is big, 0:06:18.800 --> 0:06:21.919 but it's small at the same time. So if you 0:06:22.040 --> 0:06:25.920 ask enough question, or if you dig and you see 0:06:26.279 --> 0:06:29.080 that the person you're dealing with doesn't have a digital 0:06:29.160 --> 0:06:33.200 footprint right right, You can't go to IMDb, You can't 0:06:33.240 --> 0:06:37.520 go to LinkedIn to find anything. Nothing out there. Right 0:06:38.560 --> 0:06:41.200 You might look up the name and the face doesn't match, 0:06:42.520 --> 0:06:48.479 or their credentials herely are similar to some executive right 0:06:49.000 --> 0:06:51.520 at Netflix or whatever. I've seen all of that happen. 0:06:52.320 --> 0:06:55.799 But my point of identifying, just in a general sense 0:06:56.320 --> 0:07:04.719 of people with a bad lure that ve due diligence 0:07:04.920 --> 0:07:05.560 is everything. 0:07:05.839 --> 0:07:08.240 Please don't go anywhere. We'll be right back with more 0:07:08.279 --> 0:07:11.760 Money Making Conversations Masterclass. No need for you to do 0:07:11.840 --> 0:07:15.200 me a favor right now to follow or subscribe to 0:07:15.320 --> 0:07:18.600 Money Making Conversation. It's free and you can find it 0:07:18.640 --> 0:07:23.360 on the iHeartRadio app, Spotify, Apple Podcasts, or wherever you 0:07:23.440 --> 0:07:26.960 get your podcasts. Please do me that favor, follow or 0:07:27.000 --> 0:07:34.240 subscribe Money Making Conversations. Welcome back to Money Making Conversations 0:07:34.320 --> 0:07:37.880 master Class, hosted by me Rashawn McDonald. Let's get back 0:07:37.920 --> 0:07:40.160 into it. I've seen it all, you know when you 0:07:40.200 --> 0:07:43.280 do that, and I've been fortune, unfortunate and fortunate to 0:07:43.320 --> 0:07:45.920 see the good and the bad of that, and it 0:07:45.960 --> 0:07:49.960 all comes down to people excitement. They always always tell people, 0:07:50.480 --> 0:07:54.239 don't get in this business with the lottery mentality, meaning 0:07:54.280 --> 0:07:56.720 that moment that that somebody's offered you is going to 0:07:56.760 --> 0:07:59.200 be the one, the one that makes you a start, 0:07:59.480 --> 0:08:01.600 the one that gives you a hit movie, the one 0:08:01.640 --> 0:08:04.200 they're gonna make you rich. It's when you have that 0:08:04.360 --> 0:08:08.200 lottery mentality. It's when you fall victim to these type 0:08:08.240 --> 0:08:11.480 of scams on a regular basis. Because somebody can pull 0:08:11.600 --> 0:08:14.760 up in a in a in a Rolls Roars that 0:08:14.840 --> 0:08:17.880 could be rented. They can they can walk you to 0:08:17.960 --> 0:08:20.400 a building untell you they're gonna shoot the movie here. 0:08:21.360 --> 0:08:23.720 May not even have a relationship with that building. But 0:08:23.800 --> 0:08:27.120 because you and the Rolls Rars, they've they've taken you 0:08:27.160 --> 0:08:29.960 to a nice restaurant and now all of a sudden, 0:08:30.320 --> 0:08:33.000 now you now they're gonna tell you they need a deposit. 0:08:33.360 --> 0:08:37.760 They're gonna need a deposit from you. Now, Okay, they sold, 0:08:37.800 --> 0:08:40.800 they're supposed to supply the funding that, but they're asking 0:08:40.840 --> 0:08:44.280 you for a deposit, so they're gonna put in they 0:08:44.360 --> 0:08:47.760 say xcro escrow. Escrow is a dangerous turn because if 0:08:47.760 --> 0:08:50.839 you don't have control of that signature on the escrow 0:08:50.920 --> 0:08:54.120 account then gets what they're gonna control the money. And 0:08:54.160 --> 0:08:56.959 so it's really important that in this business. And I'm 0:08:56.960 --> 0:09:00.400 bringing an expert like attorney Jayleen mack On here to 0:09:00.559 --> 0:09:03.320 let you know that I can say that, but she 0:09:03.360 --> 0:09:04.840 can verify that correct early. 