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Retail Roundup: Loans for Small Business - Why, How and When · Wisdom by WESA

• 0:00
  Foreign.
• 0:05
  You
• 0:05
  are
• 0:05
  listening
• 0:05
  to
• 0:06
  the
• 0:06
  Horse
• 0:06
  Radio
• 0:06
  Network,
• 0:07
  part
• 0:07
  of
• 0:07
  the
• 0:07
  Equine
• 0:08
  Network
• 0:08
  family.
• 0:10
  Well,
• 0:11
  hey
• 0:11
  everybody.
• 0:11
  Glenn
• 0:12
  the
• 0:12
  Geek,
• 0:12
  back
• 0:12
  with
• 0:12
  you.
• 0:13
  Founder
• 0:13
  of
• 0:13
  the
• 0:13
  Horse
• 0:13
  Radio
• 0:14
  Network
• 0:14
  and
• 0:14
  host
• 0:14
  of
• 0:14
  Horses
• 0:15
  in
• 0:15
  the
• 0:15
  Morning,
• 0:16
  the
• 0:16
  longest
• 0:17
  running
• 0:17
  daily
• 0:17
  podcast
• 0:18
  for
• 0:18
  the
• 0:18
  horse
• 0:18
  world
• 0:18
  at
• 0:19
  15
• 0:19
  years.
• 0:20
  Welcome
• 0:20
  to
• 0:20
  the
• 0:20
  WESA
• 0:21
  retail
• 0:21
  roundup.
• 0:22
  The
• 0:22
  Retail
• 0:22
  Roundup
• 0:23
  is
• 0:23
  your
• 0:23
  go
• 0:23
  to
• 0:23
  virtual
• 0:24
  hub
• 0:24
  for
• 0:24
  all
• 0:24
  things
• 0:24
  retail.
• 0:25
  Joining
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  join
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  panel
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  discussions,
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  learn
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  share
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  your
• 0:28
  thoughts,
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  ask
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  and
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  connect
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  with
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  your
• 0:30
  community.
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  We
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  virtual
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  event
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  or
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  share
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  educational
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  content
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  every
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  Monday
• 0:33
  via
• 0:34
  the
• 0:34
  Retail
• 0:34
  Roundup
• 0:35
  Facebook
• 0:35
  group.
• 0:36
  Just
• 0:36
  a
• 0:36
  note
• 0:36
  before
• 0:37
  we
• 0:37
  get
• 0:37
  started.
• 0:37
  Jen
• 0:38
  and
• 0:38
  I
• 0:38
  attended
• 0:38
  WESA
• 0:39
  in
• 0:39
  Dallas
• 0:39
  two
• 0:40
  weeks
• 0:40
  ago
• 0:40
  and
• 0:41
  recorded
• 0:41
  some
• 0:41
  interviews
• 0:42
  for
• 0:42
  a
• 0:42
  special
• 0:42
  episode
• 0:43
  that
• 0:43
  is
• 0:43
  now
• 0:43
  out
• 0:44
  on
• 0:44
  the
• 0:44
  Wisdom
• 0:44
  by
• 0:44
  WESA
• 0:45
  podcast
• 0:46
  feed.
• 0:46
  They
• 0:47
  are
• 0:47
  all
• 0:47
  new
• 0:47
  products
• 0:47
  or
• 0:48
  companies
• 0:48
  to
• 0:48
  WESA
• 0:48
  and
• 0:49
  I
• 0:49
  think
• 0:49
  you'll
• 0:49
  enjoy
• 0:49
  the
• 0:50
  variety
• 0:50
  and
• 0:50
  you
• 0:50
  might
• 0:51
  even
• 0:51
  get
• 0:51
  an
• 0:51
  idea
• 0:52
  or
• 0:52
  two
• 0:52
  for
• 0:52
  your
• 0:52
  store.
• 0:53
  So
• 0:53
  check
• 0:53
  that
• 0:54
  out.
• 0:54
  If
• 0:54
  you
• 0:54
  haven't
• 0:54
  listened
• 0:55
  to
• 0:55
  it
• 0:55
  yet,
• 0:55
  it's
• 0:55
  out.
• 0:55
  It's
• 0:56
  the
• 0:56
  last
• 0:56
  episode
• 0:56
  out
• 0:57
  on
• 0:57
  the
• 0:57
  podcast
• 0:57
  feed.
• 0:58
  So
• 0:59
  today
• 0:59
  we're
• 0:59
  going
• 0:59
  to
• 0:59
  learn
• 0:59
  about
• 1:00
  loans
• 1:00
  for
• 1:00
  small
• 1:01
  businesses.
• 1:01
  When
• 1:02
  should
• 1:02
  you.
• 1:02
  How
• 1:03
  should
• 1:03
  you
• 1:03
  and
• 1:03
  the
• 1:03
  pitfalls
• 1:04
  to
• 1:04
  look
• 1:04
  for?
• 1:05
  It's
• 1:05
  something
• 1:05
  that
• 1:06
  as
• 1:06
  a
• 1:06
  small
• 1:06
  business
• 1:07
  owner,
• 1:07
  over
• 1:07
  the
• 1:07
  years
• 1:07
  I've
• 1:08
  had
• 1:08
  to
• 1:08
  debate
• 1:08
  and
• 1:09
  we've
• 1:09
  done
• 1:09
  it
• 1:09
  a
• 1:09
  couple
• 1:10
  times
• 1:10
  and
• 1:10
  a
• 1:10
  couple
• 1:11
  times
• 1:11
  we
• 1:11
  decided
• 1:11
  we
• 1:12
  weren't
• 1:12
  going
• 1:12
  to.
• 1:13
  So
• 1:13
  we're
• 1:13
  going
• 1:13
  to
• 1:14
  discuss
• 1:14
  all
• 1:14
  of
• 1:14
  that
• 1:14
  today.
• 1:15
  And
• 1:15
  joining
• 1:16
  us
• 1:16
  is
• 1:16
  a
• 1:16
  friend
• 1:16
  of
• 1:16
  mine
• 1:17
  who
• 1:17
  spent
• 1:17
  a
• 1:17
  lifetime
• 1:18
  helping
• 1:18
  small
• 1:18
  businesses
• 1:19
  find
• 1:19
  the
• 1:19
  right
• 1:19
  loan.
• 1:19
  And,
• 1:20
  and
• 1:20
  that's
• 1:20
  Buck
• 1:20
  Harris,
• 1:21
  who's
• 1:21
  sitting
• 1:21
  out
• 1:21
  in
• 1:22
  his
• 1:22
  very
• 1:22
  pretty
• 1:23
  scenery
• 1:24
  there
• 1:24
  at
• 1:24
  the
• 1:24
  farm
• 1:25
  in
• 1:25
  Aiken,
• 1:26
  South
• 1:26
  Carolina.
• 1:27
  How.
• 1:27
  How
• 1:28
  are
• 1:28
  you?
• 1:28
  It's
• 1:28
  in
• 1:28
  North
• 1:28
  Carolina.
• 1:29
  Is
• 1:29
  Aiken.
• 1:30
  I
• 1:30
  can.
• 1:30
  South
• 1:31
  Carolina.
• 1:32
  I
• 1:32
  always
• 1:32
  get
• 1:32
  that
• 1:32
  mixed
• 1:33
  up
• 1:33
  which
• 1:33
  one
• 1:33
  it's
• 1:33
  in.
• 1:34
  We're
• 1:34
  almost
• 1:34
  in
• 1:34
  Georgia,
• 1:35
  for
• 1:35
  crying
• 1:35
  out
• 1:35
  loud.
• 1:36
  Yeah.
• 1:36
  This
• 1:36
  is
• 1:36
  not
• 1:36
  an
• 1:36
  AI
• 1:37
  backdrop.
• 1:37
  This
• 1:38
  is
• 1:38
  our
• 1:38
  little,
• 1:39
  our
• 1:39
  little
• 1:40
  farm
• 1:40
  in
• 1:40
  the
• 1:40
  background.
• 1:41
  And
• 1:41
  I'm
• 1:41
  on
• 1:42
  my
• 1:42
  front
• 1:42
  porch
• 1:42
  and
• 1:42
  anytime
• 1:43
  I
• 1:43
  can
• 1:43
  be
• 1:43
  outside,
• 1:44
  I'm
• 1:44
  happy.
• 1:44
  And
• 1:45
  when
• 1:45
  I'm
• 1:45
  elbow
• 1:45
  to
• 1:45
  elbow
• 1:46
  with
• 1:46
  you,
• 1:46
  Glenn,
• 1:46
  I'm
• 1:46
  even
• 1:47
  happier.
• 1:47
  So
• 1:47
  it's
• 1:47
  great.
• 1:48
  It's
• 1:48
  great
• 1:48
  to
• 1:48
  be
• 1:48
  here
• 1:48
  to
• 1:48
  talk
• 1:49
  about
• 1:49
  this
• 1:49
  stuff.
• 1:49
  You
• 1:50
  might
• 1:50
  hear
• 1:50
  a
• 1:50
  little
• 1:50
  bit
• 1:50
  of
• 1:51
  wind
• 1:51
  kicking
• 1:51
  up
• 1:51
  there,
• 1:52
  but
• 1:52
  just
• 1:52
  know
• 1:52
  that
• 1:53
  he's
• 1:53
  got
• 1:53
  a
• 1:53
  beautiful
• 1:54
  barn
• 1:54
  and
• 1:54
  horses
• 1:55
  behind
• 1:55
  him.
• 1:55
  So
• 1:55
  it's
• 1:56
  a
• 1:56
  pretty
• 1:56
  scene.
• 1:56
  It
• 1:56
  really
• 1:56
  is.
• 1:58
  So,
• 1:58
  Buck,
• 1:59
  thanks
• 1:59
  for
• 1:59
  doing
• 1:59
  this.
• 1:59
  Can
• 2:00
  you
• 2:00
  quickly
• 2:00
  tell
• 2:00
  us
• 2:01
  about
• 2:01
  your
• 2:01
  experience
• 2:01
  in
• 2:02
  the
• 2:02
  small
• 2:02
  business
• 2:03
  loan
• 2:03
  world?
• 2:04
  Absolutely.
• 2:05
  I
• 2:05
  started
• 2:05
  off
• 2:06
  having
• 2:06
  my
• 2:06
  own
• 2:07
  business
• 2:07
  and
• 2:07
  borrowing
• 2:08
  money
• 2:08
  to
• 2:08
  do
• 2:08
  that.
• 2:09
  So
• 2:10
  we're
• 2:10
  going
• 2:10
  back
• 2:11
  to
• 2:11
  1984,
• 2:12
  I
• 2:13
  borrowed
• 2:13
  $50,000,
• 2:15
  $45,000
• 2:17
  and
• 2:17
  started
• 2:18
  a
• 2:18
  little
• 2:19
  cafe
• 2:19
  catering
• 2:20
  place
• 2:20
  in
• 2:20
  downtown
• 2:21
  Danbury,
• 2:21
  Connecticut.
• 2:22
  And
• 2:22
  I
• 2:23
  did
• 2:23
  that
• 2:23
  for
• 2:23
  15
• 2:24
  years.
• 2:24
  Ended
• 2:25
  up
• 2:26
  moving
• 2:26
  on
• 2:27
  from
• 2:27
  that
• 2:27
  for
• 2:27
  a
• 2:27
  variety
• 2:28
  of
• 2:28
  reasons.
• 2:28
  And
• 2:28
  then
• 2:28
  I
• 2:29
  went
• 2:29
  back
• 2:29
  to
• 2:29
  school
• 2:29
  and
• 2:30
  I
• 2:30
  got
• 2:30
  an
• 2:30
  MBA
• 2:31
  and
• 2:31
  I
• 2:31
  became
• 2:32
  an
• 2:32
  intern
• 2:33
  at
• 2:33
  a
• 2:34
  company
• 2:34
  called
• 2:34
  Community
• 2:35
  Investment
• 2:36
  Corporation
• 2:37
  in
• 2:37
  Hamden,
• 2:38
  Connecticut.
• 2:39
  And
• 2:39
  they're
• 2:39
  a
• 2:40
  small
• 2:40
  Business
• 2:40
  Administration,
• 2:41
  an
• 2:41
  SBA
• 2:42
  intermediary.
• 2:44
  So
• 2:44
  I
• 2:45
  was
• 2:45
  learning
• 2:45
  about,
• 2:46
  started
• 2:46
  off
• 2:47
  with
• 2:47
  microloans,
• 2:48
  and
• 2:48
  it
• 2:48
  was
• 2:48
  just
• 2:48
  a
• 2:49
  great
• 2:49
  fit
• 2:49
  because
• 2:49
  I
• 2:49
  had
• 2:50
  my
• 2:50
  own
• 2:50
  business
• 2:50
  for
• 2:50
  so
• 2:50
  long.
• 2:51
  I
• 2:51
  got
• 2:51
  this
• 2:51
  MBA
• 2:52
  and
• 2:52
  then
• 2:52
  I
• 2:53
  was
• 2:53
  able
• 2:53
  to
• 2:53
  look
• 2:53
  at
• 2:54
  business
• 2:54
  plans
• 2:55
  and
• 2:55
  talk
• 2:55
  to
• 2:55
  small
• 2:55
  business
• 2:56
  owners
• 2:56
  and
• 2:57
  tell
• 2:57
  them
• 2:57
  about
• 2:58
  the
• 2:58
  process
• 2:58
  of,
• 2:59
  you
• 2:59
  know,
• 2:59
  how
• 3:00
  you
• 3:00
  get
• 3:00
  an
• 3:00
  SBA
• 3:00
  loan,
• 3:01
  how
• 3:01
  much
• 3:01
  you
• 3:01
  can
• 3:01
  qualify
• 3:02
  for,
• 3:02
  and,
• 3:03
  and,
• 3:03
  you
• 3:03
  know,
• 3:04
  whether
• 3:04
  or
• 3:04
  not
• 3:04
  it's
• 3:05
  a
• 3:05
  good
• 3:05
  idea
• 3:05
  to
• 3:05
  even
• 3:05
  take
• 3:06
  out
• 3:06
  a
• 3:06
  loan
• 3:06
  and
• 3:06
  really
• 3:07
  become
• 3:07
  an
• 3:07
  advisor.
• 3:07
  And
• 3:08
  I
• 3:08
  did
• 3:08
  that
• 3:09
  for
• 3:09
  all
• 3:09
  different
• 3:09
  loan
• 3:10
  sizes
• 3:10
  for
• 3:10
  15
• 3:11
  years,
• 3:11
  I
• 3:12
  think.
• 3:12
  All
• 3:12
  the
• 3:12
  time
• 3:12
  I've
• 3:13
  known
• 3:13
  you,
• 3:13
  which
• 3:13
  is
• 3:13
  probably
• 3:14
  close
• 3:14
  to
• 3:14
  12
• 3:15
  years,
• 3:15
  I
• 3:15
  would
• 3:15
  think,
• 3:16
  or
• 3:16
  somewhere
• 3:16
  around
• 3:17
  there.
• 3:17
  Yeah,
• 3:17
  you've
• 3:18
  been
• 3:18
  doing
• 3:18
  this.
• 3:18
  That's
• 3:19
  what
• 3:19
  you
• 3:19
  did.
• 3:19
  And
• 3:20
  now
• 3:20
  you're
• 3:20
  a
• 3:20
  professor,
• 3:21
  right?
• 3:22
  Now
• 3:22
  I
• 3:22
  teach
• 3:23
  at
• 3:23
  University
• 3:23
  of
• 3:24
  South
• 3:24
  Carolina
• 3:24
  Aiken.
• 3:25
  And
• 3:25
  I
• 3:25
  teach.
• 3:25
  I
• 3:26
  started
• 3:26
  off
• 3:26
  with
• 3:26
  finance
• 3:27
  and
• 3:27
  accounting,
• 3:28
  and
• 3:28
  then
• 3:29
  they
• 3:29
  put
• 3:30
  me
• 3:30
  in
• 3:30
  some
• 3:30
  entrepreneurship
• 3:31
  classes
• 3:31
  and
• 3:31
  I'm
• 3:32
  teaching
• 3:33
  principles
• 3:33
  of
• 3:33
  entrepreneurship,
• 3:34
  strategic
• 3:35
  entrepreneurship.
• 3:36
  So
• 3:37
  I
• 3:37
  have.
• 3:37
  Small
• 3:38
  business
• 3:38
  is
• 3:38
  my
• 3:38
  world
• 3:39
  and
• 3:39
  I
• 3:40
  know
• 3:40
  it
• 3:40
  well.
• 3:40
  And
• 3:40
  I'm,
• 3:41
  it's,
• 3:41
  you
• 3:41
  know,
• 3:41
  I'm
• 3:41
  very
• 3:41
  comfortable
• 3:42
  there
• 3:43
  and
• 3:43
  it's.
• 3:44
  So
• 3:44
  it's
• 3:44
  always
• 3:44
  fun
• 3:45
  to
• 3:45
  talk
• 3:45
  about
• 3:45
  it.
• 3:45
  For
• 3:45
  me,
• 3:46
  I
• 3:46
  think
• 3:47
  that's
• 3:47
  a
• 3:47
  perfect
• 3:47
  thing
• 3:47
  for
• 3:48
  you
• 3:48
  to
• 3:48
  teach
• 3:48
  too.
• 3:48
  And
• 3:48
  it's
• 3:49
  so
• 3:49
  important
• 3:49
  now.
• 3:49
  I'm
• 3:49
  glad
• 3:50
  they're
• 3:50
  teaching
• 3:50
  that
• 3:50
  in
• 3:50
  college
• 3:50
  today
• 3:51
  because
• 3:51
  a
• 3:51
  lot
• 3:51
  of
• 3:51
  us
• 3:51
  are
• 3:52
  entrepreneurs.
• 3:52
  I
• 3:52
  mean,
• 3:52
  I've
• 3:52
  been
• 3:53
  a
• 3:53
  lifetime
• 3:53
  entrepreneur.
• 3:54
  Right.
• 3:54
  A
• 3:54
  serial
• 3:55
  entrepreneur
• 3:55
  is
• 3:55
  what
• 3:56
  we're
• 3:56
  called.
• 3:56
  Well,
• 3:57
  you
• 3:57
  know,
• 3:57
  a
• 3:58
  little
• 3:58
  known
• 3:58
  fact,
• 3:59
  there
• 3:59
  are
• 4:00
  4,600
• 4:01
  businesses,
• 4:01
  plus
• 4:02
  or
• 4:02
  minus
• 4:02
  a
• 4:02
  few,
• 4:03
  that
• 4:03
  trade
• 4:04
  on
• 4:04
  the,
• 4:04
  on
• 4:04
  the
• 4:04
  stock
• 4:05
  exchanges,
• 4:05
  4600.
• 4:06
  There
• 4:07
  are
• 4:07
  almost
• 4:07
  35
• 4:08
  million
• 4:09
  small
• 4:09
  businesses.
• 4:10
  So
• 4:11
  we
• 4:11
  in,
• 4:11
  in
• 4:12
  a,
• 4:12
  in
• 4:12
  a
• 4:12
  school
• 4:12
  of
• 4:12
  business,
• 4:13
  you
• 4:13
  spend
• 4:13
  a
• 4:13
  lot
• 4:13
  of
• 4:13
  time
• 4:13
  focused
• 4:14
  on
• 4:15
  companies
• 4:16
  that
• 4:16
  trade
• 4:16
  on
• 4:16
  the
• 4:17
  stock
• 4:17
  market,
• 4:17
  bonds,
• 4:18
  stocks,
• 4:18
  and
• 4:18
  they
• 4:18
  teach
• 4:18
  finance.
• 4:19
  But
• 4:20
  the
• 4:20
  reality
• 4:20
  is
• 4:21
  99.99%
• 4:23
  of
• 4:23
  all,
• 4:23
  all
• 4:23
  businesses
• 4:24
  are
• 4:24
  small.
