Daily Data
When do you need to get a lawyer involved in your enterprise? JD Supra shares the breakdown for small business' common legal needs, based on research conducted by Kingston University.
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The average company reported 10 legal problems per year, though about half of respondents agreed that they "only use a legal services provider to solve business problems as a last resort."
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"Small business is inherently personal," the article shares. "Legal issues hit harder when they threaten your livelihood or your family’s legacy." You know legacy is a big deal to us, so this message hits home.
Hey, remember, we're not lawyers. This isn't legal advice. We just want to see you succeed, so be prepared—not just for when things go wrong.
Your Quick-Start Guide to Commercial Real Estate Investing
This is the first of a multi-part series on commercial real estate investing.
Commercial real estate isn't what we do at REI Nation, but with the traditional residential market as competitive as it has been over the past year, we encourage anyone interested to explore alternative ways to diversify their portfolio.
Before you start, here are some basics you'll need to know. -1.png?width=300&name=Leadership%20Lessons%20Steve%20Jobs%20(2)-1.png)
First things first: expect commercial properties to be more expensive than residential properties.
With that in mind, you'll need to know what kind of financing is at your disposal. Here are the most common loan options:
- Conventional Financing - From a bank, credit union, or other traditional financial institution. Leverage ranges from 75 to 80% of the property value. A common step-down prepay schedule is utilized if the property is sold or refinanced before the end of the loan term.
- Bridge or Hard Money Loans - From private individuals or groups. These are often used if the property needs renovations, must be closed on quickly, or is otherwise an "unstable" investment. Interest rates are much higher than traditional loans (8-12%) but leverage can range from 75 to 90% and funds are secured more quickly.
- CMBS or Conduit Loans - "Commercial Mortgage-Backed Securities." These loans are secured by the commercial property and have fixed rates and flexible underwriting. Rather than paying back the loan to the original lender, they are packaged and sold on the secondary mortgage market to bond investors. The borrower then answers to a CMBS "mater servicer."
Check out The Grind next week for a continuation of this series.
Your Team Called. They Want Tough Love.
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Regardless of where you are as a business owner or investor, you want the best out of the team of people around you. Just like we at The Grind want the best out of you. So, let's pull back the curtain. There's no "right" way to manage a team, but there are a busload of wrong ways.
How we get our team to maximum capacity matters, because bottom line: the result is less staff turnover. It's cheaper to develop the team member you already have than it is to bring in a new one.
Let's talk about what's actually going to motivate them.
Read the full article here
The Take
You know the old adage, "Fake it 'til you make it"? There's some truth to it! Sometimes, being the kind of leader you want to be won't come naturally. When you're feeling nervous, there are some easy tricks to keep in mind that will get you farther faster.
Click the picture above to download the Take of the week!
The Word
Check out our recommended reading for the week:
- What the Pandemic Continues to Teach Us About Customer Wants and Needs (AdWeek)
- Research about customer experience may be getting smarter, but the results are fairly universal: the longer your client has to wade through bullshit, the less likely they are to remain your client.
- Why should you care? Don't sleep on the practical advice here, like what effective, empathetic practices look like in business.
- 10 Ways Companies Are Fighting the Burnout Epidemic (Forbes)
- Did you know that 76% of employees say that the stress they feel at work affects their mental health with more serious conditions, like anxiety or depression? The burnout epidemic has had a serious ripple effect, with more American workers choosing to stay at home for better or for worse.
- Why should you care? Taking care to combat burnout when you see the signs will make for a happier team and a better business.
- Yes, good leaders are authentic leaders—but here's what that actually means (TED)
- If you’re starting an endeavor from the ground up, chances are you’re changing roles—from professional to entrepreneur, from employee, to employer, etc. All that change is where we start to lose sight of what “authentic” means.
- Why should you care? You'll waste less time vying for people's attention when you get comfortable being uncomfortable. And that discomfort—that's where you grow.
