The Wealthy Entrepreneur Podcast - 1st Anniversary Recap

Good day. It's Bob Govreau here, host of the Wealthy Entrepreneur podcast. I just want to actually leave a special message here for you guys. You guys have been supporting us for one full year and you know what, to be honest, not a lot of podcasts actually post consistently for one year. I think I saw Alex Hormozi post out at one point. The survival of 52 episodes or one year is close to zero percent. So super proud that we've been able to bring the Wealthy Entrepreneur podcast to you, our listeners, our entrepreneurs who are here to support. But I want to do a very special thank you to you guys for all of your support over the last year. We're really starting to build up momentum. We've got incredible guests, but I wanted to introduce this and one more time say thank you for your support. We appreciate it. It's been an incredible year hosting podcasts, guests, messages, trainings to this wonderful community. And I just want to let you know I'm committed to making sure that the next year is even better. So thank you once again and enjoy our one year anniversary. As a business owner, it is 100% important for you. And if you don't have this in your business, we need to talk. Because if you do not have your information in your bookkeeping up to date, then you are missing out on a huge opportunity. Because if you don't know where you're headed or you don't know where you're at, how are you going to understand how to get to your destination? If you don't have financial transparency over what's going on, you are completely lost. When the economy is struggling, when interest rates are rising and everybody's pulling back, I want to lean in and you need to be able to lean in. If you are grounded on the financial performance of your business and you have strong strategy on how to ultimately overcome this, you will be in a great position to achieve more during this period than you would at any other time. Because recessions are an opportunity for entrepreneurs to conquer and achieve greater market share. How do I pay the least amount of tax? Of business owners were paying more tax than they legally had to. The greatest opportunity for you to have tax savings in your business is as an entrepreneur. As someone who wants to be a wealthy entrepreneur is that you can choose the structure that best fits your tax profile. It is 100% your number one priority in your business to maximize your profits. This needs to be your number one focus as an entrepreneur. As a business owner is to maximize your profitability beyond anything else. The Number one thing you have to focus on is making the most of amount of money possible. Focus on maximizing your profits. If you're building a business and you're not focused on profitability, if you don't have a profitable business at all, your business is not sustainable. Why? Because you cannot afford to continue to carry on. Only 20% of us successfully exit the business for a value. Upon that exit, I can tell you from experience, the more your company makes, the more likely it is that the business is going to sell. It leads to you making more money. And when you make more money, you can have a greater impact in your life, in your business, and that ultimately you know whether it's making money or it's making impact. One of those two are really a primary focus for us. But it all starts with focusing on driving profits. More profits mean more impact. This is how we build out our path to becoming the wealthy entrepreneur or to be financially successful business person. Ultimately, we're on this path together to try and achieve financial freedom. We have to know the path we need to take in order to get there. Building your pathway to achieving your financial success to become financially free for you. A lot of the tax that gets paid is late tax, where penalties, interest, that type of thing. Or not knowing that you needed to register for GSTHST because you didn't know that you exceeded a certain threshold. Or not knowing that you have to change over when you were remitting your payroll remittances because you didn't know when things are up to date, you can make proactive decisions. The amount of times that I've seen late penalties or interest that would far and above cover the cost of getting proper bookkeeping done during the year. You have to understand that a business owner or an entrepreneur has a totally different value system than somebody who was raised in the middle class. And middle class suffer from the mindset that supports people being raised in the middle class. Because the idea, the fundamental idea behind the middle class is that a person stays safe. This hard work ethic is great until you start making it hard to meet your internal ethic, right? If we can reframe sort of quote unquote negative experiences or not perfect experiences as being for us, then when they're happening, if we can do it in hindsight, amazing. And then when we experience another one, we can settle into it a little bit more and know that we can be driven by something different than our fear or than our, our, our perceived security and external successes. There's nothing wrong with you and you're not alone. And the reason I use that as a mantra for us as entrepreneurs is because so many of us have been convinced that we are in that place that is broken, that we are dysfunctional or disordered or there's some issue that we have then. When you look at society in general, we have a bias for figuring out what's wrong with human beings and figuring out what's bad, what's wrong. If you really