0:09:06.440 --> 0:09:08.280 Absolutely, I'm gonna tell you what I've seen as the 0:09:08.360 --> 0:09:15.160 latest trend. Some company represents themselves as a production company 0:09:16.120 --> 0:09:20.760 with relationships to all the networks, and they'll say that 0:09:21.360 --> 0:09:28.960 their contact at ABC Company wants to buy a particular 0:09:29.000 --> 0:09:34.720 script from some producer. Right there's already a dollar amount. 0:09:35.880 --> 0:09:40.840 The script hasn't been received by that executive nor read, 0:09:41.520 --> 0:09:45.319 but there's already an offer on the table. And the 0:09:46.320 --> 0:09:52.520 middle company, the production company, is telling this producer with 0:09:52.640 --> 0:09:58.760 the script that you need to sign this contract attached 0:09:58.720 --> 0:10:01.480 to us and uh. 0:10:02.000 --> 0:10:02.400 And. 0:10:04.559 --> 0:10:07.480 We'll be able to close this deal for you right. 0:10:09.000 --> 0:10:09.240 Right. 0:10:09.640 --> 0:10:13.800 And they never put and never are all three parties 0:10:13.840 --> 0:10:16.680 in one room, if that makes any sense to you. 0:10:16.720 --> 0:10:19.880 Absolutely, you keep talking to the same person and they 0:10:19.920 --> 0:10:22.240 keep talking to the other person that you never see. 0:10:22.960 --> 0:10:26.839 That you never see, and the way the contract reads, 0:10:27.120 --> 0:10:31.440 you have to assign copyright to that script, to that 0:10:31.520 --> 0:10:35.680 production company, which. 0:10:35.480 --> 0:10:37.880 Means they now have rights to your project. Here there 0:10:38.040 --> 0:10:41.120 clearly now, what you don't ever want to do is 0:10:41.200 --> 0:10:43.720 give away rights to your project, and so when you 0:10:43.760 --> 0:10:46.560 try to get the rights back, you don't have rights anymore. 0:10:47.160 --> 0:10:50.800 So your dream project, your dream idea, you're you know 0:10:50.840 --> 0:10:54.000 your I've been working on this thing for fifteen, ten years. 0:10:54.000 --> 0:10:56.680 Five years. Idea came to me a miracle of God, 0:10:56.720 --> 0:11:00.280 moment told me to write this book. It's gone because 0:11:00.360 --> 0:11:02.360 you've signed away your rights. And I'm gonna tell you something. 0:11:02.400 --> 0:11:05.280 You can't get it back. You cannot get it back. 0:11:05.800 --> 0:11:09.079 Those deals that they have you signed an iron clad 0:11:09.559 --> 0:11:11.720 And that's why she's telling you. When I say she, 0:11:11.720 --> 0:11:14.560 I'm talking at attorney Jayleen Mack is telling you that 0:11:15.880 --> 0:11:18.600 do your research. Don't get so excited that this is 0:11:18.640 --> 0:11:22.280 the moment of moments. Don't ignore other people telling you, hey, 0:11:23.040 --> 0:11:25.000 are you moving too fast? What do you know about 0:11:25.040 --> 0:11:30.000 this person? Listen to people who have common sense that 0:11:30.160 --> 0:11:32.839 will lead you from making a bad mistake. And that's 0:11:32.840 --> 0:11:35.200 which leads what you say into bad contracts. And you 0:11:35.240 --> 0:11:37.080 see a lot, unfortunately, you see a lot of bad 0:11:37.120 --> 0:11:40.160 contracts in your life. When it comes to entertainers. 0:11:40.320 --> 0:11:46.080 Why is that, Well, some people just don't put the 0:11:46.120 --> 0:11:49.520 money aside, you know, put a budget aside to hire 0:11:49.520 --> 0:11:55.120 a lawyer. And it's because, well, you know, I've google 0:11:55.200 --> 0:11:59.120 some information on Google, or I saw a template on 0:11:59.360 --> 0:12:02.560 the internet, and I feel like, I know it nothing. 0:12:02.640 --> 0:12:04.560 I don't need a layer to take a look at 0:12:04.559 --> 0:12:10.479 this deal. That's one approach, right. I've seen also cases 0:12:11.440 --> 0:12:17.200 where they hire the wrong lawyer to rede the deal. So, uh, 0:12:19.480 --> 0:12:20.959 and even can you telling. 