Why You Should Get Business Credit with Ty Crandall

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All right, welcome back to Bacon Wrapped Business. This is Brad. And today we're going to talk about money and we're going to talk about opm, other people's money and using that and building business credit and getting access to capital without using your own credit line, your own credit cards and your own bank account. And I know that there's a lot of listeners to my show who are bootstrapping entrepreneurs. And I've bootstrapped most of my businesses as well. And I know that bootstrapping can be an enormously powerful way to keep your expenses in control and to grow without wasting money and without spending unnecessary expenses. Like a lot of these companies who get funded do, they just, they just spend unnecessarily in growth at any cost. But one of the problems is it can also completely wreck your personal life if you're spending all this money, everything you've got in your account, if you're spending your personal credit card money and you get into a predicament that you couldn't get your way out of, and if you have to go bankrupt, if you have to fold everything, it can completely ruin your life, your family's life from a credit standpoint. And there is actually a better way to do it. So I've been very familiar with the concept of using building business credit that isn't tied to your personal Social Security number for a while. I've personally never done it. However, I know just the very top level aspects of it. So I invited Ty Crandall on today, who is an internationally known speaker, author, podcast show host and business credit expert. He's got over 16 years of experience in finance and he's really recognized as one of the top authorities in business credit. He's the author of two very popular books on this topic called Perfect Credit and Business Credit Decoded. And he's here today to shed some light on what exactly this is, who it's for, some of the myths and misconceptions and some of the big benefits of why, if you do own a business, you may want to spend some time seeing if this is a viable alternative for you to get access to grow. Ty, welcome to the show.

Brad, thanks for having me, man. I appreciate the intro. I'm really excited to be here.

Yeah, me too. So I want to dive into this. I mean, I don't want to go way too basic, only because I think most people understand that there's two types of credit you can get tied to your personal and tied to your business. Right. But I really want to dive into the. The more particulars of, like, who this is right for and some of the biggest benefits, but also some. If there's any big drawbacks, because I know that in the past I've looked at this, and it just kind of seemed like it was maybe a lot of work to start to build up, and I didn't know if. If I should do it, but I never really went down the rabbit hole and figured it out. So what is this all about, and why should I do it?

Well, you know, first of all, Entrepreneur reports that 90% of business owners know nothing about business credit. And the statistics are a little different. You know, Nav recently did a SUR and found out it was, I think, closer to 60%. So I think it's foreign to a lot of people. A lot of people don't realize that, you know, just like you have a Social Security number and a credit profile that's linked to your social, that the business has exactly the same thing. And that first delete gets a lot of people in trouble, you know, because whenever you apply for any kind of business credit card, any kind of business loan, any kind of business credit line, they're absolutely pulling your commercial credit report. And unlike with consumer credit, whereas, you know, if you don't. If you do, you have to do something bad to mess it up in the business world, you know, Equifax and Experian, for example, will issue you a failing business credit score if they know you exist, even if you have no credit, positive or negative on your credit report. So, you know, business credit is one of those things where it becomes very important for a business owner to focus on right from the beginning, because first, that really is their credibility to suppliers, to lenders, to credit issuers. But it's also public information. So clients, prospects, potential investors, anybody can actually access that business credit report. But all the numbers show that, look, the majority of businesses fail. We've heard this before. The reason is typically because they don't have money. And SBA also says management mistakes, which makes sense, because, you know, Brad, we're just. We're flying by the seat of our pants. We don't know what the heck we're doing at any given time. We learn as we go. And the bottom line is, the more capital you have access to, the easier it is for you to learn as you go and not make mistakes that become catastrophic to the business. So we all understand the value of capital. The question becomes, where do we get it? The numbers show majority of us get it from family, friends. We dip into our personal credit. We're using our own personal assets to do that. The numbers also reflect that those are typically the businesses that fail that are relying on no credit, personal credit, or personal funds to be able to grow. So this is what business credit is designed for. Business credit is designed so a business can literally fund itself. It's so a business can fund its own growth versus a business owner needing to go out and use personal credit cards which aren't designed to do that and damage the personal credit, or, you know, trying to go out and personally guaranteeing a lot of things at the beginning they don't need to, or dipping into personal assets or relying on family and friends instead of doing any of those things. A business owner can come in, start building a business credit profile and score from the minute they open their doors, and then very, very, very quickly start getting 5,000, 10,000, 30, $40,000 limit individual credit cards and then using the credit to actually fund the growth of the business, which makes it grow faster. As you said, using OPM is always a way to make something grow faster. And then it also helps them separate personal and business liability. And then on top of that, it where they don't have to dip in and use personal funds and personal credit and family and friends and all these other sources of capital to try to grow the business instead, right?

