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[00:00:00.880 --> 00:00:05.680] Hey Entrepreneurs, it's Steph here with a special invite just for you.
[00:00:05.680 --> 00:00:10.800] Do you want to experience what it's like to be part of our Entrepreneursa League community of founders?
[00:00:10.800 --> 00:00:12.400] Now is your chance.
[00:00:12.400 --> 00:00:21.360] You can join me this month at one of our upcoming Entrepreneurs League info sessions where I'm going to share with you all you're going to get access to when you join the community.
[00:00:21.360 --> 00:00:27.040] Plus, I'll be giving away some big bonuses that you will only be able to get access to when you attend live.
[00:00:27.040 --> 00:00:35.600] Head over to refer.entrepanista.com forward slash info session to join us at one of our virtual info sessions this month.
[00:00:35.600 --> 00:00:40.640] That's refer.entrepranista.com forward slash info session.
[00:00:40.640 --> 00:00:44.560] Or head over to the show notes right now and tap the link to join us.
[00:00:44.560 --> 00:00:49.280] I can't wait to meet you there and learn more about you and your business.
[00:00:49.920 --> 00:00:55.760] But I also think that it's good to have your own executive coach because at the end of the day, the brand is the brand is the brand.
[00:00:55.760 --> 00:00:57.360] We are also our own brand.
[00:00:57.360 --> 00:01:02.400] And for me, whether the company exists in this way or not, I will still be Kendra Bracken Ferguson.
[00:01:02.400 --> 00:01:03.520] I will still be an executive.
[00:01:03.520 --> 00:01:07.200] I will still be someone who knows how to do brand strategy and brand development.
[00:01:07.200 --> 00:01:13.040] I need to be coached on what my whole sphere of influence looks like as a business leader.
[00:01:16.560 --> 00:01:23.360] Kendra Bracken Ferguson is a serial entrepreneur, venture capitalist, and a podcast host.
[00:01:23.360 --> 00:01:31.120] Since 2010, Kendra has founded four companies and now focuses on supporting black founders in the beauty and wellness space.
[00:01:31.120 --> 00:01:38.960] Kendra has been named one of Essim's magazine's 17 inspiring black executives redefining the face of beauty.
[00:01:38.960 --> 00:01:46.880] And if that wasn't impressive enough, she is one of the first 150 black women to raise over a million dollars in venture funding.
[00:01:46.880 --> 00:01:52.880] Coming up, the game-changing advice that Kendra received from Ralph Lawrence, Chief of Staff.
[00:01:52.880 --> 00:01:56.800] Kendra's advice for creating a successful business partnership.
[00:01:56.800 --> 00:02:00.000] She shares more advice for founders that are raising capital.
[00:02:00.280 --> 00:02:06.120] And finally, the litmus test that Kendra uses when she starts a new business.
[00:02:11.240 --> 00:02:13.240] This is the Entrepreneur Podcast.
[00:02:13.240 --> 00:02:23.240] It's the best business meeting you'll ever have with must-hear real-life looks at how leading women in business are getting it done and what it takes to build and grow a successful company.
[00:02:23.240 --> 00:02:29.160] It's beyond the Graham with no filters, no limits, and plenty of surprises.
[00:02:33.000 --> 00:02:38.440] Kendra, we are so excited to have you on Entrepreneursa Podcast finally.
[00:02:38.440 --> 00:02:41.000] Many, many years in the making.
[00:02:41.000 --> 00:02:46.600] And it was so great to finally meet in person in March at our Entrepreneursa 100 event.
[00:02:46.600 --> 00:02:56.440] And I cannot wait for all of our listeners to hear your story because it is so inspirational and there's so much you're doing now to help so many founders.
[00:02:56.440 --> 00:02:59.960] So thank you, thank you, Kendra, for spending your Friday afternoon with us.
[00:03:00.280 --> 00:03:03.960] Oh my gosh, this is like such an honor.
[00:03:03.960 --> 00:03:12.200] I feel like you, Steph, and Courtney, we're like kindred spirits in this, and it just feels so good to be connected.
[00:03:12.200 --> 00:03:17.320] I talk about the Entrepreneurista Awards and being with you all in person all the time.
[00:03:17.320 --> 00:03:19.320] And so just thank you for having me.
[00:03:19.320 --> 00:03:23.640] I'm just excited that we can be in community and sisterhood together.
[00:03:23.640 --> 00:03:24.920] Yes, it's the best.
[00:03:24.920 --> 00:03:34.200] Even though we are, you know, many miles apart, we can still feel close and connected and share lots of our learnings and resources together.
[00:03:34.200 --> 00:03:41.000] Kendra, did you always know, even growing up as a child, that you wanted to have your own business one day?
[00:03:41.320 --> 00:03:42.520] Oh my gosh.
[00:03:42.520 --> 00:03:44.360] So, no, I did not.
[00:03:45.360 --> 00:03:51.760] But it's funny because my mom always worked and I got to travel with her.
[00:03:52.080 --> 00:03:54.880] I interned in her office one summer.
[00:03:54.880 --> 00:04:02.480] And it was so crazy because I remember being like, I'm the only one here that's working because I was like filing papers and they were in so many meetings.
[00:04:02.480 --> 00:04:06.160] And so I never really got to see them working.
[00:04:06.160 --> 00:04:16.560] And then it was when I was in sixth grade and I was watching the news with some program, and the president was speaking, and someone walked up and handed him a piece of paper.
[00:04:16.560 --> 00:04:18.160] And I was like, that's what I want to do.
[00:04:18.160 --> 00:04:18.720] Who is that?
[00:04:18.720 --> 00:04:21.040] And my mom said, the press secretary.
[00:04:21.040 --> 00:04:27.680] And so, fast forward, I knew I wanted to get an internship at one of the largest PR agencies.
[00:04:27.680 --> 00:04:30.480] I knew that I wanted to work in PR.
[00:04:31.200 --> 00:04:32.720] That was my job.
[00:04:32.720 --> 00:04:35.840] And I was looking at it through the lens of what I had seen.
[00:04:35.840 --> 00:04:42.720] So you work really hard, you get the super senior position, you become like an SVP, you become the president.
[00:04:42.720 --> 00:04:48.080] But I wasn't exposed to the world of being an entrepreneur and being a founder.
[00:04:48.080 --> 00:04:53.760] And so I went through these milestones, these accomplishments within the corporate environment.
[00:04:53.760 --> 00:04:56.720] And it was really in my second experience.
[00:04:56.720 --> 00:05:02.960] I went from Flashman Hillard to being the first director of digital media at Ralph Lauren.
[00:05:02.960 --> 00:05:06.240] And I met my first business partner and we started talking.
[00:05:06.240 --> 00:05:11.440] And it was that like leap of faith in 2010 to create our first company.
[00:05:11.440 --> 00:05:24.320] And I will say, even then, it really was like starting my second company, where I was able to have the confidence to say, like, I am an entrepreneur, and that's what I'm going to do.
[00:05:24.320 --> 00:05:32.600] And I don't necessarily need to figure out all these other, all these other jobs and titles, but that's what I am.
[00:05:34.520 --> 00:05:44.760] It feels like I remember when we first connected, I think it was a few months ago, we have heard your name throughout the years, and we finally got to meet over Zoom.
[00:05:44.760 --> 00:05:49.400] And we realized that basically we were living like parallel lives.
[00:05:49.400 --> 00:05:56.040] There are so many similarities in our career paths, our professional journeys.
[00:05:56.360 --> 00:06:02.520] And Stephanie and I, like we shared with you, also quit our jobs to start an agency.
[00:06:02.520 --> 00:06:09.400] So I'd love to know when you decided to take that leap of faith, what preparation did you do ahead of time?
[00:06:09.400 --> 00:06:13.400] And what was that first few months like working on your own?
[00:06:14.680 --> 00:06:18.520] Oh my gosh, what did we say when we were in Florida together?
[00:06:18.520 --> 00:06:20.040] Sister Pranistas.
[00:06:20.040 --> 00:06:24.360] Like, that is exactly what we're doing in the path.
[00:06:24.360 --> 00:06:30.520] And, you know, it's interesting because I talked to so many people who were like, I'm in this job.
[00:06:30.520 --> 00:06:32.520] I want to start something new.
[00:06:32.520 --> 00:06:34.600] How do I even do it?
[00:06:34.600 --> 00:06:41.000] And for me, I didn't have the luxury of not working to just like focus on building something.
[00:06:41.000 --> 00:06:43.640] I actually loved my job at Ralph Lauren.
[00:06:43.640 --> 00:06:45.320] Like, I thought I was going to be there.
[00:06:45.320 --> 00:06:47.960] So I wasn't one of these people that was like, I'm not content.
[00:06:48.040 --> 00:06:49.560] I don't know if I want to stay.
[00:06:49.560 --> 00:06:51.320] I'm not being treated well.
[00:06:51.320 --> 00:06:58.200] It was really like, I love this job, but I know that there's an opportunity to do something different.
[00:06:58.200 --> 00:07:05.560] And so when we first started, I'll never forget, I texted Karen for Benefits, my co-founder in DBA.
[00:07:05.560 --> 00:07:13.080] And when we literally started, I texted her one Saturday and she immediately called me and I was like, I have an idea to manage bloggers.
[00:07:13.080 --> 00:07:14.760] And she was like, me too.
[00:07:15.040 --> 00:07:21.440] And we put up a website that same Saturday, got our husbands together for brunch Sunday, filed for an LLC Monday.
[00:07:21.440 --> 00:07:25.840] And I went in to David Lauren and was like, I'm going to start managing bloggers.
[00:07:25.840 --> 00:07:31.040] But it wasn't like a let me quit today, go and do this.
[00:07:31.040 --> 00:07:41.520] It was this slow process of Karen and I literally every Friday meeting with all these bloggers and saying we want to manage you, but still going to work.
[00:07:41.520 --> 00:07:43.680] But I always say I was very transparent.
[00:07:43.680 --> 00:07:54.720] I went in and said it, and everyone at Ralph was like, as long as they're wearing Ralph Lauren, so we would take Ralph Lauren clothes, give them to the bloggers while we were saying we would manage them.
[00:07:54.720 --> 00:07:58.720] And so it really was this interesting transition until it got to the point.
[00:07:58.720 --> 00:08:04.960] And you guys know, whenever you have a co-founder, there's a lot of communication and conversation.
[00:08:04.960 --> 00:08:14.240] And when one person feels like, I'm giving my all to this business and I'm trying to figure out what I'm doing, but then you're going to a job full-time and then we get together.
[00:08:14.240 --> 00:08:19.360] We're like night and weekend parents, like, you know, it becomes really hard.
[00:08:19.360 --> 00:08:31.440] And so we got to this place where even though Karen was on HSN selling her Purple Lab products, we were like, okay, we are going to have to go all in and we're going to really have to devote.
[00:08:31.440 --> 00:08:40.400] And I remember going in to, you know, resign and literally having this such a moment of fear.
[00:08:40.400 --> 00:08:45.920] But I'll never forget the chief of staff at Ralph Lauren said to me, she was like, Your last name isn't Lauren.
[00:08:45.920 --> 00:08:47.440] You have this great idea.
[00:08:47.440 --> 00:08:49.200] You've made a name for yourself here.
[00:08:49.200 --> 00:08:51.360] If it doesn't work, you can always come back here.
[00:08:51.360 --> 00:08:51.920] Or guess what?
[00:08:51.920 --> 00:08:53.840] You can go somewhere else.
[00:08:53.840 --> 00:08:57.680] And we took that and we started doing it full-time.
[00:08:57.680 --> 00:09:02.520] And, you know, in hindsight, we didn't have a fully baked business plan.
[00:09:02.520 --> 00:09:03.480] We knew the market.
[00:09:03.480 --> 00:09:07.000] We knew what we later realized is we could pick talent.
[00:09:07.320 --> 00:09:10.200] And we didn't have this massive bank account.
[00:09:10.200 --> 00:09:18.920] But we did have a belief and we did everything that we could to make sure that we could, you know, pay as much as we could to ourselves.
[00:09:19.080 --> 00:09:22.680] We know what that's like, but that we could build a business.
[00:09:23.320 --> 00:09:28.680] What were some of the biggest struggles in the early days of building the agency?
[00:09:29.800 --> 00:09:37.000] I definitely think for us, you know, this is 2010 when we launched Digital Brand Architects.
[00:09:37.000 --> 00:09:42.040] And so when you think about it, there was no Pinterest, you know, there was no Instagram.
[00:09:42.040 --> 00:09:44.920] There was no, these things didn't exist.
[00:09:44.920 --> 00:09:59.240] And so we were literally managing bloggers and trying to help people understand, you know, even having the conversation at Ralph Lauren, like, oh my gosh, this blogger actually has more traffic to their blog than Ralph Lauren.com.
[00:09:59.240 --> 00:10:03.800] And that's okay, but let's figure out how we can work together.
[00:10:03.800 --> 00:10:11.400] And whereas nowadays, I mean, nothing happens without some type of an influencer campaign, like figuring out what platform you're going to be on.
[00:10:11.400 --> 00:10:17.720] And so we had to go through educating people on why bloggers, what is this platform.
[00:10:17.720 --> 00:10:23.320] We also had to go through, as Instagram was starting, like, how do you navigate your business?
[00:10:23.320 --> 00:10:26.520] You know, our contracts weren't designed for all these new platforms.
[00:10:26.520 --> 00:10:32.600] So figuring out, how do I write a contract for someone that says a platform that exists now or in the future?
[00:10:32.600 --> 00:10:37.640] You know, figuring out how to manage power pinners as this new platform.
[00:10:37.640 --> 00:10:39.000] So we had education.
[00:10:39.000 --> 00:10:42.440] And then we also had, you know, you're managing talent.
[00:10:42.440 --> 00:10:43.240] That's not your money.
[00:10:43.240 --> 00:10:44.200] That's your talent's money.
[00:10:44.200 --> 00:10:46.080] And you take a persistentage of it.
[00:10:44.920 --> 00:10:48.560] And so you're constantly managing cash flow.
[00:10:48.800 --> 00:10:53.520] And to grow and scale a company, which we later did, we had to take investment.
[00:10:53.520 --> 00:11:00.080] But it was this sacrifice, you know, the, I guess, the cardinal sin of being a founder is not paying yourself.
[00:11:00.080 --> 00:11:05.200] But at a certain point, you go through this place where you're not paying yourself for the greater good of the business.
[00:11:05.200 --> 00:11:12.160] And you know that that can't also be sustainable for mental reasons for just day-to-day life reasons.
[00:11:12.560 --> 00:11:14.480] But navigating that.
[00:11:14.480 --> 00:11:20.080] And then I think the other thing is, you know, coming into partnership with someone else, right?
[00:11:20.400 --> 00:11:30.240] Like we had, my co-founder and I, we had such a great perspective and ideas and passion and energy.
[00:11:30.240 --> 00:11:42.320] And sometimes whenever you're running a business, the passion and energy is hard to sustain when you get into the day-to-day grind of having to be in business with somebody else, right?
[00:11:42.320 --> 00:11:46.240] And whenever you're 50-50, I can't just go out and make a decision.
[00:11:46.240 --> 00:11:58.640] And so you also have two people coming from very different backgrounds, having only in our experience, having only known each other for three months and making such important decisions that impact everything.
[00:11:58.640 --> 00:12:02.240] I mean, luckily, DBA still exists today, and Raina's done a great job.
[00:12:02.240 --> 00:12:10.400] But when I think back to those early days, you know, navigating those pieces, education, how do we fund this business?
[00:12:10.400 --> 00:12:19.120] And then how do we as two people come together to overcome what we may think personally and center the business and what's best?
[00:12:19.120 --> 00:12:24.320] Up next, what Kendra looks for when she starts or funds a business?
[00:12:29.880 --> 00:12:31.160] Hi, Entrepreneurs.
[00:12:31.160 --> 00:12:32.200] It's Steph here.
[00:12:32.200 --> 00:12:38.840] As a founder, I know firsthand that building a business can feel so lonely, but it doesn't have to.
[00:12:38.840 --> 00:12:43.480] And that's why we created our Entrepreneursa Founders Weekend Wealth and Wellness Retreat.
[00:12:43.480 --> 00:12:45.640] And I can't wait to meet you in person there.
[00:12:45.640 --> 00:12:59.880] So you're officially invited to join us from April 30th to May 3rd, 2026 at the stunning PGA National Resort in Palm Beach Gardens, Florida for three transformative days of connection, collaboration, and real business growth.
[00:12:59.880 --> 00:13:01.960] This isn't just another business conference.
[00:13:01.960 --> 00:13:10.360] It is a curated retreat designed to help you build authentic, lasting relationships with women who truly understand your journey.
[00:13:10.360 --> 00:13:17.160] From business panels and workshops to wellness activations and so much more, this is the room that you need to be in.
[00:13:17.160 --> 00:13:28.680] So if you are ready to invest in yourself and your business and your vision and your next level of success, head over to entrepreneurs.com forward slash foundersweekend to reserve your ticket today.
[00:13:28.680 --> 00:13:37.000] That's entrepreneur.com forward slash foundersweekend or head over to the show notes right now and tap the invitation to reserve your ticket.
[00:13:37.000 --> 00:13:38.280] I'll see you there.
[00:13:48.440 --> 00:14:03.880] Do you have any advice for people going into business with other founders on how to resolve conflict or, you know, have the conversations on when it's when it makes sense to raise money?
[00:14:05.160 --> 00:14:10.120] So that's a great question because I think, and it's, it's really what I've learned.
[00:14:10.120 --> 00:14:17.120] There's the hard part of it at heart, like is in our hearts and our compassion and our empathy as people.
[00:14:17.120 --> 00:14:19.680] And then there's the business side of it, right?
[00:14:19.680 --> 00:14:30.720] So for me, the biggest thing that I learned was: yes, it's the communication and the care and the passion, but then there's a real business thing that you have to kind of think about.
[00:14:30.720 --> 00:14:40.480] You know, I've always said to like my team, you know, we may not work together forever, but I want you to leave here and be like, I learned this, my life was enriched, right?
[00:14:40.800 --> 00:14:45.120] The reality is that we may not always be together doing what we're doing right now.
[00:14:45.120 --> 00:14:49.280] And we have to be ready for the time whenever that's not the case.
[00:14:49.280 --> 00:14:52.480] And I was so like, I'm always like, oh, it'll be fine.
[00:14:52.480 --> 00:14:56.000] You know, I'm going to meditate and all the things that we do on the human side.
[00:14:56.000 --> 00:15:03.440] But I will not go into business without legal, without understanding like what happens if we disagree.
[00:15:03.440 --> 00:15:10.800] And even I think about the experience of being a solopreneur and then going back in with the co-founder and taking the time.
[00:15:10.800 --> 00:15:15.840] I did an entire questionnaire of all of the things that I learned that were important.
[00:15:15.840 --> 00:15:17.200] Who's going to be the face?
[00:15:17.200 --> 00:15:19.120] Who's going to go do all of the press?
[00:15:19.120 --> 00:15:21.440] Are you going to split that or you're not going to split that?
[00:15:21.440 --> 00:15:23.280] Who's going to manage the day-to-day of the team?
[00:15:23.280 --> 00:15:28.080] The team can't be reporting to two people every single day about every single thing that's happening.
[00:15:28.080 --> 00:15:30.080] Who's going to take the bulk of this piece?
[00:15:30.080 --> 00:15:31.200] What do I like?
[00:15:31.200 --> 00:15:40.640] The whole beauty of having co-founders, having been a solo founder, is you really can split the weight, but you have to communicate what that split's going to look like.
[00:15:40.640 --> 00:15:42.640] And you have to play to each other's strengths.
[00:15:42.640 --> 00:15:45.280] And you constantly have to be in communication.
[00:15:45.280 --> 00:15:48.720] Like when you don't want to talk to each other, you have to talk to each other.
[00:15:48.720 --> 00:15:53.040] And you have to have the balance of this isn't about me.
[00:15:53.040 --> 00:15:56.080] We're going to get through it together because we all have the same goal.
[00:15:56.080 --> 00:16:04.200] And you're protected by this thing called the lawyer and a legal document that says, if you part ways, here's what happens.
[00:15:59.840 --> 00:16:05.960] Here's how it's handled.
[00:16:06.280 --> 00:16:09.800] If there's a disagreement, like here's the different things.
[00:16:09.800 --> 00:16:19.320] I believe firmly in an executive coach, one for you, and then one who can also be the executive coach for the partnership.
[00:16:19.320 --> 00:16:29.640] And I think that that also comes into when you talk about finance and when is the right time to raise and at what point do you know that it's time?
[00:16:29.640 --> 00:16:32.280] And it's interesting because I work with so many founders.
[00:16:32.280 --> 00:16:39.560] Like we did, we were doing the numbers and it's like we've worked with over 400 like brands and influencers and all these people.
[00:16:39.560 --> 00:16:44.040] And it's different, but then it's the same, right?
[00:16:44.040 --> 00:16:50.600] Because at a certain point, in order to grow and scale your company, there has to be some type of financial piece.
[00:16:50.600 --> 00:16:56.120] And as agency owners, different because now I have Braintrust Founder Studio and now I have a fund.
[00:16:56.120 --> 00:17:00.360] And so the way that you capitalize those is similar, but it's also different.
[00:17:00.360 --> 00:17:03.080] On the agency side, we're so beholden to our clients.
[00:17:03.080 --> 00:17:04.440] So yes, we can project.
[00:17:04.440 --> 00:17:12.440] We know what I learned at Fleischmann was new business drives the firm, but we also know that like we're on a month or we're on a project.
[00:17:12.440 --> 00:17:18.360] And so our ability to scale while still having the teams there to actually do the work impacts our margins.
[00:17:18.360 --> 00:17:25.960] And then at the same time, agencies don't have the same multiple as if we were to go and build a tech company or if we had a CPG product.
[00:17:25.960 --> 00:17:30.760] And so for us in the first company, it was really looking at what do we want to do?
[00:17:30.760 --> 00:17:32.120] How do we want to grow?
[00:17:32.120 --> 00:17:35.320] Can our company make it by robbing Peter to pay Paul?
[00:17:35.320 --> 00:17:36.680] And the answer is no, right?
[00:17:36.680 --> 00:17:40.920] We all bootstrap, most of us bootstrap our companies.
[00:17:40.920 --> 00:17:44.600] And then when we sit there and we say, How do I get to the other side?
[00:17:44.800 --> 00:17:56.480] I think the key piece is not waiting too late whenever you start to think about it because you can't wait until the week before when everything's crashing down and you have $5,000, $1,000 in your bank account.
[00:17:56.480 --> 00:17:59.360] And it's like, I need to go raise to make payroll.
[00:17:59.360 --> 00:18:15.600] And I think having outside people, whether it's a great financial partner, a fractional CFO, like somebody helping you track your vision against the business and being very honest with your financial partner about what you need.
[00:18:15.600 --> 00:18:21.840] And the last thing I'll say, because I have a venture fund, I'm really about differentiated sources of capital.
[00:18:21.840 --> 00:18:30.080] Like, and this is where you and your co-founder have to really look at what are all the ways that we can finance this company without it coming from our pocket.
[00:18:30.080 --> 00:18:36.320] And venture funding means that the goal is to have a multiple, a return, and to exit the company.
[00:18:36.320 --> 00:18:38.240] Not everybody wants to do that.
[00:18:38.240 --> 00:18:45.680] And now we're so fortunate, we have things like virtual pitch competitions that you can come, you can get pitches.
[00:18:45.680 --> 00:18:51.200] We talk to founders all the time who have grown their businesses just by doing pitch competitions.
[00:18:51.200 --> 00:18:55.120] There's bank loans, there's debt financing, there's clear co.
[00:18:55.280 --> 00:19:00.720] So that was a long answer, Courtney, but hopefully I touched on all the pieces.
[00:19:02.800 --> 00:19:04.560] Yeah, you shared so much.
[00:19:04.880 --> 00:19:08.160] I had a lot of questions that you started to answer as you were sharing.
[00:19:08.160 --> 00:19:14.800] So I have some follow-up questions, especially to what you shared about having an executive coach and having a business coach.
[00:19:14.800 --> 00:19:20.160] At what point in your business did you realize we need to start working with a coach?
[00:19:20.160 --> 00:19:25.360] And what should founders expect from investing and working with a coach?
[00:19:25.360 --> 00:19:28.240] Because Courtney and I are all about it too.
[00:19:29.120 --> 00:19:43.240] Well, and, you know, it's interesting because I've had to kind of balance the executive coach against what I believe to be like therapy, right?
