Latest / The Steve Harvey Morning Show / Entrepreneur: Attorney Jalene Mack discusses ten tips on developing your business.

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Entrepreneur: Attorney Jalene Mack discusses ten tips on developing your business. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to the show.
• 0:06
  Speaker 2: I am Rashaan McDonald, the host of Money Making Conversations Masterclass,
• 0:10
  Speaker 2: where we encourage people to stop reading other people's success
• 0:13
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• 0:17
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• 0:21
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• 0:24
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• 0:26
  Speaker 2: local communities. Now, sit back and listen as we unlock
• 0:30
  Speaker 2: the secrets to their success.
• 0:31
  Speaker 3: On Money Making Conversations Masterclass. All right, this is Rashaan McDonald.
• 0:38
  Speaker 3: We're here another show. Just so happy. You know, in
• 0:41
  Speaker 3: the midyear, when you sit down, you start trying to
• 0:44
  Speaker 3: figure out what I'm gonna do on the second half
• 0:46
  Speaker 3: is called planning, called preparation, And that's why I do
• 0:49
  Speaker 3: this show to bring people on that can set the
• 0:51
  Speaker 3: stage or trigger information that you need to hear, or
• 0:56
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• 0:59
  Speaker 3: I need to get I act together. I need to
• 1:00
  Speaker 3: start preparing for twenty twenty five. Can you believe that, Yes,
• 1:04
  Speaker 3: you should start preparing for twenty twenty five if you're
• 1:07
  Speaker 3: projecting a growth in your business, if you're projecting an
• 1:10
  Speaker 3: opportunity to generate revenue in your business. You have to
• 1:14
  Speaker 3: be thinking about twenty twenty five. Yes, I'm Rashan McDonald.
• 1:17
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• 1:21
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• 1:25
  Speaker 3: It's time to stop reading other people's success stories and
• 1:28
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• 1:30
  Speaker 3: guest on my show, listen up. Please visit Moneymakingconversation dot com.
• 1:35
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• 1:38
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• 1:42
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• 1:45
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• 1:48
  Speaker 3: show because I want to get a sense of the
• 1:49
  Speaker 3: value you can bring as far as content to this show.
• 1:52
  Speaker 3: That is really I'm so excited. So many people are
• 1:55
  Speaker 3: just walking up to me. So many people are telling
• 1:57
  Speaker 3: me that they are being interviewed on the show, and
• 2:00
  Speaker 3: people are going to look at their products, go to
• 2:02
  Speaker 3: their places of business and being recognized by being interviewed
• 2:07
  Speaker 3: on Money Making Conversation Masterclass.
• 2:09
  Speaker 1: Get well, let's get this show rolling.
• 2:11
  Speaker 3: My guest has an eagle eye when it comes to
• 2:13
  Speaker 3: reviewing bad contracts. Don't sign a contract that can ruin
• 2:17
  Speaker 3: your dream. And she is a trademark registering and expert.
• 2:21
  Speaker 3: She has successfully integrated the demanding roles of wife, mother,
• 2:24
  Speaker 3: TV and film producer, writer, actress, playwright, and Arthur Please
• 2:29
  Speaker 3: welcome to the Money Making Conversation Masterclass America's favorite entertainment attorney,
• 2:35
  Speaker 3: Jayleen Mack.
• 2:35
  Speaker 1: How you doing, Jayleen?
• 2:37
  Speaker 4: Hey, hey, hey, wow for having me back.
• 2:43
  Speaker 1: Look at you.
• 2:44
  Speaker 3: I'm just happy you just came back from a con
• 2:46
  Speaker 3: film festival.
• 2:49
  Speaker 5: I was at CAD, I was at the ABFF, I
• 2:54
  Speaker 5: was at Essence.
• 2:57
  Speaker 1: So you being on my show is that a step down?
• 3:00
  Speaker 3: Because you just said can you said the Black Film
• 3:03
  Speaker 3: Festival at Miami. You said the Essence, the world's largest congoveration,
• 3:08
  Speaker 3: a gathering of black women and black people, or nearly
• 3:11
  Speaker 3: a half million people go down to that event annually.
• 3:14
  Speaker 3: That when they retired and said bye bye the Frankie,
• 3:17
  Speaker 3: Beverly and Mays at their final show. So now you
• 3:21
  Speaker 3: own money Making Conversation Massacres. Thank you very much for
• 3:24
  Speaker 3: your time. Thank you very much for your time.
• 3:26
  Speaker 5: Well, I really want to say thank you for having
• 3:28
  Speaker 5: little old me on your big old platform.
• 3:31
  Speaker 1: There you go.
• 3:32
  Speaker 3: Well, you know it's time to get down the business
• 3:34
  Speaker 3: of you of just personally.
• 3:36
  Speaker 1: They always tell you I have a.
• 3:37
  Speaker 3: Relationship with individuals who I bring on the show. From
• 3:40
  Speaker 3: a standpoint of my relationship with entertainment attorney Jayleen Mack,
• 3:44
  Speaker 3: she has personally handled all of my trademarks that I've
• 3:49
  Speaker 3: done throughout my managing of Stve Harvey and other clients
• 3:53
  Speaker 3: and business.
