The Financial Gravity Podcast

Gordon Bizar is an out-of-the-box thinker, who tends to pursue things that are disruptive and transformative to the industry. Back in the late 1960s, Gordon helped to revolutionize the financial services industry, by creating the integrated financial services industry, and a role that is today known as the Certified Financial Planner. In today’s episode, John and Gordon discuss the problem of unfunded liabilities, and how disruptive systems can help solve this problem, while saving your business thousands of dollars.

Key Takeaways:

[:30] John Pollock introduces his guest for today — Gordon Bizar.

[1:09] Gordon shares a little about his history and some of the things he has done in business.

[5:41] John thinks the industry is starting to shift back toward a product-centric approach, instead of a client-centric approach. What are Gordon's thoughts on this?

[7:50] John and Gordon met because they had the same ideas.

[9:15] Gordon discusses the issue of the unfunded liability problem that exists in mid-sized accounting firms.

[13:09] The problem is compounded by demographics.

[13:54] One of the Big 4 is investing in creating disruptive technology that does real time auditing for clients, and is working with artificial intelligence to reduce the size of their workforce.

[17:14] Don't be depressed about the changes that are coming! This is the kind of opportunity Gordon lives for!

[17:44] Entrepreneurs can solve any problem.

[18:26] Gordon proposes one way to solve this problem with the APS (Accountant Partnering System).

[22:21] This system also reduces cost for the client substantially!

[23:15] What are some of the things Gordon uses cost-reducing strategies on?

[26:00] Gordon shares an example to illustrate how the system works, and how it reduces costs for the client.

[27:40] That is only a small part of what Gordon can do, and it goes well with the services that Financial Gravity offers!

[28:22] Gordon gives us another example of money that's hidden within the business, that business owners have no idea how to get to.

[30:42] This is an excellent opportunity for accountants, especially given that many of the services they offer are being commoditized.

[31:57] Gordon's solution opens up new revenue streams to fund retirement packages, with less money for active partners.

[33:14] This is the nature of the entrepreneur — solving problems!

[34:42] The model Gordon has created has evolved over the years to a state of perfection.

[36:28] Gordon's system is guaranteed to work, because it relies on delivering integrated solutions created by partners who already work together.

[38:18] How does aggregating accounting firms help with this overall strategy?

[39:58] This strategy helps firms to see exponential growth that they wouldn't be able to achieve on their own.

[40:42] What size of companies is Gordon dealing with now?

[42:44] Buying businesses and financing the acquisition of businesses is one of Gordon's core competencies.

[44:47] Solving problems is what Gordon loves doing, and what he excels at.

[45:36] John and Gordon's focus is creating more value for their customers!

[47:36] The Big 4 aren't competing with each other, and neither are Gordon and John! They cater to entirely different clients.

[49:24] There's no reason to compete with anybody! The world is big enough for all of us.

Mentioned in This Episode:

Financial Gravity

The Financial Gravity Podcast with John Pollock

Tom Quigley is a Co-Founder, Vice President, and National Business Consultant of ClaimLinx, a company that provides companies with a solution to reduce and manage their health insurance premiums and health care costs. ClaimLinx provides a simple, elegant, and legal solution, based on a law called Section 105, allowing small businesses to save thousands, while providing better coverage for their employees. In this episode, Tom shares how you, too, could be saving a hefty buck on your health insurance premiums, and increasing your profits!

Key Takeaways:

[:20] John introduces his guest for today — Tom Quigley

[1:05] What does ClaimLinx do? What is the objective of the company?

[2:00] How was the idea for this business born?

[3:37] John shares a little about Ed Lyon's history.

[4:26] Tom reveals that the rules are in the favor of the consumer, but they don't realize it!

[5:05] The problem with insurance is that it's being sold by insurance agents who have a vested interest in the highest possible premium — it's a conflict of interest!

[6:40] There's an additional fiduciary issue when business owners ask their employees to contribute more income towards health insurance, which is a similar situation as with the 401k.

