In this Power Lunch podcast episode in the Profit and Legacy series, hosts Tracie Munce and Lisa Carmichael sit down with Pang Mee Xiong, Cash Management Sales Officer at Bank Cherokee in West Saint Paul. With over 25 years in banking and deep roots in the Saint Paul community, Pang brings a powerful insider perspective on how women entrepreneurs can build real profit, protect their businesses, and create lasting legacy.

They dive into:

Why your relationship with your bank should be a long‑term partnership, not just a place for transactions
The most common cash flow mistakes new business owners make—especially around upfront payments and new vendors
Underused fraud‑prevention tools like ACH origination, positive pay, and alerts that can protect your hard‑earned money
Why women business owners need to stop doing their own books (unless they’re actual accountants) and build the right financial team

How women, especially in communities where they’re expected to “stay small” or quiet, can step into boldness and financial confidence

Pang Mee also shares her personal story of growing up as the second oldest of nine children and the oldest daughter in an Asian household, navigating cultural expectations, abuse, and finding her voice. Today she channels that strength into supporting women entrepreneurs.

NOTED MENTIONS:

Bank Cherokee (Pang Mee’s employer)
WomenVenture (nonprofit where Pang Mee serves on the board)
Glass Ceiling Foundation (nonprofit mentioned as a community space for women)
Dakota chamber (referred to as the Dakota chamber, where Pang Mee is an ambassador)

Notable Quotes:

As a business owner, you should be focusing on your business, not on the accounting work. Let the experts do that so you can build your legacy.
If you’re not willing to put yourself in the room, you can’t get there. If no one’s inviting you, invite yourself.
If you want to be a millionaire, you’ve got to hang around millionaire people. Go where the bold people are. Go where the brave people are.
Women think fraud won’t happen to them, so they don’t sign up for protection. But being proactive with tools like ACH alerts and positive pay puts you ahead of the game.
You have to ask yourself: is profit number one for you, or is passion? My clients start with passion but at some point, profit has to move to the front.

Knowing our numbers is the first step to profitability and profitability leads to legacy, to legacy wealth.

We always think of profitability as an end game, instead of seeing profit as the tool that actually moves our businesses forward.

More about Pang Mee: Xiong Pang Mee brings 25 years of banking experience and a deep commitment to building lasting relationships as Cash Management Sales Officer at Bank Cherokee. Her mission is to help clients make smart, informed banking decisions and clearly explain the products and services that fuel business growth. Beyond her work at Bank Cherokee, Pang Mee serves on the Board of Directors at WomenVenture and she's an Ambassador for the Dakota Chamber. She also actively contributes to several other committees. A proud St. Paul native, Pang Mee married her high school sweetheart and is a mom of two young adults and a Yorkie Terrier.

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