• 4:24
  And
• 4:25
  if
• 4:25
  you
• 4:25
  don't
• 4:25
  have
• 4:25
  your
• 4:25
  own
• 4:25
  small
• 4:26
  business,
• 4:26
  you're
• 4:26
  probably
• 4:26
  going
• 4:26
  to
• 4:26
  work
• 4:27
  for
• 4:27
  somebody
• 4:28
  that
• 4:28
  has
• 4:28
  a
• 4:28
  small
• 4:29
  business.
• 4:29
  And
• 4:30
  that's,
• 4:30
  you
• 4:30
  know,
• 4:30
  so
• 4:31
  I
• 4:31
  can
• 4:31
  bring
• 4:31
  that
• 4:32
  to
• 4:32
  a
• 4:32
  classroom
• 4:32
  and
• 4:33
  really
• 4:34
  create
• 4:34
  some
• 4:34
  real
• 4:35
  life
• 4:35
  experience.
• 4:35
  For
• 4:36
  students,
• 4:36
  it's
• 4:36
  a.
• 4:36
  It's
• 4:37
  really
• 4:37
  rewarding.
• 4:38
  Well,
• 4:38
  I'm
• 4:38
  glad
• 4:38
  we're
• 4:39
  doing
• 4:39
  this
• 4:39
  today,
• 4:39
  because
• 4:40
  loans
• 4:40
  is.
• 4:41
  It's
• 4:41
  one
• 4:41
  of
• 4:41
  the.
• 4:42
  It's
• 4:43
  one
• 4:43
  of
• 4:43
  the
• 4:43
  things
• 4:43
  that
• 4:44
  as
• 4:44
  a
• 4:44
  small
• 4:44
  business,
• 4:45
  you're
• 4:45
  scared
• 4:45
  to
• 4:46
  do.
• 4:46
  Right.
• 4:47
  But
• 4:47
  yet,
• 4:47
  you
• 4:48
  know,
• 4:48
  you
• 4:48
  might
• 4:48
  have
• 4:48
  to.
• 4:49
  And
• 4:49
  that's
• 4:49
  my
• 4:49
  first
• 4:49
  question.
• 4:50
  Let's
• 4:50
  start
• 4:50
  at
• 4:50
  the
• 4:50
  beginning.
• 4:51
  How,
• 4:51
  as
• 4:51
  a
• 4:51
  small
• 4:52
  business
• 4:52
  owner,
• 4:53
  do
• 4:53
  you
• 4:53
  know
• 4:53
  when
• 4:53
  it's
• 4:54
  time
• 4:54
  that
• 4:54
  I
• 4:54
  should
• 4:55
  save?
• 4:55
  Seek
• 4:55
  out
• 4:55
  a
• 4:55
  loan.
• 4:57
  If
• 4:57
  you're
• 4:58
  thinking
• 4:58
  that
• 4:58
  you
• 4:58
  might
• 4:59
  need
• 4:59
  to
• 4:59
  seek
• 4:59
  out
• 4:59
  a
• 4:59
  loan
• 5:00
  at
• 5:00
  some
• 5:00
  point,
• 5:00
  start.
• 5:01
  Okay,
• 5:02
  just
• 5:02
  do
• 5:02
  it.
• 5:02
  Just
• 5:03
  do
• 5:03
  it.
• 5:03
  Just
• 5:03
  seek
• 5:03
  out
• 5:04
  the
• 5:04
  loan.
• 5:04
  Because
• 5:05
  there's
• 5:05
  a
• 5:05
  whole
• 5:05
  education
• 5:06
  process
• 5:06
  that
• 5:06
  has
• 5:07
  to
• 5:07
  happen.
• 5:07
  And
• 5:08
  you're
• 5:08
  going
• 5:08
  to
• 5:09
  talk
• 5:09
  to
• 5:09
  banks.
• 5:09
  If
• 5:10
  you're,
• 5:10
  if
• 5:10
  you
• 5:11
  have
• 5:11
  any
• 5:12
  inkling
• 5:12
  of
• 5:12
  doing
• 5:13
  it,
• 5:13
  talk
• 5:13
  to
• 5:13
  your
• 5:14
  SBA
• 5:15
  regional
• 5:16
  office.
• 5:16
  There's
• 5:16
  an
• 5:17
  sba,
• 5:17
  or,
• 5:18
  excuse
• 5:18
  me,
• 5:18
  district
• 5:18
  officers,
• 5:19
  an
• 5:19
  SBA
• 5:19
  office
• 5:19
  in
• 5:20
  every
• 5:20
  state
• 5:21
  in
• 5:21
  the
• 5:21
  country.
• 5:22
  And
• 5:23
  it
• 5:23
  usually
• 5:24
  sits
• 5:24
  at
• 5:24
  one
• 5:24
  of
• 5:25
  the
• 5:25
  universities
• 5:26
  or
• 5:26
  sometimes
• 5:27
  it
• 5:27
  sits
• 5:27
  at
• 5:28
  the.
• 5:28
  In
• 5:28
  the
• 5:28
  capital.
• 5:29
  But
• 5:30
  talk
• 5:30
  to
• 5:30
  them,
• 5:30
  Talk
• 5:31
  to
• 5:31
  banks,
• 5:31
  talk
• 5:32
  to
• 5:32
  credit
• 5:32
  unions,
• 5:32
  find
• 5:33
  out,
• 5:34
  get
• 5:34
  the
• 5:34
  lay
• 5:35
  of
• 5:35
  the
• 5:35
  land
• 5:35
  before
• 5:36
  you.
• 5:36
  It's
• 5:36
  like
• 5:36
  dating.
• 5:37
  You
• 5:37
  know,
• 5:37
  you
• 5:37
  don't
• 5:38
  marry
• 5:38
  the
• 5:38
  first
• 5:38
  girl
• 5:39
  you
• 5:39
  meet.
• 5:39
  You
• 5:40
  gotta.
• 5:40
  You
• 5:40
  gotta
• 5:40
  find
• 5:41
  out
• 5:41
  what's
• 5:41
  going
• 5:41
  on
• 5:42
  out
• 5:42
  there.
• 5:42
  And
• 5:43
  there's
• 5:43
  a.
• 5:43
  And
• 5:43
  then
• 5:43
  once
• 5:44
  you
• 5:44
  have
• 5:44
  an
• 5:44
  education
• 5:44
  around
• 5:45
  it,
• 5:45
  you
• 5:46
  can
• 5:46
  start
• 5:46
  to
• 5:48
  understand
• 5:48
  where
• 5:48
  you
• 5:49
  fit
• 5:49
  in
• 5:49
  the
• 5:50
  landscape
• 5:50
  and
• 5:50
  whether
• 5:51
  or
• 5:51
  not
• 5:51
  you're
• 5:51
  going
• 5:51
  to
• 5:52
  qualify
• 5:52
  and
• 5:52
  what
• 5:52
  the
• 5:53
  rates
• 5:53
  are
• 5:53
  going
• 5:53
  to
• 5:53
  be.
• 5:54
  But
• 5:54
  I
• 5:54
  always
• 5:54
  tell
• 5:54
  people,
• 5:55
  if
• 5:55
  you're
• 5:55
  not
• 5:55
  sure
• 5:56
  if
• 5:56
  you
• 5:56
  should
• 5:56
  take
• 5:56
  out
• 5:56
  a
• 5:57
  loan,
• 5:57
  take
• 5:57
  out
• 5:58
  the
• 5:58
  loan.
• 5:58
  Because
• 5:59
  I've
• 5:59
  never
• 6:00
  had
• 6:00
  come,
• 6:00
  ever,
• 6:01
  in
• 6:01
  15
• 6:01
  years,
• 6:02
  hundreds
• 6:02
  and
• 6:02
  hundreds
• 6:02
  of
• 6:03
  loans,
• 6:03
  no
• 6:03
  one
• 6:03
  ever
• 6:03
  came
• 6:03
  back
• 6:04
  to
• 6:04
  me
• 6:04
  and
• 6:04
  said,
• 6:05
  I'm
• 6:05
  really
• 6:05
  sorry
• 6:06
  I
• 6:06
  borrowed
• 6:07
  this
• 6:07
  money.
• 6:07
  It
• 6:08
  never,
• 6:08
  ever
• 6:08
  happened.
• 6:09
  People
• 6:09
  come
• 6:10
  back
• 6:10
  to
• 6:10
  me
• 6:10
  and
• 6:10
  said,
• 6:10
  I
• 6:10
  should
• 6:10
  have
• 6:10
  borrowed
• 6:11
  more.
• 6:12
  You.
• 6:12
  But
• 6:12
  they
• 6:13
  never
• 6:13
  said,
• 6:13
  I'm
• 6:13
  really
• 6:14
  sorry
• 6:14
  I
• 6:14
  borrowed
• 6:14
  this
• 6:14
  money
• 6:15
  because.
• 6:15
  Because
• 6:16
  leverage
• 6:16
  is
• 6:17
  power,
• 6:17
  and
• 6:17
  when
• 6:18
  you
• 6:18
  borrow
• 6:18
  money,
• 6:18
  you're
• 6:18
  creating
• 6:19
  leverage.
• 6:19
  And
• 6:20
  just
• 6:20
  like
• 6:20
  the
• 6:20
  tool
• 6:21
  where
• 6:21
  you're.
• 6:21
  You're
• 6:21
  leveraging
• 6:22
  something,
• 6:23
  it's
• 6:24
  powerful
• 6:24
  to
• 6:24
  have
• 6:25
  cash.
• 6:25
  You
• 6:25
  can
• 6:25
  make
• 6:26
  decisions,
• 6:26
  you
• 6:26
  can
• 6:26
  be
• 6:26
  creative.
• 6:27
  And
• 6:27
  when
• 6:27
  you're
• 6:28
  always,
• 6:28
  like,
• 6:29
  right
• 6:29
  here,
• 6:29
  I
• 6:29
  don't
• 6:30
  really
• 6:30
  have
• 6:30
  the
• 6:30
  cash.
• 6:30
  I
• 6:30
  wish
• 6:31
  I.
• 6:31
  I'm
• 6:31
  going
• 6:31
  to
• 6:31
  make
• 6:31
  payroll.
• 6:32
  You
• 6:32
  don't
• 6:33
  have
• 6:33
  the
• 6:33
  ability
• 6:33
  to
• 6:34
  be
• 6:34
  creative
• 6:34
  and
• 6:34
  take
• 6:34
  advantages
• 6:35
  of
• 6:35
  the
• 6:35
  opportunities,
• 6:36
  opportunities
• 6:37
  that
• 6:37
  you
• 6:37
  see
• 6:37
  in
• 6:38
  the
• 6:38
  marketplace.
• 6:39
  So
• 6:41
  do
• 6:41
  it
• 6:42
  well
• 6:42
  when
• 6:42
  dealing
• 6:42
  with
• 6:43
  somebody
• 6:43
  like
• 6:43
  you
• 6:43
  who's
• 6:44
  helping
• 6:44
  them
• 6:44
  get
• 6:44
  the
• 6:44
  loan,
• 6:45
  whose
• 6:45
  whole
• 6:46
  mission
• 6:46
  is
• 6:46
  to
• 6:46
  help
• 6:46
  them
• 6:46
  get
• 6:47
  a
• 6:47
  loan.
• 6:47
  Right?
• 6:47
  Yeah.
• 6:48
  What
• 6:48
  are
• 6:48
  the
• 6:49
  top
• 6:49
  two
• 6:49
  or
• 6:49
  three
• 6:49
  factors
• 6:50
  that
• 6:50
  have
• 6:50
  the
• 6:50
  biggest
• 6:50
  impact
• 6:51
  beside
• 6:51
  credit
• 6:52
  score?
• 6:52
  We
• 6:52
  always
• 6:52
  hear
• 6:52
  about
• 6:52
  credit
• 6:53
  score.
• 6:53
  Is
• 6:53
  credit
• 6:53
  score
• 6:54
  the
• 6:54
  only
• 6:54
  factor
• 6:54
  or
• 6:54
  are
• 6:54
  there
• 6:55
  other
• 6:55
  factors
• 6:55
  too?
• 6:56
  No,
• 6:56
  there
• 6:56
  are
• 6:57
  many
• 6:57
  factors,
• 6:57
  but
• 6:58
  credit
• 6:58
  score
• 6:58
  is
• 6:58
  always
• 6:59
  kind
• 6:59
  of
• 6:59
  the
• 6:59
  starting
• 6:59
  point.
• 7:00
  If
• 7:01
  your
• 7:01
  credit
• 7:01
  score
• 7:01
  is
• 7:01
  below
• 7:02
  600,
• 7:02
  you
• 7:03
  really
• 7:03
  need
• 7:03
  to
• 7:03
  get
• 7:03
  your
• 7:03
  credit
• 7:04
  fixed
• 7:04
  before
• 7:04
  you
• 7:04
  can
• 7:05
  go
• 7:05
  forward.
• 7:05
  And
• 7:05
  even
• 7:05
  if
• 7:05
  it's.
• 7:06
  I
• 7:06
  was
• 7:06
  going
• 7:06
  to
• 7:06
  ask
• 7:06
  you
• 7:06
  if
• 7:06
  that
• 7:06
  was
• 7:07
  a
• 7:07
  magic
• 7:07
  number.
• 7:08
  Well,
• 7:08
  650
• 7:09
  and
• 7:09
  under
• 7:10
  is
• 7:10
  still
• 7:10
  really
• 7:11
  hard
• 7:11
  to
• 7:11
  finance,
• 7:12
  especially
• 7:12
  as
• 7:13
  a
• 7:13
  small
• 7:13
  business
• 7:13
  owner.
• 7:15
  And
• 7:15
  it
• 7:15
  kind
• 7:15
  of
• 7:15
  depends
• 7:16
  on
• 7:16
  some
• 7:16
  factors,
• 7:16
  but.
• 7:17
  And
• 7:17
  that's
• 7:17
  your
• 7:17
  personal
• 7:18
  credit
• 7:18
  score.
• 7:19
  That's
• 7:19
  your
• 7:19
  personal
• 7:19
  credit
• 7:20
  score.
• 7:21
  One
• 7:21
  of
• 7:21
  the
• 7:21
  big
• 7:21
  factors
• 7:22
  is
• 7:22
  do
• 7:22
  you
• 7:22
  have
• 7:22
  some
• 7:22
  outside
• 7:23
  income?
• 7:23
  So
• 7:23
  believe
• 7:24
  it
• 7:24
  or
• 7:24
  not,
• 7:25
  you
• 7:25
  know,
• 7:25
  if
• 7:25
  you're
• 7:25
  married
• 7:26
  to
• 7:26
  someone
• 7:26
  who's
• 7:26
  making
• 7:26
  a
• 7:27
  living
• 7:27
  and
• 7:27
  can
• 7:28
  pay
• 7:28
  your
• 7:28
  personal
• 7:28
  expenses,
• 7:30
  you
• 7:30
  have
• 7:30
  a
• 7:31
  much,
• 7:32
  much
• 7:32
  better
• 7:32
  chance
• 7:33
  of
• 7:34
  getting
• 7:34
  a
• 7:34
  loan.
• 7:35
  If
• 7:35
  your
• 7:35
  credit
• 7:36
  scores,
• 7:36
  you
• 7:36
  know,
• 7:37
  625
• 7:37
  or
• 7:38
  650
• 7:38
  because
• 7:38
  you
• 7:38
  got
• 7:39
  dinged
• 7:39
  for
• 7:39
  something.
• 7:40
  You
• 7:40
  know,
• 7:40
  if
• 7:40
  you
• 7:41
  have
• 7:41
  a
• 7:41
  lot
• 7:41
  of
• 7:41
  outstanding
• 7:41
  charge
• 7:42
  card
• 7:42
  debt,
• 7:42
  that's
• 7:42
  a
• 7:42
  problem.
• 7:43
  But
• 7:43
  if
• 7:43
  you
• 7:43
  have
• 7:43
  low
• 7:44
  charge
• 7:44
  card
• 7:44
  debt
• 7:44
  and
• 7:45
  maybe
• 7:45
  your
• 7:45
  credit
• 7:45
  score
• 7:45
  is
• 7:45
  low
• 7:46
  because
• 7:46
  you
• 7:46
  missed
• 7:46
  a
• 7:46
  couple
• 7:47
  car
• 7:47
  payments
• 7:47
  or
• 7:47
  something
• 7:48
  weird
• 7:48
  happened,
• 7:49
  that
• 7:49
  shouldn't
• 7:50
  matter
• 7:50
  if
• 7:50
  you've
• 7:50
  got
• 7:50
  some
• 7:51
  supporting
• 7:51
  income.
• 7:51
  But,
• 7:52
  but
• 7:52
  credit
• 7:52
  scores
• 7:53
  is,
• 7:53
  is
• 7:54
  important.
• 7:54
  But
• 7:54
  the
• 7:54
  real,
• 7:55
  the
• 7:55
  most
• 7:55
  important
• 7:55
  thing
• 7:56
  is
• 7:56
  profitability.
• 7:57
  What
• 7:57
  are
• 7:58
  you
• 7:58
  showing
• 7:58
  as
• 7:59
  profitability
• 8:00
  for
• 8:00
  your
• 8:01
  company
• 8:02
  and
• 8:02
  that.
• 8:02
  Are
• 8:03
  you
• 8:03
  looking
• 8:03
  for
• 8:03
  a
• 8:03
  specific
• 8:04
  factor
• 8:04
  there?
• 8:04
  Does
• 8:05
  it
• 8:05
  depend
• 8:05
  on
• 8:05
  the
• 8:06
  niche?
• 8:07
  It
• 8:07
  depends
• 8:07
  on
• 8:08
  how
• 8:09
  much
• 8:09
  money
• 8:09
  you
• 8:09
  need
• 8:10
  to
• 8:10
  cover
• 8:10
  all
• 8:11
  your
• 8:11
  personal
• 8:11
  stuff.
• 8:12
  So
• 8:12
  if
• 8:12
  you're
• 8:12
  making
• 8:13
  $35,000
• 8:14
  a
• 8:14
  year
• 8:14
  in
• 8:14
  your
• 8:14
  business
• 8:14
  and
• 8:15
  you've
• 8:15
  got
• 8:15
  a,
• 8:15
  you're
• 8:16
  married
• 8:16
  to
• 8:16
  someone
• 8:16
  who
• 8:17
  makes
• 8:17
  $120,000
• 8:18
  a
• 8:18
  year
• 8:19
  that
• 8:20
  covers
• 8:20
  your
• 8:20
  personal
• 8:20
  expenses,
• 8:21
  then
• 8:21
  you
• 8:21
  can
• 8:21
  probably
• 8:22
  get
• 8:22
  a
• 8:22
  loan
• 8:22
  because
• 8:22
  you've
• 8:23
  got
• 8:23
  available
• 8:23
  cash.
• 8:24
  So
• 8:24
  cash
• 8:25
  flow
• 8:25
  is
• 8:25
  what
• 8:26
  it
• 8:26
  comes
• 8:26
  down
• 8:26
  to.
• 8:27
  At
• 8:27
  $35,000
• 8:28
  a
• 8:28
  year,
• 8:28
  you
• 8:28
  don't
• 8:29
  need
• 8:29
  to
• 8:29
  cover
• 8:29
  any
• 8:29
  personal
• 8:30
  stuff.
• 8:31
  You've
• 8:31
  got
• 8:31
  cash
• 8:32
  flow
• 8:32
  to
• 8:32
  pay
• 8:32
  the
• 8:32
  loan
• 8:33
  back
• 8:33
  even
• 8:33
  if
• 8:33
  your
• 8:34
  business
• 8:34
  doesn't
• 8:35
  go
• 8:35
  up.
