WEBVTT - Ep 317: What's Your Wealth Identity? ft. Dr. Pamela Jolly 0:00:06.280 --> 0:00:12.960 Hey, hey, Hey, we're back. We're super Black today. As 0:00:13.000 --> 0:00:20.079 per usual, we're Brown Ambition. Hey, Mandra and special guests. 0:00:20.079 --> 0:00:25.880 Hey, hey, hello to our special guest today, doctor Pamela Jolly. 0:00:26.000 --> 0:00:28.720 I cannot wait to introduce you to y'all, to you guys, 0:00:28.720 --> 0:00:30.920 to our ba fam. I was actually on a panel 0:00:30.960 --> 0:00:33.279 with doctor Jolly a few weeks ago and afterward just 0:00:33.320 --> 0:00:35.320 wanted to know more. You know how on a panel 0:00:35.600 --> 0:00:37.680 everyone gets like seven and a half minutes to speak, 0:00:38.000 --> 0:00:39.720 but doctor Jolly seven and a half minutes. 0:00:39.720 --> 0:00:40.560 I was like, I need more. 0:00:40.880 --> 0:00:43.000 Let me, let me, let me make her talk to 0:00:43.040 --> 0:00:45.800 me some more. So invited her to the show today 0:00:45.800 --> 0:00:47.440 and I cannot waits tell you about her. So let 0:00:47.479 --> 0:00:48.680 me just give you a little bit of a rundown, 0:00:48.680 --> 0:00:51.000 Doctor Jolly'll let you say hello, but let's put some 0:00:51.040 --> 0:00:54.320 respect on your name and your experience. Doctor Pamela Jolly y'all, 0:00:54.360 --> 0:00:57.240 is a wealth strategist, a renowned speaker and author committed 0:00:57.240 --> 0:01:00.960 to guiding men, women, business owners, face leaders, and young 0:01:01.000 --> 0:01:05.640 professionals toward building legacy their way. She is a I mean, 0:01:05.640 --> 0:01:07.679 how many degrees I can't even keep track. She's a 0:01:07.720 --> 0:01:12.000 graduate of Hampton University, The Wharton School of Business, Boston 0:01:12.120 --> 0:01:18.000 University School of Theology, and Graduate Theological Foundation. After building 0:01:18.000 --> 0:01:21.360 a successful career in finance, working for companies like Nations, 0:01:21.400 --> 0:01:24.120 Bake Accenture, and a private equity firm she helped build 0:01:24.200 --> 0:01:26.959 called The Boy Partners. In two thousand and four, doctor 0:01:27.000 --> 0:01:31.000 Jolly launched Torch Enterprises, which is her strategic investment firm 0:01:31.040 --> 0:01:34.800 that focuses on women and minority owned businesses, and in 0:01:34.840 --> 0:01:38.200 twenty fifteen she launched The Narrow Road, which is a 0:01:38.240 --> 0:01:42.360 methodology focused on educating anyone wanting to build wealth via 0:01:42.400 --> 0:01:46.640 ownership and equity. Doctor Pamela Jolly, Welcome to Brown Ambition. 0:01:47.160 --> 0:01:49.680 So tell us about Torch at its heart. What is 0:01:49.720 --> 0:01:52.720 Torch Enterprises and what do you do as a wealth strategist? 0:01:53.240 --> 0:01:56.320 Yeah, so great question. So Torch stands for passing the 0:01:56.360 --> 0:01:59.240 torch from one generation to the next to build legacy 0:01:59.240 --> 0:02:02.680 wealth via own ship and increased equity. And so I 0:02:02.760 --> 0:02:05.880 started towards Hard to Believe twenty years ago based on 0:02:05.920 --> 0:02:09.720 something that really frustrated me that relative to the contributions 0:02:09.720 --> 0:02:12.920 that African Americans have made to America, we just didn't 0:02:12.960 --> 0:02:16.560 known enough, We just didn't have enough wealth. And because 0:02:16.560 --> 0:02:18.960 I have worked my entire career in financial services. I 0:02:19.000 --> 0:02:21.680 wanted more of us to understand that we're not starting 0:02:21.720 --> 0:02:24.960 from nothing, that our legacy is very valuable, and so 0:02:25.120 --> 0:02:28.839 how do we really blend our belief that we will 0:02:28.840 --> 0:02:32.680 do well with finance, business and strategy. So I raised 0:02:32.760 --> 0:02:36.960 capital and awareness for African Americans and African American businesses 0:02:36.960 --> 0:02:42.480 and their communities. I work with large philanthropic organizations, national banks, 0:02:42.680 --> 0:02:46.560 large organizations as well as small businesses and communities. I 0:02:46.720 --> 0:02:49.240 love what I do. It's been an amazing journey that 0:02:49.440 --> 0:02:53.720 really started to shape itself post Katrina in New Orleans. 