• 3:53
  Speaker 1: Associates I've had.
• 3:55
  Speaker 3: That relationship has been over at least twenty years, wouldn't
• 3:57
  Speaker 3: you say, Jayleen.
• 3:59
  Speaker 5: Yes, when did you open up hip hop? No?
• 4:05
  Speaker 3: No, no, I'm talking talking about I'm talking about legally
• 4:07
  Speaker 3: hip hop.
• 4:08
  Speaker 1: Was thirty two years. That's thirty two years. That's thirty
• 4:10
  Speaker 1: two years.
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  Speaker 3: I'm talking about when you finally got out of college,
• 4:14
  Speaker 3: you know, put that plaque up. I'm being a I'm
• 4:16
  Speaker 3: a lawyer officially, all that good stuff. Then we started
• 4:19
  Speaker 3: coming to me with Sean, give me a shot, give
• 4:22
  Speaker 3: me a shot, I can do this, I can do this.
• 4:24
  Speaker 3: And I gave you your shot, and we've been I've
• 4:26
  Speaker 3: been turning you for registrations for my trademarks. And how
• 4:30
  Speaker 3: important is it just to do it right when it
• 4:32
  Speaker 3: comes to trademark and protecting your brand.
• 4:35
  Speaker 5: Yeah, but just to correct you, I started doing legal
• 4:38
  Speaker 5: work for you back then when you had hip hop.
• 4:42
  Speaker 5: I'm just trying to take you back. That's how old
• 4:44
  Speaker 5: you are, not me.
• 4:45
  Speaker 3: Oh okay, thank you, thank you very much. That's absolutely
• 4:47
  Speaker 3: because because like I said, the look everybody a little
• 4:50
  Speaker 3: history on me. In nineteen ninety two, I had a
• 4:53
  Speaker 3: comedy club called very popular comic club in Houston, Texas
• 4:55
  Speaker 3: called the Hip Hop Comedy Stop. Everybody played that club
• 4:59
  Speaker 3: and even the Beyonce and Destiny's Child performed at that club.
• 5:03
  Speaker 3: In fact, I brought them on stage one of the
• 5:05
  Speaker 3: very first performances with that club.
• 5:07
  Speaker 1: But it was a who's who of.
• 5:09
  Speaker 3: Comedy entertainment that came through there as well as celebrities
• 5:12
  Speaker 3: you know from you know, the Willie D's Scarface. Everybody
• 5:16
  Speaker 3: who's who who in the Houston market as well as
• 5:20
  Speaker 3: a tour through town dropped into that comedy club. And
• 5:22
  Speaker 3: that's why I met Jayleen and her friends. They really
• 5:26
  Speaker 3: were very instrumental in making my club a success and
• 5:29
  Speaker 3: keeping the doors open, as they say, keep the lights on.
• 5:32
  Speaker 3: And that relationship that's about a relationship. You know, you
• 5:34
  Speaker 3: developed something you don't know what is going to mean
• 5:37
  Speaker 3: five years or ten years from now. And now we're
• 5:39
  Speaker 3: on this show today talking about a career that is
• 5:43
  Speaker 3: basically international when it comes from your for your legal service,
• 5:46
  Speaker 3: Could you tell some of the people that you represent
• 5:48
  Speaker 3: now or contractually or can you say that on my show?
• 5:53
  Speaker 5: Well, I represent a lot of in the general scheme
• 5:57
  Speaker 5: of things, actors, producers, writers, directors, authors, playwrights, uh, film producers,
• 6:08
  Speaker 5: television producers as far as some clients that I've represented
• 6:13
  Speaker 5: that don't mind me saying, obviously, I've done legal work
• 6:18
  Speaker 5: for you Greg Carter, who's a filmmaker. I've done work
• 6:23
  Speaker 5: for Kim Barell, Steve Harvey. Uh, just really tons of people,
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  Speaker 5: even athletes.
• 6:33
  Speaker 3: Now, when you when I called to Day about setting
• 6:36
  Speaker 3: up what this show is going to be about, and
• 6:38
  Speaker 3: you said, Rashan, I really want to talk about the lure.
• 6:41
  Speaker 1: Of the bad deal.
• 6:43
  Speaker 3: How people are will scam you, even from an entrepreneurial standpoint,
• 6:48
  Speaker 3: even from a film production standpoint, into how when you
• 6:51
  Speaker 3: say the lure of the bad deal, explain them all
• 6:53
  Speaker 3: these exactly what that is and how they can be
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  Speaker 3: trapped by.
• 6:58
  Speaker 5: So, if you are a writer and you have a
• 7:02
  Speaker 5: script and you've been shopping for either a producer or
• 7:09
  Speaker 5: a financier, or you're a producer who has a script
• 7:16
  Speaker 5: and you've been shopping with a financier for some money.
• 7:19
  Speaker 4: To get your movie made.
• 7:22
  Speaker 5: Sometimes you'll come across people who are not in the
• 7:26
  Speaker 5: industry who want to be in the industry, or they
• 7:30
  Speaker 5: claim to be in the industry, but their credentials are
• 7:34
  Speaker 5: not quite up to par, and.
• 7:37
  Speaker 4: So they may represent.
