WEBVTT - BA Q&A: Do It For The Right Reasons 0:00:00.120 --> 0:00:03.520 Hey, Hey, bafam, It's Mandy and we have some exciting 0:00:03.600 --> 0:00:06.280 news for y'all. We have been nominated for our third 0:00:06.720 --> 0:00:10.040 Webby Award. That's right, for twenty twenty three. We are 0:00:10.119 --> 0:00:12.560 now in the running for the People's Choice Award for 0:00:12.680 --> 0:00:16.319 Best Business Podcast Individual Episode, and we need your help 0:00:16.400 --> 0:00:19.520 to win. Voting is quick and easy. Just hit the 0:00:19.560 --> 0:00:22.479 link in the description of this episode or head to 0:00:22.520 --> 0:00:26.680 our website at Brownambition podcast dot com. Winning this award 0:00:26.720 --> 0:00:28.840 would mean the world to us, y'all. We won to 0:00:29.080 --> 0:00:31.920 last year and it was such an incredible opportunity, such 0:00:31.960 --> 0:00:36.240 an incredible acknowledgment of how powerful the Brown Ambition fam 0:00:36.440 --> 0:00:39.240 has been, and it would help us reach even more 0:00:39.320 --> 0:00:42.519 people and continue to provide the valuable insights and advice 0:00:42.560 --> 0:00:46.360 that y'all love about personal finance and career development. So 0:00:46.479 --> 0:00:49.239 what y'all waiting for? Let's show the world what the 0:00:49.240 --> 0:00:52.800 Brown Ambition community is made of. Head over to Brownambition 0:00:52.920 --> 0:00:56.160 podcast dot com, click the banner to vote, and thank 0:00:56.200 --> 0:00:57.920 you so much for your support. 0:01:06.120 --> 0:01:07.280 I'm like, I'm going to a bunch oft needs to 0:01:07.280 --> 0:01:12.520 break down. Girls. Okay, wait right up, wait, okay, It's 0:01:12.600 --> 0:01:16.920 time for the b a Q a ay a q a. 0:01:17.080 --> 0:01:19.959 What you say the b a q a with mandad 0:01:20.120 --> 0:01:23.800 b a q a with today to b a q a. 0:01:26.160 --> 0:01:29.160 You know we do Brown Abision question and answers. You 0:01:29.160 --> 0:01:31.440 have questions, we have some answers. Although we are not 0:01:31.480 --> 0:01:35.800 your mama, We're not your financial advisor, we're not your doctor, 0:01:35.840 --> 0:01:39.240 your attorney. We're just two smart brown girls with opinions 0:01:39.520 --> 0:01:43.000 that you should take with the smallest grain of salt 0:01:43.080 --> 0:01:45.880 and then leading to the people that you pay honey. Okay, 0:01:46.280 --> 0:01:48.120 but yeah, if you have questions, please ask us. Go 0:01:48.120 --> 0:01:54.800 to Brownbision podcast dot com click ask us anything about business, career, entrepreneurship, life, child. 0:01:54.880 --> 0:01:59.880 We just be talking. We've got some career questions to day. 0:02:01.400 --> 0:02:02.480 Do you want to the first one? You want me 0:02:02.520 --> 0:02:03.640 to do a mandra. 0:02:03.800 --> 0:02:05.800 I'm happy to read the first one because I feel 0:02:05.800 --> 0:02:07.360 like a second one's got your name writ in all 0:02:07.560 --> 0:02:11.000 over it. Okay, we got a juicy like career slash 0:02:11.040 --> 0:02:14.519 career business combo today. I can't wait to get into these. 0:02:14.520 --> 0:02:17.400 But let's start with listener Christina, who says, hello, ladies, 0:02:17.440 --> 0:02:19.320 I am an eager, twenty six year old in the 0:02:19.320 --> 0:02:22.760 beginning stages of entering my professional career. I'm currently an 0:02:22.800 --> 0:02:26.200 assistant manager at a local credit union in Colorado, and 0:02:26.240 --> 0:02:28.640 I want to become a branch manager in the next year. 0:02:28.880 --> 0:02:30.720 I love listening to your podcast and I want to 0:02:30.720 --> 0:02:33.040 hear your thoughts on a decision I've been contemplating for 0:02:33.080 --> 0:02:36.200 the past year. I've got my bachelor's degree in twenty 0:02:36.240 --> 0:02:40.480 eighteen in organizational instrate teacher Communications, but have recently been 0:02:40.520 --> 0:02:44.079 considering pursuing my MBA. The company I work for has 0:02:44.120 --> 