And bottom line, if I have business credit, business credit line tied to my ein for my business and I do go bankrupt, it does not get reported on my personal. Is that correct?

Well, yes, exactly right. I mean, this is why SBA and NASDAQ and I mean almost every financial authority on it, whether it be Inc. Or whether it be score, they all talk about the importance of business credit because of this separ of liability. Whereas if you're a corporation or an llc, you're separate from the business, which protects you some, right, in case of lawsuits, things like that. But when you're guaranteeing debts for your business, then anything that can happen that you default on those debts, then all of a sudden, not only can they pursue your business and your business's assets, but then they come and take your home, they take your car, they Take your stocks, they take anything they can get on the personal asset side. So yeah, it separates that liability. So if you ever unfortunately do default, the unexpected happen, well then they can't come after your personal assets because you're. You didn't guarantee it. You and the business have separate liability at that point.

Right, perfect. So the.

The types of businesses that.

That should do this. First of all, I was read because I was reading through one of your free reports that you provide at. There'll be. This will be in the show notes but I believe it's credit suite.

Is that correct?

Yeah. Right. It's a great free guide on building business credit. Right.

So you guys, and you guys, this will be in the show notes. You can click on that, you can read this and I was reading through there.

So for a virtual, I have a virtual company, right. I work out of my home. So I do not have a external non home address. But I read that it sounds like that's one of the requirements. Is that true or.

No, it's not a requirement. We look at it like this. When you're building business credit, especially in the beginning, you have none. And the goal here is to build a commercial credit profile and score and you don't want to use your social to do it. So the very first thing you're going to start doing, or not the first thing, but one of the first things you're going to doing is you're going to start to go to get credit from vendors, places like Uline and Quill that sell office supply stuff like that. Well since they can't pull your personal credit and you have no business credit or all they have to go off of is what's on that credit application. So the more your application reflects that you're a legitimate, credible business, the better chance you have of accessing money and being able to access even more money. So for example, you know things like, you know, getting the entity set up, having an ein, getting a professional email address, not a Yahoo or Google and you know, getting a professional website and having necessary licensing that you really need to have and not using a mobile phone or a home phone on an application as your business business phone number, using a, you know, a ring central type number or real business phone and making sure that phone's listed with 411 and making sure you have a fax number. If you think about every one of those things I mentioned, they all reflect back to credibility. Now when it comes to an address, which looks more credible, a real physical business address or home address, well, obviously the real physical address biz for a business looks more credible, but it doesn't mean it's a disqualifier. Which what it will tell, what it will mean is that some won't approve you with it. So for example, you can get approved for Staples, you can get approved for Office Depot. There's plenty of people that will give you credit with a home address, but you can't get Walmart. Walmart's one of those sources that if you're using a home address for your business, they just won't approve you. So it won't disqualify you with some sort or with all sources, but it will be a disqualifier for some sources. So an alternative for you is get a virtual address. You know, a virtual address is where you're basically renting a business address just to get mail. You're not paying as if you were renting a physical location. You just can use that actual address on applications for credit and other things. And anybody that looks at that address sees that you're in a big high rise building in San Diego versus working from your home. So it makes you look more credible. The other thing to keep in mind is one of the new things that the reporting agencies have done is Dun and Bradstreet will now provide street views of your business on your commercial credit report. So we had a client that this completely freaked her out the other day because she uses a home address. So she pulls her business credit report and there is this huge picture of her house on her commercial credit report. So you have to keep in mind this information is public. Anybody that wants that report can get it. And these are the type of things to keep in mind. A physical business address, a virtual makes you look more credible. And you also need to know that nowadays these pictures are even showing on your report. So you have to decide, do you want that image? Do you want that address accessible to anybody that wants it?

Good point. So how quickly.

Can company, first of all does the size of the company, the revenues, anything of the nature of the company, does that really have much to do with the, you know, the business credit that's being built or is it really just based upon what you, the actions you take, the things you buy, and starting to establish business credit from the get go.