• 7:38
  Speaker 5: That they have access to money or endless amounts of money,
• 7:45
  Speaker 5: and they entice that to have a conversation, right, And
• 7:50
  Speaker 5: sometimes it's about really the association of a project that
• 7:57
  Speaker 5: might put them on the map as opposed to the
• 7:59
  Speaker 5: other around. And I say that because I've seen money
• 8:05
  Speaker 5: people or alleged money people offer funding and it'll be
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  Speaker 5: you know, it could be hundreds of thousands or millions
• 8:15
  Speaker 5: of dollars. But the more you dig, the more you
• 8:20
  Speaker 5: realize they can't show proof of funds, or the more
• 8:25
  Speaker 5: you dig you find out this person isn't legitimate because
• 8:32
  Speaker 5: this business is big, but it's small at the same time.
• 8:35
  Speaker 5: So if you ask enough question, or if you dig
• 8:39
  Speaker 5: and you see that the person you're dealing with doesn't
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  Speaker 5: have a digital footprint. Right, you can't go to IMDb,
• 8:47
  Speaker 5: you can't go to LinkedIn to find anything.
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  Speaker 4: Nothing out there.
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  Speaker 5: Right, you might look up the name and the face
• 8:54
  Speaker 5: doesn't match, or their credentials herely are similar to some
• 9:01
  Speaker 5: executive right at Netflix or whatever. I've seen all of
• 9:05
  Speaker 5: that happen. But my point of identifying, just in a
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  Speaker 5: general sense of people with a bad lure.
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  Speaker 4: That ve vet due diligence is everything. I've seen it all.
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  Speaker 3: You know when you do that, And I've been fortune
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  Speaker 3: unfortunate and fortunate to see the good and the bad
• 9:28
  Speaker 3: of that. And it all comes down to people excitement.
• 9:31
  Speaker 3: They they always always tell people, don't get in this
• 9:34
  Speaker 3: business with the lottery mentality, meaning that moment that that
• 9:38
  Speaker 3: somebody's offered you is going to be the one, the
• 9:41
  Speaker 3: one that makes you a star, the one that gives
• 9:43
  Speaker 3: you a hit movie, the one that's gonna make you rich.
• 9:46
  Speaker 3: Is when you have that lottery mentality, is when you
• 9:49
  Speaker 3: fall victim to these type of scams on a regular basis.
• 9:53
  Speaker 3: Because somebody can pull up in a in a in
• 9:56
  Speaker 3: a rolls ross that could be rented. They can they
• 10:00
  Speaker 3: can walk you to a building until you they're gonna
• 10:02
  Speaker 3: shoot the movie here. May not even have a relationship
• 10:06
  Speaker 3: with that building. But because you and the rose Wars,
• 10:09
  Speaker 3: they've they've taken you to a nice restaurant and now
• 10:12
  Speaker 3: all of a sudden, now you now they're gonna tell
• 10:15
  Speaker 3: you they need a deposit. They're gonna need a deposit
• 10:18
  Speaker 3: from you. Now, Okay, they sold, they're supposed to supply
• 10:22
  Speaker 3: the funding that, but they're asking you for a deposit,
• 10:25
  Speaker 3: so they're gonna put it in.
• 10:27
  Speaker 1: They say xcro Escrow.
• 10:29
  Speaker 3: That Scrow's a dangerous turn because if you don't have
• 10:31
  Speaker 3: control of that signature on the escraw account, then gets
• 10:35
  Speaker 3: what they're gonna control the money. And so it's really
• 10:38
  Speaker 3: important that in this business. And I'm bringing an expert
• 10:41
  Speaker 3: like attorney Jayleen mack On here to let you know
• 10:44
  Speaker 3: that I can say that, but she can verify that
• 10:47
  Speaker 3: correct early.
• 10:49
  Speaker 4: Absolutely. I'm gonna tell you what I've seen as the
• 10:51
  Speaker 4: latest trend. Uh.
• 10:54
  Speaker 5: Some company represents themselves as a production company with relatedationships
• 11:00
  Speaker 5: to all the networks, and they'll say that their contact
• 11:06
  Speaker 5: at ABC Company wants to buy a particular script from
• 11:14
  Speaker 5: some producer. There's already a dollar amount. The script hasn't
• 11:20
  Speaker 5: been received by that executive nor read. But there's already
• 11:25
  Speaker 5: an offer on the table, and the middle company, the
• 11:30
  Speaker 5: production company, is telling this producer with the script that
• 11:38
  Speaker 5: you need to sign this contract attached us and.
• 11:47
  Speaker 4: We'll be able to close this deal for your right.
• 11:52
  Speaker 5: And they never put and never are all three parties
• 11:57
  Speaker 5: in one room, if that makes any sense to you.
• 12:00
  Speaker 3: Absolutely, you keep talking to the same person and they
• 12:03
  Speaker 3: keep talking to the other person that you never see.
• 12:06
  Speaker 4: That you never see.
• 12:07
  Speaker 5: And the way the contract reads, you have to assign
• 12:12
  Speaker 5: copyright to that script to that production company, which.
