Mike Minutes Mastermind 09/25/2023

Everyone, let's go get started. We'll get an awesome weekend.

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Bam. All right, let's jump right into questions. Marathon Monday.

Share screen Real quick. If you are using Copilot already, you probably saw the notice this morning about the wiki page being updated. Don't worry about that yet. Once command center has made sure everything is migrated into your wiki, they'll let you know. I'll. I'll let you know all here once that's done. And so up until now in Copilot, there was not a wiki page. And so we were, we were doing everything like we do with super, which is keeping the wiki page in a Google Doc system. Now, that will be inside the wikis, but we need to get everything moved over. So Eli and the team will be working on that and then once that is completed, they will let you know, or I will let you know on the mastermind that that is where your wiki is at. So if you need to make changes, it'll be there for you. But yeah, feel free to look at the 747 update that just came out a few minutes ago of the new updates inside of co pilot.

All right, six questions. Let's do it. Devin from Red Deer, should we be putting fire extinguishers in our trucks and storage units, SE cans, shops, etc? I think your trucks definitely. That way wherever your guys are at, there's always one nearby. Sometimes when you put them on all the mowers, they can get bumped off and there's a lot of just attaching them. Sometimes a headache. But I know in some areas it's necessary because everything gets so dry. Devin from Red Deer. Hey Mike, what do we do with an extra 10? What do we do with extra 10 to 20k plus real estate? 401k, RSSP, RRSP, which is like the Canadian version of 401k, TFSA truck equipment, bonds. I don't know, 10 to 20k is probably going to literally just be what you want to save over the winter. I would keep that money as dry powder for a larger play, which is likely expansion. But 10 to 20k isn't going to buy a truck and a setup or any meaningful expansion. So I just keep it in dry powder. Ken from Michigan, correct me if I'm wrong with the only meals that are provided are Tuesday dinner. It's also Monday and Tuesday lunch.

Yeah, you're right. Mondays, Monday and Tuesday breakfast will be your responsibility and we will have a whole bunch of bars and things there. But Just for us to provide.

Breakfast. Lunch is like it was more than 70 a plate for for just breakfast. So we would have to raise the price of the ticket by over 150 bucks just to get breakfast for two times. I figured people would rather have the hundred fifty in their pocket so they can go spend twenty dollars on a really nice breakfast downstairs. It's like a grocery area downstairs but we will be providing a bunch of bars and like finger foods. Just doing a snack in the morning.

Forest when is the next franchise training I'd like to send to my gms? The next one is in November. You want to talk to. You need to talk to a coach. If you would like to book a GM's coming.

Devin Red Deer hey Mike, if you blew up P1, if you blow up P1 is your next truck. P2, how does that work? Because I'm at P7 and P5 blow up. Do I replace a P5 with a P5? Yeah, we just replace it because ultimately just it's the number of trucks you have. So if we sold number five and then we bought a new one or number two breaks down and we replace it, the next truck just becomes P2.

Vlad from Winter Garden can we have an update on franchisees transferring to copai? I'm on the list and really looking forward to switching over asap. Thank you Mike. Yeah, so this week they got started on moving those over. They were waiting on the wiki somewhat and then also Sequence Automation's got to get has to get a repair and we're hoping for that tomorrow. They've already started though and they are prioritizing the people that are inside of Zooper. So they're getting their systems down to make that and even having a department on if you need help with actual like moving of jobs, etc. So they've been operationalizing that and ironing out some of the kinks, but really they've been waiting on us to get a couple of the last features that are really critical and so they'll be able to ramp that up over the next few weeks. So just stay tuned. I know it's not fun waiting. I apologize. I know a lot of people are on the list now and the majority of Augusta is on the waiting list. So we're working on it. But we are going to prioritize the people in super because we do just, we know just how much of a headache that is. Especially as you've grown past 20, 30, 40,000. It gets pretty laborsome. Whoa, were you bombed through those? Let's Go shout out to Joel Heck had a fantastic idea, but not only just had a good idea, he went to the right mediums of communication in terms of the coaches, had a plan in place, did a bunch of work on creating it. Just a phenomenal way of presenting an idea. I just want to give him a public shout out. Whether or not we do it in the near term or not is still is something that we have to work on. But just wanted to give him a shout out for just spending quality time of his own developing a so that he thought could help everybody and then presenting that to the coaches Will there be a feature in Copilot that tracks how many actual hours are on each property? For example, it would track how many hours the guys are logged in each service. Then at the end of the year you could see how many hours you are spending on the property on average to see if you go up on price or not. Especially on 12 month contracts. Yes, this is similar to the visit reports in service autopilot. We are going to be building that I believe it is on.

