Let's Talk with Leaha & Rhonda

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The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you may hear do not necessarily represent the views of K u and v Las Vegas, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. Hi, this is Leah Crawford.

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And I'm Rhonda Nolan.

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Welcome to the let's talk with Liam Rhonda show.

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We're here for you and we're ready to go. Let's do it. Good morning, Las Vegas.

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Good morning. How are you?

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I am super fantastic. I am so glad the weather has cooled down.

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I know right? It was so pleasant to have some rain. It smelled like rain. Like, I don't know. I open the open the doors and I was like it's just not refreshing.

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I see I missed the rain because I was out of town. And Oh, you missed the I wasn't beautiful Washington DC and it was fantastic. It rained there one day while I was there. So I missed the rain here. But when I came back, my car was filthy.

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Okay, well, that is the other side of having rain is that you do get a dirty car. But besides that it was I mean, it just felt good to have rain in Nevada. I was like, wow, this is this is cool. I like the sunshine. But we do need some rain. We do we do. And it's absolutely amazing. Now though, the weather is beautiful. Now I'm every day I wake up like I know I live here exactly understand why I live. I live here. I live here. I love this. So it has been alright, so we just passed a deadline Rhonda, for corporate returns, okay, the 15th. It was a heavy day. And I can tell you that if you have a December 31 end date for your corporate return, just see corpse, your s corpse, your filing deadline was on the 15th. And I'm not worried. I mean, you will be charged a penalty if it's late, but still get those returns those returns file but the filing deadline was there it was very busy, very busy for us. I know that if you if you've started a business, I know people that have started businesses. And they first may say Well, I haven't done anything, you still want to file that zero return because when you set it up, you got an EIN number, the EIN number you told them what type of corporation you had, when you start it. And they sent you a beautiful letter, whether emailed or either whether email, you printed it right I'm sorry, not emailed either you printed it right then or they mailed it to you, which told you what form you were to file and by what date it was due, you know, those documents are very important.

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So if I was in business, and even though I started my business, but I didn't make one dime, I still need to file file 0500

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You file you will file a zero return. Again, you want to keep up with the fact that you started this, you started this right? You didn't do anything. And if you're not going to do anything, do a zero and make your final. Okay. But uh, you want to get in the habit of just doing the document tation doing the documentation, not complicated. If you need assistance, you can contact us our number is 702-382-5737. Again, 702-382-5737. I can say that our offices closed today. Of course, I'm here Saturday. But Monday morning, Jin is there Brenda is there. And we try to explain to entrepreneurs because again, you don't know what you don't know. And when you sit out when you set out on these business ventures, it's like wow, I got this business. Yep. And you got a lot of filing requirements, things you need to know about being a business owner and is well I always say it's baptism by fire. That's right because you learn a lot.

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And remember if you have your Nevada business license and your license renews between now and end of the year, it's time to put in your information about your managing partners. That information is due and you need to pay to read up on your license so you can be current in the state of Nevada.

Unknown Speaker 4:24
And all of that whenever you decide that you want to do with this. Whenever you decide that you are going to do a business especially in the state of Nevada, its annual everything comes annual you got the state business license that is annual you have your city or county business license that is annual and they email you they do email you they do email you and they let you know but read your documents because that's part of you working on your business and you budget for it

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and don't be late whatever date your business started. Rhonda I have to say Rhonda has more than one business and for one of her For businesses, she missed that email. And when I went in, I had to pay a penalty. And it wasn't pretty, you know, the penalties are. It wasn't pretty. So my usual couple $100 I paid to renew turned into $525 with the late fee tacked on. Oh, yeah,

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no. So what we said what we do is best practices isn't just an idea. You know, how you put people's birthdays in the calendar? I put all of mine, because I have a few companies as well. All of them in there as an annual reminder a month before. That makes sense. And then I do want a week before just to make sure that I can renew on time. And I started doing this because I'm like, Okay, I had to remember to renew right, because I was watching other people pay that penalty. Right. Other people pay that penalty. And I'm like that penalty is dinner.

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Right? That Oh, issue? Oh, my God was a couple of dinners. Yeah. And if you have more than one company, you know, you got a lot going on, it adds up, it adds up.