• 12:18
  Speaker 3: Means they now have rights to your project. Here that
• 12:21
  Speaker 3: clearly now what you don't ever want to do is
• 12:24
  Speaker 3: give away rights to your project, and so when you
• 12:27
  Speaker 3: try to get the rights back, you don't have rights anymore.
• 12:30
  Speaker 3: So your dream project, your dream idea, you know your
• 12:35
  Speaker 3: I've been working on this thing for fifteen, ten years.
• 12:37
  Speaker 3: Five years idea came to me a miracle of God,
• 12:40
  Speaker 3: moment told me to write this book. It's gone because
• 12:43
  Speaker 3: you've signed away your rights. And I'm gonna tell you something.
• 12:45
  Speaker 3: You can't get it back. You cannot get it back.
• 12:49
  Speaker 3: Those deals that they have you sign an iron clad
• 12:52
  Speaker 3: and that's why she's telling you. When I say she,
• 12:55
  Speaker 3: I'm talking to attorney Jayleen Mack is telling you that
• 12:59
  Speaker 3: do your research. Don't get so excited that this is
• 13:01
  Speaker 3: the moment of moments. Don't ignore other people telling you, hey,
• 13:06
  Speaker 3: are you moving too fast? What do you know about
• 13:08
  Speaker 3: this person? Listen to people who have common sense that
• 13:13
  Speaker 3: will lead you from making a bad mistake, and that
• 13:16
  Speaker 3: which leads what you say into bad contracts. And you
• 13:18
  Speaker 3: see a lot, unfortunately, you see a lot of bad
• 13:20
  Speaker 3: contracts in your life when it comes to entertainers.
• 13:23
  Speaker 5: Why is that, Well, some people just don't put the
• 13:29
  Speaker 5: money aside, you know, put a budget aside to hire
• 13:32
  Speaker 5: a lawyer. And it's because, well, you know, I've googled
• 13:38
  Speaker 5: some information on Google, or I saw a template on
• 13:42
  Speaker 5: the internet, and I feel like I know it nothing.
• 13:45
  Speaker 4: I don't need a lawyer to take a look at
• 13:47
  Speaker 4: this deal. That's one approach, right.
• 13:52
  Speaker 5: I've seen also cases where they hire the wrong lawyer
• 13:57
  Speaker 5: to redew the deal.
• 14:02
  Speaker 3: And can you telling me somebody who is a corporate
• 14:06
  Speaker 3: lawyer over here trying to do an entertainment contract, or
• 14:09
  Speaker 3: somebody who's a patent lawyer trying to do a contract
• 14:12
  Speaker 3: for a movie a contract for a television or talent contract,
• 14:16
  Speaker 3: and so all your cousins who got this good rate
• 14:21
  Speaker 3: is gonna do go, do you a solid and do this.
• 14:24
  Speaker 3: But what got me was you saying rashan. Their people
• 14:27
  Speaker 3: go online, they will download the contract as a template.
• 14:31
  Speaker 3: They google to contract for actors, a contract for writers,
• 14:36
  Speaker 3: a contract for TV or fan producers, and they say
• 14:40
  Speaker 3: that's their contract.
• 14:42
  Speaker 4: Right right.
• 14:44
  Speaker 5: The thing with templates, it might be a good starting point,
• 14:49
  Speaker 5: but it's not necessarily where you're in, right, So you
• 14:53
  Speaker 5: have to know how to navigate the language. You have
• 14:56
  Speaker 5: to know what's missing, You have to know what's there,
• 15:00
  Speaker 5: whether or not that's applicable to your situation. And the
• 15:04
  Speaker 5: best best thing to do if you are not a
• 15:08
  Speaker 5: season producer with the experience that maybe over time you've
• 15:14
  Speaker 5: seen enough good contracts because you've had representation, right, and
• 15:19
  Speaker 5: maybe you're using the same template and so and and
• 15:23
  Speaker 5: and pretty much everything's the same except maybe the compensation
• 15:28
  Speaker 5: and the and the actors. You might be able to
• 15:32
  Speaker 5: make some changes and get away with it, but rarely
• 15:37
  Speaker 5: is any contract.
• 15:38
  Speaker 4: A repeat deal right to the t.
• 15:43
  Speaker 5: So, in my opinion, even if you feel like, well,
• 15:46
  Speaker 5: I can draft the initial contract, and I feel like
• 15:49
  Speaker 5: it looks pretty good.
• 15:51
  Speaker 4: I would still.
• 15:52
  Speaker 5: Hire my lawyer to lay last eyes on it, right,
• 15:56
  Speaker 5: that's the best thing to do.
• 15:58
  Speaker 3: I'm talking to America's favorite in entertainment attorney, Jayle Mack.
• 16:01
  Speaker 3: When we get back after this break, I'm going to
• 16:04
  Speaker 3: ask her top ten tips on how to develop your business.
• 16:08
  Speaker 3: Top ten tips on how to develop your business. Don't
• 16:12
  Speaker 3: go into where you listen to money Making Conversations Masterclass
• 16:15
  Speaker 3: and I am speaking with America's favorite entertainment attorney, Jaylee Mack.
• 16:19
  Speaker 1: Be right back.
