- 6 hours ago
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00:00You actually owe $80,000.
00:03Wait a second!
00:05Money affects every aspect of our lives,
00:07but most importantly, our relationships.
00:09You think it's coming off the top?
00:10Yeah, you said it.
00:11Oh, wow.
00:12I am Leah Collins, and I'm a financial relationship coach.
00:15But I heard you did.
00:16Yeah, I'm pretty good.
00:17One person has nominated someone in their life
00:20who is drowning in debt.
00:23I help people take control.
00:25Let's break the bad habits that are holding us back
00:28and keeping us maxed out.
00:42I'm on my way to meet Pastor Greg,
00:44who has nominated Donna, his church member,
00:47which is interesting.
00:50And apparently she owes him tens of thousands of dollars
00:54for her dance studio.
00:56He has loaned her money to keep her afloat,
00:58but to my understanding, she's operating her business
01:01like a calling instead of a company.
01:03I need to find out where this church is,
01:05because if he is in the business of giving out money,
01:07sign me up.
01:12What feels special about the location of Apex Dance Academy
01:15is it's in a very well-to-do area of Dallas,
01:20so I'm thinking she should be raking in some pretty good money
01:23from her classes given the demographic.
01:27Hello, hello.
01:28Hello, Pastor Greg.
01:29I'm Pastor Greg.
01:30Nice to meet you.
01:31Nice to meet you.
01:32All right.
01:33How are you today?
01:34Wonderful.
01:35Glad you could make it.
01:36I want you to meet Miss Donna.
01:37You know, she's had it a little tough for a while.
01:38Mm-hmm.
01:39When it comes to the finances, her overhead,
01:42I think that with maybe a little help,
01:44a little guidance, it'll make her way easier.
01:47Where do you come in?
01:48Well, my wife and I have been able to step in
01:51and help her with some funds, finances.
01:54Mm-hmm.
01:55We're happy to help, but I don't know how long
01:57she'll continue to be under this kind of monthly challenge.
02:01Right, okay.
02:02The debt is pretty strong, but I heard you're good.
02:04You better be good.
02:05Yeah, I'm pretty good.
02:07You got your work cut out.
02:08Okay, all right.
02:09Well, that's what I do, so.
02:10All right.
02:11Can we meet her?
02:12All right, follow me.
02:13All right.
02:18Donna, Donna.
02:19Hey.
02:20You know, we're talking about a possible financial coach.
02:23Yeah.
02:24This is Leah.
02:25Hi.
02:26This is Donna.
02:27Hi.
02:28Nice to meet you.
02:29Nice to know what we're really doing.
02:30Yes, yeah.
02:31I feel ambushed, and I am nervous,
02:35but then I also did know that Pastor was concerned
02:38about my finances, because we mentioned
02:41finding a financial coach.
02:42I did not think he could move that fast.
02:45He doesn't do anything fast.
02:47I don't know what you're talking about.
02:49I'm a young killer.
02:52Pastor Regis told me a little bit about you
02:54and why I'm here.
02:56Interesting dynamic.
02:57I've never met with a pastor
03:00and someone from the congregation, right?
03:02Yes.
03:03Where?
03:04Where they're loaning money.
03:05So how does, do you loan money
03:06to a lot of your church members,
03:07or is there something special about Donna?
03:08No, no, no, no.
03:09Okay.
03:10So there's something special about Donna.
03:11So what did you see in Donna's business?
03:12Well, my wife and I noticed how hard she works.
03:16Mm-hmm.
03:17The people at the church just love her.
03:19I've noticed that she's been really diligent.
03:22Look at the trophy.
03:23Yeah, I noticed.
03:24They win almost all of the trophies in a war.
03:27They just clean up.
03:28She's pretty successful with these kids,
03:31and they seem to be the best.
03:34This has been a passion of mine for a long time,
03:36since I was a kid, actually.
03:38I always loved dance as a child, I guess.
03:41And I grew up in the church.
03:43And my grandfather was a pastor.
03:44I was raised by my grandparents.
03:46They didn't believe in dance, like, as an art form.
03:49So I would sneak in the back room and listen
03:51and watch Soul Train and different stuff with my cousins.
03:55And I'd be like, when I get grown,
03:56I'm going to be on Soul Train.
03:58So that's where I started the love of dance.
04:00And then when I got into high school,
04:02I started taking dance more serious.
04:04Our school had a dance program, and we had a demo, which is TA.
04:08So I was a high school student,
04:11and I was also teaching dance as well.
04:13As soon as I got out of high school,
04:15I moved to Southern California,
04:16because that's where everything was.
04:18I did fulfill a childhood dream
04:20and ended up on a couple of episodes of Soul Train.
04:23And my first choreography job
04:25was choreographing for one of Coolio's groups.
04:28And then I also did a choreography for Atlantic Records.