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Or another thing you can do is I know our company serves as Resident Agent. So what we do is, we remind our clients, that it's that's part of what we do we remind them that your stuff is do we send them an invoice, pay us we'll pay it right? Pay us we'll pay it. And for some people, you know, they're like, Oh, we already paid it. Okay, not a problem. Right? For others. Oops, I forgot my most of them. Oops, I forgot. I didn't remember right. So we do that. And we get like, Nick, right now we have about six companies that are due to renew. And we get the notices every month and Brendon general on it. They're on it. They're like, you know, they're calling, and they are relentless. They're gonna call you. Now if you say that you don't want to do it, that's something different, right? But they're on it. Okay, this is what you need to do. These are the funds that we need, let us know how you want us to proceed. And we proceed, just ensure that you don't have to pay that extra money, right? It's, I mean, over the years, it has helped. But again, if you have that issue, we also serve as Resident Agent, you can contact us 702-382-5737, again, 702-382-5737. And what I love about our team is we all work together. So it's not just it's not a meat thing, it's not a damn thing is us, right is us and we are in there. And you should see us like we we just did political, political campaigns, financial reporting, and when you don't win, right, so there are other documents that you have to so those that are, if you know, somebody that's running for office, and they weren't successful, they're still reporting that you have to do it doesn't just go away, right? You know, you have to tie up your loose ends, you have to file your final report, and you got to file a report saying that, you that the campaign is over, right? So these are the things that you need to do. So, you know, just they they just want to the state of Nevada wants to know, and it's all in the elect on the state of Nevada website. But we help, you know, just to make sure, look, this is what you need to do. Let's go ahead and get it done. Because you might miss it. And all the emails flying back and forth, right. And we want to make sure that you I mean, you started it, let's finish it, tie it up this complete records are there, right? You know, so he has a lot of work, there's a lot of work. And next day campaigns, we've done federal campaigns to people's unsuccessful and we say same thing with FEC, you ran for federal office, you were not successful, you got to close it out. So you got to remember to close it out. So with everything, it's documentation, documentation, again, started a company didn't do anything, doesn't mean you don't file follow zero, right? Send it in, there's no tax effect. But you are doing, you know, you're just doing just that and your I's and crossing your T's and call in if you are closing the business, right? Because I know people that went out of business, do a final return, do a final return, close it out. Because what that does is when you file a final return, when you check the final, this is it, it the activates the EIN number,

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right, and you have to let the state of Nevada know as well, because they will continue to send you notice the saying you need to, you know, update your license, and they'll keep adding on fees. But if you say hey, I've dissolved this business, it's over, then all of those fees are over, you

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know, and only and I would say I guess Best Practices again, for odd and just information. So you know, so people around talking about, you know, you just closed down, just close it down. We're working with a few clients that did go out of business during COVID. And we're filing final returns, closing out their business licenses and everything else. Because you don't want someone to get your EIN number and do something with the EIN number right that you're responsible for. Right? You want to make sure that everybody knows I'm done. Right. I'm done. That's it. and you can move on to your next venture is done, you got the documentation saying that it's done, you filed the form saying that it's done.

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Exactly. And then you can start over if you decide if you desire to open up a different company at a later date, then you start back over settle

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the debts, because they could even settle all of their debts,

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all your debts from the first business, make sure you're good to go. And then you're ready to start your next business.

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And with the lessons you've learned from the first business, exactly the lessons you've learned from the first one, because I've even had I mean, because I know people that will say, Well, I'm not doing anything, I'm not gonna do anything. No. Let's take a different approach. Right? Let's take a different approach. Let's handle this be in the business of handling our business because you live in you learn to was a person at one time, that's it? I'm not doing I'm not I'm not filing returns, which I'm not. And then learn the hard way. Nope, that's not how you do that lead, let me slap your hand again, you know, you have to handle your business, because it's expensive not to handle your business,

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it can get extremely costly, extremely it can be and you can mess up your credit because there is business credit.