look at it for us as entrepreneurial personality types, the same attributes that make us look like we are disordered and not okay and need help when we lower pressure and noise in our lives, when we eliminate the distraction in our lives, those same attributes make us look gifted. If we're looking at how we continue to add revenue and add growth, or at least sustain it. The 10-10-10 strategy, 10% new clients, 10% upsell or referrals from existing customers, and a 10% pricing strategy. If you do that, you actually get a compound effect of about 35% growth during the year. All conversion happens in conversation. So it's the activities that we do on a day in and day out basis that create those conversations that give us, that afford us the ability in order to have conversion. Because if we don't have conversation there, there's no conversion. All the fortune in my opinion is in the follow up. There's marketing and there's sales and they're two totally different things to put something in place for the future. Whether it's, you know, two or three years in the business, whether it's kind of mid stage where they're, you know, 40 to 50, trying to figure out what this looks like, getting the next generation involved, getting a key person involved, or like you said, the latter stage where they're getting ready to conform. Succession, exit planning, it's a liquid document. So it's something that's always going to change. But at least in the beginning, whether you start at 20, 30, 40 or 50, you've got something in place. You've got a financial, a hard copy financial plan that you can say, this is how I'm working, these are what I'm working towards. And then it's personalizing it. What can I do to make my future better? What can I do to make today better? The big bottleneck on any service based business is delivery. Because if you're in a one on one setup, you can only acquire so many clients as your delivery can handle. So most entrepreneurs are not going to move into pain. So even if we could fix their lead gen slash sales, if they can't handle more than X number of clients. They're never gonna grow their business because why would they? They're just gonna, you know, kill themselves on the back end. But in the near, like, in the, in the six to 12 months of like, I want to build a little more financial stability and get more clients in. Leveraging paid traffic ads is the fastest way to do that because you don't have to have a single follower on social media. You can press, publish on your ads and be shown to more people in a day than you would otherwise over a year with posting content even. It's a no like and trust game, especially online. Profit simple as our approach to bookkeeping, how we help business owners make profit simple. All of your financial information is up to date, has to be up to date. If we don't know the score of the game, how do we know what strategy to put in place in order to win the game or to get ahead? Right. We need to know the financial numbers inside your business, how it's performing so that we can make adjustments along the way and continuously improve upon that. Now, although it's up to date, the second component is it needs to be accurate. We need to be able to rely upon this information to make sure that it is giving us the right detail to make informed decisions. And then component three is really, how do we use this information? How do we understand what it's telling us so that we can make informed decisions? Everybody has some form of imposter syndrome. And it's because, well, I can't say everybody, but most people, or at least most people in our world do because we're growing. We all have that in some way, right? And there's always something new to learn. So as long as we're growing, we're going to feel that imposter syndrome. And that's to me, it's like GPS for growth. It's, it's actually a good thing and maybe we can reframe our relationship with it so that we don't feel a weirdness or a shame and realize we have so much to contribute and let's just keep growing together. And I think what solved that for me and for you and for all of us is that when you build community of people who are aligned where you're safe to be yourself and show up and share your wins and share your struggles and ask for help and not feel weird about it, it's a game changer. So find your people, find a community where you feel safe to show up, be yourself and you're all growing together. So if we think about what is success? Success is people wanting to collaborate with you. Collaborate as business partners, as investors, as whatever, as customers. Right. And the best way to do that is to have a good reputation. The bigger our reach with, the better our reputation. Being in the market means every dream and goal and project in our life gets easier to accomplish. When you start pushing resolving problems financial kind of you unlock the financial constraints of doing that. You will see your business transform because people will feel empowered. Speed, right will just get unlocked. And you'll also create these learning moments. 