04:31So I did a lot of dancing, made a lot of my career from dancing,
04:36but I also taught for a lot of other dance studios.
04:40I just loved pouring into children.
04:43So then that's what made me look for a brick and mortar.
04:46Since opening four years ago,
04:48I struggled with meeting all the expenses of owning the business.
04:51So I've had to rely on credit cards, business loans,
04:56personal loans to keep the doors open.
04:58I've had a front row seat during Donna's journey.
05:02Donna is one of the pillars of the church, so to speak.
05:05She helps with the directing of the children.
05:08She leads the praise team.
05:10Her diligence made my heart be very willing to back her up.
05:15And because I own a cattle ranch and cattling has been good,
05:18it put me in a position to be able to help Miss Donna.
05:21But I think that Apex is old enough now
05:24that Apex should be able to stand on its own two feet.
05:27I feel under pressure to pay back all debt,
05:30so this situation is terribly uncomfortable.
05:33So how long have you had the business?
05:35We started in 2012.
05:37OK.
05:38And you moved here when, 2018?
05:40It'll be four years in December.
05:42OK.
05:43So, yeah.
05:44I signed a 10-year, which was what I wanted to do.
05:47OK.
05:48I figured I didn't want the rates to go up tremendously.
05:52OK.
05:53I understand Donna's logic.
05:54However, I would only recommend a 10-year lease
05:56to an established business with stable income,
05:59never to a new business that is still finding its footing.
06:02How much do you pay for the rent here?
06:04The rent here.
06:05The most, like, is $8,900.
06:07$8,900?
06:08Yeah.
06:09At the highest.
06:10Well, I almost fainted.
06:11This beautiful edifice is expensive.
06:15How many students do you currently have enrolled?
06:17Approximately a little over 100.
06:21And what do you charge for your classes?
06:23How does that work?
06:24It's $80 a month for one class.
06:26OK.
06:27And then each additional add-on is like $70.
06:30Then Donna, don't forget about those kids
06:32that can't really afford it.
06:34I, yes.
06:35And you give, give, give, give, give.
06:36Are they included in the 100?
06:38They are.
06:39Yeah.
06:40For me, Apex is not just a business.
06:42More than that, my students are like my children.
06:45They have become like family.
06:47So I always want to be accessible to not just the rich,
06:52but to the middle class and to anyone else as well.
06:56I just love working with the kids.
06:57I love seeing the confidence that it gives them.
07:00Mm-hmm.
07:01In my heart, I feel bad if like somebody can't take it in
07:04because they can't afford.
07:05To me, this is their happy space.
07:07Yeah.
07:08And it sounds like that's what dance did for you too
07:10when you were a child.
07:11Yeah.
07:14Yeah.
07:15I can tell your students mean a lot to you.
07:16Yeah.
07:17Can you go into a little more detail?
07:19How much does the business generate?
07:21$140,000.
07:22You're, you said about $9,000.
07:25You're only, you're bringing it $140,000.
07:27So most of your expenses is going out.
07:29Going out.
07:30How many times have you had to borrow?
07:31I know initially it was the $10,000.
07:33I've borrowed from him $10,000.
07:36But then I had also borrowed from my brother $7,000 before as well.
07:40Okay.
07:41And then again.
07:42Okay.
07:43And then the next time you borrowed from the pastor was?
07:48Increments of like, it was a $20,000 and a $10,000, I think.
07:51Okay.
07:52Or something like that.
07:53So I owe.
07:54About $30,000?
07:55Yes.
07:56Yes.
07:57The first time I did ask for money, it was hard
08:00because I don't like to ask anybody for anything.
08:03But it was almost an emergency.
08:05Her rent was due and the money had to come from somewhere.
08:08She paid it back pretty quickly in a lump sum.
08:11But over time, she's need to borrow more.
08:13The total amount that I've borrowed from the pastor is about $60,000.
08:18Right now, I still owe him $30,000.
08:21And I'm still trying to figure out now how I'm going to pay him back.
08:25When did you borrow the last $30,000?
08:27The last was to get through this past summer.
08:30The students that we have go on vacations during the summer.
08:35And a lot of them go on like elaborate vacations.
08:38I'm not talking like, you know, they go-
08:39I see where you're located.
08:40I know.
08:41So yeah, so they go on elaborate ones.
08:44And we're still, you know, here.
08:47But the bills still don't get paid when they're not here.
08:51Would you consider a new location?
08:53I don't want to move.
08:56This is like central location.
08:59This is kind of where I've built my business.
09:01Mm-hmm.
09:02I would not like to really move.
09:04I can tell Ms. Donna wants her business to be successful.
09:06But she needs financial literacy.
09:08Right now, she's not even making enough to cover her basic expenses.
09:11You got a magic potion in that computer?
09:13What you going to do about it?
09:15So the first step is this planner.
09:18It's called Money Moves Makeover.
09:19Okay.
09:20And I am going to give you a little homework.
