Lunch & Learn - Session 19

Well, hello, everyone. This is the Lunch and Learn. I'm Tom Powell with the Founder's Office, and joining me today is Candace Powell. Our general counsel is off running around doing something. General counsely, I guess, or hopefully actually having fun out there. Before we get started, I got to tell you something about something very exciting. We're actually starting to get a little bit of snow, and the reason that's exciting is because we have a whole bunch of. Kim, have you been watching. I'm going to introduce you here in a second. Have you been watching any of the Olympics?

A little bit, yes.

Candace, yourself?

Yeah.

You know, anybody that knows me well knows that I follow skiing and snowboarding and anything snow sport pretty intensely. Well, we have a special event going here in Lake Tahoe. I know you don't have it ready yet. Angela's already griping at me. She's like, you can't talk about it. Yes, I'm going to talk about it. So people will be anticipating it at the end of it. So we have a special event with a bunch of Olympians and World cup skiers that are coming here in the first week of March that piggybacks on our lift pitch. So stay tuned and listen about more about that, because you actually have an opportunity for a handful of days to ski five mountain peaks with me and more importantly, a bunch of former Olympians, retired Olympians, and including the fastest man on skis. So we're going to talk about that at the end. But before we do that, I've got to tell you about a good friend. And this person knows so much about wealth. I mean, she knows more about wealth than I could probably ever imagine. And she's not talking just about earning it. She's talking about keeping it and getting it aligned with how you live. Kim Butler is the founder of Perpetual wealth and the author of the book by the same name, where she walks families through the seven phases of building and protecting wealth. From a real financial standpoint, it's not just theory. It's lived experience. And she didn't start in a boardroom. She started milking cows, selling the milk, putting herself through school. And that kind of beginning gives you a deep respect for the effort, the risk and responsibility. I even think there's some alpacas in there now. It's the same realities every founder in this room understands. What I respect most about Kim's work is this. It's not about chasing more. It's about protecting what you've earned. Protect. Preserving your values, making sure what you build actually gives you Freedom, not anxiety. I'm excited for you to meet my good friend Kim Butler. And Candace, we're so welcome. So glad to have you joining us. Kim. Thank you. Hello.

Hello. Such a joy. Good to see you guys both and so grateful for your team that is always supporting these efforts. I'm just thrilled that we get to have the conversation.

Yeah. And you, you know, it's such an honor to have you because you're such a professional, like podcaster. We're like amateurs at this, right? We're still figuring it out. And you got to see the vaccines of the super amateur.

We've got a professional team. It's the talent.

That'S not very professional. But we do know a little bit about founders and a little bit about how founders get exits. And you're a big part of that because, Candace, I think you were talking about it's close to 80% of the value for most founders, most entrepreneurs, their value at the end of their existence is all tied up in their business. Right?

70 to 90%, I think, is tied.

Up and they take that off. And Kim, you had a great, great, I mean, in milking cows. What, what is that term you said that, that founders do?

They should skim the cream off the crop. What does that mean as non farming people? Yes, yes. So when you milk a cow, which I did starting at the fourth grade by hand, we did get a milk machine later, but that milk comes in and it has both the cream and the milk in it. And no, chocolate milk does not come from brown cows, but we'll skip that. All cows have cream and milk. If you're a Holstein cow, maybe a little different ratio than if you're a Jersey cow, like a brown cow. But we made ice cream with our cream and it's because the cream will rise to the top. So if you think about like a glass gallon jar, which is what we sold the milk in for a dollar a gallon, and you have about a quart of cream that rises to the top and you can skim it off. And so it has become a saying that you skim the cream off the crop. And so I literally skimmed the cream off the milk. And business owners can benefit by skimming the cream off the crop of their business so that they don't end up in their 40s, 50s, 60s, and 70s with 80 to 90% of their wealth tied up in that business.

Okay, so, and to be clear, we're going to be talking about an insurance use of products. You guys do a lot of other, other things and you, you Have a workshop coming up in April on all of these topics. So we're going to go somewhat surface level, but we'll try and get some, some, some tidbits out of there. What you're really talking about is if it is an insurance product, the sooner you get started, the better it is. Right. I mean, so a lot of people are like, yeah, yeah, yeah, I'll pay that I'll pay attention to getting my books and records clean. Next year I'll work. Cause right now all I'm working on is my revenue. But the time to start it is now, right?

