1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,800 --> 00:00:14,080 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,079 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to save, plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,840 Speaker 1: National Association Member FDIC. 13 00:00:43,240 --> 00:00:45,960 Speaker 2: About how to build these institutional relationships if they don't 14 00:00:46,240 --> 00:00:46,680 Speaker 2: have them. 15 00:00:46,920 --> 00:00:48,320 Speaker 3: The first thing you gotta do is get your credit 16 00:00:48,400 --> 00:00:50,520 Speaker 3: scoreer up to seven hundred, otherwise you can't even It's 17 00:00:50,560 --> 00:00:52,800 Speaker 3: like somebody going to lunch with you and saying they 18 00:00:52,800 --> 00:00:54,240 Speaker 3: want to do a five million dollar deal, but they 19 00:00:54,280 --> 00:00:57,360 Speaker 3: can't pay for the fifty dollars lunch. I can't tell 20 00:00:57,360 --> 00:00:59,280 Speaker 3: you many times I've had people broke. People come to 21 00:00:59,280 --> 00:01:01,760 Speaker 3: me talking about the other five million dollars or five 22 00:01:01,760 --> 00:01:04,680 Speaker 3: billion dollar line of credit from excuse me, China or 23 00:01:04,760 --> 00:01:07,000 Speaker 3: Rusher or someplace that you get from China. 24 00:01:07,200 --> 00:01:08,360 Speaker 2: I'm like, come on, knock that up. 25 00:01:08,959 --> 00:01:11,160 Speaker 3: That I said if you had a five billion dollars 26 00:01:11,240 --> 00:01:13,279 Speaker 3: or five one hundred million dollar a line of credit, 27 00:01:13,400 --> 00:01:15,039 Speaker 3: do you really think that you'd be talking to me 28 00:01:15,080 --> 00:01:17,319 Speaker 3: at lunch. Don't you think that JB. Morgan Chase would 29 00:01:17,319 --> 00:01:19,039 Speaker 3: have that. Don't you think that Wells Froger would have that, 30 00:01:19,280 --> 00:01:21,920 Speaker 3: KKR would have that. Some investment banker would get that deal. 31 00:01:21,959 --> 00:01:25,080 Speaker 3: Why are you so special? It's because it's a scam, right, 32 00:01:25,360 --> 00:01:28,360 Speaker 3: so and it and it unravels. So first of all, 33 00:01:28,480 --> 00:01:31,559 Speaker 3: get your credit screw up so you're so you actually 34 00:01:31,600 --> 00:01:34,080 Speaker 3: can walk the talk. If you can't do a fifty 35 00:01:34,080 --> 00:01:36,240 Speaker 3: thousand dollars deal, don't be trying to talk talking about 36 00:01:36,240 --> 00:01:37,240 Speaker 3: a five million dollar deal. 37 00:01:37,319 --> 00:01:37,840 Speaker 2: Knock it off. 38 00:01:38,240 --> 00:01:40,160 Speaker 3: So get your credit score up to seven hundred. The 39 00:01:40,200 --> 00:01:42,000 Speaker 3: aver A credit score for black folks is six twenty 40 00:01:42,000 --> 00:01:44,720 Speaker 3: across the country. I've done that through our Hope of 41 00:01:44,760 --> 00:01:46,959 Speaker 3: Financial Wellness Index. You put your zip code in, I'll 42 00:01:46,959 --> 00:01:49,240 Speaker 3: tell your credit score wherever you live. Get your credit 43 00:01:49,280 --> 00:01:51,840 Speaker 3: score up, get your vibration up. Go to the don't 44 00:01:51,880 --> 00:01:56,120 Speaker 3: go to the local bank branch, find the regional credit 45 00:01:56,160 --> 00:01:59,200 Speaker 3: officer for the bank. Don't don't go to money center bank. 46 00:02:00,240 --> 00:02:03,840 Speaker 3: Go to a regional bank or community bank that has 47 00:02:03,840 --> 00:02:06,640 Speaker 3: a billion two billion in assets, five being in assets. 48 00:02:06,760 --> 00:02:08,520 Speaker 3: But you can still get to the chief credit officer. 49 00:02:08,760 --> 00:02:11,000 Speaker 3: You still get to the chief lending officer. If you 50 00:02:11,080 --> 00:02:12,560 Speaker 3: can't get a no, why would you want to get 51 00:02:12,560 --> 00:02:14,919 Speaker 3: a knowe from the branch manager. No disrespect intended to 52 00:02:14,960 --> 00:02:17,000 Speaker 3: from the branch manager. If I'm gonna get a note, 53 00:02:17,120 --> 00:02:21,160 Speaker 3: I want to know from a boss. So I'm going 54 00:02:21,240 --> 00:02:25,959 Speaker 3: to go find. We're great at storytelling. Go find who 55 00:02:25,960 --> 00:02:28,160 Speaker 3: are the chief lending officer. Chief credit officer is these 56 00:02:28,160 --> 00:02:31,960 Speaker 3: people who make credit decisions at a mid size bank. 57 00:02:32,400 --> 00:02:34,360 Speaker 3: Mid size is something with the B on top of it. 58 00:02:34,480 --> 00:02:36,720 Speaker 3: Billion in assets. It's not very big for a bank. 59 00:02:36,880 --> 00:02:40,600 Speaker 3: But you can still access these people their emails on 60 00:02:40,639 --> 00:02:44,239 Speaker 3: their website. In most cases, send them an email. Don't 61 00:02:44,280 --> 00:02:47,080 Speaker 3: be crazy, send an email. Hey, I'd like to buy 62 00:02:47,960 --> 00:02:51,239 Speaker 3: a business in town. I read your resume, your background. 63 00:02:51,240 --> 00:02:52,880 Speaker 3: You seem like a very interesting person. I'd love to 64 00:02:52,919 --> 00:02:55,120 Speaker 3: meet you. He's a little bit about me. We're great storyteller. 65 00:02:55,480 --> 00:02:58,040 Speaker 3: Most people will give you fifteen minutes. So either do 66 00:02:58,080 --> 00:03:00,200 Speaker 3: it virtually, do it in person. Build a report in 67 00:03:00,200 --> 00:03:01,840 Speaker 3: there and ask for a transaction. Don't go in there 68 00:03:01,880 --> 00:03:04,040 Speaker 3: bragging about yourself. Don't go in there with don't go 69 00:03:04,120 --> 00:03:06,560 Speaker 3: there with your hand. Go there and find something personal 70 00:03:06,600 --> 00:03:09,440 Speaker 3: about that person. Look at their look at the photos 71 00:03:09,520 --> 00:03:12,240 Speaker 3: behind their desk. Ask them by their wife, their husband 72 00:03:12,240 --> 00:03:14,520 Speaker 3: about them. No one asks them about them. Build a 73 00:03:14,520 --> 00:03:16,720 Speaker 3: personal rapport. 74 00:03:16,200 --> 00:03:16,680 Speaker 2: A warmth. 75 00:03:17,400 --> 00:03:19,520 Speaker 3: And but before the end of that meeting, that person 76 00:03:19,560 --> 00:03:21,600 Speaker 3: will say, hey, by the way, thank you, this has 77 00:03:21,639 --> 00:03:22,280 Speaker 3: been a great meeting. 78 00:03:22,280 --> 00:03:25,240 Speaker 2: What were you here for? What do you need? What 79 00:03:25,400 --> 00:03:26,160 Speaker 2: do you need? 80 00:03:26,520 --> 00:03:30,360 Speaker 3: Now the door is open and you say, well, actually, 81 00:03:30,560 --> 00:03:33,440 Speaker 3: thanks for asking. I really enjoyed meeting you. By what 82 00:03:33,520 --> 00:03:35,120 Speaker 3: you gotta be authentic about this can't be a game. 83 00:03:35,120 --> 00:03:36,160 Speaker 3: I really enjoy meeting you. 84 00:03:37,000 --> 00:03:37,280 Speaker 2: Yes. 85 00:03:37,360 --> 00:03:39,280 Speaker 3: In addition to that, I'm trying to buy the DNNIS 86 00:03:39,400 --> 00:03:43,200 Speaker 3: office or whatever. Okay, well let's get you with somebody. 87 00:03:43,360 --> 00:03:47,240 Speaker 3: Now that's changed everything because this person's job is to 88 00:03:47,280 --> 00:03:50,440 Speaker 3: say yes. The person in the branch manager, I'm not 89 00:03:50,480 --> 00:03:54,800 Speaker 3: picking the person in middle underwriting, middle management at a 90 00:03:55,200 --> 00:03:58,280 Speaker 3: corporation or a bank or Linda. Their job is to 91 00:03:58,320 --> 00:04:01,960 Speaker 3: say no, why they don't get fired, But saying no 92 00:04:03,200 --> 00:04:05,080 Speaker 3: they get fired, or saying yes or the wrong thing. 93 00:04:05,440 --> 00:04:07,880 Speaker 3: So the answers, no, you need to go to somebody 94 00:04:07,920 --> 00:04:09,720 Speaker 3: whose business it is to say yes. That's a C 95 00:04:09,880 --> 00:04:12,760 Speaker 3: suite executive. I'm just doing this quick because we don't 96 00:04:12,760 --> 00:04:16,040 Speaker 3: have a lot of time. So you go to because 97 00:04:16,279 --> 00:04:17,440 Speaker 3: I can't. I want to get to know one, get 98 00:04:17,480 --> 00:04:21,320 Speaker 3: to know from the top. So relationship capital is everything. 99 00:04:21,360 --> 00:04:23,719 Speaker 3: Why does somebody go to Harvard because Harve's gonna make 100 00:04:23,760 --> 00:04:27,360 Speaker 3: you three times more smart as the state university. No, 101 00:04:27,880 --> 00:04:31,640 Speaker 3: it's because the class of twenty twenty five at Harvard's gonna. 102 00:04:31,480 --> 00:04:33,680 Speaker 2: Hook each other up for the next fifty years. That's 103 00:04:33,680 --> 00:04:41,719 Speaker 2: why you go to Harvard. Country clubs, fraternity sororities, universities. 104 00:04:42,560 --> 00:04:46,240 Speaker 3: It's a club. I can't you know, I can't mention 105 00:04:46,279 --> 00:04:49,120 Speaker 3: where I was last week, But that's a club. You 106 00:04:49,120 --> 00:04:52,480 Speaker 3: guys probably know what we're talking about. It was an Idaho. 107 00:04:55,120 --> 00:05:00,840 Speaker 2: Milk and conference. It's a club Clinton Go Initiative. It's 108 00:05:00,880 --> 00:05:03,599 Speaker 2: a club. You want to be part of that club 109 00:05:03,839 --> 00:05:04,560 Speaker 2: if you want to. 110 00:05:04,640 --> 00:05:07,120 Speaker 3: You want to relationship capital because they're gonna hook up 111 00:05:07,120 --> 00:05:10,240 Speaker 3: their friends. If you see a white if you see 112 00:05:10,240 --> 00:05:12,680 Speaker 3: a board of directors with all white siventy five year 113 00:05:12,680 --> 00:05:16,040 Speaker 3: old men. Don't don't assume that's that's racism. It might 114 00:05:16,080 --> 00:05:21,920 Speaker 3: be discrimination. Discrimination, is I'm discriminating against you to do 115 00:05:21,960 --> 00:05:24,240 Speaker 3: something else? But if I grew up with these guys 116 00:05:24,320 --> 00:05:26,239 Speaker 3: and went to college with them, we chased girls together, 117 00:05:26,279 --> 00:05:29,479 Speaker 3: that we lied together whatever in school, And I need 118 00:05:29,480 --> 00:05:32,719 Speaker 3: to hire somebody who's a treasurer. I'm I'm the chief 119 00:05:32,720 --> 00:05:35,800 Speaker 3: of angel officer. I need a treasurer. And I got 120 00:05:35,800 --> 00:05:39,520 Speaker 3: three implications on my desk. One's black, eminently experienced, ones 121 00:05:39,560 --> 00:05:42,240 Speaker 3: a white womanly qualified, and then the third one is 122 00:05:42,240 --> 00:05:44,160 Speaker 3: a white dude I went to college with who chased 123 00:05:44,160 --> 00:05:47,000 Speaker 3: women and he and he and he didn't tell me 124 00:05:47,000 --> 00:05:50,640 Speaker 3: when I when I cheated on a test, which one 125 00:05:50,640 --> 00:05:52,640 Speaker 3: gets hired? This is a white male now and this 126 00:05:52,800 --> 00:05:57,920 Speaker 3: is the third one. Yeah, that's discrimination. It's not racism. 127 00:05:58,520 --> 00:06:00,840 Speaker 3: By the way, that's the way the world works. You 128 00:06:00,880 --> 00:06:03,520 Speaker 3: have a barbecue, you invite black people do your barbecue. 129 00:06:04,000 --> 00:06:05,839 Speaker 3: Are you are you racist? No? 130 00:06:06,080 --> 00:06:09,520 Speaker 2: Are you discriminating? Little bit? That means your friends, So 131 00:06:09,720 --> 00:06:12,640 Speaker 2: you're you're you're doing what's comfortable with you. We got 132 00:06:12,680 --> 00:06:15,680 Speaker 2: to break up the comfort and insert us. 133 00:06:15,920 --> 00:06:18,320 Speaker 3: That's why I loved you guys going to China in Africa, 134 00:06:18,320 --> 00:06:19,479 Speaker 3: I've been one hundred countries. 135 00:06:19,680 --> 00:06:20,719 Speaker 2: You don't go. You can't know. 136 00:06:21,360 --> 00:06:26,720 Speaker 3: So this AI thing and this capital markets thing and 137 00:06:26,760 --> 00:06:28,760 Speaker 3: the financial literacy thing, which I believe is the civil 138 00:06:28,839 --> 00:06:29,800 Speaker 3: rights issue of this generation. 139 00:06:30,160 --> 00:06:32,680 Speaker 2: Financial literacy and AI literacy is everything. 140 00:06:34,440 --> 00:06:39,919 Speaker 3: These pieces plus relationship capital can transform Black Americas in 141 00:06:40,000 --> 00:06:40,599 Speaker 3: five years. 142 00:06:41,480 --> 00:06:43,720 Speaker 2: This is the third reconstruction we're in right now, in 143 00:06:43,760 --> 00:06:44,320 Speaker 2: my opinion. 144 00:06:46,920 --> 00:06:51,800 Speaker 1: So okay, So with that being said, Okay, mommy, I 145 00:06:51,800 --> 00:06:53,919 Speaker 1: should just because I never really asked you about real estate. 146 00:06:55,279 --> 00:06:59,200 Speaker 2: You you like, you said, do you still own those properties? 147 00:06:59,200 --> 00:07:01,600 Speaker 2: So you said that you you offloaded them. So I 148 00:07:02,440 --> 00:07:05,200 Speaker 2: was a one hundred percent owner. The problem. 149 00:07:05,240 --> 00:07:07,000 Speaker 3: I built it from zero to one hundred and fifty 150 00:07:07,000 --> 00:07:11,000 Speaker 3: million dollars. I was one hundred percent owner. I paid 151 00:07:11,040 --> 00:07:14,800 Speaker 3: off eighty eight million dollars of debt and equity Christmas 152 00:07:14,880 --> 00:07:18,480 Speaker 3: Eve twenty twenty one. I owned thirty eight percent of 153 00:07:18,480 --> 00:07:22,240 Speaker 3: the new joint venture. I was the largest shareholder after I. 154 00:07:22,280 --> 00:07:24,160 Speaker 3: So I sold it for lesson it was worth. It 155 00:07:24,200 --> 00:07:25,760 Speaker 3: was worth one hundred and fifty sold it for her 156 00:07:25,800 --> 00:07:28,320 Speaker 3: to twenty one. I was a thirty eight percent owner 157 00:07:28,360 --> 00:07:31,760 Speaker 3: of the new joint venture. But I realized very quickly 158 00:07:32,160 --> 00:07:36,400 Speaker 3: that I'm a control freak. I didn't have control of 159 00:07:36,440 --> 00:07:39,239 Speaker 3: the new entity, and so I was chairman or whatever. 160 00:07:39,440 --> 00:07:43,240 Speaker 3: I resigned as chairman, and you know, graciously, and I've decided. 