• 8:36
  But
• 8:36
  if
• 8:37
  you've
• 8:37
  got
• 8:38
  a
• 8:38
  $35,000
• 8:39
  income
• 8:40
  and
• 8:40
  it
• 8:41
  costs
• 8:41
  you
• 8:41
  $40,000
• 8:42
  a
• 8:42
  year
• 8:42
  to
• 8:43
  live,
• 8:43
  and
• 8:43
  you
• 8:43
  don't
• 8:43
  have
• 8:43
  any
• 8:44
  support,
• 8:45
  then
• 8:45
  you
• 8:46
  don't
• 8:46
  showing
• 8:46
  any
• 8:47
  margin
• 8:47
  in
• 8:47
  there
• 8:47
  that
• 8:48
  has
• 8:48
  available
• 8:49
  cash
• 8:49
  to
• 8:49
  pay
• 8:50
  your
• 8:50
  loan
• 8:50
  back.
• 8:51
  So
• 8:51
  cash
• 8:51
  is
• 8:52
  king.
• 8:52
  And
• 8:52
  that's
• 8:53
  the
• 8:53
  reason
• 8:53
  why.
• 8:54
  And
• 8:55
  this
• 8:55
  is
• 8:55
  the
• 8:55
  problem
• 8:55
  that
• 8:56
  Jennifer
• 8:56
  and
• 8:56
  I
• 8:56
  always
• 8:56
  had
• 8:56
  because
• 8:57
  we
• 8:57
  were
• 8:57
  always
• 8:57
  in
• 8:57
  business
• 8:57
  together.
• 8:58
  So
• 8:58
  we
• 8:58
  never
• 8:58
  had
• 8:59
  that
• 8:59
  outside
• 8:59
  income
• 9:00
  that,
• 9:00
  that
• 9:01
  they
• 9:01
  were
• 9:01
  looking
• 9:01
  for.
• 9:02
  Yeah,
• 9:02
  and
• 9:03
  it's
• 9:03
  important
• 9:04
  because
• 9:04
  banks,
• 9:05
  remember,
• 9:05
  banks
• 9:06
  don't
• 9:06
  take
• 9:07
  risk.
• 9:07
  At
• 9:07
  least
• 9:07
  they
• 9:08
  don't
• 9:08
  want
• 9:08
  to.
• 9:09
  They
• 9:09
  want
• 9:09
  a
• 9:09
  sure
• 9:10
  bet.
• 9:10
  And
• 9:10
  if
• 9:10
  you're,
• 9:11
  if
• 9:11
  you've
• 9:11
  got
• 9:11
  a
• 9:12
  job,
• 9:12
  someone
• 9:12
  that's
• 9:12
  got
• 9:12
  a
• 9:12
  job,
• 9:13
  and
• 9:13
  they've
• 9:13
  been
• 9:13
  there
• 9:13
  10
• 9:13
  years
• 9:13
  and
• 9:14
  they
• 9:14
  make
• 9:14
  enough
• 9:14
  to
• 9:14
  cover
• 9:14
  your
• 9:14
  personal
• 9:15
  expenses,
• 9:17
  lending
• 9:18
  money
• 9:18
  to
• 9:18
  that,
• 9:19
  even
• 9:19
  a
• 9:19
  startup
• 9:20
  then
• 9:20
  becomes
• 9:21
  a
• 9:21
  lot
• 9:21
  more
• 9:21
  possible
• 9:21
  because
• 9:22
  startups
• 9:22
  are
• 9:22
  hard
• 9:22
  to
• 9:22
  finance,
• 9:23
  but
• 9:23
  you
• 9:23
  can,
• 9:23
  you
• 9:23
  can
• 9:23
  get
• 9:24
  money
• 9:24
  for
• 9:24
  a
• 9:24
  startup
• 9:24
  if
• 9:24
  you're
• 9:25
  in
• 9:25
  that
• 9:25
  situation.
• 9:25
  I
• 9:26
  want
• 9:26
  to
• 9:26
  talk
• 9:26
  about
• 9:26
  startups
• 9:27
  in
• 9:28
  a
• 9:28
  second,
• 9:28
  but
• 9:29
  how's
• 9:29
  the
• 9:29
  environment
• 9:29
  right
• 9:30
  now?
• 9:30
  Are
• 9:30
  they
• 9:30
  tightening
• 9:31
  up
• 9:31
  or
• 9:31
  they,
• 9:31
  you
• 9:32
  know,
• 9:32
  I
• 9:32
  don't
• 9:33
  know
• 9:33
  if
• 9:33
  this
• 9:33
  year
• 9:33
  things
• 9:34
  have
• 9:34
  tightened
• 9:34
  up
• 9:34
  in
• 9:34
  the
• 9:34
  loan.
• 9:35
  Do
• 9:35
  you
• 9:35
  know?
• 9:36
  I
• 9:36
  do
• 9:36
  know.
• 9:37
  I
• 9:37
  think
• 9:37
  things
• 9:37
  have
• 9:38
  tightened
• 9:38
  up.
• 9:39
  I
• 9:39
  know
• 9:39
  that
• 9:39
  the.
• 9:40
  So.
• 9:41
  So
• 9:41
  banks
• 9:42
  are
• 9:42
  kind
• 9:42
  of
• 9:42
  the
• 9:42
  first
• 9:42
  place
• 9:43
  you
• 9:43
  go
• 9:43
  to.
• 9:44
  Big
• 9:44
  banks,
• 9:45
  then
• 9:45
  regional
• 9:45
  banks,
• 9:46
  then
• 9:46
  local
• 9:46
  banks,
• 9:47
  then
• 9:47
  credit
• 9:47
  unions,
• 9:48
  and
• 9:49
  then
• 9:49
  the
• 9:49
  SBA
• 9:50
  has
• 9:51
  options.
• 9:51
  And
• 9:52
  when
• 9:52
  SBA
• 9:52
  is
• 9:53
  busy,
• 9:53
  that
• 9:53
  usually
• 9:54
  means
• 9:54
  that
• 9:54
  the
• 9:54
  banks
• 9:54
  have
• 9:55
  tightened
• 9:55
  up
• 9:55
  and
• 9:55
  they're
• 9:55
  referring
• 9:56
  people
• 9:57
  to
• 9:57
  the
• 9:57
  SBA
• 9:58
  intermediary
• 9:59
  lenders
• 9:59
  like
• 10:00
  Community
• 10:00
  Investment
• 10:00
  Corporation,
• 10:01
  where
• 10:01
  I
• 10:01
  worked.
• 10:02
  So
• 10:02
  we
• 10:02
  could
• 10:02
  always
• 10:03
  tell.
• 10:03
  And
• 10:03
  I
• 10:04
  did
• 10:04
  have
• 10:04
  a
• 10:04
  conversation
• 10:05
  with
• 10:05
  one
• 10:05
  of
• 10:05
  my
• 10:06
  former
• 10:07
  colleagues
• 10:07
  from
• 10:07
  there,
• 10:08
  and
• 10:10
  they're
• 10:10
  tightening
• 10:11
  up
• 10:11
  on
• 10:11
  restaurants,
• 10:11
  they're
• 10:12
  tightening
• 10:12
  up
• 10:12
  on
• 10:13
  gyms,
• 10:14
  small
• 10:15
  retail.
• 10:15
  Some
• 10:16
  of
• 10:16
  the
• 10:16
  things
• 10:16
  that
• 10:16
  are
• 10:16
  a
• 10:16
  little
• 10:17
  harder
• 10:17
  to
• 10:17
  finance,
• 10:18
  even
• 10:18
  in
• 10:18
  good
• 10:18
  times,
• 10:19
  they've
• 10:20
  pulled
• 10:20
  back
• 10:20
  on.
• 10:21
  So.
• 10:22
  So
• 10:22
  maybe
• 10:22
  some
• 10:22
  of
• 10:22
  those
• 10:23
  loans
• 10:23
  I
• 10:23
  wrote
• 10:23
  before
• 10:23
  I
• 10:24
  left
• 10:24
  are
• 10:24
  suffering.
• 10:25
  That's
• 10:26
  on
• 10:26
  them.
• 10:26
  They're
• 10:27
  blaming
• 10:27
  you.
• 10:28
  Yeah,
• 10:29
  so.
• 10:29
  So
• 10:29
  you
• 10:30
  have
• 10:30
  a
• 10:30
  brand
• 10:30
  new
• 10:30
  startup
• 10:30
  with
• 10:31
  like
• 10:31
  no
• 10:31
  financial
• 10:31
  history.
• 10:32
  What
• 10:33
  do
• 10:33
  they
• 10:33
  have
• 10:33
  to
• 10:33
  go
• 10:34
  through
• 10:34
  to,
• 10:34
  to
• 10:35
  get
• 10:35
  a
• 10:35
  loan?
• 10:36
  So
• 10:38
  the
• 10:38
  first
• 10:39
  and
• 10:39
  foremost,
• 10:39
  supporting
• 10:40
  income,
• 10:40
  like
• 10:40
  we
• 10:40
  mentioned,
• 10:41
  is
• 10:41
  going
• 10:41
  to
• 10:41
  be
• 10:41
  really
• 10:41
  important.
• 10:43
  But
• 10:43
  then
• 10:44
  a
• 10:44
  solid
• 10:44
  business
• 10:45
  plan
• 10:45
  that
• 10:46
  demonstrates,
• 10:46
  number
• 10:47
  one,
• 10:47
  you
• 10:47
  understand
• 10:47
  the
• 10:48
  business
• 10:48
  that
• 10:48
  you're
• 10:48
  getting
• 10:49
  into.
• 10:50
  You
• 10:50
  know,
• 10:50
  you
• 10:51
  really
• 10:51
  can
• 10:51
  demonstrate
• 10:53
  your
• 10:53
  target
• 10:54
  market
• 10:54
  and
• 10:54
  you
• 10:55
  have
• 10:55
  a
• 10:55
  marketing
• 10:55
  plan
• 10:55
  that's
• 10:56
  going
• 10:56
  to
• 10:56
  bridge
• 10:57
  the
• 10:57
  gap
• 10:58
  between
• 10:58
  your
• 10:59
  product
• 10:59
  or
• 10:59
  service
• 11:00
  and
• 11:00
  the
• 11:00
  target
• 11:01
  market.
• 11:01
  And
• 11:02
  if
• 11:02
  you've
• 11:02
  really
• 11:03
  clearly
• 11:03
  identified
• 11:04
  your
• 11:04
  target
• 11:04
  market
• 11:04
  and
• 11:04
  you
• 11:05
  know
• 11:05
  how
• 11:05
  to
• 11:05
  reach
• 11:05
  that
• 11:05
  market,
• 11:06
  then
• 11:07
  your
• 11:07
  financial
• 11:07
  plan
• 11:08
  needs
• 11:08
  to
• 11:08
  demonstrate
• 11:09
  that
• 11:10
  you've
• 11:10
  got
• 11:10
  the
• 11:10
  cash
• 11:11
  available
• 11:11
  to
• 11:12
  market
• 11:12
  to
• 11:12
  that
• 11:13
  target
• 11:13
  market.
• 11:14
  And
• 11:14
  when
• 11:14
  you
• 11:14
  have
• 11:14
  the
• 11:14
  cash
• 11:15
  available
• 11:16
  to
• 11:16
  market
• 11:16
  to
• 11:16
  your
• 11:17
  target
• 11:17
  market
• 11:18
  and
• 11:18
  you
• 11:19
  and
• 11:19
  you
• 11:19
  and
• 11:20
  you
• 11:20
  speak
• 11:20
  their
• 11:20
  language,
• 11:21
  you
• 11:21
  are
• 11:21
  the
• 11:21
  brand.
• 11:22
  I
• 11:22
  mean,
• 11:22
  horse
• 11:23
  people
• 11:23
  are
• 11:23
  pretty
• 11:23
  much
• 11:24
  always
• 11:24
  the
• 11:24
  brand.
• 11:25
  The
• 11:25
  people
• 11:25
  that
• 11:25
  own
• 11:26
  tax
• 11:26
  shops
• 11:26
  probably
• 11:27
  have
• 11:27
  a
• 11:27
  horse,
• 11:28
  you
• 11:28
  know.
• 11:28
  Right,
• 11:28
  right.
• 11:29
  And
• 11:29
  people
• 11:29
  that
• 11:29
  do
• 11:30
  lesson
• 11:31
  programs,
• 11:31
  that
• 11:31
  own
• 11:31
  a
• 11:31
  training
• 11:32
  barn
• 11:32
  are
• 11:33
  probably
• 11:33
  showing
• 11:34
  and
• 11:34
  competing
• 11:34
  and
• 11:35
  they
• 11:35
  are
• 11:35
  the
• 11:35
  Brand.
• 11:36
  So
• 11:37
  if
• 11:37
  you.
• 11:37
  If
• 11:38
  you
• 11:38
  bring
• 11:38
  those
• 11:38
  things
• 11:39
  to
• 11:39
  the
• 11:39
  table,
• 11:40
  then
• 11:40
  asking
• 11:41
  for
• 11:41
  a
• 11:41
  loan
• 11:41
  is
• 11:41
  really
• 11:42
  a
• 11:42
  lot
• 11:43
  more
• 11:43
  feasible
• 11:43
  for
• 11:43
  a
• 11:44
  startup.
• 11:45
  The.
• 11:45
  The
• 11:45
  other
• 11:45
  thing
• 11:46
  is,
• 11:46
  do
• 11:46
  you
• 11:46
  have
• 11:46
  some
• 11:47
  cash
• 11:47
  to
• 11:47
  put
• 11:47
  in
• 11:48
  so
• 11:49
  that
• 11:49
  becomes
• 11:49
  important.
• 11:50
  How
• 11:50
  about
• 11:50
  collateral?
• 11:51
  Is
• 11:51
  that
• 11:51
  a
• 11:51
  thing
• 11:51
  anymore?
• 11:52
  Oh,
• 11:52
  yeah.
• 11:53
  Collateral
• 11:54
  is
• 11:54
  a
• 11:54
  big
• 11:54
  deal.
• 11:54
  Like,
• 11:55
  I
• 11:55
  have
• 11:55
  a
• 11:55
  lot
• 11:55
  of
• 11:55
  equity
• 11:56
  in
• 11:56
  my
• 11:56
  building
• 11:57
  or
• 11:57
  whatever.
• 11:58
  Yes,
• 11:58
  yes.
• 11:59
  So
• 11:59
  if
• 11:59
  you
• 11:59
  already
• 12:00
  own
• 12:00
  the.
• 12:00
  The
• 12:00
  barn
• 12:01
  and
• 12:01
  it's
• 12:01
  paid
• 12:01
  for
• 12:02
  and
• 12:02
  you
• 12:02
  can
• 12:02
  pledge
• 12:02
  that
• 12:03
  as
• 12:03
  collateral
• 12:03
  against
• 12:04
  the
• 12:04
  startup
• 12:04
  that
• 12:04
  you're
• 12:05
  going
• 12:05
  to
• 12:05
  begin
• 12:05
  in
• 12:05
  your
• 12:06
  barn,
• 12:06
  which
• 12:06
  would
• 12:06
  be
• 12:06
  a
• 12:07
  pretty
• 12:07
  unusual
• 12:08
  circumstance,
• 12:09
  but
• 12:09
  then
• 12:10
  the
• 12:10
  bank's
• 12:10
  happy
• 12:10
  because
• 12:11
  they're
• 12:11
  going
• 12:11
  to
• 12:11
  put
• 12:11
  a
• 12:11
  lien
• 12:12
  on
• 12:12
  that
• 12:12
  barn.
• 12:12
  And
• 12:12
  if
• 12:12
  your
• 12:12
  business
• 12:13
  goes
• 12:13
  bust,
• 12:14
  you
• 12:14
  lose
• 12:14
  your.
• 12:15
  The
• 12:15
  money
• 12:15
  you
• 12:15
  put
• 12:15
  in
• 12:16
  and
• 12:16
  you
• 12:16
  lose
• 12:16
  the
• 12:16
  barn.
• 12:17
  And
• 12:17
  that's
• 12:18
  kind
• 12:18
  of
• 12:18
  the
• 12:18
  tough
• 12:19
  nut
• 12:19
  to
• 12:19
  swallow.
• 12:20
  But
• 12:20
  remember,
• 12:21
  banks
• 12:21
  don't
• 12:22
  want
• 12:22
  to
• 12:22
  take
• 12:22
  risk.
• 12:23
  They
• 12:23
  want
• 12:24
  to
• 12:24
  have.
• 12:25
  What
• 12:25
  they
• 12:25
  really
• 12:26
  want
• 12:26
  to
• 12:26
  do
• 12:26
  is
• 12:27
  give
• 12:27
  you
• 12:27
  the
• 12:27
  cash
• 12:28
  against
• 12:28
  the
• 12:28
  equity
• 12:29
  that
• 12:29
  you
• 12:29
  already
• 12:30
  have.
• 12:30
  So
• 12:31
  that's
• 12:31
  collateral
• 12:32
  and
• 12:33
  inventory.
• 12:33
  Does
• 12:34
  inventory
• 12:34
  count
• 12:34
  as
• 12:34
  that?
• 12:36
  No,
• 12:36
  it
• 12:36
  doesn't
• 12:37
  really,
• 12:37
  because
• 12:37
  the
• 12:38
  bank.
• 12:39
  What's
• 12:39
  the
• 12:39
  bank
• 12:39
  going
• 12:39
  to
• 12:40
  do
• 12:40
  with
• 12:40
  your
• 12:40
  inventory?
• 12:40
  Yeah,
• 12:41
  that's
• 12:41
  true.
• 12:41
  They're
• 12:41
  going
• 12:41
  to
• 12:41
  sell
• 12:42
  it
• 12:42
  on
• 12:42
  pennies
• 12:42
  on
• 12:42
  a
• 12:42
  dollar
• 12:43
  and.
• 12:43
  Yeah,
• 12:43
  it's
• 12:43
  a
• 12:43
  half.
• 12:43
  Yeah.
• 12:44
  I
• 12:44
  mean,
• 12:44
  we.
• 12:44
  I
• 12:45
  once
• 12:45
  loan
• 12:45
  money
• 12:45
  to
• 12:45
  a
• 12:46
  guy
• 12:46
  who
• 12:46
  had
• 12:46
  a
• 12:46
  company
• 12:46
  called
• 12:47
  Ohm
• 12:47
  Pillow.
• 12:48
  And
• 12:48
  it
• 12:48
  was.
• 12:49
  It
• 12:49
  was
• 12:50
  a
• 12:50
  pillow
• 12:50
  that
• 12:51
  was.
• 12:51
  That
• 12:51
  he
• 12:51
  had
• 12:51
  made
• 12:52
  in
• 12:52
  China.
• 12:52
  And
• 12:53
  it
• 12:53
  had
• 12:53
  these
• 12:53
  herb
• 12:53
  packs
• 12:54
  that
• 12:54
  you
• 12:54
  put
• 12:54
  in.
• 12:55
  So
• 12:55
  it
• 12:55
  was.
• 12:55
  Oh,
• 12:55
  I'm
• 12:55
  like,
• 12:56
  oh,
• 12:57
  okay.
• 12:57
  Herb
• 12:57
  packs
• 12:58
  that
• 12:58
  went
• 12:58
  in
• 12:58
  the
• 12:58
  bottom.
• 12:58
  So
• 12:59
  if
• 12:59
  you
• 12:59
  had
• 13:00
  allergies,
• 13:00
  you
• 13:01
  put
• 13:01
  a
• 13:01
  different
• 13:01
  herb
• 13:02
  in
• 13:02
  there.
• 13:02
  If
• 13:02
  you
• 13:02
  had
• 13:03
  Ed,
• 13:03
  you
• 13:03
  put
• 13:04
  a
• 13:04
  different
• 13:04
  herb
• 13:04
  in
• 13:05
  there.
• 13:05
  You
• 13:05
  know,
• 13:05
  so
• 13:06
  all
• 13:06
  these.
