1 00:00:00,120 --> 00:00:03,520 Speaker 1: Hey, Hey, bafam, It's Mandy and we have some exciting 2 00:00:03,600 --> 00:00:06,280 Speaker 1: news for y'all. We have been nominated for our third 3 00:00:06,720 --> 00:00:10,040 Speaker 1: Webby Award. That's right, for twenty twenty three. We are 4 00:00:10,119 --> 00:00:12,560 Speaker 1: now in the running for the People's Choice Award for 5 00:00:12,680 --> 00:00:16,319 Speaker 1: Best Business Podcast Individual Episode, and we need your help 6 00:00:16,400 --> 00:00:19,520 Speaker 1: to win. Voting is quick and easy. Just hit the 7 00:00:19,560 --> 00:00:22,479 Speaker 1: link in the description of this episode or head to 8 00:00:22,520 --> 00:00:26,680 Speaker 1: our website at Brownambition podcast dot com. Winning this award 9 00:00:26,720 --> 00:00:28,840 Speaker 1: would mean the world to us, y'all. We won to 10 00:00:29,080 --> 00:00:31,920 Speaker 1: last year and it was such an incredible opportunity, such 11 00:00:31,960 --> 00:00:36,240 Speaker 1: an incredible acknowledgment of how powerful the Brown Ambition fam 12 00:00:36,440 --> 00:00:39,240 Speaker 1: has been, and it would help us reach even more 13 00:00:39,320 --> 00:00:42,519 Speaker 1: people and continue to provide the valuable insights and advice 14 00:00:42,560 --> 00:00:46,360 Speaker 1: that y'all love about personal finance and career development. So 15 00:00:46,479 --> 00:00:49,239 Speaker 1: what y'all waiting for? Let's show the world what the 16 00:00:49,240 --> 00:00:52,800 Speaker 1: Brown Ambition community is made of. Head over to Brownambition 17 00:00:52,920 --> 00:00:56,160 Speaker 1: podcast dot com, click the banner to vote, and thank 18 00:00:56,200 --> 00:00:57,920 Speaker 1: you so much for your support. 19 00:01:06,120 --> 00:01:07,280 Speaker 2: I'm like, I'm going to a bunch oft needs to 20 00:01:07,280 --> 00:01:12,520 Speaker 2: break down. Girls. Okay, wait right up, wait, okay, It's 21 00:01:12,600 --> 00:01:16,920 Speaker 2: time for the b a Q a ay a q a. 22 00:01:17,080 --> 00:01:19,959 Speaker 2: What you say the b a q a with mandad 23 00:01:20,120 --> 00:01:23,800 Speaker 2: b a q a with today to b a q a. 24 00:01:26,160 --> 00:01:29,160 Speaker 2: You know we do Brown Abision question and answers. You 25 00:01:29,160 --> 00:01:31,440 Speaker 2: have questions, we have some answers. Although we are not 26 00:01:31,480 --> 00:01:35,800 Speaker 2: your mama, We're not your financial advisor, we're not your doctor, 27 00:01:35,840 --> 00:01:39,240 Speaker 2: your attorney. We're just two smart brown girls with opinions 28 00:01:39,520 --> 00:01:43,000 Speaker 2: that you should take with the smallest grain of salt 29 00:01:43,080 --> 00:01:45,880 Speaker 2: and then leading to the people that you pay honey. Okay, 30 00:01:46,280 --> 00:01:48,120 Speaker 2: but yeah, if you have questions, please ask us. Go 31 00:01:48,120 --> 00:01:54,800 Speaker 2: to Brownbision podcast dot com click ask us anything about business, career, entrepreneurship, life, child. 32 00:01:54,880 --> 00:01:59,880 Speaker 2: We just be talking. We've got some career questions to day. 33 00:02:01,400 --> 00:02:02,480 Speaker 2: Do you want to the first one? You want me 34 00:02:02,520 --> 00:02:03,640 Speaker 2: to do a mandra. 35 00:02:03,800 --> 00:02:05,800 Speaker 1: I'm happy to read the first one because I feel 36 00:02:05,800 --> 00:02:07,360 Speaker 1: like a second one's got your name writ in all 37 00:02:07,560 --> 00:02:11,000 Speaker 1: over it. Okay, we got a juicy like career slash 38 00:02:11,040 --> 00:02:14,519 Speaker 1: career business combo today. I can't wait to get into these. 39 00:02:14,520 --> 00:02:17,400 Speaker 1: But let's start with listener Christina, who says, hello, ladies, 40 00:02:17,440 --> 00:02:19,320 Speaker 1: I am an eager, twenty six year old in the 41 00:02:19,320 --> 00:02:22,760 Speaker 1: beginning stages of entering my professional career. I'm currently an 42 00:02:22,800 --> 00:02:26,200 Speaker 1: assistant manager at a local credit union in Colorado, and 43 00:02:26,240 --> 00:02:28,640 Speaker 1: I want to become a branch manager in the next year. 44 00:02:28,880 --> 00:02:30,720 Speaker 1: I love listening to your podcast and I want to 45 00:02:30,720 --> 00:02:33,040 Speaker 1: hear your thoughts on a decision I've been contemplating for 46 00:02:33,080 --> 00:02:36,200 Speaker 1: the past year. I've got my bachelor's degree in twenty 47 00:02:36,240 --> 00:02:40,480 Speaker 1: eighteen in organizational instrate teacher Communications, but have recently been 48 00:02:40,520 --> 00:02:44,079 Speaker 1: considering pursuing my MBA. The company I work for has 49 00:02:44,120 --> 00:02:47,959 Speaker 1: an amazing tuition reimbursement program and they'll cover ninety five 50 00:02:47,960 --> 00:02:51,080 Speaker 1: percent of the cost if you get a's in your classes, 51 00:02:51,520 --> 00:02:54,960 Speaker 1: with the stipulation being that you sign a retention contract 52 00:02:54,960 --> 00:03:00,080 Speaker 1: to stay on two years after your final class. This 53 00:03:00,120 --> 00:03:02,600 Speaker 1: is an incredible opportunity and I could get my MBA 54 00:03:02,680 --> 00:03:05,320 Speaker 1: for nearly nothing. I struggle on whether or not it's 55 00:03:05,320 --> 00:03:07,880 Speaker 1: worth it. I've spoken with a couple of higher ups 56 00:03:07,880 --> 00:03:09,920 Speaker 1: at the company who do not hold degrees higher than 57 00:03:09,960 --> 00:03:12,000 Speaker 1: a bachelor's and why it's not and while it's not 58 00:03:12,040 --> 00:03:14,880 Speaker 1: required for me to move up in management, I worry 59 00:03:14,880 --> 00:03:17,600 Speaker 1: that if I ever wanted to branch out into other industries, 60 00:03:17,639 --> 00:03:20,080 Speaker 1: I would have a hard time competing with others who 61 00:03:20,160 --> 00:03:23,799 Speaker 1: may already have their MBA. Since my experience would only 62 00:03:23,840 --> 00:03:26,520 Speaker 1: apply to the financial industry and I lack knowledge of 63 00:03:26,639 --> 00:03:29,960 Speaker 1: general business operations for other industries, I worry that I 64 00:03:30,000 --> 00:03:33,399 Speaker 1: may limit my growth potential. Do you believe it would 65 00:03:33,440 --> 00:03:37,320 Speaker 1: be beneficial to obtain my MBA while gaining management experience 66 00:03:37,360 --> 00:03:39,680 Speaker 1: to stand out in the event that I wanted to 67 00:03:39,720 --> 00:03:42,680 Speaker 1: pursue other opportunities with higher pay or is there little 68 00:03:42,720 --> 00:03:45,080 Speaker 1: to no benefit in this day and age to pursue 69 00:03:45,520 --> 00:03:49,040 Speaker 1: a graduate degree? Kind regards, Oh, she does work for 70 00:03:49,080 --> 00:03:54,240 Speaker 1: a financial institution. Kind regards Christina. 