Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / Equity or Earnings: How to Structure Profitable Partnerships

Transcript

Equity or Earnings: How to Structure Profitable Partnerships · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:01
  Hello and welcome to the show. Before we begin, today is going
• 0:04
  to be another one of those noisy days because the munchkins are
• 0:07
  home because of the holidays and they're causing a ruckus in the
• 0:10
  background. So hopefully not too much of the
• 0:14
  noise is going to spill over into today's recording.
• 0:16
  So for those of you who are tired of the content stretch,
• 0:19
  you will be happy to know that we are done with that, at least
• 0:22
  hopefully. I think we're done with that and
• 0:25
  but we're not going back to listener questions or audience
• 0:28
  questions. We're going to talk about
• 0:29
  something else and that is equity and revenue share.
• 0:33
  That's when people are trying to partner up for mutual benefit.
• 0:37
  Again, let me repeat equity and then revenue share when people
• 0:41
  are trying to partner for mutual benefit.
• 0:44
  I'll define the terms later, but why am I talking about this?
• 0:48
  The reason why is because there are lots of folks who are trying
• 0:51
  to get into partnerships of, you know, mutual benefits as per I
• 0:56
  have a proposal, I have this idea.
• 0:59
  I think you and me will be cool. Let's do some work together.
• 1:02
  You know, you get something out of it, I get something out of
• 1:05
  it, but they just can't find the words to put together the right
• 1:08
  proposal. Now I figured that it would be a
• 1:11
  good idea to tackle this again today because the episode where
• 1:15
  I spoke about cool guy, I can't remember the code name that I
• 1:20
  came up with for him. Was it cool guy 587 or 517 or
• 1:24
  something like that. So there are a bunch of you that
• 1:26
  have listened to the cool guy episode and you reached out
• 1:30
  saying I haven't done this, but thanks for the heads up.
• 1:33
  I'll make sure I don't fall into this kind of error.
• 1:35
  And even though I tried to give some solutions, then I think
• 1:40
  it's not enough to flog the problem and then not give a
• 1:43
  plethora of solutions. So for those of you who are in a
• 1:47
  similar situation as cool guy 587 and or maybe you suspect
• 1:53
  that you, you might have fallen into this error in the past or
• 1:58
  you want to avoid falling into those sorts of things where
• 2:01
  you're trying to make a proposal and then you end up insulting
• 2:05
  someone the worst case scenario or putting forward the proposal
• 2:09
  that is not well thought out. So that's the reason why I'm
• 2:13
  coming. I'm looking at equity and
• 2:15
  revenue share. I'm just trying to see all the
• 2:17
  avenues that people can partner for mutual benefits.
• 2:20
  So you actually can roll up to someone in their DM or in a
• 2:23
  networking session and they say, hey, what's up?
• 2:26
  How you did, seeing what you've been doing.
• 2:28
  These are my ideas. I think this is how we can hook
• 2:30
  up. I think this is how we can
• 2:31
  partner. And if I bring this, you bring
• 2:35
  this and this thing comes out, you know, I take this, you take
• 2:38
  this. So that's the sort of thing that
• 2:40
  I'm trying to propose. So for those of you who are new
• 2:44
  to the podcast, what I'm talking about is a previous episode, I
• 2:50
  can't remember the name anyway, I can't remember what it was
• 2:53
  titled. But there was a previous episode
• 2:55
  where I spoke about how if you're trying to pitch a
• 2:57
  proposal or a partnership or whatever to Nigerian business
• 3:00
  owners. And I'm trying to qualify that
• 3:03
  because I wouldn't be surprised if the other parts of the world,
• 3:06
  maybe in Nigeria, sorry, in America and in the UK where you
• 3:09
  actually can roll up on someone and say I have a strategic
• 3:13
  partnership. I want to discuss with you have
• 3:15
  a strategic alliance, whatever, you know, all those fancy terms
• 3:20
  that people might listen. But in Nigeria, I find that
• 3:25
  Nigerian business owners have a low tolerance for that kind of
• 3:29
  crap in quote. So in that podcast episode, I
• 3:32
  said he'd be better off just approaching a Nigerian business
• 3:35
  owner if you had some sort of proposal, partnership, strategic
• 3:39
  alliance, joint venture or whatever it is you want to call
• 3:42
  it. What I said in the podcast
• 3:45
  episode was that if you just broached the conversation around
• 3:49
  money or revenue or around customers, then you would find a
• 3:52
  willing audience because Nigerian business owners, that
• 3:55
  is what they care about. They care about money and
• 3:57
  revenue, they care about customers.