• 13:07
  And
• 13:07
  he
• 13:08
  went
• 13:08
  under
• 13:09
  and
• 13:10
  we.
• 13:10
  We
• 13:10
  inherited
• 13:11
  all
• 13:11
  of
• 13:11
  his
• 13:11
  collateral,
• 13:12
  which
• 13:12
  was
• 13:12
  like
• 13:12
  a
• 13:12
  thousand
• 13:13
  home
• 13:14
  pillows.
• 13:15
  And
• 13:15
  I
• 13:15
  think
• 13:15
  we
• 13:16
  sold
• 13:16
  the
• 13:16
  whole
• 13:16
  lot
• 13:16
  for
• 13:17
  like
• 13:17
  50
• 13:17
  bucks.
• 13:18
  Probably
• 13:18
  the
• 13:18
  big
• 13:19
  lots
• 13:19
  or
• 13:19
  somebody
• 13:20
  like
• 13:20
  that
• 13:20
  that
• 13:20
  bought
• 13:20
  them,
• 13:21
  I
• 13:22
  don't
• 13:22
  know.
• 13:22
  All
• 13:23
  right.
• 13:23
  We
• 13:23
  just
• 13:23
  had
• 13:23
  Buck
• 13:24
  move
• 13:24
  in
• 13:24
  because
• 13:25
  of
• 13:25
  the
• 13:25
  wind
• 13:25
  was
• 13:25
  getting
• 13:25
  bad
• 13:26
  there
• 13:26
  in
• 13:26
  Aiken.
• 13:26
  So
• 13:27
  thanks
• 13:27
  for
• 13:27
  doing
• 13:27
  that,
• 13:28
  Buck.
• 13:28
  And
• 13:28
  I
• 13:28
  can
• 13:28
  see
• 13:28
  your
• 13:28
  pretty
• 13:29
  kitchen
• 13:29
  now.
• 13:29
  So
• 13:30
  welcome
• 13:30
  to
• 13:30
  the
• 13:30
  cottage.
• 13:31
  It's
• 13:31
  beautiful.
• 13:32
  All
• 13:33
  right,
• 13:33
  so
• 13:33
  let's
• 13:34
  get
• 13:34
  back
• 13:34
  to
• 13:34
  small
• 13:35
  business
• 13:35
  owners.
• 13:35
  Some
• 13:36
  are
• 13:36
  hesitant
• 13:36
  to
• 13:36
  take
• 13:37
  on
• 13:37
  debt.
• 13:37
  So
• 13:37
  what's
• 13:38
  your
• 13:38
  philos
• 13:39
  on
• 13:39
  good
• 13:39
  debt
• 13:39
  and
• 13:40
  bad
• 13:40
  debt?
• 13:41
  You
• 13:41
  know,
• 13:41
  there's
• 13:41
  different
• 13:42
  reasons
• 13:42
  for
• 13:42
  taking
• 13:42
  debt.
• 13:43
  Right.
• 13:43
  And
• 13:43
  does
• 13:44
  that
• 13:44
  matter?
• 13:44
  Let
• 13:45
  me
• 13:45
  ask
• 13:45
  that
• 13:45
  first.
• 13:45
  Does
• 13:46
  it
• 13:46
  matter
• 13:46
  my
• 13:47
  intention
• 13:47
  for
• 13:47
  the
• 13:48
  debt?
• 13:49
  It
• 13:49
  matters
• 13:49
  a
• 13:49
  lot.
• 13:50
  So
• 13:50
  anytime
• 13:51
  you
• 13:51
  go
• 13:51
  for
• 13:51
  financing,
• 13:52
  you
• 13:52
  have
• 13:52
  to
• 13:52
  be
• 13:52
  able
• 13:52
  to.
• 13:53
  You
• 13:53
  have
• 13:53
  to
• 13:53
  be
• 13:53
  very
• 13:53
  specific
• 13:54
  about
• 13:54
  what
• 13:54
  you're
• 13:54
  going
• 13:55
  to
• 13:55
  spend
• 13:55
  the
• 13:55
  money
• 13:55
  on.
• 13:56
  So
• 13:56
  it's
• 13:57
  easier
• 13:57
  to,
• 13:57
  to
• 13:58
  finance
• 13:58
  fixed
• 13:59
  assets
• 14:00
  than
• 14:00
  it
• 14:00
  is
• 14:01
  like,
• 14:01
  like
• 14:02
  if
• 14:02
  you're
• 14:02
  a
• 14:02
  brewery,
• 14:03
  it's
• 14:03
  easier
• 14:03
  to
• 14:03
  finance
• 14:04
  your,
• 14:04
  your
• 14:05
  equipment
• 14:05
  for
• 14:05
  your
• 14:05
  brewery
• 14:06
  than
• 14:07
  to
• 14:07
  try
• 14:07
  to
• 14:07
  finance
• 14:08
  marketing.
• 14:09
  Because
• 14:10
  marketing,
• 14:10
  you're
• 14:10
  just
• 14:10
  throwing
• 14:11
  money
• 14:11
  in
• 14:11
  the
• 14:11
  wind
• 14:11
  hoping
• 14:12
  that
• 14:12
  it's
• 14:12
  going
• 14:12
  to
• 14:13
  work.
• 14:13
  And
• 14:13
  I'm
• 14:14
  buying
• 14:14
  new
• 14:14
  tanks
• 14:14
  and
• 14:15
  equipment.
• 14:15
  That's
• 14:15
  easier.
• 14:16
  Yeah,
• 14:16
  we
• 14:16
  can't
• 14:17
  meet
• 14:17
  demand
• 14:17
  right
• 14:17
  now.
• 14:18
  We
• 14:18
  need
• 14:18
  new
• 14:18
  tanks.
• 14:19
  Okay,
• 14:19
  got
• 14:20
  it.
• 14:20
  Or
• 14:20
  but
• 14:21
  marketing
• 14:21
  is
• 14:21
  always
• 14:22
  like,
• 14:22
  well,
• 14:22
  we're
• 14:23
  really
• 14:23
  not
• 14:23
  that
• 14:23
  busy
• 14:24
  and
• 14:25
  so
• 14:25
  we
• 14:25
  need.
• 14:25
  Right.
• 14:26
  To
• 14:26
  spend
• 14:26
  $50,000
• 14:27
  on
• 14:28
  marketing.
• 14:29
  And
• 14:29
  you
• 14:30
  know,
• 14:30
  no
• 14:30
  one
• 14:30
  knows
• 14:31
  if
• 14:31
  that's
• 14:31
  going
• 14:31
  to
• 14:31
  work.
• 14:31
  So
• 14:32
  that's
• 14:32
  always
• 14:32
  a
• 14:32
  little,
• 14:33
  a
• 14:33
  little
• 14:33
  less
• 14:33
  risky.
• 14:34
  And
• 14:34
  remember,
• 14:34
  from
• 14:35
  the
• 14:35
  collateral
• 14:35
  perspective,
• 14:36
  if
• 14:36
  you're
• 14:36
  buying
• 14:36
  fixed
• 14:37
  assets,
• 14:38
  then
• 14:38
  you,
• 14:39
  then
• 14:39
  the
• 14:40
  bank
• 14:40
  is
• 14:40
  going
• 14:40
  to
• 14:40
  attach
• 14:41
  that
• 14:41
  just
• 14:41
  like
• 14:42
  a
• 14:42
  car,
• 14:42
  a
• 14:42
  car
• 14:43
  loan.
• 14:43
  The
• 14:43
  bank's
• 14:43
  going
• 14:43
  to
• 14:44
  attach
• 14:44
  that
• 14:44
  as
• 14:44
  collateral
• 14:45
  to
• 14:45
  the
• 14:45
  loan.
• 14:46
  So
• 14:46
  they
• 14:46
  have
• 14:46
  some
• 14:47
  recourse
• 14:48
  there.
• 14:49
  All
• 14:49
  right,
• 14:49
  so
• 14:49
  if
• 14:49
  you're
• 14:49
  going
• 14:49
  to
• 14:49
  look
• 14:50
  at
• 14:50
  the,
• 14:50
  at
• 14:51
  a
• 14:51
  list
• 14:51
  and
• 14:51
  the
• 14:52
  good
• 14:52
  reasons
• 14:52
  to
• 14:53
  borrow
• 14:53
  and
• 14:54
  the
• 14:54
  bad
• 14:54
  reasons
• 14:54
  to
• 14:55
  borrow,
• 14:55
  give
• 14:56
  us
• 14:56
  a
• 14:56
  couple
• 14:56
  of
• 14:56
  each.
• 14:58
  Well,
• 14:58
  I
• 14:58
  don't
• 14:58
  know
• 14:59
  that
• 14:59
  there's.
• 14:59
  Well,
• 15:00
  the
• 15:00
  biggest,
• 15:00
  we'll
• 15:01
  start
• 15:01
  with
• 15:01
  a
• 15:01
  bad
• 15:01
  reason.
• 15:01
  I
• 15:02
  mean,
• 15:02
  the
• 15:02
  worst
• 15:02
  reason
• 15:03
  is
• 15:03
  we've
• 15:03
  fallen
• 15:04
  behind
• 15:04
  and
• 15:04
  we
• 15:05
  need
• 15:05
  to
• 15:05
  get
• 15:05
  caught
• 15:06
  up.
• 15:06
  We've
• 15:06
  fallen
• 15:06
  behind
• 15:06
  in
• 15:07
  our
• 15:07
  bills
• 15:07
  or
• 15:08
  things
• 15:08
  are
• 15:08
  just,
• 15:09
  we're
• 15:09
  struggling
• 15:10
  and
• 15:10
  we
• 15:10
  need
• 15:10
  to
• 15:10
  borrow
• 15:11
  money
• 15:11
  because,
• 15:12
  you
• 15:12
  know,
• 15:12
  we
• 15:12
  think
• 15:13
  that's
• 15:13
  going
• 15:13
  to
• 15:13
  help
• 15:13
  us
• 15:14
  get
• 15:14
  it
• 15:14
  turned
• 15:14
  around.
• 15:15
  That
• 15:15
  is
• 15:16
  often
• 15:16
  throwing
• 15:16
  good
• 15:17
  money
• 15:17
  after
• 15:17
  bad.
• 15:18
  And
• 15:18
  no
• 15:18
  one
• 15:18
  likes
• 15:19
  to
• 15:19
  lend
• 15:19
  under
• 15:19
  those
• 15:20
  circumstances.
• 15:20
  So
• 15:21
  if
• 15:21
  you've
• 15:21
  gotten
• 15:22
  yourself
• 15:22
  in
• 15:22
  that
• 15:22
  position,
• 15:24
  a
• 15:24
  lot
• 15:24
  of
• 15:24
  times
• 15:24
  it
• 15:26
  consider
• 15:27
  cutting
• 15:27
  bait
• 15:27
  and
• 15:28
  moving
• 15:28
  on
• 15:28
  before
• 15:28
  going
• 15:29
  deeper
• 15:29
  in
• 15:29
  the
• 15:29
  hole.
• 15:30
  A
• 15:30
  good
• 15:31
  reason
• 15:31
  to
• 15:31
  borrow
• 15:31
  is
• 15:33
  I,
• 15:33
  I've
• 15:33
  got
• 15:34
  $250,000.
• 15:36
  I
• 15:36
  want
• 15:36
  to
• 15:36
  buy
• 15:36
  a
• 15:36
  piece
• 15:37
  of
• 15:37
  property
• 15:37
  that
• 15:37
  has
• 15:37
  a
• 15:38
  barn
• 15:38
  on
• 15:38
  it.
• 15:39
  And
• 15:39
  I'm
• 15:39
  going
• 15:39
  to
• 15:39
  open
• 15:40
  a
• 15:40
  commercial
• 15:42
  facility
• 15:43
  and
• 15:43
  I'm
• 15:43
  going
• 15:43
  to
• 15:43
  go
• 15:44
  to
• 15:44
  the
• 15:44
  bank
• 15:44
  and
• 15:44
  get
• 15:44
  what's
• 15:45
  called
• 15:45
  an
• 15:45
  SBA504
• 15:46
  loan,
• 15:47
  which
• 15:47
  is
• 15:47
  a
• 15:47
  very
• 15:47
  low
• 15:47
  rate
• 15:48
  loan.
• 15:48
  I
• 15:49
  only
• 15:49
  have
• 15:49
  to
• 15:49
  put
• 15:49
  10%
• 15:50
  down.
• 15:51
  The
• 15:51
  intermediary
• 15:52
  for
• 15:52
  the
• 15:52
  SBA
• 15:53
  will
• 15:53
  get
• 15:53
  a
• 15:53
  bank
• 15:54
  partner.
• 15:54
  And
• 15:55
  at
• 15:55
  the
• 15:55
  end
• 15:55
  of
• 15:55
  the
• 15:55
  day,
• 15:56
  you've
• 15:56
  got
• 15:57
  the
• 15:57
  facility
• 15:58
  you
• 15:58
  want,
• 15:58
  you've
• 15:59
  got
• 15:59
  the
• 15:59
  money
• 15:59
  to
• 16:00
  fix
• 16:00
  it
• 16:00
  up
• 16:01
  because
• 16:01
  that
• 16:02
  can
• 16:02
  be
• 16:02
  included
• 16:02
  in
• 16:02
  the
• 16:03
  loan.
• 16:03
  And
• 16:03
  if
• 16:03
  the
• 16:04
  business
• 16:04
  doesn't
• 16:04
  do
• 16:05
  well,
• 16:05
  everybody's
• 16:06
  happy
• 16:06
  because
• 16:06
  you
• 16:06
  still
• 16:07
  have
• 16:07
  the,
• 16:07
  you
• 16:07
  still
• 16:07
  have
• 16:07
  the
• 16:08
  asset.
• 16:08
  And
• 16:09
  if
• 16:09
  you,
• 16:09
  if
• 16:09
  you
• 16:09
  can
• 16:09
  Hang
• 16:10
  it
• 16:10
  in
• 16:10
  there
• 16:10
  for
• 16:10
  five
• 16:10
  years,
• 16:11
  chances
• 16:11
  are
• 16:11
  that
• 16:12
  asset
• 16:12
  is
• 16:12
  worth
• 16:12
  a
• 16:12
  lot
• 16:13
  more.
• 16:13
  And
• 16:13
  if
• 16:13
  you
• 16:14
  have
• 16:14
  to
• 16:14
  close
• 16:14
  up
• 16:14
  shop
• 16:15
  and
• 16:15
  sell
• 16:15
  the
• 16:16
  thing,
• 16:16
  the
• 16:16
  banks
• 16:17
  are
• 16:17
  made
• 16:17
  whole.
• 16:17
  You
• 16:18
  walk
• 16:18
  out
• 16:18
  with
• 16:18
  a
• 16:18
  little
• 16:19
  bit
• 16:19
  of
• 16:19
  cash
• 16:19
  and
• 16:19
  it's,
• 16:20
  it's
• 16:20
  a,
• 16:20
  you
• 16:20
  know,
• 16:21
  and
• 16:21
  you're
• 16:21
  good
• 16:21
  to
• 16:21
  go.
• 16:22
  So
• 16:23
  that's
• 16:23
  a
• 16:23
  good
• 16:23
  reason.
• 16:24
  I
• 16:24
  would
• 16:24
  say
• 16:24
  the,
• 16:25
  the,
• 16:25
  another
• 16:25
  good
• 16:26
  reason
• 16:26
  would
• 16:26
  be
• 16:26
  if
• 16:26
  you
• 16:26
  have
• 16:26
  a
• 16:27
  retail
• 16:27
  store
• 16:28
  and
• 16:28
  you
• 16:28
  need
• 16:28
  inventory
• 16:29
  for
• 16:29
  Christmas
• 16:30
  and
• 16:30
  you,
• 16:30
  you're
• 16:30
  profitable
• 16:31
  and
• 16:31
  you
• 16:31
  can
• 16:31
  demonstrate
• 16:32
  that
• 16:32
  you've
• 16:33
  got
• 16:33
  demand,
• 16:35
  then
• 16:35
  banks
• 16:35
  will,
• 16:36
  will
• 16:36
  often
• 16:36
  kind
• 16:36
  of
• 16:37
  fight
• 16:37
  for
• 16:37
  your
• 16:37
  business.
• 16:37
  And
• 16:38
  that's
• 16:38
  a,
• 16:38
  that's
• 16:38
  another
• 16:38
  good
• 16:39
  place
• 16:39
  to,
• 16:39
  to
• 16:39
  be
• 16:40
  in.
• 16:40
  Is
• 16:41
  that
• 16:41
  the
• 16:41
  most
• 16:41
  common
• 16:41
  retailer?
• 16:42
  Because
• 16:43
  most
• 16:43
  of
• 16:43
  our
• 16:43
  listeners
• 16:43
  are
• 16:44
  retailers
• 16:44
  or
• 16:44
  small
• 16:44
  manufacturers.
• 16:45
  Is
• 16:45
  that
• 16:46
  the
• 16:46
  most
• 16:46
  common
• 16:46
  reason
• 16:47
  for
• 16:47
  a
• 16:47
  loan
• 16:47
  is,
• 16:48
  or
• 16:48
  is
• 16:49
  it
• 16:49
  people
• 16:49
  too?
• 16:50
  I
• 16:50
  don't
• 16:50
  think
• 16:50
  so.
• 16:51
  I
• 16:51
  mean,
• 16:51
  I
• 16:51
  think
• 16:52
  the,
• 16:52
  the
• 16:52
  most
• 16:52
  common.
• 16:53
  I
• 16:53
  mean,
• 16:54
  it's,
• 16:54
  it's
• 16:54
  a
• 16:54
  common
• 16:55
  reason,
• 16:55
  but
• 16:56
  it's
• 16:56
  probably
• 16:57
  not
• 16:57
  any
• 16:58
  more
• 16:58
  common
• 16:58
  than
• 16:58
  any
• 16:59
  other.
• 16:59
  I
• 16:59
  think,
• 17:00
  you
• 17:00
  know,
• 17:00
  for
• 17:00
  small
• 17:00
  manufacturing.
• 17:01
  Again,
• 17:02
  SBA504
• 17:03
  loans
• 17:03
  for
• 17:03
  equipment
• 17:04
  are
• 17:04
  fantastic.
• 17:05
  You
• 17:05
  typically
• 17:05
  putting
• 17:06
  10
• 17:06
  down
• 17:07
  and
• 17:07
  then
• 17:07
  you
• 17:08
  get
• 17:08
  a
• 17:08
  low
• 17:08
  rate
• 17:08
  on
• 17:08
  the
• 17:08
  SBA
• 17:09
  piece
• 17:09
  and
• 17:09
  you
• 17:09
  have
• 17:09
  a
• 17:10
  bank
• 17:10
  partner,
• 17:11
  super
• 17:11
  powerful
• 17:12
  loan
• 17:12
  production
• 17:14
  for
• 17:14
  inventory.
• 17:16
  Typically
• 17:17
  a
• 17:17
  line
• 17:17
  of
• 17:18
  credit
• 17:18
  is
• 17:18
  more
• 17:18
  appropriate.
• 17:19
  So
• 17:20
  you
• 17:20
  get
• 17:20
  a
• 17:21
  $200,000
• 17:22
  line
• 17:22
  of
• 17:23
  credit
• 17:23
  in
• 17:23
  the
• 17:23
  spring.
• 17:24
  You
• 17:24
  get
• 17:24
  all
• 17:24
  your
• 17:24
  orders
• 17:25
  placed
• 17:25
  over
• 17:25
  the
• 17:25
  summer.
• 17:26
  You're
• 17:27
  paying
• 17:27
  interest
• 17:27
  only
• 17:28
  on
• 17:28
  your
• 17:28
  outstanding
• 17:29
  balance.