71 00:03:54,640 --> 00:03:56,480 Speaker 2: So, baby Chris, we can't call you baby Chris because 72 00:03:56,480 --> 00:03:57,160 Speaker 2: you're twenty six. 73 00:03:57,920 --> 00:03:58,400 Speaker 3: Yeah. 74 00:03:58,440 --> 00:04:01,400 Speaker 1: Oh, but this is great because like but also like 75 00:04:01,480 --> 00:04:05,640 Speaker 1: has a whole plan and it's already thinking strategically. Yeah, nba, 76 00:04:05,760 --> 00:04:09,440 Speaker 1: I mean it's hard to like. Also, like ninety five percent, 77 00:04:09,480 --> 00:04:12,240 Speaker 1: that's a lot of your tuition covered. And if you 78 00:04:12,240 --> 00:04:14,640 Speaker 1: are committed to the course and you think it would 79 00:04:14,640 --> 00:04:18,839 Speaker 1: be like a strategic I agree with you. I almost 80 00:04:18,880 --> 00:04:20,720 Speaker 1: feel like when you compare yourself to older people in 81 00:04:20,760 --> 00:04:23,200 Speaker 1: your industry, they had different rules that they played by, 82 00:04:23,839 --> 00:04:26,240 Speaker 1: they got hired at different times. And also you work 83 00:04:26,279 --> 00:04:28,599 Speaker 1: at a bank, so I'm guessing. I'm guessing that they're 84 00:04:28,600 --> 00:04:32,599 Speaker 1: not men of people of color, and they they may 85 00:04:32,640 --> 00:04:35,280 Speaker 1: have had connections to get where they are. I just 86 00:04:35,360 --> 00:04:38,280 Speaker 1: feel like you definitely want to think beyond the bank 87 00:04:38,320 --> 00:04:39,960 Speaker 1: where you're at, because I doubt you'll stay there for 88 00:04:40,000 --> 00:04:43,239 Speaker 1: your whole career, and in that case, maybe an MBA 89 00:04:43,480 --> 00:04:47,800 Speaker 1: would be a good strategic move. And you have to think, 90 00:04:47,880 --> 00:04:51,760 Speaker 1: will I be comfortable staying here for the duration of 91 00:04:51,800 --> 00:04:54,159 Speaker 1: the program to that's like that's the coat. 92 00:04:54,160 --> 00:04:58,680 Speaker 2: Is might but it is, you know, it is golden handcuffs. 93 00:04:58,720 --> 00:05:00,919 Speaker 2: So I like what you said many because it is 94 00:05:01,000 --> 00:05:04,039 Speaker 2: kind of like, if she thinks a bit from a 95 00:05:04,040 --> 00:05:07,240 Speaker 2: broader scope of her life, she has to ask herself, 96 00:05:07,240 --> 00:05:09,480 Speaker 2: does the NBA make sense for like what is your 97 00:05:09,560 --> 00:05:12,960 Speaker 2: overall desired outcome? Like I'd like to one day explore 98 00:05:13,000 --> 00:05:16,640 Speaker 2: dot Will the masters help with that? You know, it's 99 00:05:16,680 --> 00:05:18,719 Speaker 2: really not about the bank, honestly, It's just that you 100 00:05:18,760 --> 00:05:21,920 Speaker 2: get them to pay for a thing potentially that will 101 00:05:22,040 --> 00:05:27,040 Speaker 2: enhance your ability to make wider choices later maybe or 102 00:05:27,080 --> 00:05:29,440 Speaker 2: maybe not. Because how long is the NBA program made? 103 00:05:29,520 --> 00:05:31,039 Speaker 2: Like two years, a couple of years, three years? 104 00:05:31,120 --> 00:05:32,800 Speaker 1: Yeah, some might with three So. 105 00:05:32,760 --> 00:05:35,520 Speaker 2: You figure two plus two, so you're twenty four, so 106 00:05:35,600 --> 00:05:39,000 Speaker 2: by thirty you'll be free to fly. Is that something 107 00:05:39,640 --> 00:05:42,200 Speaker 2: you're you're opening. I don't know that there's a right 108 00:05:42,279 --> 00:05:45,479 Speaker 2: or wrong other than to choose based upon exactly where 109 00:05:45,480 --> 00:05:49,719 Speaker 2: you are right now. To me, that would be short 110 00:05:49,760 --> 00:05:51,560 Speaker 2: sighted to be like at twenty six, what do I 111 00:05:51,600 --> 00:05:55,200 Speaker 2: want to do? But really asking yourself the bigger picture, 112 00:05:55,600 --> 00:05:58,520 Speaker 2: like beyond this, what would I like to do? And 113 00:05:58,560 --> 00:06:00,920 Speaker 2: will an NBA be used to me? 114 00:06:01,480 --> 00:06:03,360 Speaker 1: Because no, I mean I would say, if your dream 115 00:06:03,440 --> 00:06:05,320 Speaker 1: was to start a business someday, I would say, you 116 00:06:05,320 --> 00:06:08,120 Speaker 1: don't necessarily have to have an MBA to create a business, 117 00:06:08,200 --> 00:06:11,000 Speaker 1: Like if that's what you're thinking. I think MBAs really 118 00:06:11,040 --> 00:06:15,040 Speaker 1: are about reaching parity with like competitive like the competitive 119 00:06:15,120 --> 00:06:18,520 Speaker 1: nature of people in that industry, like business industry, financial industry, 120 00:06:19,040 --> 00:06:20,800 Speaker 1: And if you are thinking you have a long career 121 00:06:20,839 --> 00:06:25,000 Speaker 1: in financial services, then you know, I feel like, yeah, 122 00:06:25,040 --> 00:06:27,000 Speaker 1: it could make sense to have your MBA, especially if 123 00:06:27,040 --> 00:06:29,599 Speaker 1: it's going to help you stand out on like a resume, 124 00:06:30,240 --> 00:06:32,400 Speaker 1: you know, if it's like the one thing that they'll 125 00:06:32,640 --> 00:06:35,480 Speaker 1: they'll filter for before they hire anybody, which I think 126 00:06:35,520 --> 00:06:39,160 Speaker 1: is short sighted but probably still happens. I do want 127 00:06:39,200 --> 00:06:41,279 Speaker 1: to say about this whole golden handcuff thing is you 128 00:06:41,279 --> 00:06:43,040 Speaker 1: don't have to look at it as if you are 129 00:06:43,120 --> 00:06:47,799 Speaker 1: trapped there, because one of my favorite, you know, lessons 130 00:06:47,800 --> 00:06:51,240 Speaker 1: that I teach in my negotiation masterclass is that you 131 00:06:51,360 --> 00:06:54,360 Speaker 1: are able to negotiate. Like, so, let's say you got 132 00:06:54,360 --> 00:06:57,680 Speaker 1: a job offer from another bank and you were like, 133 00:06:57,880 --> 00:07:00,839 Speaker 1: I'm ready to sign this offer letter. However, I'm going 134 00:07:00,920 --> 00:07:02,760 Speaker 1: to be on the hook for these tuition payments that 135 00:07:02,760 --> 00:07:05,320 Speaker 1: I've had for the past years. They may give you 136 00:07:05,440 --> 00:07:08,600 Speaker 1: a signing bonus to help you cover that payment and 137 00:07:08,680 --> 00:07:10,800 Speaker 1: have you do the same thing in return, sign some 138 00:07:10,920 --> 00:07:13,720 Speaker 1: kind of retention agreement, you know, which tip is very 139 00:07:13,760 --> 00:07:17,400 Speaker 1: typical about signing bonuses in general. There's maybe a year 140 00:07:17,480 --> 00:07:19,680 Speaker 1: or two years or whatnot, but you don't you're not 141 00:07:19,880 --> 00:07:23,840 Speaker 1: entirely trapped by that because you can potentially negotiate and 142 00:07:23,880 --> 00:07:27,160 Speaker 1: get your future another employer to like cover it for 143 00:07:27,240 --> 00:07:29,760 Speaker 1: you so that you're okay walking away. So if that 144 00:07:29,800 --> 00:07:31,640 Speaker 1: gives you a little bit of comfort knowing that you 145 00:07:31,720 --> 00:07:35,160 Speaker 1: have that bargaining chip, Obviously nothing is guaranteed, but I 146 00:07:35,240 --> 00:07:37,360 Speaker 1: have to assume that in an industry like in the 147 00:07:37,400 --> 00:07:41,400 Speaker 1: banking industry, and I have negotiated big fat signing bonesses 148 00:07:41,400 --> 00:07:44,280 Speaker 1: myself in banking, and I mean they got the money 149 00:07:44,440 --> 00:07:46,440 Speaker 1: and if they want you, they'll be. 150 00:07:48,800 --> 00:07:50,960 Speaker 2: Yeah. I like that. That's more. I never thought about 151 00:07:50,960 --> 00:07:53,360 Speaker 2: that you can kind of negotiate that, or even negotiate 152 00:07:53,400 --> 00:07:55,440 Speaker 2: how many years? What about one? What about six months? 