Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000024
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00:01 On Take it to the Bank,
00:02 you'll find ways to get out of debt. 00:09 Solve your credit card problems. 00:14 How to make and stick with the budget? 00:19 Simple ways to save. 00:24 Buying or selling a home 00:26 and many more financial matters on Take it to the Bank. 00:32 Hi, my name is Cordell Thomas, 00:33 and welcome back to Take it to the Bank. 00:35 We're excited that you're here. 00:37 We're talking about finances and one of the things 00:40 we've been focused on 00:41 is the top reasons for financial crisis, 00:44 financial concerns. 00:45 And we're finding out there are just a few issues 00:47 that are out there. 00:49 They're pretty much six items 00:51 that you look at when you look at crisis. 00:52 And what we'd like to talk to you about right now is 00:55 to a certain extent put you at ease, 00:57 to think you're not in the minority, 00:59 but there's a majority, 01:01 a grand number of middle class Americans 01:03 who are dealing was this thing called financial crisis. 01:07 We know that people are dealing with this issue, because why? 01:12 All you have to do is do a quick search 01:14 on any one of the search engines 01:15 and you can find the stories of people 01:19 that are dealing with this, 01:20 these issues all relevant to things 01:24 like communication, 01:27 financial crisis, personal issues, 01:29 and the stories are quite stark. 01:31 I was reading one in reference to an individual 01:34 who was separated from a previous relationship 01:36 had child support, 01:38 he had a great job in IT 01:39 and he met the woman of his dreams, 01:41 they get married. 01:42 And now they have a total of six in their family, 01:46 and they're dealing with the foreclosure crisis in 2008. 01:50 There he loses his job, their income is cut in half, 01:54 and you begin to see some of the things 01:56 that begin to happen as it snowballs out of control. 02:00 Now what we are talking about, 02:02 there are top three reasons 02:05 for crisis and stress in life are threefold. 02:09 We're talking about work environment, 02:11 that's number two. 02:12 The number three reason is 02:15 the issue of personal relationships. 02:17 And then of course, 02:18 the number one reason for stress 02:20 that we're dealing with are finances. 02:23 And it's interesting as you read the story 02:26 and watch what's going on 02:27 because they actually give a short video, 02:30 is they talk about what they're dealing with, 02:32 and a lot of what they're dealing with, 02:33 or a lot of what all of us are dealing with. 02:36 Today we're gonna talk about 02:38 one of the major reasons 02:40 for financial crisis is the loss of income. 02:42 We've talked about loss of income, 02:44 but we are also gonna address it 02:46 from the standpoint of business failure. 02:49 We each are small business owners, 02:51 because each of us as entities as individuals 02:55 bring in a certain amount of revenue, 02:57 and each one of us 02:59 pay a certain amount of expenses. 03:01 Corporations do that, businesses do that, 03:03 and it's essential that you understand the context 03:05 that what you're doing for your family is 03:07 just as important 03:09 at what a business is doing for his clients. 03:11 A well run business 03:13 can be seen from a far based on how they do business, 03:17 and when you see someone in business 03:20 for 50 years, 75 years and 100 years 03:24 and they're doing very well 03:25 and they're transitioning their business 03:27 to different generations, 03:29 you can begin to understand 03:30 that they have the nuts and bolts in place. 03:34 But as we see the stories unfold, 03:35 we find that the nuts and bolts are not in place 03:38 for personal families 03:40 that are dealing with this issue. 03:42 So they go through the foreclosure crisis, 03:45 that you see that homes are underwater, 03:47 mortgage issues become a concern 03:49 and many people are paying $2,100 plus on their mortgages, 03:54 those things that have ramped up in interest, 03:56 those that couldn't afford 03:58 or couldn't get their mortgages modified, 04:00 and they're dealing with those expenses, 04:02 they're dealing with the ongoing expenses of cars, 04:05 debt, food, and other elements. 04:10 It was interesting, really riveting 04:12 when I read the story, 04:13 that one of these families would tell you that, 04:16 our budget accounts for what we bring in 04:20 and basically 04:22 the major expenses of the house. 04:25 That is not a complete budget, 04:27 because their budget didn't incorporate food, 04:30 and water, and clothing, and the necessities of life, 04:34 that should be an integral part of your budget. 04:38 That should be what you start out with, 04:40 the needs, the wants, 04:42 and those things you can do without 04:43 or those things you can work with 04:45 in lowering the actual expenses 04:48 is something that should be considered secondary. 