[00:19:43.560 --> 00:19:51.160] And good executive coaches can kind of balance out whatever your belief system is on therapy, not therapy.
[00:19:51.160 --> 00:19:53.640] Everyone has kind of their own viewpoint.
[00:19:53.640 --> 00:19:58.040] And we were in the company and I was just like really struggling.
[00:19:58.040 --> 00:20:07.000] Like it wasn't even until a few years in the company, and I learned this actually from my first co-founder, Karen, like being able to say what I was really good at, right?
[00:20:07.000 --> 00:20:12.280] Because I had confidence in all these things, but being able to really be like, this is what I'm good at.
[00:20:12.280 --> 00:20:14.040] This is why I'm here.
[00:20:14.040 --> 00:20:17.640] It felt so awkward to say it and it felt so me, me, me.
[00:20:17.960 --> 00:20:21.800] And so as we were running the business, I felt like I was just learning everything.
[00:20:21.800 --> 00:20:24.440] Like I had an MBA, but a lot of us have MBAs.
[00:20:24.440 --> 00:20:29.640] It's not until you're like there that you're having to constantly make these decisions.
[00:20:29.640 --> 00:20:44.520] And as much as I love being a founder and being an entrepreneur, it's quite psychologically damaging because you, we love our vision, we love our ideas, but all of the business pieces that we may or may not know, everyone has a different skill set.
[00:20:44.520 --> 00:20:53.720] And so it was a few years in, and we had brought in this amazing woman, Michelle Serwin, who had been running another agency at the time.
[00:20:53.720 --> 00:20:56.440] And we just started meeting with her every month, every month.
[00:20:56.440 --> 00:21:00.360] And she was the one who said, hey, you guys need an executive coach.
[00:21:00.360 --> 00:21:06.040] I'm going to introduce you to someone who became Julie Flanders, who is only by referral.
[00:21:06.040 --> 00:21:11.000] And I remember my first meeting with her, and I was like, listen, this is about business.
[00:21:11.000 --> 00:21:14.120] We're not going to talk about anything that happens in my family.
[00:21:14.120 --> 00:21:15.840] I just want to talk about the business.
[00:21:15.840 --> 00:21:23.040] And in that first meeting, it was like, wow, you can't really be business coached.
[00:21:23.040 --> 00:22:46.200] if you're going to block another part of your life that has so much to do with your business because you spend so much time here and that's different from therapy but i my business and executive coach has been able to blend the two in a way that i'm comfortable with but also that serves the needs of the business and helps me bring my full self into the business because especially like it's hard to separate it when we spend so much of our time and so when i've had my executive coach when i was starting the next version of brain trust i found that even bringing in my co-founder bringing in senior people like i want them to meet with my executive coach so that my executive coach can help me see blind spots and can help make sure that we are truly supporting each other and that there's this complementary skill set and we worked together long enough that she caught she called me out this morning on a blind spot that i had when it came to financing and capital and like funding the business and i found that it's great for me and my co-founder to have a source that can come in and can coach both of us and understands the business but i also think that it's good to have your own executive coach because at the end of the day the brand is the brand is the brand we are also our own brand and for me whether the company exists in this way or not i will still be kendra bracken ferguson i will still be an executive.
[00:22:46.200 --> 00:22:50.120] I will still be someone who knows how to do brand strategy and brand development.
[00:22:50.120 --> 00:22:56.200] And so i need to be coached on what my whole sphere of influence looks like as a business leader.
[00:22:56.200 --> 00:23:01.320] And so that's one of the things that i realized in terms of tweaking, yes, let's come together with the coach.
[00:23:01.320 --> 00:23:06.840] Let me have my own coach because I'm so much more than what this business is today.
[00:23:07.800 --> 00:23:09.880] My answers are so long, Stephan Courtney.
[00:23:09.880 --> 00:23:10.200] I love that.
[00:23:10.360 --> 00:23:11.560] Oh, I love that.
[00:23:12.360 --> 00:23:15.160] It's so helpful to hear all of this.
[00:23:15.160 --> 00:23:27.480] Kendra, can you share the trajectory of the different businesses that you launched and what led to Each Nuck's venture and just a summary of everything you're involved in now?
[00:23:28.680 --> 00:23:30.840] You're like, put the pieces together.
[00:23:31.800 --> 00:23:39.160] So it's interesting because I used to be very sensitive to everything that I was doing, right?
[00:23:39.160 --> 00:23:41.080] Because people be like, oh my God, you're doing so much.
[00:23:41.080 --> 00:23:41.720] You're doing this.
[00:23:41.720 --> 00:23:42.920] You're doing that.
[00:23:43.240 --> 00:23:45.720] And I was like, but wait a second.
[00:23:45.720 --> 00:23:48.920] I have a through line to everything that I'm doing.
[00:23:48.920 --> 00:23:51.880] And me as a person, I'm at the center of it.
[00:23:51.880 --> 00:24:00.840] So if we think about this path from digital brand architects and then saying, okay, you know, I'm going to part ways with my co-founders.
[00:24:00.840 --> 00:24:02.280] We've raised this money.
[00:24:02.360 --> 00:24:05.320] Company ends up getting sold to UTA.
[00:24:05.320 --> 00:24:11.880] And I was literally sitting in my office and it was this moment of like, what have you learned?
[00:24:11.880 --> 00:24:12.840] What are you good at?
[00:24:12.840 --> 00:24:14.440] And what do you care about?
[00:24:14.440 --> 00:24:19.240] And I remember like whiteboarding it out and being like, I really love smart people.
[00:24:19.240 --> 00:24:24.280] But the biggest thing I learned from that relationship was trust and integrity.
[00:24:24.280 --> 00:24:27.800] And people view the word trust and integrity differently.
[00:24:27.800 --> 00:24:32.520] My center for trust and integrity doesn't change no matter what situation I'm in.
[00:24:32.520 --> 00:24:37.000] And I did not realize how important that was.
[00:24:37.000 --> 00:24:43.400] And I said, I will not be in business or do anything that manipulates, changes that.
[00:24:43.400 --> 00:24:46.160] And that's literally how I came up with the name Brain Trust.
[00:24:46.160 --> 00:24:49.280] And I was like, smart people working together to solve problems.
[00:24:44.840 --> 00:24:51.360] So I started that in 2015.
[00:24:51.680 --> 00:24:53.920] Social media, you guys are going to love this.
[00:24:53.920 --> 00:24:58.960] Social media, influencer marketing, events, brand development.
[00:24:58.960 --> 00:25:05.200] Fast forward, you know, we get to COVID and about 80% of our revenue was tied up in events.
[00:25:05.200 --> 00:25:08.160] And so it was, how do I get back to the roots?
[00:25:08.160 --> 00:25:12.640] How do I create partnerships so that we can diversify our revenue?
[00:25:12.640 --> 00:25:16.080] And that was really where we started doing more brand development.
[00:25:16.080 --> 00:25:20.480] And I have been working, I mean, I had Halley Berry and Blushington as my first clients when I launched.
[00:25:20.480 --> 00:25:27.360] And so we were in this interesting place of working with talent, but not being a management agency or an agent.
[00:25:27.360 --> 00:25:39.440] You know, we were in such this interesting place of really helping brands and public figures develop their own brands and outside of, you know, maybe being an actress or a musician.
[00:25:39.440 --> 00:25:42.240] And so we started doing more brand development.
[00:25:42.240 --> 00:25:48.240] But at the same time, I had so many founder friends who were calling, DMing, texting.
[00:25:48.240 --> 00:25:51.600] And as we all know, like it's so much greater than one person.
[00:25:51.600 --> 00:25:58.080] I know such a small piece of the answers, but I know really smart people who know more answers than I do.
[00:25:58.080 --> 00:26:01.440] And so it was this moment of how do I help as many people?
[00:26:01.440 --> 00:26:03.840] How do I do something that gives me impact?
[00:26:03.840 --> 00:26:06.160] And I started looking at my pillars of life.
[00:26:06.160 --> 00:26:09.760] I believe in community, mentorship, education, and capital.
[00:26:09.760 --> 00:26:12.560] Anything that I do has to have that through line.
[00:26:12.560 --> 00:26:14.560] And I love the beauty and wellness industry.
[00:26:14.560 --> 00:26:15.360] I've been in it.
[00:26:15.360 --> 00:26:16.000] I know it.
[00:26:16.000 --> 00:26:19.360] As much as I'm fashion, I'm beauty and wellness.
[00:26:19.360 --> 00:26:29.920] And at that same time in 2020, I was on the digital cover of Essence Magazine with 17 other black women, and we were named kind of the top black women in Beauty.
[00:26:30.920 --> 00:26:39.000] And on set, I met this woman who literally later called and was like, Do you want to host this podcast?
[00:26:39.000 --> 00:26:45.400] Like, there's this person who wants to do a podcast and they want a black podcast host in beauty and wellness.
[00:26:45.400 --> 00:26:47.800] And at first, I was like, No, of course not.
[00:26:47.800 --> 00:26:49.000] And then I started doing it.
[00:26:49.000 --> 00:26:54.760] And I love, love, love talking to people every week and hosting the podcast.
[00:26:54.760 --> 00:26:57.560] So now I'm like, okay, I want to help people.
[00:26:57.560 --> 00:26:59.880] I have this agency that's doing one thing.
[00:26:59.880 --> 00:27:01.560] I know all these beauty founders.
[00:27:01.560 --> 00:27:03.800] I'm now talking to them every single week.
[00:27:03.800 --> 00:27:05.720] I hear what they need.
[00:27:05.720 --> 00:27:15.480] And that podcast, Business of the Beat, now in season three, over 100 episodes, led me to saying, let me create Brain Trust Founders Studio.
[00:27:15.480 --> 00:27:23.800] And so we launched that in October 2021, really as this platform to connect Black founders, beauty, and wellness.
[00:27:23.800 --> 00:27:25.720] I have a motto: leave no founder behind.
[00:27:25.880 --> 00:27:29.240] We have a start tier, a grow tier, and an accelerate tier.
[00:27:29.240 --> 00:27:39.720] And it was through that that I ended up saying to my now co-founder, Lisa Stone, who I've known for 15, 20 years, like, we have all these founders doing amazing things.
[00:27:39.720 --> 00:27:41.640] Like, how do we invest in them?
[00:27:41.640 --> 00:27:46.920] And Lisa really spent the whole weekend, I'll never forget, like, thinking through the fund.
[00:27:46.920 --> 00:27:57.720] And so it was with that that we started saying, okay, we're now going to start raising our Braintrust fund so that we can also invest in the founders that we want to work with.
[00:27:57.720 --> 00:28:22.160] And so I say to people, as long as your center is there, everything that I do, whether it's my non-profit, Beauty United, whether it's my agency, Braintrust, my Braintrust Founder Studio, my Braintrust Fund, or my podcast, Business of the Beat, it is all interconnected around community mentorship, education, and capital, and helping be a voice for founders to grow and scale their companies and storytelling.
[00:28:22.480 --> 00:28:25.200] And so, it all really fits into this interesting matrix.
[00:28:25.280 --> 00:28:41.680] I'm at the center of it, and I've had to lean in to being at the center of it in order for the different pieces to really work and to be aligned because there's only one of me, but there's lots of other people who can help make the one not help make all these businesses continue to flourish.
[00:28:42.320 --> 00:28:53.440] We totally get what you're doing, and it makes a lot of sense to us because obviously we're doing a lot of similar things and share a lot of the same challenges.
[00:28:53.440 --> 00:28:58.640] But I'd love to know, you know, with all of these endeavors, you have business partners.
[00:28:58.640 --> 00:29:00.880] What is your zone of genius?
[00:29:00.880 --> 00:29:02.960] What do you, what are you best at?
[00:29:02.960 --> 00:29:07.360] And what do you delegate, or what does your co-founder do?
[00:29:08.640 --> 00:29:11.040] Oh, oh, Courtney.
[00:29:12.240 --> 00:29:19.600] So it's interesting because I am like big picture vision.
[00:29:19.600 --> 00:29:21.440] Like, I love the brainstorm.
[00:29:21.440 --> 00:29:22.640] I love the pitch.
[00:29:22.640 --> 00:29:24.800] I love being in the deal.
[00:29:25.120 --> 00:29:30.080] And then I get to this place where I'm like in a weekly meeting being like, Can we change this word?
[00:29:30.080 --> 00:29:31.200] Or what about this?
[00:29:31.200 --> 00:29:32.560] Or like, you know what I mean?
[00:29:32.560 --> 00:29:34.480] I want to see everything.
[00:29:35.200 --> 00:29:40.400] The area where I have really had to lean into is really finance.
[00:29:40.400 --> 00:29:46.800] And really, like, I want to close a blind eye and be like, everything's going to be fine.
[00:29:47.200 --> 00:29:56.640] But I've really leaned into with my finance, my financial team, our accounting manager, like, what do the numbers look like?
[00:29:56.640 --> 00:29:59.760] And how are we going to move this business forward?
[00:29:59.880 --> 00:30:03.000] And when I think about my co-founder, she is so brilliant.
[00:30:03.000 --> 00:30:06.920] You know, she is the co-founder of Blocker, which she sold to Pinske Media.
[00:30:06.920 --> 00:30:11.240] She's raised more than $250 million.
[00:30:11.240 --> 00:30:13.160] She knows the venture space.
[00:30:13.720 --> 00:30:15.880] And so she approaches things through data.
[00:30:15.880 --> 00:30:20.600] And we were always connected for our love of predictive analytics, funny enough, and data.
[00:30:20.600 --> 00:30:25.480] But the way that we use it and the way our brains work, it's different, but it's complementary.
[00:30:25.480 --> 00:30:42.440] And so, even when we think about having the experience to set up a fund versus the experience to run a marketing agency or to have a studio, we really have found this great synergy between us and the way that the teams operate.
[00:30:42.440 --> 00:31:08.040] And of course, you dabble in and out, but I've really been fortunate to be able to stay in this place of my zone of genius, being like great marketer, great brand strategist, very much a visionary, but also rooted in reality and also operational-minded so that I can pull myself back whenever I need to and like listen and see what's in front of me so that I don't become my own worst enemy.
[00:31:08.040 --> 00:31:14.600] Coming up, how you can define success for yourself.
[00:31:14.600 --> 00:31:21.000] Founders are always asking us, what has been the secret to our success building multiple seven-figure businesses?
[00:31:21.000 --> 00:31:22.440] Do you want to know how?
[00:31:22.440 --> 00:31:24.120] It's our community.
[00:31:24.120 --> 00:31:31.720] We created the Entrepreneursa League for founders like you because the most successful entrepreneurs do not navigate business alone.
[00:31:31.720 --> 00:31:37.480] We navigate the challenges and opportunities with the support of people we know, love, and trust.
[00:31:37.480 --> 00:31:41.320] The relationships you build in business will be the key to your success.
[00:31:41.320 --> 00:31:43.480] Trust me, it's how we've done it.
[00:31:43.480 --> 00:31:49.200] And I'm giving you access to everything we've used to grow and scale our businesses over the past decade.
[00:31:44.600 --> 00:31:53.600] Plus, you're going to meet your new best friends in business right inside the community.
[00:31:53.600 --> 00:32:15.920] Our members have access to everything we've used to grow our businesses over the past 10 plus years, from in-person events to virtual events, business education, funding resources, office hours with myself and other top founders in your industry, press opportunities, and access to our community platform where you can instantly get all of your business questions answered.
[00:32:15.920 --> 00:32:22.640] You can join us in the community over at refer.entreprenista.com forward slash join us.
[00:32:22.640 --> 00:32:28.480] That's refer.entrepranista.com forward slash join us to join the community.
[00:32:28.480 --> 00:32:31.840] Or head to the show notes right now and tap the link to join.
[00:32:31.840 --> 00:32:34.000] I cannot wait to meet you.
[00:32:34.960 --> 00:32:47.200] When you have an idea to start something new, what is the process that you go through to determine should you move forward with that idea and turn it into a business or a campaign?
[00:32:47.200 --> 00:32:49.360] How do you make that decision?
[00:32:50.000 --> 00:32:51.840] Oh my gosh, that's a great idea.
[00:32:52.320 --> 00:32:55.680] I, or that's a great question because I have so many ideas.
[00:32:55.680 --> 00:32:57.920] I wake up with them all the time.
[00:32:58.560 --> 00:33:14.320] And I literally, my executive coach, my husband, now my chief of staff, who literally, I can shoot so many ideas at her, and she keeps this like tracker so that we can stay focused.
[00:33:14.320 --> 00:33:27.520] And so I've really done a lot of like work and meditation to stay in the focus, but to also not let the visionary ideas of how we can approach things because that's what I'm good at.
[00:33:27.520 --> 00:33:31.080] And there's always a way and there's always a solution and we always have to pivot.
[00:33:31.080 --> 00:33:40.840] But the beautiful thing from a very tactical perspective is we literally wrote a chart and it's literally like this is you, this is all the businesses.
[00:33:40.840 --> 00:33:47.480] How much of your time does that take alongside of my daughter, my husband, my friends, just my own life?
[00:33:47.800 --> 00:33:50.520] And how do we make sure that we're staying there?
[00:33:50.520 --> 00:34:00.040] And if it doesn't fit into community mentorship, education, and capital within this environment of which you sit, then we don't do it now.
[00:34:00.040 --> 00:34:02.360] And it has to go into a parking lot.
[00:34:02.360 --> 00:34:11.320] But I do make sure that I keep my brain trust of people around me so that I can bounce it off and I can get someone else to say that is a good idea.
[00:34:11.320 --> 00:34:13.640] You need to do it now or you don't need to do it.
[00:34:13.640 --> 00:34:22.120] And I'm very content in terms of the circle that we have and making sure that I have opportunities to create things within what I've already created.
[00:34:22.120 --> 00:34:24.120] You don't have to go and start something new.
[00:34:24.120 --> 00:34:27.960] You can create within you already within what you already have.
[00:34:27.960 --> 00:34:37.000] It's just the wherewithal and the self-awareness to check yourself and then to make sure that it's completing the circle of which you've created.
[00:34:37.320 --> 00:34:46.520] Looking back at everything you've been involved in, everything you created, what is the craziest moment that you can remember?
[00:34:46.520 --> 00:34:58.600] Because obviously, as we know, being an entrepreneur is filled with lots of ups and downs and things that you can't even believe you're dealing with sometimes.
[00:34:59.560 --> 00:35:04.280] Oh my gosh, I feel like there's crazy moments all the time.
[00:35:04.520 --> 00:35:06.840] What can you share publicly?
[00:35:09.160 --> 00:35:16.800] You know what's a crazy moment that I don't know, it's like crazy, it's good, and it's bad.
[00:35:18.480 --> 00:35:28.160] But whenever I sold Brain Trust into CAA GBG and we were acquired, and it was like such a fantastic moment.
[00:35:28.160 --> 00:35:38.640] And it was, I'll never forget like me and Christy Bergeron, who worked with me at DBA and then we left and then was with me at Brain Trust.
[00:35:38.640 --> 00:35:44.240] And I, for some reason, my husband was doing something, my mom was doing something, and I had to take my daughter.
[00:35:44.240 --> 00:35:49.760] We flew overnight to New York because we had to have a meeting in the morning to close this deal.
[00:35:49.760 --> 00:36:06.400] And Christy was on maternity leave, took the train in with like her small son, and literally was like sitting on the ground with the two kids in strollers, like at Empire State Building, so that I could go into this two-hour meeting and like close this deal for the company.
[00:36:06.400 --> 00:36:08.720] And it was such a phenomenal moment.
[00:36:08.720 --> 00:36:13.200] And I was just like, as women, like we can do anything and we can support each other.
[00:36:13.200 --> 00:36:16.240] And I'm forever grateful for her because that deal went through.
[00:36:16.240 --> 00:36:31.360] On the other side of that deal, which ended up not being the best deal, and I lost a whole lot of money and bought and had to buy the company back, but I also learned a lesson about intention because we went into that deal with like the best intentions.
[00:36:31.360 --> 00:36:33.600] We looked at all the different pieces.
[00:36:33.600 --> 00:36:34.640] We had perspective.
[00:36:34.640 --> 00:36:40.240] And the person that we did the deal with, I always believe to this day had the best intentions as well.
[00:36:40.240 --> 00:36:48.400] There were just circumstances beyond all of our control that we didn't know going into it that made the deal not what we thought it was going to be.
[00:36:48.400 --> 00:36:50.560] And so there was no like ill will.
[00:36:50.560 --> 00:36:52.160] There was no this and that.
[00:36:52.160 --> 00:36:54.640] It was kind of what it, what it was.
[00:36:54.640 --> 00:37:03.160] And it was the experience beginning to end from sitting there with someone on the floor closing this deal to even separating in the end.
[00:37:03.480 --> 00:37:26.440] And what was lost, I gained so much in terms of experience and journey and even how I want to exit the company for the second time that was, it was just crazy and it was wild because you guys know, like we're founders, we're entrepreneurs, we build things and there will be people who never get to experience what that's like to build something that you can say that you did.
[00:37:26.440 --> 00:37:28.360] And so it's always just special.
[00:37:28.360 --> 00:37:41.000] And I'm grateful for the things that worked and didn't work because it's just giving me such a different perspective and something that others may never get to experience, like the joy that we get, as well as the highs and the lows and everything in between.
[00:37:41.640 --> 00:37:57.320] For founders that do not know anything about the process of selling a company, can you share the steps that you took when you decided it was time to sell and learning lessons along the way from mistakes or things you didn't know?
[00:37:59.240 --> 00:38:07.320] So I talked about intentions and I move so much in faith.
[00:38:07.320 --> 00:38:08.440] I pray every day.
[00:38:08.440 --> 00:38:10.040] I'm like a big believer in God.
[00:38:10.040 --> 00:38:13.320] I believe in faith over everything.
[00:38:13.640 --> 00:38:19.320] And so when we first started DBA, one of the things that Karen and I did was this mood board.
[00:38:19.320 --> 00:38:22.680] And we had put CAA on our mood board.
[00:38:22.680 --> 00:38:35.080] And so fast forward to these years later, when it's literally CAA doing this joint venture with GBG, which meant that I didn't have to do management or agenting or all the things, but it was like, it felt perfect.
[00:38:35.080 --> 00:38:39.400] And I was like, oh my God, this is the manifestation of my vision board.
[00:38:39.400 --> 00:38:41.080] And so I already knew I was going to do it.
[00:38:41.080 --> 00:38:43.640] I don't care what anything else was.
[00:38:43.640 --> 00:38:45.000] I was like, just knew.
[00:38:45.680 --> 00:38:53.120] And I think about fast forward, having gone through that, and we had an offer to buy the agency last year.
[00:38:53.120 --> 00:39:00.560] And I was like, okay, okay, I'm going to do all this 140-page questionnaire and all the things.
[00:39:00.560 --> 00:39:03.840] And it wasn't working, right?
[00:39:03.840 --> 00:39:05.360] It wasn't working in my favor.
[00:39:05.360 --> 00:39:07.280] It wasn't working in the team's favor.
[00:39:07.280 --> 00:39:11.920] And like, we could have done the deal, but I went back to everything that I had learned.
[00:39:11.920 --> 00:39:14.960] And it was like, how do you really approach this?
[00:39:14.960 --> 00:39:15.360] Right.
[00:39:15.360 --> 00:39:19.680] And is this the right deal or is this just setting you up for the next deal?
[00:39:19.680 --> 00:39:21.120] And like having the right lawyers.
[00:39:21.120 --> 00:39:23.760] I didn't have the right lawyers the first time.
[00:39:23.760 --> 00:39:29.840] Interviewing several different lawyers, being really clear with them about what you want, what you want your outcome to be.
[00:39:29.840 --> 00:39:33.120] Thinking about the fact, do I have to stay for an earn out?
[00:39:33.120 --> 00:39:38.720] Which is meaning I have to stay for two to three years to actually get my full compensation package on the other side.
[00:39:38.720 --> 00:39:43.840] If I don't have to stay and I can walk away, what's going to be the outcome of my business without me?