0:12:20.720 --> 0:12:24.280 Me somebody who is a corporate lawyer over here trying 0:12:24.280 --> 0:12:27.760 to do an entertainment contractor somebody who's a patent lawyer 0:12:28.040 --> 0:12:30.720 trying to do a contract for a movie, a contract 0:12:30.800 --> 0:12:34.640 for a television or talent contract. And so so all 0:12:34.679 --> 0:12:38.679 your cousins, who got this good rate is gonna do go, 0:12:38.880 --> 0:12:41.720 do you a solid and do this. But what got 0:12:41.760 --> 0:12:45.800 me was you saying Rashan. Their people go online, they 0:12:45.800 --> 0:12:49.439 will download the contract as a template. They google to 0:12:49.640 --> 0:12:54.320 contract for actors, a contract for writers, a contract for 0:12:54.440 --> 0:12:58.160 TV or fan producers, and they say that's their contract. 0:12:59.320 --> 0:13:03.760 Right, right. And the thing with template, it might be 0:13:03.800 --> 0:13:08.280 a good starting point, but it's not necessarily where you're in, right, 0:13:09.559 --> 0:13:12.400 So you have to know how to navigate the language. 0:13:12.679 --> 0:13:15.800 You have to know what's missing. You have to know 0:13:15.880 --> 0:13:18.359 what's there, whether or not, whether or not that's applicable 0:13:18.400 --> 0:13:22.800 to your situation, and the best best thing to do 0:13:23.880 --> 0:13:29.120 if you are not a season producer with the experience 0:13:29.200 --> 0:13:33.760 that maybe over time you've seen enough good contracts because 0:13:33.800 --> 0:13:37.800 you've had representation right, and maybe you're using the same 0:13:38.120 --> 0:13:42.160 template and and so and and and pretty much everything's 0:13:42.200 --> 0:13:48.400 the same except maybe the compensation and the and the actors. 0:13:48.480 --> 0:13:50.240 You might be able to make some changes and get 0:13:50.280 --> 0:13:55.800 away with it, but rarely is any contract or repeat 0:13:55.800 --> 0:14:00.840 deal right to the t R. So, in my opinion, 0:14:00.880 --> 0:14:03.800 even if you feel like, well, I can draft the 0:14:03.880 --> 0:14:07.280 initial contract and I feel like it looks pretty good, 0:14:08.040 --> 0:14:11.240 I would still hire my lawyer to lay last eyes 0:14:11.320 --> 0:14:14.480 on it, right right, that's the best thing to do. 0:14:14.640 --> 0:14:17.040 Please don't go anywhere. We'll be right back for more 0:14:17.080 --> 0:14:25.960 money Making Conversations Masterclass. Welcome back to Money Making Conversations Masterclass, 0:14:26.080 --> 0:14:29.800 hosted by me Rashaan McDonald. Money Making Conversation master Class 0:14:29.840 --> 0:14:34.120 continues online at Moneymaking Conversations dot com and follow money 0:14:34.160 --> 0:14:38.760 Making Conversations Masterclass on Facebook, x and Instagram. Well it's 0:14:38.760 --> 0:14:41.760 starting with number one. You said identify your project. 0:14:42.320 --> 0:14:47.480 Please explain, so I can tell you we're specifically talking 0:14:47.480 --> 0:14:51.160 about film and television as far as the entertainment industry, 0:14:51.560 --> 0:14:57.440 but really this applies to music and other areas of entertainment. 0:14:57.880 --> 0:15:01.600 But it also applies for any entrepreneur what we're talking about. 0:15:02.080 --> 0:15:05.560 So even if you're, you know, selling candles, a lot 0:15:05.560 --> 0:15:09.280 of this will be beneficial to you. So so when 0:15:09.280 --> 0:15:13.040 it comes to projects, obviously in the film world, you 0:15:13.080 --> 0:15:18.240 want to identify or used shooting a movie, a feature film, 0:15:18.320 --> 0:15:22.760 or a short. Will this be a scripted project or unscripted? 0:15:23.560 --> 0:15:27.480 In the television world, for instance, is it a documentary? 