90% of those businesses that fail fail because they run out of cash. Not because they don't have a good idea, not because they're not profitable. So what are the some things we can do for cash flow management? Well, if you think of cash flow management, one driving profitability is going to be a major contributor. If you do not have a positive profit, long term cash flow is going to be eliminated. What proactive health care solutions can we introduce in our lives? Stepping back and connecting sounds big, but connecting with the elements of the cosmos. So that's sort of as a foundation, engage our whole being with the elements because we live very sheltered lives and that's not going to change. But now we don't have to fight the elements. We're not out surviving them. So we can at least think about engaging with them again and bringing them back in. Acquisitions are to create growth. They're also to learn, but making sure that we get the right people in the right seats. And I would challenge you that when an acquisition happens, you know, there are emotional responses. It does take time, but in that you'll see those people that you can rely on and those high performers, they will start to step up. I think one of the great opportunities with an acquisition is to share the potential career advancement opportunities for those individuals and really map out what their future career could look like. You know, really exciting things can happen through an acquisition. It has been challenging, yet rewarding because it is something that I know is creating a huge impact on achieving our mission, which is empowering great entrepreneurs. Ultimately, I wanted to create an organization that, that I was excited about that was making a huge difference. Empowering entrepreneurs to make informed decisions with good financial information. That's what got me excited, was that if I could help thousands of entrepreneurs and they were helping thousands of people, the exponential impact that we were creating around the world was going to be amazing. And so super proud that that is the foundation of why we created our firm. And what I wanted to do from day one was create an environment where people were as passionate about what I do as I am. The fact that I work with so many incredible entrepreneurs and so many incredible professionals on my team, you know, continues to give me the energy I need to be successful every single day. That we're creating an environment where people are respected, where they have opportunity, where they feel well compensated, cared for, they work in a trusting environment, and they feel like what they're doing is actually making a difference. And if you want to build the best team, you need to be honest and real. Share your core values, share your mission, share what their expectations are so that when they come into the organization, they're fully aligned and there's been complete transparency. They know exactly what they need to do to hit the ground running. You know, how do you switch from generation to generation? And I think as brothers too, there was once four of us, right, in the business, all equal partners, trying to figure out where our sweet spot was. But once you get, I think for us, what we found is that the biggest thing was, is that when we had cohesion as leaders, then your team recognizes that your team starts to gel together. Because your leadership teams gel together and now your values and your mission can be held up consistently and you can start to implement it. It took us a few years to few too many years to figure that out, which I think is the beauty of business in many ways. Right. You're never at the finish line and so you kind of feel like, okay, if we reach this plateau will be cool. But yeah, at that plateau, there's a new set of challenges and a new set of dynamics that come with it, and business keeps evolving. So as you fix challenges in your business, the awesome part is seeing the people change as well, right? Like, people start thriving, you're changing lives. It's real. I'm seeing it. I believe it starts with what you want out of life. Then business should be fuel for your life, not your life. If, if we've got a great client base, all A class clients, they. And we've got a great team, right? A great team that they interact with and a great product, service or whatever it is, and you're charging, pricing it appropriately, numbers, then the owners will have a good life. Let's not sell it for what we think it's worth. Let's understand the value that the marketplace sees in it and then price it accordingly. Test and measure the whole time. And if you're an existing business, you know the fastest way to new profitability is a price increase. The first sale is to yourself. Do you believe the thing or the team, the service or the product is worth it? That's the first sale. Then you test and measure. But also you can add in what's called soft dollar options. You know, ambience of the customer experience is a soft dollar option. Cost you nothing, but the customer feels better. A pre and post phone call, just checking in. You got it. Just checking in. It's okay. How's it going? Ambience of the customer experience justifies. It's a softer option. Cost you nothing other than five minutes of labor, you know, to justify the price because the product, the customer experience is better and they're prepared to pay more for it. The reason I decided to be a CPA to begin with was the fact that I wanted to differentiate myself with all the other graduating students. It's very interesting. The standards of which a CPA adheres to are really in depth and sophisticated. And they do that because the idea of CPA Ontario or being a CPA is that we're in here for the best interests of the public and making sure that reporting is transparent and that taxes are being filed according to the legislative requirements. I can tell you there is some pretty interesting stuff that our tax team does that not too many tax teams, even those CPA teams across the country, across the world are doing. And it's something we're really proud of because we are