Wealth Strategies and Business Foundations

Paula: [00:00:00] Welcome everyone to another episode of chatting with the experts TV show with me, your host Paula Okonneh, bringing to you remarkable women from Africa and the Caribbean. As I’ve said in the past, the mission of this show is that at the end of this show, you should have learned something new or been inspired or empowered [00:01:00] by the conversations that I have with these women and sometimes men. So today I’m going to be having a very candid conversation for women about business development, business structuring, funding, and sustainability. And my guest is Omolola Adekeye who is an accomplished wealth strategist holding an LLB and LLM. She has dedicated her career to empowering women in their financial journeys and she is a proud founder of True Values Global Corporation. There’s a lot more I can say about her, but the best thing is to have her talk about it herself. So with that, I want to welcome Omolola Adekeye to this show..
Omolola: Hello. Thank you so much. It is a pleasure to be here with you this today. [00:02:00] And I just want to say, I’m just grateful for this space that allows women to have conversations that are meaningful and helpful in our lives. So thank you so much.
Paula: Absolutely. So I gave a teeny bit of an introduction about yourself. Do you mind expanding on that?
Omolola: Oh, not at all. I mean, we could go on and on, but I’m going to try and be as brief as I can. So I studied law in Nigeria and I moved to the States, I think probably just shortly after I did the whole process with the law school and all that. But I’ve always had the goal to have my own enterprise, have my own business. And I first looked into the nonprofit space and just listening to folks telling me, Oh, you’re too young. You’re not ready. I didn’t really push on then to start the process. So I worked with the Girl [00:03:00] Scouts in New York for about five years, which kind of gave me an Insights into the workings of a large nonprofit establishment, which I was grateful for and I really liked.
And then I went along and I did a master’s in international law. All this to say that I’ve always had the desire to be an advocate for women’s issues coming from… I mean, I grew up in Nigeria understanding that a lot of the laws do not apply to us as women in terms of what we can own. My mom on the first hand was a widow for a while and I know she did not get any of my stepdad’s belongings or, you know, even things that they maybe bought together when he passed just because of the laws. So doing international law, it was me getting something that would give me a voice to be able to have a [00:04:00] platform to speak on these issues for women. And then I moved to Atlanta and I started working with a law firm doing a lot of immigration work and all that. And, you know, and then I got married and I had children and had my son, my first son.
So embarking on the journey of building a business as a woman, you know, really started for me after the birth of my second son. It was then I realized that this nine to five schedule no longer aligned with my aspirations and the lifestyle I envisioned for myself and my family. So I took a look at my skills and I said to my husband, and I said, you know what, I think I can work for myself and still be, you know, able to be able to cherish those early lives of my children, who are now 19 and [00:05:00] 16, and I can say that decision was very helpful to me because I mean, these are young men, and I do cherish the relationship we have just because I’ve always been the communication, because usually teenagers don’t want to talk.
But these ones talk, so I’m grateful for that. But in the process of wanting to be home and building a business, if I want to be really honest with myself, I was more focused on them than the business. But still, I’ve always been a very inquisitive person, wanting to understand what it is really, how it is really to set up a business, to structure it properly. What do I need to be a successful business owner outside of just having the dream of owning the business? So the time I’ve been able to add on to what I offer clients [00:06:00] and I find that in that process, in women business owners, or should I say women who maybe even still working corporate jobs and want to start businesses, a lot of things hold us back.
Paula: Yeah.
Omolola: And so I want to be in that space to be able to fill in those gaps and have people really come to understand what it is to own a business because I know what are the things to have in place to make it successful in a way that it fits with our lifestyles. We don’t get sick, we’re not getting… it gives us a peace of mind to know we’re doing something fulfilling. And all this I’m saying from my own experiences of having those times when I did not have that peace of mind, when I did not feel so healthy. And when I look back at it, it was the business. So, I said, you know, there needs to be another way. [00:07:00] And, and we as women are so fortunate. You know, we’re versatile being so, and we can build businesses that align with who we are and not have to really look at, Oh, this person is doing this. Why am I not doing this?
Paula: That’s a big part.
