Tax strategist Nadine Lajoie has built six businesses in 25 years and saved a real-estate client $759,000 in capital-gains tax. She tells entrepreneurs to focus on cutting costs and mastering every function before delegating, not just chasing revenue.
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This is Professor Pete Alexander with the Winning at Business and Life podcast, where business leaders share their insights. It is 6 questions in 7 minutes because successful business leaders are busy and rarely have more time to spare. So let's get to it. Question number 1: In a few sentences, please tell me who you are and what you do.
Hi, my name is Nadine Lajoie. I am a tax expert strategist, and I'm a business owner of 6 different businesses over the last 25 years. So I love entrepreneurship and I love helping people.
Well, Nadine, it is an absolute pleasure to have you on the show. And question number 2, with 6 businesses, you're going to have to pick which industry, but what is something that makes you smile and/or laugh about working in your industry?
What makes me smile the most is really when I make people save taxes. Uh, one client lately on a $1 million transaction in real estate, we were able to save him $759,000 in capital gain taxable. So clients are happy. They never heard about those kinds of strategies. And usually they're CPA also. They are not necessarily going into the advanced tax strategy. And they always think that they have everything they need. But when I'm bringing new tools in their toolbox or new strategies, seeing the light in their eyes, Sometimes they cry because, oh my God, you just saved me $250,000. It's, it's a lot of money for a lot of people.
It really is. And that's a great testimonial right there. Wonderful. Question number 3, I have a fictitious book with all the answers for business. What chapter would you think most companies should read?
The, probably the first chapter, the Entrepreneur A to Z, uh, entrepreneur business owners. We have to wear a lot of different hats. Especially at the beginning, don't get to spend $200,000 to get all your team together. We really need to learn about PR, marketing, testing, computer technology, sales. And once you know a little bit more about all the aspects of entrepreneurship and businesses, now you can start delegate, and you are sure that people don't fool you because you know what you're talking about.
Absolutely, from A to Z, as you said. Very wise. Question number 4: Other than the generic work harder, have a great attitude, and care for customers, what advice or insight would you give to other business leaders?
What a great question. A lot of people, they have— they are focusing on making money. I'm more about focusing about how to conserve and keep your money. Saving taxes is one of the big chunk of our money, 30, 40, 42% depending on the state We are, and there are like 45 different tax strategies that most people don't know. And the problem is 92% of the CPAs, they are too busy doing taxes, trying to fix your mess and your bad bookkeeping in the last year or two or three years, right? So we really need to focus into the future. So the three ways to save money is saving taxes, mitigate risk, because if somebody is suing you and you don't have the right corporation, you will lose a lot of time and a lot of money trying to catch up and trying to not to lose everything you have. And the third one is to reduce expenses. We saw it last year with the COVID I helped so many clients saving taxes, get rid of the recurring payment that you don't really need. You can hire online virtual assistant, because a lot of businesses last year were really in jail party. And by the fact we are able to reduce expenses and save some taxes, some people we were able to kind of come back 3 years back and get them like a $26,000 check from the last 3 taxes that kept those businesses afloat until the economy started back. So Really different things that people don't really think about. They are more about making money, but if you cannot keep the money, you're kind of going one step forward and two steps backward, I think.
I totally agree with you in my experience as well. You know, when you think that, oh, maybe $1 of revenue equals the same as $1 of reduced expenses, and it really isn't. I 100% agree with you, especially on the reducing the expenses. That has so much of a bigger effect on the bottom line. It's amazing.
Yep, exactly. The bottom line. Exactly.
Absolutely. Question number 5, what other business leader like yourself would you like to acknowledge and invite to be on my podcast?
Actually, Robbie Mudder is the global female entrepreneurship. She is like over 80 years old, a ball of energy. She helped me and a lot of other women getting awards., here in the US and the President Obama Voluntary Award. I got that because of her. So she's really there to help entrepreneurship, especially women, but, uh, all kinds of connections that she has. And she would be a great host for you, a great guest for you.
Sounds like it. Thank you for that referral. I'll reach out to her. And our final question, question number 6, please tell me about your first job.
Oh, my first job, I was, um, a piano bar lady. I studied piano for 11 years. I did it in 7 years. So at 16 years old, I said, I don't play piano anymore ever in my life. And 3 weeks later, I got a job as a piano bar artist in a little auberge in the corner of Quebec. So that's where you see my accent. And I was earning about $150 for 2 or 3 hours. Playing piano and entertaining people. And that's why I'm always singing and entertaining people also during my speeches, my coaching, and everything I do.
I love it that you're utilizing that even today. It's great. And you know, the talent that you have for that, I'm sure that your audiences get a great kick out of it as well.
Yes, music and passion. And that's one of my takeaways maybe for you auditors. Whatever dream, dream you have, if you don't realize it the first way or the first attempt you do it, you kind of bring it along with you and you kind of recycle it and do whatever you need, but keep doing your dream.
Hmm. I love that. I love that. So Nadine, thank you so much for being on the show. How could people find you?
They can find me at nadinelajoie.com. You see here. And, uh, if not, you can Google my name or Google Nadine Racing because I'm an ex-champion motorcycle racer. So I'm easy to find.
Perfect. This is Professor Pete Alexander with the Winning at Business and Life podcast. Thanks for listening.