• 16:20
  Speaker 6: Please don't go anywhere. We'll be right back with more
• 16:23
  Speaker 6: money Making Conversations Masterclass. Welcome back to the Money Making
• 16:34
  Speaker 6: Conversations Masterclass hosted by Rashaan MacDonald. Money Making Conversations Masterclass
• 16:40
  Speaker 6: continues online at Moneymakingconversations dot com and follow money Making
• 16:44
  Speaker 6: Conversations Masterclass on Facebook, Twitter, and Instagram.
• 16:49
  Speaker 3: She's an actor, wife, mother, television and film producer, playwriting
• 16:54
  Speaker 3: after I had were fortunate of knowing her over thirty
• 16:59
  Speaker 3: two years watching to grow as as as a student
• 17:03
  Speaker 3: at Texas University get a law degree, and I also
• 17:07
  Speaker 3: trusted her for advice as far as my trademarks. But
• 17:10
  Speaker 3: we want to offer some of the same advice to
• 17:13
  Speaker 3: you as a listener, tips on how to develop your business.
• 17:17
  Speaker 3: I have I have ten ideas that you ten ten
• 17:20
  Speaker 3: things you sent over to me. So I'm gonna start
• 17:22
  Speaker 3: with number one with you attorney Mac, and then you
• 17:25
  Speaker 3: give me a comments.
• 17:26
  Speaker 1: Is that fine?
• 17:27
  Speaker 5: Sure?
• 17:28
  Speaker 1: Okay? Cool?
• 17:29
  Speaker 3: Starting with number one, you said, identify your project, please explain, so.
• 17:35
  Speaker 5: I can tell you we're specifically talking about film and
• 17:39
  Speaker 5: television as far as the entertainment industry, but really this
• 17:44
  Speaker 5: applies to music and other areas of entertainment. But it
• 17:49
  Speaker 5: also applies for any.
• 17:50
  Speaker 4: Entrepreneur we're talking about.
• 17:52
  Speaker 5: So even if you're, you know, selling candles, a lot
• 17:56
  Speaker 5: of this will be beneficial to you.
• 17:59
  Speaker 4: So it comes to projects.
• 18:01
  Speaker 5: Obviously, in the film world, you want to identify are
• 18:05
  Speaker 5: you shooting a movie, a feature film, or a short.
• 18:10
  Speaker 5: Will this be a scripted project or unscripted. In the
• 18:14
  Speaker 5: television world, for instance, is it a documentary?
• 18:18
  Speaker 4: You just want to identify.
• 18:20
  Speaker 5: What is it that I'm trying to do, because that's
• 18:23
  Speaker 5: going to go into how you develop that concept. If
• 18:27
  Speaker 5: you're a hire writer, if you're going to write it yourself,
• 18:31
  Speaker 5: this is going to lead to how much money I need.
• 18:34
  Speaker 5: So the first thing is to identify what it is
• 18:36
  Speaker 5: you're trying to do.
• 18:37
  Speaker 3: And that's really really important as if you're an entrepreneur
• 18:40
  Speaker 3: because of the fact that I have a company and
• 18:43
  Speaker 3: I have a lot of people with a lot of products.
• 18:45
  Speaker 1: I have a lot of people different.
• 18:47
  Speaker 3: Different small business bis visions, but they don't know what
• 18:51
  Speaker 3: the point of view of the vision of the point
• 18:53
  Speaker 3: of view of the business, and so identify your project.
• 18:57
  Speaker 3: Number two is make sure you have a plan.
• 19:01
  Speaker 5: Yes, like across the board in any business, it is
• 19:06
  Speaker 5: best to have a business plan. Even if you are
• 19:11
  Speaker 5: financing your endeavor personally, you still want to have a
• 19:16
  Speaker 5: roadmap and that's what the business plan will do for you,
• 19:21
  Speaker 5: and particularly people in film and television that are independent producers.
• 19:28
  Speaker 4: You also want to have a finance plan.
• 19:31
  Speaker 5: So not just a business plan to give you the
• 19:33
  Speaker 5: roadmap of how to get your project done, but a
• 19:38
  Speaker 5: finance plan will help you identify where the money comes from,
• 19:44
  Speaker 5: when it comes in, how it's going to be applied,
• 19:48
  Speaker 5: how are you going to get your project done from
• 19:51
  Speaker 5: the development and concept through sale and distribution of it.
• 19:57
  Speaker 4: And again that helps with any entrepreneur.
• 20:00
  Speaker 3: I have to agree with that on so many levels.
• 20:03
  Speaker 3: I get so mad at people. I see the word
• 20:05
  Speaker 3: mad people coming. I got this idea. First of all,
• 20:08
  Speaker 3: ideas not registered. It's just an idea. It's not flushed out,
• 20:12
  Speaker 3: you know, as the character developments and the projects not
• 20:15
  Speaker 3: flushed out. I don't know how many characters you got.
• 20:18
  Speaker 1: Who's the lead?
• 20:19
  Speaker 3: Have you developed a relationship with a star, who's to
• 20:22
  Speaker 3: start the project? It's just a great idea to get mad.
