In this episode host, Jack Marino Jr. speaks with Artie Pennington, a business and estate planning attorney, about why business owners should have an estate plan. This episode will guide you through the essential things you need to know when creating an estate plan for your business as well as for your personal estate. You'll also learn what happens to your assets if you do not have an estate plan in place.

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"Always plan ahead. It wasn't raining when Noah built the ark."

-Richard Cushing

Hunt, Pennington, Kumar, Dula-– Reach out to Artie's firm for a consultation about estate and succession planning.

David H. Maister -- Artie Pennington recommends the work of David Maister if you'd like to learn more about how to operate as a professional.

Key Takeaways

1) You need an estate plan for your business that is based on your desired outcomes. This plan will protect your business and your family.

2) Everyone needs a will. Start with a will and a trust when you begin your personal estate planning.

3) Don't assume that everything will automatically go to your spouse and kids. Make a plan to protect them.

Show Notes

In this episode, host Jack Marino Jr. speaks with Jason Clevlen about the key differences in two widely used retirement plans and how these plans can affect a business owner's income taxes, especially the new and complicated qualified business income deduction. Through their detailed case study, you will see how you can bring a forward-looking approach to your tax planning this tax season and in the years to come.

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"It is not the man who has too little but the man who craves more that is poor."

-Seneca

Lake Hills Wealth Management -– Reach out to Jack or Jason if you have questions about your retirement accounts and proactive tax planning.

Key Takeaways

1) The Solo 401k has some big advantages that the SEP-IRA doesn't have.

2) The retirement plan you choose will have an impact on the QBI (Qualified Business Income) and the amount of total income tax you pay. Work with the right professionals on this. Consult your financial advisor and CPA.

3) Proactive financial planning done throughout the year can help you maximize your opportunities to reduce your taxable income and increase your ability to save for retirement.

Show Notes

In this episode host, Jack Marino Jr. speaks with Ethan Offenbecher of Marcus & Millichap. Ethan shares the four keys to successful real estate investing, the top mistakes investors make when investing in real estate, and the questions you should ask when hiring a broker.

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"I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful."

-Warren Buffet

Marcus & Millichap -– A real estate investment firm that can help you reach your real estate investment goals.

The Bible -- Ethan Offenbecher finds motivation through his faith and the Bible is his top book recommendation.

Good To Great by Jim Collins -- A book recommended by Ethan Offenbecher for the wonderful stories it shares that can provide insight into how to solve problems and overcome obstacles.

Key Takeaways

1) When investing in commercial real estate you need to begin with a goal that will motivate your actions and decisions.

2) When looking for an investment broker, focus on finding someone with experience that you have a good rapport with.

3) Doing your due diligence is of paramount importance when considering an investment in commercial real estate. Choosing the right broker with the right team of professionals will make this part of the process go more smoothly.

Show Notes

In this episode, host Jack Marino Jr. speaks with Artie Berne of ArTex Funding. Artie discusses how he became involved in the alternative lending world and how becoming a super-connector helped him exponentially grow his business. He also explains how listeners can use short-term loans from alternative lenders to grow their business when turned down by the banks.

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"Every problem is a gift. Without problems, we would not grow."

-John Rockefeller Jr.

ArTex Funding -– Learn more about Artie's boutique private debt-funding company that offers creative and flexible finance programs to position your company for success.

Never Eat Alone -- A book Artie Berne highly recommends for thinking about how to build your network.

Smart Calling by Art Sobczak -- A book recommended by Artie Berne for building and maintaining client relationships on the phone and beyond.

Precision Bookkeeping -- A bookkeeping service that can help you with QuickBooks online as you prepare your loan documents.

Key Takeaways

1) Entrepreneurs can use performance metrics to track and measure their progress. When you're an entrepreneur, you must be highly motivated and disciplined.

2) Personal relationship building still drives sales. Attend regular networking events, make phone calls, and follow up when you say you will.

3) An alternative working capital asset-based lender can help entrepreneurs grow their business with short-term loans if they've been denied by traditional funding sources.

Show Notes

In this episode, host Jack Marino Jr. and Jason Clevlen discuss eight simple ways to improve your finances. These tips provide peace of mind by helping you build wealth as you implement a savings plan, track your financial goals, maximize your tax benefits, and more.

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"Money is a terrible master but an excellent servant."

-P.T. Barnum

Wealth Builder Tool -– Download the free Wealth Builder Tool to start implementing your own spending plan today.

Have a Question? -- Submit your questions to Jack Marino Jr. and Jason Clevlen.

Key Takeaways

1) Automate spending and saving to maximize the way you manage your cash flow. Consider replacing your current budget with a spending plan that will provide instant feedback about your finances without micro-management.

2) It's a great idea to review your finances annually. In this review, consider your spending plan, the amount you are saving and investing, your insurance needs, possible tax benefits, and your overall financial goals.

3) Sometimes when reviewing financial goals, you'll need to make adjustments to those goals and rearrange your financial priorities.

Show Notes

In this episode, host Jack Marino Jr. speaks with Phil Reeve, the head recruiter at Reeve Associates in Austin, Texas. Phil discusses his entrepreneurial journey and what makes his company different from other recruiting solutions in the marketplace. He discusses common mistakes made by business owners during the hiring process and what changes they should make to yield a better result. Phil also explains how listeners can better use social media to find top talent and what they can do to get more offers accepted by their ideal candidates.