[9:37] There's a difference between health insurance and "maintenance." How have business owners drifted from health insurance toward "maintenance"?

[11:25] John summarizes Tom's recommendation — buy health insurance like you buy car insurance.

[14:45] Think about why we buy health insurance, and how to maximize the coverage for what it really should be for (major incidents).

[15:53] Tom talks about the 50-year-old tax law — Section 105 of the Internal Revenue Code.

[18:20] Congress passed the Small Business Healthcare Relief Act, that basically supports what Tom does for his clients, which helps lower health insurance costs even more.

[20:40] John shares a real-life example of what Tom does with his own company.

[23:15] All the savings in health insurance premiums go straight to your bottom line!

[24:35] Tom explains a little more about the HIPAA laws.

[27:15] Tom's solution to high health insurance premiums and health costs for companies is simple, elegant, and legal! It's basic math!

[30:30] What obstacles has Tom faced?

[33:05] Contact Tom and ClaimLinx, to make a difference to your business!

Mentioned in This Episode:

Financial Gravity

The Financial Gravity Podcast with John Pollock

ClaimLinx

Call ClaimLinx at (513) 677-6262

TaxCoachSoftware

Ed Lyon — Financial Gravity Podcast

Dan Cuprill is one of the founders of Matson & Cuprill, LLC, a wealth management firm based in Cincinnati, Ohio. Dan has had a long and illustrious career in the industry, in addition to his professional designations of Certified Financial Planner, Chartered Financial Consultant, and Chartered Life Underwriter. In this episode, Dan advises business owners to be focused on profit instead of growth, and shares some insight into how implementing systems and automation into your business can help you achieve your profit goals.

Key Takeaways:

[:20] John introduces his guest for this episode ― Dan Cuprill.

[1:00] Dan shares a little about his background, his wealth management firm, and how he decided he also wanted to help financial advisers further their businesses.

[3:40] Growth is not, in and of itself, the key to profitability ― it's a component, but also has a lot of costs and problems associated with it.

[7:03] Dan's Aha! moment came at a meeting with vendors, where he was told not to worry about his profitability, and to focus only on growth ― an idea that served the interests of his vendors, but not his business.

[9:04] The crucial question is, what is your business for? John believes that financial advisers are not good business people any more than anyone else!

[10:39] Everyone has their strengths, but the need for good accounting, profit, and marketing systems cannot be ignored.

[12:50] Intentional marketing is key ― Who is your target market? What's your message? What's the right media to deliver your message? Dan shares some pointers.

[17:15] Dan suggests updating your selling system from "caveman selling," to suit changing times, where consumers already have a lot of information.

[18:15] Automation of these systems has helped Dan in his business to serve almost 200 million people, with a support staff of less than 2 people.

[21:16] Dan makes use of different systems to grow his profit, always focusing on profit first.

[22:45] Dan's selling system has absolutely no selling!

[25:30] In a fee-based world, if the client is not totally committed to you, it's only a matter of time before they leave you.

[26:15] It's easy to make the mistake of thinking that every client is a good client. That's NOT the case!

[29:20] Acting in your own self interest means you will ultimately help other people get better, because you will benefit from that.

[32:46] Dan's business is client-centric, not product-centric, and it focuses on profits rather than revenue or growth; all business owner should be moving their businesses in this direction!

[35:34] Dan leaves us with some key advice and tips!

[37:03] Visit Dan's website, adivserarchitect.com, to find out more about what systems can do for your business, no matter what kind of business it is!

Mentioned in This Episode:

Financial Gravity

The Financial Gravity Podcast with John Pollock

The E-Myth book series, by Michael E. Gerber

The Financial Gravity Podcast Interview with Ron Saharyan from Profit First Professionals

Advisor Architect

Ann Peck is the Show Host of the popular podcast Straight Talk for a Curvy World, for women over 40, where she leads conversations about difficult topics that people don’t talk about. When her marriage ended, and she was left with nothing, she had to rebuild her life from scratch. In this episode, Ann shares what it’s like going through some tough times, and reminds us that no matter what we’re going through, we are not alone and there’s someone out there who can help.