• 20:25
  Speaker 3: It's a great idea. Okay, I'm not saying it's not
• 20:29
  Speaker 3: great idea. I'm just telling you help me out because
• 20:31
  Speaker 3: right now it's an idea. I can't build on your
• 20:34
  Speaker 3: dream if I don't understand it. What's your plan? And
• 20:37
  Speaker 3: that's also people do that with business. They want to
• 20:40
  Speaker 3: I got some biscuits. They're the best biscuits in the world. Okay,
• 20:43
  Speaker 3: how you gonna how you're gonna manufacture these biscuits? If
• 20:46
  Speaker 3: if a thousand people walk through that door today, how
• 20:48
  Speaker 3: are you gonna manage what you're gonna do? How many employees
• 20:51
  Speaker 3: are you're gonna have?
• 20:52
  Speaker 1: You know?
• 20:52
  Speaker 3: I know that for a fact out of the comedy club.
• 20:54
  Speaker 3: Comedy club started with just my relatives manning the doors.
• 20:58
  Speaker 3: They used to do it for free, right then all
• 21:00
  Speaker 3: of a sudden, I started making a little money. Then
• 21:02
  Speaker 3: they wanted checks. I didn't budget to pay my relatives.
• 21:07
  Speaker 3: I didn't budget for that. I didn't have a plan
• 21:09
  Speaker 3: and play it. I just wanted to tell jokes, invite
• 21:12
  Speaker 3: people in for ten dollars, which eventually I realized that
• 21:16
  Speaker 3: the state wanted they tax money, so I would It
• 21:18
  Speaker 3: wasn't getting ten dollars. I didn't have a plan. So
• 21:21
  Speaker 3: when she talks about both ways, she can talk about
• 21:24
  Speaker 3: the entertainment industry, but it all comes back to business
• 21:27
  Speaker 3: business now. Number three is former team girl. I got
• 21:32
  Speaker 3: something to say after you talk about this form aighteen.
• 21:35
  Speaker 3: That's number three. Number one was identify your project. Number
• 21:37
  Speaker 3: two make sure you have a plan. Number three form
• 21:40
  Speaker 3: a team.
• 21:43
  Speaker 5: So so important. I just made this comment at the
• 21:49
  Speaker 5: essence best talking to the audience. If you're a producer,
• 21:54
  Speaker 5: you don't have to be the smartest producer.
• 21:58
  Speaker 4: You don't have to know everything.
• 22:02
  Speaker 5: Every experience is going to be something you learn from.
• 22:06
  Speaker 4: But if you.
• 22:09
  Speaker 5: Are putting together a team, make sure you build a
• 22:12
  Speaker 5: team that makes you the best producer you can be. Right,
• 22:18
  Speaker 5: so you surround yourself with talent. You surround yourself with
• 22:22
  Speaker 5: people who.
• 22:23
  Speaker 4: Know more than you.
• 22:24
  Speaker 5: Right, you also surround yourself with people who are not
• 22:28
  Speaker 5: yes people, because you need to know the pitfalls, you
• 22:32
  Speaker 5: need to know the pros and cons, and you need
• 22:35
  Speaker 5: people around you.
• 22:36
  Speaker 4: They help you.
• 22:36
  Speaker 5: Make the best business decisions you can make, keeping in
• 22:40
  Speaker 5: mind the best interest for your projects. And not only that,
• 22:44
  Speaker 5: not just your projects, but you have investors to pay back.
• 22:49
  Speaker 5: So it's super important that you surround yourself with other
• 22:53
  Speaker 5: good producers, with a good lawyer, a good accountant, a
• 22:58
  Speaker 5: good pr team find the best scenario when it comes
• 23:03
  Speaker 5: to a financier that makes sense for your project. If
• 23:07
  Speaker 5: you're going to get money from other places, and I
• 23:10
  Speaker 5: can go on, but the key is put together a
• 23:14
  Speaker 5: good team.
• 23:16
  Speaker 1: You better believe it.
• 23:16
  Speaker 3: I didn't have an accountant, I didn't have an HR person.
• 23:20
  Speaker 3: I told my wife we pulled money out of retirement
• 23:23
  Speaker 3: at the time, savings didn't have a budget attacked. Let
• 23:27
  Speaker 3: me not jump the gun because I'm about to say
• 23:29
  Speaker 3: budget and that's number four. Prepare a budget. So I
• 23:33
  Speaker 3: don't want to slide into that too much without you
• 23:36
  Speaker 3: comment on it. Because if you're going to form a
• 23:38
  Speaker 3: team you gotta prepare a budget. Talk to you about that.
• 23:42
  Speaker 4: Attorneyment absolutely, So if you know what it is you're
• 23:48
  Speaker 4: trying to do, right, let's say you're trying to make
• 23:50
  Speaker 4: a movie or douce a product or project, you obviously
• 23:55
  Speaker 4: have to have somebody who's good.
• 23:57
  Speaker 5: At putting budgets together, who can identify the needs and
• 24:02
  Speaker 5: services and how much things.
• 24:04
  Speaker 4: Cost and the best route.
