Mogul Chix® Chat Podcast

 Whether you’re starting a company or knee-deep in one, EVERYONE needs an exit strategy. But I know that many of you aren’t even thinking that far ahead yet because you’re in the thick of growing your business. But I’m here to tell you that no matter where you are on the scale, you should always be thinking of your exit. Whether that looks like selling, stepping back and installing leadership or passing the business on to a family member, you should have a solid exit plan in place to avoid any hiccups or confusion. Your business is an asset that you have invested time, energy and yes, money into. It has revenue streams that support your salary, pays a profit and supports your employees. And if you’ve been doing it right, it is increasing in value year to year.  Planning your exit is the most commonly overlooked and the most difficult decision an entrepreneur has to make. It means you are transitioning into the next phase of life or business. Whether you’re leaving altogether or dramatically changing your role or involvement, it’s important for you to carefully evaluate your business plan, strategy and vision to determine what a favorable (and lucrative) exit looks like for you.  Today I’m talking with Sankeetha Selvarajah, and we’re going to break down the finer points of planning your exit. She’ll be talking about what an exit strategy is, how to plan for one, the vital components of the strategy are, and who should be included in the strategy planning.     But first, ask yourself 2 questions: -       Have I thought about what life after this business looks like? -       And, how can I make sure that when I walk away from it, I am sitting in a great financial position? 

Ownership is so important. In a previous episode you heard me talk about compete ownership from content all the way down to the raw manufacturing. I never get tired of talking about this because just as it’s important to own your brand (trademarks, copyright, patents, etc) it is vitally important to own your platforms where you deliver your content, products and services. I am a firm believer in ownership and not many people even think about full ownership. Yes we say we want the table, the building and the block and that’s good. But we need strategic ownership plans. Yes, many of us won’t own major TV network stations. But as you can see with Jay Z and Tidal, platform ownership is possible and we have to be willing to start somewhere. It’s not about music or online content or publishing (which it kind of is to a degree). It doesn’t matter where you start as long as you start. Today I’m talking with Dr. Letitia Wright of Wright Place TV and we’re going to break down the opportunities that are out there for us, women of color, to start building platforms for the inevitable ownership plan. We’re talking about having your own streaming TV channel. That’s right. There’s a need for us to not just own the platforms but reclaim the narrative and images of us out there. When you think about it, even shows designed to give us a world platform denigrate us in some ways. Let’s look at the Real Housewives franchise. I love a good mindless entertainment. I even like Andy Cohen. But let’s get real for a moment. With the exception of the fabulous Kandi Burress, no other housewife, black, Latina or other, has had the exposure or opportunities of a Bethenny Frankel. Love or hate her, she rose to a level far above the rest of them, with the exception of Kandi Burress. Kandi is doing the damn thing. She has multiple businesses but she does not own a true platform (I don’t think). Aside from them, Housewives has squandered the opportunity to showcase successful businesswomen properly. I ask you, don’t you think it’s time to own some shit? I can go on and on about women of color who were given a platform and it turned into a shit show of fighting and cattiness. And may I add platforms that were lead by women of color but ultimately not owned by them, which gave them creative license to accentuate the drama. (Love & Hip Hop, Basketball Wives, etc). And there are Netflix and other streaming platforms who have given women of color an inch, but trust me when I say they are still on a tight leash. Hurray for small inroads. But I’m tired, done and fired up and so ready for this conversation. So ladies, do you want to own some shit? Let’s get it! But first, ask yourself 2 questions:-       Who are the people controlling our narrative and how can we take back control of it?-       And, how can I create my OWN platform so I can fully control the content, narrative, message and reach?

I love networking. But I’m an old fashioned networker. It’s all about relationships and connection. I don’t do this new school social media connecting thing. You know where people follow and add thousands of people claiming it’s their network. Where they know maybe 1% of the people they connect with. Then there is the old supposed form of networking many of you try. You know, sign up to go to an event, meet a bunch of people who may or may not be aligned with you or your objectives. Exchanging cards. Sending the obligatory follow up email. And hoping that the relationship develops. Yeah, OK. Fast forward to today and I network totally different than a lot of people. I’m more focused and selfish about my time. See back in the day, I had no plan, no real agenda, no direction. Back then they said “meet as many people as you can and get to know everyone. Eventually you’ll run into the right people. It’s a numbers game”. What they didn’t tell me was that all of that was a waste of time if you don’t know who and what you’re looking for. What they didn’t tell me is that without a networking plan, I was just meeting people for the sake of meeting them. What they didn’t tell me was that I needed a STRATEGY to identify who it made sense to connect with and focus on building THOSE relationships.  Ask 100 people what’s the best way to network and you’ll get 100 different answers. But I’m here to tell you if you’re strategic andz intentional about your networking and you develop a focused plan, you’ll be able to get what you want while helping other people get what they want. And I still say the best networking comes out of building relationships. You just have to build the RIGHT relationships. Today I want to focus on real networking strategies that may seem a bit transactional, but when done right, can be lucrative, long lasting and mutually beneficial. Is there any other kind of networking? I’ll share my own tips and how I became a master networker mostly by accident. But first, ask yourself 2 questions:-       Who are the people that I need to connect with to achieve my networking and business objectives?-       And, how can I maximize my relationships while helping others and getting the help I need to reach my business goals?