It's a fantastic question because the credit issuers will lead you to believe that revenue and time in business are a really big deal. So for example, you go to Office Depot, you go to Staples to get a commercial credit card, no personal guarantee, their apps Specifically, say you need to be in business three years, you need to have one year time, or you need to have 1 million in revenue, you need to be in business for three years. But their computer algorithms don't actually look at that. What their algorithms are really looking at is two things. What's your score? Does your score refer reflect that you pay your bills as agreed? And how many accounts do you have on your actual reports? How many trade lines do you have? That is the number one factor that drives how much credit and how quickly you can get credit in the commercial world. The number of trade lines you have. The more accounts, or what we call trade lines that show on that credit report, then the more credit opens up. So if you have five accounts, then Staples and Office Depot and Dell and most retail stores open up. When you have 10 accounts, Visa cards, Mastercards, American Express, Auto vehicles, financing, all without a personal guarantee opens up. It's really trade line. So if you set up the business credibly well, then that's really checking off these boxes to get you automated approvals. And then if you also come in and start building some vendor credit and getting the necessary trade lines, then the more trade lines you get, the more credit you can get regardless of time in business and regardless of actual revenue.

Okay, that makes perfect sense. What about tactically, some of the first things to do? So, for instance, let's say you've been in business.

Three, five years, whatever. Like, so, for instance, I have an entity that's been around for like 10 years, right? It's an LLC. And I think a lot of probably small business owners and whatnot fall into the LLC category. But. And I know that is a. That is A. And LLCs are fine to do this with sole props and something else you can't do it with, right?

Well, any entity can build business credit. Anyone can. But a partnership or a sole proprietorship, you and the business are one in the same.

Exactly.

You know, so you can never really separate your liability. If you and business are the same, the business gets sued, you're gonna get sued.

Bingo.

But like you said, LLC and corporation, you and the business are separate from each other. And then you can literally separate the liability as well because you're separate from the business.

Mm, perfect. Okay, so llc, been in business for a while. I've got an ein. What are the very next steps that somebody has to do? Is it to go apply for, like, trade lines and different things? Like, this is just walking through the baby steps, but not applying with my Social Security number, applying with my Ein, Is that it?

There's a few essential steps you want to take, one we've already talked about. You've got to set up that credibility. It's the mind numbing, boring crap that none of us want to do. Right? I think I could say hopefully that's not a bad word on here. So that's the stuff we don't want to deal with. But you need to do it and once you do it once, then you know you've met the requirements that a lot of lenders, credit issuers have. So once you've done so, the next thing to do is go to see if you have any established credit with the reporting agencies now because like I said, Equifax and Experian will give you a failing score. And this is the one of the biggest calls we get people that are denied for credit because of bad business credit. But when we look at it, there's just nothing there and a bad score.

Is there a way just to interrupt you? Is there a way right now to check?

Ideally for free, but to check to see if your business does have a credit score existing now or no?

