BROADCASTS.com

b'My guest today is Corinne McCormack for part two of the interview we did a couple of weeks ago about how to build a multimillion-dollar business. Yes, you can, and she has some final tips, advice, and strategies for you in this episode you don\'t want to miss. Here we go.\\nI\'m here with Corinne McCormack, and we have had some great interviews recently and there were a couple of topics though that I wanted to cover with her. Corinne, are you open, let\'s tackle those last two topics that we didn\'t get to do in our earlier shows. In your book, From Living Room to Boardroom: How I Launched and Sold a Multimillion-Dollar Business, you tell your whole journey. What I noticed in it is you were very upfront and open to talking about how you were able to borrow against your home to finance the start of your business. You\'re in New York. You had some equity, you were good. But what do you recommend for people with less than that type of option? Is that a deal-breaker if they can\'t get that initial funding?\\n----more----\\nCorinne:\\nLet me just start by saying when I write about the apartment in my book, the reality is you\'re right. It is New York real estate. And after five or 10 years, our apartment value went up to the point that we were able to take out a second and third mortgage, which we used to finance the business. But what people need to understand is that I took a risk. So that when I lost my business, my husband and I were in the process of buying an apartment. And we knew we were on the line for a larger mortgage. I hadn\'t lost my job, but the president of our company, our parent company went Chapter 11. The president of the company lost his job.\\nI called my accountant because it was four more weeks until our apartment closed.\\xa0 "Oh, my God, Larry. What do I do? We\'re going to be closing on this apartment in four weeks, the company is in Chapter 11. what am I going to do? Should we be taking on all of this mortgage?" Because it was a big mortgage, and my accountant said something to the effect, "Well, you have to live somewhere."\\nMy husband and I just looked at each other and said, "We\'re taking the risk. We\'re going to go into this mortgage, we\'re going to figure it out. We\'ll figure out how to make it get paid." So for the first year of my business, we now had this very large mortgage to pay. I didn\'t have the benefit of substantial real estate when I first launched my business because we were still paying off a mortgage. And at that point, the apartment hadn\'t increased in value. We were just looking to make mortgage payments. So the first thing I have to say is people who want to make things happen in their life, sometimes you have to take a risk, but you have to take it or you live with regrets. I talk about risk in my book. You have to take a knowledgeable risk.\\nBack to earning money for people or creating money when they want to launch their own business and they don\'t come from a lot of money, there are a lot more ways to fund startup businesses today than there were back in 1993. There\'s the internet, there are Kickstart campaigns. So there are opportunities. If you have a great idea for a company and you know how to position yourself online and develop a website, and develop an Instagram account and get a following, and go on Kickstarter and start selling your idea to people, people will gravitate towards you.\\nI was just mentoring a couple of young women who started a business. And they did a Kickstart campaign and they launched enough money that they were able to finance their first round of inventory. A substantial amount of money, so there\'s a lot of opportunities. It\'s not what are the troubles or what are the problems to make what I want. It\'s like, "What do I want and how do I make it happen?" And I remember when I first financed my business, I became part of a women\'s organization. It was called American Economic Development Corporation. It doesn\'t exist anymore, but there are a lot of women\'s organi'