• 3:59
  So if you come with all that highfalutin language of
• 4:01
  strategic alliance and joint venture and mutually beneficial
• 4:05
  proposal, all that kind of whatever, if they listen to you
• 4:09
  and they can hear a path to money, a path to revenue, or a
• 4:12
  path to customers, then they'll pay your attention.
• 4:15
  So that's the scope that I was pushing forward in the previous
• 4:20
  episode. So yes, but there are other ways
• 4:24
  of handling these sorts of conversations.
• 4:26
  So if you open it with money and revenue or customers, that's
• 4:29
  cool. That's one we can can get it to
• 4:32
  work. Another roundabout way of
• 4:34
  handling the conversation is for you to just take the scope of
• 4:37
  approach the person and tell them, this is what I'm building
• 4:40
  or this is the vision and I need XYZ to get there.
• 4:44
  And because of that, you know I'm going to need your
• 4:47
  expertise. And in return, this is what I'm
• 4:50
  offering. And your pitch is going to be #1
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  this equity as per you have a share in my business and then #2
• 4:57
  is revenue share. So let me repeat, the scope is
• 5:00
  going to be. Hello, Mr. Business owner, This
• 5:03
  is an interesting project I'm working on.
• 5:05
  This is where I am right now. To get to steps, BCDI will need
• 5:10
  XYZ from you because of the expertise that you have or
• 5:14
  because of the connection that you have or because of the money
• 5:16
  that you have or whatever. And in return for you giving me
• 5:19
  this money, this connection, this expertise, this whatever,
• 5:23
  I'm going to be offering you either equity or revenue share.
• 5:28
  For those of you who are in the tech space, you're already
• 5:31
  familiar with this sort of thing because this is the kind of
• 5:34
  dance, this is the kind of toasting, this is the kind of
• 5:37
  schmoozing that you guys do with investors.
• 5:40
  Essentially approach them saying this is my app, this is my idea,
• 5:43
  this is where I want to grow. This is what I've done to take
• 5:47
  the next step. I need 1,000,000 naira or I need
• 5:50
  $10 million. And if you give me $10 million
• 5:53
  in exchange, I'm going to give you equity or I'm going to give
• 5:57
  you revenue share or your 10 million is going to be a loan
• 6:00
  and we're going to pay you back at so, so, so, so interest rate
• 6:03
  and blah, blah, blah. So those of you in the tax base,
• 6:06
  you're already used to this kind of thing.
• 6:08
  So other people who are SME space, non tech, non tech space,
• 6:15
  Yeah, this, this is basically for you guys.
• 6:18
  So what's the difference? Equity, revenue share, What's
• 6:21
  the difference? I'm not going to go into the
• 6:25
  whole technical thing, but this is just the difference.
• 6:27
  Equity just means I'm the person is going to have ownership of
• 6:31
  your company. So let's say in the beginning
• 6:33
  you started the company, you're the wife, you know of the
• 6:37
  company and you and your husband and partnership.
• 6:40
  And so let's say you call the company Bimbo and Bimbo and
• 6:45
  adequate associates or whatever it is that you called it.