[00:39:43.840 --> 00:39:47.760] Like all of those different things that you have to think about.
[00:39:47.760 --> 00:39:53.920] And yes, you know, money is one thing, but it's also like, what's the outcome that you want to have happen?
[00:39:53.920 --> 00:39:57.920] And what are all of the ways that you can make the money that you feel like you're entitled for?
[00:39:57.920 --> 00:39:59.680] Asking for different things.
[00:40:00.480 --> 00:40:06.560] I ask for certain things the first time, but I later learned the things that I didn't ask for that I didn't know.
[00:40:06.560 --> 00:40:16.160] And so again, making sure that I'm really not just starting at the first step, but that I'm taking it all the way through so that I have great people that I can ask all of the questions.
[00:40:16.160 --> 00:40:17.200] What happens here?
[00:40:17.200 --> 00:40:18.000] What do I need?
[00:40:18.000 --> 00:40:18.800] What does this mean?
[00:40:18.800 --> 00:40:19.680] What does equity mean?
[00:40:19.680 --> 00:40:20.560] What does vesting mean?
[00:40:20.560 --> 00:40:21.760] What's a clawback mean?
[00:40:21.760 --> 00:40:29.840] Like all of those different pieces that I've now learned because there's so much nuance in terms of selling your company.
[00:40:30.040 --> 00:40:41.720] And then I think your partners, like even though it didn't work out the way that we had anticipated the first time, I do believe that there was goodwill from certain people.
[00:40:41.720 --> 00:40:46.600] And I realized that things that were said were actually never even possible, right?
[00:40:46.600 --> 00:40:55.000] And that was because things that were said, I took the board at the face value, but I didn't go outside and do third-party research and be like, this is what they said.
[00:40:55.000 --> 00:40:58.280] Do you really think that that's what's going to happen?
[00:40:58.280 --> 00:41:01.560] And so it's always like, make the checklist of everything.
[00:41:01.560 --> 00:41:03.080] Don't be afraid to ask questions.
[00:41:03.080 --> 00:41:04.520] Have the right people around you.
[00:41:04.520 --> 00:41:06.520] Ask people who have gone through it before you.
[00:41:06.520 --> 00:41:10.200] What is every good and bad thing that can happen?
[00:41:10.200 --> 00:41:13.560] And then sit with yourself and be like, is this the outcome that I can live with?
[00:41:13.560 --> 00:41:15.560] Is this the outcome that I'm going to be proud of?
[00:41:15.560 --> 00:41:19.720] Knowing that generally in most deals, nobody gets everything that they want.
[00:41:19.720 --> 00:41:29.880] So let's not sit in some like pie in the sky, but there is a reality of what's going to be the thing that's going to make you happy and what's going to be the thing that you dream about every night that you didn't do.
[00:41:29.880 --> 00:41:31.960] Because we have to live with our decisions.
[00:41:31.960 --> 00:41:34.600] And then once we make them, we can't go back.
[00:41:34.600 --> 00:41:38.040] And so there's going to be a consequence to everything.
[00:41:38.040 --> 00:41:40.200] And so that's really, that's what I found.
[00:41:40.200 --> 00:41:45.800] And the last thing I'll say is that like success doesn't mean that you have a billion-dollar company that you exit.
[00:41:45.800 --> 00:41:50.120] There's success in everything that we do every single day.
[00:41:50.120 --> 00:41:54.760] And so we can't get caught up in what success looks like for another company.
[00:41:54.760 --> 00:41:56.840] And it's okay to not sell your company.
[00:41:56.840 --> 00:42:01.160] Like that's, that doesn't mean like that, that doesn't have to be the path for everybody.
[00:42:01.160 --> 00:42:04.520] But you do have to figure out: is this a hobby or is this a business?
[00:42:04.520 --> 00:42:07.320] And so, what does that mean for the long term?
[00:42:10.360 --> 00:42:20.000] I thank you for sharing that because for a lot of entrepreneurs, the goal is to sell.
[00:42:20.640 --> 00:42:31.440] But I've heard a lot of good stories, a lot of success stories, but I also have heard of stories of regrets or things that people wish that they knew.
[00:42:31.440 --> 00:42:38.880] And what I love about entrepreneurs is everyone loves to share their learnings with other entrepreneurs so that you don't repeat them.
[00:42:39.280 --> 00:42:43.040] But, but yeah, no, this is really, really important information to know.
[00:42:43.040 --> 00:42:49.920] And I think it's important to understand for every person that's starting a business, like, what do you want that outcome to be?
[00:42:49.920 --> 00:42:58.880] But I ultimately always believe that if you're building a business to sell, that's you're building, in most cases, a profitable business.
[00:42:58.880 --> 00:43:10.560] So, that's probably a good goal to have, even if you don't want to sell it, because it means that you have built a profitable business that can live on for many years to come.
[00:43:10.560 --> 00:43:13.040] So, really, really great advice.
[00:43:13.040 --> 00:43:16.400] I'd love to know, like, what are you most looking forward to?
[00:43:16.400 --> 00:43:19.840] What is your, where do you want to be in 10 years?
[00:43:19.840 --> 00:43:22.560] What exciting things do you have coming up?
[00:43:22.720 --> 00:43:24.480] What's your vision now?
[00:43:25.120 --> 00:43:25.920] Oh, gosh.
[00:43:25.920 --> 00:43:26.720] Oh, my gosh.
[00:43:26.720 --> 00:43:28.320] There's so much.
[00:43:29.760 --> 00:43:30.560] Isn't that so hard?
[00:43:31.040 --> 00:43:32.720] We all want to do everything and change the world.
[00:43:32.720 --> 00:43:34.400] There's not enough hours in the day.
[00:43:34.400 --> 00:43:34.960] I know, exactly.
[00:43:35.520 --> 00:43:39.280] 10 years from now, we'll be in 20, where are we?
[00:43:39.280 --> 00:43:40.560] 2033.
[00:43:41.200 --> 00:43:43.760] Oh, my gosh, Courtney!
[00:43:43.760 --> 00:43:45.040] I can't imagine.
[00:43:45.040 --> 00:43:51.440] Well, the three of us need to be having some toast that our agencies are like with the right people.
[00:43:51.440 --> 00:43:57.280] And we're like hanging out and doing all the things and going to Florida and golfing.
[00:43:58.160 --> 00:43:58.920] I'll be at the spa.
[00:43:58.480 --> 00:44:00.760] I'll be at the spa.
[00:44:00.760 --> 00:44:04.600] It's like I love, and oh my gosh, stuff our girls will be old.
[00:43:59.360 --> 00:44:05.720] Stop it.
[00:44:06.440 --> 00:44:07.160] Yeah, I know.
[00:44:07.160 --> 00:44:08.040] It's like crazy.
[00:44:08.040 --> 00:44:09.160] I'm like, oh my gosh.
[00:44:09.160 --> 00:44:15.240] But I can't imagine like, you know, we're like, I'm going to retire.
[00:44:15.240 --> 00:44:17.400] And I'm like, I will always be building something.
[00:44:17.400 --> 00:44:19.720] I think there's the long-term piece of it.
[00:44:19.720 --> 00:44:23.800] I want to just continue to support as many hundreds and hundreds and hundreds of founders.
[00:44:23.800 --> 00:44:31.080] I want Brain Trust Founders Studio to have physical locations so that founders can come and interact with each other.
[00:44:31.080 --> 00:44:32.680] And, you know, I want our fund.
[00:44:32.680 --> 00:44:37.480] I want to be in our second, third funds, investing in companies.
[00:44:37.480 --> 00:44:41.240] And then I think like in the immediate, like, what's 2023?
[00:44:41.240 --> 00:44:42.680] What's 2024?
[00:44:42.680 --> 00:44:47.800] You know, we have our founders house pop-up content meets commerce experience.
[00:44:47.800 --> 00:44:51.080] Like, we'll be in New Orleans.
[00:44:51.080 --> 00:44:52.360] We'll be in Las Vegas.
[00:44:52.360 --> 00:44:53.400] We'll be in Martha's Vineyard.
[00:44:53.400 --> 00:44:54.200] We'll be in New York.
[00:44:54.200 --> 00:44:55.320] We'll be in LA.
[00:44:55.320 --> 00:44:58.360] Like, I want that to happen this year.
[00:44:58.360 --> 00:45:11.000] And then I'm so excited because I have my first book coming out, The Beauty of Success, Start, Grow, and Accelerate Your Brand that comes out February of 2024.
[00:45:11.320 --> 00:45:18.280] And it's based on the studio, hence start, grow, and accelerate, which are the tiers of our studio.
[00:45:18.760 --> 00:45:33.080] But it's also based on my podcast and my entrepreneurial journey, which is one small piece, but you know, 14 stories of people who like gave their time to share with me on my podcast.
[00:45:33.080 --> 00:45:36.520] And so I'm so excited for that body of work.
[00:45:36.520 --> 00:45:39.400] And I think back, I'm like, wow, you wrote a book last year.
[00:45:39.400 --> 00:45:41.480] You started a studio and a fund.
[00:45:41.480 --> 00:45:44.200] Like it's, it's really amazing.
[00:45:44.200 --> 00:45:56.400] And I'm really blessed and I'm grateful for what we're doing now, what's going to continue to happen this year, the book for next year, and then all the lives that we're going to touch.
[00:45:56.720 --> 00:45:59.120] So many incredible things to look forward to.
[00:45:59.120 --> 00:46:05.680] And congrats, such an undertaking to write a book and start a fund and launch the studio.
[00:46:05.680 --> 00:46:07.920] So all incredible things.
[00:46:08.240 --> 00:46:20.800] You had shared some amazing advice on the panel at our Entrepreneurs to 100 event about thinking about raising capital for founders, thinking about raising capital or founders that are looking for forms of funding.
[00:46:20.800 --> 00:46:30.640] How should founders think about going about either raising capital or deciding what type of funding is appropriate for their business?
[00:46:30.640 --> 00:46:32.320] Any advice you can share there?
[00:46:32.960 --> 00:46:34.480] Do your research.
[00:46:34.480 --> 00:46:38.320] Like, really, I think it goes back to what all three of us said.
[00:46:38.320 --> 00:46:42.400] Like, you have to do your research and understand what your options are.
[00:46:42.400 --> 00:46:49.440] There's so much more than this glamorization around going out and raising money from venture and private equity.
[00:46:49.440 --> 00:46:56.640] Like, there's so many options, and you have to research it, and you have to know what you want your outcome to be.
[00:46:56.640 --> 00:47:00.800] And there's a different outcome for every single stage, right?
[00:47:00.800 --> 00:47:08.080] And so, we also can't be scared of things that I know, you know, growing up, it's like debt is bad.
[00:47:08.080 --> 00:47:11.120] We have to understand how business debt works.
[00:47:11.120 --> 00:47:28.960] And that comes from educating ourselves on, again, what are all of the different options based upon the research, you know, and there are, there's, you know, we're in this interesting time because we think about what's happening with the banks and we think about people tightening, you know, their purses and the layoffs that are going on.
[00:47:28.960 --> 00:47:33.400] And you also have to factor in, like, is now the right time?
[00:47:33.400 --> 00:47:35.640] Is this the right time for me to be doing this?
[00:47:35.640 --> 00:47:37.400] Do I feel like I can be successful?
[00:47:37.400 --> 00:47:40.040] Is it going to match the outcomes that I have?
[00:47:40.040 --> 00:47:47.480] But I think the paramount thing is like, don't sell yourself short when it comes to financing your business.
[00:47:47.480 --> 00:47:49.000] And it needs to match up.
[00:47:49.000 --> 00:47:54.360] If you know in your heart of hearts that you don't want to sell your company in five years, then you have to think at others.
[00:47:54.440 --> 00:47:57.240] You have to think of other nuanced ways.
[00:47:57.240 --> 00:48:00.440] And I am just a big proponent of do the research.
[00:48:00.440 --> 00:48:01.560] What's happening with angels?
[00:48:01.560 --> 00:48:02.520] What's happening with grants?
[00:48:02.520 --> 00:48:03.560] What's happening with pitches?
[00:48:03.560 --> 00:48:05.080] What's happening with friends and family?
[00:48:05.080 --> 00:48:06.840] What's happening with bank loans?
[00:48:06.840 --> 00:48:08.760] What's happening with debt financing?
[00:48:08.760 --> 00:48:11.080] What's happening with non-dilutive grants?
[00:48:11.080 --> 00:48:13.720] What's happening with like government money?
[00:48:13.720 --> 00:48:17.800] You know, there's federal, there's state, there's these different small business programs.
[00:48:17.800 --> 00:48:19.720] And yes, it takes time.
[00:48:19.720 --> 00:48:25.240] You know, for those of us that got that PPP loan, like it wasn't just to let me wake up and go apply.
[00:48:25.240 --> 00:48:26.840] There was a lot that went into it.
[00:48:26.840 --> 00:48:33.400] And so you have to make sure that you're researching so that you can spend your time in the right way to unlock the funding that you need.
[00:48:33.400 --> 00:48:36.040] You have to make sure that you understand the outcomes.
[00:48:36.040 --> 00:48:43.480] What are the consequences going to be in terms of equity and in terms of exits and in terms of returns that you have to drive?
[00:48:43.480 --> 00:48:45.720] And where do you really see yourself?
[00:48:45.720 --> 00:48:47.240] And I think it goes more and more.
[00:48:47.240 --> 00:48:49.960] I'm talking to people about is this a hobby or is this a job?
[00:48:49.960 --> 00:48:53.560] And Courtney, you said it because we need to have profitable businesses.
[00:48:53.560 --> 00:48:57.720] Whether you want to sell it or not, like you need to have a profitable business.
[00:48:57.720 --> 00:48:59.880] And so that's what I'm working towards.
[00:48:59.880 --> 00:49:08.040] And that's what's really hard, especially depending upon what type of business you have and understanding what that multiple could look like.
[00:49:08.360 --> 00:49:13.160] But that is really research, know what you want your outcome to be.
[00:49:13.160 --> 00:49:16.160] Don't settle for one thing because you're seeing other people do it.
[00:49:16.480 --> 00:49:25.680] Find the right source that's going to work for you and be educated on what happens with each of the different types of capital that are out there and the impact that it'll have.
[00:49:26.000 --> 00:49:27.440] Such great advice.
[00:49:27.440 --> 00:49:33.600] Can you share what types of businesses you invest in through your fund or even personally?
[00:49:33.600 --> 00:49:34.800] What's your criteria?
[00:49:34.800 --> 00:49:37.040] What gets you really excited?
[00:49:37.680 --> 00:49:48.560] So it's funny because I, and this is thankful to my co-founder, like there's this thing called due diligence.
[00:49:48.560 --> 00:49:55.440] And there's an interesting thing because, you know, I feel really good about my picker.
[00:49:55.440 --> 00:50:03.120] Like, DBA really taught me I have a good sense of people picking talent, picking hits.
[00:50:03.120 --> 00:50:11.600] And the other side of that is the data side, because like I said, when you have a venture fund, there's a return, there's an outcome that you're striving for.
[00:50:11.600 --> 00:50:17.600] And we have to make sure, first and foremost, that founders and their companies are even venture-backable.
[00:50:17.600 --> 00:50:24.720] Because there's just some companies that will do well, but they're not venture-backable in terms of being able to drive a three-to-five-time return, let's say.
[00:50:24.720 --> 00:50:30.880] So on the criteria for the fund, you have to be a member of our Braintrust Founder Studio.
[00:50:30.880 --> 00:50:34.640] And that's important because so much of fundraising is relationships.
[00:50:34.640 --> 00:50:45.760] You hear about funds that won't even entertain it unless they've known you for six to nine to 12 months and deals taking so long because you're going into this long-term relationship with somebody.
[00:50:45.760 --> 00:50:48.400] And so there's a relationship piece of that.
[00:50:48.800 --> 00:50:53.280] You also have to be at or approaching a million in revenue.
[00:50:53.280 --> 00:50:58.880] And as we know, the small percentage of you know companies that make it to a million.
[00:50:58.880 --> 00:51:02.120] And so figuring out how do we help you get there?
[00:51:02.120 --> 00:51:07.240] Because we know if we can get you there, then there's room and there's runway to continue to grow.
[00:51:07.560 --> 00:51:10.840] We look at 20 categories of beauty and wellness.
[00:51:10.840 --> 00:51:19.720] So everything from skin, nails, hair, color, but also sexual wellness and pet wellness and ingestibles.
[00:51:20.280 --> 00:51:24.680] And we also look at having an MVP in market.
[00:51:24.680 --> 00:51:32.440] And then, you know, part of our criteria with being a member of Braintrust Founder Studio is having at least one black co-founder.
[00:51:32.440 --> 00:51:35.240] And that is really important to me.
[00:51:35.240 --> 00:51:40.360] And, you know, I've had people say to me, is that exclusive or is it inclusive?
[00:51:40.360 --> 00:51:43.720] And I think that people can kind of take it however they want.
[00:51:43.720 --> 00:51:49.960] I know for me personally and what I experienced that I want to make sure that I'm giving back.
[00:51:49.960 --> 00:52:02.840] And I also know that the percentage of people in venture who look like me is less than 2% and that the money that is actually going into founders who look like me is even less than 1%.
[00:52:02.840 --> 00:52:07.640] And so it's an important way that I feel about giving back.
[00:52:07.640 --> 00:52:13.240] Now, that's what my company, our Braintrust agency, has no race, no gender.
[00:52:13.240 --> 00:52:17.000] We work with anyone and everyone, and we want everybody to come.
[00:52:17.000 --> 00:52:25.320] And then me personally, you know, I've done deals that have a different criteria based upon what I believe to be true about the founder or the company.
[00:52:25.320 --> 00:52:33.080] And so it's exciting because I get to dabble in all these different things, but be very clear and a unique perspective and a unique thesis.
[00:52:33.080 --> 00:52:38.520] And then I get to work with people like you who are also funding companies and doing all these amazing things.
[00:52:38.520 --> 00:52:44.600] And I have a network of so many people where I'm like, this deal may not work for me, but here's a deal for you.
[00:52:44.640 --> 00:52:52.400] And that to me is just as exciting because no one funds can invest in every single thing or support every single person.
[00:52:52.400 --> 00:53:00.640] And so the greater our network is, the more that we're collaborating, the greater capital that can flow to businesses and diverse business owners.
[00:53:00.640 --> 00:53:01.360] Absolutely.
[00:53:01.360 --> 00:53:05.040] We are, as you know, all about collaboration over competition.
[00:53:05.040 --> 00:53:08.160] I always say there is enough business out there for everyone.
[00:53:08.160 --> 00:53:19.360] And the more we can all collaborate and connect, share deal flow, service providers, companies, everything, we're all able to grow more and a lot faster too.
[00:53:19.360 --> 00:53:21.040] And sharing our learnings.
[00:53:21.040 --> 00:53:23.360] We don't all have to make the same mistakes over and over again.
[00:53:23.360 --> 00:53:30.320] If we share all the things that went wrong, someone else listening to this right now won't make some of the mistakes that you shared and your learning lessons.
[00:53:30.320 --> 00:53:36.560] So it's just so important that we continue to have these relationships, build these relationships.
[00:53:36.560 --> 00:53:42.320] And I am so grateful that you spent the afternoon with us, Kendra, sharing your story and journey.
[00:53:42.320 --> 00:53:51.360] It has been so helpful, not only for myself and Courtney to hear everything in detail, but I know for all of our listeners to just learn from you and be able to connect with you.
[00:53:51.360 --> 00:53:52.000] Oh my gosh.
[00:53:52.000 --> 00:54:09.760] And before I forget, one of our community members who you connected with at the Entrepreneur, Tori, I just heard that she ended up getting into the accelerator program, an accelerator program, got a $25,000 grant all from connecting at our event.
[00:54:09.760 --> 00:54:17.600] So so many amazing things can happen when we all spend time together and network and connect and make intros and help each other.
[00:54:17.920 --> 00:54:21.600] Well, and Seth, I'll say that too as we wrap.
[00:54:21.600 --> 00:54:42.760] You guys are so collaborative and you really do like walk the walk and I just have to thank you for that because, you know, we all, like people look at us and they may think one thing and it's so refreshing to be around other women in business.
[00:54:42.760 --> 00:54:44.600] And look, our businesses...
[00:54:44.600 --> 00:56:02.640] in some aspects do the same things and we're not even like thinking through the lens of being competitive and like we've never been competitive in any business dealings that we've done and you guys immediately like you could have said oh my goodness i don't know like you were like no we're bringing you in come be part of this like let's figure out how we can partner let's introduce you to some of our partners we'll introduce you here we'll introduce you there and like i don't want to get emotional about it but i have not had that same experience and i am just so grateful to you two and you don't know how much i talk about you and how much i talk about your work and it just it means a lot because without the collaboration we can only go so far and the fact that you know one of your winners literally like is now in our accelerator program i'm actually gonna see her um she has a 25 000 non-dilutive grant she has a housing stipend she has co-working space she has mental health services child care um and it all was because you guys saw what we were doing and saw a way to collaborate and invited me and my community into your community and we're truly changing and touching lives together in a way that we wouldn't have if that hadn't happened.
[00:56:02.640 --> 00:56:04.320] So, just thank you both.
[00:56:04.640 --> 00:56:05.440] Thank you.
[00:56:05.440 --> 00:56:06.880] It's seriously the best.
[00:56:06.880 --> 00:56:12.000] And we're so grateful that we know you and excited for all the future collaborations this year.
[00:56:12.000 --> 00:56:14.880] I know we actually we have a call scheduled with both of our teams coming up.
[00:56:14.880 --> 00:56:16.800] I think either next week or the week after.
[00:56:16.800 --> 00:56:21.680] So we'll start planning all of the fun stuff and we can't wait for it.
[00:56:21.680 --> 00:56:25.120] Kendra, where can everyone find you, follow you?
[00:56:25.360 --> 00:56:31.680] If founders want to reach out to either pitch you or join your community, where should they head over to do so?
[00:56:31.680 --> 00:56:32.880] Oh my goodness.
[00:56:32.880 --> 00:56:40.320] Okay, so we are on LinkedIn as Braintrust Founder Studio.
[00:56:40.320 --> 00:56:52.720] If you are a black founder in Beauty and Walmart and looking for a community, if you are looking for agency services, we are Braintrust LA, LinkedIn, and Instagram.
[00:56:52.720 --> 00:56:57.440] And for me personally, I am at Kendra Brackenferguson.
[00:56:57.440 --> 00:57:03.440] So it literally is my entire name at Kendra Bracken Ferguson, Instagram, LinkedIn.
[00:57:03.440 --> 00:57:06.880] We welcome all DNs, emails, messages.
[00:57:07.200 --> 00:57:07.840] Amazing.
[00:57:07.840 --> 00:57:10.480] We will be linking out to everything in the show notes below.
[00:57:10.480 --> 00:57:16.640] So if you're looking to reach Kendra, just head over to the show notes right now, tap the buttons there, and you'll find Kendra everywhere.
[00:57:16.640 --> 00:57:19.200] Kendra, thank you again for being here.
[00:57:19.200 --> 00:57:20.400] I'm Stephanie.
[00:57:20.400 --> 00:57:21.920] And I'm Courtney.
[00:57:22.560 --> 00:57:25.920] And this is the best business meeting we've ever had.
[00:57:26.560 --> 00:57:28.080] Thank you guys.
[00:57:28.080 --> 00:57:29.840] That was awesome.
[00:57:30.160 --> 00:57:31.520] Hi, Entrepranistas.
[00:57:31.520 --> 00:57:32.560] It's Steph here.
[00:57:32.560 --> 00:57:39.680] And I hope today's episode has left you feeling inspired and with some actionable tips that you can apply to your own business.
[00:57:39.680 --> 00:57:47.040] The way we've grown our community and resources is by sharing content like this for years and asking for help along the way.
[00:57:47.040 --> 00:57:52.560] So here's where we need your help so we can continue to make as much impact as possible together.
[00:57:52.560 --> 00:58:02.280] If you can leave us a five-star review and extra credit if you share this episode on Instagram, LinkedIn, or DM it to a founder friend who would benefit from hearing it.
[00:58:02.280 --> 00:58:09.640] Not only would it mean the world to us, but you sharing this episode is going to help someone who just may need to hear what we share today.
[00:58:09.640 --> 00:58:19.400] And you know I love nothing more than giveaways and prizes, so every month I'll be giving away a one-on-one session with me to someone who has shared the episode and left a review.
[00:58:19.400 --> 00:58:22.200] So send me a personal DM over on Instagram.
[00:58:22.200 --> 00:58:27.160] I'm at Steph Jill Carton once you've done it so you can be entered to win.
[00:58:27.160 --> 00:58:32.840] Wishing you a productive week ahead and stay tuned for another impactful episode next week.