09:22Okay.
09:23And the first thing I really just want you to do is start with three long-term goals.
09:27Mm-hmm.
09:28Then once I receive your financials, I'll review those and try to come up with a plan for you
09:32and some different options for getting you out of this hole.
09:36Okay?
09:37Okay.
09:38This is the first business that I've ever owned in my life.
09:41It's my passion.
09:42So I know about that part of it.
09:44But Leah actually knows about the business part, which is what I need.
09:51I'm going to be praying that Leah will help Donna take Apex where it needs to go.
09:57Can we see any dance moves?
09:59I will do it.
10:00If you do it with me, I'll show you some steps.
10:03There's the bars.
10:04I'll do that with a dance.
10:06There's the ballet bars.
10:07I thought she was going to do it.
10:08I didn't know I was going to get balls.
10:10You currently have about $200,000 worth of debt.
10:15I tried to come up with a number for you, but at this rate, you'll never pay it off.
10:19This is a singing Titanic.
10:35I have a surprise for you today.
10:38I've had a chance to review Donna's financials,
10:41and I have a little visual representation to show her what they look like.
10:45So this cute little locker here represents your business.
10:49We have the little dance dresses and trophies just to really represent how successful your business is
10:55and the impact that you have been able to make in the community and the children that you are able to help and serve.
11:00And up here, these boxes represent your financials.
11:03Okay.
11:04Can you take this first box for me?
11:07You got it?
11:08Yeah.
11:09Okay.
11:10Open the box.
11:11Let me open it for you.
11:12Okay.
11:13Ooh.
11:14This stack of money represents your debt, which is about $200,000.
11:18That's a lot.
11:19Wow.
11:20You could do a lot with that money.
11:23I feel just overloaded and just weighed down and, like, trying to figure out how would I pay that back.
11:32This is a singing Titanic.
11:34This pile of money represents what you pay in rent, which is about $110,000.
11:43So basically what you're paying in rent is half of your debt.
11:49Your profit is around $2,000.
11:51I tried to come up with a number for you, but at this rate, you'll never pay it off.
11:58Who wants to never catch up?
12:00You know, you're working all this time for something and you're never seeing a reward or a payoff or anything.
12:09Well, I'm gonna get mine.
12:12Some way, somehow.
12:17When you were profitable, it's because you had less overhead.
12:20Yes.
12:21After reviewing Miss Donna's monthly expenses for the studio, I'm shocked that she's been able to hold on as long as she has.
12:27Her rent is so high, her payroll totals out at about $3,400 a month, and her total expenses are about $16,000 a month.
12:36Donna's only bringing in about $16,000 a month.
12:39That leaves her with $160 of profit each month.
12:42So total, she's only bringing in about $2,000 a year.
12:46Her total debt consists of credit cards, a huge business loan, a loan from her brother, and, of course, the $30,000 from the pastor.
12:55Because her profit is so low, she will have to continue to borrow.
12:59Unless she decreases this rent and these overhead expenses, it doesn't matter how much money she makes.
13:04She can win the lottery.
13:05That's the only way she'd be able to pay off this debt.
13:08I know you don't want to move from your current location.
13:11You don't want to lose customers.
13:12But maybe we can find something else in the area, close by, that's just a little smaller.
13:17And then maybe expand once you are able to get more clients and customers through the door.
13:24Are there other options?
13:26Yeah, there are other options.
13:27I believe you said your busiest time is from 4 p.m. to 8 p.m.
13:30Have you done anything like yoga classes or Pilates classes?
13:34No, but I'm sure we could.
13:37I would love if somebody else was to be able to come in.
13:40Yeah, maybe you could rent it out.
13:41Yes, I'm open to that.
13:43She's really only open from 4 to 8 p.m.
13:46So she's paying over $9,000 a month for a space that she uses for 4 hours.
13:51She could cover a large portion of her rent if she simply sublet the studio to another instructor during those unused hours.
13:57I know in the summer it's slow, so maybe you can do summer camps.
14:01As a mom, I'm always looking for some type of summer camp, dance camp for my kid.
14:06We've done those before, too, because of where we are and our location.
14:12There's just not a lot of kids that stay.
14:15So they're off on vacations?
14:17A lot of them are off on vacations.
14:19Most of your clientele is a higher tax bracket.
14:22Could you increase the prices or do, like, tiered pricing, income-based pricing?
14:26Is that something?
14:27I don't want to increase, too, because I feel like morally I try to stay with what's fair and comparable.
14:36I don't want to just gouge price just to gouge because I don't like when people do that, like, just period of price.
14:41Well, you don't have to gouge, but if you're under what everyone else is, just mark them up slightly so that you are aligned with your competitors.
14:48If you're not making a profit, at some point you're going to have to stop.
14:51Your business is going to close.
14:53Donna is a trained, soul-trained dancer.
