Key Steps to Position Your Business for Successful Funding

Paula: [00:00:00] Hello everyone and welcome to another week’s episode of Chatting with the Experts with me, Paula Okonneh, your host. Every week I bring to you women from Africa, from the Caribbean, or in the African diaspora, and our mission is to educate, to empower, and inspire women globally. I’ve had a few men join us and their mission, they share the same mission as I do, which is to educate, to empower and inspire women globally. And today will be no exception. Our topic today is Being in Position. Get Capital Before you Need it. And with me to do that will be Sheree Jones, who I’ll tell you a bit about before she joins us. So [00:01:00] she is the CEO and founder of Legacy Team Associates. which is the premier resource partner for small businesses and real estate investors looking to not only achieve their goals but to create a legacy for their families.
And she says we focus on financing options, on growth strategies, on strategic partnerships, property sourcing, and even exit strategies, no matter where you are on the spectrum of experience. The tagline is, let us be your trusted partners to build your legacy. And she describes herself or her business, I should say, as Your Legacy Building Dream Team. Wow. I love it. And with that, I want to welcome Sheree Jones, the CEO and founder of [00:02:00] Legacy Team Associates to chat in with the experts.
Sheree: Hello.
Paula: Hello.
Sheree: Nice to see you, Paula.
Paula: Nice to have you here. As you heard me say, I love the name of your, you know, of your business, Legacy Team Associates, because we need many times, those of us from Africa, from the Caribbean and in the Diaspora don’t realize that if we are successful in our business, we need, or we should try to leave a legacy for our descendants, for our children, our children’s children, and as far down as possible.
Sheree: Absolutely.
Paula: Wow.
Sheree: Absolutely.
Paula: Right. So I know I didn’t say everything on your resume. Is there anything that I left out that you would like the audience to know?
Sheree: Just essentially, you know, I’ve been in sales and consulting for the past 30 years. And I realized that when I was ready to leave corporate America that [00:03:00] I didn’t really have a lot of options. You know, unfortunately, I didn’t have a rich uncle or rich father to say, Hey, I need $100, 000 loan so I can start my business. So I had to bootstrap my own business and getting everything started and seeing the challenges that other business owners went through. I was really passionate about making sure that I provided… so that we can stop the business failures. You know, I’ve got a lot of statistics that support that so many businesses fail because of a lack of access to capital. And, you know, I’m gonna share some specifics. You know, when the opportunity presents, because it’s alarming at what’s happening. And so I think that if we can take a step back and understand the process of being in position, then we can make sure that we’re able to not only have more people want to go into business, but have more people succeed in business all the way through the end of the spectrum where they aren’t either able to, you know, pass the business down to their family or sell the business and be able to take [00:04:00] those monies and be able to, you know, create that wealth for that family and create that family legacy.
Paula: I agree 100 percent because recently I was talking with someone, I was saying to them that, you know, accumulation of, at least money, doesn’t necessarily mean you’re rich. Because, you know, it’s what you do with money is understanding that money is a tool and when it’s in your hands, you need to use that tool. Like if you have a hammer and there’s a nail and you do nothing with a hammer, that nail is going to stay right there.
Sheree: Right.
Paula: Because you haven’t used the hammer. And that’s in the right way, I should say.
Sheree: Right.
Paula: Same thing with money.
Sheree: Absolutely. And the only way to really create that legacy and create that wealth and that generational wealth is by business ownership, investing in real estate, some of these different things. Not to say you can’t do well at a nine to five, but unfortunately, you’re at the mercy of that corporation or that job. And in the [00:05:00] minute that they say, Oh, you know, yeah. We’re laying off or whatever the case may be. What are you going to do? Because so many people live above their means and they’re, you know, they say 80 percent of families in the U. S. are living paycheck to paycheck and so if you’re not taking steps to secure and to try to create wealth by business ownership, investing in real estate, real estate, some of the things that are going to work for you to provide passive income. Then you can be in big trouble. And we know that social security is failing our seniors.