153 00:07:55,480 --> 00:07:57,760 Speaker 2: Or or like negotiate with the new place to say, 154 00:07:57,760 --> 00:07:59,520 Speaker 2: can you pay that off for me? It's almost like 155 00:07:59,560 --> 00:08:02,560 Speaker 2: you know you I'm from, Like if you leave your 156 00:08:02,840 --> 00:08:05,280 Speaker 2: phone carrier or whatever, they're like, we'll pay off your 157 00:08:06,000 --> 00:08:08,840 Speaker 2: exactly your contract, yeah, exactly. 158 00:08:08,960 --> 00:08:11,560 Speaker 1: Or like when you negotiate a lease, if you agree 159 00:08:11,560 --> 00:08:13,120 Speaker 1: to a like if you get them to lower the 160 00:08:13,160 --> 00:08:15,520 Speaker 1: rent in exchange, they may ask you to sign a 161 00:08:15,560 --> 00:08:18,200 Speaker 1: two year lease instead of a one year lease, you know, 162 00:08:18,440 --> 00:08:21,760 Speaker 1: or increase the rent, but reduce my lease to one 163 00:08:21,840 --> 00:08:23,520 Speaker 1: year because I don't or a month a month or 164 00:08:23,560 --> 00:08:25,600 Speaker 1: make it month month a month or something like that 165 00:08:26,280 --> 00:08:27,000 Speaker 1: is negotiable. 166 00:08:27,000 --> 00:08:27,200 Speaker 2: Boo. 167 00:08:28,440 --> 00:08:31,160 Speaker 1: Let me see, I was just talking to one of 168 00:08:31,160 --> 00:08:34,400 Speaker 1: my mandy money makers today, who first of all is 169 00:08:34,520 --> 00:08:38,360 Speaker 1: just like professionally educated. She just is about to get 170 00:08:38,360 --> 00:08:40,640 Speaker 1: her doctorate in philosophy. She had a master, she has 171 00:08:40,640 --> 00:08:44,840 Speaker 1: an MBA and For her, it was like the outside 172 00:08:44,840 --> 00:08:46,720 Speaker 1: pressure to get an NBA, and then when she was 173 00:08:46,760 --> 00:08:49,080 Speaker 1: in the program, she was like, this is not I'm 174 00:08:49,120 --> 00:08:51,920 Speaker 1: already I already have so many years of business experience 175 00:08:51,920 --> 00:08:54,600 Speaker 1: and I'm realizing the NBA is not really enhancing my 176 00:08:55,320 --> 00:08:59,160 Speaker 1: like understanding of my company right now. So I would 177 00:08:59,240 --> 00:09:01,240 Speaker 1: just say, like, you know, you really have to be 178 00:09:01,320 --> 00:09:02,880 Speaker 1: doing it for the right reasons. I would pick your 179 00:09:02,920 --> 00:09:05,679 Speaker 1: program carefully and make sure that it, you know, has 180 00:09:05,720 --> 00:09:09,600 Speaker 1: the courses and has the reviews, and maybe even talking 181 00:09:09,600 --> 00:09:12,160 Speaker 1: to alumni to see, you know, if they thought it 182 00:09:12,200 --> 00:09:14,440 Speaker 1: was helpful. So that because they're not all created equally, 183 00:09:14,960 --> 00:09:17,440 Speaker 1: and you want to pick a program that you know 184 00:09:17,640 --> 00:09:21,880 Speaker 1: qualifies as an MBA of course, but may have you know, 185 00:09:22,000 --> 00:09:25,720 Speaker 1: maybe able to teach you beyond just like generic business 186 00:09:25,760 --> 00:09:28,480 Speaker 1: strategy that you could use later in your career and 187 00:09:28,520 --> 00:09:30,440 Speaker 1: just like squeeze as much juice out of that orange 188 00:09:30,440 --> 00:09:30,920 Speaker 1: as you can. 189 00:09:32,160 --> 00:09:34,480 Speaker 2: So like my sister Tracy, for example, she has her NBA, 190 00:09:34,600 --> 00:09:38,880 Speaker 2: but because she had her bachelor's in finance, she was like, 191 00:09:38,960 --> 00:09:41,800 Speaker 2: I've always wanted to learn marketing. So she got her MBA, 192 00:09:42,440 --> 00:09:44,199 Speaker 2: almost like a dual NBA, but it was like the 193 00:09:44,559 --> 00:09:47,400 Speaker 2: core component of it was marketing, and then the subcomponent 194 00:09:47,640 --> 00:09:50,760 Speaker 2: was finance because she was like, she was really interested 195 00:09:50,760 --> 00:09:54,439 Speaker 2: in that so just you know, beyond where she was working, 196 00:09:54,720 --> 00:09:56,839 Speaker 2: Like she worked for a financial company, but she was like, 197 00:09:56,840 --> 00:09:59,080 Speaker 2: if they're going to pay for it or help, That's 198 00:09:59,080 --> 00:10:01,199 Speaker 2: why she did it that way, because she was just like, 199 00:10:01,240 --> 00:10:04,360 Speaker 2: this is something I'm interested in to grow beyond where 200 00:10:04,360 --> 00:10:06,559 Speaker 2: I am. And you know she's not working with them anymore, 201 00:10:06,559 --> 00:10:09,400 Speaker 2: but she still has this this education that she uses 202 00:10:09,440 --> 00:10:12,640 Speaker 2: for her PR business now. So that's yeah. 203 00:10:12,440 --> 00:10:12,960 Speaker 1: A good point. 204 00:10:13,000 --> 00:10:13,520 Speaker 2: I like it. 205 00:10:14,320 --> 00:10:17,360 Speaker 1: I like it all right, Miss Christina, thank you so 206 00:10:17,480 --> 00:10:21,640 Speaker 1: much for the question. Thanks for listening. Shout out to Colorado. 207 00:10:22,440 --> 00:10:24,280 Speaker 1: Let's take a quick break and we'll be right back 208 00:10:24,320 --> 00:10:27,480 Speaker 1: with a really juicy question. You guys want to just 209 00:10:27,480 --> 00:10:32,000 Speaker 1: trying to get me sued, trying to get you to 210 00:10:32,120 --> 00:10:34,200 Speaker 1: share some tea. That's all I'm saying. Spill some tea. 211 00:10:34,760 --> 00:10:41,439 Speaker 1: All right, be right back, y'all, all right, take that away. 212 00:10:42,120 --> 00:10:47,120 Speaker 2: We're back. We have a question from anonymous. We're gonna 213 00:10:47,120 --> 00:10:50,320 Speaker 2: call you BBG Beautiful black Girl because she says, hey, 214 00:10:50,360 --> 00:10:51,880 Speaker 2: beautiful black women. You know what, We're gonna call you 215 00:10:51,880 --> 00:10:55,840 Speaker 2: beautiful back woman. BBW, Hello, beautiful Black women. First, let 216 00:10:55,920 --> 00:10:57,520 Speaker 2: me say that I love your show and I'm one 217 00:10:57,559 --> 00:11:01,000 Speaker 2: of your biggest fans. I'm also want of Tiffany's mentees. 