For December if I'm not mistaken. So my goal was to have that done before we all get in there. The thing is it's not super useful until you have significant amount of data to run reports on. If you are in service autopilot I would probably run those reports before you finish out your account and just have them on file just in case you ever wanted to look at them. Because otherwise you probably need 6 to 12 months of data inside Copilot before you can run this report and it'd be meaningful. We are also building a 3D notification next year, hopefully spring, but I'm hoping to do it before next spring rush and that is after five visits. It's going to send you a synopsis. This was presented by.

I forget who it might have been Ryan inside the Franchise Advisory Council. I forget. But basically send a synopsis of the five first visits of a MOA recurring series and basically give you whether or not that price is accurate. So especially as we start leaning more and more on AI to do the pricing, you'll be able to very quickly know whether the price needs to go up or down based upon the math and so things like that we will be building. But visit reports is what you're think I think you're talking about and that is something we have to still build. You could obviously do it on a one off perspective like see clocked hours versus track time or budget hours versus track time but.

Not yet in a report form. What was going to say, oh yeah. One thing that we had an issue with last week was something that we had kind of put in the code for the future. But it kind of we had to take it out and that was using location services for tracking clocking in and out of people into jobs so when they would get into a certain amount of space from a job, it could clock them in. We do not have that feature, but we did have to strip out the ability to do location services because if you do that.

It was making the track time or even if they punched in out of the job, it wasn't tracking it because they had their location services off. So we're gonna have to figure that out next year. And if we want to bring that feature back is what happens if location services is off. It can't. Yeah, there's just technical issues to switching between doing it based upon GPS versus manual. And that's something we just have to figure out. But it's a very long answer to yes, we are going to do that. Have you watched Caleb Hammer financial audit on YouTube? What do you recommend for us as self employees to do for retirement plan and overall financial advice? Yeah, like Caleb's awesome. Especially for millennials. Especially for breaking down a budget. I think that.

I'm less of a budget guy and more of a projections person. Most of that comes from being a business owner. And I think most of us that's like a budget gives an excuse as to why you can spend more money because like, well, if I have sixteen hundred dollars in this category in my budget and I've only spent 1200, I could spend 400. Whereas projections are much more. This is what I anticipate. And then you're measuring based upon your calculations and your projections instead of oh, I have more money in this account so I can spend more on this department or whatever. That's why I'm personally not a huge fan of budgets. I think for some people works well especially if they have. They haven't had great financial discipline.

I do think budgets are good. It gives some constraints, but it also gives excuse to why you can spend more money. And so I'm a big fan of projections in terms of Caleb, like the guy awesome. Really good. Especially for.

Employees and people with W2s because like that's kind of how he structures his. His most of his content. As in terms of a retirement plan. There's a lot of things you can do in terms of IRAs, 401ks you can do.

SE like, like a self employed. A self employed 401k accept IRA. You can do that. So I just talk to someone like a financial advisor or talk to your bank even to set up like hey, what are the plans I can use?

And start off small. Don't worry about doing a 401k for your entire team. It's pretty relatively cheap if you have a larger team. But if you have a $10,000 per month business, I wouldn't be worrying about getting a 401k plan, let alone matching, etc. So.

Yeah, in terms of like retirement plan, I, I truly believe that if you look at the returns on your 401k and you compare that against like investing into your business, usually the math, it's not even close. So I would, I would just really recommend everyone focus on building a really good business that's profitable and runs on systems. And that might take you 10 years. In that 10 years you maybe save a couple hundred thousand dollars. Whereas if you can build a profit profit machine that is printing money, even if it's 10 or $15,000 a month or $5,000 a month, that is significant amount of money. Like to replace $5,000 a month of cash flow with dividend stocks for example, like that are just sending you divide bearing accounts and bonds for example. You're literally talking about like millions of dollars to have set aside for that. So I just truly believe the best investment you can have, that you have the most control over of is the business. And then as you get the business growing, really the retirement accounts become of tax play. It's like you do those tax those things because it's tax incentivized and tax advantaged. And that's usually when you max out like you know your IRA, you know you put $6,000 into every year just because you know that $6,000 becomes $4,000 once you pay the tax man. So you rather just put in the in there same thing like HSAs, Health Savings Accounts. If you have a high interest or a high deductible, health care plan, insurance, you can put money aside hsa, again tax deferred. You don't have to pay any taxes on that money. So again talk to, talk to your accountant. They usually know really really well to point you in the right direction of like talking to a bank or talking to a financial advisor. There's lots of stuff online to help set up with like IRAs, 401ks, SEP IRAs, etc. So and like just research it like, like traditional IRA versus SEP IRA versus a Roth IRA. Like what's the difference. Like traditional versus Roth. It just a matter of when the tax man is going to tax you. Right?

All right, everyone, have a fantastic day. We'll see you tomorrow. Take care.