Absolutely. And with life insurance in particular, there is a beautiful baby step that everybody can take, assuming they can get physically approved, of course. And that's the point. So the baby step in the skimming of the cream off the crop could be one little teaspoon of cream by something that's called convertible term insurance. So most people in the life insurance realm, they've heard of term insurance, they've heard of whole life insurance. There's a cousin in the middle that I'll talk about a little bit. But those are essentially the two bookends of life insurance. Well, convertible term is switchable to the other bookend and it's very inexpensive, really along the lines of 5%, which is what most people look for for insurance. So if you have a million dollar building, you typically spend about 5% of the revenue off the building to insure it. Well, you as a working machine have a human life value. And if you will skim the cream off the crops, take a little bit, get that convertible term insurance. And that's a beautiful baby step to start the process of shifting some of your wealth from the business to your own personal balance sheet. It's an expense at first, but we'll get into the asset as we progress.

I mean, you just used a beautiful analogy that I've actually never thought about, which is, so you buy a house, you get a mortgage, and the lender makes you get homeowner's insurance.

Yeah.

When you stop paying that mortgage, most people don't stop paying the homeowner's insurance. And it protects against all things such as if the asset burns down. But if the asset gets hurt or somebody gets hurt on your property type scenario, it helps in all those different occasions. And you said that's generally about 5% of the total payment.

Really rough rule of thumb. Yeah.

And so, so if you looked at that and said, okay, so I'm going to take care of making sure, and we, you know, when going to invest in a company and there's a founder or senior level management, of course we're coming in and we say we want key man insurance in there or key person insurance. Right. So with key person insurance in there, it's, we're looking at it. We're saying, okay, part of this business expense is going to be absolutely making sure that if something happens to them, we can replace them with someone else.

Yes.

We have real world experience in that.

We do.

Yeah.

I lost my, I lost my business partner and best friend. Right. And believe it or not, for all of the preparedness that we've done and all the companies we buy and where we made other people do that, talk about the cobbler and shoes. She had had cancer since, since her mid-30s. So we just never even thought about going down that pathway. Right. And so had had a couple different bouts of it. So it was just off the table for us. But there actually were policies we could have done, there were things that could have been keyed within there and it.

Was impossible to replace that intellectual piece to our organization. And I mean the friendship and all the other pain is there, but it was, she was five different hats and you know, executive hats. And so it was, it was challenging, crazy risk for our, for our business that now is something we really, really look at when we look at organizations.

And you know, so we're going to talk through there because what would have been really interesting because we've been partners for so long had we bought a policy and funded that because we ended up, you know, we, we, we acted as the insurance for her family for a long time. And with that, but that would have been able to be something that would have been of benefit to the family. Right, but we're not talking about, that's what everybody thinks about life insurance. What we're actually talking about is how do you build wealth with this product? Right.

Well, that's Tom Wheeler. Yes, it is. Tom will write the cpa. Robert Kiyosaki, CPA has a great quote and he says if you want to shift an expense to an asset, convert or switch your term insurance to whole life insurance.

It'S just mind boggling because what it would, what it would say again going back to the house analogy, is by paying more on my homeowner's insurance policy, it actually adds value to my house, meaning equity. So let's say every time you made that homeowner's insurance policy, you were actually adding either reducing the amount of mortgage on there or you're actually adding to the principal Payment. And that's what you're talking about. Why? What works with life insurance?

Can you. Yeah. Can you explain that? Because I think there are a lot of. I admittedly, and you know, because we've. We've done enough together. And my husband's the one who, who I was like, let's work. Look at our policy, which you were so gracious in helping us through. I don't think I understood initially all of the nuances. And it, it did. It is one of those things that I feel like I hear about. And I've had so many businesses and bought and sold and, and it was never something I even thought about doing or I didn't think my, especially some of my baby businesses. I did not think my baby businesses were enough for me to even consider it. So we have a lot of founders on this call. Let's talk through, like, what should they be thinking about? What should they be looking at if they have a policy? First of all, do you even know where it is? And like, what should they be looking at when they pull it out and take a look at it?