04:51 So when you see little mistakes like that, 04:54 the major thing you should do is address, 04:57 assess your debt, assess where you're at, 04:59 immediately do so, 05:00 and then begin the process of creating that budget. 05:03 And the budget is gonna be 05:04 the essential part of getting you back in line, 05:06 because once you know where you are at, 05:08 you can develop the road map to success. 05:11 Now what I'd like to do 05:13 in this case is take you to some of the questions 05:16 we ask to some of our, the viewers 05:18 that we had at Venice Beach 05:20 and see what they see as the top three reasons 05:24 for financial crisis. 05:25 If we could, let's go to video. 05:27 Well, most of the times 05:29 I probably would go to my girl or my music pastor, 05:33 he's kind of like a mentor I have, 05:34 music minister of one church I used to go to, 05:37 me and my fiance usually. 05:40 When you consider a stressful situation 05:43 or a crisis, 05:44 what or who do you go to for advice? 05:47 I tend to go to my friends and family 05:49 depending on what the situation is. 05:55 Stressful situation or crisis, who do you go to for advice? 05:58 God. 06:00 God and to myself. 06:06 You see the many different responses 06:08 that people give in reference to who they go to for advice, 06:11 going to people for advice. 06:12 And again I bring up this issue 06:14 and I see that very clearly is don't go to a baker 06:19 if you need to build a building, 06:21 you need to build a building by with someone 06:24 that understands, 06:25 not only an engineer to put together the plans, 06:28 but someone who knows how to construct the building. 06:31 And that is key to understanding 06:32 how we work this issue called the... 06:37 One of the major reasons for financial crisis is 06:40 business failure. 06:41 And that's what we'll talk about today, 06:43 business failure. 06:45 When you're going into business, 06:47 there are several decisions that you have to make. 06:48 I'm sure that when you think about it, 06:51 what is the simplest way to do things, 06:52 but one of the biggest problems 06:54 that people tend to not concern themselves with 06:58 is the taxation issue. 07:01 Are we prepared to pay taxes on a quarterly basis, 07:05 based on how much money we bring in? 07:07 Are we prepared to be organized in what we do, 07:10 so that we are able to handle these things? 07:12 And you begin to see 07:14 some qualities or attributes of those 07:18 that go into business failure. 07:20 And then we're gonna talk a little bit about some things 07:23 that you can do to mitigate any problems 07:25 within a business 07:27 that you might want to begin with. 07:28 Now, developing a business plan is key. 07:31 You can't just come up with an idea 07:33 and think let's try it, 07:34 because there's several elements 07:35 that need to go on. 07:37 Would you go to Alaska 07:38 and try to sell ice to Eskimos as a business? 07:40 Would that work? 07:42 I don't know. 07:43 Maybe if you're great salesperson, 07:45 you could make millions of dollars doing that. 07:46 But in most settings, ice is already prevalent there. 07:50 There's an issue called law of supply and demand. 07:54 There's a lot of supply up there, 07:55 so there's probably no demand for ice. 07:58 Thinking about these issues creates an environment for you 08:03 to begin the process of conceptualizing 08:05 and discussing strategy 08:07 with what type of business you want to go into. 08:09 Are you planning to bake pies 08:12 and try to sell these pies online 08:15 and deliver these pies 08:16 to those people in a specific geography? 08:19 Can these pies be frozen and mailed 08:21 and sent a long distance? 08:24 How do you plan to get that strategic advantage? 08:28 That little advantage above your competitors 08:31 and be able to increase market share. 08:33 So what I thought I would do for you today is 08:35 talk to you a little bit about 08:37 the top ten reasons for business failure, 08:41 and then we'll talk a little bit about them. 08:43 All right. 08:44 So you plan to go into business, 08:46 and one of the big things 08:48 that happens as the business 08:50 goes out of business relatively soon. 08:52 Number one, take a look at 08:54 where you incorporate your business at? 08:56 Where do you live? 08:57 What are the challenges 08:58 incorporated with that business? 09:00 Did you know that 09:01 the state with the highest risk for business failure, 09:06 you know what that state is? 09:08 California. 09:09 California has a high likelihood 09:12 of business failure, 09:14 if you are not prepared 09:15 for what business you're going into. 09:18 Now I say this for a reason 09:19 because many of us have a great idea 09:22 and those ideas can work, you as a work in progress, 09:27 you in the inner cities of this country, 09:30 and those of that you have challenges and demands 09:33 upon you in reference to family and livelihood. 