• 24:08
  Speaker 5: To take to get these things done, to put a
• 24:12
  Speaker 5: budget together. So it's not a matter of saying, well,
• 24:17
  Speaker 5: I want to shoot a movie and I think a
• 24:20
  Speaker 5: thousand dollars is enough, right, you know, obviously you want
• 24:24
  Speaker 5: somebody experience in what things cost, and that is a
• 24:29
  Speaker 5: line producer in the film business that will do that
• 24:33
  Speaker 5: for you, because it's important to know if your movie
• 24:37
  Speaker 5: has special effects, is it has special video effects? Are
• 24:43
  Speaker 5: there cars being blown up? Or is there a car chase?
• 24:46
  Speaker 5: Are there fight seems to be choreographed? Everything has a cost. Hotels, locations,
• 24:55
  Speaker 5: feeding people, you got crew, actors, et ceter All those
• 25:00
  Speaker 5: things have to be identified in a budget and if
• 25:04
  Speaker 5: you've never done it before, don't take a stab at it.
• 25:09
  Speaker 5: Hire the right.
• 25:10
  Speaker 4: People to do the job.
• 25:12
  Speaker 3: Absolutely, you know, it's really funny people when you start
• 25:15
  Speaker 3: talking about budget and people the right teammate. You know,
• 25:18
  Speaker 3: if you open a Mexican restaurant and you hire somebody
• 25:23
  Speaker 3: the cook, he knows I do soul food. You know
• 25:26
  Speaker 3: you got to have the right people doing the right thing.
• 25:28
  Speaker 3: You're opening the bakery and that person all they know
• 25:30
  Speaker 3: how to do is cook pies. You know, That's it.
• 25:33
  Speaker 3: They can't do nothing else at your baker. But they
• 25:36
  Speaker 3: told you they know how to bake. It's that resume
• 25:38
  Speaker 3: going to the right place. I know we're going to
• 25:40
  Speaker 3: run short on time, but I want to get to
• 25:42
  Speaker 3: a couple of things I think they need to have.
• 25:44
  Speaker 1: No.
• 25:45
  Speaker 3: We talked about number one, identify your project. Number two
• 25:48
  Speaker 3: is make sure you have a plan. Number three is
• 25:50
  Speaker 3: former team. Number four we just talked about the prepare budget.
• 25:54
  Speaker 3: Number five is form a business entity. What are you
• 25:57
  Speaker 3: doing there? Number six is get a EI in number
• 26:01
  Speaker 3: for your business. Number seven, open a business account, not
• 26:06
  Speaker 3: your personal account, your business account. Number eight. Protect your assets.
• 26:11
  Speaker 3: Number nine the floors yours contracts.
• 26:16
  Speaker 4: Yes, yes, yes, we know.
• 26:18
  Speaker 5: Everything should be reduced to writing. It should represent what
• 26:24
  Speaker 5: you negotiated. Obviously, you want to protect your intellectual property,
• 26:33
  Speaker 5: your interest in ownership. Every aspect of the four walls
• 26:38
  Speaker 5: of the agreement should be considered. And once again I
• 26:44
  Speaker 5: would not rely on myself.
• 26:45
  Speaker 4: To prepare a contract.
• 26:47
  Speaker 5: I would go to the experts, such as a lawyer
• 26:50
  Speaker 5: that is experienced in your area. And I will say this,
• 26:55
  Speaker 5: even if you have an entertainment related matter, not all.
• 27:01
  Speaker 4: Entertainment attorneys are equal.
• 27:04
  Speaker 5: And if you're a film producer, not all entertainment attorneys
• 27:08
  Speaker 5: no film and television production, which is a whole other language.
• 27:14
  Speaker 5: So again, make sure you get a lawyer who's very
• 27:16
  Speaker 5: experienced in what it is you're trying to accomplish.
• 27:22
  Speaker 3: Now, the last one, you got your business open, you
• 27:26
  Speaker 3: got your movie marketing. You know, people think they can
• 27:30
  Speaker 3: just open their door, tell everybody they got great food,
• 27:33
  Speaker 3: and people just gonna line up and show up. People
• 27:36
  Speaker 3: think they got a great movie project. They're gonna let
• 27:39
  Speaker 3: everybody know it in the theater and we ready to go.
• 27:43
  Speaker 1: Okay.
• 27:44
  Speaker 3: So I really think it's really, really, really important that
• 27:47
  Speaker 3: people understand what's going on here when you're starting to
• 27:50
  Speaker 3: put together these assets. When you go down this top
• 27:53
  Speaker 3: ten list, marketing is the key, and it can create
• 27:56
  Speaker 3: so much drama. If you don't understand what's going on
• 28:00
  Speaker 3: because you didn't know what your brand was, you know
• 28:02
  Speaker 3: what your point. You didn't identify your project. You have
• 28:04
  Speaker 3: a plan, you have a team around. You didn't prepare
• 28:07
  Speaker 3: a budget, budget did include marketing. You never have a
• 28:10
  Speaker 3: business entity, you never got a business number. You still
• 28:14
  Speaker 3: operating out of your personal checking account. You didn't protect
• 28:17
  Speaker 3: your assets. I want to say, I want to allow
• 28:19
  Speaker 3: you to comment on that, and I say allowed, But
• 28:21
  Speaker 3: I think you should talk. We should tell people how
• 28:23
  Speaker 3: do you protect your assets?
• 28:26
  Speaker 4: Sure?