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Well, not only that, though, because I think about what someone said to me a while ago is how you do anything, is how you do everything. And if you are a person that doesn't handle your business, best, how are you going to do everything? Right, but if you're a person that is diligent about Okay, so let me.my eyes let me Cross my T's let me move a little bit slower. Right? Because also learned that we need to move slower sometimes pay attention. You know, it's not it's not quick. No. And I watch a lot of people that move slower. Things are different. Yeah, life is different. They don't rush to make decisions they like, Let me think about it. And they might want to say yes, yeah, let me think about right, you know, but they handle their business, they want to they know that in the state of Nevada, if you're a business owner, not only do you need a local jurisdictional business license, you need a state of Nevada business license, they are aware that you have to pay these things annually. And we're repeating ourselves in different ways. Because we want you to we want our listeners to get it so that you're not caught out there having to pay all those late fees, right. And they budget. So budgeting is very important, because it's like, okay, if you know that you have to pay said state 325 a year and then you have to pay another $300 for your local business license thing you budgeted. That's right. And 625 turns into $50 a month, right that you put a set aside. So when it's time to pay the license, and the license, good to go, good to go. I had no problems paying, look here, they got their money, I can still operate the business. Right. You know, so we work. Same thing with employees. I know. We talk about people like I want to hire people employees are expensive. Yes, they are. So if you're paying somebody as an employee, because the IRS has been very good now about distinguishing the title of somebody. So if somebody is an employee, and say you think you're paying them $10 an hour, and I use 10? Because it's a good round number. Because I believe No, we should, let's use 20, that's a better number. So if you're paying them $20 an hour in all actuality, you're paying them probably about $25 An hour after you add in the workers comp and employ your taxes, and any other small thing you might have. And that number can go up depending on what else you offer that employee. So just learning how to budget so if you say you want to hire an employee, you got to have that money set aside, right, because I've watched a lot of employers get in trouble with payroll taxes.

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And those are filed quarterly, right.

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So the deposits are made the fastest you make them as three days after you run payroll. Oh, okay. Okay. The slowest is is is possibly annually if it's a very low amount, okay, quarterly, but normally, most people are monthly depositors, so you pay your payroll. So your payroll is the same, we'll call it the first and the 15th of the month. So the payroll taxes for those two pay periods are due by the 13th of the following month. Well, the 15th Depending on where your falls right balls on a Sunday is do that Friday before Okay. And just Well, best practices for us is what we tell our clients use a payroll service. Yeah, I say that's easy use payroll service because the payroll service is not only going to take out the money for the paychecks they're also going to do a tax impound as well. That's right. And by them doing that you don't have to worry about that being a problem. But I know some of us I want to do it yourselfer. Okay do it yourselfer? Not a problem DIY. I love it, I get it. When you pay to payroll checks, the best thing to do would be paid a payroll taxes right there. Okay, because you have to go through the electronic filing tax payer system EFTPS. And you have to make sure that you have that account set up with EFTPS because you can't just pay it you know, you want to make sure that account is Get up, but pay to payroll, pay the payroll taxes. And then you have to hold the quarterly taxes for the state of Nevada because you have to pay unemployment and modify business tax right now, modify business tax, there's a floor is has to be has to be more than $50,000 in order for you to start to incur liability, but you still have to file the Form. Gotcha. Because they want to know how much well how much payroll did you have for unemployment, same thing, once you reach they have a ceiling, right. And when I say ceiling, so when the employees reach this much in wages, then you don't have to pay any more. And they give you your experience rate every year. So little things that you need to look out for, like I said, we've been doing this for a very long time, because Ron is watching me, I'm just speaking this just from information and just doing the work, right. But knowing that like in December, we'll send our clients that we know have payroll a make sure that you got your experience rate because of your experience rate, if you had a lot of claims, it can go up. If you had no claims, it can go down. But you want that number, because that's reflected in your payroll records when they start processing payroll, whether you're using a national company, a local company, you know, whoever you're using, or if you're doing it yourself, you want to be aware of that. You really, really want to be aware of that. But that's working on the business. And then another best practices, if you're a calendar year, start looking at your year and review. Looking at your numbers analyzing and seeing, are there things that I could have done better? Is My Business transitioning? How do I budget for next year? Where's my client? Where who are my clients? Where are my clients coming from? Am I marketing enough? Right? Do I have a marketing budget? And if I do have a marketing budget? What am I doing with that? How am I spending that? Okay, you know, am I doing at print ads, radio ads, you know, what, what, what is the mix for me? In order to reach the goal I have? Where am I? Where where's my customer base?

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Are they working for you? Or the ads you place? Are the ads you're placing in the places you're placing them? Are they working for you? What is your return on investment? How many clients saw that particular ad and came and bought your services or products? You have to take a full look at that. And this is the time that companies look at that this is a time that companies looking at companies do large companies, what company what have we done so far? We're getting ready to roll into the fourth quarter of the year, and we're getting ready to get ready for 2023? What do I need to make that happen? How many more customers? Do I need to make my goal? How much money am I making now? A monthly? How much money do I want to make next year monthly? How much do I need to grow my business to get to that number all those little things you should be having those conversations with yourself and your mentor and your team