part of continuous learning. And I think that's an element of being a CPA and working with a cpa. You know what you're getting. People like us and our firm at Govro take being a CPA with great pride, integrity and passion to help people to understand how to manage uncertainty. We have to start acknowledging that there are different strategies for dealing with different types of uncertainty. The most common type of uncertainty is what we call the known unknowns. And that's a situation where, although not fully predictable, there are relatively small range of expected outcomes and probabilities. Those most common strategies for that kind of scenario will be forecasting and adaptation. Forecasting simply means that we collect better data and with better data we can analyze and predict the future. Adaptation, on the other hand, means that we can wait and see and. But we need to be responsive and agile, right? We hear those words a lot these days and we need to get ready to change quickly once we see the future with a much more kind of, you know, clear, clear pictures. But entrepreneurs oftentimes involve creation of new things. And when you involve creation of new things, you have uncertainty, not just Risk. And how are you going to deal with that? That's what venturing ideas and strategy comes in. So what today's literature and today's practice would suggest is don't be perfect. As Bob said, we have this concept of minimum viable product, right? And I would define that as a 67% finished product. Let people experience what you want to do, let people experience what you want to provide them with. But that's not perfect, and that's okay. Give it to them, give it to the users, let them experience it and learn from their experience. And through that kind of interactions, we find our product, we make our product better. Resilience. And I think resilience is the number one attribute that any successful entrepreneur needs to have. You've got an ability to take on a challenging situation, maybe even fail, have all kinds of obstacles, but still persevere and want to overcome. To continue to push through that adversity is likely the greatest attribute. Because if most people dealt with this many challenges in a day, they'd pack it in. Truthfully, if you want to be a successful entrepreneur, you need to understand how to be a leader. Because if you can't learn to lead, you, no one will follow. I think courage is probably the number one reason that entrepreneurs get started in the first place, is that they're willing to do something that no one else is. It's letting go of the beliefs that we're addicted to that come from a former way of living and accepting something radically different. As far as how you're going to approach life, life is going to be easy, it's going to be beautiful. And it doesn't mean that challenging, that it won't be challenging. It is going to be challenging. But there's a difference between this is a fun challenge, right? Or oh my God, I don't want to have anything to do with this. There's a huge difference between the two. And we want the fun challenge. We want the thing that energizes us, not the thing that steals our joy. Or is. You have to accept yourself 100% and not care what other people think. And realize that whether other people think good or ill of you has nothing to do with you. It has to do with their perception of the world that they're actually seeing. We have to have that up to date. Information has to be accurate, reliable. We need to have a monthly check in with our business check, review the finances, know how to review it so that we can see what's going right and do it again and what's going wrong. And how we can eliminate that so that our business continues to be financially successful. We need to identify that now so that we don't miss out on 12 months of our business running very inefficiently. A cash value life insurance policy. I described this a couple of ways. The, the kind of the nuts and bolts way to describe it is we're using the life insurance contract as a platform to accumulate cash value that we can then use as a source of financing to do different things as well as build a retirement plan out of that. All we're doing is creating a system. We are all involved in saving, borrowing and investing. We all do those three things and we're. We're familiar with some of the conventional ways of doing that. Right. In my case, I particularly focus on whole life insurance contracts. But we're using that unique system to create kind of an alternate way of saving, borrowing and investing. And when you want to perform at a top level, you really have to put everything into one thing. And it can't be spread across multiple things. Do you want to be the 1% in anything? It's got to be all in on that. And it's going to sacrifice all other aspects of your life. You can't do it all by yourself. How much more efficient you can be with other people who can do things not only as good as you, but potentially better than you so that you can spend more time on what you're best at. And to have those kind of people, you have to have trust. So you have to build those relationships over time. You have to put trust and respect into those relationships so that they put that trust and respect back into you. And I think a lot of what's come into my life has came into how I treat people. The strategy for building a boring year that will be successful, right? High level planet we're going to plan out what our objectives are. We build it, make sure we have the resources. We set it. We determine what the critical drivers are necessary to