So, you know, we get up age and you’re ready to retire. If you don’t put some things in place, you know, you’re not going to be ready for when the time comes. And we know time flies by me, look at us. We’re in October already of this year and time is flying by. So there’s so many different things that, you know, I’d like to share with our community just to make sure that we’re in position to be able to do the things that are necessary to, again, create that wealth. Close that wealth gap. We know that there’s a huge wealth gap in this country. And, you know, [00:06:00] because of racial biases and some other things, it’s really hard for businesses like ours to 1 to start, but then to succeed. I want to share some, some statistics if I can. So there’s a statistic that says 82 percent of small businesses fail due to cash flow and 47 percent of startups fail because of lack of financing.
Okay, so that’s just the overall number, but of the 20 percent of businesses that fail in the 1st year. 80 percent of black owned businesses fail within the 1st 12 to 18 months and only 4 percent of black owned businesses make it past the startup phase. That’s horrible. That’s horrible. And why is that? It’s because of the overarching issue. You know, there’s racial bias and both lending and equity compared to our white counterparts unfortunately. 35 percent of white business owners are able to get the funding that they need while only 16 percent of [00:07:00] black businesses are able to get that same funding. So we need to get into better position. We need to understand what to do. You know, we have these great ideas of starting a business and things like that, but we may not know what the plan will entail to ensure that we have the funding that we need to not only start, but then also to go through each phase as you want to grow and expand and do some of the things, you know, whether you need new equipment you want to hire people, whatever the case may be.
Sometimes you may want to acquire a business. You know that kind of compliments what you’re currently doing. You want to be in position to know that you have the access to capital to be able to do whatever you need so that you can successfully start grow and you know, expand your business.
Paula: You answer the question. A big question that was at the tip of my tongue was. Which was how to get our businesses in the position for funding, because as you started, you said at the beginning, most of us don’t have rich uncles, rich aunts, you know, we don’t [00:08:00] inherit money.
Sheree: Right.
Paula: But we want to be, you know, self employed. So how do we get that funding? How do we position ourselves in the first place to get that funding?
Sheree: So one of the most important things is, one, making sure your personal credit is intact. You know, unfortunately, because of different things that happen in our community, sometimes our credit does take a hit and we don’t necessarily do the things that are necessary to fix that. So you want to have pristine personal credit because if you have pristine personal credit, then that will give you options as it relates to startup funding. What most people don’t know is, you know, you may be excited. You have your business idea, you have your business plan and everything, but less than 35 percent of businesses, small businesses are able to go to the bank that they’ve been banking with and secure a loan.
So they think, Oh, you know, I’ll just go to my, you know, I’ve been with, you know, I’m not going to say any names, but you know, I’ve been with this bank for, you know, 10 years and I put all my money in there and all these different things. And now [00:09:00] I want to start a business. Well. It’s not as easy as you think to get that startup money. And so even when people say, Oh, you know, the SBA has micro loans and some of these different things, some of the parameters that are set to be able to secure that it’s very challenging, especially if you don’t have your personal credit in order. And so I’ve got a lot of programs, especially a startup program that is unsecured.
So if you’ve got that good credit and you’ve got a good credit history with, you know, any loans or mortgages and personal credit cards, then we can leverage that to be able to get you business cards or a personal loan to be able to get started. And then that’s just the beginning because then also you need to establish business credit for your entity so that you’re in position because a lot of people don’t realize that. You know, the SBA will give you a loan for your business after you’ve been profitable for two years. So you’ve got to show two years of tax returns. Well, [00:10:00] they may not tell you that you need a minimum credit score of usually 660, 640 to 660. But then you also need to have established some business credit.
So some people. Have done well. They’ve established their business. They’ve gotten good personal credit. They don’t have any business credit. And so because of that, they’re not able to secure that larger loan that they need through the SBA. And what I’ve seen a lot of… go ahead.
Paula: Because this is…
Sheree: No problem.
Paula: Yeah, because this is an international program. I just wanted to explain to people. I’ll ask you to explain to people. What do you mean by the S. B. A.?
Sheree: Oh, I’m so sorry. So that is the Small Business Administration. So that’s an entity here in the U. S. that usually can work with banks and they can actually secure loans and help back the loans for small businesses because banks may see the business as a risk. You know, especially if there’s no collateral. If there’s no real estate involved like you’re leasing a [00:11:00] space and you don’t own the space. And so the SBA will back the loans, and that really just limits the exposure to the bank when they want us to provide a small business loan to a business owner.