Well, there's a couple key points that I will answer that question with, but I want to go back and pick up on one thing. So we were talking about skimming the cream off the crop, and then we have this Tom Wheelwright quote that says shift and expense, which is term insurance, which is a wonderful product to an asset, which is whole life insurance. I referenced the other end of the bookshelf, if you will, and I'll talk about in the middle there shortly. Candace, to answer your question. So this is an asset, whole life insurance is an asset. And now you want to be looking at about 20% of the income. So we had a 5% number, and 20% goes well with a lot of comments out there about you should save 20%. Right. Biblically, it's stated save a fifth. You know, there's a lot of just general recommendations about saving 20% of your income. So whole life insurance can be built by skimming the cream off the crop just a little bit. 20% of investment income, earned income, company income, and build that asset, which can be held either on the company's books. So like, key person insurance can be both term insurance and whole life. Yet if it is whole life, it is an asset and it can be held on the company's books. Sometimes it's more appropriate to hold it on the founder's books as an individual. It just depends. But that space, whether it's key person insurance, it could fund a Buy, sell. There are other things it can do, like create deferred compensation is really, really valuable. Now, Candice, quickly to go back to answer your question, you talked about a policy. People that work in this space actually have a portfolio of policies. And so there's one on a spouse, one on a key person, one on a bookkeeper, you know, another adult child. Like it's not unusual to have 15 or 20 policies. And there's two critical things that I just encourage people to go look at. Like go find the policy like you and Steve did. You dug it out? We looked at it. If it's term insurance, which is what most people have. Yeah. Find out the date the term ends. So it might be 10 year term, it might be 1 year term, it might be 20 or 30 year term. Find out that date and then consider doing something about it. It's an act of your faith in yourself that you're going to outlive it. Right. That's what we want to have happen. And yet at the same time, as you guys have shared in your story, that none of us are guaranteed tomorrow. So take a look at that term insurance, get the date and then I want to share that middle of the bookend scenario in a minute, but let me just pause and see if there's comments or questions.

Well, so it's not so much as questions. It's just fascinating to me about how not prepared and how much is not taught about that. But we make all of our assumptions. Right. And so the great thing is somewhere along my pathway, I did get the great advisors and we did get not just the, the whole person life insurances. But then we found out how this could be a strategy. And so now we have some unbelievable multi million dollars number of policies that protect people and allow for a retirement. For me, which was really interesting because I didn't really have a pension plan. We built up all this wealth over time and it's like, but I don't really, you know, my wife has this retirement plan from the military and she gets a check every month. Like I don't have anything like that. I've got to, you know, live off my assets and, and other things. I'm like, yeah, you know, you know, I don't know what I'm going to do with Social Security. It's, you know, it's something, but it's. So that became a critical part and Angela and my team know that, you know, once a quarter we actually have the meetings on that and it's like, wow, that is actually growing really fast. I mean this last year it grew an amazing amount of value that it did. Not only does it pay out key person I die covers those type of things. Covers to make sure that there's liquidity so that you don't have to have a big tax event for the family. All the various things that go within. There's a lot of trust planning on it. So way too complex. But it's the fact that at the, at the human person, me after all everything else, it's really bulletproof in most cases. And it's a monthly income that is a really substantial monthly income for me that is mostly tax. I don't, it's not tax exempt but it's tax deferred. Right. Am I understand that right Kim?

So yes, it tax efficient is the best.

I like that. I love that. Okay.

Yeah. Because it is going to depend what your layering of trusts and LLCs are. And you brought up a really important point I want to highlight and that's that for some states that is a protected asset. So not only do you get some very good foundational growth, I wouldn't ever call it an investment. I mean people refer to it as that. But it's just really boring, safe, certain money that grows. And it is very funny. You know, these companies have been around 150 to 180 years. This product has been around all that time. And yet us Americans just don't have a lot of knowledge about it. We don't want to talk about life insurance.