218 00:11:01,040 --> 00:11:02,880 Speaker 2: Hey girl, if you want to be a menteem go 219 00:11:02,920 --> 00:11:05,240 Speaker 2: to my mentor Tiffany dot com. It's ten bucks a month, 220 00:11:05,280 --> 00:11:08,000 Speaker 2: you know. And I help people with their businesses. During 221 00:11:08,000 --> 00:11:11,079 Speaker 2: the pandemic, I formed a limited partnership consulting business with 222 00:11:11,520 --> 00:11:15,839 Speaker 2: one of my closest friends. When we worked, we worked 223 00:11:15,880 --> 00:11:18,520 Speaker 2: on our first big contract together. I realized that we 224 00:11:18,600 --> 00:11:21,199 Speaker 2: did not work well together. Our work stars caused a 225 00:11:21,240 --> 00:11:24,079 Speaker 2: lot of conflict, and so I stopped bringing in contracts 226 00:11:24,080 --> 00:11:27,480 Speaker 2: through this business. I have another business that I solely own. Ooh, 227 00:11:27,520 --> 00:11:30,560 Speaker 2: sound like me girl. Recently, I've decided I wanted to 228 00:11:30,559 --> 00:11:33,079 Speaker 2: grow the consulting business, but I know that I cannot 229 00:11:33,120 --> 00:11:36,840 Speaker 2: work with my friend. Therefore, through several very difficult conversations, 230 00:11:36,880 --> 00:11:39,360 Speaker 2: good she agreed to let me buy her out of 231 00:11:39,400 --> 00:11:42,000 Speaker 2: the business. Now that I have done the hard part, 232 00:11:42,880 --> 00:11:44,959 Speaker 2: I'm not sure what the next best step is. Should 233 00:11:44,960 --> 00:11:47,640 Speaker 2: I hire Laurier to draw leader paperwork, dissolve the business 234 00:11:47,679 --> 00:11:50,120 Speaker 2: and reform it as a single member LLC, or some 235 00:11:50,200 --> 00:11:53,640 Speaker 2: other options? Thanks advance for your help. Chaw. Okay, let 236 00:11:53,679 --> 00:11:55,920 Speaker 2: me step lightly because I may or may not have 237 00:11:56,080 --> 00:12:00,400 Speaker 2: just done this. So remember what my coll I can't 238 00:12:00,400 --> 00:12:01,959 Speaker 2: say it about what I can say, not with me. 239 00:12:02,080 --> 00:12:02,520 Speaker 1: Let's speak. 240 00:12:02,559 --> 00:12:08,600 Speaker 2: So no, no, not Mandy girl, I said, so no, no, 241 00:12:08,640 --> 00:12:11,360 Speaker 2: it was not Sandy. So I'll say this literally, this 242 00:12:11,440 --> 00:12:18,280 Speaker 2: is the process that somebody named Biffany might have one through. Okay, right, 243 00:12:18,440 --> 00:12:26,199 Speaker 2: so man, it's like gotcha, gotcha, It's like Biffy so one. 244 00:12:29,679 --> 00:12:32,400 Speaker 2: So first and foremost, you did the first part, which 245 00:12:32,440 --> 00:12:35,480 Speaker 2: is so great, which is you had the difficult conversations. 246 00:12:35,720 --> 00:12:38,440 Speaker 2: If you are in partnership with someone who is a 247 00:12:38,440 --> 00:12:40,760 Speaker 2: friend or otherwise and you're thinking you want to not 248 00:12:40,840 --> 00:12:45,360 Speaker 2: be in partnership, the key is before you bring the lawyers, 249 00:12:45,400 --> 00:12:47,839 Speaker 2: you have to have a series of conversations. I did 250 00:12:47,880 --> 00:12:50,880 Speaker 2: not like, thankfully, I have a well this girl named 251 00:12:50,920 --> 00:12:53,080 Speaker 2: Biffany that I don't know. She had a really great 252 00:12:53,080 --> 00:12:56,240 Speaker 2: business coach, really coached her the same had these deep 253 00:12:56,280 --> 00:12:58,800 Speaker 2: heartfelt conversations because you need to get on the same 254 00:12:58,840 --> 00:13:00,960 Speaker 2: page before you get legal in so I'm glad that 255 00:13:01,000 --> 00:13:03,520 Speaker 2: you did that part, so bravo. And they're meant to 256 00:13:03,559 --> 00:13:05,720 Speaker 2: be hard you know, but thankful this is your friend. 257 00:13:05,800 --> 00:13:09,960 Speaker 2: And Biffany also cared about her and still cares about 258 00:13:10,320 --> 00:13:14,480 Speaker 2: her fictational partner, that's first and foremost. And then when 259 00:13:14,480 --> 00:13:17,120 Speaker 2: that happens, then too you have to get on the 260 00:13:17,120 --> 00:13:21,800 Speaker 2: same page about the cost of the like how much 261 00:13:21,920 --> 00:13:25,320 Speaker 2: is the business worth? And so you want to get 262 00:13:25,440 --> 00:13:27,559 Speaker 2: it wasn't as expensive you were thought. You want to 263 00:13:27,600 --> 00:13:31,720 Speaker 2: get a one of those things called evaluation, right because 264 00:13:32,040 --> 00:13:34,040 Speaker 2: you want because here's why. Let's just say you're like, oh, 265 00:13:34,080 --> 00:13:36,280 Speaker 2: I just agree, just give me two hundred dollars right, 266 00:13:36,520 --> 00:13:39,319 Speaker 2: But then later your potential partner can come back and say, 267 00:13:39,360 --> 00:13:41,040 Speaker 2: hm hm, I felt like I got was ripped off. 268 00:13:41,200 --> 00:13:44,440 Speaker 2: So having an official valuation on the books is really critical. 269 00:13:44,679 --> 00:13:46,840 Speaker 2: There's a company called Scaler. Let me see if I 270 00:13:46,840 --> 00:13:49,480 Speaker 2: make sure I spell it rant who does evaluation. And 271 00:13:49,520 --> 00:13:51,320 Speaker 2: what I like about Scaler is that they've done like 272 00:13:51,480 --> 00:13:55,800 Speaker 2: dollar like billion dollar companies. S C A L. Right, 273 00:13:55,920 --> 00:13:59,160 Speaker 2: is a Scaler Scaler valuation company and that's all they do. 274 00:14:00,360 --> 00:14:03,320 Speaker 2: You value is I mean, Biffany, well, I didn't do 275 00:14:03,360 --> 00:14:07,640 Speaker 2: this this person like you know, Biffany might have you Scaler, 276 00:14:07,760 --> 00:14:11,840 Speaker 2: So it's SCA L A R. So I had heard 277 00:14:11,840 --> 00:14:13,920 Speaker 2: that Tiffany had used this company called Scaler, and they're great. 278 00:14:13,920 --> 00:14:15,959 Speaker 2: That's all they do. They've done like Dollar Shape Club, 279 00:14:16,240 --> 00:14:18,560 Speaker 2: They've done like some of the biggest companies that you've known. 280 00:14:18,920 --> 00:14:21,360 Speaker 2: And it was a few thousand dollars. It wasn't like 281 00:14:21,760 --> 00:14:24,280 Speaker 2: thirty thousand dollars. You know, that's what I thought valuations cost. 282 00:14:24,400 --> 00:14:26,120 Speaker 2: And it took maybe like a two weeks. You know, 283 00:14:26,360 --> 00:14:30,240 Speaker 2: that's what Biffany has said. And so you know, so 284 00:14:30,440 --> 00:14:33,360 Speaker 2: having that on in paper and then literally what's so great? 285 00:14:33,480 --> 00:14:35,280 Speaker 2: I mean, hopefully you have a financial person that can 286 00:14:35,320 --> 00:14:37,840 Speaker 2: pull up all the financial components because they're going to 287 00:14:37,920 --> 00:14:40,680 Speaker 2: want to know about the business in total, because they're 288 00:14:40,680 --> 00:14:42,720 Speaker 2: gonna want to know, like you know what, had They're 289 00:14:42,760 --> 00:14:45,120 Speaker 2: really going to look at the last year's worth of business. 290 00:14:46,160 --> 00:14:47,560 Speaker 2: They're not going to go back two or three years. 291 00:14:47,600 --> 00:14:49,360 Speaker 2: So if you were making big money three years ago, 292 00:14:49,400 --> 00:14:51,160 Speaker 2: they're like, yeah, but what's happening now. They need a 293 00:14:51,200 --> 00:14:54,800 Speaker 2: real snapshot of what's happening now. And if there's any 294 00:14:54,840 --> 00:14:56,840 Speaker 2: contracts that like leading into the future, they're going to 295 00:14:56,960 --> 00:14:58,800 Speaker 2: use that. Then they're going to look at your industry 296 00:14:58,880 --> 00:15:01,720 Speaker 2: and say, there's a multiple So in the finance industry. 