0:02:47.959 an amazing tuition reimbursement program and they'll cover ninety five 0:02:47.960 --> 0:02:51.080 percent of the cost if you get a's in your classes, 0:02:51.520 --> 0:02:54.960 with the stipulation being that you sign a retention contract 0:02:54.960 --> 0:03:00.080 to stay on two years after your final class. This 0:03:00.120 --> 0:03:02.600 is an incredible opportunity and I could get my MBA 0:03:02.680 --> 0:03:05.320 for nearly nothing. I struggle on whether or not it's 0:03:05.320 --> 0:03:07.880 worth it. I've spoken with a couple of higher ups 0:03:07.880 --> 0:03:09.920 at the company who do not hold degrees higher than 0:03:09.960 --> 0:03:12.000 a bachelor's and why it's not and while it's not 0:03:12.040 --> 0:03:14.880 required for me to move up in management, I worry 0:03:14.880 --> 0:03:17.600 that if I ever wanted to branch out into other industries, 0:03:17.639 --> 0:03:20.080 I would have a hard time competing with others who 0:03:20.160 --> 0:03:23.799 may already have their MBA. Since my experience would only 0:03:23.840 --> 0:03:26.520 apply to the financial industry and I lack knowledge of 0:03:26.639 --> 0:03:29.960 general business operations for other industries, I worry that I 0:03:30.000 --> 0:03:33.399 may limit my growth potential. Do you believe it would 0:03:33.440 --> 0:03:37.320 be beneficial to obtain my MBA while gaining management experience 0:03:37.360 --> 0:03:39.680 to stand out in the event that I wanted to 0:03:39.720 --> 0:03:42.680 pursue other opportunities with higher pay or is there little 0:03:42.720 --> 0:03:45.080 to no benefit in this day and age to pursue 0:03:45.520 --> 0:03:49.040 a graduate degree? Kind regards, Oh, she does work for 0:03:49.080 --> 0:03:54.240 a financial institution. Kind regards Christina. 0:03:54.640 --> 0:03:56.480 So, baby Chris, we can't call you baby Chris because 0:03:56.480 --> 0:03:57.160 you're twenty six. 0:03:57.920 --> 0:03:58.400 Yeah. 0:03:58.440 --> 0:04:01.400 Oh, but this is great because like but also like 0:04:01.480 --> 0:04:05.640 has a whole plan and it's already thinking strategically. Yeah, nba, 0:04:05.760 --> 0:04:09.440 I mean it's hard to like. Also, like ninety five percent, 0:04:09.480 --> 0:04:12.240 that's a lot of your tuition covered. And if you 0:04:12.240 --> 0:04:14.640 are committed to the course and you think it would 0:04:14.640 --> 0:04:18.839 be like a strategic I agree with you. I almost 0:04:18.880 --> 0:04:20.720 feel like when you compare yourself to older people in 0:04:20.760 --> 0:04:23.200 your industry, they had different rules that they played by, 0:04:23.839 --> 0:04:26.240 they got hired at different times. And also you work 0:04:26.279 --> 0:04:28.599 at a bank, so I'm guessing. I'm guessing that they're 0:04:28.600 --> 0:04:32.599 not men of people of color, and they they may 0:04:32.640 --> 0:04:35.280 have had connections to get where they are. I just 0:04:35.360 --> 0:04:38.280 feel like you definitely want to think beyond the bank 0:04:38.320 --> 0:04:39.960 where you're at, because I doubt you'll stay there for 0:04:40.000 --> 0:04:43.239 your whole career, and in that case, maybe an MBA 0:04:43.480 --> 0:04:47.800 would be a good strategic move. And you have to think, 0:04:47.880 --> 0:04:51.760 will I be comfortable staying here for the duration of 0:04:51.800 --> 0:04:54.159 the program to that's like that's the coat. 0:04:54.160 --> 0:04:58.680 Is might but it is, you know, it is golden handcuffs. 0:04:58.720 --> 0:05:00.919 So I like what you said many because it is 0:05:01.000 --> 0:05:04.039 kind of like, if she thinks a bit from a 0:05:04.040 --> 0:05:07.240 broader scope of her life, she has to ask herself, 0:05:07.240 --> 0:05:09.480 does the NBA make sense for like what is your 0:05:09.560 --> 0:05:12.960 overall desired outcome? Like I'd like to one day explore 0:05:13.000 --> 0:05:16.640 dot Will the masters help with that? You know, it's 0:05:16.680 --> 0:05:18.719 really not about the bank, honestly, It's just that you 0:05:18.760 --> 0:05:21.920 get them to pay for a thing potentially that will 0:05:22.040 --> 0:05:27.040 enhance your ability to make wider choices later maybe or 0:05:27.080 --> 0:05:29.440 maybe not. Because how long is the NBA program made? 0:05:29.520 --> 0:05:31.039 Like two years, a couple of years, three years? 