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and your team? And the first conversation is with self. Right? This was self and you know, and you think about hmm, if I want to make X amount of dollars per month, how do I get there? How many units do I have to sell, I know the SBA and the SBA out there, they're small business, they have an amazing budget tool that a budget and business planning tool that will allow you to break down the different segments. And, again, if someone needs that tool, please contact me because I can email you the blank template because I have it in this because it's for public use. And my email address is I'm Lea Leh a at Crawford, c r awfordmg.com. Or you can contact us at 702-382-5737. And I can send you the budget tool. The budget tool is amazing because what it does is it makes you think about especially if your startup, how much money you need to start up how much cash injection you're gonna need, what are the different things you need, if you have to do a build out just all the stuff that you need to do in order to get ready to purchase? Exactly I'm sorry to open up a business my business then they have this tool, I mean a page in there where you can put in your product line, it gives you up to six oh wow, that you can enter in the cost of the product. And the price you're going to charge and the cost of the product. And depending on what your industry is, it's only six on this one. And if you have a lot of products might not be the best, no might do it a different way. But and then you can estimate on a monthly basis how what is the right mix for you to reach your financial goals, right. And then you go in and you map out your expenses. Then you map out your payroll and nape take into consideration of FUTA unemployment, any fringe benefits you want to offer and everything and then it generates financial statements for you or it's cool. It generates finance and I've been playing with it for years and I'm like this is absolutely amazing. Okay, so if I want to do Do I have to do this, this, this and this if I want to do that, you know, but again, using tools and then making them work for you because now that we use the tools our client know for us internally, we know that okay, we need to do this many tax returns this many this, many that. And everybody in the office is now on the same page with this is what we need to do in order for us to reach this goal, continually. And we had a conversation every month. That's wonderful. Yeah. So it's, but it's using the tools not just having like the budget, it's a living document. Like you said, have the meeting with yourself and your employees. That's right. You know, and really have a good conversation, good conversation. But again, you are listening to Let's Talk with Lee and Rhonda. I am Lea Crawford. I am Rhonda

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Nolan. And we are so happy to be here with you on this beautiful Saturday morning. Hey, what are you guys doing today? What's going on? What's on your plan for this week and next week? What are you doing this weekend? Lisa? Leah? Lost my phone ringing your phone? Multitasking?

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Actually absolutely nothing?

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Oh, you're relaxing.

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I am going to relax. Good. I am going to wait and hear about hopefully what happens with the Las Vegas aces. I mean prayerfully they do they win that's it. But um absolutely nothing. Okay, I'm enjoying

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it. Are you going to now now that you are free from from from because she was in class ladies and gentlemen. She was practicing and studying to get her CPA so she was extremely busy. Now that's over what's up with your peloton? Are you back?

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No, I'm not me and peloton we still haven't. We're talking. Okay, good. Yep. taxations we're talking. Okay, great talking and we're gonna go out on date soon. Okay, good. Good. Good. Good. Did use part of the app. I started using the app. I started meditating. So that was good. So I am so we're so we're talking Good. Good. So you were talking

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small business owners. Hey, if you can't get out to do your month, your morning walk us and if you have a peloton, check out the meditation check out the yoga, you'll try to get in 30 to 45 minutes a day before you start so that you can free your mind free your

Unknown Speaker 22:12
mind free. No, it's definitely definitely I mean me and peloton we have a good relationship. That's good. So but um, yeah, we're gonna we're gonna get back engaged. We're still I've been wearing my clothes. So Oh, good. We're gonna motivate you. It motivates me. It does. It does. And I'm gonna I'm gonna actually put one leg on here today. I'm going to touch it today and see

Unknown Speaker 22:30
that's good. That's good. So you know, peloton is coming out with a new product, they're coming out with a rowing machine. Really Yes. And so I have put my name on the list to be the first to know about it when it comes out. Because that's really good for arms because I have an arm situation. And so that's really good to tighten up your arms, your upper back your chest and the whole nine. So I'll let you know when I hear about it. You let

Unknown Speaker 22:49
me know I'm not buying another machine. I'm not. We're gonna stick with the with the walk and in the app. But the other thing too is voting is coming up. Voting is coming up voting is coming up. And as a small business owner, as a retiree, as I mean, just somebody that is living, and just, you know eligible to vote. Are you registered, you know, are you registered to vote? I know because DMV automatically register registers you that's, that's correct. And you need to watch to see if you are a party affiliated. Because if you don't want to be that's fine. If you do want to be just make sure that you know when you look at your registration, that you're affiliated, where you want to be affiliated, but most importantly, getting out to vote knowing who the politicians are in your area, because they are out and about right now they are

Unknown Speaker 23:37
out there. So these politicians are out every day all day going to multiple events a day making sure they meet all of the voters out there shaking their hands, talking to them, listening to any problems or situations that you may have with a small business owner, or as a citizens, they are busy, busy, busy. And by the way, if you are a business owner, and you may have had a felon, you know, felony or whatever, and or if you're just a general person that had a felony in the state of Nevada, you have the right to vote. And as a matter of fact, there's going to be a panel discussion on Tuesday, September 20, at Parkdale Recreation Center, and it's called rights restoration and expansion of voting rights panel discussion, and we're going to have the key policy makers there who helped put that bill through to make sure you have the right to vote.