297 00:15:01,760 --> 00:15:03,720 Speaker 2: It used to be like kind of like what your 298 00:15:03,840 --> 00:15:07,240 Speaker 2: net income is, multiple multiple times ten, but the finance 299 00:15:07,240 --> 00:15:09,520 Speaker 2: industry has been a little shaky, so they don't multiply 300 00:15:09,560 --> 00:15:12,640 Speaker 2: times ten like they used to. And so but you're 301 00:15:12,720 --> 00:15:15,400 Speaker 2: the scaler will know and they'll say and they'll also 302 00:15:15,480 --> 00:15:20,440 Speaker 2: compare you to other similar esque type of companies to 303 00:15:20,520 --> 00:15:23,920 Speaker 2: say this company is worth this, and that's how based 304 00:15:24,000 --> 00:15:26,960 Speaker 2: upon your numbers, based upon what you do, based upon 305 00:15:27,000 --> 00:15:30,000 Speaker 2: the multiple, and based upon the comparable companies. This is 306 00:15:30,040 --> 00:15:31,760 Speaker 2: how we come to you with your numbers. Now here's 307 00:15:31,760 --> 00:15:36,520 Speaker 2: the thing you will there's gonna be two numbers. You're 308 00:15:36,560 --> 00:15:38,960 Speaker 2: gonna get a number is if you were a publicly 309 00:15:39,000 --> 00:15:41,720 Speaker 2: traded company, which that number will probably be higher, and 310 00:15:41,760 --> 00:15:43,560 Speaker 2: then you'll get a number as the fact that you 311 00:15:43,600 --> 00:15:45,960 Speaker 2: are not a publicly traded company, so that number is 312 00:15:45,960 --> 00:15:49,200 Speaker 2: gonna be lower because you know, they all call it 313 00:15:49,240 --> 00:15:55,320 Speaker 2: like a marketability penalty because it's like you're not publicly traded. 314 00:15:55,360 --> 00:15:57,160 Speaker 2: So I can't just say each is your stock is 315 00:15:57,200 --> 00:15:58,920 Speaker 2: going to be worth or whatever, because you know, maybe 316 00:15:58,960 --> 00:16:01,160 Speaker 2: the company has your face on whatever it is, and 317 00:16:01,760 --> 00:16:03,760 Speaker 2: you know they're like, well, we can't quite say you're 318 00:16:03,760 --> 00:16:05,480 Speaker 2: worth ten million. We got to say you're worth six 319 00:16:05,880 --> 00:16:08,840 Speaker 2: because it's just a privately traded company, and that's going 320 00:16:08,880 --> 00:16:12,480 Speaker 2: to harm your ability to sell this company and actually 321 00:16:12,520 --> 00:16:14,600 Speaker 2: get ten million dollars, if that makes sense. So they're 322 00:16:14,600 --> 00:16:16,320 Speaker 2: going to give you both of those numbers. So you're 323 00:16:16,320 --> 00:16:19,360 Speaker 2: going to want for you and your business partner to 324 00:16:19,480 --> 00:16:23,080 Speaker 2: be talking with whatever valuation company that you use, so 325 00:16:23,240 --> 00:16:25,400 Speaker 2: you know, like no one's ever fully happy, but at 326 00:16:25,480 --> 00:16:28,160 Speaker 2: least it's a third party. This is what they do. 327 00:16:28,400 --> 00:16:30,840 Speaker 2: It can stand up in court. We're all on the 328 00:16:30,880 --> 00:16:33,760 Speaker 2: same page. You know. Some people get multiple valuations, you know, 329 00:16:33,880 --> 00:16:35,680 Speaker 2: but like I said, that was a solid company at 330 00:16:35,720 --> 00:16:38,480 Speaker 2: least for you to go start. Okay. So then once 331 00:16:38,520 --> 00:16:41,480 Speaker 2: you get your evaluation, then you and I don't know, 332 00:16:41,520 --> 00:16:44,640 Speaker 2: if you guys are fifty fifty, thirty, forty, whatever, then 333 00:16:44,760 --> 00:16:48,360 Speaker 2: you that's basically the math, which is you know, worth 334 00:16:48,360 --> 00:16:51,480 Speaker 2: fifty to fifty. So they told us the company is 335 00:16:51,520 --> 00:16:54,960 Speaker 2: worth a million dollars, I have to pay you five 336 00:16:55,040 --> 00:16:57,560 Speaker 2: hundred thousand, and you can figure out whatever that payment 337 00:16:57,640 --> 00:17:00,120 Speaker 2: looks like. Is it going to be over a period 338 00:17:00,120 --> 00:17:01,400 Speaker 2: of a couple of years, is it going to be 339 00:17:01,480 --> 00:17:03,840 Speaker 2: right away? Whatever that is. But this is something to 340 00:17:03,880 --> 00:17:07,720 Speaker 2: keep in mind too. You also have to keep in 341 00:17:07,760 --> 00:17:10,199 Speaker 2: mind that if there's money in the company that is 342 00:17:10,280 --> 00:17:14,440 Speaker 2: not a sign for specific things, that money is up 343 00:17:14,480 --> 00:17:17,119 Speaker 2: to be divided as well. So I'll give you an example. 344 00:17:17,160 --> 00:17:20,920 Speaker 2: So for Biffany, I had heard that she had six 345 00:17:20,960 --> 00:17:23,879 Speaker 2: months worth of savings, and at first she was like, girl, no, 346 00:17:23,960 --> 00:17:26,240 Speaker 2: those savings is for the company. One day and it's like, no, no, No. 347 00:17:26,720 --> 00:17:30,159 Speaker 2: Any savings in a company really is just delayed payment 348 00:17:30,240 --> 00:17:34,080 Speaker 2: to its owners. Because really, if I have money in 349 00:17:34,119 --> 00:17:36,280 Speaker 2: a company, like for example, Manny and I will have 350 00:17:36,359 --> 00:17:40,639 Speaker 2: money in our account for brand ambition, and just because 351 00:17:40,680 --> 00:17:43,800 Speaker 2: we haven't spent it, right, it doesn't mean that we 352 00:17:43,880 --> 00:17:45,920 Speaker 2: have not paid taxes on it, like we have to 353 00:17:45,960 --> 00:17:48,000 Speaker 2: pay tax on whether we spend it or not. But 354 00:17:48,040 --> 00:17:49,360 Speaker 2: we like to have a little bit of savings because 355 00:17:49,359 --> 00:17:52,080 Speaker 2: we have some things to pay, so that money has 356 00:17:52,119 --> 00:17:55,679 Speaker 2: already been taxed, so legally and morally and rightfully, that 357 00:17:55,800 --> 00:17:58,520 Speaker 2: money is yours and your partners. So you're going to 358 00:17:58,600 --> 00:18:00,239 Speaker 2: have to like so if you have if you have 359 00:18:00,240 --> 00:18:02,360 Speaker 2: money set aside for operations, because it's okay to say 360 00:18:02,400 --> 00:18:04,359 Speaker 2: I have two or three months for operations for these 361 00:18:04,359 --> 00:18:06,840 Speaker 2: specific things, that's fine, that's not money you split. But 362 00:18:06,880 --> 00:18:10,400 Speaker 2: if it's just savings for savings sake, then know that 363 00:18:10,400 --> 00:18:13,159 Speaker 2: that money outside of what you owe them is going 364 00:18:13,240 --> 00:18:15,639 Speaker 2: to go to that person like their half or whatever, 365 00:18:15,680 --> 00:18:17,600 Speaker 2: and then you will also have to pull out your half, 366 00:18:18,800 --> 00:18:20,640 Speaker 2: you know. And so like just keep that in mind, 367 00:18:20,680 --> 00:18:24,280 Speaker 2: you know. But also too equipment. So Biffany, for example, 368 00:18:24,440 --> 00:18:26,879 Speaker 2: I heard that she had like cameras and these like 369 00:18:26,880 --> 00:18:29,880 Speaker 2: maybe twenty thousand dollars worth of equipment. The equipment had 370 00:18:29,880 --> 00:18:33,560 Speaker 2: to also be accounted for, and then the value of 371 00:18:33,600 --> 00:18:37,639 Speaker 2: the equipment had to be you know, like split if 372 00:18:37,680 --> 00:18:39,720 Speaker 2: it's fifty to fifty or whatever. You know, So just 373 00:18:40,440 --> 00:18:44,080 Speaker 2: keep that in mind. So the part part about it 374 00:18:44,119 --> 00:18:45,399 Speaker 2: is that like all of a sudden, you know, you 375 00:18:45,480 --> 00:18:47,360 Speaker 2: kind of pull money out of the company. Like I said, 376 00:18:47,359 --> 00:18:48,880 Speaker 2: I don't know if you have savings that you might 377 00:18:48,920 --> 00:18:51,280 Speaker 2: be like damn. But the good part is for Biffany, 378 00:18:51,359 --> 00:18:54,240 Speaker 2: for example, there was enough money pulled out that that 379 00:18:54,320 --> 00:18:57,080 Speaker 2: pull out money was enough to pay. So Biffany didn't 380 00:18:57,080 --> 00:18:58,480 Speaker 2: actually have to come out of her own pocket. She 381 00:18:58,600 --> 00:19:01,320 Speaker 2: just used the money that she received from the savings. 