14:57She's only been in business a few years, and she has awards, trophies, banners all over her studio.
15:03She lives in a well-to-do area.
15:06Of all people, these people can't afford her worth.
15:08This is an award-winning corporation.
15:12Remember that we're upside down here.
15:16Yeah.
15:17What will happen to the kids if your business does close?
15:20Some of them it's therapy for, you know, because some are barely holding on.
15:25Dance is the outlet, so it helps in more ways than people know.
15:30One of my goals here is just to really make your business lean and profitable so that you can give back to the kids that you love so much.
15:40One of the things that I want you to do is use the workbook that I gave you and just create a budget.
15:45Pay attention to where you're allocating your money.
15:47Maybe have a portion that you allocate to your investors, to marketing, because we definitely need to pour more money into marketing.
15:55Yeah.
15:56Also, I know you were concerned that if you move, your clientele won't follow you.
16:00I did create a questionnaire for you to give to parents just to figure out if that really is the case.
16:05Okay.
16:06How, if they will follow you, if so, how far, then if you're open to it, we can look at some spaces.
16:12Okay.
16:13Are you okay?
16:14I'm good.
16:15Yeah.
16:17My plan for Donna, as resistant as she is, is to increase her marketing, raise her prices, which will increase her income, and get her into a more affordable space.
16:27Only once she's making more profit can she really focus on tackling her debt, including paying back the pastor.
16:34Lord, help us all.
16:38I really want you to see the fruits of your labor.
16:40Love your passion, but we have to figure out how to make a profit so that you can stay here.
16:43Okay.
16:45They asked what I thought about, like, going to another location.
16:49What if you did move and people moved with you?
16:52I know some parents, if I move too far out of their bubble, they won't come.
16:57My stress level feels like it's at a 10.
17:14I know Crystal because she is not just a dance mom, but she's become a friend through that.
17:26How are you doing?
17:27How's everything?
17:28You know, four kids at home.
17:30It's no joke, but I've showered and actually put makeup on, so I think that's a big win.
17:35Crystal ended up just becoming one of those parents that you could call on for help, and she was just always there.
17:43She's very honest, and she's very blunt with things, but she says it in love, so I really, truly value her opinions.
17:53You know, Pastor and I have been talking about my financial issues, so he actually brought in a financial advisor.
18:00Which was, you know, it was great in a sense because it was, I needed to confront, but they had this little analogy.
18:08And it was, like, a pile of money showing, like, how much debt and, like, how much I bring in.
18:15It was just crazy.
18:16At the rate that I'm operating right now, it was, I would never catch up.
18:21I would never be where I needed to be.
18:24So what were, like, some of the practical things that they talked to you about?
18:29They asked and, you know, what I thought about, like, going to another location, like, maybe downsizing.
18:36And I was kind of really on the pushback on that, only because all my students come from that, you know, area.
18:43If there was a building that was in the area that was available, you know, of course I would consider it.
18:49Hey, thank you.
18:51Thanks.
18:53Yay.
18:54So, of course, I would, you know, consider it, but I can't see myself going somewhere else.
18:58I just have to try to figure out a way to make it more fruitful.
19:03She said to stop giving away so much stuff for free.
19:06She was asking me to increase prices, but I don't want to increase prices,
19:10because right now we're kind of at where everybody else is, just a little bit under.
19:15Even with our family, we know, because that's how we were able to even give our daughter, like, the world of arts,
19:21is because you said yes when we weren't able to afford it.
19:25But knowing that you're in a hard-pressed place right now, what if you did move and people moved with you?
19:31Or you tap into a different neighborhood?
19:34Okay.
19:35You have such a loyal fan base, and that's honest.
19:40People come back to you, people don't leave you, and they would go.
19:45That's where I'm kind of nervous about, because, like, for example, if they ask me about going to get some shoes, you know,
19:53and I'll tell them, oh, go to, you know, this place on, they're like, oh, no, that's too far.
19:57So when I think about that, I hear that, and then I think, oh, if I move over here, they won't come.
20:03So that's, I think, where I was nervous and where my hesitation comes from.
20:08But if they would come, then I'd be open to it.
20:13It's different when Crystal is telling me the same things that Leah is telling me.
20:18But I know some parents, if I move too far out of their bubble, they won't come.
20:24Right now, I know my stress level feels like it's at a 10.
20:28I believe you.
20:39Hello.
20:44Hello there.
20:45Hi.
20:46How are you?
20:47Glad you could come.
20:49Thank you for inviting me.
20:50How are you?
20:51Welcome to the ranch.
20:52Thanks.
20:53After seeing how resistant Ms. Donna is about raising her prices and changing her business strategies,
20:59I have a little challenge for her.
21:01How do you like this fresh air?
21:02I love it.
21:03It reminds me of my grandmother's house.
21:04Yeah.
21:05Actually, yeah.
21:06You want to meet some cows?