Prompt 2: Key Takeaways

Now please extract the key takeaways from the transcript content I provided.

Extract the most important key takeaways from this part of the conversation. Use a single sentence statement (the key takeaway) rather than milquetoast descriptions like "the hosts discuss...". 

Limit the key takeaways to a maximum of 3. The key takeaways should be insightful and knowledge-additive. 

IMPORTANT: Return ONLY valid JSON, no explanations or markdown. Ensure:
- All strings are properly quoted and escaped
- No trailing commas
- All braces and brackets are balanced
Format: {"key_takeaways": ["takeaway 1", "takeaway 2"]}

Prompt 3: Segments

Now identify 2-4 distinct topical segments from this part of the conversation.

For each segment, identify:
- Descriptive title (3-6 words)  
- START timestamp when this topic begins (HH:MM:SS format)
- Double check that the timestamp is accurate - a timestamp will NEVER be greater than the total length of the audio
- Most important Key takeaway from that segment. Key takeaway must be specific and knowledge-additive.
- Brief summary of the discussion

IMPORTANT: The timestamp should mark when the topic/segment STARTS, not a range. Look for topic transitions and conversation shifts.

Return ONLY valid JSON. Ensure all strings are properly quoted, no trailing commas:
{
  "segments": [
    {
      "segment_title": "Topic Discussion", 
      "timestamp": "01:15:30",
      "key_takeaway": "main point from this segment",
      "segment_summary": "brief description of what was discussed"
    }
  ]
}

Timestamp format: HH:MM:SS (e.g., 00:05:30, 01:22:45) marking the START of each segment.