• 17:30
  So
• 17:31
  as
• 17:31
  your
• 17:31
  balance
• 17:31
  goes
• 17:32
  up,
• 17:32
  because
• 17:32
  you're
• 17:32
  placing
• 17:33
  your
• 17:33
  orders
• 17:33
  and
• 17:33
  you're
• 17:33
  putting
• 17:33
  deposits
• 17:34
  on
• 17:34
  things,
• 17:34
  you're
• 17:35
  paying
• 17:35
  interest
• 17:35
  on
• 17:35
  it,
• 17:36
  all
• 17:36
  this
• 17:36
  stuff
• 17:37
  comes
• 17:37
  in,
• 17:38
  you've
• 17:39
  exhausted
• 17:39
  your
• 17:39
  line
• 17:39
  of
• 17:39
  credit,
• 17:40
  Christmas
• 17:40
  is
• 17:40
  over,
• 17:41
  you,
• 17:41
  you're
• 17:41
  flush
• 17:42
  with
• 17:42
  cash,
• 17:42
  you
• 17:42
  pay
• 17:42
  off
• 17:43
  your
• 17:43
  line
• 17:43
  of
• 17:43
  credit
• 17:43
  to
• 17:43
  zero
• 17:44
  and
• 17:44
  you
• 17:44
  start
• 17:44
  over.
• 17:45
  And
• 17:45
  that's
• 17:45
  a
• 17:45
  great
• 17:46
  way
• 17:46
  to
• 17:46
  grow
• 17:46
  a
• 17:46
  retail
• 17:47
  business
• 17:47
  because
• 17:48
  banks
• 17:48
  love
• 17:49
  that.
• 17:49
  They
• 17:49
  love
• 17:49
  to
• 17:50
  get
• 17:50
  made
• 17:50
  whole
• 17:50
  at
• 17:50
  the
• 17:50
  end.
• 17:51
  And
• 17:51
  then
• 17:52
  you,
• 17:53
  you
• 17:53
  know,
• 17:53
  I
• 17:53
  got
• 17:54
  200
• 17:54
  this
• 17:54
  year,
• 17:54
  next
• 17:54
  year
• 17:55
  I
• 17:55
  need
• 17:55
  400.
• 17:55
  Boom,
• 17:56
  you're
• 17:56
  in.
• 17:56
  You
• 17:57
  know,
• 17:57
  and
• 17:57
  they,
• 17:57
  they
• 17:57
  see
• 17:58
  that
• 17:58
  trend
• 17:58
  and
• 17:59
  that
• 17:59
  they
• 17:59
  salivate
• 18:00
  over
• 18:00
  those
• 18:00
  kind
• 18:01
  of,
• 18:01
  those
• 18:01
  kind
• 18:01
  of
• 18:01
  deals.
• 18:02
  So
• 18:02
  that's
• 18:02
  another,
• 18:03
  another
• 18:03
  loan
• 18:04
  product
• 18:04
  that's
• 18:05
  a
• 18:05
  good
• 18:05
  one
• 18:05
  for
• 18:05
  small
• 18:06
  business.
• 18:06
  But
• 18:06
  those
• 18:07
  can
• 18:07
  be
• 18:07
  a
• 18:07
  little
• 18:07
  dangerous
• 18:08
  too,
• 18:08
  because
• 18:08
  you're
• 18:08
  banking
• 18:09
  on
• 18:09
  the
• 18:09
  fact
• 18:09
  that
• 18:09
  you're
• 18:10
  going
• 18:10
  to
• 18:10
  be
• 18:10
  able
• 18:10
  to
• 18:10
  pay
• 18:10
  that
• 18:10
  off.
• 18:11
  And
• 18:11
  if
• 18:11
  you
• 18:11
  can't,
• 18:12
  you
• 18:12
  may
• 18:12
  be
• 18:12
  able
• 18:12
  to
• 18:13
  pay
• 18:13
  down
• 18:13
  some
• 18:13
  of
• 18:13
  it
• 18:13
  and
• 18:14
  then
• 18:14
  maybe,
• 18:15
  you
• 18:15
  know,
• 18:15
  turn
• 18:15
  it
• 18:15
  into
• 18:15
  the
• 18:16
  rest
• 18:16
  of
• 18:16
  it
• 18:16
  into
• 18:16
  a
• 18:16
  term
• 18:16
  loan
• 18:17
  or
• 18:17
  work
• 18:17
  it
• 18:17
  out
• 18:17
  with
• 18:17
  the
• 18:18
  bank.
• 18:18
  But
• 18:19
  those
• 18:19
  can
• 18:19
  be
• 18:20
  incredibly
• 18:20
  helpful
• 18:20
  for
• 18:21
  growing
• 18:21
  Business,
• 18:21
  growing
• 18:22
  retail
• 18:22
  businesses.
• 18:23
  So
• 18:23
  most
• 18:24
  small
• 18:24
  businesses
• 18:25
  now
• 18:25
  in
• 18:25
  retail
• 18:25
  have
• 18:26
  had
• 18:26
  to
• 18:26
  do
• 18:26
  some
• 18:27
  kind
• 18:27
  of
• 18:27
  online.
• 18:27
  Right.
• 18:28
  I
• 18:28
  mean,
• 18:28
  they've
• 18:28
  had
• 18:28
  to
• 18:29
  go
• 18:29
  to
• 18:29
  selling
• 18:30
  and
• 18:30
  shipping,
• 18:30
  and
• 18:30
  a
• 18:30
  lot
• 18:31
  of
• 18:31
  them
• 18:31
  have
• 18:31
  done
• 18:31
  that.
• 18:31
  Does
• 18:32
  that
• 18:32
  matter
• 18:32
  when
• 18:32
  it
• 18:33
  comes
• 18:33
  to
• 18:33
  a
• 18:33
  loan?
• 18:33
  How
• 18:33
  much
• 18:33
  is
• 18:34
  brick
• 18:34
  and
• 18:34
  mortar
• 18:34
  and
• 18:34
  how
• 18:34
  much
• 18:34
  is
• 18:35
  shipping?
• 18:35
  Or
• 18:35
  don't
• 18:35
  you
• 18:35
  care
• 18:36
  as
• 18:36
  long
• 18:36
  as
• 18:36
  the
• 18:36
  sales
• 18:36
  are
• 18:36
  there?
• 18:38
  I
• 18:38
  don't
• 18:38
  think
• 18:39
  anybody
• 18:39
  cares
• 18:40
  as
• 18:40
  long
• 18:41
  as
• 18:41
  the,
• 18:41
  the
• 18:41
  dollars
• 18:42
  make
• 18:42
  sense.
• 18:42
  At
• 18:43
  the
• 18:43
  end
• 18:43
  of
• 18:43
  the
• 18:43
  day.
• 18:44
  I
• 18:44
  think
• 18:45
  that
• 18:45
  one
• 18:46
  of
• 18:46
  the
• 18:46
  things
• 18:46
  that
• 18:46
  I've
• 18:47
  seen
• 18:47
  is
• 18:47
  people
• 18:48
  pouring
• 18:49
  tons
• 18:49
  of
• 18:50
  money
• 18:50
  into
• 18:51
  Google.
• 18:52
  Google
• 18:52
  search.
• 18:55
  You
• 18:55
  know,
• 18:55
  what's
• 18:55
  the
• 18:55
  word?
• 18:57
  Ads
• 18:57
  and
• 18:57
  stuff.
• 18:57
  Yeah,
• 18:58
  yeah.
• 18:58
  And,
• 18:59
  you
• 18:59
  know,
• 18:59
  you've,
• 18:59
  you've
• 19:00
  got
• 19:00
  all
• 19:00
  that
• 19:00
  SEO,
• 19:01
  search
• 19:01
  engine
• 19:02
  optimization
• 19:02
  stuff,
• 19:03
  and
• 19:03
  it
• 19:04
  works,
• 19:05
  but
• 19:05
  it's
• 19:05
  also
• 19:06
  a
• 19:06
  little
• 19:06
  bit
• 19:06
  risky
• 19:07
  because
• 19:07
  you
• 19:07
  can
• 19:07
  spend
• 19:07
  $25,000
• 19:08
  to
• 19:09
  get
• 19:09
  $50,000
• 19:10
  or
• 19:10
  $100,000
• 19:11
  worth
• 19:11
  of
• 19:11
  business,
• 19:11
  which
• 19:11
  is
• 19:12
  great.
• 19:13
  But
• 19:13
  when
• 19:13
  the
• 19:13
  SEO
• 19:15
  parameters
• 19:15
  change,
• 19:16
  sometimes
• 19:17
  you're
• 19:17
  left
• 19:17
  holding
• 19:17
  the
• 19:17
  bag
• 19:17
  and
• 19:18
  you've
• 19:18
  gone
• 19:18
  three
• 19:19
  months
• 19:19
  and
• 19:19
  all
• 19:19
  of
• 19:19
  a
• 19:19
  sudden
• 19:20
  you're
• 19:20
  not
• 19:21
  in
• 19:21
  the
• 19:21
  search,
• 19:22
  you're
• 19:22
  not
• 19:22
  coming
• 19:22
  up
• 19:23
  anymore.
• 19:23
  And
• 19:23
  the
• 19:24
  company
• 19:24
  that's
• 19:24
  running
• 19:24
  this
• 19:25
  SEO
• 19:25
  thing
• 19:25
  for
• 19:25
  you
• 19:26
  has
• 19:26
  to
• 19:26
  rejigger
• 19:26
  all
• 19:27
  their
• 19:28
  arithmetic
• 19:29
  to
• 19:29
  get
• 19:29
  you
• 19:29
  back
• 19:29
  on
• 19:30
  top
• 19:30
  of.
• 19:30
  I've
• 19:30
  seen
• 19:31
  some
• 19:31
  companies
• 19:31
  that
• 19:32
  come
• 19:32
  to
• 19:32
  me
• 19:32
  and
• 19:32
  say,
• 19:33
  you
• 19:33
  know,
• 19:33
  we
• 19:33
  just
• 19:33
  totally
• 19:33
  got
• 19:34
  hammered
• 19:34
  with
• 19:34
  that,
• 19:35
  so,
• 19:36
  you
• 19:36
  know,
• 19:37
  everything's
• 19:37
  a
• 19:37
  risk.
• 19:37
  But
• 19:38
  I
• 19:38
  think
• 19:38
  that's
• 19:38
  a,
• 19:38
  that's
• 19:39
  a,
• 19:39
  that's
• 19:39
  a
• 19:39
  tricky
• 19:39
  one.
• 19:40
  SEO
• 19:41
  especially
• 19:41
  is
• 19:41
  tricky
• 19:41
  because
• 19:42
  there's
• 19:42
  a
• 19:42
  lot
• 19:42
  of
• 19:42
  shysters
• 19:43
  in
• 19:43
  that
• 19:43
  market.
• 19:44
  That's
• 19:44
  a
• 19:44
  market
• 19:44
  where
• 19:45
  they
• 19:45
  seem
• 19:45
  to,
• 19:46
  you
• 19:46
  know,
• 19:46
  flood
• 19:47
  to.
• 19:47
  My
• 19:48
  brother's
• 19:48
  in
• 19:48
  the
• 19:48
  sign
• 19:48
  business
• 19:49
  and
• 19:49
  he
• 19:50
  all
• 19:50
  online.
• 19:50
  Right.
• 19:51
  So.
• 19:51
  And
• 19:52
  he's
• 19:52
  done
• 19:52
  very
• 19:52
  well
• 19:53
  over
• 19:53
  the
• 19:53
  years,
• 19:53
  but
• 19:53
  he's
• 19:54
  had
• 19:54
  an
• 19:54
  SEO
• 19:55
  company
• 19:55
  for
• 19:55
  like
• 19:55
  10
• 19:55
  years
• 19:56
  that
• 19:56
  has
• 19:57
  done
• 19:57
  what
• 19:57
  you
• 19:57
  just
• 19:58
  talked
• 19:58
  about,
• 19:58
  made
• 19:58
  all
• 19:59
  those
• 19:59
  changes
• 19:59
  when
• 19:59
  they
• 19:59
  need
• 20:00
  to
• 20:00
  be
• 20:00
  made,
• 20:00
  but
• 20:00
  it
• 20:00
  was
• 20:00
  on
• 20:01
  a
• 20:01
  guaranteed
• 20:01
  monthly
• 20:02
  rate,
• 20:02
  so
• 20:02
  there
• 20:02
  wasn't
• 20:03
  any
• 20:03
  surprises.
• 20:04
  And
• 20:04
  it's
• 20:05
  worked
• 20:05
  out
• 20:05
  very
• 20:05
  well
• 20:05
  because
• 20:05
  he
• 20:06
  was
• 20:06
  dealing
• 20:06
  with
• 20:06
  a
• 20:06
  good
• 20:06
  one,
• 20:07
  you
• 20:07
  know,
• 20:07
  and
• 20:07
  I
• 20:07
  think
• 20:08
  you
• 20:08
  gotta,
• 20:09
  you
• 20:09
  gotta
• 20:09
  be
• 20:09
  careful
• 20:10
  when
• 20:10
  you're
• 20:10
  dealing
• 20:10
  with
• 20:10
  SEO
• 20:11
  companies
• 20:11
  because
• 20:11
  there's
• 20:11
  good
• 20:11
  and
• 20:12
  even
• 20:12
  marketing
• 20:12
  companies,
• 20:13
  there's
• 20:13
  good
• 20:13
  ones
• 20:13
  and
• 20:14
  bad
• 20:14
  ones.
• 20:14
  And
• 20:15
  you
• 20:15
  do
• 20:15
  your
• 20:15
  research.
• 20:16
  Yeah,
• 20:17
  I
• 20:17
  think,
• 20:17
  you
• 20:17
  know,
• 20:17
  it
• 20:17
  comes
• 20:17
  down
• 20:18
  to,
• 20:18
  to
• 20:19
  finding
• 20:19
  somebody
• 20:19
  that
• 20:20
  understands
• 20:20
  your
• 20:20
  brand
• 20:21
  and
• 20:21
  understands
• 20:22
  your
• 20:22
  goals.
• 20:22
  And
• 20:23
  if
• 20:23
  you,
• 20:23
  you're
• 20:23
  looking
• 20:23
  for
• 20:23
  a
• 20:24
  marketing
• 20:24
  person
• 20:25
  or
• 20:25
  company,
• 20:27
  they
• 20:27
  should
• 20:27
  be
• 20:27
  asking
• 20:28
  you
• 20:28
  lots
• 20:28
  of
• 20:28
  questions
• 20:29
  so
• 20:29
  that
• 20:29
  they,
• 20:29
  they
• 20:30
  don't
• 20:30
  assume
• 20:31
  that
• 20:31
  they
• 20:31
  understand
• 20:31
  your
• 20:32
  brand
• 20:32
  or
• 20:32
  understand
• 20:32
  your
• 20:33
  goals.
• 20:34
  And
• 20:35
  then
• 20:35
  you
• 20:36
  Know,
• 20:36
  rebranding
• 20:37
  a
• 20:37
  little
• 20:37
  bit
• 20:37
  around
• 20:37
  some
• 20:38
  of
• 20:38
  their
• 20:38
  advice
• 20:39
  is
• 20:39
  often
• 20:40
  a
• 20:40
  good
• 20:40
  thing.
• 20:41
  It's
• 20:41
  hard
• 20:42
  to
• 20:42
  take
• 20:42
  your
• 20:42
  company
• 20:43
  that
• 20:43
  maybe
• 20:43
  is
• 20:43
  kind
• 20:44
  of
• 20:44
  breaking
• 20:44
  even
• 20:44
  or
• 20:45
  doing,
• 20:45
  doing
• 20:46
  okay
• 20:47
  and
• 20:47
  just
• 20:47
  layering
• 20:48
  on
• 20:48
  a
• 20:49
  bunch
• 20:49
  of
• 20:49
  advertising
• 20:49
  and
• 20:50
  thinking
• 20:50
  that
• 20:50
  that's
• 20:50
  actually
• 20:51
  going
• 20:51
  to
• 20:51
  change
• 20:52
  it.
• 20:53
  And
• 20:53
  I
• 20:53
  think
• 20:53
  that
• 20:53
  sometimes
• 20:54
  stepping
• 20:54
  back
• 20:55
  with
• 20:55
  a
• 20:55
  good
• 20:56
  advisor
• 20:57
  and
• 20:57
  really
• 20:58
  looking
• 20:58
  at
• 20:58
  the
• 20:58
  whole
• 20:59
  picture
• 20:59
  again,
• 20:59
  redefining
• 21:00
  your
• 21:00
  target
• 21:01
  market
• 21:01
  and
• 21:02
  how
• 21:02
  that
• 21:02
  brand
• 21:03
  is
• 21:03
  going
• 21:03
  to
• 21:03
  reach
• 21:03
  your
• 21:04
  market,
• 21:05
  maybe
• 21:05
  taking
• 21:05
  a
• 21:05
  look
• 21:06
  at
• 21:06
  your
• 21:06
  pricing.
• 21:06
  I
• 21:07
  think
• 21:07
  pricing
• 21:07
  is
• 21:07
  one
• 21:08
  of
• 21:08
  the
• 21:08
  most
• 21:08
  challenging
• 21:09
  things
• 21:09
  for
• 21:09
  a
• 21:09
  small
• 21:09
  business.
• 21:10
  And
• 21:10
  a
• 21:11
  lot
• 21:11
  of
• 21:11
  small
• 21:11
  businesses
• 21:12
  try
• 21:12
  to
• 21:12
  compete
• 21:12
  on
• 21:12
  price.
• 21:13
  It's
• 21:13
  just
• 21:14
  a
• 21:14
  bad
• 21:14
  idea,
• 21:14
  especially
• 21:15
  for
• 21:15
  retail,
• 21:16
  really.
• 21:18
  You're
• 21:19
  competing
• 21:19
  on
• 21:19
  service
• 21:20
  at
• 21:20
  the
• 21:20
  end
• 21:20
  of
• 21:20
  the
• 21:20
  day,
• 21:21
  and
• 21:21
  if
• 21:21
  you
• 21:21
  can,
• 21:22
  if
• 21:22
  you
• 21:22
  can
• 21:22
  provide
• 21:22
  better
• 21:23
  service,
• 21:24
  you're
• 21:24
  going
• 21:24
  to
• 21:24
  attract
• 21:25
  the
• 21:25
  customer
• 21:25
  that's
• 21:25
  got
• 21:26
  money
• 21:26
  to
• 21:26
  spend,
• 21:27
  ample
• 21:27
  money
• 21:28
  to
• 21:28
  spend.
• 21:28
  And
• 21:28
  if
• 21:28
  you're
• 21:28
  competing
• 21:29
  on
• 21:29
  price,
• 21:30
  your
• 21:30
  margins
• 21:31
  are
• 21:31
  going
• 21:31
  to
• 21:31
  be
• 21:31
  smaller
• 21:32
  and
• 21:32
  you've
• 21:32
  got
• 21:32
  to
• 21:32
  get
• 21:33
  volume
• 21:33
  and.
• 21:34
  And
• 21:34
  then
• 21:34
  suddenly
• 21:35
  your
• 21:35
  small
• 21:35
  business
• 21:35
  needs
• 21:36
  more
• 21:36
  money
• 21:36
  to
• 21:36
  become
• 21:36
  a
• 21:37
  bigger
• 21:37
  business
• 21:37
  and
• 21:38
  it
• 21:38
  kind
• 21:38
  of
• 21:38
  takes
• 21:38
  on
• 21:38
  a
• 21:39
  whole
• 21:39
  life
• 21:39
  of
• 21:40
  its
• 21:40
  own
• 21:40
  that
• 21:40
  a
• 21:41
  road
• 21:41
  you
• 21:41
  might
• 21:41
  not
• 21:41
  want
• 21:42
  to
• 21:42
  go
• 21:42
  down.
• 21:44
  So
• 21:44
  let's
• 21:45
  talk
• 21:45
  about
• 21:45
  common
• 21:46
  misconceptions
• 21:46
  people
• 21:47
  have
• 21:47
  about
• 21:47
  the
• 21:47
  loan
• 21:47
  process.