382 00:19:01,320 --> 00:19:03,840 Speaker 2: So it was like, oh, you know, that's why I 383 00:19:03,880 --> 00:19:04,920 Speaker 2: had her or she had done. 384 00:19:05,040 --> 00:19:07,159 Speaker 1: I was gonna ask, you don't have the money to 385 00:19:07,160 --> 00:19:09,199 Speaker 1: buy someone out, like, how does that work? 386 00:19:10,000 --> 00:19:12,800 Speaker 2: So one, if you had that savings, or you can 387 00:19:12,920 --> 00:19:15,120 Speaker 2: work on a payment plan where it's like, so I've 388 00:19:15,119 --> 00:19:18,520 Speaker 2: had friends like my friend him and his brother they 389 00:19:18,560 --> 00:19:22,200 Speaker 2: split and the brother had to for five years pay 390 00:19:22,280 --> 00:19:25,600 Speaker 2: him like annually, you know, like you know, monthly, but annually, 391 00:19:25,720 --> 00:19:27,080 Speaker 2: like until he paid it was like maybe it was 392 00:19:27,119 --> 00:19:29,000 Speaker 2: like five hundred thousand dollars or whatever. So if you 393 00:19:29,040 --> 00:19:31,280 Speaker 2: don't have the money out of pocket like Biffany supposedly 394 00:19:31,320 --> 00:19:33,640 Speaker 2: did because she was able to pull it from the company, 395 00:19:34,040 --> 00:19:35,919 Speaker 2: then you can set up a payment plan and basically 396 00:19:36,040 --> 00:19:39,480 Speaker 2: let the new the company you're keeping help to generate 397 00:19:39,520 --> 00:19:42,440 Speaker 2: that revenue. So that's that's another thing. So once you 398 00:19:42,480 --> 00:19:45,239 Speaker 2: figure out, okay, this is what the company's worth, this 399 00:19:45,280 --> 00:19:47,320 Speaker 2: is our split, we're on the same page, then you 400 00:19:47,359 --> 00:19:50,399 Speaker 2: bring in the lawyers because lawyers are expensive and you 401 00:19:50,440 --> 00:19:52,600 Speaker 2: want as little back and forth as possible, so you 402 00:19:52,640 --> 00:19:54,240 Speaker 2: want to be like, we're on the same page, and 403 00:19:54,280 --> 00:19:58,959 Speaker 2: it would be great for you. Your attorney. They definitely 404 00:19:59,000 --> 00:20:01,240 Speaker 2: need an attorney even and they're like oh no, no, no, no, no, 405 00:20:01,400 --> 00:20:04,520 Speaker 2: they need to have an attorney too and do a 406 00:20:05,200 --> 00:20:09,080 Speaker 2: recorded zoom. So this is also recorded, you know, like hey, 407 00:20:09,840 --> 00:20:12,080 Speaker 2: any last little tweaks or whatever, like what about this 408 00:20:12,160 --> 00:20:15,280 Speaker 2: and what about that? You know, it's all on recording, 409 00:20:15,320 --> 00:20:17,520 Speaker 2: and then we've all you know, it's all been agreed to. 410 00:20:18,440 --> 00:20:21,719 Speaker 2: Contract is drawn up. It's important for both attorneys to 411 00:20:21,720 --> 00:20:25,719 Speaker 2: touch the contract. So if your attorney starts the draft 412 00:20:25,960 --> 00:20:29,600 Speaker 2: allowed their attorney to make the tweaks, that makes sense 413 00:20:29,880 --> 00:20:32,000 Speaker 2: because you were thinking about a year from now, ten 414 00:20:32,080 --> 00:20:34,520 Speaker 2: years from now, whatever, is like, well, that wasn't a 415 00:20:34,520 --> 00:20:38,720 Speaker 2: fair contract. How Because both attorneys touch the contract, that's 416 00:20:38,800 --> 00:20:41,240 Speaker 2: really important. It should not just be one attorney doing 417 00:20:41,240 --> 00:20:43,640 Speaker 2: all the tweaks, you know. So that's something really important too. 418 00:20:44,600 --> 00:20:48,760 Speaker 2: And then so the worst case scenario is really shutting 419 00:20:48,760 --> 00:20:51,720 Speaker 2: down the business because as you know, like if you're 420 00:20:51,760 --> 00:20:53,639 Speaker 2: wunning contracts and things like that, that you like to 421 00:20:53,640 --> 00:20:56,200 Speaker 2: see businesses in business for two years. So ideally you 422 00:20:56,200 --> 00:20:58,879 Speaker 2: don't want to shut down the business. And so you 423 00:20:58,920 --> 00:21:01,160 Speaker 2: know that's only if you know whatever, you guys can't 424 00:21:01,160 --> 00:21:02,600 Speaker 2: agree and it's like, well, we just got to shut 425 00:21:02,600 --> 00:21:05,040 Speaker 2: this thing down. I have to just restart as something else. 426 00:21:05,880 --> 00:21:07,560 Speaker 2: But you don't have to shut down the business. If 427 00:21:07,560 --> 00:21:10,199 Speaker 2: you buy this person out, you do what you're supposed 428 00:21:10,240 --> 00:21:12,040 Speaker 2: to do, then you can keep the business. And then 429 00:21:12,359 --> 00:21:13,960 Speaker 2: it just gets like, you know, I don't know, like 430 00:21:14,000 --> 00:21:17,119 Speaker 2: your your attorney will do this for you, Like my 431 00:21:17,160 --> 00:21:20,119 Speaker 2: business attorney will refile and say, you know, this is 432 00:21:20,200 --> 00:21:24,720 Speaker 2: Tiffany's Biffany, that's what I had her business total, and 433 00:21:25,080 --> 00:21:28,320 Speaker 2: you know, like so all that stuff will be will 434 00:21:28,359 --> 00:21:30,120 Speaker 2: be fixed on the legal back end. Your attorney will 435 00:21:30,160 --> 00:21:32,120 Speaker 2: do that for you as well as your CF, your 436 00:21:32,520 --> 00:21:35,600 Speaker 2: what whoever your financial person is. But that's kind of 437 00:21:35,640 --> 00:21:37,800 Speaker 2: like the process. And then you know, you pay over 438 00:21:37,840 --> 00:21:40,000 Speaker 2: a series of years, or pay right away or whatever 439 00:21:40,040 --> 00:21:42,280 Speaker 2: it is. It's really important to let the person receiving 440 00:21:42,280 --> 00:21:44,119 Speaker 2: the money decide. So let's just say it's at the 441 00:21:44,200 --> 00:21:45,439 Speaker 2: end of the year. They're not going to want to 442 00:21:45,440 --> 00:21:46,720 Speaker 2: take a big lump sum at the end of the 443 00:21:46,800 --> 00:21:48,680 Speaker 2: year because they don't have enough time to write it off, 444 00:21:49,440 --> 00:21:51,919 Speaker 2: you know, so you don't you want to integrate your 445 00:21:52,400 --> 00:21:56,480 Speaker 2: financial whoever your financial person is on the team, your accountant, 446 00:21:56,880 --> 00:21:58,879 Speaker 2: you know, to see making sure that like when it 447 00:21:58,880 --> 