0:15:28.000 --> 0:15:30.240 You just want to identify what is it that I'm 0:15:30.320 --> 0:15:34.120 trying to do, because that's going to go into how 0:15:34.160 --> 0:15:38.320 you develop that concept. If you're a hire writer, if 0:15:38.320 --> 0:15:41.040 you're going to write it yourself, this is going to 0:15:41.120 --> 0:15:43.880 lead to how much money I need. So the first 0:15:43.920 --> 0:15:46.000 thing is to identify what it is you're trying to do. 0:15:46.960 --> 0:15:49.880 And that's really really important as if you're an entrepreneur 0:15:50.080 --> 0:15:52.880 because of the fact that I have a company and 0:15:52.920 --> 0:15:54.680 I have a lot of people with a lot of products, 0:15:54.720 --> 0:15:58.920 I have a lot of people different different small business visions, 0:15:59.360 --> 0:16:01.360 but they don't know what the point of view of 0:16:01.400 --> 0:16:03.800 the vision, of the point of view of the business, 0:16:04.080 --> 0:16:07.600 and so identify your project. Number two is make sure 0:16:07.680 --> 0:16:08.520 you have a plan. 0:16:10.840 --> 0:16:15.400 Yes, like across the board, in any business, it is 0:16:15.520 --> 0:16:20.320 best to have a business plan. Even if you are 0:16:20.400 --> 0:16:26.359 financing your endeavor personally, you still want to have a roadmap, 0:16:27.800 --> 0:16:29.800 and that's what the business plan will do for you, 0:16:30.880 --> 0:16:36.720 and particularly people in film and television that are independent producers. 0:16:37.320 --> 0:16:41.160 You also want to have a finance plan. So not 0:16:41.320 --> 0:16:44.760 just a business plan to give you the roadmap of 0:16:44.800 --> 0:16:48.360 how to get your project done, but a finance plan 0:16:48.480 --> 0:16:53.560 will help you identify where the money comes from, when 0:16:53.600 --> 0:16:58.080 it comes in, how it's going to be applied, how 0:16:58.120 --> 0:17:01.320 are you going to get your project done, on the 0:17:01.640 --> 0:17:06.600 development and concept, through sale and distribution of it. And 0:17:06.680 --> 0:17:08.720 again that helps with any entrepreneur. 0:17:09.680 --> 0:17:12.400 I have to agree with that on so many levels. 0:17:12.760 --> 0:17:15.000 I get so mad at people. I see the word 0:17:15.080 --> 0:17:17.600 mad people coming. I got this idea. First of all, 0:17:17.640 --> 0:17:21.080 ideas not registered. It's just an idea. It's not flushed out, 0:17:21.760 --> 0:17:24.680 you know, as the character developments in the projects not 0:17:24.760 --> 0:17:27.880 flushed out. I don't know how many characters you got, 0:17:28.000 --> 0:17:31.040 who's the lead? Have you developed a relationship with a star? 0:17:31.119 --> 0:17:33.520 Who's to start the project? It's just a great idea 0:17:33.560 --> 0:17:37.840 to get mad. It's a great idea. Okay, I'm not 0:17:37.840 --> 0:17:39.760 saying it's not great idea. I'm just telling you help 0:17:39.800 --> 0:17:42.679 me out because right now it's an idea. I can't 0:17:42.720 --> 0:17:45.359 build on your your dream if I don't understand it. 0:17:45.400 --> 0:17:48.719 What's your plan? And that's also people do that with business. 0:17:48.880 --> 0:17:51.120 They want to I got some biscuits. They're the best 0:17:51.119 --> 0:17:53.600 biscuits in the world. Okay, how you gonna how are 0:17:53.600 --> 0:17:56.320 you gonna manufacture these biscuits? If if a thousand people 0:17:56.320 --> 0:17:58.840 walk through that door today, how you gonna manage what 0:17:58.880 --> 0:18:01.159 you're gonna do? How many employees you're gonna have? 0:18:01.600 --> 0:18:01.840 You know? 0:18:02.080 --> 0:18:03.879 I know that for a fact out of comedy club. 0:18:04.160 --> 0:18:07.520 Comedy club started with just my relatives manning the doors. 0:18:07.760 --> 0:18:10.159 They used to do it for free. Right then all 0:18:10.160 --> 0:18:11.960 of a sudden, I started making a little money. Then 0:18:12.000 --> 0:18:16.119 they wanted checks. I didn't budget to pay my relatives. 0:18:17.080 --> 0:18:18.880 I didn't budget for that. I didn't have a plan 0:18:18.960 --> 0:18:21.600 and play it. I just wanted to tell jokes, invite 0:18:21.600 --> 0:18:25.359 people in for ten dollars, which eventually I realized that 0:18:25.440 --> 0:18:27.600 the state wanted day tax money, so I would It 0:18:27.640 --> 0:18:30.840 wasn't getting ten dollars. I didn't have a plan. So 0:18:31.080 --> 0:18:34.080 when she talks about both ways, she can talk about 0:18:34.080 --> 0:18:37.160 the entertainment industry, but it all comes back to business 0:18:37.200 --> 0:18:41.320 business now. Number three is former team girl. I got 0:18:41.320 --> 0:18:43.600 something to say after you talk about this form aighteen. 