09:35 If you take a moment and go to some place 09:38 that has a computer, access to the internet, 09:41 if you don't have it at home. 09:43 Go to a library, 09:44 a public library will provide you 09:45 access to that type of resource, 09:47 and you can begin the process of developing an idea, 09:51 a business plan, a concept of what you want to do. 09:54 Many people that go out of business 09:57 tend to blame everyone around them except themselves. 10:01 And a lot of things you can do to prevent this from happening. 10:05 So I would ask you to not blame the government, 10:09 not blame your partner, don't blame the bank, 10:13 but take a look inwardly and try to prevent 10:15 all of those things from happening, 10:18 and or going wrong. 10:20 Top ten reasons. 10:22 Number one, the math just doesn't work. 10:26 There is not enough demand for product 10:29 or service at a price 10:31 that would generate profit for an organization. 10:35 Pricing is key. 10:37 Is demand there? 10:39 Do you have the buzz 10:41 that's out there in the internet 10:43 to create that demand? 10:44 Did you know that if you get one great interview 10:47 on a national syndicated television show, 10:49 it's gonna knock you out of the ballpark. 10:51 Then it creates a whole different problem. 10:53 What's that? 10:54 Demand, people are gonna start calling you off the hook 10:56 for what you have. 10:58 If you have an online business, 10:59 you're gonna see hits to your website, 11:01 and visits to your website, ramp up very quickly, 11:04 and I always go back to that commercial. 11:06 Do you remember that commercial 11:08 where a business gets started online 11:10 and then you see the first sale come in 11:12 and then the second sale comes in, 11:14 and then you see it starting rattling off ways. 11:15 People come into the business in order what they have, 11:19 but guess what? 11:20 They are not prepared to deliver on that volume. 11:24 So you have a product, 11:26 you either don't have demand for that product, 11:28 and there is that challenge. 11:30 Or you have a product 11:31 and there's a high level of demand 11:33 for that product. 11:34 Law of supply and demand tells you that 11:37 if there is not a lot of demand for the product, 11:40 you might want to reduce the price 11:41 and find some way to introduce it to the market, 11:44 and then of course, 11:46 increase the price as demand goes up. 11:48 If there's a whole lot of demand for a product 11:50 that's out there, 11:52 you might look at increasing the price a little bit 11:55 so that it would trigger down much of that demand, 11:57 so you can manage some of the sales 11:59 that may come in. 12:01 Little ideas that are out there, 12:02 but the number one issue is that math doesn't work out. 12:04 I don't understand how to price my product, 12:07 and don't know how to get my product in demand 12:09 in the marketplace, 12:11 and so it doesn't work out. 12:12 This example for example would include a startup, 12:14 trying to compete against a large organization, 12:18 that's already established himself, 12:21 and then looking at its economies of scale. 12:23 Number two. 12:25 Owners who cannot get out of their own way. 12:27 There are people that want to please everyone, 12:29 there are people that are risk averse, 12:31 there are people that are hard to deal with, 12:33 there are those that are conflict averse, 12:35 there are those that are perfectionists, 12:37 there are those that are greedy, 12:38 there are those that are paranoid, 12:40 there are those that are insecure, 12:41 there are those that are indignant, 12:43 and you get the idea. 12:44 Sometimes you can tell that 12:46 these owners will have problems, 12:48 they'll recognize that you may be right 12:51 if you are able to talk to them about it, 12:53 but those are things that you need to be aware of 12:56 and don't prevent success from happening. 12:58 You have owners, 13:00 and I've known some that want to know everything 13:03 about everything in the organization 13:06 and there's no way for you 13:07 to be able to run an organization in a meticulous 13:10 and successful way 13:12 unless you are able to delegate 13:14 and trust those that you delegate to, 13:16 to get the job done. 13:17 Managing is something that's important 13:20 and people don't understand 13:22 what a successful manager is all about. 13:24 Motivating people to do something, 13:27 to accomplish something without having to be personally 13:30 involved in the process. 13:32 Number three. 13:34 Out of control growth, I hand it to that. 13:37 That one of the saddest reasons for failure 13:40 is a successful business 13:42 that is ruined by overexpansion 13:44 or too much demand for the product 13:46 of which they are making more upset customers 13:49 because they can't deliver on what they say they can do. 13:54 This includes moving into markets 13:56 that are not as profitable, 13:58 so the same issue of moving to Alaska 14:01 and jumping into the ice business. 