0:05:31.120 --> 0:05:32.800 Yeah, some might with three So. 0:05:32.760 --> 0:05:35.520 You figure two plus two, so you're twenty four, so 0:05:35.600 --> 0:05:39.000 by thirty you'll be free to fly. Is that something 0:05:39.640 --> 0:05:42.200 you're you're opening. I don't know that there's a right 0:05:42.279 --> 0:05:45.479 or wrong other than to choose based upon exactly where 0:05:45.480 --> 0:05:49.719 you are right now. To me, that would be short 0:05:49.760 --> 0:05:51.560 sighted to be like at twenty six, what do I 0:05:51.600 --> 0:05:55.200 want to do? But really asking yourself the bigger picture, 0:05:55.600 --> 0:05:58.520 like beyond this, what would I like to do? And 0:05:58.560 --> 0:06:00.920 will an NBA be used to me? 0:06:01.480 --> 0:06:03.360 Because no, I mean I would say, if your dream 0:06:03.440 --> 0:06:05.320 was to start a business someday, I would say, you 0:06:05.320 --> 0:06:08.120 don't necessarily have to have an MBA to create a business, 0:06:08.200 --> 0:06:11.000 Like if that's what you're thinking. I think MBAs really 0:06:11.040 --> 0:06:15.040 are about reaching parity with like competitive like the competitive 0:06:15.120 --> 0:06:18.520 nature of people in that industry, like business industry, financial industry, 0:06:19.040 --> 0:06:20.800 And if you are thinking you have a long career 0:06:20.839 --> 0:06:25.000 in financial services, then you know, I feel like, yeah, 0:06:25.040 --> 0:06:27.000 it could make sense to have your MBA, especially if 0:06:27.040 --> 0:06:29.599 it's going to help you stand out on like a resume, 0:06:30.240 --> 0:06:32.400 you know, if it's like the one thing that they'll 0:06:32.640 --> 0:06:35.480 they'll filter for before they hire anybody, which I think 0:06:35.520 --> 0:06:39.160 is short sighted but probably still happens. I do want 0:06:39.200 --> 0:06:41.279 to say about this whole golden handcuff thing is you 0:06:41.279 --> 0:06:43.040 don't have to look at it as if you are 0:06:43.120 --> 0:06:47.799 trapped there, because one of my favorite, you know, lessons 0:06:47.800 --> 0:06:51.240 that I teach in my negotiation masterclass is that you 0:06:51.360 --> 0:06:54.360 are able to negotiate. Like, so, let's say you got 0:06:54.360 --> 0:06:57.680 a job offer from another bank and you were like, 0:06:57.880 --> 0:07:00.839 I'm ready to sign this offer letter. However, I'm going 0:07:00.920 --> 0:07:02.760 to be on the hook for these tuition payments that 0:07:02.760 --> 0:07:05.320 I've had for the past years. They may give you 0:07:05.440 --> 0:07:08.600 a signing bonus to help you cover that payment and 0:07:08.680 --> 0:07:10.800 have you do the same thing in return, sign some 0:07:10.920 --> 0:07:13.720 kind of retention agreement, you know, which tip is very 0:07:13.760 --> 0:07:17.400 typical about signing bonuses in general. There's maybe a year 0:07:17.480 --> 0:07:19.680 or two years or whatnot, but you don't you're not 0:07:19.880 --> 0:07:23.840 entirely trapped by that because you can potentially negotiate and 0:07:23.880 --> 0:07:27.160 get your future another employer to like cover it for 0:07:27.240 --> 0:07:29.760 you so that you're okay walking away. So if that 0:07:29.800 --> 0:07:31.640 gives you a little bit of comfort knowing that you 0:07:31.720 --> 0:07:35.160 have that bargaining chip, Obviously nothing is guaranteed, but I 0:07:35.240 --> 0:07:37.360 have to assume that in an industry like in the 0:07:37.400 --> 0:07:41.400 banking industry, and I have negotiated big fat signing bonesses 0:07:41.400 --> 0:07:44.280 myself in banking, and I mean they got the money 0:07:44.440 --> 0:07:46.440 and if they want you, they'll be. 0:07:48.800 --> 0:07:50.960 Yeah. I like that. That's more. I never thought about 0:07:50.960 --> 0:07:53.360 that you can kind of negotiate that, or even negotiate 0:07:53.400 --> 0:07:55.440 how many years? What about one? What about six months? 