Omolola: So yeah, I know I’ve rambled on, but…
Paula: You’ve said a lot and a lot that is important to a lot of women. Business owners, as you say, and those who are still in the corporate world and are looking to start a business need to hear because there’s a lot of fear, then what you don’t know, and that you don’t even know that you don’t know, can, you know, get you from even starting.
Omolola: Yeah .
Paula: I want to start first. I noticed, I mean, with everything that you said, I’m sorry to hear about what happened with your mom. However, I know that is one of the things, as you said, that propelled you into being who you are today and doing what you’re [00:08:00] doing. And I see that even in the naming of your business True Values Global Corporation, there’s a reason behind that. And I think you’ve said it in what, as we’re filling in the gaps from what I introduced you as.
Omolola: Yeah.
Paula: So, I know having a law degree and now, as you say, you’re inquisitive, you decided that you wanted to go into business and you stopped working because the children were main job. Your main business was your children, right?
Omolola: Yeah.
Paula: I agree with you a hundred percent on that because my daughter talks about that all the time. So how do you encourage women to have an entrepreneurial mindset?
Omolola: Well, the first thing is to really get to know yourself, you know, to navigate the complexities of entrepreneurship and how that’s going to map out as an individual. You really have to know yourself. What are the insecurities you still have in, you know, [00:09:00] having conversations, in building those business relationships? Because business is relationship building. And for someone like me, for instance, even when I studied within law school and all that, I was not the one who would do the litigation court. No, I was the one who would take the research and go and sit down and spit out a paper. I gave the arguments and all. So we all have different strengths.
Paula: Right?
Omolola: So understanding what your strengths are is very important. What your insecurities are is very important. And then how are you going to deal with this? You know, how are you going to navigate, use your strengths for you, but get those alliances, get those relationships that will help you where you’re lacking, [00:10:00] you know. A lot of times as business owners, we tend to want to do everything ourselves.
Paula: Working on the business.
Omolola: Yes.
Paula: In the business.
Omolola: Exactly. But when you do that, we’re missing the point of not allowing. Yeah. So when we, you know, make ourselves the be all and end all of the business, we lose sight of the reason why we started the business in the first place. You are , you know, the thinker, the creator of the business. You know, that gift to do that was placed in you for a reason. And it’s only you as the business builder that can bring out the dream. But if the business builder is the one turning the papers, you know, calling the clients, the business builder is going to get… [00:11:00]
Paula: burnt out,
Omolola: tired, exhausted, frustrated. So early on, I would say to anyone, once you know what your strengths are, focus on your strengths. And allow yourself the opportunity to bring in people who would help you in those areas that are not your strength or you don’t like to do, you know, it’s called delegating. And it’s called trade by barter to building a business. That’s why I always stress on relationship building and take it as, you know, if it’s by networking, having a consistent networking events that you go to or a consistent group of people that you meet with and you network and you discuss businesses, or maybe it’s a business mastermind or something. Even if it looks like this idea is not moving, be consistent with that [00:12:00] because you know, it’s like planting seeds. You’re planting seeds, you’re making people conscious of who you are, why you’re here to serve, how you can help them, and gradually, those seeds will germinate. And when they do, they will grow. Oh my goodness, how did this all happen? So, you know, for me, the first thing is learning who you are and switching the mindset from working into actually being the visionary of the business.
Paula: Love that. I love that. But the question that I hear from many is how do we find out what we’re good at? How do we know our strengths? I know I’ve had some guests who’ve talked about tools that they use. Is that something that you advocate [00:13:00] for? Using tools to find out what your strength when you don’t even know what you don’t know? How do you know what you’re good at? How do you know your strength that you can bring that into the business?
Omolola: I believe I would say on a practical sense, every one of us have those people that we trust that will always tell us the truth about ourselves. You know, I use my Children to learn my strengths. You know, I’ve used my husband. I’ve used some very key women. I talk a lot about the intuition that we as women have as a gift, you know, that can help us direct what we need to do. We use it a lot without even realizing. So knowing one’s strength comes from [00:14:00] knowing, you know, I would say some rendering to your intuition and allowing that to be a guide to who you talk to that can really give you pointers on which way you should go , how you should process things.