14:04 Experiencing growing pains that damage the business, 14:06 and of course borrowing too much money 14:09 in an attempt to keep growth at a particular rate. 14:11 It's interesting as you look at some of the stories 14:13 we see online, 14:15 and see some of the consumption 14:17 that happens is people tend to try to do too much. 14:21 We go back to the verse in Luke. 14:23 What does that verse say? 14:24 "That take care against greed 14:26 because one's life doesn't consist of the abundance 14:30 of what they have." 14:32 Luke 12 tells us clearly that we need to watch our greed, 14:36 and many of us try to jump into something 14:38 because we get too greedy, 14:40 and we lose sight of the whole overall objective. 14:43 One of the key things that I see as an example is 14:45 many people nowadays are thinking 14:49 that they can jump into something 14:50 and immediately be successful. 14:52 You see it in the music industry, 14:54 you see it in so many different parts of our society, 14:56 and people are willing to do 14:58 whatever they can to be successful. 15:01 And they're willing to spend money 15:02 that they don't even have 15:04 to get that immediate gratification 15:05 for something. 15:07 What has happened to the process of working 15:09 toward something, 15:10 saving for something, 15:12 and preparing for something over the long term, 15:14 so that when you establish yourself, 15:16 you can be successful. 15:17 Look at successful business owners, 15:19 look at successful nonprofit business owners, 15:21 because nonprofits are a whole other beast. 15:25 When you think about it, 15:27 nonprofits have to rely on donations that come in, 15:31 so they have the source of funds 15:34 that come in and the use of funds, 15:36 and those things have to balance 15:37 at the end of the year 15:39 as they report back to their board 15:41 and to their constituents that provide donations. 15:43 What type of business are you doing? 15:45 How are you relating to the business? 15:47 And how are you planning to grow the business to a place 15:50 that it can become successful, 15:53 and where your clients and your donors can trust 15:57 in your ability to get things done. 16:00 Okay, number four. 16:01 Poor accounting. 16:04 One of the things I always recommend is 16:06 when you're talking about getting into a small business 16:08 or doing something on your own is 16:10 go into your local business office, 16:14 administration office. 16:16 There is the EDD that can point you to score, 16:19 and there are many different organizations 16:21 that are out there that can provide you resources. 16:24 And some of those resources 16:25 include training in quick books or quicken 16:28 where you're able to have a transaction in the business 16:31 and you report that transaction. 16:33 You have revenue coming in, you have expenses going out, 16:35 and you track what is happening from a business standpoint. 16:38 There are several things that provides. 16:41 One which we always talk about is it provides you 16:45 an opportunity to see 16:46 where your money is coming from, 16:48 get a snapshot of where your money is going 16:50 and track where that is 16:52 because what does that give you? 16:55 It gives you the ability to budget, 16:57 because I know where the money is coming from, 17:00 I know where the money is going. 17:02 I can take a look at these things on an ongoing basis 17:05 and ramp things down that I don't need, 17:07 ramp things up in an area that I do need. 17:09 If I'm spending too much here, 17:11 maybe I can take a little of money out of this area 17:14 and put it into another area, such as advertising. 17:17 Maybe need to ramp up a little advertising 17:19 and make more people aware of a product that I do have. 17:22 So poor accounting is key 17:25 to making for a disastrous business plan. 17:27 If you have a plan, if you have assessed 17:30 where you are at and now you have a budget in place, 17:35 that budget can tell you 17:36 how much you can spend in a specific area 17:39 and not exceed that area for at year end 17:42 everything to be in balance. 17:47 Lack of a cash cushion. 17:49 Jumping into something without having a savings 17:53 or having a cushion 17:55 that you can drop back on in cases of emergency. 17:58 If we've learned anything from this previous recession, 18:01 and for some people it's over, for some people it's not over. 18:05 The business cycle always happens, 18:06 you see in the automotive industry, 18:08 you see it in many different other industries 18:10 that are out there, that there is a cycle, 18:12 the business where you have challenging times, 18:15 where you have to tap into your resources, 18:18 and you have the great times. 18:19 And the good companies what they do is 18:22 they allocates a portion of those revenues into a fund 18:26 that prepares for those type of emergencies. 