Prompt 4: Media Mentions

Now scan the transcript content I provided for ACTUAL mentions of specific media titles:

Find explicit mentions of:
- Books (with specific titles)
- Movies (with specific titles)  
- TV Shows (with specific titles)
- Music/Songs (with specific titles)

DO NOT include:
- Websites, URLs, or web services
- Other podcasts or podcast names

IMPORTANT: 
- Only include items explicitly mentioned by name. Do not invent titles.
- Valid categories are: "Book", "Movie", "TV Show", "Music"
- Include the exact phrase where each item was mentioned
- Find the nearest proximate timestamp where it appears in the conversation
- THE TIMESTAMP OF THE MEDIA MENTION IS IMPORTANT - DO NOT INVENT TIMESTAMPS AND DO NOT MISATTRIBUTE TIMESTAMPS
- Double check that the timestamp is accurate - a timestamp will NEVER be greater than the total length of the audio
- Timestamps are given as ranges, e.g. 01:13:42.520 --> 01:13:46.720. Use the EARLIER of the 2 timestamps in the range.

Return ONLY valid JSON. Ensure all strings are properly quoted and escaped, no trailing commas:
{
  "media_mentions": [
    {
      "title": "Exact Title as Mentioned",
      "category": "Book",
      "author_artist": "N/A",
      "context": "Brief context of why it was mentioned",
      "context_phrase": "The exact sentence or phrase where it was mentioned",
      "timestamp": "estimated time like 01:15:30"
    }
  ]
}