It's the weirdest thing I was telling. So I was trying to equate this to my dad the other day and I was like, there's so many times in my life, especially having businesses, selling businesses, my little baby businesses. I felt like, like a child putting on my, my parents suit and pretending. And I was like at what point? And, and obviously I have my dad who is helping guide me and so I do have an advantage. But there's so many times that you go and like your tax knowledge kind of stops at 10:40 easy till somebody comes along and is like boo boo. You need a cpa. What are you doing? Your insurance knowledge kind of stops at life insurance. Just term life insurance. You're like, yeah, I think I need this. I'm an adult now, I should probably have this. And then at some point somebody comes along and tells you like you should do this. We see it in businesses. They'll get one LLC and like they're, they're, they are going and we're like yikes, we need A better structure here. Let's get used properly. So it does kind of make me chuckle because I've, I've done those steps and thank goodness I have wonderful guides in my life. But. So if anybody on here is going, yikes, I'm. I'm in that boat. It's. We all have to go through that kind of growing pain in our business and learning. I want to ask kind of a silly question because this was a learning curve I needed was there is a. There's whole life and then there's universal life, which to me sounded like they may be the same thing. And so I now know, you know, they're not. Can we talk through what they are, what people should be looking through their files for, if. For those terms?

Absolutely. And that's that middle of the bookshelf space. So term insurance on one side, whole life insurance on the other. Everything else is in the middle. It's often called universal life. Sometimes it's called index universal life or flexible variable life. You'll hear all of those terms, and those sound like good things, especially for founders, right? We want flexibility, we want capability to adjust, et cetera. Nevertheless, that middle of the bookshelf space has some really detrimental aspects to it. And the easiest analogy that I have found to help people understand the difference is to look at real estate. And most founders have at least some real estate knowledge. I mean, most of us own homes at a minimum. So if you take the space of a home, you think of a cement foundation, and you might have brick walls and a metal roof, that is a very solid home that's going to be there for decades, if not even centuries. And then there's a space in the middle. I mean, you could have, you know, you could live in a tent, I guess. But there's a space in the middle that we call mobile homes or trailers. Right. And I'm not making a political or monetary judgment about these at all. We lived in a trailer for three years while we were building our house.

Or tiny.

Nevertheless, yeah, they're. They, they're serviceable, but they're not a home. They are not With a foundation and walls that are brick and a metal roof, A mobile home has inherent weaknesses in it that something like a hurricane could take away. Every aspect of a mobile home is different. If you've ever gone into Lowe's to buy a faucet, if you buy a faucet for a mobile home, it is completely different faucet. It's cheap. And I mean that in the utter of the word. It's smaller. I mean, it's just a completely different ballgame.

That's financing for mobile is different too. And after so many years, they actually become really difficult to refinance. So I mean, this is, I see what you're saying. There's. It's just a different product that has a different purpose.

Yes. And that is what Universal Life is like. Variable Life Index. Universal life doesn't matter what words you want to use. If it's not whole life, if it doesn't say on your illustrator, I'm going to give people a very specific thing to do here in a minute. The words W H O L E, then it is not whole life. And all those other middle of the bookshelf categories are mobile homes. And they have all the risks that mobile homes do. The short term, nature, etc. So here's what we want to do. Candace, I'll put you on the spot for a minute. Do you remember the term in force illustration?

But I, I think I have it in my notes. Was I supposed to study? I didn't study for this.

It's okay. It's a weird word, right?

Weird word?

Yes.

It's like, it's like out of Star wars, the light, the lightsabers coming up.

I should have been like, yes, I'm familiar.

So one of the things that Tom looks at every year is his in force illustration. The word is in force. I N F O R C E. And so for your listeners, the founders of the world, anybody that's out there that has life insurance, what they want to do is call their life insurance company and ask for an in force illustration. I N F O R C E. And what that will show them, if they have whole life, is all of the strengths. If they have universal life, it will show them all of the weaknesses. And if by chance they can't read the sometimes Greek that shows up on these documents. Right. Then please send it to me and I will in five minutes point out the three or four specific things that they will want to see that either show the strengths or show the weaknesses of their life insurance product. And then they can go back to their person or get the help that they want or what have you.