21:07Yeah, absolutely.
21:08And Pastor Greg is letting me use his beautiful ranch to get my point across.
21:14All right, Leah.
21:15We need your help.
21:16Just do your hands like this and let her rip.
21:19You can do it.
21:20Boop, boop, boop, boop, boop, boop, boop.
21:25So are the little ones baby cows?
21:28I think so.
21:29Oh, they're so cute.
21:31Do you have everything ready?
21:32Yes, let's go.
21:34Let's go.
21:34OK.
21:35Donna, we have something fun to show you.
21:38We are going to play a little game today.
21:40OK.
21:41It is what I call the leaky bucket challenge.
21:46OK.
21:47Donna, since you're so generous and compassionate,
21:50and you're always pouring into others,
21:52this trough that's full of water represents you.
21:55OK.
21:56All right?
21:56And these two bins represent the recipients
21:59of that generosity.
22:00The goal is to scoop the water out of this trough
22:03into the two bins until the water fills up to the red line.
22:07Wow.
22:08OK.
22:08I'm ready.
22:08OK.
22:09You ready?
22:09All right.
22:10You say that now.
22:11The purpose of this challenge is really just
22:13to show Donna how much she undervalues herself
22:15and her business.
22:17Got it.
22:17All right.
22:19And I want the pastor to see that his temporary fixes
22:21are not helping.
22:23So you have one minute.
22:25Ready, set, go.
22:28Oh.
22:30There's holes.
22:31Wait a minute.
22:33The holes represent your burnouts.
22:36It's got holes in it.
22:40Oh, you have a lot more to go.
22:41I know.
22:43All right.
22:44Faster, faster.
22:44We're going to let out some of the corkscrews.
22:47These are your temporary fixes.
22:48So this would be all that overhead.
22:52Oh, wait.
22:53Oh.
22:53Let's see.
22:54The next temporary fix would be faster.
22:57Wait.
23:01I got holes in my scooper.
23:03I got holes in the trough.
23:05And the water is running out faster than I can get it to the bucket.
23:08These are your contributions.
23:09Yes.
23:10Loans, the money that you keep giving.
23:11That's right.
23:12They're not fixing the problem, which is not a sustainable business model.
23:14That's not a lot.
23:16Are you tired yet, Donna?
23:18I am.
23:18And you do this every day.
23:20Mm-hmm.
23:21All day.
23:22Three, two, one.
23:25I got one.
23:27I got one.
23:27Oh, you did get one.
23:29What are you thinking?
23:30The way I am, I won't make it.
23:32I won't last.
23:33Wow.
23:33I'm getting worn out.
23:35When we keep just doing temporary fixes and not really solving the underlying problem,
23:40which is an unsustainable business model, then we just keep, you know, repeating the cycle.
23:46Wow.
23:46Because you do pour so much into so many people, I gave you two bins.
23:50So maybe that means you need to pour into one bin a little less.
23:54You can't save everyone.
23:56Yeah.
23:57I'm understanding that if I keep operating the way that I am, I'm going to have no more me.
24:04That's a clear message.
24:05As much as I want to give, I'm going to be depleted.
24:09There will be no more me to help anybody.
24:12Sounds like you got to make some big changes.
24:16You can't pour from an empty cup.
24:18Yeah.
24:19Preach that.
24:20You can't pour from an empty cup.
24:24Can I get a witness?
24:28If you try to pour from an empty cup, it won't be enough.
24:33Yeah.
24:34Amen.
24:35Amen to that.
24:36Amen.
24:37Don is a real estate broker.
24:45He's done research to find some dance studios within a 10-mile radius.
24:49I can't picture myself anywhere else.
24:52This is probably too small.
24:54Too small?
24:55I'm not really interested in moving studio locations.
24:58Money in the bag.
25:00Money in the bank.
25:01You never run down too much gas in this bank.
25:03No, I'll make you feel good on it.
25:05Hello.
25:06Hi, Donna.
25:07How's it going?
25:08How's it going?
25:09How's it going?
25:10Good.
25:11How are you?
25:12Good.
25:13How are you?
25:14Good.
25:15Good to see you.
25:16You look cute.
25:18How's it going?
25:19This is Don.
25:20This is my good friend, Don.
25:21Hi, Don.
25:22Nice to meet you.
25:23Don is a real estate broker.
25:25He's done a little bit of research to find some dance studios
25:29within a 10-mile radius of where you currently are.
25:32OK.
25:33I wasn't like totally on board with the downsizing yet.
25:39But this is just representative of some of the spaces that are
25:42available near your area.
25:44OK.
25:45I want Donna to meet with the broker because I want her to see
25:48what downsizing would look like.
25:50I think in her mind, downsizing means something less.
25:54I just really want her to see what her options are and how
25:57she could make more of an impact with her business if she
25:59decreases her overhead.
26:01I'm open for a tour, but I'm not, you know.