Sure, you can go to creditsuite.com reports and that will give you a quick link to all three reporting agencies, dmb, Equifax and Expert. Of course now they're not the only three, but they're the biggest three. And you could do a free search just by typing in your business name and address to see if a record either will pull up or record won't pull up. If a record does pull up, it's worth your time to get credit monitoring or to get a report with that reporting agency. If it's DMB or Equifax because DNAB or excuse me, if it's Equifax or Experian because they will populate that report and give you a failing score. So it's worth it. Now with Dun and Bradstreet, the first step is they won't even issue a credit profile or score for you unless you have a DUNS number. So if you don't have a DUNS number, well then go to Google, type in free duns. Get a DUNS number for free for Dun and Bradstreet. Keep in mind, they will call you, they will try to sell you, they'll email you, they'll call you. And anybody that ever gets a call or an email from Dun and Bradstreet, there's only one reason they only ever contact you and it's to try to sell you something they Call Credit builder, which is 1500 bucks, two grand. Not something anybody needs. Nobody needs to pay for a DUNS number. Nobody needs to pay for what they call the activation of a credit profile. That activation of a credit profile happens automatically once some accounts report to them. And the DUNS numbers absolutely free, has to be free because all contractors that work for the US Government need it so they can't charge for it. So you go get your DUNS number. You do that free search to see if these guys know you exist. You get your free DUNS number from Dun and Bradstreet. You could pay to expedite it, get it in about a week. It's like 50 bucks. Or you can wait. Sometimes it takes a month to get. Either way, get that free dunce. Once you have that, the next step is to start getting accounts that report on your business credit reports. There's really the main way to do that is using vendor credit. Now, vendor credit are places like Uline and Quill and Granger. For example, Wells Fargo has a secure credit card that's along the same line. Uline, Quill and Granger. None of them will even ask for your social. They won't even ask for you. Go to quill, you put 50 bucks worth of stuff in the shopping cart. Some of them, like quill, have a $50 requirement to report it. So I always recommend buying 50 bucks at every one of these guys. And upon checkout, you'll notice that they give you an option that's similar to the wording of invoice me. If you choose invoice me, you'll notice you can check out without ever supplying a credit card. Now, one of two things is going to happen. In most cases, in almost all cases, if you set up the credibility correctly, then they will automatically ship your items. There's no celebration that you got approved for credit. You don't get a credit card in the mail, you don't get notified that you have a credit line. But the minute they ship that item, congratulations, you were just issued trade credit. They just, you bought something, they shipped it to you, and you didn't have to give them any kind of payment to get it done. That is what trade credit is. So they will then, once you pay the bill, report it to the actual business credit reporting agencies. Congratulations, you now have your official trade line on there. So that's really how the process works. Go to Uline, go to Quill, go to Grainger, find 50 bucks for the stuff, put it in the cart, Use Invoice Me. The other option Is a Uline or Quill might say, wait a minute, you don't meet our criteria, meaning you didn't set up your credibility correctly. We're not going to extend your credit at this time. No worries. Buy the items anyway and go back and put a second order in and do it two or three times and on the second or third time they absolutely will extend you that credit. In most cases, if you set up the credibility correct, they extend you the credit. And once you follow this process that gives you your initial trade lines, that establishes a credit profile and Dun and Bradstreet will even issue you the score once you have three accounts reporting to them.

Okay. Okay. So it sounds like you know this process pretty well.

I done this for like one or like 10,000 people, something like that right now.

Is there a.

Are there any inordinate risks or anything? Are there any downsides to this whatsoever or things that people need to be careful of?

Sure. Not paying your bill. You know the beautiful thing in the commercial credit world, it's not like consumer credit, consumer credit, you got a FICO score, payment history utilization, how long you've had credit and the new credit you're getting and the credit mix. It's this convoluted score that combines five different factors where it's hard to control and takes many years of well disciplined borrowing to ever get to really, really good scores. Business world, very, very different scores are primarily and with two of the three reporting agencies only based on one thing, which is how you pay the bill. The earlier you pay, the higher the score. The later you pay, the lower the score. So the one and only thing you need to do is to make sure as soon as that item is shipped and as soon as you have a chance to you pay that bill. The earlier you pay the bill, the higher your score will be. But if you start going late and don't pay the bill, then just not paying the bill alone will absolutely tank your scores.

Love it. Love it. Now, are there any fun.

Put you on the spot here, fun stories, and I use fun loosely, but is there any thing that you've come across where people have really, really benefited from having business credit or is there any stories that you love to point to, to just accentuate the why more than just, hey, I can get. You can get more cat. Potentially more capital not tying to your ein. And I'm just asking out of personal curiosity.

Listen, it's, it's. That's the beautiful thing about where I am, you know, is that we see these stories come in all the time. Because we're typically dealing with one of two type of people. We're dealing with somebody that can't get capital. They just. They can't get loans. They don't have good cash flow or any. They don't have good credit, and they don't have collateral. They have nothing that makes them lendable. And all of a sudden, these people are coming in, getting 20, 30, 40. We just had a client the other day get approved for a $75,000 individual credit line. So those are really exciting. The other pie are the people that can get loans, but they're getting denied because of credibility issues because of not having business credit. And the minute they establish even some initial credit, the tides turn, and they're instantly able to get approved. So, for example, we had a client that built a tax company where they help people get out of tax issues. And they came in, they used accounts like Quill. Well, actually, what they did was they took the money. They had invested it in what they thought was a sure thing. And I'm putting air quotes in the air right now, marketing thing. And it didn't work. The person scammed them, took their money. They were basically left with no money. So they came in, they started building business credit. They used Quill to get bandit signs, yard signs. They had marketing flyers printed. This was where they got their initial customers from. After getting denied at their bank, after they established a business credit. Then months later, they were able to get an Amex card, which now they spend like 100 grand a month on. Had no limit. And the first year, they did over a million in business. And now they. The second year, they just did over 2 million in business. And they have, like, you know, a quarter million plus inaccessible business credit. So I just actually interviewed them last week, which is cool. And I interviewed another guy to Marlin. And this is a guy that really has done it exactly as you do it. And it's cool every time I interview him because he has stacks of credit cards that are as big as his fingers can hold the show. And he's got, you know, over a million bucks worth of business credit. And now he's able to get any kind of loan that he wants. And usually when people start to get to this level, they start to diversify their business. Being able to get money for whatever they need is not an issue. And so we have a lot of clients that do that. They move from one industry, then they're into another. They're buying gas stations. Marlin goes all around the country now and teaches on Business credit financing and gets paid to do so. He's opened up like five different kind of businesses now. So that's very common is you have somebody come in, they can't get loans, they build their business credit, now they're really able to get loans. They continue to get high limit commercial credit. They combine that with their ability to get financing, they grow their business and you know how it goes. They get bored and then they tend to go out and start getting into other ventures as well.