161 00:07:43,240 --> 00:07:45,280 Speaker 3: I decided to let them do their thing, because that's 162 00:07:45,320 --> 00:07:48,080 Speaker 3: just not the way. The Camel's a horse designed by committee, 163 00:07:48,480 --> 00:07:50,720 Speaker 3: and I don't do committees very well. And I have 164 00:07:50,800 --> 00:07:53,119 Speaker 3: a very distinct view of how I want to do something. 165 00:07:53,600 --> 00:07:55,680 Speaker 3: So God bless them and wish them well, and I 166 00:07:55,760 --> 00:07:58,400 Speaker 3: have an interest in their success, right if they succeed, 167 00:07:59,000 --> 00:08:00,320 Speaker 3: But I no longer contry. 168 00:08:01,560 --> 00:08:03,400 Speaker 2: The enterprise earners. What's up? 169 00:08:03,480 --> 00:08:05,920 Speaker 1: You ever walk into a small business and everything just 170 00:08:06,120 --> 00:08:09,240 Speaker 1: works like the checkout is fast, the seats are digital, 171 00:08:09,840 --> 00:08:12,800 Speaker 1: tipping is a breeze, and you're out the door before 172 00:08:12,840 --> 00:08:16,960 Speaker 1: the line even builds. Odds are they're using Square? We 173 00:08:17,120 --> 00:08:19,640 Speaker 1: love supporting businesses that run on Square because it just 174 00:08:19,720 --> 00:08:22,920 Speaker 1: feels seamless. Whether it's a local coffee shop, a vendor 175 00:08:23,000 --> 00:08:25,200 Speaker 1: at a pop up market, or even one of our 176 00:08:25,320 --> 00:08:28,920 Speaker 1: merch partners. Square makes it easy for them to take payments, 177 00:08:29,200 --> 00:08:32,880 Speaker 1: manage inventory, and run their business. With confidence, all from 178 00:08:33,000 --> 00:08:35,760 Speaker 1: one simple system. One of the things we love most 179 00:08:35,880 --> 00:08:39,800 Speaker 1: is seeing neighborhood businesses level up. Business West Indian spired 180 00:08:39,840 --> 00:08:42,800 Speaker 1: writing our community that started with a small takeout counter. 181 00:08:43,280 --> 00:08:45,880 Speaker 1: Now with Square they've been able to expand into a 182 00:08:46,000 --> 00:08:49,720 Speaker 1: full sit down restaurant and even started catering events across 183 00:08:49,760 --> 00:08:52,679 Speaker 1: the city. That's the kind of growth that inspires us, 184 00:08:52,960 --> 00:08:56,160 Speaker 1: and it's powered by Square. Square is built for all 185 00:08:56,240 --> 00:08:59,200 Speaker 1: types of businesses, from the corner bagel shop that turned 186 00:08:59,240 --> 00:09:02,679 Speaker 1: into a local to the specialty market with thousands of 187 00:09:02,800 --> 00:09:05,720 Speaker 1: unique items, to the stylist who's been holding you down 188 00:09:05,880 --> 00:09:06,439 Speaker 1: for years. 189 00:09:06,800 --> 00:09:07,240 Speaker 2: If you're a. 190 00:09:07,240 --> 00:09:10,400 Speaker 1: Business owner or even just thinking about launching something soon, 191 00:09:10,800 --> 00:09:13,360 Speaker 1: Square is hands down one of the best tools out 192 00:09:13,400 --> 00:09:16,559 Speaker 1: there to help you start, run and grow. It's not 193 00:09:16,800 --> 00:09:19,880 Speaker 1: just about payments, it's about giving you time back so 194 00:09:20,040 --> 00:09:22,680 Speaker 1: you can focus on what matters most Ready. To see 195 00:09:22,720 --> 00:09:27,120 Speaker 1: how Square can transform your business, visit Square dot com backslash, 196 00:09:27,240 --> 00:09:32,360 Speaker 1: go backslash eyl to learn more that Square dot com backslash, 197 00:09:32,480 --> 00:09:37,040 Speaker 1: go backslash eyl. Don't wait, don't hesitate. Let's Square handle 198 00:09:37,120 --> 00:09:39,720 Speaker 1: the back end so you can keep pushing your vision forward.