26:05No, I understand.
26:06I'm liking the space that we're in.
26:08And I want today to be, like, just informational for you.
26:10OK.
26:11Just so you can have your options.
26:12Just information?
26:13Yes, ma'am.
26:13Just information.
26:14Nobody's trying to say anything.
26:15OK.
26:16Just to show you around.
26:17This studio here is 2,200 square feet.
26:20It has these windows right here.
26:21So during the daytime, it has tons of natural light and also
26:24has a nice industrial look.
26:26I'm not really interested in moving studio locations.
26:29My studio has become, like, our base and a safe place for me
26:33and the kids.
26:34This is probably too small.
26:37Too small?
26:37This could probably be the kids.
26:39Where the kids do their homework, just hang out.
26:41Yeah.
26:42I can't picture myself anywhere else.
26:44But I will look if Leah is wanting me to look.
26:48So it's not the biggest room.
26:50OK.
26:50But it's something.
26:51OK.
26:53For your kids' skin.
26:56OK.
26:58It's cute.
26:59I do see the possibilities here.
27:01I don't have a space for the kids to hang out in between classes.
27:05I don't have a holding area for the parents.
27:09It's interesting.
27:10But it's really not enough to compete with my current location.
27:14The issue I have here is the space and the size of the dance room.
27:20Like, this would be one room.
27:23This is, like, the size of our large room.
27:25But then we have another dance room.
27:27And we normally are running two rooms at the same time.
27:30Now, let me tell you this.
27:31I did do some research.
27:33OK.
27:33And I seen they have some areas like 15 minutes from here,
27:36like, towards the Skillman area.
27:37They have dance studios your size, 3,300 square feet.
27:41And it's going for around $3,000.
27:44Hearing them say $3,000 for a space that's comparable to mine
27:49hits me like a lightning bolt.
27:52The amount of money I could be saving changes everything.
27:57Thank you all again.
27:58All right.
27:58Bye, Don.
27:59Yes.
27:59I have to keep an open mind, especially at this point in time
28:04and all the stuff that you've given me to think about from even,
28:08you know, what do you call that?
28:10The challenge?
28:11Yes.
28:12I actually learned a lot from that challenge.
28:15How is the survey going?
28:16Have you been able to hand that out to any of the parents?
28:19And what's been the feedback?
28:20Yes.
28:21So I had, like, a handful of them come in.
28:25Still have waiting on more and to, you know, see where that stands
28:29and what that is.
28:30But as of right now, it does seem, like, promising.
28:33Like, they would be willing.
28:34Good.
28:35Yeah.
28:35I knew they would.
28:36Oh, yeah.
28:37And even if you lose a few, you'll get more.
28:40Yeah.
28:40You'll always get more.
28:41Yeah.
28:41So I appreciate hearing about the options.
28:44But I still just don't know.
28:47Because after putting out Leah's survey that she gave me,
28:51there were quite a few parents that said that they would follow me.
28:55But I had more so that said that they would only go a certain distance.
29:0120 minutes away could, you know, make or break.
29:05And I'm not sure that my students are willing to do that.
29:08I don't know.
29:09I just have to think about it.
29:11And with this property, again, this one would save you about $60,000.
29:14I did look at a few others that could save you up to $72,000 a year.
29:18Wow.
29:18And they had multiple studios within the building, an area for the kids.
29:23If you were to do this building, right, with the $60,000 you would save a year,
29:28you would pay off your debt within three to four years.
29:31Oh, I like that.
29:32Mm-hmm.
29:32OK.
29:33So that's something else to keep in mind.
29:34Because before, I could like, there was like never.
29:35Before there was no hope.
29:36You were just sinking deeper into the hole.
29:39Three to four years sounds way better than never.
29:41So I'm good with that.
29:43OK.
29:44You know, so yeah, whatever, I'm open.
29:47OK.
29:47Yeah, we just have to make the math work.
29:49I can see the shift happening.
29:52I can tell that Donna is beginning to have the vision and really understand
29:56what the business could look like in a smaller space.
29:59All right, well, if you have any questions before we meet again,
30:02let me know.
30:03I'm here for you, whatever you need.
30:04All right, thanks.
30:05OK, well, let's head out.
30:06OK.
30:07She's had to borrow a few times.
30:10Yeah, it was about $10,000.
30:12Around $60,000.
30:14$60,000 from my dad.
30:16My dad.
30:17Mm.
30:39We have quite a treat.
30:40Our very own Sister Donna.
30:43Amen.
30:43Amen.
30:44All right.
30:56The church, it's part of my ministry, so I do a praise dance, which is what I teach the kids to do.
31:03But it's also my give back and, I think, the best form of dance that there is.
31:09We know that there have been hard times, but we know we will one day repair.
31:24This is a big part of who I am, and, you know, just giving back to God, the gift that he gave us, gave me.