Is there is or is there ain't a Labor Shortage? The world has gone mad! Well, not really. The big to do in the news is the perceived labor shortage. One of my other companies is a recruitment firm (Graham Talent Group) and I’m telling you some of my clients are hiring up a storm. Yes, others are having a bit of a difficult time in finding talent, but after I counseled them on salary and remote or hybrid work, they’ve seen some improvements. But this episode is not about me or my clients. It’s about this seemingly out of control mass exodus.Employee have seen during the pandemic that all work does not have to be done in the office or on site (something I’ve been saying since the late 90’s with even less technology than we have today). I get that companies want some sort of normalcy again and they want people back in the office. But what we’ve seen in 2020 was that 1) people, especially essential workers, are not paid enough, and 2) not everything needs to be done in office and micromanaged. So let’s talk about it. If you’re struggling to hire, maybe today’s episode can give you some insight on where you’re going wrong and how to make it right. 

Let me start off with this disclaimer. I understand many women don’t want more than a 6 or 7 figure company. That’s cool. But this conversation, this episode is for the sisters who want to aim high and make mogul moves to grow 8 & 9 figure companies. And I make no apologies about it.When I first started in business, I set my mind to accept making a high six figures. After about two years, I said f*** that! And decide to go for broke. First I started saying “I want to build a $10 million company”. A few years later, I started saying “I’m building a $100 million company…and people would give me the side eye. Not my problem. That’s their own insecurities and disbeliefs. And I’ll admit, allowing myself to say “I want to build a billion dollar company” scared the s*** out of me. I even told myself to say my potential is unlimited. That works for some people. But all it does is appease other people’s psyche. Well I’m here to tell you I am normalizing wealth, successful companies and Moguls (Mogul Chix) who are on a similar journey as mine. I’m no longer afraid to want a billion dollar company…note I said COMPANY, not valuation! There’s a big difference and maybe I’ll touch on that later in this episode. For now, let’s normalize wanting to build value, wealth and long-term legacy.

Your intellectual property is an asset to your business. Whether it's video, audio, images, likeness, written word or anything you've created, it needs to be protected. On this episode of Mogul Chix Chat I chat with Radiance Harris, founder of Radiance IP Law. We talk about the benefits of protecting your brand and intellectual property. Radiance walks us through the process of filing for trademarks and also talks a little about international protection. Don't miss this informative episode. You could be leaving yourself vulnerable and money on the table by not properly protecting your assets. 

In this episode of Mogul Chix Chat, I have a conversation with Karwanna Dyson-Irving about how small companies can get a piece of that government contracting pie. A lot of times, we leave money on the table because of fear, uncertainty, rumors about slow government payments or just not knowing. Karwanna demystifies all of the chatter about government contracts and tells you how you can get a piece of the action and grow your business well into 7 figures.

In today’s volatile political climate, it’s almost impossible to avoid the subject of politics in business. Political chaos can wreck havoc in a business, especially when you are vocal about your personal views. Business and politics, while often intersecting at certain points, should never be done if you can help it. It’s increasingly harder to remain apolitical these days. It’s as if we’re losing the ability to remain neutral and party independent when trying to serve our customers. At the slightest signal of disagreement, consumers are ready to boycott against a brand. And conversations have devolved into battle royales of epic proportions played out in real time in the media and social media with everyone sharing an opinion simply because they can. How do we defuse this environment and get back to the business of people first over politics? That’s the burning question. My guest Sherry Heyl and I will talk about some of the issues many entrepreneurs struggle with when trying to avoid a proverbial landmine as politics. 

It’s exciting to be that brand or company that EVERYBODY loves. I mean who wouldn’t want that kind of star power? Who wouldn’t want to be the next Walmart, Facebook or Nike where we can serve any and everybody, right? I mean, they say Facebook has over a billion users. Wouldn’t we all love to be in that situation, where millions of people are all excited about and using our products or services. Right? But hold on, slow down. That old saying, everything ain’t for everybody holds a lot of truth. Trying to be all things to everybody is the quickest way to burn out and not being effectively able to serve anybody. And if you are that brand, kudos to you! This episode is not for you. But you can still listen. There’s always a business lesson in everything I do. Being a serial entrepreneur (because you know I always have a few companies running) I had to learn how to make sure I was targeting the right people.  I don’t want this episode to be judgey and lecturey (I know that’s not a word, just swing with me for a minute). But I want you to understand how to both simplify and elevate your company and alleviate the stress. I want you to see where you’re making things more complicated for yourself and figure out how to relieve (or prevent) burnout and of course make more money.