Yeah. I mean, some people would say, you know, take some IQ tests. And yeah, they’re good. But for me, the first thing is you wake up in the morning, there’s some things about yourself that you just know that you have always been told, maybe as a child, you know, I’ve always been told that, Oh, you have a beautiful smile. I had teachers in school always tell me your smile is so wide and open and you’re so warm. I was like, okay. That’s true. But over time, I have come to see how that plays out in my personality and how [00:15:00] that plays out as how I show up for clients. I’m empathic, that’s all. So I know that the way I choose my clients, I mark my words, I said choose. So I don’t believe everybody is my client.
And how do you get to the point of actually choosing a client and not believing everybody’s your client? You can only do that when you understand why you’re in business. So it’s a process. It’s always starts with knowing, again, I cannot stress it enough, knowing yourself and be open, have those conversations. Anytime I want to add anything to my business. The first person I go to is my husband. I’m like, you know, I noticed this. And I want to do something about it. And sometimes it seems to me, you haven’t finished this one. [00:16:00] And now you want to add this. Okay, I get you. Sometimes I go against that. Because I think it’s necessary. But sometimes I’m like, yeah, you know, it’s right. It’s not yet time. But I’m always checking. I have people I check with. So again, everything in life is building relationships.
Paula: Yes.
Omolola: There’s a Yoruba saying that says, Which means, the world is a marketplace. And we’re all here buying and selling.
Paula: That says a lot.
Omolola: Yeah.
Paula: This is indeed a marketplace and we’re all buying or we’re selling. One part of the equation is like give or take.
Omolola: Yeah.
Paula: So yeah. I love that. So [00:17:00] still talking about business because that’s what you’re about. Does the foundation matter? We talked just now about relationships and knowing yourself. Now we’re going to the business. I’ll do an image.
Omolola: Yeah, the foundation is very critical, extremely critical, and which is something I’ve been such an introvert, didn’t really pay attention to.
Paula: You’re an introvert?
Omolola: Yeah, when I started, I have, but I have done quite a lot of work on myself to show up when I need to show up. I don’t just show up because, Oh, I have to. So I’m being very intentional on when, because it matters to me. And to others, it could be different, but that’s how I’ve helped myself through the business process in navigating rooms full of people. [00:18:00] When I really just want to be in one corner with my glass of wine, and watching. So I tell myself before I leave the house, I’m going to this event to meet the people who need to meet me and I need to meet them and it never feels…
Paula: Awesome because you said something earlier on about you choose your clients. That’s something I think a lot of business owners fall and sometimes not aware of. I mean, not everyone is your client. No. Choose those who are fit for you. It works.
Omolola: Who will give you peace of mind? Who will not tell you, please, I want to cancel. Can I have my money back?
Paula: Yes.
Omolola: Because I’ve expended energy to give you a service. So I want to make sure that you’re happy with the service. And I’m happy with my remuneration, so it has to be balanced. And I believe it can, if we’re just more careful [00:19:00] about how we… especially if you’re within the service industry and you’re dealing with people directly. So watching IQs, body movements, body language, as you’re talking, or just how engaging they are, you know?
And if they’re not ready, I say respectfully. I think I want you to do more work this way and then maybe we can have another conversation. So yeah, so coming back to the structuring of the business, I know different countries have different laws and if most countries were colonized by the British have what they call the British common law, which has corporations, LLCs, sole proprietorships, partnerships as the various types of structuring that is given for businesses. So depending on the country we’re in, these corporations, LLCs, partnerships, [00:20:00] perform different functions. As business owners, it’s important to get the right kind of advice to know how to structure your business.
A lot of times I’ll use reference to the U. S. just because I’m here and I’m a little more familiar with the U. S. But for instance, LLCs, we’d see a lot of ads. Maybe on online or on TV, on YouTube, from your LLC. It’s a single stroke of the… it’s a little more than that because you want to get the full business effect when you’re properly structured. Now, a lot of times we structure as a single member LLC. And when it’s only you, that’s the member of the LLC, you’re not going to be able to code full business expenses in the long run for all the hard work that’s been done. One thing everybody needs to know is that every government, every country [00:21:00] rewards the entrepreneur.