Yeah. And I don't know if you mentioned this, but do you see a lot of companies.

When they come in and they're looking for, whether they're talking to you or just going online, et cetera, but are they usually in really healthy shape or are they sometimes like, oh damn, we need money because things are starting to fall apart. And this is just out of curiosity. It really doesn't even have to do with the why they get business credit. But I was just curious if most people are coming because they absolutely need it or they just want it.

You know, a lot of people don't go to get money just to have it there as well as they should. You know, it's like consumer credit repair. Nobody fixes their consumer credit to fix their consumer credit. They fix it because they want a car or they want a house. Right. So it's the same thing. In the business world, we typically deal with a lot of people that are in startup phase. They're getting the money to start the business, or they started it and quickly realized that it requires a lot more capital than what they actually had thought and planned for, that they need to get it off the ground. Or we also deal with a lot of people that have their chest out because they've got multimillion dollar businesses. They go into their bank and they get denied. Or even worse, what we see a lot of is their credit lines getting called back and all of a sudden because they don't have business credit estab shocking for these businesses, they're just like, whoa, we do millions, we buy all this advertising we do. And they're just shocked that they don't have commercial credit, that it hasn't been established. So we see a lot of those scenarios and then we see the people in between that realize that they need more money for marketing, for growth. They've kind of started to figure out their model, but they know to scale it using only profits is a slow crawl and they know they need money to make it happen faster. Those are probably three of the biggest categories of business owners that we see come to us.

No, I love it. I love it. And that's. That's really enlightening and that it goes to show you, too. It's like, but it is better to have it and not need it than to need it and not have it and then have to go scurry and rustle, you know, hustle around to try to do all the stuff necessary when you're bleeding out. Right. So it's better to start early and have access and build more and more credit so that when you do need it, you can just tap into it.

Right. And that's the myth is people, you know, kind of get frustrated. They say, well, you know, banks only lend you money when you don't need it. It's because, yeah, when you need it, you're desperate, you know, then you're bad. Credit risk, right? Everything they look at, see, they see that reflection. They see your personal credit cards are maxed out. They start to see these problems that are clear signs that there are problems. So that's the issue with waiting too long is that when you usually wait till you really need it, then you've already tapped into consumer credit. Now you're putting high revolving debts on your consumer score. Well, that plummets your score because utilization is 30% of your FICO score. And so they really look at this. If you have inquiries on your credit report showing that you're going out and you're getting a bunch of credit or applying for a bunch of credit, when they see your utilizations even above 30%, a lot of lenders will not lend on the consumer or the commercial side.

Absolutely.

Whereas it's on the opposite. You know, we've got a great credit line that we love that, you know, we don't use the thing very often, but it's a half a percent interest is what we pay for every week outstanding. So it's. It's crazy. I mean, it's so easy for us to go, hey, man, we need 30 grand for this. And then we could put the 30 grand on the credit line, pay it back quickly, and literally pay 1, 2, 3, 4% interest on that money we borrowed. And it just makes our. Our business easier. Even though we try to use our profits to grow, knowing we have hundreds of thousands of revolving credit anytime that we need or want to access it, it gives us complete peace of mind. We know there's not things that are going to come up that we can't handle because we've got the money to handle it. And whenever we want to Use a credit line. We could just simply do so and then pay it off and reuse it as need be.