0:07:55.480 --> 0:07:57.760 Or or like negotiate with the new place to say, 0:07:57.760 --> 0:07:59.520 can you pay that off for me? It's almost like 0:07:59.560 --> 0:08:02.560 you know you I'm from, Like if you leave your 0:08:02.840 --> 0:08:05.280 phone carrier or whatever, they're like, we'll pay off your 0:08:06.000 --> 0:08:08.840 exactly your contract, yeah, exactly. 0:08:08.960 --> 0:08:11.560 Or like when you negotiate a lease, if you agree 0:08:11.560 --> 0:08:13.120 to a like if you get them to lower the 0:08:13.160 --> 0:08:15.520 rent in exchange, they may ask you to sign a 0:08:15.560 --> 0:08:18.200 two year lease instead of a one year lease, you know, 0:08:18.440 --> 0:08:21.760 or increase the rent, but reduce my lease to one 0:08:21.840 --> 0:08:23.520 year because I don't or a month a month or 0:08:23.560 --> 0:08:25.600 make it month month a month or something like that 0:08:26.280 --> 0:08:27.000 is negotiable. 0:08:27.000 --> 0:08:27.200 Boo. 0:08:28.440 --> 0:08:31.160 Let me see, I was just talking to one of 0:08:31.160 --> 0:08:34.400 my mandy money makers today, who first of all is 0:08:34.520 --> 0:08:38.360 just like professionally educated. She just is about to get 0:08:38.360 --> 0:08:40.640 her doctorate in philosophy. She had a master, she has 0:08:40.640 --> 0:08:44.840 an MBA and For her, it was like the outside 0:08:44.840 --> 0:08:46.720 pressure to get an NBA, and then when she was 0:08:46.760 --> 0:08:49.080 in the program, she was like, this is not I'm 0:08:49.120 --> 0:08:51.920 already I already have so many years of business experience 0:08:51.920 --> 0:08:54.600 and I'm realizing the NBA is not really enhancing my 0:08:55.320 --> 0:08:59.160 like understanding of my company right now. So I would 0:08:59.240 --> 0:09:01.240 just say, like, you know, you really have to be 0:09:01.320 --> 0:09:02.880 doing it for the right reasons. I would pick your 0:09:02.920 --> 0:09:05.679 program carefully and make sure that it, you know, has 0:09:05.720 --> 0:09:09.600 the courses and has the reviews, and maybe even talking 0:09:09.600 --> 0:09:12.160 to alumni to see, you know, if they thought it 0:09:12.200 --> 0:09:14.440 was helpful. So that because they're not all created equally, 0:09:14.960 --> 0:09:17.440 and you want to pick a program that you know 0:09:17.640 --> 0:09:21.880 qualifies as an MBA of course, but may have you know, 0:09:22.000 --> 0:09:25.720 maybe able to teach you beyond just like generic business 0:09:25.760 --> 0:09:28.480 strategy that you could use later in your career and 0:09:28.520 --> 0:09:30.440 just like squeeze as much juice out of that orange 0:09:30.440 --> 0:09:30.920 as you can. 0:09:32.160 --> 0:09:34.480 So like my sister Tracy, for example, she has her NBA, 0:09:34.600 --> 0:09:38.880 but because she had her bachelor's in finance, she was like, 0:09:38.960 --> 0:09:41.800 I've always wanted to learn marketing. So she got her MBA, 0:09:42.440 --> 0:09:44.199 almost like a dual NBA, but it was like the 0:09:44.559 --> 0:09:47.400 core component of it was marketing, and then the subcomponent 0:09:47.640 --> 0:09:50.760 was finance because she was like, she was really interested 0:09:50.760 --> 0:09:54.439 in that so just you know, beyond where she was working, 0:09:54.720 --> 0:09:56.839 Like she worked for a financial company, but she was like, 0:09:56.840 --> 0:09:59.080 if they're going to pay for it or help, That's 0:09:59.080 --> 0:10:01.199 why she did it that way, because she was just like, 0:10:01.240 --> 0:10:04.360 this is something I'm interested in to grow beyond where 0:10:04.360 --> 0:10:06.559 I am. And you know she's not working with them anymore, 0:10:06.559 --> 0:10:09.400 but she still has this this education that she uses 0:10:09.440 --> 0:10:12.640 for her PR business now. So that's yeah. 0:10:12.440 --> 0:10:12.960 A good point. 