Key Takeaways:

[:30] John introduces his guest for today — Ann Peck.

[1:59] Ann shares a soul-sucking experience that started her trajectory.

[3:57] How did Ann overcome her soul-sucking experience?

[5:15] Ann credits the Masterclass group she worked with, as being transformational for her.

[6:45] It took a lot of work for Ann to go from having nothing, to where she is today, but the experience has left her with many benefits, such as getting over her anxiety.

[9:27] Anxiety, depression, and other mental health problems are not easy to deal with, but the best thing to do is to talk about it.

[9:58] John brings up the idea that no matter what you're dealing with right now, there's someone out there who can help you. Remember, we're all in this together.

[10:43] Ann highlights that this idea also applies to businesses.

[11:40] How did Ann come up with the title, Straight Talk for a Curvy World, for her podcast?

[14:15] There's a lot of press for the people who have had success, but you don't realize just how much time and energy went into it.

[15:31] Ann reflects that she has a special gift for giving people a safe space to talk about things they haven't been able to talk about before.

[16:54] Ann's podcast aims to let people know that they're not alone, they're not the only one, and they're not crazy.

[18:16] What is Ann's superpower, or unique ability?

[20:00] Ann offers confidentiality to her clients, so part of the challenge is working through their problems, but not sharing it on her podcast.

[21:27] Ann has an interesting business problem — her service is in demand and excellent, but her clients don't want to share that they've had success with her, to avoid showing their vulnerability.

[24:22] Does Ann consider what happened to her, a gift, in retrospect?

[27:15] Ann believes all of her experiences have allowed her to help others.

[28:30] What are some apps and technology that Ann uses regularly?

Mentioned in This Episode:

Financial Gravity

The Financial Gravity Podcast with John Pollock

Straight Talk for a Curvy World

Happiness is a Serious Problem, by Dennis Prager

Pandora App

Beautiful Writers Podcast

Death, Sex and Money Podcast

Veronica owns a franchise that is part of one of the largest franchise companies in the world. She started with a minimum wage job, but saw a path to success and took it. Her experience is a testament to hard work, determination, and perseverance. Tune in to hear more about her experiences as a true American success story in the franchising world.

Key Takeaways:

[:50] John introduces Veronica, an American success story.

[2:42] Veronica talks about where she grew up, and her beginnings.

[5:30] Veronica shares her career progression in the past seven years, from minimum wage employee to franchise operator.

[6:30] Today, Veronica is the proud owner of six franchises.

[6:54] Not all franchises cost the same — location, cash flow, and sales are some of the factors that determine how much a franchise costs.

[8:22] Lessons from Veronica's experience: 1) Adapt previous skills to suit new industries, 2) Be a student of your business.

[9:15] How did Veronica hear about Financial Gravity?

[10:16] There's a certain point where you have to be not able to do everything.

[10:30] What's Veronica's partnership with her husband like?

[13:07] Veronica shares some insight about her cultural roots.

[14:43] What kind of impact would a $15 minimum wage have on Veronica's business, which relies largely on minimum wage workers?

[17:40] Financial Gravity has helped Veronica save on taxes, which has allowed her to grow her business, and give back more to the community.

[18:50] John shares an anecdote of Financial Gravity's success with Veronica's business.

[19:35] Veronica's tax savings have allowed her to fund four scholarships annually.

[20:35] Reinvestment into the business is all about the people, and building a better community.

[22:45] 3D food printing, and other technological developments, are some things the franchise world will have to adapt to in the future.

Mentioned in This Episode:

Financial Gravity

The Financial Gravity Podcast with John Pollock

Rocket Fuel: The One Essential Combination, by Gino Wickman and Mark C. Winters

Mark C. Winters is the best-selling author of the book, Rocket Fuel: The One Essential Combination, which talks about a powerful entrepreneurial leadership duo (Visionary plus Integrator). Mark also leads Vistage Groups, which helps CEOs become better leaders, and is a certified Entrepreneurial Operating System (EOS) implementer. In this episode, Mark discusses the differences between visionaries and integrators, and how they can work together to achieve the best results, and create success for their businesses.