If no media is mentioned, return: {"media_mentions": []}

Full Transcript

[00:00:00.880 --> 00:00:05.680] Hey Entrepreneurs, it's Steph here with a special invite just for you.
[00:00:05.680 --> 00:00:10.800] Do you want to experience what it's like to be part of our Entrepreneursa League community of founders?
[00:00:10.800 --> 00:00:12.400] Now is your chance.
[00:00:12.400 --> 00:00:21.360] You can join me this month at one of our upcoming Entrepreneurs League info sessions where I'm going to share with you all you're going to get access to when you join the community.
[00:00:21.360 --> 00:00:27.040] Plus, I'll be giving away some big bonuses that you will only be able to get access to when you attend live.
[00:00:27.040 --> 00:00:35.600] Head over to refer.entrepanista.com forward slash info session to join us at one of our virtual info sessions this month.
[00:00:35.600 --> 00:00:40.640] That's refer.entrepranista.com forward slash info session.
[00:00:40.640 --> 00:00:44.560] Or head over to the show notes right now and tap the link to join us.
[00:00:44.560 --> 00:00:49.280] I can't wait to meet you there and learn more about you and your business.
[00:00:49.920 --> 00:00:55.760] But I also think that it's good to have your own executive coach because at the end of the day, the brand is the brand is the brand.
[00:00:55.760 --> 00:00:57.360] We are also our own brand.
[00:00:57.360 --> 00:01:02.400] And for me, whether the company exists in this way or not, I will still be Kendra Bracken Ferguson.
[00:01:02.400 --> 00:01:03.520] I will still be an executive.
[00:01:03.520 --> 00:01:07.200] I will still be someone who knows how to do brand strategy and brand development.
[00:01:07.200 --> 00:01:13.040] I need to be coached on what my whole sphere of influence looks like as a business leader.
[00:01:16.560 --> 00:01:23.360] Kendra Bracken Ferguson is a serial entrepreneur, venture capitalist, and a podcast host.
[00:01:23.360 --> 00:01:31.120] Since 2010, Kendra has founded four companies and now focuses on supporting black founders in the beauty and wellness space.
[00:01:31.120 --> 00:01:38.960] Kendra has been named one of Essim's magazine's 17 inspiring black executives redefining the face of beauty.
[00:01:38.960 --> 00:01:46.880] And if that wasn't impressive enough, she is one of the first 150 black women to raise over a million dollars in venture funding.
[00:01:46.880 --> 00:01:52.880] Coming up, the game-changing advice that Kendra received from Ralph Lawrence, Chief of Staff.
[00:01:52.880 --> 00:01:56.800] Kendra's advice for creating a successful business partnership.
[00:01:56.800 --> 00:02:00.000] She shares more advice for founders that are raising capital.
[00:02:00.280 --> 00:02:06.120] And finally, the litmus test that Kendra uses when she starts a new business.
[00:02:11.240 --> 00:02:13.240] This is the Entrepreneur Podcast.
[00:02:13.240 --> 00:02:23.240] It's the best business meeting you'll ever have with must-hear real-life looks at how leading women in business are getting it done and what it takes to build and grow a successful company.
[00:02:23.240 --> 00:02:29.160] It's beyond the Graham with no filters, no limits, and plenty of surprises.
[00:02:33.000 --> 00:02:38.440] Kendra, we are so excited to have you on Entrepreneursa Podcast finally.
[00:02:38.440 --> 00:02:41.000] Many, many years in the making.
[00:02:41.000 --> 00:02:46.600] And it was so great to finally meet in person in March at our Entrepreneursa 100 event.
[00:02:46.600 --> 00:02:56.440] And I cannot wait for all of our listeners to hear your story because it is so inspirational and there's so much you're doing now to help so many founders.
[00:02:56.440 --> 00:02:59.960] So thank you, thank you, Kendra, for spending your Friday afternoon with us.
[00:03:00.280 --> 00:03:03.960] Oh my gosh, this is like such an honor.
[00:03:03.960 --> 00:03:12.200] I feel like you, Steph, and Courtney, we're like kindred spirits in this, and it just feels so good to be connected.
[00:03:12.200 --> 00:03:17.320] I talk about the Entrepreneurista Awards and being with you all in person all the time.
[00:03:17.320 --> 00:03:19.320] And so just thank you for having me.
[00:03:19.320 --> 00:03:23.640] I'm just excited that we can be in community and sisterhood together.
[00:03:23.640 --> 00:03:24.920] Yes, it's the best.
[00:03:24.920 --> 00:03:34.200] Even though we are, you know, many miles apart, we can still feel close and connected and share lots of our learnings and resources together.
[00:03:34.200 --> 00:03:41.000] Kendra, did you always know, even growing up as a child, that you wanted to have your own business one day?
[00:03:41.320 --> 00:03:42.520] Oh my gosh.
[00:03:42.520 --> 00:03:44.360] So, no, I did not.
[00:03:45.360 --> 00:03:51.760] But it's funny because my mom always worked and I got to travel with her.
[00:03:52.080 --> 00:03:54.880] I interned in her office one summer.
[00:03:54.880 --> 00:04:02.480] And it was so crazy because I remember being like, I'm the only one here that's working because I was like filing papers and they were in so many meetings.
[00:04:02.480 --> 00:04:06.160] And so I never really got to see them working.
[00:04:06.160 --> 00:04:16.560] And then it was when I was in sixth grade and I was watching the news with some program, and the president was speaking, and someone walked up and handed him a piece of paper.
[00:04:16.560 --> 00:04:18.160] And I was like, that's what I want to do.
[00:04:18.160 --> 00:04:18.720] Who is that?
[00:04:18.720 --> 00:04:21.040] And my mom said, the press secretary.
[00:04:21.040 --> 00:04:27.680] And so, fast forward, I knew I wanted to get an internship at one of the largest PR agencies.
[00:04:27.680 --> 00:04:30.480] I knew that I wanted to work in PR.
[00:04:31.200 --> 00:04:32.720] That was my job.
[00:04:32.720 --> 00:04:35.840] And I was looking at it through the lens of what I had seen.
[00:04:35.840 --> 00:04:42.720] So you work really hard, you get the super senior position, you become like an SVP, you become the president.
[00:04:42.720 --> 00:04:48.080] But I wasn't exposed to the world of being an entrepreneur and being a founder.
[00:04:48.080 --> 00:04:53.760] And so I went through these milestones, these accomplishments within the corporate environment.
[00:04:53.760 --> 00:04:56.720] And it was really in my second experience.
[00:04:56.720 --> 00:05:02.960] I went from Flashman Hillard to being the first director of digital media at Ralph Lauren.
[00:05:02.960 --> 00:05:06.240] And I met my first business partner and we started talking.
[00:05:06.240 --> 00:05:11.440] And it was that like leap of faith in 2010 to create our first company.
[00:05:11.440 --> 00:05:24.320] And I will say, even then, it really was like starting my second company, where I was able to have the confidence to say, like, I am an entrepreneur, and that's what I'm going to do.
[00:05:24.320 --> 00:05:32.600] And I don't necessarily need to figure out all these other, all these other jobs and titles, but that's what I am.
[00:05:34.520 --> 00:05:44.760] It feels like I remember when we first connected, I think it was a few months ago, we have heard your name throughout the years, and we finally got to meet over Zoom.
[00:05:44.760 --> 00:05:49.400] And we realized that basically we were living like parallel lives.
[00:05:49.400 --> 00:05:56.040] There are so many similarities in our career paths, our professional journeys.
[00:05:56.360 --> 00:06:02.520] And Stephanie and I, like we shared with you, also quit our jobs to start an agency.
[00:06:02.520 --> 00:06:09.400] So I'd love to know when you decided to take that leap of faith, what preparation did you do ahead of time?
[00:06:09.400 --> 00:06:13.400] And what was that first few months like working on your own?
[00:06:14.680 --> 00:06:18.520] Oh my gosh, what did we say when we were in Florida together?
[00:06:18.520 --> 00:06:20.040] Sister Pranistas.
[00:06:20.040 --> 00:06:24.360] Like, that is exactly what we're doing in the path.
[00:06:24.360 --> 00:06:30.520] And, you know, it's interesting because I talked to so many people who were like, I'm in this job.
[00:06:30.520 --> 00:06:32.520] I want to start something new.
[00:06:32.520 --> 00:06:34.600] How do I even do it?
[00:06:34.600 --> 00:06:41.000] And for me, I didn't have the luxury of not working to just like focus on building something.
[00:06:41.000 --> 00:06:43.640] I actually loved my job at Ralph Lauren.
[00:06:43.640 --> 00:06:45.320] Like, I thought I was going to be there.
[00:06:45.320 --> 00:06:47.960] So I wasn't one of these people that was like, I'm not content.
[00:06:48.040 --> 00:06:49.560] I don't know if I want to stay.
[00:06:49.560 --> 00:06:51.320] I'm not being treated well.
[00:06:51.320 --> 00:06:58.200] It was really like, I love this job, but I know that there's an opportunity to do something different.
[00:06:58.200 --> 00:07:05.560] And so when we first started, I'll never forget, I texted Karen for Benefits, my co-founder in DBA.
[00:07:05.560 --> 00:07:13.080] And when we literally started, I texted her one Saturday and she immediately called me and I was like, I have an idea to manage bloggers.
[00:07:13.080 --> 00:07:14.760] And she was like, me too.
[00:07:15.040 --> 00:07:21.440] And we put up a website that same Saturday, got our husbands together for brunch Sunday, filed for an LLC Monday.
[00:07:21.440 --> 00:07:25.840] And I went in to David Lauren and was like, I'm going to start managing bloggers.
[00:07:25.840 --> 00:07:31.040] But it wasn't like a let me quit today, go and do this.
[00:07:31.040 --> 00:07:41.520] It was this slow process of Karen and I literally every Friday meeting with all these bloggers and saying we want to manage you, but still going to work.
[00:07:41.520 --> 00:07:43.680] But I always say I was very transparent.
[00:07:43.680 --> 00:07:54.720] I went in and said it, and everyone at Ralph was like, as long as they're wearing Ralph Lauren, so we would take Ralph Lauren clothes, give them to the bloggers while we were saying we would manage them.
[00:07:54.720 --> 00:07:58.720] And so it really was this interesting transition until it got to the point.
[00:07:58.720 --> 00:08:04.960] And you guys know, whenever you have a co-founder, there's a lot of communication and conversation.
[00:08:04.960 --> 00:08:14.240] And when one person feels like, I'm giving my all to this business and I'm trying to figure out what I'm doing, but then you're going to a job full-time and then we get together.
[00:08:14.240 --> 00:08:19.360] We're like night and weekend parents, like, you know, it becomes really hard.
[00:08:19.360 --> 00:08:31.440] And so we got to this place where even though Karen was on HSN selling her Purple Lab products, we were like, okay, we are going to have to go all in and we're going to really have to devote.
[00:08:31.440 --> 00:08:40.400] And I remember going in to, you know, resign and literally having this such a moment of fear.
[00:08:40.400 --> 00:08:45.920] But I'll never forget the chief of staff at Ralph Lauren said to me, she was like, Your last name isn't Lauren.
[00:08:45.920 --> 00:08:47.440] You have this great idea.
[00:08:47.440 --> 00:08:49.200] You've made a name for yourself here.
[00:08:49.200 --> 00:08:51.360] If it doesn't work, you can always come back here.
[00:08:51.360 --> 00:08:51.920] Or guess what?
[00:08:51.920 --> 00:08:53.840] You can go somewhere else.
[00:08:53.840 --> 00:08:57.680] And we took that and we started doing it full-time.
[00:08:57.680 --> 00:09:02.520] And, you know, in hindsight, we didn't have a fully baked business plan.
[00:09:02.520 --> 00:09:03.480] We knew the market.
[00:09:03.480 --> 00:09:07.000] We knew what we later realized is we could pick talent.
[00:09:07.320 --> 00:09:10.200] And we didn't have this massive bank account.
[00:09:10.200 --> 00:09:18.920] But we did have a belief and we did everything that we could to make sure that we could, you know, pay as much as we could to ourselves.
[00:09:19.080 --> 00:09:22.680] We know what that's like, but that we could build a business.
[00:09:23.320 --> 00:09:28.680] What were some of the biggest struggles in the early days of building the agency?
[00:09:29.800 --> 00:09:37.000] I definitely think for us, you know, this is 2010 when we launched Digital Brand Architects.
[00:09:37.000 --> 00:09:42.040] And so when you think about it, there was no Pinterest, you know, there was no Instagram.
[00:09:42.040 --> 00:09:44.920] There was no, these things didn't exist.
[00:09:44.920 --> 00:09:59.240] And so we were literally managing bloggers and trying to help people understand, you know, even having the conversation at Ralph Lauren, like, oh my gosh, this blogger actually has more traffic to their blog than Ralph Lauren.com.
[00:09:59.240 --> 00:10:03.800] And that's okay, but let's figure out how we can work together.
[00:10:03.800 --> 00:10:11.400] And whereas nowadays, I mean, nothing happens without some type of an influencer campaign, like figuring out what platform you're going to be on.
[00:10:11.400 --> 00:10:17.720] And so we had to go through educating people on why bloggers, what is this platform.
[00:10:17.720 --> 00:10:23.320] We also had to go through, as Instagram was starting, like, how do you navigate your business?
[00:10:23.320 --> 00:10:26.520] You know, our contracts weren't designed for all these new platforms.
[00:10:26.520 --> 00:10:32.600] So figuring out, how do I write a contract for someone that says a platform that exists now or in the future?
[00:10:32.600 --> 00:10:37.640] You know, figuring out how to manage power pinners as this new platform.
[00:10:37.640 --> 00:10:39.000] So we had education.
[00:10:39.000 --> 00:10:42.440] And then we also had, you know, you're managing talent.
[00:10:42.440 --> 00:10:43.240] That's not your money.
[00:10:43.240 --> 00:10:44.200] That's your talent's money.
[00:10:44.200 --> 00:10:46.080] And you take a persistentage of it.
[00:10:44.920 --> 00:10:48.560] And so you're constantly managing cash flow.
[00:10:48.800 --> 00:10:53.520] And to grow and scale a company, which we later did, we had to take investment.
[00:10:53.520 --> 00:11:00.080] But it was this sacrifice, you know, the, I guess, the cardinal sin of being a founder is not paying yourself.
[00:11:00.080 --> 00:11:05.200] But at a certain point, you go through this place where you're not paying yourself for the greater good of the business.
[00:11:05.200 --> 00:11:12.160] And you know that that can't also be sustainable for mental reasons for just day-to-day life reasons.
[00:11:12.560 --> 00:11:14.480] But navigating that.
[00:11:14.480 --> 00:11:20.080] And then I think the other thing is, you know, coming into partnership with someone else, right?
[00:11:20.400 --> 00:11:30.240] Like we had, my co-founder and I, we had such a great perspective and ideas and passion and energy.
[00:11:30.240 --> 00:11:42.320] And sometimes whenever you're running a business, the passion and energy is hard to sustain when you get into the day-to-day grind of having to be in business with somebody else, right?
[00:11:42.320 --> 00:11:46.240] And whenever you're 50-50, I can't just go out and make a decision.
[00:11:46.240 --> 00:11:58.640] And so you also have two people coming from very different backgrounds, having only in our experience, having only known each other for three months and making such important decisions that impact everything.
[00:11:58.640 --> 00:12:02.240] I mean, luckily, DBA still exists today, and Raina's done a great job.
[00:12:02.240 --> 00:12:10.400] But when I think back to those early days, you know, navigating those pieces, education, how do we fund this business?
[00:12:10.400 --> 00:12:19.120] And then how do we as two people come together to overcome what we may think personally and center the business and what's best?
[00:12:19.120 --> 00:12:24.320] Up next, what Kendra looks for when she starts or funds a business?
[00:12:29.880 --> 00:12:31.160] Hi, Entrepreneurs.
[00:12:31.160 --> 00:12:32.200] It's Steph here.
[00:12:32.200 --> 00:12:38.840] As a founder, I know firsthand that building a business can feel so lonely, but it doesn't have to.
[00:12:38.840 --> 00:12:43.480] And that's why we created our Entrepreneursa Founders Weekend Wealth and Wellness Retreat.
[00:12:43.480 --> 00:12:45.640] And I can't wait to meet you in person there.
[00:12:45.640 --> 00:12:59.880] So you're officially invited to join us from April 30th to May 3rd, 2026 at the stunning PGA National Resort in Palm Beach Gardens, Florida for three transformative days of connection, collaboration, and real business growth.
[00:12:59.880 --> 00:13:01.960] This isn't just another business conference.
[00:13:01.960 --> 00:13:10.360] It is a curated retreat designed to help you build authentic, lasting relationships with women who truly understand your journey.
[00:13:10.360 --> 00:13:17.160] From business panels and workshops to wellness activations and so much more, this is the room that you need to be in.
[00:13:17.160 --> 00:13:28.680] So if you are ready to invest in yourself and your business and your vision and your next level of success, head over to entrepreneurs.com forward slash foundersweekend to reserve your ticket today.
[00:13:28.680 --> 00:13:37.000] That's entrepreneur.com forward slash foundersweekend or head over to the show notes right now and tap the invitation to reserve your ticket.
[00:13:37.000 --> 00:13:38.280] I'll see you there.
[00:13:48.440 --> 00:14:03.880] Do you have any advice for people going into business with other founders on how to resolve conflict or, you know, have the conversations on when it's when it makes sense to raise money?
[00:14:05.160 --> 00:14:10.120] So that's a great question because I think, and it's, it's really what I've learned.
[00:14:10.120 --> 00:14:17.120] There's the hard part of it at heart, like is in our hearts and our compassion and our empathy as people.
[00:14:17.120 --> 00:14:19.680] And then there's the business side of it, right?
[00:14:19.680 --> 00:14:30.720] So for me, the biggest thing that I learned was: yes, it's the communication and the care and the passion, but then there's a real business thing that you have to kind of think about.
[00:14:30.720 --> 00:14:40.480] You know, I've always said to like my team, you know, we may not work together forever, but I want you to leave here and be like, I learned this, my life was enriched, right?
[00:14:40.800 --> 00:14:45.120] The reality is that we may not always be together doing what we're doing right now.
[00:14:45.120 --> 00:14:49.280] And we have to be ready for the time whenever that's not the case.
[00:14:49.280 --> 00:14:52.480] And I was so like, I'm always like, oh, it'll be fine.
[00:14:52.480 --> 00:14:56.000] You know, I'm going to meditate and all the things that we do on the human side.
[00:14:56.000 --> 00:15:03.440] But I will not go into business without legal, without understanding like what happens if we disagree.
[00:15:03.440 --> 00:15:10.800] And even I think about the experience of being a solopreneur and then going back in with the co-founder and taking the time.
[00:15:10.800 --> 00:15:15.840] I did an entire questionnaire of all of the things that I learned that were important.
[00:15:15.840 --> 00:15:17.200] Who's going to be the face?
[00:15:17.200 --> 00:15:19.120] Who's going to go do all of the press?
[00:15:19.120 --> 00:15:21.440] Are you going to split that or you're not going to split that?
[00:15:21.440 --> 00:15:23.280] Who's going to manage the day-to-day of the team?
[00:15:23.280 --> 00:15:28.080] The team can't be reporting to two people every single day about every single thing that's happening.
[00:15:28.080 --> 00:15:30.080] Who's going to take the bulk of this piece?
[00:15:30.080 --> 00:15:31.200] What do I like?
[00:15:31.200 --> 00:15:40.640] The whole beauty of having co-founders, having been a solo founder, is you really can split the weight, but you have to communicate what that split's going to look like.
[00:15:40.640 --> 00:15:42.640] And you have to play to each other's strengths.
[00:15:42.640 --> 00:15:45.280] And you constantly have to be in communication.
[00:15:45.280 --> 00:15:48.720] Like when you don't want to talk to each other, you have to talk to each other.
[00:15:48.720 --> 00:15:53.040] And you have to have the balance of this isn't about me.
[00:15:53.040 --> 00:15:56.080] We're going to get through it together because we all have the same goal.
[00:15:56.080 --> 00:16:04.200] And you're protected by this thing called the lawyer and a legal document that says, if you part ways, here's what happens.
[00:15:59.840 --> 00:16:05.960] Here's how it's handled.
[00:16:06.280 --> 00:16:09.800] If there's a disagreement, like here's the different things.
[00:16:09.800 --> 00:16:19.320] I believe firmly in an executive coach, one for you, and then one who can also be the executive coach for the partnership.
[00:16:19.320 --> 00:16:29.640] And I think that that also comes into when you talk about finance and when is the right time to raise and at what point do you know that it's time?
[00:16:29.640 --> 00:16:32.280] And it's interesting because I work with so many founders.
[00:16:32.280 --> 00:16:39.560] Like we did, we were doing the numbers and it's like we've worked with over 400 like brands and influencers and all these people.
[00:16:39.560 --> 00:16:44.040] And it's different, but then it's the same, right?
[00:16:44.040 --> 00:16:50.600] Because at a certain point, in order to grow and scale your company, there has to be some type of financial piece.
[00:16:50.600 --> 00:16:56.120] And as agency owners, different because now I have Braintrust Founder Studio and now I have a fund.
[00:16:56.120 --> 00:17:00.360] And so the way that you capitalize those is similar, but it's also different.
[00:17:00.360 --> 00:17:03.080] On the agency side, we're so beholden to our clients.
[00:17:03.080 --> 00:17:04.440] So yes, we can project.
[00:17:04.440 --> 00:17:12.440] We know what I learned at Fleischmann was new business drives the firm, but we also know that like we're on a month or we're on a project.
[00:17:12.440 --> 00:17:18.360] And so our ability to scale while still having the teams there to actually do the work impacts our margins.
[00:17:18.360 --> 00:17:25.960] And then at the same time, agencies don't have the same multiple as if we were to go and build a tech company or if we had a CPG product.
[00:17:25.960 --> 00:17:30.760] And so for us in the first company, it was really looking at what do we want to do?
[00:17:30.760 --> 00:17:32.120] How do we want to grow?
[00:17:32.120 --> 00:17:35.320] Can our company make it by robbing Peter to pay Paul?
[00:17:35.320 --> 00:17:36.680] And the answer is no, right?
[00:17:36.680 --> 00:17:40.920] We all bootstrap, most of us bootstrap our companies.
[00:17:40.920 --> 00:17:44.600] And then when we sit there and we say, How do I get to the other side?
[00:17:44.800 --> 00:17:56.480] I think the key piece is not waiting too late whenever you start to think about it because you can't wait until the week before when everything's crashing down and you have $5,000, $1,000 in your bank account.
[00:17:56.480 --> 00:17:59.360] And it's like, I need to go raise to make payroll.
[00:17:59.360 --> 00:18:15.600] And I think having outside people, whether it's a great financial partner, a fractional CFO, like somebody helping you track your vision against the business and being very honest with your financial partner about what you need.
[00:18:15.600 --> 00:18:21.840] And the last thing I'll say, because I have a venture fund, I'm really about differentiated sources of capital.
[00:18:21.840 --> 00:18:30.080] Like, and this is where you and your co-founder have to really look at what are all the ways that we can finance this company without it coming from our pocket.
[00:18:30.080 --> 00:18:36.320] And venture funding means that the goal is to have a multiple, a return, and to exit the company.
[00:18:36.320 --> 00:18:38.240] Not everybody wants to do that.
[00:18:38.240 --> 00:18:45.680] And now we're so fortunate, we have things like virtual pitch competitions that you can come, you can get pitches.
[00:18:45.680 --> 00:18:51.200] We talk to founders all the time who have grown their businesses just by doing pitch competitions.
[00:18:51.200 --> 00:18:55.120] There's bank loans, there's debt financing, there's clear co.
[00:18:55.280 --> 00:19:00.720] So that was a long answer, Courtney, but hopefully I touched on all the pieces.
[00:19:02.800 --> 00:19:04.560] Yeah, you shared so much.
[00:19:04.880 --> 00:19:08.160] I had a lot of questions that you started to answer as you were sharing.
[00:19:08.160 --> 00:19:14.800] So I have some follow-up questions, especially to what you shared about having an executive coach and having a business coach.
[00:19:14.800 --> 00:19:20.160] At what point in your business did you realize we need to start working with a coach?
[00:19:20.160 --> 00:19:25.360] And what should founders expect from investing and working with a coach?
[00:19:25.360 --> 00:19:28.240] Because Courtney and I are all about it too.
[00:19:29.120 --> 00:19:43.240] Well, and, you know, it's interesting because I've had to kind of balance the executive coach against what I believe to be like therapy, right?