Because this is, this isn't about you just taking their insurance, giving them other advice. The thing that I just have loved about Kim for the long time that we've known each other is she is truly one of the most professional people that I know. It's an abundance. It's not just an abundance. Talking about it from the stage and she's she's famous, right at the stage. There's so many. I was just down at Strategic Coach yesterday with Chad and I mean you are, you know, you're famous and unlike me, I'm infamous. You know, it's, you are famous but so you live it, you live an abundance lifestyle and that, that is just such a wonderful thing. And, and we've seen goods and bads that have happened throughout our lives and I just, I appreciate that so much. I'm going to change really quick and talk about one I wanted to say send the policies, you'll be happy to talk them, you'll work with their agents. Why that works along that line. And just like any other contractors, there's always different ideas. But your thoughts on this are not just your thoughts. These are tried and true tested philosophies like we talk about with our six keys of capital. It's like these really aren't new fundamentals. These are basic fundamentals that someone comes out and twists something on and you get a multi level company kind of out there doing something and says oh, this is the new best with term life or whatever it is, right? And so this is really tried and true and has made and saved many, many millionaires along the line. So we have a question though from Gary says, what about Iuls for key person policies? I'm thinking of one for our franchisees and that wants to lead me into another question. So tell me about that.

So IUL stands for Indexed Universal Life and it is that middle of the bookshelf and that is about a 60 page illustration. And there are about five specific things that I could highlight on those 60 pages that would pretty immediately immediately share with you the weaknesses. And your salesperson, your agent has probably been talking to you about all the awesome upside opportunity and like any business deal, sometimes the devil is in the details. And it's very easy to find those when you know what you're looking for. And the bottom line is there's always exceptions and I could be wrong, but as a general rule of thumb, I am not a fan of anything that has the word universal in it and index. Universal Life has some additional weaknesses on top of the problems that regular Universal life has. So please consider it.

Sounds great, right? When it's when it's getting told and I will tell you that from the people that we know that are licensed insurance agents and that is their bread and butter and they will argue it on the full other side of why that's the best thing. Just like again I've known people that have become incredibly wealthy doing the buy term and invest the rest scenario. And those also work. You know, I was given advice many, many, many years ago by a business partner of ours when he was the old guy in the room and he said it really doesn't matter what strategy you pick, it matters that you stick with that strategy as you go. But we also know that there are some strategies that work better, especially when the storms come up and when all the challenges happen and when things don't work out exactly per how the models worked. Right. And so that's what we're talking about here. So to just finalize out that question, I got to tell you that utilizing key person insurance in business is incredibly valuable to both the shareholders as well as to the founders and the C level suite. Because if done properly, and when done properly, you can actually build retirement plans that are protected and well funded. And for yourself as a founder or for the investors that go into those companies, you can have some golden handcuffs that tie it up in there. And then you can do charitable remainder trusts and all sorts of generation skipping trusts. All these things that open up the doors down the road if everything doesn't work out great in the company in launching. Right.

And I would even add that the bigger and the more things work out great, the even more important that life insurance death benefit is, you know, we talk about the cash value all day long, but for the wealthier families with businesses that have that kind of capacity, you know, we're talking in the tens of millions of dollars. But it can all be scaled appropriately. The wealthier that businesses and those founders are, the more important the death benefit is because of estate taxes and because of the opportunity that presents itself to sell that business with a drastically reduced capital gains tax a la the charitable remainder trust or other strategies like that. And you can't buy that insurance if you're not healthy or you're in your 80s. And because you don't know whether you're going to go up or down or the life insurance is a really good space to help you either way.

No, it's, it's, it's huge. And it is a number of ways that we do tax strategies that help the founders and the founders office, the whole spectrum, because we work on the whole family, right. So we bring in, okay, what are we doing about the kids, the grandkids, what do you want to do that? What does your spouse or your partner looking at to be able to do with this as well? And it is always part of the conversation, they come in thinking it's about like, I make widgets and that's what I want to talk about. I want to sell my company. It's like. And there's 52 other things we have. Let us show you what makes you a whole person. And that's where our family office comes in. I'm just going to close this out because yesterday I was having this conversation with a CPA younger guy in coach and he's having this conversation about he's going to help the people that have the 5 to 10 million dollar business values and he's going to help them have a junior full family office. And I said, oh, that's really awesome. I said, can I ask you, what do you think a family office does? And he says, well, we're going to help them get, you know, asset protection in there and we're going to help them get their proper llc. And I'm like, that is really cool. That's not a family office. What our family office. And Candace can talk to you because we had this conversation. What it's about is the whole family, like, where are they on their education pathway? Where are they on their health pathway? Because we now are able to lift ourselves up above sustenance and say, here's what it is. Right? And that's again, what this goes to. Sorry, I'm taking your thunder. I know you guys talk about this. I'm going to change pace a little bit. You guys have an event, and by you guys, I mean you and your brilliant husband as well. And most people can actually say that because, you know, it's rare that you get two people that are just so amazing together. But you and your husband have been training and teaching and growing humans in this space for a long time. And you guys have. So tell us, tell us about all the things because you've got the kids program that you've got, you've got the thing in April that you've got coming up. So I'm going to just let you go.