Key Takeaways:

[:24] John introduces his guest for the day -- Mark C. Winters.

[1:57] Mark talks about his collaboration with Gino Wickman on their book, Rocket Fuel. He mentions two types of leaders -- visionaries and integrators -- and the three steps in getting these two types of leaders together: crystallizing, connecting, and maximizing relationships.

[4:14] When should entrepreneurs read Rocket Fuel?

[5:17] Visionaries and integrators can use their differences to fulfill different leadership needs.

[7:59] What are the positives and negatives of visionaries?

[10:59] Mark discusses why it is important to have an integrator to counter a visionary.

[12:47] What are some examples of great visionary-integrator combinations? Henry Ford and James Couzens, Ray Kroc and Fred Turner, Walt and Roy Disney.

[16:06] Mark talks about the importance of self-awareness, and recognizing your own leadership strengths and weaknesses.

[19:21] What are Mark's superpower abilities?

[21:38] Mark highlights the idea that while we may be blind to our own superpower ability, others can see it.

[23:21] What are some apps and technologies that Mark uses?

[28:31] Mark talks about his Integrator Mastery Forums -- a workshop for people who want to become great integrators.

Mentioned in This Episode:

Mark C. Winters

Vistage International

Traction: Get A Grip On Your Business, by Gino Wickman

Rocket Fuel: The One Essential Combination, by Gino Wickman and Mark C. Winters

Rocket Fuel Now

Unique Ability 2.0: Discovery, by Catherine Nomura, Julia Waller and Shannon Waller, based on a concept by Dan Sullivan

Scannable

Evernote

focus@will

Pomodoro Technique

Integrator Mastery Forum

Randy Sadler, the Principle at CIC Services, LLC, shares his expert opinions on Captive Insurance Companies and how they can benefit your business. CIC Services has been a captive manager since 2005 and focuses on helping businesses own their own insurance companies. In this episode, Randy discusses how you can take advantage of insurance law to reap tax savings, provide insurance and grow your wealth.

Key Takeaways:

[03:09] John Pollock introduces his guest for today -- Randy Sadler.

[04:08] What exactly does Randy do? He helps business owners own their own insurance company, turning risks into wealth.

[05:45] John Pollock discusses exploiting insurance law (legally, of course!).

[06:06] Randy discusses how he completely changes clients' perspectives on insurance.

[09:07] What are some changes in taxation law that are beneficial to small business owners?

[10:46] Taxation policy reform 831(b) - How does it affect small business owners?

[14:12] How does the tax code drive irrational behavior in farmers?

[15:40] How much insurance does your business need? Exclusions in cyber breaches, terror attacks, reputational damage and administrative actions could create huge problems for business that are not adequately insured.

[09:31] Tax benefits of captives and investing the money in captives in tax advantaged ways.

[26:30] Why are financial advisers encouraging businesses to do a captive?

[30:18] How does a 401k compare to a captive?

[34:38] Some of the benefits of having a captive.

[36:03] What are some things to know about having a captive?

[38:57] How can a captive manager advise you -- domiciles vs. offshore captives?

[41:20] Randy shares some tips about where you can find more information on captives.

[42:50] What app or technology does Randy use, that has an impact on his life?

Mentioned in This Episode:

Randy Sadler

Lion Street

CIC Services, LLC

Captivating Thinking

• How to deal with Down Economics
• Diversifying income streams
• Deal Psychologist

Links:

www.thevantgroup.com

http://thevantgroup.com/books/

• Art vs Science/Craft vs Art
• Effective vs Good
• Listening is more important & critical to acting

Links:

www.heroicpublicspeaking.com/live

www.glip.com

www.waywedo.com

• Entrepreneur means Dumb Ass in Latin
• The BiPolar Effect
• Focusing on Why not What