0:18:44.280 --> 0:18:47.240 That's number three. Number one was identify your project. Number 0:18:47.240 --> 0:18:49.800 two make sure you have a plan. Number three form 0:18:49.920 --> 0:18:50.600 A teen. 0:18:52.720 --> 0:18:58.800 So so important. I just made this comment at the 0:18:58.880 --> 0:19:02.960 essence best talking to the audience. If you're a producer, 0:19:03.960 --> 0:19:08.840 you don't have to be the smartest producer. You don't 0:19:08.960 --> 0:19:13.840 have to know everything. Every experience is going to be 0:19:13.880 --> 0:19:19.240 something you learn from. But if you are putting together 0:19:19.240 --> 0:19:23.760 a team, make sure you build a team that makes 0:19:23.800 --> 0:19:27.760 you the best producer you can be. Right, So, you 0:19:27.800 --> 0:19:32.440 surround yourself with talent. You surround yourself with people who 0:19:32.600 --> 0:19:36.359 know more than you. Right. You also surround yourself with 0:19:36.400 --> 0:19:40.199 people who are not yes people, because you need to 0:19:40.240 --> 0:19:43.560 know the pitfalls, you need to know the pros and cons, 0:19:43.920 --> 0:19:46.120 and you need people around you they help you make 0:19:46.160 --> 0:19:50.320 the best business decisions you can make keeping in mind 0:19:50.400 --> 0:19:53.800 the best interest for your project. And not only that, 0:19:53.960 --> 0:19:57.240 not just your projects, but you have investors to pay back. 0:19:58.440 --> 0:20:00.680 So it's super important that you use to on yourself 0:20:01.920 --> 0:20:07.120 with other good producers, with a good lawyer, a good accountant, 0:20:07.440 --> 0:20:12.760 a good pr team find the best scenario when it 0:20:12.800 --> 0:20:16.120 comes to a financier that makes sense for your project. 0:20:16.160 --> 0:20:19.159 If you're going to get money from other places, and 0:20:19.520 --> 0:20:22.960 I can go on, but the key is put together 0:20:23.119 --> 0:20:23.840 a good team. 0:20:25.359 --> 0:20:27.800 You better believe it. I didn't have an accountant, I 0:20:27.800 --> 0:20:31.280 didn't have an HR person. I told my wife we 0:20:31.359 --> 0:20:35.800 pulled money out of retirement at the time, savings didn't 0:20:35.840 --> 0:20:38.040 have a budget attacked. Let me not jump the gun 0:20:38.080 --> 0:20:40.920 because I'm about to say budget and that's number four, 0:20:41.480 --> 0:20:44.399 prepare a budget. So I don't want to slide into 0:20:44.440 --> 0:20:47.040 that too much without you comment on it. Because if 0:20:47.080 --> 0:20:50.240 you're on a former team, you gotta prepare a budget. 0:20:50.480 --> 0:20:53.640 Talk to you about that attorney map absolutely. 0:20:55.000 --> 0:20:58.199 So if you know what it is you're trying to 0:20:58.240 --> 0:21:00.600 do right, Let's say you're trying to make a movie, 0:21:01.119 --> 0:21:05.439 produce a product or project, you obviously have to have 0:21:05.640 --> 0:21:09.960 somebody who's good at putting budgets together. Who can identify 0:21:10.000 --> 0:21:15.400 the needs and services and how much things cost and 0:21:15.440 --> 0:21:20.680 the best route to take to get these things done, 0:21:21.080 --> 0:21:25.720 to put a budget together. So it's not a matter 0:21:25.760 --> 0:21:28.360 of saying, well, I want to shoot a movie and 0:21:29.240 --> 0:21:32.679 I think a thousand dollars is enough, right, you know, 0:21:33.240 --> 0:21:36.520 obviously you want somebody experience in what things cost, and 0:21:37.960 --> 0:21:42.639 that is a line producer in the film business that'll 0:21:42.680 --> 0:21:46.440 do that for you, because it's important to know if 0:21:46.480 --> 0:21:51.280 your movie has special effects, is it has special video effects? 