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"The secret of success is to do the common thing uncommonly well."

-John Rockefeller Jr.

Reeve Associates -– Learn more about the recruiting services Phil and his team provide and watch a job video for insight into how to attract the right hire.

Never Split the Difference -- A book Phil Reeve highly recommends for thinking about negotiation on a whole new level.

Extreme Ownership -- A book recommended by Phil Reeve for helping people take full responsibility for their own growth.

Key Takeaways

1) When looking for hires on social media, connect with individuals in your industry and focus area. Bring up something positive in their profile you like and keep things light.

2) The number one complaint by candidates is the length of the interview process. Move quickly and respond to promising resumes.

3) From the time you tell a recruiter you want to hire someone, 60 days is about the fastest the process can be.

Show Notes

In this episode host, Jack Marino Jr. speaks with Carlie Bittel, CPA, and Founder of Bittel Books and Taxes. Carlie discusses the steps she took when transitioning from employee to business owner when creating her accounting firm. She provides valuable guidance for listeners looking to become entrepreneurs. Carlie is, by definition, an industry disrupter. She is turning the traditional public accounting model on its head by providing not only superior accounting services and proactive tax planning.

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"The hardest thing in the world to understand is the income tax."

-Albert Einstein

Bittel Books and Taxes -– Learn more about the services Carlie and her team provide for individuals and small businesses.

Why We Sleep -- A book Carlie Bittel highly recommends to anyone who wants to improve their life by improving their sleep.

Key Takeaways

1) When starting your own business, accurate budgeting is key.

2) The best time to implement a proactive planning approach is when you are planning to take your business to the next level.

3) Protect yourself as an entrepreneur by hiring a trusted team of advisors, including a lawyer, accountant, and financial advisor.

Show Notes

In this episode, hosts Jack Marino Jr. and Jason Clevlen discuss the differences between Traditional and Roth retirement plans. They talk about what listeners may want to consider when faced with the decision of which type of IRA or 401(k) to make contributions to, how to make contributions, and what types of investments can be held in these commonly used retirement plans. They also discuss ways for high-income earners to make Roth contributions and how strategies such as tax bracket maximization and tax diversification can potentially reduce your tax bill in the future.

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Show Quote

"The future depends on what you do today."

-Mahatma Gandhi

Proactive Tax Diversification Cheat Sheet-– Download this helpful one-page document from Lake Hills Wealth Management which shows how tax diversification can help reduce income tax in the future along with the common Retirement plan contribution limits for 2019 and 2020.

Key Takeaways

1) The biggest difference between Traditional and Roth retirement plans is their tax treatment.

2) Tax bracket maximization can carry huge benefits and requires thought and planning with your tax professional as a guide.

3) By diversifying your assets from a tax perspective, you get flexibility and control over how much you pay in taxes later in life.

Show Notes

In this episode, Robbie shares how his family started Bear Creek Smokehouse in 1943, what it looked like then and how it looks today. He also shares his passion for food, family, and faith, which he attributes as a key to Bear Creek's longtime success. What I think is most interesting about this interview is Robbie's ability to grow a 77-year-old company by building deep, influential relationships and his vision to create customer experiences rather than focus on selling products or commodities.

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"We see our customers as invited guests to a party and we are the host. It's our job every day to make every important aspect of the customer experience a little bit better."

-Jeff Bezos

Bear Creek Smokehouse -– Robbie Shoults' family-owned business, specializing in premium smoked meats and other culinary delights.

Bear Bottom Bliss Cookbook -– The official cookbook from Bear Creek Smokehouse, with recipes featured on The Rachael Ray Show.

Ego Is The Enemy -- Recommended in this episode by Jack Marino Jr., Ryan Holiday's book explores how history was made by people who fought their egos.

Key Takeaways

1) One way to provide superior customer experience is to create an experience that can't simply be delivered to someone's doorstep.

2) If you can connect with people you can create lifelong customers.

3) A passion for people, as well as a passion for the product you're selling, can go a long way in building your business.

Show Notes

In this episode, Nathan shares valuable insight for listeners looking to lease or purchase commercial real estate. He shares the most significant pitfalls associated with commercial real estate transactions and how to navigate them. Nathan also shares some tips on what business owners should look for when negotiating their next lease as well as when they should opt to purchase instead of leasing.

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Show Quote

"Pride deafens us to the advice or warnings of those around us."

-John Maxwell

Austin Tenant Advisors -– Nathan Smith's boutique commercial real estate firm that exclusively helps tenants and buyers find the right space for their business in the Austin, Texas area.

Feel the Fear and Do It Anyway -– A book Nathan Smith highly recommends for people who want to try new things and get over their fear of failure.

Ego Is The Enemy -- Recommended in this episode by Jack Marino Jr., Ryan Holiday's book explores how history was made by people who fought their egos.

Key Takeaways

1) Begin looking for the space you need for your business 6-12 months before you need it. The process of leasing commercial real estate can be long and complicated.

2) Don't over-negotiate. There's more to negotiations than focusing on the rate.

3) When considering leasing office space vs. purchasing, consider what will provide you with the best return.

Show Notes