0:02:53.800 --> 0:02:56.160 So I'm indebted to the city of New Orleans. Love 0:02:56.720 --> 0:02:59.200 love New Orleans, but I've worked in over ninety three 0:02:59.200 --> 0:03:02.360 cities across the So I love our community and I 0:03:02.400 --> 0:03:05.120 see it as a business and I look forward to 0:03:05.280 --> 0:03:08.320 elevating that standard with as many Black people as possible. 0:03:08.800 --> 0:03:10.960 She said, I love us for real. Okay, shout out 0:03:10.960 --> 0:03:15.680 to money for real. For real. Well, I'm excited that 0:03:15.720 --> 0:03:17.640 you're here because I know we're really going to like 0:03:18.160 --> 0:03:21.799 leaning heavily on talking about business and what it looks 0:03:21.880 --> 0:03:25.080 like to be a successful black business. Kind of one 0:03:25.080 --> 0:03:26.799 of the mistakes that we're making that you see across 0:03:26.840 --> 0:03:30.600 the board, and what we can do to minimize those mistakes, 0:03:30.639 --> 0:03:33.480 get access to capital, and do what businesses are meant 0:03:33.480 --> 0:03:35.760 to do, which is grow and pass along. Well. So 0:03:35.840 --> 0:03:38.000 I'm super jazz because you know, Mandy and I are 0:03:38.120 --> 0:03:41.440 both business owners. So I'm just excited you're here. 0:03:42.520 --> 0:03:45.080 Awesome. I'm grateful to be here both of you. And 0:03:45.280 --> 0:03:47.760 I'm curious, like it's one of the things you encounter. 0:03:47.800 --> 0:03:49.840 I mean, obviously you work on the ground with black 0:03:49.920 --> 0:03:54.600 and brown owned businesses quite often, and for me, as 0:03:54.760 --> 0:03:58.320 a newbie business owner, I think sometimes I wonder if 0:03:58.360 --> 0:04:01.080 I'm not thinking big enough with my business. You know, 0:04:01.160 --> 0:04:02.320 I just want to make it through the first year, 0:04:02.440 --> 0:04:03.120 make it the first year. 0:04:03.200 --> 0:04:03.400 Yah. 0:04:03.920 --> 0:04:06.720 And of course, having listened to Tiffany and had sort 0:04:06.760 --> 0:04:10.520 of a back back back seat to watching her build 0:04:10.800 --> 0:04:13.520 multiple businesses over the past, I don't know, in your 0:04:13.600 --> 0:04:16.320 decade we've known each other, it's been a privilege. But 0:04:16.400 --> 0:04:19.200 sometimes I'm like, am I allowed to think that big yet? 0:04:19.320 --> 0:04:22.200 And what do I have to lose by not thinking 0:04:22.279 --> 0:04:24.200 big early? You know what I mean? 0:04:24.839 --> 0:04:25.560 Yeah? Definitely. 0:04:25.640 --> 0:04:27.800 Well, first of all, it is big for you to 0:04:28.080 --> 0:04:31.200 have sustained a business for a year, you know, the 0:04:31.320 --> 0:04:34.520 reality of small businesses and the tenure of them. 0:04:35.000 --> 0:04:37.480 I did do that. I commanded I didn't want to 0:04:37.480 --> 0:04:40.240 put interrupt and I was like, I need you. 0:04:40.279 --> 0:04:42.880 To take ownership of that, right because the first year, 0:04:43.600 --> 0:04:46.400 you know, it's what I call the idea phase. You know, 0:04:46.480 --> 0:04:49.600 you got an idea, but business is a series of 0:04:49.720 --> 0:04:55.720 consistently increasing levels of opportunity, right, So increasing relationships, it's 0:04:55.760 --> 0:04:59.400 increased knowledge gain, it's increasing steps that have to be 0:04:59.440 --> 0:05:02.840 streamlined and organized. And so that first year is really 0:05:02.960 --> 0:05:05.640 you teaching you. Like am I a business owner? I 0:05:05.720 --> 0:05:08.040 believe the call to entrepreneurship is a call from God 0:05:08.200 --> 0:05:11.440 because it's a faith walk in many ways, and in 0:05:11.640 --> 0:05:14.920 that first year it definitely is. So I think that, 0:05:15.240 --> 0:05:17.159 you know, when we think about businesses one to three, 0:05:17.720 --> 0:05:21.760 you're really figuring it out. And I think importance of 0:05:22.120 --> 0:05:24.479 seeing things big. Think about Stephen Covey where he says, 0:05:24.520 --> 0:05:26.760 you know, begin with the end in mind. You know, 0:05:26.920 --> 0:05:28.920 you got to focus on your exit as soon as 0:05:28.960 --> 0:05:31.640 you start, like how do you want to exit this business? 