hit that and the accountability that's necessary for each individual member on the team. We then send it out and then we check it weekly, and then we celebrate it. This has been an incredible advancement in our organization for building a boring year that's continuing to grow. Make sure we have the resources in order to achieve those goals and, and continue to build a boring year of accountability and success within your organization. Then let's get back to the fundamentals. The very first thing you should do, and this is part of increasing your wealth and eliminating your financial stress for everyone. Is to understand your personal budget. So understanding the money coming in, get very clear on the money coming in and then you want to get clear on the money that's going out. And this is a really good exercise for everyone to make sure that you go through your bank accounts and identify some of the maybe wasteful spending that's happened. Eliminate non essential items and get yourself a little bit tighter on your financial spending. Understand your budget, money coming in, money going out. If there's no surplus, I need to fill you in on a secret. All of us have the ability to increase our income or decrease our expenses. If you want to increase your income to make sure that you're putting it back into your investments, or even if you want it for discretionary spending, everyone has the ability to go out, work more hours unless you're working all of the hours, but you have the ability to influence how much money you make. You can reduce your spending on unnecessary items to make sure that you do have a surplus. When we start getting employees bought into that, why that purpose, that mission of what we're trying to accomplish? When they buy into that and they buy into the values, when people start buying into that and saying, yes, this is just something that I'm so committed to, we get employees acting like ourselves and in that case they'll start problem solving more, they'll start taking more initiative, and they'll be more passionate about continuing to see the organization be successful. So to get employees to act like owners, we have to give them the opportunity to understand the true why, align themselves with that and attract those people who have similar values so that they're passionate about pursuing the objectives of the business as well. Ask for feedback, listen to the feedback, and then take action on that feedback. So like I'm talking about with the client satisfaction surveys, this is a way for us to ask for feedback. So point number one, people are already engaged to say, okay, we appreciate that they're asking for feedback in how they can do better, Then all of a sudden their challenges or their issues are slightly softened because of the idea that we're looking to make the experience better for them. It likely increases the longevity of client relationship. And if there are clients who are thinking about going somewhere else, this will likely give you the opportunity to solve that before they leave. So ask for feedback, listen, but take action on it. If you want a world class client satisfaction and world class referral network and promoters, you need to be looking at how you can constantly make it better and how you can listen to that feedback and take action. On that feedback, one of the things that I think is super important is they're in a high stress period and they are building resiliency, but they don't necessarily have it all yet. And they don't feel confident yet to say, I have an idea or am I on the right path? Or they worry a lot about their future. You should worry less because things will work out like, worry less. But one of my jobs, I think, and this is maybe where my enthusiasm comes from, is to build them up to be like, you've got this, you're great, you're wonderful. That it sounds minor, but it's not. To really instill a sense of, you have this, you're vibrant, you're intelligent. Nobody can take that away from you, and anybody can grow and learn from this. And I think that is important to what I'm teaching. And failure is part of learning, and that's okay. And I don't just mean failing a class. I mean, you're going to stumble. Well, there are risks in what we do, and then we learn from those risks and it changes the behavior for the next time. Thinking about younger people and leadership is that if employers could employ radical empathy, really, really careful listening skills and the kinds of performance reviews where on top of laying out what the person is doing, could, could open the door to, what could I do better for you? What could I do as an employer? And some do that very well. But where are we working together to make this a positive work culture? I think that would be huge. I don't think employers need to reinvent everything and have beanbag chairs in every office. I think they just need to say, I'm going to listen to your ideas. I'm going to make positive corrections when I need to. But you will never be made to. You will never be demeaned by that and making sure that they're being heard. And then it is the four P's, as I call it, process, people, purpose, and platform. So once you start going down your steps and you start like laying these four things out, you start, even as you walk through mapping it, you start having these discussions and you start to understand, oh, man, we have three different people doing one thing. All of this, this kind of stuff. One key thing while you're doing this as well, I would say, is you want to really make sure the temptation is to be like, okay, we're going to change this right now. I really, really recommend map first, change later, get the full mapping of your process, map the whole thing out with these four items again. That's the, the process or that specific step, the people that are involved in that step. The reason why you do that step, what value add does it have? And then the platform that you're using to kind of capture that information or move that information. Strategic partnerships are where you find somebody that has equal value to what you're contributing to a similar market, and you guys can collaborate and bring greater strength and power to a specific space. Looking for somebody who has a similar market, a market that you can serve, they've already got a know like trust factor with these people. The fact that you can go in and add value to their market offers huge value to them and to their clientele and builds loyalty. At the same token, it gives you an opportunity to generate significant revenue with people who, you know, need those services. And then in contrast, you've got an existing market that that particular group can offer. I feel like the integration of your work life and your home life or your outside of work life is going to be a constant evolution and a reinvention on a, on an ongoing basis. We need to set boundaries, and this is establishing clear boundaries between work and personal life, defining specific work hours, designated time, delegate those responsibilities. So when, you know, some of those tasks have administrative nature in them and you don't need to be responsible for them as the CEO or as the entrepreneur or as a senior leader in the business, you need to look at delegating responsibilities. And one of the secret weapons that we typically introduce when businesses start becoming successful is the use of a family trust. Flexibility is huge inside the use of a family trust, and it gives us more flexibility than any other structure. Any of these new corporations you set up. If any of those start having surplus cash or investments in there, you can dividend that up to the family trust. It can also go into the holding company all tax free as a vehicle. So it gives us scalability, gives us flexibility. Major 1 is the multiplication of the lifetime capital gains exemption. It allows us to have more flexibility on intergenerational transfers of ownership in the corporation. Delayed taxes on debt allows us to protect our equity and it allows us to income split here to empower entrepreneurs with good financial information. So you can use that information to make informed decisions, financially beneficial decisions, reinvest in yourself, because entrepreneurs are ultimately the greatest community in the world who can make the greatest influence. And that's what we're trying to do, is help entrepreneurs make global change. But find that passion and it will fuel your future. When we put ourselves into a position that's challenging, that's difficult. That's where we have our greatest growth. Your greatest investment and your greatest return will always be on yourself. It's not going to be on investing in a stock. It's not going to be investing in real estate. Your greatest investment is going to be in you. Go all in on you and never stop. Life of success includes constant reinvention and a commitment to being constantly growing. That everything actually is a brand now. You are a brand. Whether you want to be a brand or whatever definition of brand you're thinking of. We all have a personal reputation is really what it comes down to. I believe that personal branding is maybe one of the most powerful sort of stories and messages that we can focus on as entrepreneurs right now. The, the personal brand is the most important brand asset that you have. So when you mix the past, the present and the future, that's actually the three ingredients of your identity. And a unicorn on a unicorn team is made up of what I call three energies. So energy one is visionizer, Energy two is strategizer and Energy three is mobilizer. You have to develop this entrepreneurial brand culture that I call a unicorn team. Right? Everything is brand actually, right. The people are personal brands. The products that you're, you're getting out there, even your service, those are, those are brands. That's a product, right? And then the leaders inside and the company that you want to build, right? That's the company brand. Oh, you. There is nothing more empowering than jamming your own calendar to the gills and knowing that you are the one who did it. Because it's our agenda. There's something really empowering about it. How we've self identified in the past in grappling with that identity. Like for a business owner, they're going like, I know my queen bee role. But their queen bee role is doing what they do in their business to generate more revenue and more income. But then after that, a lot of times there's not a lot of attention paid to what's happening. Having the right team is, is it the make or break? Because it'll allow you to become, you know, this person planning opportunity here, guys. If you have assets that you are thinking of selling, now's a really good time. If you sell them now, you could avoid that increase in tax rates, put more money in your pocket. So that's something that we definitely want to make sure that you're aware of. So again, as a recap on the capital gains, capital gains rates are going from a 50% inclusion to up to a 67% inclusion on anything as an individual above 250,000. If you are a business in any form or fashion or a trust, you're going to be paying full