• 6:48
  So and you and your husband, you guys only 100% Abby, you only
• 6:52
  have 5050. Yeah, let's say you guys own a
• 6:54
  5050. You approach somebody with this
• 6:57
  kind of pitch. The whole idea is if the person
• 7:00
  says OK at the end of the day on your company papers, not
• 7:05
  necessarily in the name, but the company papers that reflect the
• 7:08
  ownership of the company. It's not just going to be Bimbo
• 7:11
  that is you and adequate that is your husband.
• 7:14
  There's now going to be a data here as well.
• 7:17
  If you guys collected money from a data here is now going to be
• 7:19
  on your he's not going to be on your cap table.
• 7:23
  So that's the idea behind equity.
• 7:25
  The person now becomes co-owner of the business.
• 7:28
  That's what equity means. Revenue share just means thank
• 7:33
  you very much for the money. Thank you for the expertise,
• 7:35
  thank you for the connection, thank you for the whatever this
• 7:37
  business is going to be pumping out, you know, 20 M every year
• 7:41
  in revenue, blah blah blah. Out of that 20 M, this is going
• 7:44
  to be how much that we're going to be giving you.
• 7:46
  So there are more important things to consider, there's more
• 7:50
  technical stuff to look at, and there are things to consider
• 7:57
  when you want to structure these kind of deals.
• 7:59
  But this is beyond the scope of the podcast.
• 8:01
  And to be honest, I have not been a lawyer in close to 20
• 8:05
  years. So I would not be giving you
• 8:09
  guys good advice if I decide to take a stab at it, to say this
• 8:13
  is how you do this, this is how you do that.
• 8:15
  So in my own opinion, you want to make a proposal on around
• 8:19
  these sorts of things, equity, revenue share and all these
• 8:22
  sorts of things. Talk to a lawyer.
• 8:24
  Don't try and freestyle it. Even if you don't have money to
• 8:27
  talk to a lawyer, but at least you have a cousin who just
• 8:31
  finished law school like maybe two years ago or something like
• 8:34
  that. You'd be better off apart from
• 8:36
  your research, talking to their cousin.
• 8:37
  Let your cousin give you one or two things so that you won't go
• 8:41
  and hang. But yeah, ultimately it would be
• 8:43
  best to talk to a lawyer who is experiencing these sorts of
• 8:46
  things. So if you're looking for OK,
• 8:51
  well, anyway, let me just leave that strand now.
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  However, some of you are looking to grow your business, looking
• 8:57
  to grow your thing and you're, you need the involvement of
• 9:01
  professional service providers to grow your thing because it
• 9:03
  happens a lot. Somebody wants to grow their
• 9:06
  business and they need a a lawyer or they need an
• 9:09
  accountant or they need a business growth consultant.
• 9:12
  And then they reach out to people like me, business growth
• 9:15
  consultant, or they reach over to someone like my wife who is a
• 9:19
  government regulator to say, OK, you're knowledgeable and blah,
• 9:21
  blah, blah, blah, blah. We need to start this thing up.
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  And people try and take this sort of pitch equity or revenue
• 9:29
  share. But I noticed that a bunch of
• 9:31
  people just go straight to equity.
• 9:34
  So they start trying to talk to me to say this is what we're
• 9:35
  trying to build, blah, blah. Coming with your sales
• 9:38
  expertise, we can build this thing to A1 trillion era
• 9:41
  company. And we offer you, we offer you a
• 9:45
  10% equity, then 10% of, of 30 trillion is equal to so, so and
• 9:51
  so, so you'll be, you'll be richly compensated for what it
• 9:55
  is that you've you've done to grow this business.
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  So people do things like that all the time when they're
• 10:00
  looking for professional service providers, when they're trying
• 10:04
  to grow their thing, trying to grow their business.
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  And that's the reason why I'm making this episode because this
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  is also one of those scenarios where they run, you run the risk
• 10:11
  of insulting somebody, you go and meet somebody who has 20
• 10:15
  years of experience in the field.