0:10:13.000 --> 0:10:13.520 I like it. 0:10:14.320 --> 0:10:17.360 I like it all right, Miss Christina, thank you so 0:10:17.480 --> 0:10:21.640 much for the question. Thanks for listening. Shout out to Colorado. 0:10:22.440 --> 0:10:24.280 Let's take a quick break and we'll be right back 0:10:24.320 --> 0:10:27.480 with a really juicy question. You guys want to just 0:10:27.480 --> 0:10:32.000 trying to get me sued, trying to get you to 0:10:32.120 --> 0:10:34.200 share some tea. That's all I'm saying. Spill some tea. 0:10:34.760 --> 0:10:41.439 All right, be right back, y'all, all right, take that away. 0:10:42.120 --> 0:10:47.120 We're back. We have a question from anonymous. We're gonna 0:10:47.120 --> 0:10:50.320 call you BBG Beautiful black Girl because she says, hey, 0:10:50.360 --> 0:10:51.880 beautiful black women. You know what, We're gonna call you 0:10:51.880 --> 0:10:55.840 beautiful back woman. BBW, Hello, beautiful Black women. First, let 0:10:55.920 --> 0:10:57.520 me say that I love your show and I'm one 0:10:57.559 --> 0:11:01.000 of your biggest fans. I'm also want of Tiffany's mentees. 0:11:01.040 --> 0:11:02.880 Hey girl, if you want to be a menteem go 0:11:02.920 --> 0:11:05.240 to my mentor Tiffany dot com. It's ten bucks a month, 0:11:05.280 --> 0:11:08.000 you know. And I help people with their businesses. During 0:11:08.000 --> 0:11:11.079 the pandemic, I formed a limited partnership consulting business with 0:11:11.520 --> 0:11:15.839 one of my closest friends. When we worked, we worked 0:11:15.880 --> 0:11:18.520 on our first big contract together. I realized that we 0:11:18.600 --> 0:11:21.199 did not work well together. Our work stars caused a 0:11:21.240 --> 0:11:24.079 lot of conflict, and so I stopped bringing in contracts 0:11:24.080 --> 0:11:27.480 through this business. I have another business that I solely own. Ooh, 0:11:27.520 --> 0:11:30.560 sound like me girl. Recently, I've decided I wanted to 0:11:30.559 --> 0:11:33.079 grow the consulting business, but I know that I cannot 0:11:33.120 --> 0:11:36.840 work with my friend. Therefore, through several very difficult conversations, 0:11:36.880 --> 0:11:39.360 good she agreed to let me buy her out of 0:11:39.400 --> 0:11:42.000 the business. Now that I have done the hard part, 0:11:42.880 --> 0:11:44.959 I'm not sure what the next best step is. Should 0:11:44.960 --> 0:11:47.640 I hire Laurier to draw leader paperwork, dissolve the business 0:11:47.679 --> 0:11:50.120 and reform it as a single member LLC, or some 0:11:50.200 --> 0:11:53.640 other options? Thanks advance for your help. Chaw. Okay, let 0:11:53.679 --> 0:11:55.920 me step lightly because I may or may not have 0:11:56.080 --> 0:12:00.400 just done this. So remember what my coll I can't 0:12:00.400 --> 0:12:01.959 say it about what I can say, not with me. 0:12:02.080 --> 0:12:02.520 Let's speak. 0:12:02.559 --> 0:12:08.600 So no, no, not Mandy girl, I said, so no, no, 0:12:08.640 --> 0:12:11.360 it was not Sandy. So I'll say this literally, this 0:12:11.440 --> 0:12:18.280 is the process that somebody named Biffany might have one through. Okay, right, 0:12:18.440 --> 0:12:26.199 so man, it's like gotcha, gotcha, It's like Biffy so one. 0:12:29.679 --> 0:12:32.400 So first and foremost, you did the first part, which 0:12:32.440 --> 0:12:35.480 is so great, which is you had the difficult conversations. 0:12:35.720 --> 0:12:38.440 If you are in partnership with someone who is a 0:12:38.440 --> 0:12:40.760 friend or otherwise and you're thinking you want to not 0:12:40.840 --> 0:12:45.360 be in partnership, the key is before you bring the lawyers, 0:12:45.400 --> 0:12:47.839 you have to have a series of conversations. I did 0:12:47.880 --> 0:12:50.880 not like, thankfully, I have a well this girl named 0:12:50.920 --> 0:12:53.080 Biffany that I don't know. She had a really great 0:12:53.080 --> 0:12:56.240 business coach, really coached her the same had these deep 0:12:56.280 --> 0:12:58.800 heartfelt conversations because you need to get on the same 0:12:58.840 --> 0:13:00.960 page before you get legal in so I'm glad that 0:13:01.000 --> 0:13:03.520 you did that part, so bravo. And they're meant to 0:13:03.559 --> 0:13:05.720 be hard you know, but thankful this is your friend. 0:13:05.800 --> 0:13:09.960 And Biffany also cared about her and still cares about 0:13:10.320 --> 0:13:14.480 her fictational partner, that's first and foremost. And then when 0:13:14.480 --> 0:13:17.120 that happens, then too you have to get on the 0:13:17.120 --> 0:13:21.800 same page about the cost of the like how much 0:13:21.920 --> 0:13:25.320 is the business worth? And so you want to get 0:13:25.440 --> 0:13:27.559 it wasn't as expensive you were thought. You want to 0:13:27.600 --> 0:13:31.720 get a one of those things called evaluation, right because 0:13:32.040 --> 0:13:34.040 you want because here's why. Let's just say you're like, oh, 0:13:34.080 --> 0:13:36.280 I just agree, just give me two hundred dollars right, 0:13:36.520 --> 0:13:39.319 But then later your potential partner can come back and say, 0:13:39.360 --> 0:13:41.040 hm hm, I felt like I got was ripped off. 0:13:41.200 --> 0:13:44.440 So having an official valuation on the books is really critical. 0:13:44.679 --> 0:13:46.840 There's a company called Scaler. Let me see if I 0:13:46.840 --> 0:13:49.480 make sure I spell it rant who does evaluation. And 0:13:49.520 --> 0:13:51.320 what I like about Scaler is that they've done like 0:13:51.480 --> 0:13:55.800 dollar like billion dollar companies. S C A L. Right, 0:13:55.920 --> 0:13:59.160 is a Scaler Scaler valuation company and that's all they do. 0:14:00.360 --> 0:14:03.320 You value is I mean, Biffany, well, I didn't do 0:14:03.360 --> 0:14:07.640 this this person like you know, Biffany might have you Scaler, 0:14:07.760 --> 0:14:11.840 So it's SCA L A R. So I had heard 0:14:11.840 --> 0:14:13.920 that Tiffany had used this company called Scaler, and they're great. 0:14:13.920 --> 0:14:15.959 That's all they do. They've done like Dollar Shape Club, 0:14:16.240 --> 0:14:18.560 They've done like some of the biggest companies that you've known. 0:14:18.920 --> 0:14:21.360 And it was a few thousand dollars. It wasn't like 0:14:21.760 --> 0:14:24.280 thirty thousand dollars. You know, that's what I thought valuations cost. 0:14:24.400 --> 0:14:26.120 And it took maybe like a two weeks. You know, 0:14:26.360 --> 0:14:30.240 that's what Biffany has said. And so you know, so 0:14:30.440 --> 0:14:33.360 having that on in paper and then literally what's so great? 0:14:33.480 --> 0:14:35.280 I mean, hopefully you have a financial person that can 0:14:35.320 --> 0:14:37.840 pull up all the financial components because they're going to 0:14:37.920 --> 0:14:40.680 want to know about the business in total, because they're 0:14:40.680 --> 0:14:42.720 gonna want to know, like you know what, had They're 0:14:42.760 --> 0:14:45.120 really going to look at the last year's worth of business. 0:14:46.160 --> 0:14:47.560 They're not going to go back two or three years. 0:14:47.600 --> 0:14:49.360 So if you were making big money three years ago, 0:14:49.400 --> 0:14:51.160 they're like, yeah, but what's happening now. They need a 0:14:51.200 --> 0:14:54.800 real snapshot of what's happening now. And if there's any 0:14:54.840 --> 0:14:56.840 contracts that like leading into the future, they're going to 0:14:56.960 --> 0:14:58.800 use that. Then they're going to look at your industry 0:14:58.880 --> 0:15:01.720 and say, there's a multiple So in the finance industry. 