The challenge is, though, if you don’t know that you needed to have established business credit and you haven’t, then you’re kind of stuck and you’re not able to secure that loan. And so what I’ve seen a lot of times happen is one may start. They’ve gotten some money or they may be bootstrapped and raise their own money to be able to get started. But then when they need that next infusion of capital, not having been in position, they end up having to get the worst type of loan there is for a business, which is what we call a Merchant Cash Advance. This is where they look at the revenue. That you make for your business. They look at how much you’re bringing in on a monthly basis, and then they will advance you up to 125, 150 percent of whatever your revenue is.
The challenge is [00:12:00] you get the lump sum, but the way that they take their payments is either daily so Monday through Friday, they’re pulling money out of your account or weekly. So if you’re trying to establish cash flow for your business and you’ve got to pay payroll, you’ve got to get inventory, you got all these different expenses that are coming up. How are you supposed to manage that and effectively establish your cash flow when they’re constantly pulling money out of your account? So I’ve seen some get into these situations where that’s the only type of loan that they can get because at least they are bringing in revenue, but they get one MCA and then because they fall behind they get another one and it gets to the point where you either sink or swim and I’ve seen a lot of businesses end up sinking just based on that situation.
Paula: Okay, so I’ll stop you there again. MCA, that’s the Merchandise…
Sheree: Merchant Cash Advance.
Paula: Merchant Cash Advance.
Sheree: It’s the equivalent of like a payday loan. If you get a personal and you get a payday loan and it’s like [00:13:00] they’re hitting you over the head with all that interest and you got to pay so much, but it’s the only thing you can get because maybe your personal credit is challenged. It’s the same type of scenario.
Paula: Oh, my God. So, I mean, they already set you up. It’s so the system is set up to make you fail.
Sheree: Yeah.
Paula: My God.
Sheree: And that’s why so many businesses fail because they don’t have the knowledge that’s necessary to understand the different phases that you need to go through and to get yourself ready so that you have a plan in place. Most people have a business plan for the business, but they don’t have a funding plan. And so that’s where we can come in and help you have a funding plan because without a funding plan, the business plan is essentially not going to go forth because you need the funding in order to expand and grow and to continue your business.
Paula: Okay. So a good point now, going back to the SBA. The SBA, most times, at least in my experience, they really focus on this business plan. So now I’m hearing. That yeah, [00:14:00] you may get the business plan, but if you don’t have a funding plan, you’re already set up again to fail.
Sheree: You’re set up to fail. And a lot of times people think that they can automatically go through the SBA, but it’s not a guaranteed scenario. So there’s certain people that may be able to get SBA funding. And then there’s others that may not, because they may not know all the nuances that are involved. So that’s where we can come into play and make sure that you have a clear understanding. You know, you want to have a funding plan in place from the outset.
The minute you start your business all the way through. So that you understand what’s needed. You’re making sure that you’re doing the things. I’ve seen some small business owners that need a loan, but they don’t have a bookkeeper or CPA, and so they don’t have the documents that are necessary. They don’t have the profit and loss statement, the income statement, the things that are necessary in order to secure the loan. And so if you haven’t done your taxes in several years, and then you need a certain type of loan, you’re not [00:15:00] going to be able to secure that loan because you don’t have everything in place.
So from starting off your business, from the way that you set up your entity, from your personal credit, from establishing business credit to having a funding plan. All these things are essential to making sure that you’re able to secure the funding before you need it. Because by the time you need it, most of the time is too late. I’ve seen some folks that I’ve tried to help recently. They’ve done some things. They’ve done some things and then something may have happened. I had one guy. He lost the contract and last year I was able to get him a type of loan that’s called factoring. So what they will do is if you have a government contract and you’re able to secure these contracts, you get a certain amount of monies that is maybe payable in net. Let’s say 60.
Where they’re able to advance that money so that you can it can help your cash flow in the month that you’re in and then you pay them fees on the back end. It’s definitely not a merchant cash advance, but it’s a way for [00:16:00] them to advance the monies from the contract because they are guaranteed to get paid through a government entity or state entity or whatever the case may be. So it’s not based on your merit. The challenge is he didn’t accept the funding. He didn’t accept the funding because he didn’t think he needed it. He was like, Oh, no, I’m okay. You know, I just got another something, something. I’m not going to take it. He didn’t take it. Well, he ended up getting another type of loan that put a UCC lien on his business.