31:33We know we will one day repair.
31:43Whoo-hoo!
31:45Thank you!
31:47Beautiful!
31:48All right!
31:50So glad you came.
31:51Greet your neighbor.
31:52You are dismissed.
31:54God bless you.
31:56All right.
31:57God bless you.
31:58So I've been praying and reflecting on the struggles I've had in my business for so long.
32:04I'm weighing all of Leah's ideas, but I'm still hesitant about making such big changes.
32:11Hey, Pastor.
32:13How are you doing?
32:14How are you doing?
32:15Wonderful.
32:16This is Trina.
32:18That's Pastor Voss's daughter.
32:20And Trina, this is Crystal.
32:22She's one of my dance parents.
32:24Nice to meet you.
32:25Yes.
32:26Nice to meet you, Pastor.
32:27That was a great tour.
32:28Yes.
32:29You did so good.
32:30Amazing.
32:31Thank you, Trina.
32:32You still got it.
32:33Trina, we've been on this little journey here, and Pastor had brought this financial advisor
32:41to me because, as you know, the studio is big.
32:44It's a lot of overhead.
32:45Mm-hmm.
32:46So they were saying that they felt that I should downsize.
32:49But, you know, Apex and where we are, that's like my heart.
32:52But it's so expensive.
32:53Mm-hmm.
32:55She's had to borrow a few times.
32:58Yeah.
32:59It was about $10,000 at that time.
33:01Well, that's how much you know about it.
33:04It's more than that.
33:05Oh.
33:06It's been a total of more than around $60,000.
33:09Mm.
33:10Wow.
33:11Yeah.
33:12It's not still $60,000.
33:14I paid that, so.
33:15$60,000 from my dad.
33:17Mm.
33:18Wow.
33:20That's not, that's not normal.
33:21No.
33:22I can't get that.
33:23Trina knows that I don't lend money to my children.
33:27I've taught them to have an emergency to see me.
33:30But it better be, it better be good.
33:32I think that as the financial coach was saying,
33:36we won't be able to continue, you know, with this cycle.
33:40Right.
33:41And I know that.
33:42I appreciate all that you have done for me, Pastor,
33:45as far as loaning me this money and stuff.
33:48But I know that at some point, I need to take it from here.
33:52And I know that that point is now.
33:54So I got it from here.
33:57Hallelujah.
33:58Amen.
33:59Excuse me.
34:00Excuse me.
34:01Overdid it.
34:02Something got him.
34:03Something hit my hands.
34:06The financial advisor wanted me to, like, keep an open mind.
34:10And so she had a real estate person.
34:13They took me to this space that they wanted me to consider.
34:17What?
34:18And yeah, it was too small.
34:21Did you make it work, though?
34:23That place might not be the place.
34:25But you are more open to the idea.
34:27I'm open.
34:28I'm open to the idea now because I didn't even think the price point on it and everything.
34:33I didn't even think that was possible.
34:35How much less?
34:36More than half.
34:38Yeah.
34:39Wow.
34:40It's a huge savings.
34:42Yeah.
34:43I don't want to leave my current location and risk losing the students that I have, but I don't want to continue where I am and then slip further and further into debt every year.
34:55She said I would save, like, $60,000 a year.
35:00Yeah.
35:01That's some people's tuition.
35:02Does that not blow your mind?
35:03Yeah.
35:04I think you know what you got to do.
35:06I know.
35:07I know.
35:08I don't know the right decision, but I know something's got to give.
35:12And I have to counsel you to consider all your options.
35:17Can we join hands together?
35:18Yes.
35:19Let's just have a little prayer.
35:20Father, we just thank you for Donna's openness and her wisdom to listen to wise counsel.
35:26So good.
35:27Yes.
35:28And we just thank you in advance.
35:31That it won't be long from now.
35:32Yes.
35:33That she will be rejoicing and relieved.
35:35Amen.
35:36In Jesus' name, amen.
35:37Amen.
35:38And amen.
35:39You got this.
35:40That's so good.
35:41Lord, I pray that she'll give her the check in 30 days to pay me my money.
35:45Amen.
35:46Christmas is coming.
35:48Santa Claus is coming.
35:49I got a bunch of grandkids.
35:51I know we talked about increasing your prices.
35:54Yeah.
35:55I don't want to quite do that.
35:58I think at one time I told you there was no way you're going to pay off your debt.
36:16I'm talking about a time for you to be about it.
36:19Hey.
36:20Hi.
36:21How are you?
36:22Good.
36:23How's it going?
36:24Good.
36:25Wonderful.
36:26Good to see you.
36:27It's been a couple of weeks since I've seen Ms. Donna and Pastor Greg, and I'm looking
36:29forward to seeing if she has taken any of my suggestions to heart.
36:33So how have you been?
36:34Do you have any updates?
36:35Any news to share?
36:36Well, actually this whole process has been like a journey.