0:15:01.760 --> 0:15:03.720 It used to be like kind of like what your 0:15:03.840 --> 0:15:07.240 net income is, multiple multiple times ten, but the finance 0:15:07.240 --> 0:15:09.520 industry has been a little shaky, so they don't multiply 0:15:09.560 --> 0:15:12.640 times ten like they used to. And so but you're 0:15:12.720 --> 0:15:15.400 the scaler will know and they'll say and they'll also 0:15:15.480 --> 0:15:20.440 compare you to other similar esque type of companies to 0:15:20.520 --> 0:15:23.920 say this company is worth this, and that's how based 0:15:24.000 --> 0:15:26.960 upon your numbers, based upon what you do, based upon 0:15:27.000 --> 0:15:30.000 the multiple, and based upon the comparable companies. This is 0:15:30.040 --> 0:15:31.760 how we come to you with your numbers. Now here's 0:15:31.760 --> 0:15:36.520 the thing you will there's gonna be two numbers. You're 0:15:36.560 --> 0:15:38.960 gonna get a number is if you were a publicly 0:15:39.000 --> 0:15:41.720 traded company, which that number will probably be higher, and 0:15:41.760 --> 0:15:43.560 then you'll get a number as the fact that you 0:15:43.600 --> 0:15:45.960 are not a publicly traded company, so that number is 0:15:45.960 --> 0:15:49.200 gonna be lower because you know, they all call it 0:15:49.240 --> 0:15:55.320 like a marketability penalty because it's like you're not publicly traded. 0:15:55.360 --> 0:15:57.160 So I can't just say each is your stock is 0:15:57.200 --> 0:15:58.920 going to be worth or whatever, because you know, maybe 0:15:58.960 --> 0:16:01.160 the company has your face on whatever it is, and 0:16:01.760 --> 0:16:03.760 you know they're like, well, we can't quite say you're 0:16:03.760 --> 0:16:05.480 worth ten million. We got to say you're worth six 0:16:05.880 --> 0:16:08.840 because it's just a privately traded company, and that's going 0:16:08.880 --> 0:16:12.480 to harm your ability to sell this company and actually 0:16:12.520 --> 0:16:14.600 get ten million dollars, if that makes sense. So they're 0:16:14.600 --> 0:16:16.320 going to give you both of those numbers. So you're 0:16:16.320 --> 0:16:19.360 going to want for you and your business partner to 0:16:19.480 --> 0:16:23.080 be talking with whatever valuation company that you use, so 0:16:23.240 --> 0:16:25.400 you know, like no one's ever fully happy, but at 0:16:25.480 --> 0:16:28.160 least it's a third party. This is what they do. 0:16:28.400 --> 0:16:30.840 It can stand up in court. We're all on the 0:16:30.880 --> 0:16:33.760 same page. You know. Some people get multiple valuations, you know, 0:16:33.880 --> 0:16:35.680 but like I said, that was a solid company at 0:16:35.720 --> 0:16:38.480 least for you to go start. Okay. So then once 0:16:38.520 --> 0:16:41.480 you get your evaluation, then you and I don't know, 0:16:41.520 --> 0:16:44.640 if you guys are fifty fifty, thirty, forty, whatever, then 0:16:44.760 --> 0:16:48.360 you that's basically the math, which is you know, worth 0:16:48.360 --> 0:16:51.480 fifty to fifty. So they told us the company is 0:16:51.520 --> 0:16:54.960 worth a million dollars, I have to pay you five 0:16:55.040 --> 0:16:57.560 hundred thousand, and you can figure out whatever that payment 0:16:57.640 --> 0:17:00.120 looks like. Is it going to be over a period 0:17:00.120 --> 0:17:01.400 of a couple of years, is it going to be 0:17:01.480 --> 0:17:03.840 right away? Whatever that is. But this is something to 0:17:03.880 --> 0:17:07.720 keep in mind too. You also have to keep in 0:17:07.760 --> 0:17:10.199 mind that if there's money in the company that is 0:17:10.280 --> 0:17:14.440 not a sign for specific things, that money is up 0:17:14.480 --> 0:17:17.119 to be divided as well. So I'll give you an example. 