Exactly. I love that. Now, credit suite, your company. Tell me a little bit more about the various solutions that you offer. So one of the things I notice is that it seems as though with business credit, you help. You help business owners navigate this entire process for them, is that correct? So that they don't have to figure it out all manually.

I'm a big advocate that everybody should have business credit. And so in doing so, we put out a ton of free information in the space. And anybody that wants to go at this alone, like you said, creditsuite.comein is a great guide. Creditsuite.com on our main page on the top right, we go live on Facebook and Periscope and we go live on Instagram, and we've got hundreds of videos on YouTube. So there's plenty of free resources we give people to navigate this on their own. Obviously, what we do is we just take a cumbersome process that takes many people years to accomplish and figure out what they need to figure out on their own, and we just condense it to months. You know, they work directly with our advisor team that, like I said, We've helped over 10,000 people now build business credit just in the last few years. And in doing so, we work with them very closely to help them avoid the pitfalls that cost months of time. And then if they do get stuck or confused, we help them through that process. And we've got software that helps them step by step through the process. So really what we do is just take years of business credit building and we condense it to only months. And then we also have a platform that ties in every legitimate kind of business capital that's out there. Business loans, business credit lines, revolving credit. Because what we find is there's a lot of money out there for small business, but your average person just doesn't know to get it. You know, they don't. They don't know that on deck can only help them if they have revenue of ten grand a month. And they don't know that, you know, seed capital can only help them if they have, you know, good personal credit, for example. So we tie all these together so somebody can enter a little bit of information and find out all the programs they can qualify for. So then it helps get them access to credit cards, credit lines, loans, all the financing they need, whether it be just to start the business or, you know, whether they're looking for 10, 15 million for a major expansion, we've got the private money sources and all those in one place. So they just don't need to look for money when they need it. They can let us know what they need. We go to work, we work with all the lenders and investors and get them the money they need at the best terms that are available.

Love it. Love it. So, man, this has been. This has been really informative. And I it plug when I say I plugged a bunch of the holes in my understanding of exactly the way it worked. And it's something I've looked into in the past. And I can see how for a lot of folks out there who really didn't even know that this was a. An option, that is something that they could explore. Whether, you know, you've got a traditional brick and mortar company. I mean, if you're in E commerce, I know in e commerce, cash flow management is a tremendously large hurdle that only hits you when you're successful. And having access to credit lines and having access to being able to fund your inventory growth can be really hard if you don't have all your ducks in a row.

And I do love the fact that what this really enables people to do is take, I believe, bigger risks in their business without it adversely, you know, derailing their entire life. So nobody goes into business to go bankrupt, nobody goes into business to lose. Right. We all go in with these big grandiose ideas.

And yet at the same time, sometimes we're on our heels because we are risking everything and then some for our ideas and our passions. But.

But by, by separating this out. And if you know that you've got business credit and that you want to take a big risk and you want to step forward and you know that you can do it where, yeah, you may lose money and time and everything else, but you're not necessarily going to derail your entire life. It allows you to go out there and risk bankruptcy and risk all the other stuff and take the risks that an entrepreneur has to do but mitigate those risks and the impact that it has on the rest of your life. It's funny, Ty. I heard a. I forget who this was, but it was a speaker. I think it was one of the sharks from Shark Tank and I think it was even in Traffic Conversion a few years ago. It may have been Kevin o'. Leary. I don't know if you were there for his speech a few years back, but.

One of them said, the problem with a lot of entrepreneurs these days is we're too Afraid to fail. And he goes, let me explain. Like you live in America, which is the easiest company in the easiest country in the world to risk bankruptcy. Because if you do go bankrupt, it's really not the end of the world. Like in some foreign countries, you may get thrown in jail, you may ruin your entire life. Here we have the ability to start over. We have the ability to take big risks and worst case scenario, we have to declare bankruptcy. We have to grit, you know, grit our teeth and bear the consequences of that. But it's possible, and yet some, so many people are so petrified to take that extra risk. What this does is it insulates you even further from the risk of potentially going bankruptcy. Nobody wants to do it and it's not a, it's not a good thing by any means, but it's not the end of the world either. And I do like this gives the entrepreneur and business owner the ability to take risks that they might be too afraid to take. And it might be the difference between success and failure in their business.

