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About how to build these institutional relationships if they don't have them. The first thing you do is get your credit score up to seven hundred, otherwise you can't even It's like somebody going to line unch with you and saying they want to do a five million dollar deal, but they can't pay for the fifty dollars lunch.
I can't tell you many times I've had people broke.
People come to me talking about they have a five million dollars or five billion dollar line of credit from excuse me, China or Rusher or someplace that you get from China.
I'm like, come on, knock that stuff that I said.
If you had a five billion dollars or five one hundred million dollars line of credit, do you really think that you'd be talking to me at lunch. Don't you think that JB. Morgan Chase would have that. Don't you think that Wells Froga would have that, KKR would have that. Some investment baker would get that deal. Why are you so special? It's because it's a scam, right, so and it and it unravels. So first of all, get your credit screw up so you're so you actually can walk
the talk. If you can't do a fifty thousand dollars deal, don't be trying to talk talking about a five million dollar deal. Knock it off. So get your credit score up to seven hundred. They have a credit score for black folks is six twenty across the country. I've done that through our Hope of Financial Wellness Index. You put your zip code in I'll tell your credit score wherever you live. Get your credit score up, get your vibration up. Go to the don't go to the local bank branch.
Find the regional credit officer for the bank. Don't go to money center bank. Go to a regional bank or community bank that has a billion two billion in assets, five being in assets. But you can still get to the chief credit officer. You still get to the chief lending officer. If you can't get a no, why would you want to get a knowe from the branch manager. No disrespect intended from the branch manager. If I'm gonna get a note, I want to know from a boss.
So I'm gonna go find We're great at storytelling. Go find who are the chief lending officer. Chief credit officer is these people who make credit decisions at a mid size bank. Mid size is something with the B on top of it. Billion in assets. It's not very big for a bank. But you can still access these people their emails on their website. In most cases, send them an email. Don't be crazy, send an email. Hey, I'd like to buy a business in town. I've read your resume,
your background. You seem like a very interesting person. I love to meet you. Here's a little bit about me. We're a great storytelling. Most people will give you fifteen minutes, So either do it virtually, do it in person. Build a report. Don't go in there and ask for a transaction. Don't go in there bragging about yourself. Don't go in there with it, don't go there with your hand. Go
there and find something personal about that person. Look at the photos behind their desk, Ask them by their wife, their husband about them. No one asks them about them. Build a personal rapport, a warmth. And but before the end of that meeting, that person will say, hey, by the way, thank you, this has been a great meeting.
What were you here for? What do you need? What do you need?
Now the door is open and you say, well, actually, thanks for asking.
I really enjoyed meeting you. By the way, you gotta be authentic about this. Can't be a game. I really enjoy meeting you. Yes.
In addition to that, I'm trying to buy the dentist's office or whatever. Okay, well let's get you with somebody. Now that's changed everything because this person's job is to say yes. The person in the branch manager, I'm not picking up. Person in middle underwriting, middle management at a corporation or bank or lender, their job is to say no. Why they don't get fired for saying no? They get
fired or saying yes or the wrong thing to the answers. No, you need to go to somebody whose business it is to say yes. That's a C suite executive. I'm just doing this quick because we don't have a lot of time. So you go to because again, I want to get to know one can know from the top. So relationship capital is everything. Why does somebody go to Harvard because Harve's gonna make you three times more smart as the
state university. No, it's because the class of twenty twenty five at Harvard's gonna.
Hook each other up for the next fifty years. That's why you go to Harvard.
Country clubs, fraternity sororities, universities.
It's a club. I can't I can't mention where I was last week, But that's a club. You guys right to know what we're talking about. Who an Idaho milk and conference. It's a club. Uh uh?
Clinton, go over on in initiative. It's a club. You want to be part of that club if you want to. You want a relationship capital because they're gonna hook up their friends. If you see a white if you see a board of directors with all whites, five year old men don't don't assume that's that's racism. It might be discrimination. Discrimination,
is I'm discriminating against you to do something else. But if I grew up with these guys and went to college with them, we chased girls together, that we lied together whatever at school. And I need to hire somebody who's a treasurer. I'm the I'm the chief of ACIL officer. I need a treasurer. And I got three implications on my desk. One's black, eminently experienced, ones a white womanly qualified.
And then the third one is a white dude I went to college with who chased women and he and he and he didn't tell me when I when I cheated on a test, which one gets hired? This is the white male now in this exactly the third. Yeah, that's discrimination. It's not racism. By the way, that's the way the world works. You have a barbecue, you invite black people do your barbecue. Are you are you racist? No? Are you discriminating a little bit? That means your friends,
So you're you're doing what's comfortable with you. We got to break up the comfort and insert us. That's why I loved you guys going to China and Africa. I've been one hundred countries. You don't go, you can't know. So this AI thing and this capital markets thing, and the financial literacy thing, which I believe is the civil rights issue of this generation.
Financial literacy and AI literacy is everything.
These pieces plus relationship capital can transform Black Americas in five years.
This is the third reconstruction we're in right now in my opinion.
So okay, So with that being said, Mommy, I should just because I never really asked you about real estate.
You you like, you said.
Do you still own those properties? So you said that you you've offloaded them.
So I was a one hundred percent owner of the problem. I built it from zero to one hundred and fifty million dollars. I was one hundred percent owner. I paid off eighty eight million dollars of debt and equity Christmas eight, twenty twenty one.
I owned thirty eight percent of the new joint venture.
I was the largest shareholder after I sold so I sold it for less than it was worth. It was worth one hundred and fifty sold it for her to twenty one. I was a thirty eight percent owner of the new joint venture. But I realized very quickly. Because I'm a control freak. I didn't have control of the new entity, and so I was chairman or whatever. I resigned as chairman, and you know, graciously, and I've decided, I decided to let them do their thing, because that's
just not the way. A camel's a horse designed by committee, and I don't do committees very well. And I'm a very just think you of how I want to do something. So God bless them and wish them well. And I have an interest in their success, right if they succeed, but I no longer control the enterprise.
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