0:21:52.240 --> 0:21:54.959 Are there cars being blown up or is there a 0:21:55.000 --> 0:21:59.520 car change? Are there fight seems to be choreographed? Everything 0:21:59.640 --> 0:22:08.320 has a costs, hotels, locations, feeding people, you got crew, actors, etc. 0:22:09.200 --> 0:22:12.840 All of those things have to be identified in a 0:22:12.880 --> 0:22:16.440 budget and if you've never done it before, don't take 0:22:16.480 --> 0:22:20.600 a stab at it. Hire the right people to do 0:22:20.680 --> 0:22:21.080 the job. 0:22:21.280 --> 0:22:24.240 Absolutely. You know, it's really funny people when you start 0:22:24.280 --> 0:22:27.120 talking about budget and people the right teammate. You know, 0:22:27.600 --> 0:22:32.399 if you open a Mexican restaurant and you hire somebody 0:22:32.880 --> 0:22:35.439 the cook he knows I do soul food. You know 0:22:35.480 --> 0:22:37.320 you got to have the right people doing the right thing. 0:22:37.640 --> 0:22:40.040 You're opening the bakery and that person all they know 0:22:40.080 --> 0:22:42.119 how to do is cook pies. 0:22:42.240 --> 0:22:42.439 You know. 0:22:42.720 --> 0:22:44.919 That's it. They can't do nothing else at your baking. 0:22:45.160 --> 0:22:47.160 But they told you they know how to bake. It's 0:22:47.200 --> 0:22:49.480 that resume going to the right place. I know we're 0:22:49.480 --> 0:22:51.119 going to run short on time, but I want to 0:22:51.119 --> 0:22:52.960 get to a couple of things I think they need 0:22:53.000 --> 0:22:56.760 to have. No we talked about number one, identify your project. 0:22:56.840 --> 0:22:59.399 Number two is make sure you have a plan. Number 0:22:59.400 --> 0:23:02.080 three is formed my team. Number four we just talked 0:23:02.080 --> 0:23:06.280 about the prepare budget. Number five is form a business entity. 0:23:06.440 --> 0:23:09.159 What are you doing there? Number six is get a 0:23:09.440 --> 0:23:13.879 EI in number for your business. Number seven open a 0:23:14.119 --> 0:23:18.800 business account, not your personal account, your business account. Number 0:23:18.800 --> 0:23:25.919 eight Protect your assets. Number nine. The floor is yours contracts. 0:23:26.000 --> 0:23:30.320 Yes, yes, yes, we know. Everything should be reduced to writing. 0:23:31.520 --> 0:23:37.560 It should represent what you negotiated. Obviously, you want to 0:23:37.640 --> 0:23:46.840 protect your intellectual property, your interest in ownership, Every aspect 0:23:47.000 --> 0:23:50.480 of the four walls of the agreement should be considered. 0:23:51.480 --> 0:23:54.800 And once again, I would not rely on myself to 0:23:54.840 --> 0:23:58.600 prepare a contract. I would go to the experts, such 0:23:58.640 --> 0:24:02.919 as a lawyer that is experienced in your area. And 0:24:03.000 --> 0:24:07.480 I will say this, even if you have an entertainment 0:24:07.520 --> 0:24:14.159 related matter. Not all entertainment attorneys are equal, and if 0:24:14.240 --> 0:24:18.800 you're a film producer, not all entertainment attorneys no film 0:24:18.800 --> 0:24:23.840 and television production, which is a whole other language. So again, 0:24:23.960 --> 0:24:27.520 make sure you get a lawyer who's very experienced in 0:24:27.560 --> 0:24:31.439 what it is you're trying to accomplish. 0:24:31.640 --> 0:24:35.359 Now, the last one, you got your business open, you 0:24:35.440 --> 0:24:40.080 got your movie marketing. You know, people think they can 0:24:40.160 --> 0:24:43.040 just open a door, tell everybody they got great food, 0:24:43.080 --> 0:24:45.680 and people just gonna line up and show up. People 0:24:45.680 --> 0:24:48.359 think they got a great movie project. They're gonna let 0:24:48.359 --> 0:24:52.960 everybody know that in the theater and we ready to go. Okay. 0:24:53.520 --> 0:24:56.679 So I really think it's really, really really important that 0:24:56.720 --> 0:25:00.040 people understand what's going on here when you're starting to 0:25:00.080 --> 0:25:02.560