0:05:32.040 --> 0:05:33.840 Do you want it to die with you? Eighty five 0:05:33.839 --> 0:05:36.480 percent of businesses or lifestyle businesses, or do you want 0:05:36.520 --> 0:05:38.239 to pass the torch to the next generation. 0:05:38.440 --> 0:05:39.640 What is this really? 0:05:40.160 --> 0:05:43.159 You know, some lifestyle businesses are for a specific phase, 0:05:43.520 --> 0:05:46.000 and in that specific phase of time, you know, then 0:05:46.040 --> 0:05:48.080 you learn and I want to do something different. That's 0:05:48.120 --> 0:05:51.119 the other thing that I would encourage emergent business owners 0:05:51.160 --> 0:05:53.960 as I call them, don't feel so locked in that 0:05:54.080 --> 0:05:56.360 you don't feel like you can do anything else. There's 0:05:56.440 --> 0:05:59.600 a tremendous amount of opportunities. You've got to steward and 0:05:59.640 --> 0:06:00.640 manage your capacity. 0:06:01.360 --> 0:06:03.800 Now that's really powerful because I so when I first 0:06:03.800 --> 0:06:07.200 started my business, where I'm at year fourteen, I believe, 0:06:07.880 --> 0:06:11.240 I know, and so it's been fourteen years. I've made 0:06:11.279 --> 0:06:13.840 probably just over thirty million dollars in this gross obviously 0:06:13.920 --> 0:06:16.960 because you know, I got thirty million that's my bank account. 0:06:17.720 --> 0:06:22.360 But you know, but I feel like with each iteration 0:06:23.120 --> 0:06:25.920 I have gotten clear on the end. In mind. In 0:06:26.000 --> 0:06:29.000 the beginning, the Budgetesa was like can we pay these billsys? 0:06:29.839 --> 0:06:32.080 That was the point. And so I made a business 0:06:32.080 --> 0:06:33.920 where I was the sun, moon and stars like many 0:06:33.960 --> 0:06:36.680 of us do, which is nothing wrong with that, but 0:06:37.360 --> 0:06:40.560 I realized that, like, what if I don't want to 0:06:40.600 --> 0:06:44.960 do Budgetista forever? And ever, how do. I cuse what 0:06:45.120 --> 0:06:48.120 I've created here to build an additional business where I'm 0:06:48.160 --> 0:06:49.839 not the sun, Moon and stars. And so I created 0:06:49.920 --> 0:06:53.200 my online school literature academy where I'm one of many 0:06:53.520 --> 0:06:57.520 financial educators there, which is great. So it's not heavily 0:06:57.640 --> 0:07:01.680 tied to the Budgetista and the Budgetiessa is a die 0:07:01.760 --> 0:07:03.680 with me business, you know, like I just did my 0:07:03.800 --> 0:07:06.400 will and in it it says something happens to me. 0:07:07.400 --> 0:07:09.360 My sisters are instructured to just sell it and take 0:07:09.400 --> 0:07:11.440 the proceeds and split it four ways. Because what you're 0:07:11.440 --> 0:07:13.560 going to do, you're gonna be Budgetesta says, you know. 0:07:14.200 --> 0:07:14.440 And so. 0:07:14.600 --> 0:07:16.560 But then my second business, I have a business partner, 0:07:17.640 --> 0:07:20.600 but I'm a majority owner. And what that looks like 0:07:20.920 --> 0:07:24.560 is that it can continue without me for the most part, 0:07:24.600 --> 0:07:27.080 where I have almost pulled myself almost out of it. 0:07:27.120 --> 0:07:29.920 I'm probably like eighty percent gone, like whereas if they 0:07:29.920 --> 0:07:32.840 have a CEO there, that's not me anymore. My face 0:07:32.960 --> 0:07:35.240 is largely missing, although we still use Budgetesa to do 0:07:35.440 --> 0:07:38.440 some promo stuff, but even that we are slowly suing 0:07:38.480 --> 0:07:39.840 chipping away, and I would say, by the end of 0:07:39.920 --> 0:07:42.880 next year, you won't see me at all. And that's 0:07:42.920 --> 0:07:45.080 a business where something happens to me. You know, my 0:07:45.320 --> 0:07:49.160 shares go to my sisters as well. They're not voting shares. 