Well, thank you so much. So I want to address the kids because it is such a joy to be able to work in this space. And a lot of our founders have children or grandchildren that are very important to them. And, and really just to pick up on our life insurance conversation, think that it is weird that you would consider owning insurance on your children and grandchildren. And it makes all the sense in the world. And so as you all know, starting those kids when they're young, or, you know, maybe it's even young adults, is a very foundational aspect for wealth within the family of founders that can just be so valuable. It's written a lot often called the rock filler method. And that's fun, but I think more fun, and I know Candace and I enjoy talking about this all the time, is taking those kids that are in the 5 to 10 year range and helping them get financial competency. And so my 12th book is going to be called wow. Prosperity Parents. And it's going to be laying out literally at age 2, all the way to age 22, things that you can do with your children or grandchildren for the arena of financial competency. Because everybody wants to talk about financial literacy, but you can't homework money. You must get involved. Right. So this is going to be a fun book.

So why, why is founder. Sorry, Candice, I just spoke over you.

That's okay. I was just saying as a mom of two little kids in that age group, I'm so excited for your book. We've, we have talked about it. I've asked you what I can be doing at these ages, my kids, and I'm really excited to, to get it and follow along because it's just, I think a lot of us, especially founder parents, it's, it's really, really important.

So why, why is this important before we go? Because I still want to learn about the other things you're doing as well. But why is this critical, critically important? Founders are here, they're checking in. They're like, I'm here to learn something as we go through this. Taking care of your kids as you're growing. Because this is why a lot of times as founders, we're like, we're doing this for our family. This is a critically important part of it. It takes that carve out of time, scraping, taking the cream off the top. Right? You got to put your time in too and learn about this. But it's also the money. So you've got some ways to do that. How do founders find out more?

Well, there are a variety of ways. So just to address what you've got on the screen right Now, I'm on LinkedIn and I talk about ways that we can share with our children financial competency. And I'll tell you a quick one real quick as I'm covering these, that is to treat your children as if they're two years older than they are. Your kids have way more. And grandkids, niece, nephews, Sunday school kids, like whoever is a kid in your space has way more capacity than you think. Treat them as if they're two years older than you are. So you'll see some fun ideas on LinkedIn. You mentioned the podcast earlier. I was doing podcasts when it was blog talk radio. That's how many there are on there.

I love you're an og, Kim.

So help yourself. You know, if that's the way that you learn best. I already mentioned the books, but special for your community are the QR code on the right. And that is the seven Figures Phases of Perpetual Wealth. So you mentioned that book at the beginning of our talk time today. It's a lengthy book, but the document on the QR code are a summary. And founders always like summaries, right?

I love it.

It's a summary of the seven phases of perpetual wealth and it goes over the ideas that we talk about.

Taking out my phone, I'm doing my qr.

There you go.

I found out it's called tldr.

Yeah, Too long. Don't read.

I didn't know this. I'm not cool enough to know the acronyms of all the things.

So what is it, Candace?

Tldr Too long. Didn't read. People now put it at the top of their emails. Like, here's the summary. If you're not going to read by email.

Initiating Quick Starts know we must have summaries.

Well, we need to know what's in it for them, right? What's in it for us? I'm like, I'm not gonna read this yet. That's awesome. I love it.

Well, in the seven the seven Phases documents has pictures. Even better, right? Wow.

I love it. You're such a trendsetter, Kim.

Oh, fun, fun. So there's all that. Now I do want to share a couple more family ideas. However, you asked about the event, so I will talk about that briefly. So my husband, Todd Langford of Truth Concepts. So he's a founder of his own company. Truth Concepts.com offers an event at the end of April. It's going to be in Salt Lake City, and it is three days of a deep dive into the math behind personal finance. So there's a big old QR code.

Oh, that's a big old code.