Welcome back to this special episode of Mogul Chix Chat. If you’ve been listening to me over the years, you know I rarely toot my own horn or do a hard sell on any of my offerings. But this is different. In this episode I want to talk about my upcoming CEO Mastermind and hopefully answer some of your questions along the way.  While there are tons of things out there for women in general (and I’m grateful), the offerings for women of color still lag. Do I whine about it? Nope. I do my best to give us shine and share as much as I can whenever I do see something for and by us. But it’s got me thinking in my self-imposed hiatus that we, women of color have a need and I can fulfill those needs. I have created the Mogul Chix CEO Mastermind that I am hosting in Las Vegas in November. I am super excited to bring this special event to help groom Women of Color Founders to go from business owners to CEOs in every sense of the word, building scalable, sustainable PROFITABLE growth companies that can function (and make money) with or without them. In this podcast, I address what this Mastermind is all about and how beneficial it can be for any woman of color who is ready to achieve next level results and make power moves to build their legacies. I hope to see you in Las Vegas! Let's get it.For more information (and to register) visit https://mastermind.mogulchix.com. 

There’s nothing wrong with wanting a small, easy to manage business. Nothing at all. But there are people out there who want more.   There are people out there, like me, who are laser focused on growing companies that 1) build wealth, 2) provide opportunities, 3) create jobs and 4) create legacies for our families that will carry on long after we’re gone. I’m in that camp. A lot of you are in that camp. If you’re not, you can still listen to this podcast, but if you are, you NEED to listen to it. This is what I’ll call a “starter conversation”. In order to get to that legacy or empire building level, you must first stop thinking like a small business owner. What do I mean by that? Well, today we're talking about growing companies and not blocking your money. Yes, a lot of us do this when we don’t want to do more than what’s comfortable. I’m about to make some of you uncomfortable because, well, that’s what I do.  So, sit back and really take in what I’m about to say. The purpose of THIS particular podcast is to get you to stop thinking solo and start thinking company. To grow a COMPANY that frees you of the job you’ve created for yourself in this business. To stop focusing on the negative (managing a team, hiring people, and all of the unsexy stuff that comes with growing a company. Because all of that “stuff” will get you free from the day to day. Making more money, committing less time. Open your mind, be receptive, and let’s get to it. But before you do, ask yourself two questions  What happens if you can no longer serve those in your business on your own?  And, how do I keep the money flowing (comfortably) and the business running ?

Episode 24: Spotlight- Joyce 'JoJo' Arias, Founder of Solsis Beauty. Today, I’ll be talking to the founder of an up and coming cosmetics company called Solsis Beauty. We'll chat about her beauty brand and how she made the decision to represent women of color through her brand. She'll share he journey to starting the company and shares tips that worked for her that other businesswomen can use. So sit back and enjoy the show.

The LAST thing on your mind right now is probably Succession Planning. Nobody wants to think about leaving their business, retiring and turning the reigns over to their baby. All business is personal, but in order to build a thriving business that can work with or without you, you have to take the emotional attachment out of the equation.Some people will disagree and that's ok. Planning for your successor is something that requires a logical, sensible mindset. Just because you own a company doesn't mean you have to be a slave to it. Many people who have removed themselves from the company's day to day thrive post-business. They've put capable successors in place and either retired or moved on to other things. In some cases, they still have ownership of their company but they're not breaking their necks every day.What's your endgame? Have you started planning for the next phase yet? Even if that is 10 years off, you have to start somewhere. In this episode we discuss the fundamentals of succession planning.

Running a business can come with its own set of unique challenges. But running a business with a partner can present a different set of challenges that you might not have been prepared for. I know. You dream of having a business with your best friend or your sister or your cousin or even that neighbor that has the same kind of mindset that you have. But it can be tricky. There’s no way to know how you and another person or persons will work together under pressure. and when the money starts rolling in, will personalities change? If you have it prepared properly and protected yourself you can minimize a lot of future potential problems. Today we're talking about the real PPP and I want you to sit back and listen to this podcast and if you’re thinking of starting a business or joint venture with a friend, you need to listen to this episode.

Don't build a neurotic team! In order to grow, you need a team. In order to SCALE, you need the RIGHT team. Self imposed chaos (I know where everything is/how everything works) is fine for YOU. But you do your team a disservice when you throw them into your chaos without a blueprint on how to deliver results like you want them to. If you're lucky enough to get great talent, you should be doing everything in your power to make sure they can effectively contribute to your company's bottom line and growth. In this episode I talk about cultivating and grooming a winning team through feedback and systems.