0:07:49.240 --> 0:07:51.920 You know. My business partner also has the ability to 0:07:52.040 --> 0:07:54.760 buy them out should he decide to do so, or 0:07:54.880 --> 0:07:56.560 if he doesn't buy them out, they just continue to 0:07:57.080 --> 0:08:00.720 you know, get their peace, you know. But now this 0:08:00.880 --> 0:08:04.000 third bis now I've started other smaller businesses in between then, 0:08:04.520 --> 0:08:07.400 but this third business that I'm doing now, I'm very clear, 0:08:07.600 --> 0:08:09.240 Like for the first time, I'm really clear at the 0:08:09.360 --> 0:08:11.160 end in mind is I'm building it to sell within 0:08:11.280 --> 0:08:14.800 five years, like, and I'm really clear on that. And 0:08:14.880 --> 0:08:16.680 so can you share with us kind of like, how 0:08:16.760 --> 0:08:18.920 can especially when you're first starting out, how can you 0:08:19.000 --> 0:08:20.360 get clear with the end in mind when you're like, 0:08:20.360 --> 0:08:21.400 I'm just trying to pay bills. 0:08:22.240 --> 0:08:24.920 Yeah, well, get clear about how you're going to pay 0:08:24.960 --> 0:08:28.280 the bills, right, So, marry yourself to your market, marry 0:08:28.280 --> 0:08:31.400 yourself to your target market. Make sure you're building something 0:08:31.440 --> 0:08:34.240 that you love. Make sure you recognize what you do 0:08:34.360 --> 0:08:37.160 best and what you don't do best. Start to elevate 0:08:37.200 --> 0:08:40.480 your trust levels so that you can hire appropriately, you know, 0:08:40.880 --> 0:08:44.760 really getting very focused. Seventy one percent of hiring decisions 0:08:45.200 --> 0:08:48.199 in small businesses are mistakes. Those are very cost not 0:08:48.400 --> 0:08:49.400 just then zero. 0:08:50.720 --> 0:08:53.920 Yes, so it's not that because we usually go to 0:08:53.960 --> 0:08:55.280 our family and friends first, because. 0:08:55.080 --> 0:08:56.959 First of all, we're about ninety percent over here. 0:08:57.080 --> 0:08:57.320 Just so. 0:08:59.440 --> 0:09:02.439 Here's what I believe based from my experience. I think 0:09:02.480 --> 0:09:04.959 it has largely about the blind spots that we have 0:09:05.160 --> 0:09:07.400 about what we really need. Yeah, you know, so I 0:09:07.600 --> 0:09:10.280 really think that people should take some time to write out, 0:09:10.960 --> 0:09:14.080 you know, what is that job description and how does 0:09:14.160 --> 0:09:17.079 it really impact the business. The other thing is you know, 0:09:17.360 --> 0:09:20.719 looking at you know, employment of other people. Both, yes, 0:09:20.800 --> 0:09:24.040 it is an expense, but it's also an investment. It's 0:09:24.120 --> 0:09:27.679 leadership and so it's building relationships. So is this just 0:09:27.800 --> 0:09:30.440 a transactional job where they if they show up, praise God. 0:09:30.480 --> 0:09:32.079 If they do what they tell you, praise God? Or 0:09:32.520 --> 0:09:34.439 is it really you want someone to think with you, 0:09:34.840 --> 0:09:37.199 you know, build with you, grow with you. So it's 0:09:37.240 --> 0:09:39.959 really getting very clear about that. But I think in 0:09:40.040 --> 0:09:42.200 the beginning, you know, when you don't have enough money, 0:09:42.280 --> 0:09:44.000 then we said we hire our friends and family because 0:09:44.040 --> 0:09:47.120 it's cheap. I think getting very clear about what you 0:09:47.240 --> 0:09:49.679 can do by yourself and the capacity in which you 0:09:49.720 --> 0:09:52.880 can do it. Some folks get so married to such 0:09:52.880 --> 0:09:55.400 a large vision at the end that they kind of 0:09:55.480 --> 0:09:58.199 discount what they're able to do in the beginning. You know, 0:09:58.360 --> 0:10:01.160 what can you actually do with the time that you have? 0:10:02.559 --> 0:10:05.400 So I think it's really important to be very focused 0:10:05.440 --> 0:10:07.680 and very clear. In my work with the Narrow Road, 0:10:07.840 --> 0:10:10.360 I created a predictive modeling component. One of my last 0:10:10.440 --> 0:10:13.760 jobs in corporate America was a market research strategist, so 0:10:14.200 --> 0:10:16.760 learned how to create different algorithms and typing tools and 0:10:16.840 --> 0:10:19.960 the importance of segmenting the market. And what I created 0:10:20.080 --> 0:10:23.319 was a predictive modeling component. So I type people and 0:10:23.559 --> 0:10:26.600 once you understand your wealth identity, we're able to get 0:10:26.679 --> 0:10:29.360 really clear about how do you articulate what you do 0:10:29.480 --> 0:10:32.839 and what you need in order to successfully build the 0:10:32.880 --> 0:10:35.439 relationships required for your business to be successful. 0:10:35.720 --> 0:10:40.520 Where does somebody get a hold of that ask it 0:10:40.600 --> 0:10:41.080 for a friend. 0:10:44.679 --> 0:10:47.960 So my first book was written eight years ago, right 0:10:48.000 --> 0:10:51.000 after my dad passed away, and a larger publisher, so 0:10:51.200 --> 0:10:53.520 I published it with my own publishing company and then 0:10:53.559 --> 0:10:57.079 a larger publisher, Worthy Publishing that's run by Marva Allen 0:10:57.120 --> 0:11:01.559 who owns Human Bookstore. She approched pandemic. I love her too. 0:11:01.840 --> 0:11:04.720 She's amazing and she actually was one of my first 0:11:04.760 --> 0:11:07.520 clients when I launched Torch in New York, and so 0:11:07.960 --> 0:11:10.800 was so excited. Well, she took the book and we 0:11:10.960 --> 0:11:14.480 reorganized it and it's coming out September twelfth. 0:11:15.080 --> 0:11:17.520 Oh oh, concrelation. Thank you. 0:11:17.760 --> 0:11:20.360 And so this is the second edition of The Narrow 0:11:20.440 --> 0:11:24.160 Road and inside of it is the Wealth Identity Typing Tool. 0:11:24.640 --> 0:11:27.320 And then I have a wealth Finishing school that's launching 0:11:27.360 --> 0:11:30.120 in November where I really help people own their identity 0:11:30.440 --> 0:11:32.760 and really build wealth their way so they can build 0:11:32.800 --> 0:11:35.240 the right relationships with the financial professionals. Because that's what 0:11:35.360 --> 0:11:37.520 I wanted to say, tiffany One. I'm so proud of 0:11:37.559 --> 0:11:40.240 your trajectory and what you're doing. But even hearing you, 0:11:40.480 --> 0:11:43.560 you can tell you've spoken to professionals that you trust 0:11:43.960 --> 0:11:47.920 and you understand they've given you advice, You've applied that advice, 0:11:48.240 --> 0:11:50.560 you've gotten their results, and you're moving forward. 0:11:50.880 --> 0:11:51.839 So that's how you do it. 0:11:52.000 --> 0:11:55.120 You basically start with the solid foundation and you build, 0:11:55.160 --> 0:11:56.280 grow and expand from there. 0:11:56.400 --> 0:11:58.880 Okba fan, we will be right back with more of 0:11:58.960 --> 0:12:02.319 our conversation on legacy building as black business owners. With 0:12:02.400 --> 0:12:03.760 doctor Pamela Jolly. 0:12:05.000 --> 0:12:07.680 And we're a bag more with doctor Jolly. 0:12:08.400 --> 0:12:11.599 I'm curious at what point because I know Tiffany and 0:12:11.640 --> 0:12:13.600 I talked about you know, the budget needs to for example, 0:12:13.679 --> 0:12:16.680 and you haven't taken any funding Tiffany throughout your ever 0:12:16.880 --> 0:12:19.400 your business is right, of course, I haven't taken any funding. 