• 10:16
  But because the person is your guy, the person is maybe you
• 10:20
  guys went to the same school or maybe the guy is dating your
• 10:23
  sister or something. And then because of that, you go
• 10:27
  and tell the person, oh, you know what, this my business
• 10:28
  idea. If we grow this thing, we'll be
• 10:30
  able to capture Nigeria. And this is going to be a three
• 10:33
  trillion naira company and we're offering you 20% speak stakes in
• 10:39
  the business. So by the time we do the IPO and
• 10:43
  we are valued at 3 trillion naira, 20% of that.
• 10:47
  So that money is you know, and I'm not good at math.
• 10:49
  So run the calculation whatever how many millions or, or
• 10:52
  billions, OK, let's say millions.
• 10:54
  So your own cup will be so, so, so million.
• 10:57
  And so yes, you're doing work now for free.
• 10:58
  But think about it where we IPO in 10 years or in 20 years, this
• 11:03
  is how much you will make you cut out with 300 M clean good
• 11:07
  money. So the people that make that
• 11:09
  kind of pitch. So in order for you not to
• 11:15
  insult somebody, one thing you guys ought to be mindful of
• 11:21
  folks like you who like to make that kind of pitches.
• 11:23
  That is the first thing that every single founder does.
• 11:27
  You don't have money for lawyer. You approach a lawyer and then
• 11:29
  you tell the lawyer that oh, blah, blah, blah, blah, blah,
• 11:32
  equity. We're going to be valued at XYZ
• 11:34
  in 20 years and your own cut will be 10%.
• 11:37
  So just check it in. 10% will be valued at 1 billion.
• 11:41
  So 10% or 1 billion, that's going to be your own cut.
• 11:45
  So OK, well, let me just narrow it down to me.
• 11:49
  I personally, I'm not willing to consider equity at all unless I
• 11:54
  can see traction and unless I can see sales grid on the part
• 11:57
  of the founder. Because this whole thing about
• 11:59
  traction is this, you love your business idea.
• 12:03
  You think the business idea is going to work.
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  And yes, in theory, on paper, yes, it's a three trillion naira
• 12:09
  idea or whatever. But The thing is, if you guys
• 12:13
  are not making traction now, if you do not have the sales skills
• 12:18
  now, if you do not have the grid now to execute on that idea, me
• 12:24
  coming in and pitching my time and everything in the hope that
• 12:27
  I'm going to get equity in the future is not going to be
• 12:30
  realized because you guys have not established traction.
• 12:33
  And you guys don't even have the grid to see the whole thing
• 12:36
  through. Which is the reason why for
• 12:38
  those of you who have approached me in the past with this whole
• 12:40
  talk of equity thing, I say no thank you.
• 12:43
  I'm not interested if I if I will, it'll be sometime in the
• 12:48
  future when I've been able to see that you guys can hit this
• 12:51
  milestone, this milestone, this milestone then OK, I know that
• 12:53
  OK, you guys are serious. By the way, at some point in the
• 12:57
  future, maybe 1520 years from now when I'm involved in private
• 13:02
  equity because that's my ultimate plan.
• 13:04
  That's the reason why I'm gathering all these skills
• 13:06
  because I want to make private equity plays.
• 13:09
  This is the sort of thing I want to be involved on later on,
• 13:11
  looking for businesses where if I can inject my money and if I
• 13:15
  can inject my expertise, we'll be able to grow the business
• 13:18
  beyond a certain size. So in the future, yes, this is
• 13:22
  my ultimate game plan. But for now, I'm not touching
• 13:26
  any of that whole thing because I can't see the traction, I
• 13:29
  can't see the great, I can't see the sales know how, and I can't
• 13:34
  see why you guys feel like this idea that you're trying to to
• 13:38
  build this thing that you're pursuing.
• 13:40
  I see no reason why The thing is going to materialize into a
• 13:44
  three trillion era company in the next 10 years or the next 20
• 13:48
  years. So be mindful of that.