00:22:00,639 Speaker 2: comes to taxes, what does that look like? There's not 448 00:22:00,680 --> 00:22:05,639 Speaker 2: really any tax implications for you, the buyer, but certainly 449 00:22:05,680 --> 00:22:07,560 Speaker 2: for the person receiving the money. They have to sit 450 00:22:07,600 --> 00:22:09,479 Speaker 2: with their account and figure out what that all looks like. 451 00:22:09,920 --> 00:22:11,800 Speaker 2: And then you just make sure you have her airtight 452 00:22:12,680 --> 00:22:18,240 Speaker 2: contract that basically says that you've accepted this money is done, 453 00:22:18,280 --> 00:22:20,560 Speaker 2: though you cannot come back for more money because in 454 00:22:20,640 --> 00:22:24,000 Speaker 2: case we blow up, you cannot come back for equity 455 00:22:24,080 --> 00:22:27,359 Speaker 2: and nothing. It's done, done done. Everybody agrees, this is 456 00:22:27,400 --> 00:22:29,680 Speaker 2: the evaluation. Everybody's on the same page. Like I said, 457 00:22:29,880 --> 00:22:32,200 Speaker 2: have one attorney draw it up and the other attorney 458 00:22:32,280 --> 00:22:34,919 Speaker 2: make the tweaks, so everyone has touched it. You have 459 00:22:35,000 --> 00:22:37,240 Speaker 2: the video recording of we're all on the same page. 460 00:22:37,240 --> 00:22:39,040 Speaker 2: We all agreed. This is I mean, this is best 461 00:22:39,080 --> 00:22:41,439 Speaker 2: case scenario. Honestly, some people are just gonna be battling 462 00:22:41,440 --> 00:22:43,320 Speaker 2: it out. To have a friend who's battling it out 463 00:22:43,320 --> 00:22:44,760 Speaker 2: for the last three years, so this is kind of 464 00:22:44,800 --> 00:22:47,440 Speaker 2: best case scenario. And hopefully this is your friend because 465 00:22:47,480 --> 00:22:50,080 Speaker 2: like Biffany I heard, she's still really good friends and 466 00:22:50,119 --> 00:22:52,800 Speaker 2: real cool, still with her business partner that they I mean, 467 00:22:52,800 --> 00:22:57,080 Speaker 2: it was hard and certainly contentious, I heard, but it's 468 00:22:57,080 --> 00:22:59,200 Speaker 2: all good, you know. So I just say that that 469 00:22:59,359 --> 00:23:02,119 Speaker 2: is what the process may or may not look like 470 00:23:02,200 --> 00:23:04,960 Speaker 2: I had heard through the grape vine because over here 471 00:23:05,320 --> 00:23:09,359 Speaker 2: I'm holding good. But you know, it's it is possible 472 00:23:09,760 --> 00:23:10,639 Speaker 2: to do that because you. 473 00:23:10,640 --> 00:23:15,919 Speaker 1: Don't nap during this segments, just like because you know, 474 00:23:16,040 --> 00:23:18,439 Speaker 1: I don't think people talk enough about what it is 475 00:23:18,480 --> 00:23:19,040 Speaker 1: to split up. 476 00:23:19,080 --> 00:23:21,840 Speaker 2: So here's one thing I will say, just just to 477 00:23:21,880 --> 00:23:26,040 Speaker 2: like close out. The only reason why it is possible 478 00:23:26,359 --> 00:23:29,439 Speaker 2: to have this kind of smooth like transition and honestly 479 00:23:29,480 --> 00:23:31,040 Speaker 2: may mean you need to get on this anyway too, 480 00:23:31,440 --> 00:23:34,040 Speaker 2: is that we had an operating agreement. Remember we've been 481 00:23:34,080 --> 00:23:37,520 Speaker 2: talking with Tony. Are it's dumb? Yeah, we did it. 482 00:23:38,359 --> 00:23:40,040 Speaker 1: We did a different one recently. 483 00:23:40,160 --> 00:23:49,520 Speaker 3: Yes, girl me, I'm like, yes we got Well, let's 484 00:23:49,560 --> 00:23:50,800 Speaker 3: shack because I'm just so. 485 00:23:50,880 --> 00:23:53,520 Speaker 2: But you want to make sure that just anybody listening 486 00:23:53,520 --> 00:23:55,240 Speaker 2: that you're getting even like me and Maddie it's been 487 00:23:55,240 --> 00:23:57,639 Speaker 2: eight years. I mean, we work wonderfully together, but you 488 00:23:57,720 --> 00:24:00,280 Speaker 2: want to have an operating agreement in place and not 489 00:24:00,440 --> 00:24:02,240 Speaker 2: just like, oh, in case you hate each other one day, 490 00:24:02,359 --> 00:24:04,919 Speaker 2: God forbid, something should happen to myself for Mandy. What 491 00:24:05,040 --> 00:24:07,840 Speaker 2: is a protocol, you know, like what is supposed to happen, 492 00:24:07,960 --> 00:24:10,080 Speaker 2: or what if somebody wants to leave the operating agreement 493 00:24:10,400 --> 00:24:13,440 Speaker 2: is going to help significantly? Like what's what's our percentages? 494 00:24:13,920 --> 00:24:16,760 Speaker 2: You know, if you own more of a percentage, you 495 00:24:16,800 --> 00:24:19,280 Speaker 2: can kind of force someone's hand, But if you're fifty 496 00:24:19,280 --> 00:24:20,720 Speaker 2: to fifty, you have to kind of come to the table. 497 00:24:20,760 --> 00:24:23,520 Speaker 2: I've done this twice. I've broken up with business partners twice. 498 00:24:23,560 --> 00:24:26,480 Speaker 2: Two companies. One I wanted to shut down and one oh, 499 00:24:26,520 --> 00:24:28,280 Speaker 2: I mean I had heard that Biffanity had done that. 500 00:24:29,880 --> 00:24:31,919 Speaker 2: So anyway, I'll just say all that to say that, 501 00:24:32,000 --> 00:24:34,679 Speaker 2: like it is possible to you know, it's not supposed 502 00:24:34,680 --> 00:24:36,720 Speaker 2: to be easy, but it's certainly possible for it to 503 00:24:36,800 --> 00:24:40,600 Speaker 2: not be you know, like super contentious and for it 504 00:24:40,680 --> 00:24:44,440 Speaker 2: to smooth smooth, like go smoothly as smoothly as it can. 505 00:24:44,600 --> 00:24:46,800 Speaker 2: But I will say this, and I know it's that 506 00:24:46,840 --> 00:24:50,640 Speaker 2: inclosing less time. But pick a date that it has 507 00:24:50,680 --> 00:24:52,320 Speaker 2: to be done by, or you'll just be dragging your 508 00:24:52,320 --> 00:24:56,400 Speaker 2: fee forever. Like, hey, this needs to be done by 509 00:24:56,640 --> 00:24:59,080 Speaker 2: you know, I'm just making up a date October thirty first. 510 00:24:59,520 --> 00:25:01,800 Speaker 2: If not, I'm just I'm just gonna shut this thing down. 511 00:25:02,040 --> 00:25:04,000 Speaker 2: You have to pick a date because people will drag 512 00:25:04,000 --> 00:25:05,600 Speaker 2: their feet for it ever and ever and ever. You 513 00:25:05,640 --> 00:25:07,480 Speaker 2: certainly don't want to drag it into the next year 514 00:25:07,880 --> 00:25:10,680 Speaker 2: because you know every year, you know, you pay twenty 515 00:25:10,800 --> 00:25:12,920 Speaker 2: twenty two taxes, we have to pay in twenty twenty three. 516 00:25:13,000 --> 00:25:14,200 Speaker 2: So you have to think to yourself, you're going to 517 00:25:14,240 --> 00:25:17,160 Speaker 2: be connected the next year either way. So pick a date, 518 00:25:17,280 --> 00:25:19,680 Speaker 2: do not let it go into the next year, and 519 00:25:20,440 --> 00:25:23,040 Speaker 2: you know, and get it done. And you know, if 520 00:25:23,040 --> 00:25:25,720 Speaker 2: you have to walk away, you know sometimes you know 521 00:25:25,800 --> 00:25:29,560 Speaker 2: that's better than you know, getting dragged for years and 522 00:25:29,600 --> 00:25:32,520 Speaker 2: years and years. So hopefully that was helpful. Biffany girl, 523 00:25:32,600 --> 00:25:35,159 Speaker 2: Thanks girl for giving us some tips. You know, like 524 00:25:35,200 --> 00:25:36,320 Speaker 2: I said, i'd heard. 