So the tax laws are designed to support the business owner. That’s why all the corporations enjoy it so much and we wonder how, how are they able to do this? We as business owners can do it also. Just need to take our time, find the right people , and structure properly. So an LLC does something different. A corporation does something different. And it might just be all you need to do to start now is just having a DBA. Like I have a lovely lady who is a pharmacist that I’m supporting her in the process of starting a business. And I said, let’s test it out. Let’s start with a DBA. That’s Doing Business As.
Paula: I was just about to ask you to explain that.
Omolola: Yes. Doing Business As or having a trade name. I said, let’s test out your model [00:22:00] and see within a year the growth it gives. And if it’s substantial and really makes sense and there’s a need for that marketplace, then we can expand into the LLC and maybe add a corporation and then talk about protecting your assets. Because another thing we don’t do as business owners is plan for what happens to this business when I’m not here. How do we have the Rockefeller foundation when the initiators are no longer here? So what are the tools that we can use to make sure that our business stays within our families and becomes a generational wealth process?
Paula: Yes. And that’s something I think some people, some cultures know more of, I should say, than others. After you mentioned that, [00:23:00] because legacies, leaving a legacy… there’s a difference between being, um, rich and being wealthy.
Omolola: That is true.
Paula: So to be wealthy, you need to know what you need to have in place so that there is a legacy.
Omolola: To be wealthy means to me to understand founding, um, building…
Paula: Building
Omolola: foundations. Yeah. Have the right type of foundations that sets everyone up for success.
Paula: Amen. Yes.
Omolola: That is being wealthy.
Paula: And the rich can be just acquiring money and having no plans for it.
Omolola: Yeah, I mean, good example, we’ve all known through the years of athletes, folks who have been rich, but all of a sudden, through mismanagement, through [00:24:00] no proper strategy, they lose it all.
Paula: Yeah.
Omolola: So, even as a business owner, in the very beginning, don’t mind the fact that for once… I’m not a numbers person. I know I talk a lot about financial literacy, financial sustainability and all that, but I don’t like numbers. But I like a good life. So how, what do I need to maintain the life that I like? So just understanding numbers to that point is good enough for me. The fact that I need this amount to maintain my lifestyle. So what are the processes that I need to have in place to help me do that? So as a business owner, you do need to have an accountant. You do need to have a bookkeeper. And you need to be having regular conversations with these people. They’re not supposed to be one time a year thing. That is not how the [00:25:00] wealthy do it.
Paula: Thank you. Can you say that again, please?
Omolola: Sure. Accountants, bookkeeper, estate planner. I can add to that tax strategist.
Paula: Yes.
Omolola: These are people you need to be in constant conversation with maybe once a quarter. And so that you can see the growth of your business. That’s how the wealthy move their money.
Paula: Yes.
Omolola: And this applies to anywhere in the world. Anywhere in the world. So, you know, I want to encourage women, when you have that beautiful idea. I started out, I’m a dreamer. I just want to see everybody happy. Uh, you have this wonderful idea. Take some time, put it down on paper, go into yourself. Writing is such a beautiful connection with the spirit and [00:26:00] those pictures you’re seeing comes more vibrant when you’re able to put it down. Put it down and then you can assess why is this, why am I so passionate about this? And then talk to a few people that you trust and then begin to find the way to build it. By do I want to incorporate first or do I want to test it out? And that’s why you need, I mean, coaches are very important business coaches, but then again, it’s all about finding those people that will be your people. And it might take some time. So do not be sad or dismayed that just keep working at it. I always encourage women to work at it. And even if you’re in the corporate world. Trying to figure out, what am I going to do with myself when [00:27:00] I don’t want to do this anymore?
Paula: Important. So important. Yeah. And so that brings me to a question of non negotiables, you know, for sustainability. If we want to keep on doing what we’re doing, even if we start off, as you say, small, just testing the waters. What are the things that we need to know for sure we need to have?
Omolola: Your business plan is a non negotiable. It’s like, you know, your manual for the business. It will grow with the business. So that is non negotiable. Your marketing plan is non negotiable. I don’t care if all this is one page. Doesn’t have to be 15 pages. With a lot of words, you know, just a simple guide that you can always go back to and look [00:28:00] at and say, okay, where am I, what am I doing? And the most important non negotiable for me is being happy.