Unknown Speaker 24:18
So okay, so I want to make sure I hear this. So they're at Parkdale on September 28 On September 26 30 pm 6:30pm. Because even if you know someone that's and they believe that they can't because in other states you possibly can't vote. That's correct. If you are resident in the state of Nevada, and you are a felon, you can vote that's right. You can vote your vote counts, your vote counts. So register to vote register to vote, and I think your address so I know, I know, there's a tool on the legislative site or somewhere in one of the sites and we need to find out what that site is that if you key in your address, you know what offices Yes, so you know who you're well we all had the same Governor right? We all had to the state offices are, are the same, but you know who your congressman, your US senator, your state senator, your commission sembly person, your Commissioner, right? You know who who represents you with the school district, right. So

Unknown Speaker 25:17
I would encourage everyone typing your address, know who they are, do the research. Absolutely. And then figure out where they're going to be and have a conversation with them. And they're, and they are posting on Facebook and Instagram and all those places they're posting where they're going to be and the different conversations are having with the different organizations, NAACP is having events for, for people, 100 black men in Las Vegas, national coalition of 100 black women, they're having events and invited Hispanic nations are happening Hispanic organizations. In short,

Unknown Speaker 25:46
this is a lot of the Women's Club, everybody is having events. That's right, you know, Republican events. I mean, everybody is having events to get you out there. And I would just encourage, I mean, just encourage people get out and vote your

Unknown Speaker 26:02
vote does matter. If you are a person that believes that your vote does not matter. It does. You'd be very surprised at the end of the day when when they get through counting the votes, how close some of those races are. And it could be between one and two votes law.

Unknown Speaker 26:16
Not only that, though, very important to who was COVID. If anybody I mean during COVID, because our politicians in the state of Nevada on a federal level, they fought for us. They fought for us to make sure that number one we got access to the dollars. That's right. And when all the big corporations were eating up the money they stop. That's right that the mom and pops, you know, let them get because they need access to because the corporation's don't keep this economy going. No, they

Unknown Speaker 26:39
don't the mom and pops the mom and pile we keep it going. They we we are we are the biggest employer collectively. And SBA didn't know that I want you guys know that the SBA didn't really know how many small businesses were really out there and took COVID hit and then we all had to fill out paperwork, letting them know that we are here. Now myself, I was already part of what they were doing prior I had already signed up for their emails and whatnot. For the Nevada a small business development, SBA here, it's the center. Yeah, I've already signed up for them. I was getting emails all the time, I was getting emails from a national office. So my company was are already on their radar. But there were so many micro companies and independently owned companies that were not on their radar. But they they found out where they were doing,

Unknown Speaker 27:22
they found out that it's a whole lot of a whole lot of us a whole lot of us. But what I can tell you is, again, we need to be mindful of who's in office. That's right, this. My name is Leah Crawford.

Unknown Speaker 27:35
My name is Rhonda Nolan. And you've been listening to Let's Talk with Leah and Rhonda and we're so happy to be here with you today. Happy

Unknown Speaker 27:40
to be here and you want an overrun that ends our time for this for this. It does.

Unknown Speaker 27:44
It does. We're almost finished. But hey, listen, if you have any children who love to cook, then 100 black men in Las Vegas is having their virtual youth cooking class is taking place on Tuesday, September 27. Thank you so much for listening to Let's Talk with Lee and Rhonda. It's been a blast. We'll see you next month.

Unknown Speaker 27:58
All right now we'll see you next month. And oh, yeah, please. Do the kids with the cooking. Do you want to know what Rhonda they can contact you as well. Fisher contact us. If you have this is an amazing class. I just want to add this one amazing class because it's virtual. They get all the food and the kids are in the kitchen. Yeah. So please contact Rhonda at 702908957770 to 9089577. This is an amazing cast and the kids can do a nationwide.

Unknown Speaker 28:28
That's right nationwide. All right. Thank you. Thank you so much. Bye bye

Transcribed by https://otter.ai