525 00:25:38,600 --> 00:25:43,639 Speaker 1: So transparent. Yes we have. We did ours last summer. 526 00:25:43,680 --> 00:25:45,720 Speaker 1: I was just looking at my emails. I'm like, okay, 527 00:25:45,960 --> 00:25:48,440 Speaker 1: we're telling a mess, but no, let's let's triple check 528 00:25:48,480 --> 00:25:50,720 Speaker 1: me make sure, because that's that's kind of our style, 529 00:25:50,920 --> 00:25:52,720 Speaker 1: was tiff It's like we'll do we'll talk about things 530 00:25:52,760 --> 00:25:54,840 Speaker 1: and then like six months later we'll do it and 531 00:25:54,840 --> 00:25:55,800 Speaker 1: then six months la, but. 532 00:25:55,760 --> 00:25:58,320 Speaker 2: Do we do that thing? And I know it's important. 533 00:25:58,760 --> 00:26:00,560 Speaker 2: It is, in fact, I said, honestly, mostly for me 534 00:26:00,560 --> 00:26:02,359 Speaker 2: and Mandy. It's really more so I just thought to 535 00:26:02,400 --> 00:26:05,159 Speaker 2: myself about like, well, what if something happens to one 536 00:26:05,200 --> 00:26:07,280 Speaker 2: of us? So you know, this allows like to not 537 00:26:07,359 --> 00:26:09,320 Speaker 2: have to wonder like wait, what if we have that. 538 00:26:09,359 --> 00:26:13,840 Speaker 1: Total you know, like with those Superman's passing and you taking. 539 00:26:14,119 --> 00:26:15,520 Speaker 1: I mean it worked out because like at the end 540 00:26:15,520 --> 00:26:17,200 Speaker 1: of the day, we have we're a pretty simple business. 541 00:26:17,240 --> 00:26:19,439 Speaker 1: You know, yes, and it's just it's literally you and 542 00:26:19,480 --> 00:26:22,760 Speaker 1: I yes, and you know, at the end of the 543 00:26:22,880 --> 00:26:29,360 Speaker 1: day the challenges are not as challenging, but still it's 544 00:26:29,400 --> 00:26:32,720 Speaker 1: like we should who knows what could happen in the future. 545 00:26:33,080 --> 00:26:35,480 Speaker 2: Exactly, and so you just want to be able to say, oh, okay, 546 00:26:35,520 --> 00:26:37,639 Speaker 2: this is what because one of the things when one 547 00:26:37,680 --> 00:26:42,320 Speaker 2: of my attorney friends told me Arenz he's awesome, he said, 548 00:26:42,760 --> 00:26:45,160 Speaker 2: you want to you want to create contracts when things 549 00:26:45,200 --> 00:26:48,520 Speaker 2: are good, you know, because you know everybody's like kumbaya 550 00:26:48,600 --> 00:26:51,320 Speaker 2: when things are good. That way, if he said, you 551 00:26:51,320 --> 00:26:54,080 Speaker 2: could do whatever you want until you disagree and then 552 00:26:54,080 --> 00:26:57,320 Speaker 2: you do where the contracts is so but like I'm 553 00:26:57,359 --> 00:26:58,720 Speaker 2: just making it up, like let's just say me and 554 00:26:58,720 --> 00:27:00,760 Speaker 2: Mandy always said we always have to have a beat 555 00:27:00,800 --> 00:27:03,399 Speaker 2: face no matter what in our contract, we don't have 556 00:27:03,440 --> 00:27:05,240 Speaker 2: to do that. We're like girl by But if me 557 00:27:05,240 --> 00:27:10,399 Speaker 2: and Mandy are beefing, I'm like, no more, girl, then okay, 558 00:27:10,480 --> 00:27:13,399 Speaker 2: the contract says be faced, so we both have to 559 00:27:13,400 --> 00:27:15,040 Speaker 2: have beat face. And so you see, I mean like 560 00:27:15,040 --> 00:27:17,119 Speaker 2: you could do whatever you want until you disagree, and 561 00:27:17,119 --> 00:27:19,199 Speaker 2: then then you follow what the contract says. So just 562 00:27:19,280 --> 00:27:21,800 Speaker 2: keep that in mind that contracts are so critically important. 563 00:27:21,800 --> 00:27:22,959 Speaker 2: Even now, I was just thinking to myself, I got 564 00:27:23,000 --> 00:27:26,199 Speaker 2: to hit my designer Rihanna because she's doing my my 565 00:27:26,280 --> 00:27:27,960 Speaker 2: new condo that I bought. She did the house that 566 00:27:28,000 --> 00:27:29,960 Speaker 2: I live in now, and she's like, oh, we don't 567 00:27:30,040 --> 00:27:31,679 Speaker 2: led in a contract. I'm like, oh, yes, we do, 568 00:27:32,200 --> 00:27:34,840 Speaker 2: Yes we do. Because not that I mean, obviously she's 569 00:27:34,880 --> 00:27:37,840 Speaker 2: awesome all the things, but I'm like, it's just bad 570 00:27:37,920 --> 00:27:38,680 Speaker 2: practice not. 571 00:27:38,560 --> 00:27:40,639 Speaker 1: To have power when you're working with your friends and family. 572 00:27:40,720 --> 00:27:43,960 Speaker 2: Yes, that's it's just yeah, it's just bad practice. Not 573 00:27:44,040 --> 00:27:47,480 Speaker 2: too so. Hopefully that was helpful. Biffney girl, we're a 574 00:27:47,600 --> 00:27:50,080 Speaker 2: rock star. You know, I've been living well, she'd been 575 00:27:50,119 --> 00:27:59,600 Speaker 2: living through a lot the last couple of years, but. 576 00:27:55,560 --> 00:27:59,159 Speaker 1: You nailed it. Totally. Have no idea what this is 577 00:27:59,200 --> 00:28:04,080 Speaker 1: about about all right, thank you to that listener. What 578 00:28:04,080 --> 00:28:06,960 Speaker 1: do we say BBW? Do BBW stand. 579 00:28:06,680 --> 00:28:07,640 Speaker 2: For beautiful black woman? 580 00:28:07,680 --> 00:28:09,400 Speaker 1: Whatever? It's fine it does now? 581 00:28:10,480 --> 00:28:10,760 Speaker 2: Uh huh? 582 00:28:10,840 --> 00:28:14,160 Speaker 1: All right, BA Fam until next time. As a reminder, 583 00:28:14,160 --> 00:28:16,520 Speaker 1: please send us your questions on ig We are at 584 00:28:16,520 --> 00:28:18,520 Speaker 1: Brand and Bission Podcast. You can also hit us up 585 00:28:18,560 --> 00:28:20,879 Speaker 1: Brand Ambission Podcast at gmail dot. 586 00:28:20,640 --> 00:28:22,320 Speaker 2: Com dot com. 587 00:28:22,359 --> 00:28:24,119 Speaker 1: And if you'd like to be a guest in the 588 00:28:24,160 --> 00:28:26,959 Speaker 1: studio live on the show to get your questions answered, 589 00:28:27,080 --> 00:28:29,240 Speaker 1: let us know the best way to do it is 590 00:28:29,240 --> 00:28:32,240 Speaker 1: to submit a voice note instead of a written question, 591 00:28:32,359 --> 00:28:35,199 Speaker 1: so we can pass it on to our producer and 592 00:28:35,280 --> 00:28:38,320 Speaker 1: maybe you will be featured live in the BA FAM studio. 593 00:28:39,680 --> 00:28:45,680 Speaker 1: Exciting until next time. Bye ba Fam, Bye bye hey 594 00:28:45,680 --> 00:28:48,480 Speaker 1: ba Fam. We could not do this show without your 595 00:28:48,560 --> 00:28:51,400 Speaker 1: support or the support of our team behind the scenes. 596 00:28:51,720 --> 00:28:55,040 Speaker 1: The Brand Ambition Podcast is produced by Imani Crosby and 597 00:28:55,120 --> 00:28:58,360 Speaker 1: Dennis and Plinsky is our in house tech guru. I 598 00:28:58,520 --> 00:29:01,080 Speaker 1: am your co host Mandy Woodris Santos and we will 599 00:29:01,120 --> 00:29:05,360 Speaker 1: see y'all next week. Ba Fama