[00:19:43.560 --> 00:19:51.160] And good executive coaches can kind of balance out whatever your belief system is on therapy, not therapy.
[00:19:51.160 --> 00:19:53.640] Everyone has kind of their own viewpoint.
[00:19:53.640 --> 00:19:58.040] And we were in the company and I was just like really struggling.
[00:19:58.040 --> 00:20:07.000] Like it wasn't even until a few years in the company, and I learned this actually from my first co-founder, Karen, like being able to say what I was really good at, right?
[00:20:07.000 --> 00:20:12.280] Because I had confidence in all these things, but being able to really be like, this is what I'm good at.
[00:20:12.280 --> 00:20:14.040] This is why I'm here.
[00:20:14.040 --> 00:20:17.640] It felt so awkward to say it and it felt so me, me, me.
[00:20:17.960 --> 00:20:21.800] And so as we were running the business, I felt like I was just learning everything.
[00:20:21.800 --> 00:20:24.440] Like I had an MBA, but a lot of us have MBAs.
[00:20:24.440 --> 00:20:29.640] It's not until you're like there that you're having to constantly make these decisions.
[00:20:29.640 --> 00:20:44.520] And as much as I love being a founder and being an entrepreneur, it's quite psychologically damaging because you, we love our vision, we love our ideas, but all of the business pieces that we may or may not know, everyone has a different skill set.
[00:20:44.520 --> 00:20:53.720] And so it was a few years in, and we had brought in this amazing woman, Michelle Serwin, who had been running another agency at the time.
[00:20:53.720 --> 00:20:56.440] And we just started meeting with her every month, every month.
[00:20:56.440 --> 00:21:00.360] And she was the one who said, hey, you guys need an executive coach.
[00:21:00.360 --> 00:21:06.040] I'm going to introduce you to someone who became Julie Flanders, who is only by referral.
[00:21:06.040 --> 00:21:11.000] And I remember my first meeting with her, and I was like, listen, this is about business.
[00:21:11.000 --> 00:21:14.120] We're not going to talk about anything that happens in my family.
[00:21:14.120 --> 00:21:15.840] I just want to talk about the business.
[00:21:15.840 --> 00:21:23.040] And in that first meeting, it was like, wow, you can't really be business coached.
[00:21:23.040 --> 00:22:46.200] if you're going to block another part of your life that has so much to do with your business because you spend so much time here and that's different from therapy but i my business and executive coach has been able to blend the two in a way that i'm comfortable with but also that serves the needs of the business and helps me bring my full self into the business because especially like it's hard to separate it when we spend so much of our time and so when i've had my executive coach when i was starting the next version of brain trust i found that even bringing in my co-founder bringing in senior people like i want them to meet with my executive coach so that my executive coach can help me see blind spots and can help make sure that we are truly supporting each other and that there's this complementary skill set and we worked together long enough that she caught she called me out this morning on a blind spot that i had when it came to financing and capital and like funding the business and i found that it's great for me and my co-founder to have a source that can come in and can coach both of us and understands the business but i also think that it's good to have your own executive coach because at the end of the day the brand is the brand is the brand we are also our own brand and for me whether the company exists in this way or not i will still be kendra bracken ferguson i will still be an executive.
[00:22:46.200 --> 00:22:50.120] I will still be someone who knows how to do brand strategy and brand development.
[00:22:50.120 --> 00:22:56.200] And so i need to be coached on what my whole sphere of influence looks like as a business leader.
[00:22:56.200 --> 00:23:01.320] And so that's one of the things that i realized in terms of tweaking, yes, let's come together with the coach.
[00:23:01.320 --> 00:23:06.840] Let me have my own coach because I'm so much more than what this business is today.
[00:23:07.800 --> 00:23:09.880] My answers are so long, Stephan Courtney.
[00:23:09.880 --> 00:23:10.200] I love that.
[00:23:10.360 --> 00:23:11.560] Oh, I love that.
[00:23:12.360 --> 00:23:15.160] It's so helpful to hear all of this.
[00:23:15.160 --> 00:23:27.480] Kendra, can you share the trajectory of the different businesses that you launched and what led to Each Nuck's venture and just a summary of everything you're involved in now?
[00:23:28.680 --> 00:23:30.840] You're like, put the pieces together.
[00:23:31.800 --> 00:23:39.160] So it's interesting because I used to be very sensitive to everything that I was doing, right?
[00:23:39.160 --> 00:23:41.080] Because people be like, oh my God, you're doing so much.
[00:23:41.080 --> 00:23:41.720] You're doing this.
[00:23:41.720 --> 00:23:42.920] You're doing that.
[00:23:43.240 --> 00:23:45.720] And I was like, but wait a second.
[00:23:45.720 --> 00:23:48.920] I have a through line to everything that I'm doing.
[00:23:48.920 --> 00:23:51.880] And me as a person, I'm at the center of it.
[00:23:51.880 --> 00:24:00.840] So if we think about this path from digital brand architects and then saying, okay, you know, I'm going to part ways with my co-founders.
[00:24:00.840 --> 00:24:02.280] We've raised this money.
[00:24:02.360 --> 00:24:05.320] Company ends up getting sold to UTA.
[00:24:05.320 --> 00:24:11.880] And I was literally sitting in my office and it was this moment of like, what have you learned?
[00:24:11.880 --> 00:24:12.840] What are you good at?
[00:24:12.840 --> 00:24:14.440] And what do you care about?
[00:24:14.440 --> 00:24:19.240] And I remember like whiteboarding it out and being like, I really love smart people.
[00:24:19.240 --> 00:24:24.280] But the biggest thing I learned from that relationship was trust and integrity.
[00:24:24.280 --> 00:24:27.800] And people view the word trust and integrity differently.
[00:24:27.800 --> 00:24:32.520] My center for trust and integrity doesn't change no matter what situation I'm in.
[00:24:32.520 --> 00:24:37.000] And I did not realize how important that was.
[00:24:37.000 --> 00:24:43.400] And I said, I will not be in business or do anything that manipulates, changes that.
[00:24:43.400 --> 00:24:46.160] And that's literally how I came up with the name Brain Trust.
[00:24:46.160 --> 00:24:49.280] And I was like, smart people working together to solve problems.
[00:24:44.840 --> 00:24:51.360] So I started that in 2015.
[00:24:51.680 --> 00:24:53.920] Social media, you guys are going to love this.
[00:24:53.920 --> 00:24:58.960] Social media, influencer marketing, events, brand development.
[00:24:58.960 --> 00:25:05.200] Fast forward, you know, we get to COVID and about 80% of our revenue was tied up in events.
[00:25:05.200 --> 00:25:08.160] And so it was, how do I get back to the roots?
[00:25:08.160 --> 00:25:12.640] How do I create partnerships so that we can diversify our revenue?
[00:25:12.640 --> 00:25:16.080] And that was really where we started doing more brand development.
[00:25:16.080 --> 00:25:20.480] And I have been working, I mean, I had Halley Berry and Blushington as my first clients when I launched.
[00:25:20.480 --> 00:25:27.360] And so we were in this interesting place of working with talent, but not being a management agency or an agent.
[00:25:27.360 --> 00:25:39.440] You know, we were in such this interesting place of really helping brands and public figures develop their own brands and outside of, you know, maybe being an actress or a musician.
[00:25:39.440 --> 00:25:42.240] And so we started doing more brand development.
[00:25:42.240 --> 00:25:48.240] But at the same time, I had so many founder friends who were calling, DMing, texting.
[00:25:48.240 --> 00:25:51.600] And as we all know, like it's so much greater than one person.
[00:25:51.600 --> 00:25:58.080] I know such a small piece of the answers, but I know really smart people who know more answers than I do.
[00:25:58.080 --> 00:26:01.440] And so it was this moment of how do I help as many people?
[00:26:01.440 --> 00:26:03.840] How do I do something that gives me impact?
[00:26:03.840 --> 00:26:06.160] And I started looking at my pillars of life.
[00:26:06.160 --> 00:26:09.760] I believe in community, mentorship, education, and capital.
[00:26:09.760 --> 00:26:12.560] Anything that I do has to have that through line.
[00:26:12.560 --> 00:26:14.560] And I love the beauty and wellness industry.
[00:26:14.560 --> 00:26:15.360] I've been in it.
[00:26:15.360 --> 00:26:16.000] I know it.
[00:26:16.000 --> 00:26:19.360] As much as I'm fashion, I'm beauty and wellness.
[00:26:19.360 --> 00:26:29.920] And at that same time in 2020, I was on the digital cover of Essence Magazine with 17 other black women, and we were named kind of the top black women in Beauty.
[00:26:30.920 --> 00:26:39.000] And on set, I met this woman who literally later called and was like, Do you want to host this podcast?
[00:26:39.000 --> 00:26:45.400] Like, there's this person who wants to do a podcast and they want a black podcast host in beauty and wellness.
[00:26:45.400 --> 00:26:47.800] And at first, I was like, No, of course not.
[00:26:47.800 --> 00:26:49.000] And then I started doing it.
[00:26:49.000 --> 00:26:54.760] And I love, love, love talking to people every week and hosting the podcast.
[00:26:54.760 --> 00:26:57.560] So now I'm like, okay, I want to help people.
[00:26:57.560 --> 00:26:59.880] I have this agency that's doing one thing.
[00:26:59.880 --> 00:27:01.560] I know all these beauty founders.
[00:27:01.560 --> 00:27:03.800] I'm now talking to them every single week.
[00:27:03.800 --> 00:27:05.720] I hear what they need.
[00:27:05.720 --> 00:27:15.480] And that podcast, Business of the Beat, now in season three, over 100 episodes, led me to saying, let me create Brain Trust Founders Studio.
[00:27:15.480 --> 00:27:23.800] And so we launched that in October 2021, really as this platform to connect Black founders, beauty, and wellness.
[00:27:23.800 --> 00:27:25.720] I have a motto: leave no founder behind.
[00:27:25.880 --> 00:27:29.240] We have a start tier, a grow tier, and an accelerate tier.
[00:27:29.240 --> 00:27:39.720] And it was through that that I ended up saying to my now co-founder, Lisa Stone, who I've known for 15, 20 years, like, we have all these founders doing amazing things.
[00:27:39.720 --> 00:27:41.640] Like, how do we invest in them?
[00:27:41.640 --> 00:27:46.920] And Lisa really spent the whole weekend, I'll never forget, like, thinking through the fund.
[00:27:46.920 --> 00:27:57.720] And so it was with that that we started saying, okay, we're now going to start raising our Braintrust fund so that we can also invest in the founders that we want to work with.
[00:27:57.720 --> 00:28:22.160] And so I say to people, as long as your center is there, everything that I do, whether it's my non-profit, Beauty United, whether it's my agency, Braintrust, my Braintrust Founder Studio, my Braintrust Fund, or my podcast, Business of the Beat, it is all interconnected around community mentorship, education, and capital, and helping be a voice for founders to grow and scale their companies and storytelling.
[00:28:22.480 --> 00:28:25.200] And so, it all really fits into this interesting matrix.
[00:28:25.280 --> 00:28:41.680] I'm at the center of it, and I've had to lean in to being at the center of it in order for the different pieces to really work and to be aligned because there's only one of me, but there's lots of other people who can help make the one not help make all these businesses continue to flourish.
[00:28:42.320 --> 00:28:53.440] We totally get what you're doing, and it makes a lot of sense to us because obviously we're doing a lot of similar things and share a lot of the same challenges.
[00:28:53.440 --> 00:28:58.640] But I'd love to know, you know, with all of these endeavors, you have business partners.
[00:28:58.640 --> 00:29:00.880] What is your zone of genius?
[00:29:00.880 --> 00:29:02.960] What do you, what are you best at?
[00:29:02.960 --> 00:29:07.360] And what do you delegate, or what does your co-founder do?
[00:29:08.640 --> 00:29:11.040] Oh, oh, Courtney.
[00:29:12.240 --> 00:29:19.600] So it's interesting because I am like big picture vision.
[00:29:19.600 --> 00:29:21.440] Like, I love the brainstorm.
[00:29:21.440 --> 00:29:22.640] I love the pitch.
[00:29:22.640 --> 00:29:24.800] I love being in the deal.
[00:29:25.120 --> 00:29:30.080] And then I get to this place where I'm like in a weekly meeting being like, Can we change this word?
[00:29:30.080 --> 00:29:31.200] Or what about this?
[00:29:31.200 --> 00:29:32.560] Or like, you know what I mean?
[00:29:32.560 --> 00:29:34.480] I want to see everything.
[00:29:35.200 --> 00:29:40.400] The area where I have really had to lean into is really finance.
[00:29:40.400 --> 00:29:46.800] And really, like, I want to close a blind eye and be like, everything's going to be fine.
[00:29:47.200 --> 00:29:56.640] But I've really leaned into with my finance, my financial team, our accounting manager, like, what do the numbers look like?
[00:29:56.640 --> 00:29:59.760] And how are we going to move this business forward?
[00:29:59.880 --> 00:30:03.000] And when I think about my co-founder, she is so brilliant.
[00:30:03.000 --> 00:30:06.920] You know, she is the co-founder of Blocker, which she sold to Pinske Media.
[00:30:06.920 --> 00:30:11.240] She's raised more than $250 million.
[00:30:11.240 --> 00:30:13.160] She knows the venture space.
[00:30:13.720 --> 00:30:15.880] And so she approaches things through data.
[00:30:15.880 --> 00:30:20.600] And we were always connected for our love of predictive analytics, funny enough, and data.
[00:30:20.600 --> 00:30:25.480] But the way that we use it and the way our brains work, it's different, but it's complementary.
[00:30:25.480 --> 00:30:42.440] And so, even when we think about having the experience to set up a fund versus the experience to run a marketing agency or to have a studio, we really have found this great synergy between us and the way that the teams operate.
[00:30:42.440 --> 00:31:08.040] And of course, you dabble in and out, but I've really been fortunate to be able to stay in this place of my zone of genius, being like great marketer, great brand strategist, very much a visionary, but also rooted in reality and also operational-minded so that I can pull myself back whenever I need to and like listen and see what's in front of me so that I don't become my own worst enemy.
[00:31:08.040 --> 00:31:14.600] Coming up, how you can define success for yourself.
[00:31:14.600 --> 00:31:21.000] Founders are always asking us, what has been the secret to our success building multiple seven-figure businesses?
[00:31:21.000 --> 00:31:22.440] Do you want to know how?
[00:31:22.440 --> 00:31:24.120] It's our community.
[00:31:24.120 --> 00:31:31.720] We created the Entrepreneursa League for founders like you because the most successful entrepreneurs do not navigate business alone.
[00:31:31.720 --> 00:31:37.480] We navigate the challenges and opportunities with the support of people we know, love, and trust.
[00:31:37.480 --> 00:31:41.320] The relationships you build in business will be the key to your success.
[00:31:41.320 --> 00:31:43.480] Trust me, it's how we've done it.
[00:31:43.480 --> 00:31:49.200] And I'm giving you access to everything we've used to grow and scale our businesses over the past decade.
[00:31:44.600 --> 00:31:53.600] Plus, you're going to meet your new best friends in business right inside the community.
[00:31:53.600 --> 00:32:15.920] Our members have access to everything we've used to grow our businesses over the past 10 plus years, from in-person events to virtual events, business education, funding resources, office hours with myself and other top founders in your industry, press opportunities, and access to our community platform where you can instantly get all of your business questions answered.
[00:32:15.920 --> 00:32:22.640] You can join us in the community over at refer.entreprenista.com forward slash join us.
[00:32:22.640 --> 00:32:28.480] That's refer.entrepranista.com forward slash join us to join the community.
[00:32:28.480 --> 00:32:31.840] Or head to the show notes right now and tap the link to join.
[00:32:31.840 --> 00:32:34.000] I cannot wait to meet you.
[00:32:34.960 --> 00:32:47.200] When you have an idea to start something new, what is the process that you go through to determine should you move forward with that idea and turn it into a business or a campaign?
[00:32:47.200 --> 00:32:49.360] How do you make that decision?
[00:32:50.000 --> 00:32:51.840] Oh my gosh, that's a great idea.
[00:32:52.320 --> 00:32:55.680] I, or that's a great question because I have so many ideas.
[00:32:55.680 --> 00:32:57.920] I wake up with them all the time.
[00:32:58.560 --> 00:33:14.320] And I literally, my executive coach, my husband, now my chief of staff, who literally, I can shoot so many ideas at her, and she keeps this like tracker so that we can stay focused.
[00:33:14.320 --> 00:33:27.520] And so I've really done a lot of like work and meditation to stay in the focus, but to also not let the visionary ideas of how we can approach things because that's what I'm good at.
[00:33:27.520 --> 00:33:31.080] And there's always a way and there's always a solution and we always have to pivot.
[00:33:31.080 --> 00:33:40.840] But the beautiful thing from a very tactical perspective is we literally wrote a chart and it's literally like this is you, this is all the businesses.
[00:33:40.840 --> 00:33:47.480] How much of your time does that take alongside of my daughter, my husband, my friends, just my own life?
[00:33:47.800 --> 00:33:50.520] And how do we make sure that we're staying there?
[00:33:50.520 --> 00:34:00.040] And if it doesn't fit into community mentorship, education, and capital within this environment of which you sit, then we don't do it now.
[00:34:00.040 --> 00:34:02.360] And it has to go into a parking lot.
[00:34:02.360 --> 00:34:11.320] But I do make sure that I keep my brain trust of people around me so that I can bounce it off and I can get someone else to say that is a good idea.
[00:34:11.320 --> 00:34:13.640] You need to do it now or you don't need to do it.
[00:34:13.640 --> 00:34:22.120] And I'm very content in terms of the circle that we have and making sure that I have opportunities to create things within what I've already created.
[00:34:22.120 --> 00:34:24.120] You don't have to go and start something new.
[00:34:24.120 --> 00:34:27.960] You can create within you already within what you already have.
[00:34:27.960 --> 00:34:37.000] It's just the wherewithal and the self-awareness to check yourself and then to make sure that it's completing the circle of which you've created.
[00:34:37.320 --> 00:34:46.520] Looking back at everything you've been involved in, everything you created, what is the craziest moment that you can remember?
[00:34:46.520 --> 00:34:58.600] Because obviously, as we know, being an entrepreneur is filled with lots of ups and downs and things that you can't even believe you're dealing with sometimes.
[00:34:59.560 --> 00:35:04.280] Oh my gosh, I feel like there's crazy moments all the time.
[00:35:04.520 --> 00:35:06.840] What can you share publicly?
[00:35:09.160 --> 00:35:16.800] You know what's a crazy moment that I don't know, it's like crazy, it's good, and it's bad.
[00:35:18.480 --> 00:35:28.160] But whenever I sold Brain Trust into CAA GBG and we were acquired, and it was like such a fantastic moment.
[00:35:28.160 --> 00:35:38.640] And it was, I'll never forget like me and Christy Bergeron, who worked with me at DBA and then we left and then was with me at Brain Trust.
[00:35:38.640 --> 00:35:44.240] And I, for some reason, my husband was doing something, my mom was doing something, and I had to take my daughter.
[00:35:44.240 --> 00:35:49.760] We flew overnight to New York because we had to have a meeting in the morning to close this deal.
[00:35:49.760 --> 00:36:06.400] And Christy was on maternity leave, took the train in with like her small son, and literally was like sitting on the ground with the two kids in strollers, like at Empire State Building, so that I could go into this two-hour meeting and like close this deal for the company.
[00:36:06.400 --> 00:36:08.720] And it was such a phenomenal moment.
[00:36:08.720 --> 00:36:13.200] And I was just like, as women, like we can do anything and we can support each other.
[00:36:13.200 --> 00:36:16.240] And I'm forever grateful for her because that deal went through.
[00:36:16.240 --> 00:36:31.360] On the other side of that deal, which ended up not being the best deal, and I lost a whole lot of money and bought and had to buy the company back, but I also learned a lesson about intention because we went into that deal with like the best intentions.
[00:36:31.360 --> 00:36:33.600] We looked at all the different pieces.
[00:36:33.600 --> 00:36:34.640] We had perspective.
[00:36:34.640 --> 00:36:40.240] And the person that we did the deal with, I always believe to this day had the best intentions as well.
[00:36:40.240 --> 00:36:48.400] There were just circumstances beyond all of our control that we didn't know going into it that made the deal not what we thought it was going to be.
[00:36:48.400 --> 00:36:50.560] And so there was no like ill will.
[00:36:50.560 --> 00:36:52.160] There was no this and that.
[00:36:52.160 --> 00:36:54.640] It was kind of what it, what it was.
[00:36:54.640 --> 00:37:03.160] And it was the experience beginning to end from sitting there with someone on the floor closing this deal to even separating in the end.
[00:37:03.480 --> 00:37:26.440] And what was lost, I gained so much in terms of experience and journey and even how I want to exit the company for the second time that was, it was just crazy and it was wild because you guys know, like we're founders, we're entrepreneurs, we build things and there will be people who never get to experience what that's like to build something that you can say that you did.
[00:37:26.440 --> 00:37:28.360] And so it's always just special.
[00:37:28.360 --> 00:37:41.000] And I'm grateful for the things that worked and didn't work because it's just giving me such a different perspective and something that others may never get to experience, like the joy that we get, as well as the highs and the lows and everything in between.
[00:37:41.640 --> 00:37:57.320] For founders that do not know anything about the process of selling a company, can you share the steps that you took when you decided it was time to sell and learning lessons along the way from mistakes or things you didn't know?
[00:37:59.240 --> 00:38:07.320] So I talked about intentions and I move so much in faith.
[00:38:07.320 --> 00:38:08.440] I pray every day.
[00:38:08.440 --> 00:38:10.040] I'm like a big believer in God.
[00:38:10.040 --> 00:38:13.320] I believe in faith over everything.
[00:38:13.640 --> 00:38:19.320] And so when we first started DBA, one of the things that Karen and I did was this mood board.
[00:38:19.320 --> 00:38:22.680] And we had put CAA on our mood board.
[00:38:22.680 --> 00:38:35.080] And so fast forward to these years later, when it's literally CAA doing this joint venture with GBG, which meant that I didn't have to do management or agenting or all the things, but it was like, it felt perfect.
[00:38:35.080 --> 00:38:39.400] And I was like, oh my God, this is the manifestation of my vision board.
[00:38:39.400 --> 00:38:41.080] And so I already knew I was going to do it.
[00:38:41.080 --> 00:38:43.640] I don't care what anything else was.
[00:38:43.640 --> 00:38:45.000] I was like, just knew.
[00:38:45.680 --> 00:38:53.120] And I think about fast forward, having gone through that, and we had an offer to buy the agency last year.
[00:38:53.120 --> 00:39:00.560] And I was like, okay, okay, I'm going to do all this 140-page questionnaire and all the things.
[00:39:00.560 --> 00:39:03.840] And it wasn't working, right?
[00:39:03.840 --> 00:39:05.360] It wasn't working in my favor.
[00:39:05.360 --> 00:39:07.280] It wasn't working in the team's favor.
[00:39:07.280 --> 00:39:11.920] And like, we could have done the deal, but I went back to everything that I had learned.
[00:39:11.920 --> 00:39:14.960] And it was like, how do you really approach this?
[00:39:14.960 --> 00:39:15.360] Right.
[00:39:15.360 --> 00:39:19.680] And is this the right deal or is this just setting you up for the next deal?
[00:39:19.680 --> 00:39:21.120] And like having the right lawyers.
[00:39:21.120 --> 00:39:23.760] I didn't have the right lawyers the first time.
[00:39:23.760 --> 00:39:29.840] Interviewing several different lawyers, being really clear with them about what you want, what you want your outcome to be.
[00:39:29.840 --> 00:39:33.120] Thinking about the fact, do I have to stay for an earn out?
[00:39:33.120 --> 00:39:38.720] Which is meaning I have to stay for two to three years to actually get my full compensation package on the other side.
[00:39:38.720 --> 00:39:43.840] If I don't have to stay and I can walk away, what's going to be the outcome of my business without me?