Paula: What’s a UCC loan?
Sheree: UCC loan is what the lenders will put against your business so that they can tie it to any assets that your business has if you default. So let’s say you own property, you own equipment, whatever you own under the business, if you don’t pay that loan then they essentially can come after those things to pay back the loan. So he did not take the funding. He ended up losing one of his biggest government contracts and then he needed money. [00:17:00] And because he didn’t take the money at the time, he had too many other loans against his business. So each loan has the UCC lien, so no one would give him funding. And now he’s stuck.
And so it’s one of those situations where if you’re able to be approved for money, take it even if you don’t need it. And what I usually recommend is a line of credit, because that way you’re not being charged unless you use it. So if you get approved for a line of credit, let’s say for $100, 000 and you pull down $10, 000, you’re only paying the money on that $10, 000. And then you’re able to pay it back or do whatever you need. And then it’s a revolving line of credit, which helps you if anything comes up. If you need marketing, if you have a certain project that you need to work on, if you need to hire a temporary staff or special project, those types of things, you’re able to do that.
So there’s so many things that you can do if you have that funding plan in place and if you secure money before you need [00:18:00] it so that when something does arise, you’re not scrambling and scraping and then you don’t have the documents or you don’t have the credit and all these things that are necessary and you either miss opportunities or then your business is in a really bad situation.
Paula: This is very important things you are sharing here because a lot of small business owners. Do not think about that.
Sheree: They don’t know
They do
Paula: business because they are, you know, they feel that there’s a need or they feel it is a passion and this is how they can help.
Sheree: Yes .
Paula: But all these things you’re putting in and you’re outlining there, they’re not even aware of it.
Sheree: Right. They’re not aware. And what does it say people perish for? A lack of…
Paula: lack of knowledge.
Sheree: Lack of knowledge and lack of planning. Because if you don’t have a plan in place and something comes up, you’re stuck and you’re not really able to help. And again, in our community, we don’t necessarily have that friend that we can say, Hey, you know, I need something for my business. Do you have [00:19:00] 50, 000? It’s just not something that we currently have. And so, again, we want to create generational wealth so that our kids and our kids, kids will be in a different position and they’ll be able to create more entrepreneurship. help each other out, be more of a resource. But one thing that I have done over the seven years, almost eight years that I’ve been doing this is securing a tight network.
So I’ve secured a relationship with a CDFI, which is a Community Development Financial Institution. They have a specific fund dedicated for minority business owners. And so this is important. Because again, you can’t necessarily just walk into your bank at the corner and decide that you want to get funding. So there’s a way that I can share how to be able to get funded through that particular program. I’ve got a lot of other alternative lenders that provide lines of credit equipment, financing, basically anything that you need for your business. So that you have the ability to secure whatever you need before you need it. And so [00:20:00] then as you have that plan to grow, you also have the financing to compliment that growth and you’re able to sustain and grow your business.
Paula: That is so necessary. That is so much needed, especially as you said. In our community.
Sheree: Yes.
Paula: So, I mean, I’ve been taking notes as you’ve been talking. I mean, you probably see me looking to the side. CDFI, Community Development Funding Initiative?
Sheree: Financial institution.
Paula: Oh my gosh. I got it all wrong.
Sheree: That’s okay. So what they do is they have a specific fund that’s dedicated to minority businesses, things that are going to impact the communities that are typically underserved so if you’re bipoc, you know, and you’re part of that community, you know Black, Indigenous and people of colour. You want to make sure that you have access to different sources so that you can get what you need as well. And you’re not just feeling, you know, down and out [00:21:00] because you’re not able to go to the bank and secure the loan that you need. But again, if you take the steps to put yourself in position, you’re going to have a lot more options than you would normally have if you didn’t know. And then all of a sudden something came up, you know, even if you want to invest in real estate and you see a prime opportunity that you want to take advantage of, you don’t want to wait until the, the opportunities there to say, Oh no, now how am I going to get the money to get this done? You want to have a plan in place so that when you see the right opportunity, you already have the funding available and you’re able to secure whatever you need to move the ball forward.