tax on anything that is a capital gain triggered after June 25th planning opportunity. One, let's look at how we can spread those gains out over a period of years, especially as an individual. And two, is there a way that we could maybe trigger some of these tax implications prior to June 25th to avoid that increased tax rate and increased inclusion rate for capital gains? You know, if you have a business where you're getting one of these margins, one, if you're getting 67% gross profit, you're doing extremely well. If you're getting a bottom line net income that's at 33%, you're doing extremely well. Those are very, very healthy numbers. Again, the rule of three is a really good place to start. Especially if your revenues are a little bit smaller. A third of your costs should go into the direct cost, so your wages. A third should go into your overhead. That should leave you a third of profit. Benchmarking and understanding where your business is at compared to industry standards is really, really important. You can get to your results faster, you can achieve your wealth accumulation goals quicker, and you can accomplish financial freedom in a different way than you ever thought was possible. Hosting your own event puts you at a whole nother echelon of expertise, and then it also gets you more stages and more opportunities. So there's a lot that goes into it from, you know, are we doing it in person? Are we doing it virtual? Are we, how many people? What is the experience, what are we moving them into? You know, you have podcasts, those are events, webinars, those are all different types of events. What is the place that we're driving them to that an event is kind of like its own living, breathing entity. The more we can systemize, the more we can be digital, the more instant we can be, the closer we can be to having those books tied up at following the end of a month. The more access, the more integration with software. So many more. The cloud exists, but we as entrepreneurs know that that change is good. Yeah, embrace change. We have to. It can make or break us and it's our attitude that changes it. And so my feeling is that the more we can embrace the digital, so we're not still getting the paper. It's going to just be great. You got to have your own personal brand, right? And you got to be like, recognizable because the end of the day, your brand, it's all you have, right? It's you. Right? That's what makes you unique. If you want people to recognize you and work with you. Right. Well, they got to know who you are and they got to know why they should work with you. And I think having a personal brand at the end of the day, from a marketing sales standpoint, is one of the best things you can do at the end of the day. It doesn't actually cost a lot of money. Well, real estate is great if we can continue to reinvest in it and its appreciation. Maybe we avoid paying some of the passive investment income tax, but we're paying capital gains tax as we continue to reinvest in there. That's an understanding of the different sources of income and how we eliminate some maybe passive investment income, but we pay capital gains tax later on. Just imagine if for your business, if you have income from property or from investments, we're paying upwards of 50% tax on those investments. Let's say you have a $50,000 income inclusion, but you also have a $50,000 personal debt that if we could just get access to the deduction related to that personal interest, we would wipe out our taxable income related to our income from property or from investments. So why not do that? The Smith maneuver, by definition employs refined and proven debt conversion techniques to transform mortgage interest into tax deductions. The outcome is that this strategy has a remarkable snowball effect that generates large and growing annual tax refunds, enables the homeowner to knock years off the life of a non deductible mortgage, and builds an impressive financial portfolio at the same time. The litmus test of the book and of the system that we work with with our clients is this idea of taking a four week, completely unplugged vacation from the business. And when we first share this with people, they go, oh my God, there's no way I can do that because I gotta check in, I gotta answer the Slack notifications, the emails, the clients, the team. Like everybody needs me. It's like, well that's the problem. And if something were to happen to you, then we want to make sure that you are not a liability to the business, right? And so we, we have you do the four week litmus test. We call it like the four week vacation, because the business also needs a vacation from you. But if we can get the business to run and grow without you being there for four weeks, then typically everything is happening within your business during that time, right? Like you're going to sign on new clients, you're going to have to market, you're going to have to sell, you're going to have to deliver, you're going to have to collect money, you're going to have to make payroll, you're going to have to deal with team challenges. Like all of those things are typically happening within a four week cycle. And we want the team to be able to rise to the occasion and figure out like, what does not work well without you being here and then let's come in and improve it. Really the idea is that we don't want anything to be super dependent on your involvement and that's healthy for the business. But the system really revolves around understanding your time. Right. Like time, I think is the is. Is more expensive than our money.