• 13:50
  Every single person in your own position is going around talking
• 13:53
  to lawyers, talking to sale consultants, talking to
• 13:55
  accountants, even tax people talking to tax people that come
• 13:59
  when you do our taxes for free for now.
• 14:02
  But we're offering you equity in the business and we're going to
• 14:04
  be valued at AT20M in the next five years and your own share is
• 14:09
  going to be 30%. So or got tax accountant check
• 14:12
  it now. 30% of five M, that's how many M OK, no, that's not a
• 14:18
  good deal. 30% of five M, especially if you're waiting
• 14:21
  five years. And but you get my point.
• 14:23
  People try and make this sorts of and pitches all, all the
• 14:27
  while. So in my own opinion, if you
• 14:29
  want to make this kind of play, equity or revenue share and
• 14:33
  you're approaching somebody in the professional services, there
• 14:36
  are people who are professional investors.
• 14:38
  You can go and talk to professional ventures at
• 14:40
  investors, venture capital, private equity.
• 14:44
  Yeah, you can talk to all those people and tell them equity,
• 14:46
  revenue share. It's their business, it's their
• 14:49
  thing. They have the tools and they
• 14:51
  have the metal framework to be able to look at your business
• 14:53
  and dissect it and say who is the customer?
• 14:55
  What is the idea? What traction are you getting?
• 14:58
  How can we forecast this? How can we plan for this?
• 15:00
  How can we mitigate this? OK, this looks like it's a good
• 15:02
  bet. Let me drop money here.
• 15:04
  But for other people, for lawyers, accountants, what else?
• 15:12
  Brand design, Because people also make this pitch for brand
• 15:15
  designers as well. Now come and design our logo for
• 15:17
  us and do our branding and do our everything and then we'll
• 15:20
  offer you equity. So for people like us who are
• 15:23
  not involved in the investment space, this is the easiest thing
• 15:27
  to do. If you need professional
• 15:28
  services to get your thing going and you don't want to insult
• 15:32
  anybody these days, we actually just negotiate a professional
• 15:35
  fee and then just pay up. Just be front with the brand
• 15:38
  person like our Bros. You know what this your designs
• 15:42
  as in a tight as in a tight die as in like it's the best that
• 15:46
  I've seen so far, but I won't let you like I'm broke right now
• 15:50
  that 400 Ki said I should pay you.
• 15:52
  I really, really don't have the 400K.
• 15:55
  How much how much less less, you know, start pricing, pull
• 15:59
  whatever strings. You know, we go to the same
• 16:01
  church. You know we go to the same
• 16:04
  church, have milk of human kindness.
• 16:06
  Do it because of God. You know, whatever it is.
• 16:09
  The easiest thing to do is actually just negotiate and then
• 16:11
  just pay up. That's the easiest way.
• 16:14
  Negotiate, haggle, and then pay up.
• 16:18
  If you can't, well, that's the subject of another episode.
• 16:22
  But the bottom line of what I'm trying to say in today's episode
• 16:25
  and in the previous episode where I was talking directly to
• 16:29
  cool guy 581RB587, is this. When you're trying to negotiate
• 16:35
  some sort of partnerships with someone, you need to make sure
• 16:40
  that there are mutual benefits for the thing not to be an
• 16:44
  insult. If you roll up on someone and
• 16:47
  you say, hey bro, sister, babe, I have this idea for a
• 16:51
  partnership, this is my proposal.
• 16:52
  And then by the time you talk, talk, talk, and you close your
• 16:54
  mouth, there's only benefit for you.
• 16:57
  There's no benefit for the other person.
• 16:59
  Of course, the other person might feel insulted, not take
• 17:02
  you serious, and will pass on the offer.
