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Business owners have a due diligence to perform standard business practices. The practices can be defined as practices that must be followed while working for an organization. We are using this to piggyback off of our episode of Using Other People's Money. Financial institutions or financial lenders have a standard way of conducting business and small business owners are entitled to be treated fairly and properly throughout the process of looking into borrowing money. The business practices we refer to are the methods, procedures, rules, or tactics that a company follows in pursuit in its objectives to provide information of what their lending process or processes include. It is imperative that especially minority small business owners like us demand we get the same treatment as those larger companies get from lenders. There should not be in hidden agendas, hidden rules, or pitfalls not made away to the potential borrower from the beginning of the lending process. We have been encountering some issues with our loan officer from our financial lender and we have demanded that we get the same treatment as other real estate investment customers. Tune in to this episode to see how we are holding them accountable to the standards of business set forth by the business areas they deal with on a daily basis.

#fianciallending #businessloans #standardbusinesspractices #smallbusinessloans #predatorylending #businessminset #businesssavy #businessplan #businesstips #understandingbusiness

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How does a business survive? One of the main ways is constant and good financial stability. That financing can come from other people's money, or OPM. OPM is referring to borrowed capital that is used to increase the potential returns as well as the risks of a particular investment. This money must come from legal financial intuitions or registered entities to avoid legal ramifications. Business owners can use legal OPM to upgrade their business, take own investors, purchase items for their business, etc. Using OPM is not a fairly new concept, but it has had a lot of overhauls regulation wise in the past few decades. We are mainly here to discuss legal OPM use and how sometimes you can get more than you bargain for.

We have been very upfront about our adventure into the real estate world and one of main hurdles was obtaining OPM. Our OPM we obtained from a financial lender took us over six months. We had already spent the previous 10 months we were working with another financial institution for them to ultimately tell us they were not able to do commercial lending at that time (talk about being strung along). Yet we are now in the demolition of our 12-unit apartment complex renovations almost 3 years after we officially purchased the property. That part in itself is almost a 31-year journey for me alone. We want you all to tune into this episode to really understand how you may be able to access OPM and the string that come along with that money as well.

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EPISODE 100---We have hit the century mark for our published episodes, and we want to thank each and every one of you for tuning in to us.

This episode is a very special one for us because this is where we are giving our listeners insights into our past, ringside seats to our present lives, and a vision board to how we are trying to shape our future and our daughter's futures as well. The definition of the word "Legacy" is something that is passed on. Yet like most things, Legacy can take on many forms. A Legacy may be monetary or your assets, or like we discussed in earlier episodes about Generational Wealth compared to Generational Assets.

In the year of 2024, we as African Americans are seeing increases in certain areas. but decreases in others. These conditions have come about mainly due to legacies that were established well before the time captured at this moment. Those legacies left influence, money, and power to control the factors, measures, and decisions that benefit them the most. In this episode we talk about how we are now dealing with Legacies that are now spanning multiple generations, connecting past, present, and future, relaying messages of hope, fight, determination, knowledge, and perseverance.

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