Equity 2.0 Seminar
The Perry Marshall Event of the Year
$750 Early Bird Discount Expires Friday – REGISTER NOW!
Mel,
In the movie Goodfellas, the hapless owner of the Bamboo Lounge comes to gangster Pauly asking for help.
I'm begging you.
Pauly: What can I say? What do you want from me? I don't know anything about the restaurant business. Nothing. All I know is how to sit down and order a meal…
I need help. Help me, please.
Pauly: You want me to be your partner? That's what you're trying to tell me.
Yeah, wtf you think I'm talking about, Pauly?
So Pauly agrees and, as Henry Hill tells us…
Now the guy's got Pauly as a partner. Any problems, he goes to Pauly. Trouble with the bill, he can go to Pauly. Trouble with the contract, deliveries, he can call Paulie.
But now the guy's gotta come up with Paulie's money every week, no matter what.
Business bad? F you, pay me!
Oh, you had a fire? F you, pay me!
Place got hit by lightning? F you, pay me!
Also, Pauly could do anything, especially run up bills on the joint's credit. And why not? Nobody's gonna pay for it anyway.
And as soon as the deliveries are made in the front door, you move this stuff out the back and sell it at a discount. You take a $200 case of booze and you sell it for $100.
It doesn't matter. It's all profit.
And then finally, there's nothing left. You can't borrow another buck from the bank or buy another case of booze…you bust the joint out.
You light a match.
Burn the Bamboo Lounge to the ground for the insurance money.
There is one type of loan that banks are allowed to give – in other words, within lending laws.
But most small businesses can't get them.
So there are other loans that only non-banks can give that are much higher interest rates which are even illegal in some states.
There are companies out there that will give you a loan and charge you 50% annual interest.
Now one of the things that happens when entrepreneurs get in debt is:
They're ashamed of it.
So their tendency is to contact as few lenders as they can.
There's a bunch of good reasons to contact only a few, because the more lenders are looking at your credit score, the more it hurts your credit score.
But it's also embarrassing.
So a lot of times people won't even go get help or advice or ask their friends or mentors, because they're so ashamed of the fact that they can't meet payroll and they need $80,000 right now.
A "hard money lender" is the guy who, when your restaurant is going down and no one else is willing to take it, you're going to pay him 40% interest or they come and break your legs or throw rocks through your window or burn your place down.
The bank of Pauly and Henry.
That's what a hard money lender is.
The days of walking a few doors down Main Street and having lunch with your local banker are loooong gone. That's why we are bringing that back.
You will get that at Equity 2.0.
IF you are an operating business that has employees and payroll... and IF you are not so fortunate that every client in the world is throwing gobs of money at you... then you are going to have days, weeks, or months where all the cash flow is running the wrong direction, even though you didn't necessarily do anything 'wrong'.
And if you don't have a way to deal with that suck-out, you are going to run out of oxygen and asphyxiate.
You're not going to be able to pay your employees and your business is just going to stop.
At best, you don't pay yourself for weeks and months and your spouse is scrambling to cover your household expenses with no money.
You go into debt personally.
If it gets a little worse than that, you might lose a third of your staff, possibly a very crucial team player or vendor, and then be starting over again from a really lousy position.
This is the reality.
The time to get a bank or a line of credit or a resource is long before you need it.
We'll show you how at Equity 2.0.
REGISTER HERE.
Seize the day,
Perry
PS: Need help now? After you register, we will give you access to our directory of lenders and advisors so you don't have to wait until the seminar.