• 17:04
  In fact, you can't even call that a real offer, especially in
• 17:09
  the legal sense of the word, because an offer involves you
• 17:14
  making a proposition anyway. Let me just ignore the legal
• 17:18
  aspect. I'm just saying that you can't
• 17:20
  even call that an offer. So if you're trying to negotiate
• 17:22
  this partnership or something, make sure that there's a mutual
• 17:27
  benefit. I will benefit XYZ you, your own
• 17:31
  court is XYZ. You also need to make sure that
• 17:34
  the benefits are clear. So yes, that whole thing off.
• 17:38
  If you become a three trillion era company, you're going to
• 17:40
  have a 20% stake, you know. Yeah, that's kind of clear.
• 17:44
  Whether you can hit that is another story entirely.
• 17:47
  But make sure that there's mutual benefit.
• 17:49
  You're benefiting something, the other person benefits something.
• 17:52
  Make sure that the benefits are clear.
• 17:54
  This is what you will get. This is what I will get.
• 17:56
  It's important to have very quarrel in the future because it
• 17:59
  does happen that sometimes things realize and then they
• 18:02
  work out and you collect your own, the other person collects
• 18:05
  their own. And then there's this whole
• 18:06
  argument of this one that you gave me is not what we agreed
• 18:09
  and then blah, blah, blah. And you know, or what not.
• 18:11
  You need to make sure that the benefits are very clear.
• 18:14
  And trust me, I've been in these situations before, especially as
• 18:17
  a wedding photographer where somebody brings you a deal.
• 18:20
  It's OK, this how we're going to do it.
• 18:21
  This would be your cut. And I was in this situation
• 18:23
  where person brought the deal, gave it to me.
• 18:27
  We agreed on the person's cut. But because me, I have sales
• 18:31
  expertise and everything, I was able to grow the size of the
• 18:34
  pie. So in other words, let's say the
• 18:36
  person brought the deal initially where the money was
• 18:38
  going to be like 400K. I can't remember the details, so
• 18:41
  I'm just restarting. So let's say the deal is going
• 18:43
  to be like 400 Ki did my thing. I was able to increase the size
• 18:46
  of the pie to I was able to add like another 150 on top and the
• 18:52
  thing now 'cause quarrel because me I thought like you brought
• 18:55
  this thing to me and this is what we agreed here's your own.
• 19:00
  But the way the person was looking at it was person felt
• 19:02
  like I cheated them like they brought it at this level.
• 19:06
  I was able to grow it, but then I gave what we agreed initially.
• 19:11
  But I should have given a percentage of the larger amount
• 19:14
  that I grew the whole thing too. And so the thing caused quarrel.
• 19:19
  Well, not really a quarrel. The lady was vexed.
• 19:21
  She was sincerely and thoroughly vexed.
• 19:25
  But for me, yeah, I prefer to prioritize business
• 19:28
  relationship. So I told her.
• 19:29
  Madam, no vex. So I'm sorry, I didn't see it
• 19:30
  that way. No problem.
• 19:32
  How much do you want to collect? And actually she wanted to
• 19:37
  collect all the extra on top. That's OK, no problem.
• 19:40
  I gave her the extra. Let the let there be peace.
• 19:43
  So I just let the whole thing go.
• 19:45
  So that's how I dealt with it. I know there are some of you who
• 19:47
  say no, that I handled it wrong. But The thing is just that look,
• 19:50
  I need deal flow because I don't have a job.
• 19:54
  So this how I make money. All these things coming in here
• 19:56
  and there. So I need the deal flow to
• 19:58
  continue. So for me, I just want it to be
• 19:59
  that look, let this man just cut out make out good, according to
• 20:03
  her. Let the deals keep flowing in
• 20:04
  the future. Let me see how much I keep
• 20:06
  making on these things, but I know some of you disagree.
• 20:09
  Some of you would have said if I was able to grow it from add to
• 20:12
  the pie another 150K then you know myself, I deserved a
• 20:17
  certain cut of the Wharf. Anyway, that's the story for
• 20:19
  another day. The bottom line, I'm just trying
• 20:24
  to say make sure that this mutual benefits.