• 21:48
  So,
• 21:49
  you
• 21:49
  know,
• 21:50
  are
• 21:50
  there
• 21:50
  some,
• 21:50
  are
• 21:51
  there
• 21:51
  some
• 21:51
  common
• 21:51
  misconceptions
• 21:52
  people
• 21:52
  have
• 21:53
  that
• 21:53
  you
• 21:53
  have
• 21:53
  to
• 21:53
  overcome?
• 21:54
  Like
• 21:54
  the
• 21:54
  conversation
• 21:55
  you
• 21:55
  have
• 21:55
  with
• 21:55
  everybody
• 21:56
  you
• 21:56
  ever
• 21:56
  gave
• 21:56
  a
• 21:56
  loan
• 21:57
  to?
• 21:58
  Well,
• 21:58
  number
• 21:59
  one,
• 21:59
  it's
• 21:59
  going
• 21:59
  to
• 21:59
  take
• 21:59
  longer
• 22:00
  than
• 22:00
  you
• 22:00
  think.
• 22:01
  A
• 22:01
  lot
• 22:01
  longer.
• 22:02
  A
• 22:02
  lot
• 22:02
  longer
• 22:03
  than
• 22:03
  you
• 22:03
  think.
• 22:04
  Number
• 22:05
  two,
• 22:05
  you've
• 22:05
  got
• 22:05
  to
• 22:06
  have
• 22:06
  your
• 22:06
  numbers
• 22:06
  in
• 22:06
  order.
• 22:07
  So
• 22:08
  if
• 22:08
  someone
• 22:08
  came
• 22:08
  to,
• 22:08
  you
• 22:09
  want.
• 22:09
  Do
• 22:10
  you
• 22:10
  want
• 22:10
  that
• 22:10
  from
• 22:10
  an
• 22:10
  accountant
• 22:11
  or
• 22:11
  you
• 22:11
  take
• 22:11
  it,
• 22:12
  do
• 22:12
  you
• 22:12
  want
• 22:12
  to
• 22:12
  see
• 22:12
  those?
• 22:13
  Well,
• 22:14
  you
• 22:14
  can
• 22:14
  tell
• 22:14
  immediately
• 22:15
  when
• 22:15
  I've
• 22:15
  done
• 22:15
  my
• 22:16
  own
• 22:16
  numbers
• 22:16
  and
• 22:16
  an
• 22:16
  accountant's
• 22:17
  done
• 22:17
  my
• 22:17
  numbers.
• 22:17
  Right?
• 22:18
  Yeah.
• 22:19
  Well,
• 22:20
  I
• 22:20
  mean,
• 22:21
  yes,
• 22:23
  you
• 22:24
  should
• 22:24
  have
• 22:24
  professional
• 22:25
  services
• 22:26
  in
• 22:26
  the
• 22:27
  background.
• 22:27
  There
• 22:27
  is
• 22:28
  no
• 22:30
  amount
• 22:30
  of
• 22:30
  money
• 22:30
  you
• 22:31
  save
• 22:31
  by
• 22:31
  not
• 22:32
  having
• 22:32
  a
• 22:32
  bookkeeper
• 22:33
  at
• 22:33
  some
• 22:33
  level
• 22:34
  is
• 22:34
  worth
• 22:35
  it.
• 22:35
  And
• 22:35
  I
• 22:35
  can
• 22:36
  attest
• 22:36
  to
• 22:36
  that.
• 22:36
  We've
• 22:37
  had
• 22:37
  not
• 22:37
  had
• 22:37
  bookkeepers
• 22:38
  over
• 22:38
  the
• 22:38
  years.
• 22:38
  And
• 22:38
  we've
• 22:39
  had
• 22:39
  bookkeepers
• 22:39
  over
• 22:40
  the
• 22:40
  years.
• 22:40
  The
• 22:40
  times
• 22:40
  we
• 22:40
  had
• 22:41
  bookkeepers
• 22:41
  and
• 22:41
  spent
• 22:42
  the
• 22:42
  money
• 22:42
  for
• 22:42
  them
• 22:42
  and
• 22:43
  it
• 22:43
  was
• 22:43
  always
• 22:43
  worth
• 22:44
  it.
• 22:44
  Always,
• 22:45
  always,
• 22:45
  always.
• 22:46
  And
• 22:46
  if
• 22:46
  I
• 22:46
  ever
• 22:47
  have
• 22:47
  I
• 22:47
  ever
• 22:47
  had
• 22:48
  you
• 22:48
  talk
• 22:48
  to
• 22:48
  someone
• 22:49
  who's
• 22:49
  got
• 22:49
  a
• 22:49
  bookkeeper
• 22:50
  that
• 22:50
  they
• 22:50
  like.
• 22:50
  And
• 22:51
  you
• 22:51
  said,
• 22:51
  and
• 22:52
  we
• 22:52
  asked
• 22:52
  them,
• 22:52
  could
• 22:52
  you
• 22:53
  do
• 22:53
  this
• 22:53
  without
• 22:53
  a
• 22:53
  bookkeeper?
• 22:54
  There's
• 22:55
  not
• 22:55
  a
• 22:55
  single
• 22:55
  person
• 22:55
  that
• 22:56
  said,
• 22:56
  you
• 22:56
  know,
• 22:56
  I'm
• 22:56
  considering
• 22:57
  dropping
• 22:57
  bookkeeping.
• 22:58
  No
• 22:59
  one.
• 22:59
  But
• 22:59
  somehow
• 23:00
  it
• 23:00
  feels
• 23:00
  like
• 23:01
  Something
• 23:01
  people
• 23:01
  can
• 23:01
  do
• 23:02
  themselves,
• 23:02
  and
• 23:03
  it's
• 23:03
  just
• 23:03
  a
• 23:03
  really
• 23:04
  bad
• 23:04
  idea.
• 23:05
  So
• 23:05
  what,
• 23:05
  what
• 23:05
  most
• 23:06
  lenders
• 23:06
  are
• 23:06
  going
• 23:06
  to
• 23:06
  look
• 23:07
  for
• 23:07
  is
• 23:07
  a
• 23:09
  professionally
• 23:09
  prepared
• 23:10
  tax
• 23:10
  return
• 23:11
  from
• 23:11
  the
• 23:11
  most
• 23:12
  recent
• 23:12
  year.
• 23:13
  So
• 23:13
  someone
• 23:13
  came
• 23:13
  to
• 23:13
  me
• 23:14
  now
• 23:14
  and
• 23:14
  said,
• 23:15
  I'm
• 23:15
  looking
• 23:15
  for
• 23:15
  a
• 23:15
  loan.
• 23:16
  I'd
• 23:16
  say,
• 23:16
  well,
• 23:16
  do
• 23:16
  you
• 23:17
  have
• 23:17
  your.
• 23:17
  I
• 23:17
  need
• 23:17
  your
• 23:17
  2024
• 23:18
  taxes.
• 23:18
  Oh,
• 23:19
  we're
• 23:19
  on
• 23:19
  extension.
• 23:20
  They're
• 23:20
  not
• 23:20
  due
• 23:20
  for
• 23:21
  another
• 23:22
  two
• 23:22
  weeks.
• 23:22
  Is
• 23:22
  that,
• 23:23
  you
• 23:23
  know,
• 23:23
  the
• 23:23
  extension
• 23:23
  gets
• 23:23
  you
• 23:24
  to
• 23:24
  September
• 23:24
  15th.
• 23:26
  Come
• 23:26
  on.
• 23:26
  I
• 23:27
  got
• 23:27
  nothing.
• 23:27
  I
• 23:27
  know.
• 23:27
  I
• 23:27
  got
• 23:28
  18
• 23:28
  months
• 23:28
  of
• 23:29
  no
• 23:29
  information
• 23:29
  from
• 23:30
  you
• 23:30
  except
• 23:30
  what
• 23:31
  you've
• 23:31
  produced
• 23:31
  internally.
• 23:32
  Come
• 23:32
  back
• 23:32
  to
• 23:32
  me
• 23:32
  in
• 23:33
  a
• 23:33
  month
• 23:33
  when
• 23:33
  you
• 23:33
  do
• 23:33
  your
• 23:33
  taxes.
• 23:34
  Come
• 23:34
  back
• 23:35
  or
• 23:35
  why.
• 23:35
  You
• 23:35
  know,
• 23:35
  if
• 23:36
  you
• 23:36
  really
• 23:36
  want
• 23:36
  to
• 23:36
  make
• 23:36
  a
• 23:36
  good
• 23:36
  impression
• 23:37
  on
• 23:37
  the
• 23:37
  bank,
• 23:37
  get
• 23:38
  your
• 23:38
  taxes
• 23:38
  done
• 23:38
  on
• 23:39
  time.
• 23:39
  I
• 23:39
  mean,
• 23:39
  that
• 23:40
  makes
• 23:40
  a
• 23:40
  big
• 23:40
  difference.
• 23:41
  And
• 23:41
  if
• 23:41
  someone
• 23:41
  came
• 23:41
  to
• 23:42
  me
• 23:42
  and
• 23:42
  said,
• 23:42
  I'd
• 23:42
  like
• 23:42
  to
• 23:42
  apply
• 23:43
  for
• 23:43
  a
• 23:43
  loan,
• 23:44
  here's
• 23:44
  my
• 23:44
  last
• 23:44
  three
• 23:44
  years
• 23:45
  of
• 23:45
  tax
• 23:45
  returns,
• 23:45
  and
• 23:45
  here
• 23:45
  are
• 23:46
  my
• 23:46
  interim
• 23:47
  income
• 23:47
  statement,
• 23:47
  balance
• 23:48
  sheet,
• 23:48
  and
• 23:48
  statement
• 23:49
  of
• 23:49
  cash
• 23:49
  flows
• 23:49
  for
• 23:50
  2025.
• 23:53
  You
• 23:53
  immediately.
• 23:55
  Because
• 23:55
  the,
• 23:55
  because
• 23:56
  the,
• 23:56
  the
• 23:57
  commercial
• 23:57
  bankers
• 23:58
  are
• 23:58
  always
• 23:59
  swamped
• 23:59
  with
• 23:59
  people
• 23:59
  that
• 24:00
  aren't
• 24:00
  going
• 24:00
  to
• 24:00
  get
• 24:00
  a
• 24:00
  loan
• 24:01
  that
• 24:01
  are,
• 24:01
  you
• 24:01
  know,
• 24:01
  they're
• 24:01
  casting
• 24:02
  nets
• 24:02
  and
• 24:02
  doing
• 24:02
  what
• 24:03
  they
• 24:03
  can.
• 24:03
  They
• 24:03
  don't
• 24:04
  want
• 24:04
  to
• 24:04
  spend
• 24:04
  time
• 24:04
  with
• 24:04
  someone
• 24:06
  who's
• 24:06
  not
• 24:07
  organized
• 24:07
  or
• 24:08
  who's
• 24:08
  not
• 24:08
  committed
• 24:08
  to
• 24:08
  the
• 24:09
  process
• 24:09
  and
• 24:09
  who
• 24:09
  doesn't
• 24:10
  know
• 24:10
  their
• 24:10
  numbers.
• 24:11
  Someone.
• 24:12
  I
• 24:12
  would
• 24:12
  ask
• 24:12
  someone,
• 24:13
  well,
• 24:13
  how.
• 24:13
  What
• 24:13
  was
• 24:14
  your
• 24:14
  profitability
• 24:14
  last
• 24:15
  year?
• 24:15
  And
• 24:15
  they'd
• 24:15
  be
• 24:15
  like,
• 24:15
  I
• 24:15
  don't
• 24:16
  know.
• 24:16
  Like,
• 24:16
  how
• 24:16
  do
• 24:17
  you
• 24:17
  not
• 24:17
  know?
• 24:17
  Like,
• 24:18
  if
• 24:18
  you
• 24:18
  don't
• 24:18
  know
• 24:18
  that,
• 24:18
  I
• 24:18
  don't
• 24:19
  want
• 24:19
  to
• 24:19
  give
• 24:19
  you
• 24:19
  a
• 24:19
  loan,
• 24:20
  you
• 24:20
  know,
• 24:20
  like
• 24:20
  that.
• 24:21
  I
• 24:21
  know.
• 24:21
  You're
• 24:21
  a
• 24:21
  good
• 24:21
  point,
• 24:22
  though.
• 24:22
  I
• 24:22
  think
• 24:22
  that's
• 24:22
  probably
• 24:23
  the
• 24:23
  best
• 24:23
  point
• 24:23
  you
• 24:23
  made
• 24:23
  all
• 24:23
  day,
• 24:24
  is
• 24:24
  know
• 24:24
  your
• 24:24
  stuff.
• 24:25
  Yeah,
• 24:25
  I
• 24:26
  know
• 24:26
  you're
• 24:26
  busy
• 24:26
  frying
• 24:26
  bacon
• 24:27
  in
• 24:27
  the
• 24:27
  back,
• 24:27
  but
• 24:28
  you
• 24:28
  gotta,
• 24:28
  you
• 24:28
  gotta
• 24:28
  stop
• 24:29
  and
• 24:29
  count
• 24:29
  the
• 24:29
  bacon
• 24:29
  at
• 24:30
  some
• 24:30
  point
• 24:30
  and
• 24:30
  see
• 24:30
  what
• 24:31
  you
• 24:31
  know,
• 24:32
  what
• 24:32
  you've
• 24:32
  got.
• 24:33
  The
• 24:33
  best
• 24:33
  people
• 24:35
  know
• 24:35
  their
• 24:35
  numbers
• 24:36
  every
• 24:36
  day.
• 24:36
  They
• 24:37
  know
• 24:37
  what
• 24:37
  their
• 24:37
  goal
• 24:37
  is
• 24:38
  each
• 24:38
  day,
• 24:38
  and
• 24:39
  their
• 24:39
  staff
• 24:39
  knows
• 24:40
  their
• 24:40
  numbers
• 24:40
  every
• 24:41
  day.
• 24:41
  You
• 24:41
  know,
• 24:42
  we're
• 24:42
  trying
• 24:42
  to
• 24:42
  do
• 24:42
  a
• 24:42
  thousand
• 24:42
  dollars
• 24:43
  a
• 24:43
  day.
• 24:43
  We
• 24:44
  did
• 24:44
  500
• 24:44
  today.
• 24:45
  That's
• 24:45
  not
• 24:45
  so
• 24:45
  good,
• 24:46
  you
• 24:46
  know,
• 24:47
  and
• 24:47
  then
• 24:47
  what
• 24:48
  are
• 24:48
  we
• 24:48
  going
• 24:48
  to
• 24:48
  do
• 24:48
  to
• 24:48
  fix
• 24:49
  that?
• 24:49
  And
• 24:49
  so
• 24:50
  that,
• 24:50
  that
• 24:50
  way
• 24:50
  everyone's
• 24:51
  kind
• 24:51
  of
• 24:51
  on
• 24:51
  board
• 24:52
  and
• 24:52
  everyone's
• 24:53
  playing
• 24:53
  on
• 24:53
  the
• 24:54
  same
• 24:54
  team
• 24:54
  and
• 24:54
  sharing
• 24:55
  your
• 24:55
  numbers
• 24:55
  with
• 24:56
  a
• 24:56
  small,
• 24:56
  with
• 24:56
  your
• 24:56
  small
• 24:57
  business
• 24:58
  employees
• 24:59
  I
• 24:59
  think
• 24:59
  is
• 25:00
  really
• 25:00
  important.
• 25:00
  There
• 25:01
  really
• 25:01
  shouldn't
• 25:01
  be
• 25:01
  any
• 25:01
  secrets.
• 25:03
  Okay.
• 25:04
  You
• 25:04
  know,
• 25:04
  it's
• 25:04
  interesting
• 25:05
  because
• 25:05
  we've,
• 25:06
  we've
• 25:06
  When
• 25:07
  I
• 25:07
  sold.
• 25:07
  This
• 25:07
  is
• 25:08
  another
• 25:08
  thing,
• 25:08
  this
• 25:08
  is
• 25:08
  another
• 25:08
  tangent,
• 25:09
  but
• 25:09
  if
• 25:09
  you
• 25:10
  plan
• 25:10
  on
• 25:10
  selling
• 25:11
  your
• 25:11
  company
• 25:11
  at
• 25:12
  some
• 25:12
  point
• 25:12
  and
• 25:12
  you
• 25:12
  have
• 25:13
  the
• 25:13
  opportunity
• 25:13
  to
• 25:13
  do
• 25:13
  that,
• 25:14
  and
• 25:14
  a
• 25:14
  lot
• 25:14
  of
• 25:14
  people,
• 25:14
  their
• 25:15
  get
• 25:15
  out
• 25:15
  strategy
• 25:16
  is
• 25:16
  selling,
• 25:16
  right,
• 25:17
  the
• 25:17
  retirement
• 25:17
  strategy.
• 25:18
  And
• 25:18
  I
• 25:18
  went
• 25:19
  through
• 25:19
  that
• 25:19
  three
• 25:19
  years
• 25:19
  ago,
• 25:19
  selling
• 25:20
  horse
• 25:20
  radio
• 25:20
  network
• 25:20
  to
• 25:21
  equine
• 25:21
  network.
• 25:22
  Thank
• 25:22
  God
• 25:23
  we
• 25:23
  had
• 25:23
  our,
• 25:25
  we
• 25:25
  had
• 25:25
  an
• 25:25
  accountant
• 25:26
  and
• 25:26
  we
• 25:26
  had
• 25:26
  our
• 25:27
  numbers
• 25:27
  in
• 25:27
  order
• 25:27
  because
• 25:28
  it
• 25:28
  was,
• 25:29
  it
• 25:29
  was
• 25:29
  almost
• 25:30
  80
• 25:30
  documents
• 25:31
  over
• 25:31
  six
• 25:31
  months
• 25:31
  that
• 25:32
  we
• 25:32
  had
• 25:32
  to
• 25:32
  provide.
• 25:33
  And
• 25:33
  we
• 25:33
  had
• 25:34
  all
• 25:34
  of
• 25:34
  that.
• 25:34
  If
• 25:35
  I
• 25:35
  hadn't
• 25:35
  had
• 25:35
  that,
• 25:36
  this
• 25:36
  sale
• 25:36
  would
• 25:36
  not
• 25:36
  have
• 25:37
  gone
• 25:37
  through.
• 25:37
  It
• 25:37
  would.
• 25:38
  And
• 25:38
  they
• 25:38
  knew
• 25:39
  that.
• 25:39
  They,
• 25:39
  their
• 25:40
  lawyers
• 25:40
  who
• 25:40
  deal
• 25:40
  with
• 25:41
  merchants
• 25:41
  and
• 25:41
  acquisitions
• 25:42
  all
• 25:42
  the
• 25:42
  time.
• 25:43
  They're
• 25:43
  not
• 25:43
  fooling
• 25:44
  them.
• 25:44
  I
• 25:44
  mean,
• 25:45
  they
• 25:45
  do
• 25:45
  this
• 25:45
  for
• 25:45
  a
• 25:46
  living.
• 25:46
  I
• 25:46
  fortunately
• 25:47
  had
• 25:47
  a
• 25:47
  good
• 25:47
  lawyer
• 25:48
  too.
• 25:48
  If
• 25:48
  you're
• 25:48
  ever
• 25:48
  going
• 25:48
  to
• 25:49
  sell
• 25:49
  your
• 25:49
  company,
• 25:49
  get
• 25:49
  a
• 25:49
  good
• 25:50
  merchants
• 25:50
  and
• 25:50
  acquisitions
• 25:50
  lawyer.