18:29 I had a conversation 18:30 with a vice president of an organization 18:33 in the San Diego area, 18:36 and she was able to paint for me, 18:37 that even though this organization 18:38 may have revenues of $18 million a year 18:42 and they have expenditures of course, 18:44 sources and uses of funds of upwards of that 18:46 same $18 million a year. 18:48 What they have chosen to do 18:49 as a part of their budgetary process 18:51 is to allocate certain portions of funds 18:54 into an area that can help 18:56 provide assistance in case of a certain type of emergency. 19:01 These are key things to be aware of. 19:04 Simple but we never think about the fact 19:07 that we're gonna run some emergencies. 19:09 And all you have to do is go online 19:11 and see these stories of individuals 19:13 that have run into the same crisis. 19:15 I remember this one story of a gentleman 19:18 that had everything. 19:20 I mean, his children remember growing up, 19:22 they had all they wanted, wealthy, had a job 19:24 that paid him a lot of money, and of course, 19:27 he was able to pay off their home, 19:29 and they were able to buy a condo, 19:30 and they do what they wanted to do in life. 19:32 And then of course, the children grew up, 19:34 children left home, 19:36 and mom and dad are planning to retire 19:39 and enjoy their retirement on a beach somewhere in Tahiti 19:44 and nothing can go wrong, 19:45 except they didn't plan for the stroke. 19:50 And then the stroke happens and then emergency funds, 19:53 we talk about this. 19:55 What are some of the top issues that cause financial crisis? 19:59 Health related is a number four on the list 20:02 after that cause stress on the list. 20:06 So you take a look at that 20:07 and it wiped out all of his savings, 20:09 that wiped out all of his earnings, 20:11 he had to go back in debt to start paying off, 20:14 and he actually started working earlier than he was supposed to 20:18 because he felt so obligating 20:19 and helping to pay off this major debt 20:22 that had come up in reference to his health 20:26 and the stroke that happened. 20:27 So that I think is essential. 20:30 Preparing for the emergencies is key. 20:32 That is number five. 20:34 Operational mediocrity. 20:38 One thing the Bible tells us 20:40 is to be as good as you possibly can, 20:43 to give your best effort. 20:45 And that comes out in the story of talents. 20:48 How those that got five 20:51 and that got two doubled the talents, 20:54 they worked at something and did their best. 20:58 Whatever you cut yourself out to do, 21:00 whatever business you want to go after, 21:04 whether or not be your own personal business and finance, 21:07 or your own personal things 21:09 that you're doing or opening up a business 21:12 with partners and friends, 21:14 the key is doing it the best that you can. 21:18 I go to the thing that Rodney told me, 21:21 and Rodney said, 21:22 "Hey, if you're looking to do something, 21:25 go to the expert and do the best 21:27 that you possibly can. 21:29 Don't get into something you're not aware of, 21:31 so study the industry, 21:32 study what's going on 21:34 and study what you can do to make it best. 21:37 Don't go into something just to try it, 21:39 not give it your all but put a lot into it." 21:43 As a personal business owner, I would tell you this, 21:47 that it takes a lot of work, it does not happen overnight. 21:52 There are struggles, 21:53 you have to struggle with many different elements, 21:55 the grant writing, whatever part of the process 22:01 that you deal with, 22:02 you must make sure that you're working as hard 22:04 as you can day and day out 22:06 to ensure that you're meeting your objectives 22:08 and making sure that your revenues 22:09 come in to meet your budget. 22:13 Dysfunctional management is a number eight reason. 22:17 Operational inefficiencies, paying too much for rent, 22:20 paying too much for labor, paying too much for materials. 22:25 Lien companies are at an advantage, 22:26 so if you're planning to compete with some companies 22:29 that are doing the best they can in those areas, 22:32 it's best that you start from the beginning. 22:35 Assess where you're at, 22:37 look at where you want to go 22:39 and create the budget. 22:41 When you have the budget, 22:42 then you will know almost immediately 22:44 on a monthly basis that, 22:46 hey, we spent too much on rent this month. 22:48 Hey, we're overreaching our labor budget. 22:52 Hey, did we spend something on materials 22:55 that we weren't supposed to spend money on? 22:57 Did you know that's one of the top scams 22:59 that are out there for businesses right now? 23:00 That I'm gonna take a moment 23:02 and just take a little side bar at this point of time. 23:05 There are businesses or scams that are out there 23:08 to take your business out of the competition. 