Well, thank you, Angela and Kelly, for getting that organized. So that's Todd's Truth Concepts logo there in the middle. That is a wait list for the. Let me get the dates. 4-29-30 and May 1. It's a Wednesday, Thursday, Friday in Salt Lake City. And Todd and I teach it together. He's the numerical one, I'm the conceptual one. His Colby is 6338 and mine is 4492. And yes, opposites attract until.

Yes, they do.

I just want to say too. I mean, I probably sound like a total silly on this mess on this lunch and learn because I needed a lot of education in, in insurance.

To.

To get up to speed. I mean, I had bought and sold so many businesses, I probably missed a lot of opportunities. And I've known you now for a long time and you've been so first and foremost above everything else in your soul. You are a teacher, you're an educator. You lead people without being condescending or I never have felt embarrassed to ask a silly question with you or if I have needed you to walk through something with me one more time. I've always been able to call you when I have a client that's going through something specific and bring their situation to you to get your opinion on it. Obviously with their permission. But it's just that is who you are. And so I love that you guys are doing these educational events because I have needed so much education over our time together. And it's, it's. There's so many products. There's just, it's just too hard to be that, to be knowledgeable on all of them if it's not your line of work. So very grateful to you. I love that you guys are doing this event. And yeah, if you guys have any questions, please reach out to Kim.

Wow, we have a lot of fun at those events. They're calculator schools. It's a deep dive into the numbers. And we laugh.

Do you know what one of my biggest LinkedIn reposts is actually on? It's on the HP12.

Yes.

Do you know how hard it is to go to, like, fourth grade and the only calculator you have at home is an HP12C and your teacher doesn't know how to use it?

Yeah, because I wrote that book for Harvard all those years ago. And so that's it. Comparing real estate investments.

I was like, dad, everybody has these fancy calculators. I need one. And he was like, here you go. And I bring it to school. It's not what everybody else had. And my teacher had no clue how to use it. I did know how to use it, but.

But you knew how to get an amortization schedule and how to do a bond payment and yeah, we had to show our work.

And I'm like, she. I was like, it's all backwards on here. You're not going to get that.

Yeah. Nerd. Nerd, Nerd, Nerd.

Dad. Had to go out and buy the, the Texas Instrument Calculator that my teacher didn't. My teacher needed me to have the right calculator.

I didn't know how to use the regular one. So that was the problem.

Did you know that is still HP's highest grossing product?

Oh yeah. Well, it's because of my book. I mean, it's like comparing real estate investments using the HP12C calculator, right? Yeah, Harvard approved.

Well, there you go.

Kim's written like how many 15 useful books. I've written that type of book that.

Is like that book. How many sales did you get of that one, dad? Other than yours?

I don't know. I don't know what it is. Well, Kim, again, let's just go back through it so people get in touch with you. Ms. Angela, let's get that back up there one more time because people did not get all three of those QR codes. You can get the too long to read abbreviation 10 Quick Start Flyer as well. The book is coming out. A new book will be coming out soon, but this is out now. The seven Phases of Perpetual Wealth. You've got programs for kids, you've got programs for adults. You've got programs for adults that really only know as much as kids or even less than kids. And, and you and Todd have this awesome program. And why we focus on this at the founder's office is because again, we are founder centric. So everybody always wants to talk about raising capital. Of course we do that. And they want to talk about investing and doing the different parts of that and making the business efficient. But if they do not, if they do not focus on their wealth accumulation, in many cases they will leave a mess for their families. Even if the business is worth 100 plus million dollars. Because if they don't have the planning for how to pass that on tax efficiently and if they don't have the plan of what happens, and we had this happen to one of our business partners, he lost his parents on the same day they had had. It was a fluke thing. It wasn't, you know, an ag car accident or anything. It's a fluke thing. He lost them both. They had to come up with $12 million cash because the tax planning had gotten a little bit out of hand. They'd been a little bit absent in doing some of that. It was a very large estate. But they needed 12 million cash. And in most cases, even if you're incredibly wealthy, you don't have 12 million cash laying around. Right? And it's not like the next day, but it really was important for them to be able to do that and selling off the assets. So it's critically important you make this as part of your plan. Reach out to Kim and so you put her stuff up there and you can learn more about this. As you said, you'll do policies. It's not to put. If you're an insurance agent, reach out to Kim. She's just a wealth of information and it's just going to help you there. And then, let's see. Oh, man. He's saying, can we have a contest at Lift Pitch Race from the top to the bottom. The first founder down gets their startup funded. Cap 5 million in funding. Yeah.