Absolutely. I mean, you know, Brad, as you said when you started us off, you know, the key to real success in a business is opm. It's other people's money. And the biggest companies privately and publicly owned in this country, every single one of them has mastered this. You know, there's a reason that Apple still borrows money when they're sitting on billions of dollars of liquid cash. And you know, Walmart's a great example. You know, 80%, 80% of the products that Walmart buys and puts on their shelves, they use business credit to actually purchase. So what they do is they go to Bounty and even though they've got plenty of money, they use business credit to buy all their paper towels from Bounty. They put them on their shelves, you come in and buy paper towels, you give Walmart money, they take your money, they pay off the business credit. This is the biggest source of cash injection in the company, even more than shareholder value money. So it again, and this is why if you pull their credit report, they have 513 trades because they've mastered using OPM, using credit to be able to grow. And in doing so, they become the number one retailer in the world. Every one of the largest privately owned and public owned companies has the exact same story when you're pulling their credit. They have hundreds and hundreds of trade lines and that's what's given them the ability to start now at this point, get tens or even hundreds of millions of dollars of credit lines and loans extended that they use to grow at a faster pace. So if you're in a lifestyle business, no harm, no foul, you know, if you like what you do and your goal isn't to really grow rapidly, then you know, so be it. But if you do want to grow, if you do want to separate liability and give yourself that layer of protection and access the biggest levels of growth you can, well, that all comes down to using the money that's available for you to do so to be able to grow at a faster pace.

Yeah, I love it. And I think it's really just a powerful tool and one that people need more knowledge of. And that's why I'm here to bring you guys knowledge like this and experts like Ty. So we have come to the end of the interview, but this has been fantastic. And luckily Ty, you, as I mentioned earlier, you created a great resource there for people to take this a little bit further. Obviously you can go to the site in the show notes which is creditsuite s uite.com but if you go to creditsuite.comein, ty's giving away a four step guide on how to get real business credit for your ein that's not linked to your ssn.

Ty, thanks a lot for being on the show today. This has been really informative. And how do people get a hold of you directly besides just go to the website if they want to reach out out and speak personally with you?

Sure. Well, they can give me a ring. My number is 877-600-2487. That's 877-600-2487. And by email it's inforeditsuite.com that's inforeditsuite.Com and reditsuite.com Top right. They can follow us on Periscope and Facebook. We go live every week and there people get an opportunity to learn on all these whiteboards and chalkboards I'm surrounded by and then ask real time questions and get real time answers to kind of help them through the process.

Are you still seeing a lot of people use Periscope?

You know, it's so funny, somebody just on Facebook today I saw somebody said does people even use Periscope anymore? And I guess I have a loyalty to Periscope because it's where I first started streaming. But yeah, I mean it's, you know, it's not uncommon on a live stream for us to see a hundred to three hundred viewers on a Periscope stream.

And that's really because they live stream on Twitter too.

That's yeah, we gotta. I just, I had neglected it. I haven't used it in probably about a year. So I was like, oh, yeah, I forgot Periscope is even around. There's just so much out there.

It's funny. It used to crush Facebook for us and then with Facebook, we use something this great product called Live Leap.

Yeah, Live Leap's great.

It's awesome. So ever since we use Live Leap where we go live on multiple pages and groups, you know, now it's not uncommon for us to get 600, you know, a thousand viewers on a stream. So now it just crushes anything we have the ability to do on Periscope. Yeah, there for a while especially Periscope got us more play than Facebook. But yeah, we still get, you know, a hundred to three hundred people on a live stream. So it's worth it. If you could do one training to train 100 to 300 people, then in my mind it's well worth it, especially if you don't have to leave anywhere to go anywhere to do the training.

I love it. Cool. Well, Ty, thanks again for coming on the show, sharing with us and thank you to all the business owners in my audience who have been enlightened to what is possible with business credit once more. I'm Brad Costanzo and you can always email me directly@askbradaconrappedbusiness.com let me know if you have any questions or if you'd like a second opinion on a business growth, marketing or issue that you're kind of stuck with. I'm happy to see if there is an opportunity for me to help out once more. That email address is askbradakenrapbusiness.com and go check out credit suite if you like this to find out more information and see what else Ty and his company can do for you. Thanks a lot, Ty. And for everybody else, I'll see you on the next episode.

Thanks, Brad. Thanks, everybody.