0:12:19.440 --> 0:12:21.079 You have the occasional friend who's like, I want to 0:12:21.160 --> 0:12:23.040 invest I'm like in what I want to buy me 0:12:23.120 --> 0:12:27.120 a better webcam? I don't know, But taking on investments, 0:12:27.160 --> 0:12:29.199 and when do you do you work at all with that? 0:12:29.400 --> 0:12:31.840 You know that piece of it? When do I identifying 0:12:31.880 --> 0:12:35.040 when you need outside capital and when it can be 0:12:35.840 --> 0:12:40.480 you know, beneficial versus actually becoming something that can be 0:12:40.480 --> 0:12:42.320 cumbersome or like be an issue down the road. 0:12:42.880 --> 0:12:45.160 Yeah. So in my book, what I talk about is 0:12:45.200 --> 0:12:49.679 there's four capital relationships. The least intimate relationship with capital 0:12:49.800 --> 0:12:53.520 is transaction, right, So literally it's all a lot of 0:12:53.559 --> 0:12:55.440 hard work. It does have equity in it, but it's 0:12:55.480 --> 0:12:59.000 sweat equity and you work extremely hard. That next one 0:12:59.080 --> 0:13:00.959 is a joint venture, and that's when you bring on 0:13:01.080 --> 0:13:03.679 that friends and family who can support you where you're 0:13:03.720 --> 0:13:06.400 a week now, whether they do it financially. My two 0:13:06.480 --> 0:13:09.640 investors and first two investors in my company were my grandmothers. 0:13:10.160 --> 0:13:12.360 And when black women that you don't expect to be 0:13:12.400 --> 0:13:14.920 able to write checks write you checks, you get cash 0:13:14.920 --> 0:13:18.200 flow positive and profitable a lot faster than others might try. 0:13:18.840 --> 0:13:21.920 So I'm so grateful that it was my grandmothers who 0:13:21.960 --> 0:13:25.560 believed in me that invested that next level of capital 0:13:25.920 --> 0:13:29.120 is where growth capital. Now, growth capital can be either 0:13:29.240 --> 0:13:33.080 debt or equity, and I want people to understand the difference. 0:13:33.440 --> 0:13:37.240 You know, debt has rules and regulations. The financial services 0:13:37.280 --> 0:13:40.959 industry is the highest regulated industry in the country. So 0:13:41.080 --> 0:13:43.560 they can't give you money because they like you. They 0:13:43.640 --> 0:13:45.760 have to give you money because you fit a certain 0:13:45.840 --> 0:13:48.719 criteria that's a good risk for them to take to 0:13:48.880 --> 0:13:51.880 deploy capital for you. Now, there's different types of debt 0:13:51.920 --> 0:13:54.360 capital that you can get. And during the pandemic, and 0:13:54.520 --> 0:13:56.720 so many things happened in the pandemic as it relates 0:13:56.760 --> 0:14:00.240 to minority owned businesses, people started to realize that many 0:14:00.280 --> 0:14:02.719 minority own businesses did not have a relationship with a 0:14:02.760 --> 0:14:06.680 financial institution that they trusted or understood. A tremendous amount 0:14:06.679 --> 0:14:10.400 of capital was deployed to CDFIs who across the country 0:14:10.440 --> 0:14:13.040 are cash flow lenders. But that means that you've got 0:14:13.120 --> 0:14:14.240 to have positive cashlow. 0:14:15.000 --> 0:14:16.160 That means that you have to. 0:14:16.280 --> 0:14:19.000 Understand what your operating budget is, and what is the 0:14:19.120 --> 0:14:22.040 deficit in your operating budget, and what would it take 0:14:22.120 --> 0:14:24.560 for you to build up the working capital level. And 0:14:24.680 --> 0:14:27.960 so then the next level is equity. From my perspective, now, 0:14:28.000 --> 0:14:31.320 equity is the most intimate relationship you can have in 0:14:31.440 --> 0:14:34.320 terms of capital. Equity means that you no longer can 0:14:34.360 --> 0:14:35.080 do everything. 0:14:34.880 --> 0:14:35.360 You want to do. 0:14:36.040 --> 0:14:38.200 You've got to align your vision with those who are 0:14:38.240 --> 0:14:41.040 investing in you. The outcome that they see might be 0:14:41.120 --> 0:14:43.720 different than the outcome that you see. It also might 0:14:43.800 --> 0:14:46.080 be further down the road that you can afford to 0:14:46.160 --> 0:14:49.920 look and may or may not include you. Right, Equity 0:14:50.080 --> 0:14:53.680 requires an exit, a defined exit in a specific period 0:14:53.760 --> 0:14:57.080 of time, with a specific return on investment. And so 0:14:57.240 --> 0:14:59.960 oftentimes some of us like to jump in skip steps 0:15:00.280 --> 0:15:02.800 straight to equity. You know, one of the things that 0:15:03.360 --> 0:15:05.520 I want people to think about is if you have 0:15:05.640 --> 0:15:08.120 pre revenue, right, you are a pre revenue company and 0:15:08.200 --> 0:15:10.600 you're looking for equity. There are some industries where you 0:15:10.720 --> 0:15:11.760 do need to raise. 