[00:39:43.840 --> 00:39:47.760] Like all of those different things that you have to think about.
[00:39:47.760 --> 00:39:53.920] And yes, you know, money is one thing, but it's also like, what's the outcome that you want to have happen?
[00:39:53.920 --> 00:39:57.920] And what are all of the ways that you can make the money that you feel like you're entitled for?
[00:39:57.920 --> 00:39:59.680] Asking for different things.
[00:40:00.480 --> 00:40:06.560] I ask for certain things the first time, but I later learned the things that I didn't ask for that I didn't know.
[00:40:06.560 --> 00:40:16.160] And so again, making sure that I'm really not just starting at the first step, but that I'm taking it all the way through so that I have great people that I can ask all of the questions.
[00:40:16.160 --> 00:40:17.200] What happens here?
[00:40:17.200 --> 00:40:18.000] What do I need?
[00:40:18.000 --> 00:40:18.800] What does this mean?
[00:40:18.800 --> 00:40:19.680] What does equity mean?
[00:40:19.680 --> 00:40:20.560] What does vesting mean?
[00:40:20.560 --> 00:40:21.760] What's a clawback mean?
[00:40:21.760 --> 00:40:29.840] Like all of those different pieces that I've now learned because there's so much nuance in terms of selling your company.
[00:40:30.040 --> 00:40:41.720] And then I think your partners, like even though it didn't work out the way that we had anticipated the first time, I do believe that there was goodwill from certain people.
[00:40:41.720 --> 00:40:46.600] And I realized that things that were said were actually never even possible, right?
[00:40:46.600 --> 00:40:55.000] And that was because things that were said, I took the board at the face value, but I didn't go outside and do third-party research and be like, this is what they said.
[00:40:55.000 --> 00:40:58.280] Do you really think that that's what's going to happen?
[00:40:58.280 --> 00:41:01.560] And so it's always like, make the checklist of everything.
[00:41:01.560 --> 00:41:03.080] Don't be afraid to ask questions.
[00:41:03.080 --> 00:41:04.520] Have the right people around you.
[00:41:04.520 --> 00:41:06.520] Ask people who have gone through it before you.
[00:41:06.520 --> 00:41:10.200] What is every good and bad thing that can happen?
[00:41:10.200 --> 00:41:13.560] And then sit with yourself and be like, is this the outcome that I can live with?
[00:41:13.560 --> 00:41:15.560] Is this the outcome that I'm going to be proud of?
[00:41:15.560 --> 00:41:19.720] Knowing that generally in most deals, nobody gets everything that they want.
[00:41:19.720 --> 00:41:29.880] So let's not sit in some like pie in the sky, but there is a reality of what's going to be the thing that's going to make you happy and what's going to be the thing that you dream about every night that you didn't do.
[00:41:29.880 --> 00:41:31.960] Because we have to live with our decisions.
[00:41:31.960 --> 00:41:34.600] And then once we make them, we can't go back.
[00:41:34.600 --> 00:41:38.040] And so there's going to be a consequence to everything.
[00:41:38.040 --> 00:41:40.200] And so that's really, that's what I found.
[00:41:40.200 --> 00:41:45.800] And the last thing I'll say is that like success doesn't mean that you have a billion-dollar company that you exit.
[00:41:45.800 --> 00:41:50.120] There's success in everything that we do every single day.
[00:41:50.120 --> 00:41:54.760] And so we can't get caught up in what success looks like for another company.
[00:41:54.760 --> 00:41:56.840] And it's okay to not sell your company.
[00:41:56.840 --> 00:42:01.160] Like that's, that doesn't mean like that, that doesn't have to be the path for everybody.
[00:42:01.160 --> 00:42:04.520] But you do have to figure out: is this a hobby or is this a business?
[00:42:04.520 --> 00:42:07.320] And so, what does that mean for the long term?
[00:42:10.360 --> 00:42:20.000] I thank you for sharing that because for a lot of entrepreneurs, the goal is to sell.
[00:42:20.640 --> 00:42:31.440] But I've heard a lot of good stories, a lot of success stories, but I also have heard of stories of regrets or things that people wish that they knew.
[00:42:31.440 --> 00:42:38.880] And what I love about entrepreneurs is everyone loves to share their learnings with other entrepreneurs so that you don't repeat them.
[00:42:39.280 --> 00:42:43.040] But, but yeah, no, this is really, really important information to know.
[00:42:43.040 --> 00:42:49.920] And I think it's important to understand for every person that's starting a business, like, what do you want that outcome to be?
[00:42:49.920 --> 00:42:58.880] But I ultimately always believe that if you're building a business to sell, that's you're building, in most cases, a profitable business.
[00:42:58.880 --> 00:43:10.560] So, that's probably a good goal to have, even if you don't want to sell it, because it means that you have built a profitable business that can live on for many years to come.
[00:43:10.560 --> 00:43:13.040] So, really, really great advice.
[00:43:13.040 --> 00:43:16.400] I'd love to know, like, what are you most looking forward to?
[00:43:16.400 --> 00:43:19.840] What is your, where do you want to be in 10 years?
[00:43:19.840 --> 00:43:22.560] What exciting things do you have coming up?
[00:43:22.720 --> 00:43:24.480] What's your vision now?
[00:43:25.120 --> 00:43:25.920] Oh, gosh.
[00:43:25.920 --> 00:43:26.720] Oh, my gosh.
[00:43:26.720 --> 00:43:28.320] There's so much.
[00:43:29.760 --> 00:43:30.560] Isn't that so hard?
[00:43:31.040 --> 00:43:32.720] We all want to do everything and change the world.
[00:43:32.720 --> 00:43:34.400] There's not enough hours in the day.
[00:43:34.400 --> 00:43:34.960] I know, exactly.
[00:43:35.520 --> 00:43:39.280] 10 years from now, we'll be in 20, where are we?
[00:43:39.280 --> 00:43:40.560] 2033.
[00:43:41.200 --> 00:43:43.760] Oh, my gosh, Courtney!
[00:43:43.760 --> 00:43:45.040] I can't imagine.
[00:43:45.040 --> 00:43:51.440] Well, the three of us need to be having some toast that our agencies are like with the right people.
[00:43:51.440 --> 00:43:57.280] And we're like hanging out and doing all the things and going to Florida and golfing.
[00:43:58.160 --> 00:43:58.920] I'll be at the spa.
[00:43:58.480 --> 00:44:00.760] I'll be at the spa.
[00:44:00.760 --> 00:44:04.600] It's like I love, and oh my gosh, stuff our girls will be old.
[00:43:59.360 --> 00:44:05.720] Stop it.
[00:44:06.440 --> 00:44:07.160] Yeah, I know.
[00:44:07.160 --> 00:44:08.040] It's like crazy.
[00:44:08.040 --> 00:44:09.160] I'm like, oh my gosh.
[00:44:09.160 --> 00:44:15.240] But I can't imagine like, you know, we're like, I'm going to retire.
[00:44:15.240 --> 00:44:17.400] And I'm like, I will always be building something.
[00:44:17.400 --> 00:44:19.720] I think there's the long-term piece of it.
[00:44:19.720 --> 00:44:23.800] I want to just continue to support as many hundreds and hundreds and hundreds of founders.
[00:44:23.800 --> 00:44:31.080] I want Brain Trust Founders Studio to have physical locations so that founders can come and interact with each other.
[00:44:31.080 --> 00:44:32.680] And, you know, I want our fund.
[00:44:32.680 --> 00:44:37.480] I want to be in our second, third funds, investing in companies.
[00:44:37.480 --> 00:44:41.240] And then I think like in the immediate, like, what's 2023?
[00:44:41.240 --> 00:44:42.680] What's 2024?
[00:44:42.680 --> 00:44:47.800] You know, we have our founders house pop-up content meets commerce experience.
[00:44:47.800 --> 00:44:51.080] Like, we'll be in New Orleans.
[00:44:51.080 --> 00:44:52.360] We'll be in Las Vegas.
[00:44:52.360 --> 00:44:53.400] We'll be in Martha's Vineyard.
[00:44:53.400 --> 00:44:54.200] We'll be in New York.
[00:44:54.200 --> 00:44:55.320] We'll be in LA.
[00:44:55.320 --> 00:44:58.360] Like, I want that to happen this year.
[00:44:58.360 --> 00:45:11.000] And then I'm so excited because I have my first book coming out, The Beauty of Success, Start, Grow, and Accelerate Your Brand that comes out February of 2024.
[00:45:11.320 --> 00:45:18.280] And it's based on the studio, hence start, grow, and accelerate, which are the tiers of our studio.
[00:45:18.760 --> 00:45:33.080] But it's also based on my podcast and my entrepreneurial journey, which is one small piece, but you know, 14 stories of people who like gave their time to share with me on my podcast.
[00:45:33.080 --> 00:45:36.520] And so I'm so excited for that body of work.
[00:45:36.520 --> 00:45:39.400] And I think back, I'm like, wow, you wrote a book last year.
[00:45:39.400 --> 00:45:41.480] You started a studio and a fund.
[00:45:41.480 --> 00:45:44.200] Like it's, it's really amazing.
[00:45:44.200 --> 00:45:56.400] And I'm really blessed and I'm grateful for what we're doing now, what's going to continue to happen this year, the book for next year, and then all the lives that we're going to touch.
[00:45:56.720 --> 00:45:59.120] So many incredible things to look forward to.
[00:45:59.120 --> 00:46:05.680] And congrats, such an undertaking to write a book and start a fund and launch the studio.
[00:46:05.680 --> 00:46:07.920] So all incredible things.
[00:46:08.240 --> 00:46:20.800] You had shared some amazing advice on the panel at our Entrepreneurs to 100 event about thinking about raising capital for founders, thinking about raising capital or founders that are looking for forms of funding.
[00:46:20.800 --> 00:46:30.640] How should founders think about going about either raising capital or deciding what type of funding is appropriate for their business?
[00:46:30.640 --> 00:46:32.320] Any advice you can share there?
[00:46:32.960 --> 00:46:34.480] Do your research.
[00:46:34.480 --> 00:46:38.320] Like, really, I think it goes back to what all three of us said.
[00:46:38.320 --> 00:46:42.400] Like, you have to do your research and understand what your options are.
[00:46:42.400 --> 00:46:49.440] There's so much more than this glamorization around going out and raising money from venture and private equity.
[00:46:49.440 --> 00:46:56.640] Like, there's so many options, and you have to research it, and you have to know what you want your outcome to be.
[00:46:56.640 --> 00:47:00.800] And there's a different outcome for every single stage, right?
[00:47:00.800 --> 00:47:08.080] And so, we also can't be scared of things that I know, you know, growing up, it's like debt is bad.
[00:47:08.080 --> 00:47:11.120] We have to understand how business debt works.
[00:47:11.120 --> 00:47:28.960] And that comes from educating ourselves on, again, what are all of the different options based upon the research, you know, and there are, there's, you know, we're in this interesting time because we think about what's happening with the banks and we think about people tightening, you know, their purses and the layoffs that are going on.
[00:47:28.960 --> 00:47:33.400] And you also have to factor in, like, is now the right time?
[00:47:33.400 --> 00:47:35.640] Is this the right time for me to be doing this?
[00:47:35.640 --> 00:47:37.400] Do I feel like I can be successful?
[00:47:37.400 --> 00:47:40.040] Is it going to match the outcomes that I have?
[00:47:40.040 --> 00:47:47.480] But I think the paramount thing is like, don't sell yourself short when it comes to financing your business.
[00:47:47.480 --> 00:47:49.000] And it needs to match up.
[00:47:49.000 --> 00:47:54.360] If you know in your heart of hearts that you don't want to sell your company in five years, then you have to think at others.
[00:47:54.440 --> 00:47:57.240] You have to think of other nuanced ways.
[00:47:57.240 --> 00:48:00.440] And I am just a big proponent of do the research.
[00:48:00.440 --> 00:48:01.560] What's happening with angels?
[00:48:01.560 --> 00:48:02.520] What's happening with grants?
[00:48:02.520 --> 00:48:03.560] What's happening with pitches?
[00:48:03.560 --> 00:48:05.080] What's happening with friends and family?
[00:48:05.080 --> 00:48:06.840] What's happening with bank loans?
[00:48:06.840 --> 00:48:08.760] What's happening with debt financing?
[00:48:08.760 --> 00:48:11.080] What's happening with non-dilutive grants?
[00:48:11.080 --> 00:48:13.720] What's happening with like government money?
[00:48:13.720 --> 00:48:17.800] You know, there's federal, there's state, there's these different small business programs.
[00:48:17.800 --> 00:48:19.720] And yes, it takes time.
[00:48:19.720 --> 00:48:25.240] You know, for those of us that got that PPP loan, like it wasn't just to let me wake up and go apply.
[00:48:25.240 --> 00:48:26.840] There was a lot that went into it.
[00:48:26.840 --> 00:48:33.400] And so you have to make sure that you're researching so that you can spend your time in the right way to unlock the funding that you need.
[00:48:33.400 --> 00:48:36.040] You have to make sure that you understand the outcomes.
[00:48:36.040 --> 00:48:43.480] What are the consequences going to be in terms of equity and in terms of exits and in terms of returns that you have to drive?
[00:48:43.480 --> 00:48:45.720] And where do you really see yourself?
[00:48:45.720 --> 00:48:47.240] And I think it goes more and more.
[00:48:47.240 --> 00:48:49.960] I'm talking to people about is this a hobby or is this a job?
[00:48:49.960 --> 00:48:53.560] And Courtney, you said it because we need to have profitable businesses.
[00:48:53.560 --> 00:48:57.720] Whether you want to sell it or not, like you need to have a profitable business.
[00:48:57.720 --> 00:48:59.880] And so that's what I'm working towards.
[00:48:59.880 --> 00:49:08.040] And that's what's really hard, especially depending upon what type of business you have and understanding what that multiple could look like.
[00:49:08.360 --> 00:49:13.160] But that is really research, know what you want your outcome to be.
[00:49:13.160 --> 00:49:16.160] Don't settle for one thing because you're seeing other people do it.
[00:49:16.480 --> 00:49:25.680] Find the right source that's going to work for you and be educated on what happens with each of the different types of capital that are out there and the impact that it'll have.
[00:49:26.000 --> 00:49:27.440] Such great advice.
[00:49:27.440 --> 00:49:33.600] Can you share what types of businesses you invest in through your fund or even personally?
[00:49:33.600 --> 00:49:34.800] What's your criteria?
[00:49:34.800 --> 00:49:37.040] What gets you really excited?
[00:49:37.680 --> 00:49:48.560] So it's funny because I, and this is thankful to my co-founder, like there's this thing called due diligence.
[00:49:48.560 --> 00:49:55.440] And there's an interesting thing because, you know, I feel really good about my picker.
[00:49:55.440 --> 00:50:03.120] Like, DBA really taught me I have a good sense of people picking talent, picking hits.
[00:50:03.120 --> 00:50:11.600] And the other side of that is the data side, because like I said, when you have a venture fund, there's a return, there's an outcome that you're striving for.
[00:50:11.600 --> 00:50:17.600] And we have to make sure, first and foremost, that founders and their companies are even venture-backable.
[00:50:17.600 --> 00:50:24.720] Because there's just some companies that will do well, but they're not venture-backable in terms of being able to drive a three-to-five-time return, let's say.
[00:50:24.720 --> 00:50:30.880] So on the criteria for the fund, you have to be a member of our Braintrust Founder Studio.
[00:50:30.880 --> 00:50:34.640] And that's important because so much of fundraising is relationships.
[00:50:34.640 --> 00:50:45.760] You hear about funds that won't even entertain it unless they've known you for six to nine to 12 months and deals taking so long because you're going into this long-term relationship with somebody.
[00:50:45.760 --> 00:50:48.400] And so there's a relationship piece of that.
[00:50:48.800 --> 00:50:53.280] You also have to be at or approaching a million in revenue.
[00:50:53.280 --> 00:50:58.880] And as we know, the small percentage of you know companies that make it to a million.
[00:50:58.880 --> 00:51:02.120] And so figuring out how do we help you get there?
[00:51:02.120 --> 00:51:07.240] Because we know if we can get you there, then there's room and there's runway to continue to grow.
[00:51:07.560 --> 00:51:10.840] We look at 20 categories of beauty and wellness.
[00:51:10.840 --> 00:51:19.720] So everything from skin, nails, hair, color, but also sexual wellness and pet wellness and ingestibles.
[00:51:20.280 --> 00:51:24.680] And we also look at having an MVP in market.
[00:51:24.680 --> 00:51:32.440] And then, you know, part of our criteria with being a member of Braintrust Founder Studio is having at least one black co-founder.
[00:51:32.440 --> 00:51:35.240] And that is really important to me.
[00:51:35.240 --> 00:51:40.360] And, you know, I've had people say to me, is that exclusive or is it inclusive?
[00:51:40.360 --> 00:51:43.720] And I think that people can kind of take it however they want.
[00:51:43.720 --> 00:51:49.960] I know for me personally and what I experienced that I want to make sure that I'm giving back.
[00:51:49.960 --> 00:52:02.840] And I also know that the percentage of people in venture who look like me is less than 2% and that the money that is actually going into founders who look like me is even less than 1%.
[00:52:02.840 --> 00:52:07.640] And so it's an important way that I feel about giving back.
[00:52:07.640 --> 00:52:13.240] Now, that's what my company, our Braintrust agency, has no race, no gender.
[00:52:13.240 --> 00:52:17.000] We work with anyone and everyone, and we want everybody to come.
[00:52:17.000 --> 00:52:25.320] And then me personally, you know, I've done deals that have a different criteria based upon what I believe to be true about the founder or the company.
[00:52:25.320 --> 00:52:33.080] And so it's exciting because I get to dabble in all these different things, but be very clear and a unique perspective and a unique thesis.
[00:52:33.080 --> 00:52:38.520] And then I get to work with people like you who are also funding companies and doing all these amazing things.
[00:52:38.520 --> 00:52:44.600] And I have a network of so many people where I'm like, this deal may not work for me, but here's a deal for you.
[00:52:44.640 --> 00:52:52.400] And that to me is just as exciting because no one funds can invest in every single thing or support every single person.
[00:52:52.400 --> 00:53:00.640] And so the greater our network is, the more that we're collaborating, the greater capital that can flow to businesses and diverse business owners.
[00:53:00.640 --> 00:53:01.360] Absolutely.
[00:53:01.360 --> 00:53:05.040] We are, as you know, all about collaboration over competition.
[00:53:05.040 --> 00:53:08.160] I always say there is enough business out there for everyone.
[00:53:08.160 --> 00:53:19.360] And the more we can all collaborate and connect, share deal flow, service providers, companies, everything, we're all able to grow more and a lot faster too.
[00:53:19.360 --> 00:53:21.040] And sharing our learnings.
[00:53:21.040 --> 00:53:23.360] We don't all have to make the same mistakes over and over again.
[00:53:23.360 --> 00:53:30.320] If we share all the things that went wrong, someone else listening to this right now won't make some of the mistakes that you shared and your learning lessons.
[00:53:30.320 --> 00:53:36.560] So it's just so important that we continue to have these relationships, build these relationships.
[00:53:36.560 --> 00:53:42.320] And I am so grateful that you spent the afternoon with us, Kendra, sharing your story and journey.
[00:53:42.320 --> 00:53:51.360] It has been so helpful, not only for myself and Courtney to hear everything in detail, but I know for all of our listeners to just learn from you and be able to connect with you.
[00:53:51.360 --> 00:53:52.000] Oh my gosh.
[00:53:52.000 --> 00:54:09.760] And before I forget, one of our community members who you connected with at the Entrepreneur, Tori, I just heard that she ended up getting into the accelerator program, an accelerator program, got a $25,000 grant all from connecting at our event.
[00:54:09.760 --> 00:54:17.600] So so many amazing things can happen when we all spend time together and network and connect and make intros and help each other.
[00:54:17.920 --> 00:54:21.600] Well, and Seth, I'll say that too as we wrap.
[00:54:21.600 --> 00:54:42.760] You guys are so collaborative and you really do like walk the walk and I just have to thank you for that because, you know, we all, like people look at us and they may think one thing and it's so refreshing to be around other women in business.
[00:54:42.760 --> 00:54:44.600] And look, our businesses...
[00:54:44.600 --> 00:56:02.640] in some aspects do the same things and we're not even like thinking through the lens of being competitive and like we've never been competitive in any business dealings that we've done and you guys immediately like you could have said oh my goodness i don't know like you were like no we're bringing you in come be part of this like let's figure out how we can partner let's introduce you to some of our partners we'll introduce you here we'll introduce you there and like i don't want to get emotional about it but i have not had that same experience and i am just so grateful to you two and you don't know how much i talk about you and how much i talk about your work and it just it means a lot because without the collaboration we can only go so far and the fact that you know one of your winners literally like is now in our accelerator program i'm actually gonna see her um she has a 25 000 non-dilutive grant she has a housing stipend she has co-working space she has mental health services child care um and it all was because you guys saw what we were doing and saw a way to collaborate and invited me and my community into your community and we're truly changing and touching lives together in a way that we wouldn't have if that hadn't happened.
[00:56:02.640 --> 00:56:04.320] So, just thank you both.
[00:56:04.640 --> 00:56:05.440] Thank you.
[00:56:05.440 --> 00:56:06.880] It's seriously the best.
[00:56:06.880 --> 00:56:12.000] And we're so grateful that we know you and excited for all the future collaborations this year.
[00:56:12.000 --> 00:56:14.880] I know we actually we have a call scheduled with both of our teams coming up.
[00:56:14.880 --> 00:56:16.800] I think either next week or the week after.
[00:56:16.800 --> 00:56:21.680] So we'll start planning all of the fun stuff and we can't wait for it.
[00:56:21.680 --> 00:56:25.120] Kendra, where can everyone find you, follow you?
[00:56:25.360 --> 00:56:31.680] If founders want to reach out to either pitch you or join your community, where should they head over to do so?
[00:56:31.680 --> 00:56:32.880] Oh my goodness.
[00:56:32.880 --> 00:56:40.320] Okay, so we are on LinkedIn as Braintrust Founder Studio.
[00:56:40.320 --> 00:56:52.720] If you are a black founder in Beauty and Walmart and looking for a community, if you are looking for agency services, we are Braintrust LA, LinkedIn, and Instagram.
[00:56:52.720 --> 00:56:57.440] And for me personally, I am at Kendra Brackenferguson.
[00:56:57.440 --> 00:57:03.440] So it literally is my entire name at Kendra Bracken Ferguson, Instagram, LinkedIn.
[00:57:03.440 --> 00:57:06.880] We welcome all DNs, emails, messages.
[00:57:07.200 --> 00:57:07.840] Amazing.
[00:57:07.840 --> 00:57:10.480] We will be linking out to everything in the show notes below.
[00:57:10.480 --> 00:57:16.640] So if you're looking to reach Kendra, just head over to the show notes right now, tap the buttons there, and you'll find Kendra everywhere.
[00:57:16.640 --> 00:57:19.200] Kendra, thank you again for being here.
[00:57:19.200 --> 00:57:20.400] I'm Stephanie.
[00:57:20.400 --> 00:57:21.920] And I'm Courtney.
[00:57:22.560 --> 00:57:25.920] And this is the best business meeting we've ever had.
[00:57:26.560 --> 00:57:28.080] Thank you guys.
[00:57:28.080 --> 00:57:29.840] That was awesome.
[00:57:30.160 --> 00:57:31.520] Hi, Entrepranistas.
[00:57:31.520 --> 00:57:32.560] It's Steph here.
[00:57:32.560 --> 00:57:39.680] And I hope today's episode has left you feeling inspired and with some actionable tips that you can apply to your own business.
[00:57:39.680 --> 00:57:47.040] The way we've grown our community and resources is by sharing content like this for years and asking for help along the way.
[00:57:47.040 --> 00:57:52.560] So here's where we need your help so we can continue to make as much impact as possible together.
[00:57:52.560 --> 00:58:02.280] If you can leave us a five-star review and extra credit if you share this episode on Instagram, LinkedIn, or DM it to a founder friend who would benefit from hearing it.
[00:58:02.280 --> 00:58:09.640] Not only would it mean the world to us, but you sharing this episode is going to help someone who just may need to hear what we share today.
[00:58:09.640 --> 00:58:19.400] And you know I love nothing more than giveaways and prizes, so every month I'll be giving away a one-on-one session with me to someone who has shared the episode and left a review.
[00:58:19.400 --> 00:58:22.200] So send me a personal DM over on Instagram.
[00:58:22.200 --> 00:58:27.160] I'm at Steph Jill Carton once you've done it so you can be entered to win.
[00:58:27.160 --> 00:58:32.840] Wishing you a productive week ahead and stay tuned for another impactful episode next week.