Paula: You know, all what you’re saying is so true and so relevant. So, how do we, because you know, you don’t know what you don’t know.
Sheree: Right.
Paula: And really in our community, we really don’t know a lot. You know, we’ve looked at people, our understanding, our relationship and money has been one of, Oh, I don’t have it. Or when I do have it, let me spend it.
Sheree: Yes. We’re the biggest spenders out there. That’s why so many people target our [00:22:00] communities because we don’t necessarily keep the monies in our community and we do tend to overspend.
Paula: Yes. So how do people, I mean, I know this is what you do. How do you spread this awareness apart from on a show like mine? You know, do you do some speaking engagements? I mean, people need to know this because…
Sheree: People need to know and what I want to do is more speaking engagements. So I definitely welcome the opportunity. I appreciate the opportunity of you having me on today. And I want to do more of these. I want to put out webinars, things like that, so that people understand what it means, what they need to do to again, get themselves in position so that we can create more entrepreneurship so that we can bridge the wealth gap in this country.
Paula: Absolutely. And, you know, you talked to me in your bio, I think I read that strategic partnerships. We need [00:23:00] that.
Sheree: Yes. We need a bigger network of folks that want to, you know, not only lend to businesses in our community, but then invest in businesses in our community. Sometimes you need to raise capital to be able to do the things you need to do. Maybe you want to acquire another business again that complements what you’re currently doing, but you can’t necessarily go out and get an SBA loan for that particular acquisition. Well, wouldn’t it be nice if you had a resource of investors to say, Hey, I’ve got money. As long as I can put it to work for a good cause, I’m willing to invest in your business and not take the lion’s share of equity. You know, sometimes you go to a venture capitalist or an angel investor, and they want so much of your business, and they want to control what happens after they invest their money.
You want someone who’s more of a private investor who understands what you’re looking to do and has a passion to help businesses in our community. And they’re able to give you the capital that you need and then also give you the [00:24:00] mentorship that you need in order to succeed and move forward.
Paula: Oh boy. Okay. So yeah, we talked about strategic partnership. Let’s talk about… you addressed a bit about different loan types.
Sheree: Yes.
Paula: Let’s talk a little bit more about that because there are pros to some of these loan types and there are cons.
Sheree: Yes, absolutely. So I’ll start off with unsecured funding. So that is the ability, whether you’re a startup, as long as you’ve created an LLC or some other type of business entity, you’re able to secure unsecured funding, which is funding that is not tied to any type of collateral. You typically have to have really good credit, 680 or higher, and you also have to have a history over the last two to three years of no derogatory marks or blemishes on your credit report, meaning you haven’t had any late payments [00:25:00] missed payments or anything like that, any collections, any liens, judgments, anything like that on your credit report. The benefit of this type of funding is you’re able to secure funding, even if you don’t have a business plan, even if you just started your LLC the same day. They’re going to leverage your personal credit profile and be able to extend the loans to you to be able to secure.
So it’s a great way to get your business off the ground and get it started. And that’s whether we utilize a program that’s for personal term loans and we can normally stack them on top of each other to maximize the amount you’re able to get or business credit cards. And you know, one thing that we do is we make sure that we focus on the business cards that are going to help establish business credit. So some people go to their bank. And they say, oh, I want a business credit card. And the bank says, oh, here, here’s a credit card for $25, 000, $30, 000, whatever the case may be. But if they’re not reporting that to the [00:26:00] business credit bureaus, it’s not helping you. And if that card is showing on your personal credit, It’s not helping you because every time you put a charge on that card, it’s pulling down your personal credit score.
So you want something a business card that’s going to one report to the business credit bureaus, and then it’s not going to show up on your personal credit unless you default on the payments. And then that allows you to create separation between your personal and your business credit. So that’s the first type of loan that we normally talk about. Because again, you don’t have to worry about a minimum amount of revenue or anything like that for your business. So let’s say you’ve been in business for six months and you want to buy a truck or you need to buy a piece of equipment or something like that for your business, there’s what we call an equipment financing loan.