0:15:11.560 --> 0:15:12.320 That type of money. 0:15:12.880 --> 0:15:16.440 But Tiffany and Mandy, you are the earn your way, right. 0:15:16.560 --> 0:15:22.000 There's there's earners and there's owners. But these earners who 0:15:22.160 --> 0:15:24.400 they earn their way. Some people call it bootstrap. 0:15:24.520 --> 0:15:25.520 I call it reality. 0:15:26.160 --> 0:15:28.200 You know, I've never raised capital outside of my grand 0:15:28.480 --> 0:15:31.960 My grandparents and my best friend's parents invested in me 0:15:32.000 --> 0:15:34.680 in the beginning. After that, I was able to continue 0:15:34.720 --> 0:15:37.200 to self invest in my enterprise to be able to build, 0:15:37.240 --> 0:15:40.640 grow and expand it amazing. But ownership was important to me, 0:15:41.160 --> 0:15:43.720 and passing the torch was important to me. And so 0:15:44.000 --> 0:15:46.200 once again you've got to get clear about your end. 0:15:46.320 --> 0:15:49.520 What's really important to you. Is equity capital bad not 0:15:49.680 --> 0:15:53.160 at all. Equity capital is amazing, but it's a different 0:15:53.280 --> 0:15:56.600 type of relationship that you have with others around the 0:15:56.720 --> 0:15:58.000 vision for your enterprise. 0:15:58.680 --> 0:16:01.560 So you see them as sorts of stepping stones, you know, 0:16:01.760 --> 0:16:04.920 starting smaller and then maybe like you want to maybe 0:16:05.000 --> 0:16:07.440 start with like self funding a little bit and then 0:16:08.000 --> 0:16:10.520 seek out like a friends and family around of fundraising. 0:16:10.840 --> 0:16:11.600 I remember when we. 0:16:12.120 --> 0:16:14.840 Yeah, So here's what I'll tell you because it dilutes you. Right, 0:16:14.960 --> 0:16:16.920 So if you in the beginning memory talked about the 0:16:16.960 --> 0:16:20.400 idea stage of business. When you're in the beginning stages 0:16:20.400 --> 0:16:22.400 of trying to figure it out and you raise equity, 0:16:23.160 --> 0:16:26.120 they're not investing in the idea. They're investing in that 0:16:26.240 --> 0:16:29.680 idea maturing to exit. And so you might say, well, 0:16:29.720 --> 0:16:32.640 I want to pivot. Well, if the business is doing well, 0:16:32.760 --> 0:16:35.960 they're gonna say why unless you can prove the business 0:16:36.000 --> 0:16:39.400 case all over again. And so it's important for you 0:16:39.720 --> 0:16:43.280 to have the cadence of your capital with the cadence 0:16:43.760 --> 0:16:44.440 of your business. 0:16:45.280 --> 0:16:46.680 It's one of the reasons why not that I was 0:16:46.720 --> 0:16:48.760 ever offered because you know, a black woman, but it's 0:16:48.800 --> 0:16:50.160 one of the reasons why I was like, I don't 0:16:50.200 --> 0:16:53.120 want to take any outside financial I mean aside from 0:16:53.160 --> 0:16:57.600 like if family and friends wanted to invest. But a 0:16:57.680 --> 0:17:01.200 friend of mine just sold his blog for you know, 0:17:01.360 --> 0:17:05.160 eight figures, and I suspect close to maybe like forty 0:17:05.240 --> 0:17:06.960 or fifty million dollars. And he was like, I know 0:17:07.040 --> 0:17:11.720 they're beating down your door, Tiffany. I'm like, now, despite 0:17:11.920 --> 0:17:14.560 all the success, despite that, we you know, we've only 0:17:14.640 --> 0:17:18.040 had profitable years, some years more certain than others. I mean, 0:17:18.119 --> 0:17:20.560 now the budgetista is like rocking and rolling. Like I 0:17:20.960 --> 0:17:23.480 was talking to my CFO the other day. She was like, Tiffany, 0:17:23.800 --> 0:17:26.920 because I have not focused on budget. Oh, most of 0:17:26.960 --> 0:17:29.000 my focus has been the Literature Academy for the last 0:17:29.080 --> 0:17:30.760 six or seven years when I opened it, because it 0:17:30.840 --> 0:17:34.080 needed just a lot. So the BUDGETNISTA was like kind 0:17:34.119 --> 0:17:36.960 of on the back barner, and it just made because 0:17:36.960 --> 0:17:39.159 it was a solid business that made money connect what 0:17:39.240 --> 0:17:42.399 I call kind of like accidentally. But now that I'm 0:17:42.440 --> 0:17:45.560 no longer the CFO of CEO of that business, I 0:17:45.680 --> 0:17:48.560 focused on the BUDGETNISA, and we have been slaying our 0:17:49.200 --> 0:17:51.639 our profit margin to the point where she's like, we 0:17:51.720 --> 0:17:54.119 need to spend more. I'm like, oh what seventy nine percent? 0:17:55.240 --> 0:17:58.119 Like we knew that, we just we have doubled. I 0:17:58.160 --> 0:17:59.639 mean I told her in the beginning of the year, 0:17:59.680 --> 0:18:01.240 I said, Okay, this is what I want to make 0:18:01.840 --> 0:18:04.280 by the end of the year, and we're already there 0:18:04.359 --> 0:18:07.080 plus some and I was like, all right, some new goals. 0:18:08.920 --> 0:18:12.440 And so I guess my question is it's like, because 0:18:12.480 --> 0:18:15.440 now I'm in this place and space where I want 0:18:15.480 --> 0:18:18.560 to do less, so I really want and I'm not 0:18:18.600 --> 0:18:20.800 gonna lie. When I heard that he had sold his business, 0:18:20.840 --> 0:18:23.120 I got a little salty because I was just like, well, 0:18:23.160 --> 0:18:26.600 why not me? Why not me? With all that I've 0:18:26.640 --> 0:18:29.159 built and grown? Why not me? And I said, well, Tiffany, 0:18:29.200 --> 0:18:32.159 have you intended it to your point doctor Jolly, and 0:18:32.280 --> 0:18:33.840 I had not. I don't want to sell Budget the 0:18:33.960 --> 0:18:35.040 to because I'm not going to lie, he asked me. 0:18:35.119 --> 0:18:36.480 He's like, if you want, I can get BUDGETI to 0:18:36.560 --> 0:18:39.000 ready to sell in sixteen months, and I was like, no, 0:18:39.280 --> 0:18:41.440 because it's still something that I really enjoy doing. So 0:18:41.520 --> 0:18:45.359 instead I'm building something else that probably take about five years, 0:18:45.640 --> 0:18:51.119 I'm estimating, But because I just it feels very disheartening 0:18:51.480 --> 0:18:54.000 that I hear people who are not doing nearly as 0:18:54.119 --> 0:18:56.840 much as what you know black and brown women are 0:18:56.880 --> 0:18:59.800 doing that don't get those same opportunities. It's just really frustrating. 0:19:00.359 --> 0:19:02.879 Well, I hear you, Tiffany, and if you would allow 0:19:03.000 --> 0:19:06.639 me to kind of go deeper into that for a second. 0:19:06.800 --> 0:19:09.880 I mean again, I said that equity is the most 0:19:09.920 --> 0:19:13.600 intimate relationship that you can have. But also as black 0:19:13.640 --> 0:19:17.359 and brown individuals, particularly African Americans. You know, my research, 0:19:17.440 --> 0:19:19.040 what I found is that we're the only people in 0:19:19.080 --> 0:19:21.679 America who were first capital before we ever made capital, 0:19:22.520 --> 0:19:25.159 and so we can't help but look at business as 0:19:25.240 --> 0:19:29.080 personal and so I hear you, and I've read your books, 0:19:29.160 --> 0:19:31.159 and I've also listened to you from the beginning. Bud 0:19:31.240 --> 0:19:34.640 Jeanista is a heart brand. From my perspective, you care 0:19:34.680 --> 0:19:37.480 about your people, you care about what you offered. It's 0:19:37.520 --> 0:19:40.000 hard to sell that. And the other thing is that 0:19:40.119 --> 0:19:43.320 when people don't understand our hearts. You know, Black women 0:19:43.920 --> 0:19:47.080 are so powerful in their own right, but oftentimes we 0:19:47.119 --> 0:19:49.680 don't toot our own homewns because we're too busy doing 0:19:49.760 --> 0:19:51.240 what needs to be done to be able to move 0:19:51.320 --> 0:19:54.600