• 25:51
  Because
• 25:51
  I
• 25:51
  didn't
• 25:52
  understand,
• 25:52
  I've
• 25:53
  read
• 25:53
  thousand
• 25:53
  contracts
• 25:54
  over
• 25:54
  my
• 25:54
  career
• 25:55
  and
• 25:55
  I
• 25:55
  didn't
• 25:55
  understand
• 25:56
  half
• 25:56
  of
• 25:56
  what
• 25:56
  was
• 25:57
  in
• 25:57
  that
• 25:57
  contract.
• 25:57
  That's
• 25:58
  a
• 25:58
  completely
• 25:58
  different
• 25:58
  language.
• 25:59
  Get
• 25:59
  a
• 25:59
  good
• 25:59
  lawyer.
• 26:01
  You
• 26:02
  pay
• 26:02
  them
• 26:02
  tens
• 26:02
  of
• 26:02
  thousands
• 26:03
  of
• 26:03
  dollars,
• 26:03
  it'll
• 26:03
  be
• 26:03
  worth
• 26:04
  every
• 26:04
  penny
• 26:04
  of
• 26:05
  it.
• 26:05
  You're
• 26:05
  going
• 26:06
  to
• 26:06
  get
• 26:06
  swamped
• 26:06
  with
• 26:06
  referrals.
• 26:07
  Oh
• 26:07
  God.
• 26:08
  It
• 26:08
  was,
• 26:08
  it
• 26:08
  was,
• 26:09
  it
• 26:09
  was
• 26:09
  awful
• 26:10
  without
• 26:10
  that
• 26:11
  lawyer.
• 26:11
  The
• 26:11
  other
• 26:12
  thing
• 26:12
  is,
• 26:12
  you
• 26:13
  know,
• 26:13
  don't
• 26:13
  stuff
• 26:13
  money
• 26:13
  under
• 26:14
  your
• 26:14
  mattress.
• 26:15
  You
• 26:15
  know,
• 26:15
  a
• 26:16
  lot
• 26:16
  of
• 26:16
  people,
• 26:16
  especially
• 26:16
  in
• 26:17
  the
• 26:17
  horsey
• 26:17
  business,
• 26:18
  Venmo
• 26:19
  is,
• 26:19
  you
• 26:19
  know,
• 26:20
  cash
• 26:20
  is
• 26:20
  flying
• 26:21
  in
• 26:21
  and
• 26:21
  you're
• 26:21
  spending
• 26:22
  money,
• 26:22
  spending
• 26:22
  money
• 26:22
  there
• 26:22
  and
• 26:23
  you
• 26:23
  don.
• 26:23
  Any
• 26:23
  idea
• 26:23
  what's
• 26:24
  going
• 26:24
  on.
• 26:24
  You
• 26:24
  just
• 26:24
  know
• 26:24
  that
• 26:24
  you
• 26:24
  never
• 26:25
  have
• 26:25
  any
• 26:25
  money.
• 26:26
  So,
• 26:26
  you
• 26:26
  know,
• 26:27
  put
• 26:27
  the
• 26:27
  money
• 26:27
  in
• 26:27
  the
• 26:27
  bank,
• 26:28
  pay
• 26:28
  your
• 26:28
  taxes
• 26:28
  and
• 26:29
  charge
• 26:29
  accordingly.
• 26:30
  You
• 26:30
  will
• 26:31
  sleep
• 26:31
  better,
• 26:32
  you'll
• 26:32
  grow
• 26:32
  your
• 26:33
  company
• 26:33
  more
• 26:33
  effectively,
• 26:34
  you'll
• 26:34
  be
• 26:34
  way
• 26:35
  more
• 26:35
  profitable
• 26:36
  and
• 26:37
  you'll.
• 26:37
  If
• 26:37
  you
• 26:37
  do
• 26:38
  ever
• 26:38
  want
• 26:38
  to
• 26:38
  sell
• 26:38
  your
• 26:39
  business,
• 26:39
  you'll
• 26:39
  have
• 26:39
  the
• 26:40
  numbers
• 26:40
  that
• 26:40
  Glenn
• 26:40
  had
• 26:41
  and
• 26:41
  you'll
• 26:41
  be
• 26:41
  able
• 26:41
  to
• 26:41
  say,
• 26:42
  here's
• 26:42
  exactly
• 26:43
  what
• 26:43
  we
• 26:43
  did.
• 26:43
  Not
• 26:44
  well,
• 26:45
  Lincoln
• 26:45
  nod.
• 26:46
  We
• 26:46
  kind
• 26:46
  of
• 26:46
  stuffed
• 26:46
  some
• 26:47
  over
• 26:47
  here
• 26:47
  and
• 26:47
  we
• 26:47
  spent
• 26:48
  a
• 26:48
  little
• 26:48
  over
• 26:48
  there.
• 26:48
  Or
• 26:49
  don't
• 26:49
  run
• 26:49
  all
• 26:49
  your
• 26:50
  personal
• 26:50
  junk.
• 26:51
  You
• 26:51
  know,
• 26:51
  we
• 26:51
  bought
• 26:52
  a
• 26:52
  boat
• 26:52
  and
• 26:52
  now
• 26:52
  we're
• 26:52
  paying
• 26:53
  for
• 26:53
  it
• 26:53
  through
• 26:53
  our,
• 26:54
  our
• 26:54
  horse
• 26:54
  business.
• 26:55
  Because
• 26:55
  who
• 26:56
  knows?
• 26:56
  You
• 26:56
  know,
• 26:56
  like
• 26:56
  that
• 26:57
  kind
• 26:57
  of
• 26:57
  stuff
• 26:57
  happens
• 26:57
  all
• 26:58
  the
• 26:58
  time
• 26:58
  and,
• 26:58
  and
• 26:59
  it,
• 26:59
  it
• 26:59
  just
• 26:59
  doesn't
• 27:00
  bode
• 27:00
  well
• 27:01
  for
• 27:02
  when
• 27:02
  the
• 27:02
  bank
• 27:03
  looks
• 27:03
  at
• 27:03
  it
• 27:03
  because
• 27:04
  bankers
• 27:04
  are
• 27:04
  straight
• 27:05
  up,
• 27:05
  you
• 27:06
  know,
• 27:06
  they,
• 27:06
  they,
• 27:07
  they
• 27:07
  want
• 27:07
  to.
• 27:08
  Nobody
• 27:08
  wants
• 27:09
  to
• 27:09
  bring
• 27:09
  you
• 27:09
  to
• 27:09
  underwriting
• 27:10
  and
• 27:10
  all
• 27:10
  your
• 27:10
  stuff
• 27:11
  to
• 27:11
  underwriting
• 27:11
  and
• 27:11
  then
• 27:11
  have
• 27:12
  them
• 27:12
  turn
• 27:12
  over
• 27:12
  rocks
• 27:12
  and
• 27:13
  find
• 27:13
  a
• 27:13
  bunch
• 27:13
  of
• 27:13
  stuff
• 27:14
  that
• 27:14
  you're
• 27:15
  not
• 27:15
  reporting
• 27:15
  or
• 27:15
  issues
• 27:16
  with
• 27:16
  your
• 27:16
  numbers,
• 27:17
  and
• 27:17
  they
• 27:17
  will,
• 27:18
  that
• 27:18
  makes
• 27:18
  that
• 27:19
  banker
• 27:19
  look
• 27:19
  bad.
• 27:20
  So,
• 27:21
  you
• 27:21
  know,
• 27:22
  if
• 27:22
  you've
• 27:22
  got
• 27:23
  everything
• 27:23
  in
• 27:23
  line,
• 27:26
  better
• 27:26
  to
• 27:26
  better
• 27:27
  have
• 27:27
  everything
• 27:27
  in
• 27:27
  line
• 27:27
  and
• 27:27
  not
• 27:28
  be
• 27:28
  able
• 27:28
  to
• 27:28
  get
• 27:28
  the
• 27:28
  loan
• 27:28
  right
• 27:29
  now,
• 27:29
  knowing
• 27:29
  that
• 27:30
  you're
• 27:30
  going
• 27:30
  to
• 27:30
  be
• 27:30
  able
• 27:30
  to
• 27:30
  do
• 27:30
  it
• 27:30
  in
• 27:31
  a
• 27:31
  year,
• 27:31
  because
• 27:32
  that's
• 27:33
  critical.
• 27:35
  This
• 27:35
  has
• 27:36
  been
• 27:36
  fantastic,
• 27:36
  Buck.
• 27:37
  So
• 27:37
  let
• 27:37
  me
• 27:38
  ask
• 27:38
  you
• 27:38
  one
• 27:38
  final
• 27:38
  question.
• 27:39
  Looking
• 27:39
  ahead,
• 27:40
  what
• 27:40
  do
• 27:40
  you
• 27:40
  see
• 27:40
  as
• 27:40
  the
• 27:41
  trends
• 27:41
  in
• 27:41
  small
• 27:42
  business
• 27:42
  lending?
• 27:42
  And
• 27:43
  I'm
• 27:43
  sure
• 27:43
  you
• 27:43
  talked
• 27:43
  to
• 27:43
  your
• 27:43
  friend
• 27:44
  about
• 27:44
  that
• 27:44
  over
• 27:44
  the
• 27:44
  next
• 27:44
  five
• 27:45
  years.
• 27:45
  Where
• 27:46
  are
• 27:46
  we
• 27:46
  going
• 27:46
  here?
• 27:46
  And
• 27:47
  obviously
• 27:47
  a
• 27:47
  lot
• 27:48
  of
• 27:48
  that's
• 27:48
  political.
• 27:49
  It
• 27:49
  has
• 27:49
  to
• 27:49
  do
• 27:49
  with
• 27:50
  interest
• 27:50
  rates
• 27:50
  and
• 27:50
  all
• 27:51
  that
• 27:51
  kind
• 27:51
  of
• 27:51
  stuff.
• 27:51
  I
• 27:51
  mean,
• 27:52
  there's
• 27:52
  a
• 27:52
  lot
• 27:52
  of
• 27:52
  variables
• 27:52
  here
• 27:53
  that
• 27:53
  can
• 27:53
  change
• 27:53
  tomorrow
• 27:54
  and
• 27:54
  probably
• 27:54
  will
• 27:55
  with
• 27:55
  the
• 27:55
  way
• 27:55
  things
• 27:55
  are
• 27:55
  going
• 27:56
  right
• 27:56
  now.
• 27:56
  But
• 27:57
  what
• 27:57
  do
• 27:57
  you
• 27:57
  see?
• 27:58
  Now's
• 27:58
  the
• 27:58
  time
• 27:59
  to
• 27:59
  get
• 27:59
  the
• 27:59
  loan.
• 27:59
  Don't
• 27:59
  wait.
• 28:00
  Never,
• 28:01
  never
• 28:02
  wait.
• 28:02
  Never
• 28:02
  wait.
• 28:03
  You
• 28:03
  know,
• 28:03
  people,
• 28:04
  people
• 28:05
  who
• 28:06
  really
• 28:06
  want
• 28:06
  to
• 28:06
  start
• 28:06
  a
• 28:06
  business,
• 28:07
  they
• 28:07
  don't
• 28:07
  care
• 28:07
  about
• 28:07
  the
• 28:07
  interest
• 28:08
  rates,
• 28:08
  they
• 28:09
  don't
• 28:09
  care
• 28:09
  about
• 28:09
  the,
• 28:09
  the
• 28:10
  climate
• 28:10
  out
• 28:10
  there
• 28:11
  right
• 28:11
  now
• 28:11
  or
• 28:11
  the
• 28:12
  what's
• 28:12
  happened,
• 28:12
  who's
• 28:12
  in,
• 28:13
  who's
• 28:13
  running
• 28:13
  the
• 28:13
  show,
• 28:14
  tariffs.
• 28:15
  Covid,
• 28:16
  you
• 28:17
  know,
• 28:17
  every.
• 28:18
  It's
• 28:18
  because
• 28:18
  it
• 28:19
  never
• 28:19
  ends,
• 28:20
  honestly.
• 28:20
  Yeah,
• 28:21
  there's
• 28:21
  always
• 28:21
  something,
• 28:21
  right?
• 28:22
  I,
• 28:22
  I
• 28:23
  can
• 28:23
  tell
• 28:23
  you
• 28:23
  that
• 28:23
  for
• 28:24
  the
• 28:24
  last
• 28:24
  30
• 28:24
  years,
• 28:24
  people
• 28:25
  are
• 28:25
  saying
• 28:25
  these
• 28:26
  are
• 28:26
  times
• 28:26
  that
• 28:27
  are
• 28:27
  unprecedented.
• 28:28
  They've
• 28:28
  never
• 28:29
  happened
• 28:29
  before,
• 28:29
  but
• 28:30
  that's
• 28:30
  always
• 28:30
  the
• 28:30
  way
• 28:31
  it
• 28:31
  is.
• 28:32
  So
• 28:32
  don't,
• 28:32
  don't
• 28:33
  wait,
• 28:33
  don't,
• 28:33
  don't.
• 28:35
  You
• 28:35
  know,
• 28:35
  if
• 28:36
  you're
• 28:36
  ready
• 28:36
  to
• 28:36
  do
• 28:36
  it,
• 28:37
  begin
• 28:38
  and
• 28:38
  start
• 28:39
  the
• 28:39
  conversation
• 28:39
  and
• 28:40
  have
• 28:40
  a
• 28:40
  long
• 28:40
  time.
• 28:40
  If
• 28:40
  someone
• 28:41
  called
• 28:41
  me
• 28:41
  today
• 28:41
  and
• 28:41
  said,
• 28:42
  I
• 28:42
  need
• 28:42
  a
• 28:42
  loan
• 28:42
  for
• 28:42
  the
• 28:42
  spring,
• 28:43
  I
• 28:44
  love
• 28:44
  you,
• 28:44
  you
• 28:45
  know,
• 28:45
  don't
• 28:45
  tell
• 28:45
  me
• 28:45
  you
• 28:45
  need
• 28:46
  a
• 28:46
  loan
• 28:46
  for
• 28:46
  Christmas
• 28:47
  merchandise.
• 28:47
  You
• 28:48
  know,
• 28:48
  way
• 28:48
  too
• 28:48
  late.
• 28:49
  So,
• 28:49
  you
• 28:50
  know,
• 28:50
  a
• 28:50
  quick
• 28:51
  example
• 28:51
  of
• 28:51
  this
• 28:51
  is
• 28:51
  the
• 28:52
  first
• 28:52
  house
• 28:52
  I
• 28:52
  bought,
• 28:52
  interest
• 28:53
  rates
• 28:53
  were
• 28:53
  17.
• 28:54
  I
• 28:55
  didn't
• 28:55
  know
• 28:55
  an
• 28:55
  interest
• 28:55
  rate
• 28:56
  from
• 28:56
  my
• 28:56
  elbow,
• 28:57
  but
• 28:57
  I
• 28:57
  bought
• 28:57
  the
• 28:57
  house,
• 28:57
  I
• 28:58
  had
• 28:58
  the
• 28:58
  money
• 28:58
  down,
• 28:58
  I
• 28:59
  got
• 28:59
  a
• 28:59
  17
• 29:00
  interest
• 29:00
  rate,
• 29:00
  and
• 29:00
  everybody
• 29:01
  said
• 29:01
  I
• 29:01
  was.
• 29:01
  I
• 29:02
  paid
• 29:02
  $60,000
• 29:03
  for
• 29:03
  the
• 29:03
  house.
• 29:04
  Everybody
• 29:04
  said
• 29:04
  I
• 29:04
  was
• 29:05
  so
• 29:05
  stupid
• 29:05
  to
• 29:05
  buy
• 29:05
  a
• 29:06
  house.
• 29:06
  Then
• 29:06
  two
• 29:07
  years
• 29:07
  later,
• 29:08
  interest
• 29:08
  rates
• 29:08
  went
• 29:08
  down
• 29:09
  to
• 29:09
  8%.
• 29:09
  I
• 29:10
  refinanced
• 29:10
  my
• 29:10
  mortgage,
• 29:11
  the
• 29:11
  value
• 29:11
  of
• 29:12
  my
• 29:12
  house
• 29:12
  doubled,
• 29:12
  and
• 29:13
  I
• 29:13
  became
• 29:13
  the
• 29:13
  smartest
• 29:13
  person
• 29:14
  in
• 29:14
  the
• 29:14
  room
• 29:14
  because
• 29:15
  when
• 29:15
  the
• 29:15
  interest
• 29:15
  rates
• 29:15
  went
• 29:16
  down,
• 29:16
  the
• 29:16
  values
• 29:16
  went
• 29:17
  up.
• 29:17
  Totally
• 29:18
  unpredicted.
• 29:18
  But,
• 29:19
  you
• 29:19
  know,
• 29:20
  don't
• 29:20
  wait.
• 29:20
  Dive
• 29:21
  in.
• 29:21
  Make
• 29:22
  it
• 29:22
  happen.
• 29:23
  So
• 29:23
  I'm
• 29:24
  going
• 29:24
  to
• 29:24
  ask
• 29:24
  one
• 29:24
  more
• 29:24
  question,
• 29:25
  actually,
• 29:25
  that
• 29:25
  I
• 29:26
  got,
• 29:26
  just
• 29:26
  came
• 29:27
  to
• 29:27
  mind.
• 29:28
  Excuse
• 29:29
  me.
• 29:29
  So
• 29:30
  if
• 29:30
  you.
• 29:33
  A
• 29:33
  lot
• 29:33
  of
• 29:33
  people
• 29:33
  will
• 29:34
  take
• 29:34
  out
• 29:34
  loans
• 29:35
  when
• 29:35
  they're
• 29:35
  in
• 29:35
  business
• 29:35
  from
• 29:35
  friends
• 29:36
  and
• 29:36
  family.
• 29:37
  Right.
• 29:37
  That's
• 29:38
  how
• 29:38
  a
• 29:38
  lot
• 29:38
  of
• 29:38
  small
• 29:39
  businesses
• 29:39
  do
• 29:39
  it.
• 29:39
  And
• 29:39
  sometimes
• 29:40
  those
• 29:40
  small
• 29:40
  businesses
• 29:40
  can't
• 29:41
  get
• 29:41
  loans
• 29:42
  elsewhere
• 29:43
  or
• 29:43
  they
• 29:43
  haven't
• 29:43
  even
• 29:44
  tried.
• 29:44
  Right.
• 29:44
  They
• 29:44
  just
• 29:45
  decide,
• 29:45
  I'm
• 29:45
  going
• 29:45
  to
• 29:45
  do
• 29:46
  it
• 29:46
  that
• 29:46
  way.
• 29:47
  If
• 29:47
  you're
• 29:47
  going
• 29:47
  to
• 29:47
  compare
• 29:48
  the
• 29:48
  two,
• 29:51
  obviously
• 29:51
  taking
• 29:52
  a
• 29:52
  loan
• 29:52
  from
• 29:53
  a
• 29:53
  friend
• 29:53
  and
• 29:53
  family
• 29:53
  does
• 29:54
  not
• 29:54
  help
• 29:54
  you
• 29:55
  as
• 29:55
  far
• 29:55
  as
• 29:55
  your
• 29:56
  credit's
• 29:56
  concerned,
• 29:56
  as
• 29:57
  far
• 29:57
  as
• 29:58
  a
• 29:58
  lender
• 29:58
  in
• 29:58
  the
• 29:59
  future
• 29:59
  is
• 29:59
  concerned.
• 30:00
  So
• 30:00
  are
• 30:01
  you
• 30:01
  better
• 30:01
  off
• 30:01
  going
• 30:02
  to
• 30:02
  a
• 30:02
  lender
• 30:02
  for
• 30:03
  the
• 30:03
  future
• 30:04
  in
• 30:04
  that?
• 30:05
  I
• 30:05
  went
• 30:05
  to
• 30:05
  a
• 30:06
  lender,
• 30:06
  I
• 30:06
  took
• 30:06
  out
• 30:06
  this
• 30:07
  loan,
• 30:07
  I
• 30:07
  paid
• 30:07
  it
• 30:07
  back.