So that allows you to use the equipment as collateral, so it’s a great way to secure you know, a piece of equipment that you may need [00:27:00] to start your business or to expand your business. And because of the asset itself, serving as the collateral. You’re able to readily get that as long as you’ve had the business open, typically between 6 months in a year. So that’s a great thing for, like, if you have a restaurant, or, like I said, if you’re a trucking company, or something like that, something that operates that uses equipment. It’s a great way to do that.
So, then the next stage could be a lot of the other loans need revenue. So you want to be able to sustain from the beginning of time that you started your business up to about the two year mark. You want to be able to sustain it with those types of funding. So that when it comes down to two years, when you’ve been in business for two years, and you can show profit. That’s when you can start to go to maybe an SBA loan and be able to [00:28:00] secure a loan that way. You have to have all of your documents in order.
You have to have filed taxes. You have to have your profit and loss statements and things like that in order. So I definitely recommend when you start off that 1st year, even if your revenue is not $100, 000. Let’s say your revenue is $25, 000 to $50, 000. Start to get a bookkeeper, somebody that can help you to keep those things in order. ‘Cause I tell you the worst thing ever for me was starting out and I had to do my own books and try to go back because I didn’t have a bookkeeper. And so I would go back at the, Oh no, it’s time for taxes. And then go back and try to go back and recreate the wheel and all that. It’s a big hassle.
It’s a big headache. You want someone to do that. A lot of small business owners do like a work with some of the companies that will do that. They have a system in place. The name of the company is escaping me, but it’s a small business company owned by Intuit, and they have a system where you can go in, you can [00:29:00] connect your bank and your bank statements can automatically upload into the system. And then QuickBooks,
Paula: QuickBook, I was about to say.
Sheree: QuickBooks, it would come. And then it can help you with documentation of some of those things. So if you don’t have a bookkeeper and you want to use QuickBooks or some other type of system like that, put something in place so that you have what you need. If you do need capital, then you’re able to pull the reports together and be able to apply for the funding that you need. Again, when it’s time to apply for that SBA loan, you need to one have your documents in order, but then you also need to have established business credit. So you want to start that establishing of your business credit as early on as possible so that you have all your ducks in a row. When it comes time to actually secure that type of financing.
So SBA is a good type of financing. There’s lines of credit. Some of the alternative lenders that I work with can provide a line of credit. As long as you’ve been in business for 30 days, they are very specific to [00:30:00] industry types. So I would need to definitely do an interview with the business owner. But if you’ve been in business for 30 days and your revenue can project out to at least $200, 000 a year. Then you can get a line of credit. It’s a lot easier to get than it is. Like I said, to go to your bank on a corner, you can go through this particular company. Only thing is they’re very specific with industry types.
I would definitely have to do a consultation, understand your business. You have to actually have a lease. It’s a commercial lease. So if you’re working from home, you would not qualify for that type of loan, but it’s a great option to be able to again secure a line of credit where you’re only paying for what you use versus getting a loan that you have to pay day one, whether you use it or not. So some people end up using those loans, but the Community Development Financial Institution that I told you about with the fund, they do work in capital loans up to $100, 000. Again, you have to have shown that you’ve got good revenue. You have to have a net profit. [00:31:00] Or at least have done revenue the year before of at least $50, 000.
So if you’ve done revenue of at least $50, 000, you’ve got your financials, your profit and loss statement, income statement, balance sheet, your tax returns that you can apply for them. The thing I like about them is that they’re not so focused on credit. They look at your overall portfolio and what you bring to the table. If you’ve got established revenue, and you’ve got okay credit, they’ll go down to a credit score of 600. But as long as your business has the revenue to sustain and be able to pay the debt service on it, which means it can cover the loan payments. Then you can secure money through them and they go up to $100, 000 for that type of… the line of credit can go up to $250, 000, depending on the type of business that you have. And then the SBA can go all the way up to $5M, depending on what type of loan structure that you need. So there’s so many different options.
Paula: Wow. Well, we almost run out of time, but I know the [00:32:00] audience, the live audience would have a lot of questions for you. But one thing I want to just touch on for those who won’t be joining us and the audience would be you talked about an exit strategy.