• 28:27
  Speaker 5: So, obviously you have intellectual property, so you may have
• 28:32
  Speaker 5: a copyright that you need to protect, a trademark.
• 28:37
  Speaker 4: In some instances, someone might have a patent. Doesn't necessarily
• 28:39
  Speaker 4: apply here.
• 28:42
  Speaker 5: As far as your scripts are concerned, you can register
• 28:45
  Speaker 5: them with the United States Copyright Office, or you can
• 28:50
  Speaker 5: deposit them with the Writers Guild of America East or West.
• 28:55
  Speaker 5: You want to do everything you can to obviously protect
• 28:59
  Speaker 5: your in is other things to consider or non disclosure agreements? Right,
• 29:06
  Speaker 5: what do you mean.
• 29:09
  Speaker 3: Non disclosure agreement NDA? What does that mean?
• 29:12
  Speaker 4: Yes?
• 29:12
  Speaker 5: And NDA A non disclosed dispose your agreement and that
• 29:17
  Speaker 5: deals with confidentialityy uh, between you and another party as
• 29:24
  Speaker 5: to business. You know, discussions that you have between the.
• 29:29
  Speaker 4: Two of you.
• 29:30
  Speaker 5: You may want to protect some of the content that
• 29:33
  Speaker 5: comes out of that. That could be your client list,
• 29:37
  Speaker 5: that could be some trade secrets. Uh, anything that you
• 29:40
  Speaker 5: wouldn't want the general.
• 29:42
  Speaker 4: Public to know. You know ideas, right, you would want
• 29:46
  Speaker 4: to NDA.
• 29:48
  Speaker 5: Now, I'll tell you a NDA is a deterrent, but
• 29:53
  Speaker 5: it is not iron class. And the reason why I
• 29:56
  Speaker 5: say that a lot of people will exchange in DA.
• 30:00
  Speaker 5: You know, sign my the NDA, I'll sign yours. It
• 30:03
  Speaker 5: could be mutual, that's great, but it doesn't really speak
• 30:07
  Speaker 5: to pillow talk, right. And the only reason you would
• 30:12
  Speaker 5: know somebody breached in n DA is if you hear
• 30:16
  Speaker 5: about it or you hear it from a third party.
• 30:18
  Speaker 5: So it doesn't do away with what I call pillow talk,
• 30:21
  Speaker 5: you know the whispers, right, And that that's always concerning
• 30:27
  Speaker 5: for me. And so I always like clients to know that.
• 30:30
  Speaker 4: NDA is a deturning factor. But it's but it's not
• 30:34
  Speaker 4: fool proof.
• 30:36
  Speaker 3: Wow, this has been great information our world of wrong
• 30:39
  Speaker 3: and appreciate you for coming on my show. Uh, got
• 30:42
  Speaker 3: any upcoming events that you want to tell everybody about?
• 30:44
  Speaker 3: Anybody about those? You just wrapped up essence, just finished
• 30:47
  Speaker 3: the ABA. Any upcoming project you want to fill us
• 30:50
  Speaker 3: in before we close out the interview of speaking to
• 30:52
  Speaker 3: Attorney Jayleen Mack.
• 30:55
  Speaker 5: Well, I do want to people want people to know.
• 30:58
  Speaker 5: If they want to get more information on our top
• 31:02
  Speaker 5: ten tips that I just discussed, it can go to
• 31:05
  Speaker 5: my book The Business of Stage, Screen and the in
• 31:07
  Speaker 5: Between and it's a practical guide for performers, playwrights, filmmakers
• 31:15
  Speaker 5: and any entrepreneur.
• 31:18
  Speaker 1: Cool.
• 31:18
  Speaker 3: Well, I think, well, friend, thank you for coming on
• 31:22
  Speaker 3: the show. Thank you for giving more wisdom to say.
• 31:26
  Speaker 3: I do not lie when I say America's favorite entertainment
• 31:29
  Speaker 3: attorney Jaylen Mack based out of Houston, Texas, but she's worldwide.
• 31:33
  Speaker 3: She's worldwide from Dubai to New York, to Houston to Mexico.
• 31:38
  Speaker 3: She's there doing her job and changing the game. More
• 31:41
  Speaker 3: important to keeping people out of bad contracts and maybe
• 31:44
  Speaker 3: becing people aware of that there are scams out there.
• 31:46
  Speaker 3: Just because it sounds like a good deal does not
• 31:48
  Speaker 3: mean there are It is ill is a good deal.
• 31:51
  Speaker 3: I talked to you soon, Attorney Mac.
• 31:53
  Speaker 4: Thank you.
• 31:54
  Speaker 3: This has been another edition of Money Making Conversation Masterclass.
• 31:58
  Speaker 3: Posted by me Rashaun McDonald. Thank you to our guests
• 32:01
  Speaker 3: on the show today and thank you O listening to
• 32:03
  Speaker 3: audience now. If you want to listen to any episode
• 32:06
  Speaker 3: I want to be a guest on the show, visit
• 32:08
  Speaker 3: Moneymakingconversations dot com. Our social media handle is money Making Conversation.
• 32:13
  Speaker 3: Join us next week and remember to always leave with
• 32:16
  Speaker 3: your gifts.
• 32:17
  Speaker 1: Keep winning.