Well, is Maddie a good skier?

I'm guessing Maddie is a good skier.

So you gotta race Papa P down the hill.

No, don't put me in that pressure. Yeah. So shout out to our Olympians that have just been performing and, and you know, again, if you follow me on LinkedIn, Lindsey Vaughn. I've been a, a fan and have known Lindsay for a long time and it was just horrible to see that. But Michaela's also had her little snafus coming up. But our team overall is doing great. Breezy, who's from this area, is, you know, awesome. And, and we've got a couple of our snowboarders are doing great. So we're very pleased with that. And to that again, if you would like the opportunity to come ski with some Olympians and World cup champions and see the Sierra Nevadas, which are some of the greatest concentration of ski resorts in the world, are right here. We normally do this in Europe and it's a program just ski with Franz Klammer and a number of other World cup people and Franz Weber. But this time we are doing a, a program here in the States and we specifically did it. There's my buddy Franz. And Franz is, is still the fastest man. His record still holds for the Americas and it's crazy to even drive a car as fast as he went. But so we're going out, we're skiing around. It's four days in the Sierras and leading up to that there's a, there's, I think two spots left. We have a couple spots left. Canada said it was one, but it's one. But it's a husband and wife or we can break it up into two singles. So we'd like to join us. We'd love to have you come out. And that's in about three weeks coming out. So hear about all the Insides Franz was there during the Olympics, so has that. And then the other one is, and this is the one that I'm super, super, super proud of is we're doing a lift pitch. And Kim, I don't know if you've heard of this, but I have. So on Sunday, March 1, we are doing what we do, which is being sharks and bringing shark tanks to a lot of different people and teaching people how to raise capital and bringing in some friends that are VCs and financial people that invest in funds. And the last one we did, Candace, we had a young man that came out for Genius Youth and he right now is in the finishing round of raising a million and a half dollars from doing that networking type scenario. Right. And we actually made an investment. Yeah.

In front of us and some of our contacts. So you know, we get pitched a lot but this is a great way to pitch us. Pitch our, our investor partners. We've got a lot of them coming out. And yeah, one of the kids who pitched us at Genius Youth I actually like, I definitely, I was not in the, I was like, I gotta go. I stayed later because this kid wowed me so much, I needed to talk to him and get his info and he's. Yeah, we're gonna probably be making an investment here.

Yeah, well, we've committed along with another one of the big founders that's, that's putting the money in. So we're excited about that. But the other part of this is, is doing work that you love and, and having it make an impact. And so the wonderful thing about both these events is they both impact Sky Tavern, which is a non profit ski resort for teaching people how to slide around on snow. Which sounds crazy, but most of us need to get outside more often. So we do it for snowboarding, skiing, cycling in the summer. And Candace's big passion there is our adaptive program. And so the lift Pitch is back is supporting our, our adaptive program. This is what you get to do when you make a little bit of money and you can put it back into the community and you just are seeing a huge impact. And let's see here. Manny. I don't know, but that's a great, it's a great question to ask. We can follow up with you on that one. She said that will CPG investors be present? The ones that like to disrupt the entire skincare industry? But quite possibly. So I will tell you a number of people from Silicon Valley will be there specifically. And we had Kevin on a couple of weeks ago and so he's got a large pool of people that also invest in these. So I think at this point right now we're looking at 50 investors, 50 pitches total, as the room that we did. And we've got a little bit of room left, Kim, to Tie you back. April 29th is your birthday. Around that time, if I remember correctly. Is that your birthday? No. Somebody. Okay. Todd's. Okay. So it o. It's my birthday. That's April 20th.

Well, that's why we're doing it.

Oh, my goodness.

I thought there was a day. I know. Always self serving. But I can't tell you how much I appreciate you being on. It's just always such a pleasure. And we have like 9,000 other things we could be talking about. Not. Not to mention alpacas, my favorite animal.

We own a few.

You own a few. And by the way, if you do business with Kim, you get a. Each year. I don't know if it's every year, but each year you get something that's knitted from alpacas.

Right.

So that's also the fun thing of being there. So thank you all. Have a great week. We'll see you next Wednesday. Kim, thanks again for joining us. Have a great day. Tell Todd high take.