36:42It's been an emotional rollercoaster, but in a good way too, you know.
36:46Yeah.
36:47Everyone has really been listening to your advice, and I'm glad to see that she's more
36:52open and willing to do whatever's necessary to keep Apex not only afloat, but productive.
37:00Mm-hmm.
37:01Yeah.
37:02I'm thinking about taking Dan's lesson myself.
37:04At first it was like a hard-pressed no as far as moving.
37:11Now that I see kind of like what's out there, I am considering realtors and the different
37:17spaces that are available and out there now.
37:19Okay.
37:20I am going to meet with some of them.
37:21Good.
37:22And see which one actually, you know, fits.
37:24Yes.
37:25And so yes, I am open.
37:27Yeah, because when I did the calculations, that would bring your rent down by 60 to 72,000
37:32a year.
37:33Yes.
37:34I think at one time I told you there was no way you were going to pay off your debt.
37:37You did.
37:38You know, with these tips and the moves that you're making, you have three to four years
37:41that you're done.
37:42Yes.
37:43Wow.
37:44You'll be in the black.
37:45Yes.
37:46I'm excited for it.
37:47I know we talked about subletting your space to other instructors to do things like Pilates
37:52or yoga or other classes.
37:54Is that something that you've considered?
37:56I'm going to be doing that.
37:57Okay.
37:58Yes.
37:59I am open for sure.
38:00Prices.
38:01Increasing your prices.
38:02Yeah.
38:03That one, I'd rather wait on that one.
38:05Okay.
38:06I don't want to quite do that.
38:08Okay.
38:09Plus, I want to see where we land, you know, as far as location.
38:13So.
38:14Okay.
38:15She's also starting a liturgical.
38:18Yes.
38:19Department.
38:20Yes.
38:21Liturgical dance would be considered like what you would see in churches.
38:25Oh, like praise dancing.
38:26Praise dancing.
38:27Yeah.
38:28So it's also called praise dancing or worship.
38:30It's a big thing in churches nowadays.
38:31Yes.
38:32And then for say workshops, if we go into a church and we do offer workshops, we could,
38:36you know, offer it to them.
38:38That would not be for free.
38:39Okay.
38:40I love that idea.
38:41And pastor, will you be loaning any more money or how are you going to help moving forward?
38:46No.
38:47No.
38:48No, I think that, uh, I think that, uh, Donna's gonna make it now.
38:54And, um, it was funny when my, uh, daughter, she said, oh, she said, you won't loan us money.
39:02Wait, so you don't loan money to your kids?
39:04Would you loan money to Donna?
39:05How does that work?
39:06I don't think they would pay back.
39:07I think it'd be, it'd be a lost cause.
39:12I think that I, I, I feel so much better, Donna.
39:15I'm just so happy.
39:16Yeah.
39:17Uh, and, and, and I, I thank God for you.
39:20You're pretty good.
39:21Cause it makes me feel very encouraged knowing that Donna, this is really an answer to prayer.
39:27I've been praying for you, but it's such a lift, like a heavy weight knowing that with
39:32the help of this financial advisor and coach, I think you're gonna make it.
39:37I think so too.
39:38I know you're gonna make it.
39:40Absolutely.
39:41So glad to have gone through this journey, even though there was a lot of emotional time
39:46for me and a lot of emotional, like, you know, just actually facing everything.
39:51Overall, I am happy with the feedback and the progress that Donna has made.
39:56I still want her to raise prices, but at least I planted the seed.
40:00Ms. Donna will move into a less expensive studio.
40:03She will sublet that studio when she's not using it.
40:06And she will expand her marketing efforts, which will all increase her profit.
40:11And Pastor Gregory has set his boundaries regarding his loans, but hopefully his generosity
40:16will not be needed as Ms. Donna is moving down a more profitable path.
40:20I'm so proud of you for taking my advice, thinking it through.
40:25I will be checking up with you in a few more months.
40:28Okay.
40:29Thank you so much.
40:30No problem.
40:31Appreciate you.
40:32My experience with Leah has been a learning curve, but I'm grateful for it and I'm thankful.
40:38She's good.
40:39She knows her stuff, but it's been wonderful.
40:42She really opened my eyes and brought out things that I could really do that are really attainable
40:47for me.
40:48And so I'm excited to see how they work for Apex.
40:53You got it.
41:07Next time on Maxed Out, Ms. Monica nominated her daughter, Naila, who left her corporate
41:13job to pursue a freelance career in TV and film.
41:16And Ms. Monica has had to help her pay her bills.
41:18I don't mind helping her.
41:20That's enabling though.
41:21I am an enabler.
41:22I'm her cheerleader.
41:23Is going back to corporate something you would consider?
41:26Oh.
41:27She needs a J-O-B so she can get at it D-E-B-T.
41:31You're 36.
41:32When are you going to pull it together?
41:33Mmm.
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