Paula: Love it.
Omolola: I’ve got to check in with myself every day. Am I happy doing this?
Paula: Am I happy doing this?
Omolola: Yeah.
Paula: You wake up in the morning and you want to go to work.
Omolola: Yes.
Paula: If you want to go and serve, when you look at work as a way of you serving people.
Omolola: Yes.
Paula: It has to be sustainable. I mean, if not, it’s a hobby.
Omolola: Exactly. But if you come with it from a place of joy, you’re happy doing it, it doesn’t give, like, I’m so engaged in talking about structuring and finding out strategies to fund a business. I’m not stressed out doing it. I’m happy.
Paula: I [00:29:00] can see that. Just having a conversation with you. When we started, you weren’t feeling well. And as we’ve spoken more and more, the more we talk, the more I can see your passion coming out in your voice, your body language. You’re no longer feeling as ill as you were.
Omolola: Yeah. So it doesn’t because it’s not a job. I don’t see it as work and time away. Like if I, maybe I’m away from, I have to take some time, maybe travel or something like, Oh, I’m actually worried about how am I going to keep it going because I have clients. But it comes from the place of being happy, then gratitude, just grateful for the day, everything, you know, and it allows me to be humble.
Paula: Yeah.
Omolola: Because I’m just a little bit of a bigger picture. And , then it gives me a little more compassion to my family, to my clients or to the ones who will not be, [00:30:00] but I can still show them away and to any woman, any, you know, I want to see women succeed.
Paula: Yes.
Omolola: Because whether you decide to stay within your home and not work outside the home, that is your place of bringing out the best in yourself. So take pride in it and learn everything about doing that. There’s economics.
Paula: That’s about to say that’s your first business, actually.
Omolola: Yes .
Paula: So children, you know, they’re the foundation of the society. Every culture, every society is built up on a family structure with children and when you inculcate in them, they bring out to the world.
Omolola: Yeah.
Paula: And if you’re successful at that, you’re being successful as a woman.
Omolola: Exactly. So engage, you know, how we paint this . How can we, you know, bring in more, have those conversations.
Paula: Love it. I love it. I, I looked at [00:31:00] your website, I have to say, and I could see one big happy family. You Yeah. . I was like, wow, you exude joy. Just that picture was like, woo.
Omolola: Thank you.
Paula: So Omolola and I smile because I mispronounced her name or called her another name earlier. Oh, if people wanna find you online to talk more about this, where can they get in touch with you.
Omolola: Okay. My website, tvgventures. com. You can go there, book an appointment.
I’m also on LinkedIn. I’m also on Instagram, Facebook. I am, but honestly, Instagram, LinkedIn, my preferred, you know, ways to reach out to me. And, and then my website has the booking link. Yeah.
Paula: Love it. And I laughed when you talked about, you [00:32:00] hesitated on Facebook because that’s me. I always say that if you listen to every episode, I always say, and Facebook. I’m just getting onto Facebook.
Omolola: Yeah.
Paula: Well, Omolola, this has been awesome. And for those of you who have listened or viewed this. First of all, I want to thank you for your time, but I also want to know that you too could be a guest. If you’re a woman from Africa, the Caribbean, I do have a few men who also have connections with Africa and the Caribbean who come out and who want to serve, who want to empower, who want to educate, who want to inspire others.
And so if you’d like to be a guest, you can visit me on my website, which is chattingwiththeexperts. com. I’m also on LinkedIn. I’m on Instagram, my handle there is at chat_experts_podcast. And you heard me say, I’m gradually becoming more of [00:33:00] a Facebook person, and they just look for Paula Okonneh. Omolola, this has been awesome. I’m happy to see how alive you’ve come because it shows me I love to see passion. I love to see someone who loves what they’re doing and knows how to do what they’re doing. And that’s been you.
Omolola: Thank you. Thank you so much for this time. Really grateful for what you put together. I think it’s much needed in our society of women all over the world. And I cannot thank you enough.
Paula: So thank you. I’m humbled.