0:17:17.160 --> 0:17:20.920 So for Biffany, I had heard that she had six 0:17:20.960 --> 0:17:23.879 months worth of savings, and at first she was like, girl, no, 0:17:23.960 --> 0:17:26.240 those savings is for the company. One day and it's like, no, no, No. 0:17:26.720 --> 0:17:30.159 Any savings in a company really is just delayed payment 0:17:30.240 --> 0:17:34.080 to its owners. Because really, if I have money in 0:17:34.119 --> 0:17:36.280 a company, like for example, Manny and I will have 0:17:36.359 --> 0:17:40.639 money in our account for brand ambition, and just because 0:17:40.680 --> 0:17:43.800 we haven't spent it, right, it doesn't mean that we 0:17:43.880 --> 0:17:45.920 have not paid taxes on it, like we have to 0:17:45.960 --> 0:17:48.000 pay tax on whether we spend it or not. But 0:17:48.040 --> 0:17:49.360 we like to have a little bit of savings because 0:17:49.359 --> 0:17:52.080 we have some things to pay, so that money has 0:17:52.119 --> 0:17:55.679 already been taxed, so legally and morally and rightfully, that 0:17:55.800 --> 0:17:58.520 money is yours and your partners. So you're going to 0:17:58.600 --> 0:18:00.239 have to like so if you have if you have 0:18:00.240 --> 0:18:02.360 money set aside for operations, because it's okay to say 0:18:02.400 --> 0:18:04.359 I have two or three months for operations for these 0:18:04.359 --> 0:18:06.840 specific things, that's fine, that's not money you split. But 0:18:06.880 --> 0:18:10.400 if it's just savings for savings sake, then know that 0:18:10.400 --> 0:18:13.159 that money outside of what you owe them is going 0:18:13.240 --> 0:18:15.639 to go to that person like their half or whatever, 0:18:15.680 --> 0:18:17.600 and then you will also have to pull out your half, 0:18:18.800 --> 0:18:20.640 you know. And so like just keep that in mind, 0:18:20.680 --> 0:18:24.280 you know. But also too equipment. So Biffany, for example, 0:18:24.440 --> 0:18:26.879 I heard that she had like cameras and these like 0:18:26.880 --> 0:18:29.880 maybe twenty thousand dollars worth of equipment. The equipment had 0:18:29.880 --> 0:18:33.560 to also be accounted for, and then the value of 0:18:33.600 --> 0:18:37.639 the equipment had to be you know, like split if 0:18:37.680 --> 0:18:39.720 it's fifty to fifty or whatever. You know, So just 0:18:40.440 --> 0:18:44.080 keep that in mind. So the part part about it 0:18:44.119 --> 0:18:45.399 is that like all of a sudden, you know, you 0:18:45.480 --> 0:18:47.360 kind of pull money out of the company. Like I said, 0:18:47.359 --> 0:18:48.880 I don't know if you have savings that you might 0:18:48.920 --> 0:18:51.280 be like damn. But the good part is for Biffany, 0:18:51.359 --> 0:18:54.240 for example, there was enough money pulled out that that 0:18:54.320 --> 0:18:57.080 pull out money was enough to pay. So Biffany didn't 0:18:57.080 --> 0:18:58.480 actually have to come out of her own pocket. She 0:18:58.600 --> 0:19:01.320 just used the money that she received from the savings. 0:19:01.320 --> 0:19:03.840 So it was like, oh, you know, that's why I 0:19:03.880 --> 0:19:04.920 had her or she had done. 0:19:05.040 --> 0:19:07.159 I was gonna ask, you don't have the money to 0:19:07.160 --> 0:19:09.199 buy someone out, like, how does that work? 0:19:10.000 --> 0:19:12.800 So one, if you had that savings, or you can 0:19:12.920 --> 0:19:15.120 work on a payment plan where it's like, so I've 0:19:15.119 --> 0:19:18.520 had friends like my friend him and his brother they 0:19:18.560 --> 0:19:22.200 split and the brother had to for five years pay 0:19:22.280 --> 0:19:25.600 him like annually, you know, like you know, monthly, but annually, 0:19:25.720 --> 0:19:27.080 like until he paid it was like maybe it was 0:19:27.119 --> 0:19:29.000 like five hundred thousand dollars or whatever. So if you 0:19:29.040 --> 0:19:31.280 don't have the money out of pocket like Biffany supposedly 0:19:31.320 --> 0:19:33.640 did because she was able to pull it from the company, 0:19:34.040 --> 0:19:35.919 then you can set up a payment plan and basically 0:19:36.040 --> 0:19:39.480 let the new the company you're keeping help to generate 0:19:39.520 --> 0:19:42.440 that revenue. So that's that's another thing. So once you 0:19:42.480 --> 0:19:45.239 figure out, okay, this is what the company's worth, this 0:19:45.280 --> 0:19:47.320 is our split, we're on the same page, then you 0:19:47.359 --> 0:19:50.399 bring in the lawyers because lawyers are expensive and you 0:19:50.440 --> 0:19:52.600