23:13 You can create websites that marry your own business, 23:16 you can do that. 23:18 You can create those websites 23:19 and even though you can deliver, 23:21 what it does it creates a negative mark 23:23 on your business 23:25 because people replicate your business, 23:27 put a site up on the web, 23:29 and who's going to control that. 23:31 You need to be aware of so many different things 23:33 in this internet and technology environment 23:36 that we live in. 23:37 And one of the things that is very clear is ensuring 23:40 that you can take a look 23:42 at what efficiencies of scale that you have. 23:45 Budget for what you want to accomplish 23:48 and ensure that you follow that, 23:49 because that can help you 23:51 get rid of those operational inefficiencies 23:54 that you may have. 23:56 Dysfunctional management is another area 23:59 where people aren't working together 24:02 in a cohesive way. 24:04 They lack to the same vision, they're not planning, 24:07 their standards are different. 24:08 So you can see the problems that can exist 24:14 when you have partners that are fighting each other 24:16 and it creates more of a stress than any type 24:18 that can help anything, 24:20 and that's one of the other major reasons 24:21 for business failure. 24:23 Lack of succession planning is another major concern, 24:26 where I told that many people have, there's nepotism, 24:30 there are power struggles, 24:31 there're all these type of things 24:33 with significant players 24:34 that get in over their heads. 24:36 And then don't take the time to plan on what happens 24:39 if something negative happens 24:41 to one of those partners in the organization. 24:44 And then of course, take a look at deciding to open a business 24:50 that's not in a declining market. 24:53 What am I talking about? 24:54 Well, let's talk, I have an iPad. 24:58 Do you think it's competing 25:00 against the bookstores right now? 25:02 Because I have, a Kindle 25:03 has all the books on it that I'd like. 25:05 Do you think that there's a decline 25:07 in the actual acquisition of actual physical books? 25:10 What do you think is gonna happen at college campuses 25:13 when they can have all their books on a tablet 25:15 as opposed to have to pick up 25:17 50 pounds of books every quarter. 25:19 There are these things that you should be aware of. 25:21 What about music stores? 25:23 Digital downloads now is a big issue 25:25 as people are discussing those concerns. 25:28 Printing business for example is another area 25:31 that you should be concerned about. 25:32 And changes in technology 25:34 that can inhibit your ability to grow. 25:38 All of these are concerns 25:40 that you and I should be aware of 25:42 as we talk about opening up a business, 25:44 because there are a lot of parameters. 25:46 It's simple if you think through the process. 25:50 So I'm gonna give you four ideas here right now 25:52 when you're looking at personal ownership. 25:54 Look at incorporating a business. 25:56 Incorporating will provide the owner 25:58 a certain level of creditor protection. 26:01 Number two. 26:02 Always try to pay your debts on a timely basis 26:05 whether that be payroll source reductions, 26:07 whether it be goods and services tax collected, 26:09 making sure you put that off 26:11 in an emergency fund or as savings account, 26:14 that can pay those taxes on an ongoing basis. 26:17 Of course, employee wages in vacation time, 26:20 you'll make for happy employees 26:23 if they get paid on a timely basis. 26:25 Additionally, number three, 26:27 take a look at when you're putting money away 26:30 for retirement that you do it on an ongoing basis, 26:33 you're serious about it and you plan accordingly. 26:37 If you plan to invest your own funds into a business, 26:41 I ask you in all of this to go to a professional. 26:45 I ask you to talk to someone that knows about incorporating 26:49 that can give you issues about tax 26:51 and talk to you about concerns, 26:53 that are relevant to the business 26:54 that you begin, 26:56 because many of us get lost in the elements of a business. 27:00 We don't think about all of these other items 27:03 that are out there and people are out there 27:04 that are willing to help you. 27:06 And one of the things are, 27:07 if you would give money to your business, 27:09 think about investing in your business 27:11 by giving the business a loan 27:12 that the business will have to pay you back. 27:14 Just an idea because many people put 27:16 all of their money into a business 27:18 and don't do it the right way, 27:20 and if the business go out of business, 27:23 then they have to deal with those type of issues. 27:26 And then of course, 27:28 avoid personal guarantees of company obligations. 27:31 Don't go out and make promises that you cannot keep. 27:35 This program for me 27:37 was also a learning experience doing some of the research 27:39 and I think that it will be 27:40 a very informative program for you, 27:42 if you take a look 27:43 and do your due diligence 27:45 and study what it takes to run a business, 27:48 because when we talk about Take it to the Bank, 27:52 we are very serious, 27:53 and you should be serious 27:55 as it is your money and your time. 27:59 God bless you. |
Revised 2017-04-03