Sheree: Yes. So if you’ve established your business, you’ve started a business, you’ve grown the business, it’s stable, and then you get to the point where you’re ready to either leave to retire, or let’s say you want to leave because you want to now do something else. Maybe you want to start another type of business. I have a business brokerage that can help you to actually sell your business. So we’ve got a Membership program, and we’ve got over 306, 000 registered buyers that are just waiting to buy really good businesses. So, you know, some of the things that they look for are that is profitable, you know, if you’ve got a business, and it’s been open for several years, and then it’s time to sell it, but you’re not making a profit, it’s really hard to sell your business. Because if you’re trying to buy a business, you’re essentially buying an [00:33:00] income. So, you want to say, okay, if I pay the money for this business, how much income can I expect on a yearly basis?
So, for people who don’t want to start from the startup phase and go through the drudgery of getting the business up and running and going through all of the phases, you can buy a business that’s already in existence and then be able to just you know, hit the ground running. And so the exit strategy could be that. It could be maybe now you want to form a partnership with another business. You want to do a joint venture. Maybe you have a specific skill set that your business brings to the table. And then there’s another company that has a skill set. And maybe you want to join forces and be able to go after government contracts, things like that, that we have a network of different people. You know, it’s really important for business owners and experience to be able to help you to secure that and do what you need to do in order to exit whether you want to stay on board in a different entity structure, or whether you want to leave altogether and retire or have a succession plan where you actually pass that business down to your family members.[00:34:00]
Paula: Wow, there’s so much to talk about, but that’s why we’re going to give our audience opportunity to ask you some of those questions. But for those of you who are not able to join us today. Sheree, how can people find you online? Because you’ve got so much to share. I mean, I wish we had flowers.
Sheree: Yes. They can look me up online. My website is www.yourlegacy.team T. E. A. M. So www.yourlegacy.team. I also will share with you a link that has a QR code where if someone wants to scan the link, then they can schedule a free 30 minute consultation with me. And then that way I can learn about their scenario and see what we can do to either come up with a plan for them, a funding plan. Or whatever they want to do. If they want to buy a business, if they want to sell a business, whatever the case may be, you know, I’m just passionate about helping. I mean, whether you’re in a small business setting or whether you are, you know, looking to get into real [00:35:00] estate, investing, those types of things. I want to be able to provide the financing and the resources to be able to help you to create your legacy.
Paula: Wow, it’s passion is written all over your face about what you do. You really want to help. I mean, this is not just something that you’re talking about. This is something that you feel.
Sheree: Absolutely.
Paula: Yes.
Sheree: Absolutely. And I have five star reviews on my site from the people who’ve worked with me because that passion, you know, I make sure that I provide excellent communication, no matter what’s going on. And then that way, you know exactly what’s happening. 1 of the things that I’ve heard from other folks is you forge a relationship with a lender or someone else.
And then something happens and you don’t know what’s going on. And you’re trying to get in contact with I’m always communicating. So, whether that’s email, whether that’s text, whether that’s call, you always know what’s going on. And I keep the lines of communication open to answer questions as things go on and with a goal of being able to get you to the end goal of whatever you’re looking to accomplish.
Paula: Wow. And that’s what you’re going to do [00:36:00] today with our live audience. And so to our live audience, I want to say Sheree has been phenomenal. Hasn’t she? And those of you in the audience who would like to be a guest on my show, please reach out to me. On my website, which is chattingwiththeexperts.com. I’m also on LinkedIn as Paula Okonneh, on Facebook as Paula Okonneh as well. And I’m on Instagram at chat_experts_podcast. This show has been… it is continuing and continues to be one of which people learn. I have learned so much from Sheree and for those of you who are joining us today, please stay around so that you can hear and more from Sheree.
Some things, I mean, we just are limited with time, but there’s something that you’d be able to discuss with her. She can answer even more because we have more time. So more [00:37:00] expansively and connect with her online through her website that she has just explained that she just shared with us and all the other methods that she said that you can connect with her. LinkedIn, she said, and yes,
Sheree: Facebook. I’m on Instagram, I’m on all the socials. There’s Legacy Team Associates, so she should be able to find me at Legacy Team Associates.
Paula: Yes. Well, thank you again and please, audience don’t go away because there’s a lot of questions that I know you have to ask. And she can answer them. And I have to ask, just that we have limited time.
Sheree: I look forward to it. Thank you.