• 30:08
  Now
• 30:08
  that
• 30:08
  looks
• 30:08
  good
• 30:08
  to
• 30:09
  the
• 30:09
  next
• 30:09
  time
• 30:09
  I
• 30:09
  have
• 30:10
  to
• 30:10
  go.
• 30:10
  Because
• 30:10
  we're
• 30:11
  always
• 30:11
  borrowing
• 30:11
  money
• 30:11
  to
• 30:12
  expand
• 30:12
  or
• 30:12
  at
• 30:12
  least
• 30:13
  that's
• 30:13
  the
• 30:13
  goal.
• 30:13
  If
• 30:13
  you're
• 30:14
  growing.
• 30:14
  Yeah,
• 30:15
  you
• 30:15
  can't
• 30:15
  get
• 30:15
  away
• 30:15
  from
• 30:16
  risk.
• 30:16
  Keep
• 30:16
  taking
• 30:16
  risk,
• 30:17
  keep
• 30:17
  borrowing
• 30:17
  money,
• 30:17
  keep
• 30:18
  growing
• 30:18
  your
• 30:18
  business.
• 30:20
  No
• 30:20
  one
• 30:20
  really
• 30:20
  cares
• 30:21
  where
• 30:21
  you
• 30:21
  got
• 30:21
  the
• 30:22
  money.
• 30:22
  This
• 30:22
  is
• 30:22
  Jack,
• 30:23
  he's
• 30:23
  come
• 30:23
  to
• 30:23
  visit
• 30:23
  us.
• 30:24
  I
• 30:24
  see
• 30:24
  that.
• 30:24
  Yeah,
• 30:25
  no
• 30:26
  one
• 30:26
  really
• 30:26
  cares.
• 30:26
  For
• 30:26
  those
• 30:26
  listening,
• 30:27
  the
• 30:28
  cat
• 30:28
  has
• 30:28
  made
• 30:28
  an
• 30:28
  appearance.
• 30:30
  No
• 30:31
  one
• 30:31
  really
• 30:31
  cares
• 30:31
  where
• 30:31
  you
• 30:31
  got
• 30:32
  the
• 30:32
  money
• 30:32
  from
• 30:32
  originally.
• 30:35
  Even
• 30:35
  if
• 30:35
  you
• 30:35
  know,
• 30:36
  no
• 30:36
  one
• 30:36
  cares.
• 30:36
  Like
• 30:37
  so
• 30:38
  commercial
• 30:39
  credit
• 30:40
  is
• 30:40
  not.
• 30:40
  The
• 30:41
  credit
• 30:41
  scores
• 30:41
  are
• 30:41
  not
• 30:42
  really
• 30:42
  as
• 30:43
  powerful
• 30:43
  as
• 30:43
  personal
• 30:44
  credit
• 30:44
  scores.
• 30:44
  So
• 30:44
  it's
• 30:45
  kind
• 30:45
  of
• 30:46
  in
• 30:46
  my
• 30:46
  experience
• 30:46
  banks
• 30:47
  are
• 30:47
  a
• 30:47
  little
• 30:47
  bit
• 30:47
  indifferent
• 30:48
  to
• 30:48
  some
• 30:48
  of
• 30:48
  that.
• 30:49
  But
• 30:50
  the
• 30:50
  important
• 30:50
  thing
• 30:51
  would
• 30:51
  be
• 30:52
  to,
• 30:54
  to
• 30:54
  get
• 30:55
  the
• 30:55
  money
• 30:55
  to
• 30:55
  get
• 30:55
  started
• 30:56
  if
• 30:56
  you're
• 30:56
  going
• 30:56
  to
• 30:57
  borrow.
• 30:57
  I
• 30:57
  could
• 30:57
  never
• 30:57
  borrow
• 30:58
  from
• 30:58
  friends
• 30:58
  and
• 30:58
  family.
• 30:59
  Never.
• 30:59
  I
• 30:59
  had
• 31:00
  my
• 31:00
  business
• 31:00
  for
• 31:00
  15
• 31:00
  years
• 31:01
  was
• 31:01
  a
• 31:01
  food
• 31:01
  business.
• 31:02
  I
• 31:02
  couldn't
• 31:02
  do
• 31:02
  it
• 31:03
  because
• 31:03
  I
• 31:04
  couldn't
• 31:04
  bear
• 31:04
  the
• 31:04
  feeling
• 31:05
  of
• 31:05
  losing
• 31:05
  their
• 31:05
  money
• 31:06
  and
• 31:06
  not
• 31:06
  being
• 31:07
  able
• 31:07
  to
• 31:07
  pay
• 31:07
  them
• 31:07
  back,
• 31:08
  losing
• 31:09
  the
• 31:09
  bank's
• 31:09
  money.
• 31:12
  So
• 31:12
  I
• 31:12
  think
• 31:12
  if
• 31:12
  you're
• 31:12
  going
• 31:13
  to
• 31:13
  borrow
• 31:13
  money
• 31:13
  from
• 31:13
  friends
• 31:13
  and
• 31:14
  family,
• 31:14
  that's
• 31:14
  fine.
• 31:15
  Have
• 31:15
  it
• 31:15
  documented.
• 31:16
  Haven't,
• 31:17
  you
• 31:17
  know,
• 31:17
  create
• 31:17
  a
• 31:17
  note
• 31:18
  with
• 31:18
  an
• 31:18
  agreement,
• 31:19
  make
• 31:19
  it
• 31:19
  official
• 31:20
  and
• 31:21
  assign.
• 31:21
  And
• 31:21
  include
• 31:22
  in
• 31:22
  there
• 31:22
  all
• 31:22
  the
• 31:22
  stipulations,
• 31:23
  what
• 31:23
  happens
• 31:23
  if
• 31:23
  I
• 31:24
  die,
• 31:24
  what
• 31:24
  all.
• 31:24
  That
• 31:25
  stuff,
• 31:25
  everything
• 31:25
  in
• 31:26
  there,
• 31:26
  make
• 31:26
  it
• 31:26
  a
• 31:26
  real.
• 31:26
  If
• 31:27
  you
• 31:27
  go
• 31:27
  to
• 31:27
  an
• 31:27
  attorney,
• 31:28
  have
• 31:28
  it
• 31:28
  drawn
• 31:28
  up,
• 31:28
  make
• 31:28
  it
• 31:28
  a
• 31:29
  real
• 31:29
  agreement,
• 31:30
  have
• 31:30
  a
• 31:30
  conversation
• 31:31
  with
• 31:31
  that
• 31:31
  person
• 31:31
  that
• 31:31
  says,
• 31:31
  can
• 31:32
  you
• 31:32
  afford
• 31:32
  to
• 31:32
  lose
• 31:32
  this
• 31:32
  money?
• 31:33
  I've
• 31:33
  had
• 31:34
  like
• 31:34
  45
• 31:35
  year
• 31:35
  old
• 31:35
  guys
• 31:35
  come
• 31:36
  to
• 31:36
  me
• 31:36
  and
• 31:36
  say,
• 31:36
  I'm
• 31:37
  going
• 31:37
  to
• 31:37
  borrow
• 31:37
  $250,000
• 31:38
  from
• 31:38
  my
• 31:39
  mom.
• 31:40
  And
• 31:40
  I'm
• 31:40
  like,
• 31:40
  can
• 31:40
  she
• 31:40
  afford
• 31:40
  to
• 31:41
  lose
• 31:41
  that
• 31:41
  money?
• 31:41
  And
• 31:41
  they
• 31:41
  were
• 31:41
  like,
• 31:42
  well,
• 31:42
  that's
• 31:42
  pretty
• 31:42
  much
• 31:42
  all
• 31:42
  the
• 31:42
  money
• 31:42
  she
• 31:43
  has.
• 31:43
  But
• 31:43
  you
• 31:43
  know,
• 31:44
  it's
• 31:44
  going
• 31:44
  to
• 31:44
  be
• 31:44
  fine.
• 31:44
  I'm
• 31:44
  like,
• 31:45
  this
• 31:45
  is
• 31:45
  a
• 31:45
  really
• 31:45
  bad
• 31:46
  idea.
• 31:47
  Why
• 31:47
  would
• 31:47
  you
• 31:47
  do
• 31:47
  that?
• 31:49
  But
• 31:49
  if
• 31:49
  it's
• 31:49
  $20,000
• 31:50
  and
• 31:50
  your
• 31:50
  parents
• 31:51
  can
• 31:51
  afford
• 31:51
  to
• 31:51
  lose
• 31:51
  it,
• 31:52
  you
• 31:52
  know,
• 31:52
  then
• 31:53
  they're,
• 31:53
  you
• 31:53
  know,
• 31:53
  they're
• 31:54
  doing
• 31:54
  what
• 31:54
  they
• 31:54
  need
• 31:54
  to
• 31:55
  do.
• 31:55
  I'm
• 31:56
  all
• 31:56
  for
• 31:56
  staying
• 31:57
  out
• 31:57
  of
• 31:57
  the
• 31:57
  emotional
• 31:58
  side
• 31:58
  of
• 31:58
  it
• 31:59
  and
• 31:59
  trying
• 31:59
  to
• 31:59
  do
• 31:59
  everything
• 32:00
  you
• 32:00
  can
• 32:00
  to
• 32:00
  get
• 32:00
  the
• 32:00
  money
• 32:01
  from
• 32:01
  a
• 32:01
  bank.
• 32:01
  That
• 32:02
  said,
• 32:02
  do
• 32:03
  not
• 32:03
  expand
• 32:04
  your
• 32:04
  business
• 32:04
  using
• 32:05
  charge
• 32:05
  cards.
• 32:06
  That
• 32:06
  is
• 32:07
  the
• 32:07
  kiss
• 32:07
  of
• 32:07
  death.
• 32:08
  Can't
• 32:08
  tell
• 32:09
  you
• 32:09
  how
• 32:09
  many
• 32:09
  people
• 32:09
  I've
• 32:09
  seen
• 32:10
  come
• 32:10
  to
• 32:10
  me
• 32:10
  with
• 32:10
  $80,000
• 32:11
  in
• 32:11
  charge
• 32:11
  card
• 32:12
  debt.
• 32:12
  They
• 32:12
  keep
• 32:12
  racking
• 32:13
  it
• 32:13
  up,
• 32:13
  and
• 32:13
  then
• 32:14
  they
• 32:14
  want
• 32:14
  to
• 32:14
  refinance
• 32:15
  it.
• 32:15
  And
• 32:15
  no
• 32:16
  bank
• 32:16
  wants
• 32:16
  to
• 32:17
  refinance
• 32:17
  your
• 32:17
  charge
• 32:18
  card
• 32:18
  debt.
• 32:18
  So
• 32:19
  if.
• 32:19
  If
• 32:19
  growing
• 32:20
  or
• 32:20
  not
• 32:20
  growing
• 32:21
  depends
• 32:21
  on
• 32:22
  putting
• 32:22
  something,
• 32:22
  you
• 32:22
  know,
• 32:23
  you
• 32:23
  got
• 32:23
  a
• 32:23
  $25,000
• 32:24
  charge
• 32:24
  card.
• 32:25
  Don't
• 32:25
  do
• 32:25
  it.
• 32:26
  Don't
• 32:26
  do
• 32:26
  it.
• 32:27
  It's
• 32:27
  a.
• 32:27
  It's.
• 32:27
  You're.
• 32:27
  You'll
• 32:28
  never
• 32:28
  get
• 32:28
  out
• 32:28
  from
• 32:28
  under
• 32:28
  it.
• 32:29
  It's.
• 32:29
  It's
• 32:29
  horrible.
• 32:30
  So
• 32:30
  better
• 32:31
  to
• 32:31
  wait.
• 32:32
  Well,
• 32:33
  we're
• 32:33
  going
• 32:33
  to
• 32:33
  leave
• 32:33
  it
• 32:33
  on
• 32:33
  that.
• 32:33
  There's
• 32:34
  the
• 32:34
  best
• 32:34
  piece
• 32:34
  of
• 32:35
  advice
• 32:35
  all
• 32:35
  day.
• 32:35
  Buck,
• 32:36
  thanks
• 32:36
  for
• 32:36
  doing
• 32:36
  this.
• 32:36
  We
• 32:37
  really
• 32:37
  appreciate
• 32:37
  it.
• 32:38
  Absolutely.
• 32:38
  My
• 32:38
  pleasure,
• 32:39
  Glenn,
• 32:39
  anytime.
• 32:40
  And
• 32:40
  thank
• 32:40
  you
• 32:41
  for
• 32:41
  joining
• 32:41
  us
• 32:41
  today
• 32:41
  on
• 32:41
  the
• 32:42
  WESA
• 32:42
  retail
• 32:42
  roundup.
• 32:43
  If
• 32:43
  you
• 32:43
  missed
• 32:43
  part
• 32:43
  of
• 32:43
  this,
• 32:44
  it'll
• 32:44
  be
• 32:44
  available
• 32:44
  on
• 32:45
  the
• 32:45
  WESA
• 32:45
  the
• 32:46
  Wisdom
• 32:46
  by
• 32:46
  Wesa
• 32:47
  podcast
• 32:47
  on
• 32:47
  the
• 32:48
  podcast
• 32:48
  player
• 32:48
  if
• 32:48
  you
• 32:48
  want
• 32:49
  to
• 32:49
  listen
• 32:49
  to
• 32:49
  the
• 32:49
  audio
• 32:49
  version,
• 32:50
  and
• 32:50
  Also
• 32:51
  on
• 32:51
  the
• 32:51
  WESA
• 32:52
  Trade
• 32:52
  Show
• 32:52
  YouTube
• 32:53
  channel
• 32:53
  and
• 32:53
  on
• 32:53
  the
• 32:54
  WESA
• 32:54
  website
• 32:54
  at
• 32:54
  wesatradeshow.com
• 32:56
  the
• 32:57
  Next
• 32:57
  Retail
• 32:57
  roundup
• 32:58
  will
• 32:58
  be
• 32:58
  in
• 32:58
  a
• 32:58
  couple
• 32:59
  of
• 32:59
  weeks
• 32:59
  because
• 32:59
  we
• 32:59
  have
• 32:59
  a
• 32:59
  holiday
• 33:00
  next
• 33:00
  week.
• 33:00
  I
• 33:00
  cannot
• 33:00
  believe
• 33:01
  the
• 33:01
  summer's,
• 33:01
  like,
• 33:02
  coming
• 33:02
  to
• 33:02
  an
• 33:02
  end
• 33:03
  here.
• 33:03
  You
• 33:04
  know,
• 33:04
  we're
• 33:04
  happy
• 33:04
  about
• 33:04
  that.
• 33:05
  In
• 33:05
  Florida,
• 33:05
  it's
• 33:05
  been
• 33:05
  100,000
• 33:06
  degrees
• 33:07
  with
• 33:07
  1,000%
• 33:08
  humidity.
• 33:08
  I
• 33:09
  will
• 33:09
  be
• 33:09
  happy
• 33:09
  to
• 33:09
  get
• 33:09
  into
• 33:10
  fall.
• 33:11
  So
• 33:11
  hopefully
• 33:11
  I
• 33:12
  know
• 33:12
  the
• 33:12
  rest
• 33:12
  of
• 33:12
  the
• 33:12
  country
• 33:12
  is
• 33:13
  kind
• 33:13
  of
• 33:13
  the
• 33:13
  same
• 33:13
  way,
• 33:13
  too.
• 33:14
  We're
• 33:14
  all
• 33:14
  looking
• 33:15
  forward
• 33:15
  to
• 33:15
  that.
• 33:16
  Be
• 33:16
  sure
• 33:16
  to
• 33:16
  sign
• 33:16
  up
• 33:17
  to
• 33:17
  join
• 33:17
  us
• 33:17
  live
• 33:18
  at
• 33:19
  the
• 33:19
  retail
• 33:20
  Roundup
• 33:20
  Facebook
• 33:21
  group.
• 33:21
  That's
• 33:21
  where
• 33:22
  you
• 33:22
  can
• 33:22
  find
• 33:22
  all
• 33:22
  the
• 33:23
  details
• 33:23
  about
• 33:23
  which
• 33:23
  one
• 33:24
  is
• 33:24
  coming
• 33:24
  up
• 33:24
  next.
• 33:25
  And
• 33:25
  I'll
• 33:25
  be
• 33:25
  back
• 33:25
  in
• 33:25
  a
• 33:25
  couple
• 33:26
  of
• 33:26
  weeks.
• 33:26
  This
• 33:26
  has
• 33:26
  been
• 33:27
  terrific.
• 33:27
  It's
• 33:27
  a
• 33:28
  topic
• 33:28
  we
• 33:28
  never
• 33:29
  discussed
• 33:29
  before,
• 33:30
  and
• 33:30
  I'm
• 33:30
  glad
• 33:30
  we
• 33:30
  did,
• 33:30
  Buck,
• 33:31
  because
• 33:31
  it's
• 33:31
  important
• 33:31
  to
• 33:31
  all
• 33:31
  of
• 33:31
  us.
• 33:32
  Right?
• 33:32
  Absolutely.
• 33:33
  Yeah.
• 33:33
  Happy
• 33:34
  to
• 33:34
  dig
• 33:34
  deeper
• 33:34
  some
• 33:34
  point.
• 33:35
  If
• 33:35
  you
• 33:35
  want
• 33:35
  to
• 33:35
  do
• 33:35
  it
• 33:35
  again,
• 33:35
  let
• 33:36
  me
• 33:36
  know.
• 33:36
  And
• 33:37
  as
• 33:37
  a
• 33:37
  side
• 33:37
  note,
• 33:37
  because
• 33:38
  the
• 33:38
  listeners
• 33:39
  of
• 33:39
  this
• 33:39
  show
• 33:39
  won't
• 33:39
  know
• 33:39
  it,
• 33:40
  Buck's
• 33:40
  wife
• 33:41
  Helena
• 33:41
  was
• 33:42
  my
• 33:42
  first
• 33:42
  co
• 33:43
  host.
• 33:43
  And
• 33:43
  now
• 33:43
  we
• 33:44
  just
• 33:44
  celebrated
• 33:44
  our
• 33:45
  17
• 33:45
  years
• 33:46
  since
• 33:46
  we
• 33:46
  started
• 33:47
  our
• 33:47
  first
• 33:47
  episode
• 33:48
  of
• 33:48
  our
• 33:48
  first
• 33:48
  show
• 33:48
  in
• 33:49
  2008.
• 33:49
  And
• 33:50
  Helena
• 33:50
  was
• 33:50
  my
• 33:51
  first
• 33:51
  co
• 33:51
  host.
• 33:51
  Worked
• 33:52
  with
• 33:52
  her
• 33:52
  for
• 33:53
  what,
• 33:53
  12,
• 33:54
  13
• 33:54
  years.
• 33:55
  Yeah,
• 33:56
  and
• 33:57
  without
• 33:57
  Helena,
• 33:57
  the
• 33:58
  Horse
• 33:58
  Radio
• 33:58
  network
• 33:58
  wouldn't
• 33:59
  be
• 33:59
  here.
• 33:59
  So
• 34:00
  kudos
• 34:01
  to
• 34:01
  your
• 34:01
  wife
• 34:01
  as
• 34:02
  well.
• 34:02
  I'll
• 34:03
  let
• 34:03
  her
• 34:03
  know
• 34:03
  you
• 34:03
  said
• 34:04
  that.
• 34:04
  It
• 34:04
  will
• 34:04
  mean
• 34:04
  the
• 34:04
  world
• 34:04
  to
• 34:05
  her.
• 34:05
  And
• 34:05
  big
• 34:06
  hug
• 34:06
  to
• 34:06
  her
• 34:06
  too,
• 34:07
  of
• 34:07
  course.
• 34:08
  Thanks
• 34:08
  everybody.
• 34:09
  In
• 34:09
  a
• 34:09
  couple
• 34:09
  of
• 34:10
  weeks,
• 34:11
  Happy
• 34:11
  selling.