• 20:26
  The person will take something, you, you will take something,
• 20:29
  and then it has to be clear how much is this person taking?
• 20:33
  Is it a fixed amount or is it percentages?
• 20:35
  We need to agree on all those things.
• 20:37
  Then we also need to agree on what needs to be done for the
• 20:41
  benefits to start vesting, for the benefits to start accruing.
• 20:46
  Because if you guys agree that this thing is a partnership,
• 20:48
  this is whatever, I'm going to do this, you're going to do
• 20:50
  this. Then it's also not going to be
• 20:52
  fair. If you do your own part, the
• 20:54
  other person does 50% of their own part.
• 20:56
  They don't do the whole thing. And then at the end of the day,
• 20:58
  they're trying to claim right or pull rank or collect what needs
• 21:03
  to be connect collected. I guess what I'm just trying to
• 21:06
  say is everything should be clear.
• 21:07
  It should be mutual benefits. Let's be clear what the benefits
• 21:09
  are. And with that, I'll bring it to
• 21:11
  a close. If I can think of any other
• 21:15
  angle to the whole cool Guy 581 or 587 and this whole thing
• 21:21
  about proposals and partnerships and strategic alliance and
• 21:26
  mutually beneficial partnership and blah, blah, blah, then I'll
• 21:29
  let you guys know. One, yes, by the way, I said it
• 21:31
  in the Cool Guy episode and I'm saying it again, they are
• 21:36
  particular contexts in which this works in Nigeria.
• 21:40
  So by the time you guys get to the corporate space, by the time
• 21:43
  you guys enter corporate Niger, yes, people listen to that talk.
• 21:47
  So if MTN approaches Dangote, they say, hey, Dangote, I would
• 21:53
  like us to have a talk. Let's see if we can enter into
• 21:55
  some strategic alliances and blah, blah, blah, blah, blah.
• 21:57
  Yeah, I think somebody from Dangote will take the call
• 21:59
  because it's empty. And let's hear what it is that
• 22:02
  they have to say. But at this level, there's a
• 22:05
  business part, business person who lives on the street.
• 22:08
  She owns a laundromat. You're walking to the
• 22:11
  laundromat. Good morning, Ma blah, blah,
• 22:13
  blah. You start talking strategic
• 22:14
  partnerships, blah, blah, blah, blah, blah.
• 22:16
  She'll say, look, this boy has been reading too many business
• 22:18
  books. And, you know, in her mind,
• 22:20
  she's thinking of how can I get this guy out of here so I can
• 22:23
  get some work done. But if you walk into the
• 22:26
  laundromat and the Peaches, Madam, this is my idea XYZ, by
• 22:31
  the time we're done, this is how much money you make or this is
• 22:34
  how many customers are walking through your store.
• 22:36
  She will listen or you change the conversations.
• 22:41
  OK, Madam, this this is that. This is my idea.
• 22:43
  This is what I'm thinking. This is what I'm trying to
• 22:46
  build. If you drop this or if you do
• 22:48
  this, you have a share in the business or this is the cut you
• 22:51
  get out of the revenue, then these are ways that you can make
• 22:54
  all these proposals that will make sense to the average
• 22:58
  Nigerian business owner and you guys can end up doing business
• 23:00
  together and then you don't insult somebody and you don't
• 23:03
  come across as immature or I'll considered or having a proposal
• 23:10
  that is not well thought out. So that's it for today.
• 23:14
  Remember to connect with me on WhatsApp.
• 23:16
  The phone number is 080, 64662140.
• 23:21
  The country code is +234. For those of you who are not
• 23:23
  Nigerian and then connect with me on LinkedIn as well, my name
• 23:27
  is Tavishima Ayede. I'm the host of the show.
• 23:29
  Can confirm the spelling of my name and my e-mail address from
• 23:33
  the link. We're currently listening to
• 23:34
  this episode. So thank you very much for your
• 23:36
  time and attention. I'll catch you guys at the next
• 23:39
  episode.