Ali Awad – Accept Low-Risk Payment Methods Only

BIO: Ali Awad, also known as The CEO Lawyer on social media, is a successful lawyer and entrepreneur. He has a multi-million dollar law firm and media company where he teaches lawyers, doctors, and other professionals how to brand themselves digitally and generate clients through social media.STORY: Ali once delivered an order of car audio worth $25,000 to a newly acquired customer. Out of excitement to make such a huge sale, he made the mistake of accepting postdated checks for payment. The checks bounced, and the customer threatened to shoot him if he ever went near his store again.LEARNING: Only accept risk-free payment methods, especially when dealing with new customers. “Do whatever you can to make sure that when you get paid, that money cannot be reversed.”Ali Awad Guest profileAli Awad, also known as The CEO Lawyer on social media, is a successful lawyer and entrepreneur. He has a multi-million dollar law firm and media company where he teaches lawyers, doctors, and other professionals how to brand themselves digitally and generate clients through social media.Worst investment everAli started a wholesale car audio company when he was 19. Instead of selling online, he decided he’d sell wholesale to other retailers within a 30-mile radius of his hometown of Dalton, Georgia.Ali would drive around to different car audio shops in the area. He quickly realized that most retailers were not going to buy from a 19-year-old. But he didn’t let it deter him. He just kept going and hustled hard.Eventually, Ali landed a significant account in New Orleans, about 500 miles away from where he was located. The retail shop placed an $18,000 order. He drove all the way to New Orleans with his dad and brother to deliver the order. While there, Ali helped them sell the product to a retail customer for like 20 times more than he was charging them. This led them to place a second order was for $25,000.Ali loaded his trailer with car audio and went to deliver the order, but he went by himself this time. Instead of paying him cash, they gave him a stack of postdated checks that he was to deposit about three weeks out. Ali was excited about getting so much money that he didn’t think much about why they were paying him in postdated checks instead of cash as usual.Trouble started when he deposited the first check, and it bounced. The buyer gave him a flimsy excuse. After a while, he deposited the second check, and it bounced too. Ali called the buyer and asked what was going on. Again, he gave him a flimsy excuse. Ali informed him that he would go to the store and get his stuff back because he was done with the lies. The buyer said, “Sure. Why don’t you come over here, and I’ll put a bullet in your head.” And that’s how Ali lost $25,000.Lessons learnedDon’t accept payment if it can bounce or be reversed.Try to business that you can scale without your everyday involvement.Be careful not to jump from one business to the next or to take shortcuts in business.Always skill up no matter where you are in your entrepreneurship journey.Andrew’s takeawaysIf you can, get paid in cash or any other risk-free payment method.Actionable adviceConnect your bank account to your website for payments. And instead of accepting credit cards, make people pay with a direct deposit. Do whatever you can to make sure that when you get paid, that money cannot be reversed.No. 1 goal for the next 12 monthsAli’s number one goal for the next 12 months is to increase his employees to 100 and spend a million dollars on ads a month. He also wants to focus on diversification. [spp-transcript] Connect with Ali AwadLinkedInTwitterFacebookYouTubeWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast