Ron Caruthers 0:00
Oh, there we go. We got the man himself. I am on now. Sorry, man, I'll talk to you about yours agree summit 20 and make sure they let you actually know what inflation bro it it gets more like $100 Bill to get a probably is we got
we got. So I told everybody what we're chatting about today, which is taxes and some tax savings ideas trying to get this straight here. Hold on, we'll pull it back a little bit. And I have a client friend, who is who is the digital marketer for Tao groups. So all the restaurants and nightclubs and stuff like that. And he's like, Hey, man, come to New York, we'll go to some clubs and stuff. And I'm like, Man, I don't. That doesn't sound that good. Then I'm like, wait a second. Do you have any of those clubs with a bouncer stands at the door, and just looks people up and down. And then it's like, they wait in line for an hour. And then the bouncer told them you can't come in, you gotta go home for the night. I'm like, I want to go hang out with that guy for a night. And so I'll let you know Dominique if that ever happens. But I have whipped us story of getting bounced by a bouncer in London sometime when we have time. Maybe if we have a few minutes against this one. I was amazing. It was awesome. We will save this for another time. But I actually the only time I ever got thrown out of the bar. It was my personal trainer at the time was the best. Time to go. The much younger and more impetuous man. But yeah, you know, okay, Ron, you gotta go man. Don't Don't make this weird. He's like I now see on Tuesday. 7am Don't be late. Yeah, exactly. So anyway, um, we told you guys we're going to chat about taxes today and founder selling syndrome. So learn so we're going to make this today the the keep more make more podcast, because I'm actually going to chat first about some tax stuff. So I want you guys to stop and think what is the number one tax break in the tax code? If you guys were quizzed and somebody pulled you aside on the street, and I'm actually going to give you two but we're gonna go into one of them today because right now it's tax season. It's you know, the way taxes work is the government polls if you work for somebody else, they pull a bunch of money out of your paycheck throughout the year and then you kind of square up with them at the end of the year. If you are self employed, then you're on the honor system to send them quarterly payments and stuff like that. So think about that for a minute. If you asked people in the street what the number one benefit in the tax code is most would say either my 401 K you know or my sub plan or my IRA I love that thing because I'm saving taxes or they would say something along the lines of the mortgage deduction on my house. And if you ask any tax planners what we would tell you the number one benefit is it the owning a small business a the sort of business and today I'm gonna explain to you guys why so even if you don't have a business you might be inspired to start one or at least begin thinking about it because the benefits are massive massive massive massive by the way do you know Dominic with the number two benefit in the tax code is well, I was pretty sure I knew what number one was, but which was the business but ya know, I don't know I was gonna think maybe mortgages but then I had I know your feelings on mortgages so I don't know. We're gonna just are great because you never unlike a 401k where you have to go pay that tax back leader at whatever rate they stay. Mortgage Interest you do not so it actually is. I put it in at number three, solid number three, but there's one in between it that we will chat about another time that will straight blow you guys's mind. And I don't care what Dave Ramsey says he's wrong. I don't care what white coat investor says he's even more wrong. And he's kind of a smug prick about it. It is the exemption given to properly structured cash value life insurance. And by the way, as a tax professional,
Dominic, when I was first introduced to this I spent three years trying to prove the people that were showing it to me that they were wrong that I was right and it was a complete scam. I was just as ignorant is Dave Ramsey and white coat investor, we're on the subject. But later I had to realize you what's the saying if you can't beat them, join them. So So again, it's not you know, we're tax firm, we do financial advisory work, it's not the only thing, but later in a later episode, I'm gonna blow you guys's mind on that stuff. But for today, what I want to talk about as taxes, so, and specifically the benefits given to businesses. So first of all, what you guys have to understand is that our tax system is progressive, that you guys probably heard that when you guys were in high school, or in a civics class that we all slept through, because it was boring, A F. And so we all slept through it. And we're like, yeah, mark the test, progressive tax system. But let me explain to you what it means in the real world, and then how you can use this in it. And I didn't see who that was from India, but good morning, or whatever it is, over three, eight, India, we're so happy to have you, whatever time it is over in India, we're happy to have you. So check this out. The way it works in the real world is when you work at a job, you don't really have deductions, and I have a lot of clients right over here that work for cars, every golf manufacturer, basically in America is headquartered right over there. And all their executives get paid like 160 $180,000 a year, depending on their bonuses, but they're all employees. And they all have to pay for the majority of their travel and things like that the companies are like, look, we're gonna throw money at you. But you have to cover your expenses and entertainment and stuff like that. As of 2018, and the tax cuts and Jobs Act, they cannot write that off anymore. However, a business owner can't. So let me walk you through how this works. When you get a W two, and say your spouse or partner gets a W two and you guys are filing jointly, there are brackets, so you get to deduct off. For instance, mortgage interest, state taxes, things like that, from what you're going to pay on taxes, if you contribute to a 401k that comes right off the top that doesn't even make it to the W two. That is literally a salary reduction, not a DEA deduction. So it never even shows up on the tax form except on the W two. Then what happens is any other deductions, but there aren't that many for normal employees get deducted up now we arrive at your taxable income. Now, if you don't own a home, or pay a lot of interest on your mortgage, or pay live in a state where you don't pay taxes, or have a bunch of charity items, you can opt instead to take a standard deduction. And a standard deduction is like 12,000 for somebody single 24 ish 1020 5000 for a married couple. And then if you're head of household, which means you're divorced or single, but have dependents in the house, either kids or parents that meet the criteria, you get like an $18,000 deduction, the rest is what you're going to owe the morning, Jake, the rest is what you're going to pay taxes on. So now we get into a tiered system. And I don't have a whiteboard, although I'm gonna get a I'm getting one of those fancy electric whiteboards that you can write on and then project on. Oh, yeah. But if I did what I would draw to what I want you guys to mentally drugs just to staircase, going? Left to right. So the way we read, it's going left to right. And you start out once we get to your taxable income, we start at 10%, then 12%, then 22. So big jump there 24, then 32. Another big jump there 34. Actually, I think it's 35. And then 37. And yeah, I'm the professional and I'm supposed to remember that and I don't because they change it every year, I just look it up promoting the style or what style. So now what happens is is as you move up that ladder, so if you're married, for instance, your first $90,000 will be taxed with the 10%. No matter how much you ultimately make. Your next money will be your next 60,000 will be taxed at 12%. And then you jump up and start getting into some of the big dollars. So why is the business?
small or large? Such a big deal? Well, because who employs the most amount of people? It's small businesses and medium sized businesses. Yeah, the government has a ton of employees. But again, that's only driven by they have to pay them out of the tax revenue that they take from us. Dominic, have you seen the video I'm trying to figure out how to download it from YouTube. So if anybody wants to DM me how to download a video on YouTube You actually download it so I can post it. I would be most appreciative. Because I'm trying to get a video of the little kid crying. Have you seen that one on monopoly? We had to pay all his money in taxes? No, I'd say no. Oh, it's something I was just like, 10 year old boy. And he's like crying and they're like, is that they're like, why are you crying? Johnny's taking all my money. And he's like, why are they taking your money? Donnie? It's like taxes like, well, that's part of the game. He's like, Oh, it's the worst part of the game. Really? That's my little band. I feel. Yes. Right. So now let's chat. About espresso number four in the books. By the way, before we get to that, I just gotta tell you guys like Dominic. I literally didn't sleep that last night, I woke up at like, 430. I was kind of even with no stress. So I wrote down a list of stuff we got to share on these coming podcast. I got it. We got tons of stuff. I know you do, for sure. So anyway, I might have over caffeinated. I might not you guys be the judge. But anyway, okay. So back to how sidenote on that by though a side note on that, because we do have a lot of content. But if you guys want to see something specific, or if you have questions, post them in here. We're both trying to watch these questions. I also have my wife is in another room, and she'll flag me down if we're missing good questions. If you guys have questions on taxes, or later on, when I talk about making some more money, feel free to post them in here. And we'll definitely answer them. Also, we got a couple of DMS after last week's episode asking about or sending us some questions for future episodes. So we'll add all of those things on there. Just so you guys know. So just make sure you're asking. And if you know anybody you want to share this with to tag him in here wants to? That's our commercial break. There we go, man, right. told me we had to have those. So. Okay, we need intro music too. We're gonna get some intro musics with a real show. Okay, yes, that's Hoffman 15. I am. All right. Now let's put this together. So let's say your family makes $120,000 a year, and you're married or in a domestic partnership, or whatever. So now, and let's say you're taking a 24, you're just taking the standard deduction, they're going to take the 120, subtract off the 24, that's going to leave you 96 taxable. So we're going to have number 119 1000, at 10%. So you're gonna pay $1,900 on that you guys can feel free to write this down. And again, we'll get a whiteboard in here. So I can like drag it up on start writing on it. The next 60,000 is it 12% make my life easy,
we're just going to call that 7000. So we're at $9,000, in taxes on your first $80,000 of taxable income, but we still have 16, to go on that last 16, you're going to pay $4,000 of taxes. So all of a sudden, it's way disproportionate. Now you still pay more on the first ad. So your taxes are going to be the nine plus the force of 13,000. So you think your effective rate is like well, gee, I made 120, I paid 13 in federal taxes. So basically, my tax rates of about 10%. That is correct, affected, but marginal. Now your marginal tax rate is those last $16,000 were taxed at double the rate that the first 20,000 was taxed out. And this is where tax planning comes into play. Now what most people will do is again, be like, God, if they're paying attention, they'll be like, I gotta max out my 401 K. But remember, on your 401 K, you are postponing both the tax pain and the calculation of the tax. And if you put 10,000 A year into your 401k the government 30 years from now doesn't want to tax you on the 10 they want to tax you on the 10 plus everything that 10 made at whatever rate they're charging at that time will be higher will be lower, we don't know. But the government's $30 trillion in debt. And apparently if this bill goes through will be another one point that ya know. Yeah, trillion Yeah, sorry. 1.5 trillion. Yeah, what's more points, right. So now let's say you like to go to garage sales on a Saturday morning. If we start selling some of that stuff, now we can start to write off the mileage driving back and forth to garage sales, which means your $14 a gallon gaff, we can now begin to write off some of that you were going to the garage sales anyway. Number two, if you're using your phone or your internet connection, to set up and figure out where the garage sales were, and who's having them. And then let's say your life was great, I don't always keep everything I want, I will start selling some of this on Poshmark, or I don't know, whatever,
eBay, whatever, Facebook marketplace. Yeah, any of that it depends on what you're actually doing. Now, you were already spending the money to a cell phone, you are already driving to the garage sales, you already paid your rent. But now we begin to write off some of that. Now, let's say we came up with $4,000 of deductions. All right, again, money that's already going out the door, we just save now that comes off that 120, which now comes off the 96, which means now our taxable income is 92. And we just saved $1,000 in taxes, literally in your pocket $1,000 of taxes that otherwise would have gone to the federal government. And this is perfectly legit, perfectly legal, we're not breaking any rules. And it's like I've said many, many, many times, the tax payer code is about eating 1000 pages long now. About 30 of those are like, here's the taxes you have to pay. And here's the brackets what I just described, the other 80,970 are, here's all the exceptions to that those rules. And here's how you put more money in your pocket. And why does Warren Buffett stay look, I pay a lower rate than mine assistant does is because he's got an army of tax professionals working with them. And because of the way he earns his money, where he falls into lower rates. And we'll talk about a lot more of these strategies as we go forward. But if you want one quick, simple thing. And Darren asked about what about the cost of file business tax return a couple 100 bucks. And again, I just give you a really simple example, we can generally find eight to $10,000 of expenses, legitimate expenses, not made up weird stuff, you know, where people have to worry about getting in trouble. This is legit, let me go one step further. You can actually pay your kids to help with this business, and up to $12,000. They're in the 0% tax bracket. So you can literally I call it arbitrage, you're literally taking money that you would have paid 22 cents on the dollar, you're moving it over to your kids, now they gotta gotta work for it, they had to earn it, they did do something for it. But you can turn around. And a mutual friend of ours, Dominic just sent me a text message that he's going to get his vasectomy right now. Thank you so much for thanks, someone bag a piece today. But you guys dated the same girl and Steve, you absolutely can pay your children being a sole proprietor. And if you're a sole proprietor or a partnership and involves both parents, you don't have to deal with any FICA, FICA, FICA FUTA to Bucha suit to who to any of those self, like payroll taxes. So and now, you turn around, and you have literally arbitrage because if you're self employed and making money, you not only would have had to pay the federal tax, you would have had to pay another 16% of self employment tax. And now, and you can do one thing further, you can be you know what, take the money back from them, or put it for college, put it in a Roth IRA for him. So I saw some of the questions that came came by. We're not going to get to all of them today. But Yvonne, if you can make note of them, like how to find a trusted accountant. That's a whole other conversation. Although I did a couple of recent polls I did on my feed that you can go check out but we'll go way into more detail. I'm limited to 30 minutes. I mean three minutes. And Dominic, I'm gonna turn this over to you in a couple minutes here. But let me handle some quick questions on this. Number one, what is the age so remember, it expands to everything. Let me give you another example. Let's say you went to Florida because everybody's going to Florida now out. And you went and checked out some garage sales, because you wanted to check out that market, the resale market. There are ways that you can write off some or all of your trip to Florida. And again, now we begin to really unleash the power of having a business where we can begin to put parts of travel parts of your commuting expenses that are not commuting. You can't do commuting, but parts of your driving expenses cell phone, home office deduction, the list just goes on and on and on. So I don't steal out Dominic's time.
Let me just give you a couple of quick answers here. Number one, oh, my thing died here. Hold on. Can't have that must have overheated or something. We'll figure it out later.
But number one, the government says that your kids what do you think? By the way, Dominic, you might know this. But what do you think the age limit is before you can start paying your kids? This one also blew my mind. On the low side. Like when can you start paying him? Yeah, one of these IRS recognizes the aims that you can pay your kids? Well, yummy. I would think it would be something reasonable like 12 or something but then, but then I think it's the IRS. So God evidently notes, six years old. Alright, sweet. So W E only has a couple more months. Totally. And by the way, if you think that's weird, go to an immigrant owns dry cleaner donut shop this weekend. And you will find that there is a sub 10 year old kid likely working behind the counter on the weekends. Our buddy that owns the Armenian calf, bam. And the day they turned six, he brought him down to a an Armenian restaurant, put them to work. And they had to start earning, you know, like, hey, and it was good. I made my kids work. I wanted them to see like, we're not a trust fund family. We're not idle rich, like we work for our money and your the food that sits on your table goes to it. Now I saw a ton of tax questions. So as long as somebody's saving these, I will get to those. And we may do them on the feed. We may do them our next week. But I want to give some time for Dominic. And we are I have to wrap this up in about 20 minutes. So just understand there's a whole world out there of things. And the number one complaint that I get in my office is yeah, my accountant just sits and like does my taxes at the end of the year. And they're just like, okay, man, you owe them this mean this. It's like financial dry cleaning. Really, it's like the equivalent of financial dry cleaning. And so, remember, nobody cares about your money as much as YouTube, we do a damn good job at my office. But at the end of the day, you do want to know some of them. So you know if they're doing a good job. So we'll answer a bunch of these questions next week. And we won't be quite as limited on time as I am today. But it's right before the March 15 deadline for corporate taxes. So I got a little bit of craziness going on behind the scenes here. So that's it from my side of things. Dominic's what is do you have any comments on that? And if not, let's move over to what yeah, actually, I do I have. One that I think that you've probably answered super quick. That was somebody said and I actually was curious about this is how does that not count as a gift? Like, you know that like the whole gift thing? If you pay your child is it? Is it because they consider them an employee? Is that why it's yeah, you want to be an employee, you want them to get a W two, sorry to spilled water all over my desk, you want them to be an employee, you want them to get a W two, you want all of that. And again, we can go into details on this. And by the way, guys, I have an actual full on like 12 week tax course. But we're going to redo it, I'll keep you guys posted on that. We're going to do another one for you guys. It doesn't mean you want to do your own taxes, it just means we're going to show you the stuff that the accountant isn't showing you so you can be a much better educated consumer because like I said, this will be your number one expense over your lifetime if you're successful. And on it will also be something that you don't want to outsource to someone else 100% Because you gotta keep an eye on them to make sure they're doing the best job for you possible. So So yeah, let me give you a comment on this thing about the eBay thing. So this is this is kind of actually fits in the make more side of things. So some of you guys probably follow Gary Vaynerchuk I'm gonna guess. Ron and I have been following him since like episode five of wine like young TV RT RT billion just sent me his new book here. So I just started reading it. It's friggin awesome. It So, by the way, if you're boosting, alright,
thank you so much. So what I'll tell you though, is interesting couple years ago, well now it's been a few years now, right before I started my business. So I took a little time off between when we had the exit out of our software company I was in, so how to opportunity take a little time and recover from the stress of that. And it's interesting, one of our friends, he actually just passed away not that long ago, but he was in, right up near you in Oceanside. That dude was doing just going to garage sales and a few auctions here and there, and running like a $30,000 a month eBay business. And so it was interesting, because he was like, Hey, you should do some of this. And I was like, I don't know. So at the time, like I really was just kind of hanging around. So I was like, Well, let me just try it. And it's interesting when you can go to these garage sales. And if something looks kind of funky, you Google it really quick, or look on eBay. Now I know there's pot and there wasn't Poshmark at the time, there wasn't all some of these other things, but But you could go on eBay, and you'd look at what it's sold for. And it was crazy how much stuff I would pick up for 25 cents and turn around and sell for $50 like fishing reels. I used to crush on fishing reels because that especially lady dies. Somebody you know, getting rid of all these fishing reels or, or a guy was like his wife was like, You got to get rid of some of your fishing gear, right? Like that kind of thing. And for a buck and turn around on eBay with like, no effort and sell it for 2550 bucks. I mean intended. So then we got a little bit deeper into it. And we found these like auction houses. And it's just like these warehouses and you just bid on stuff online. It's like you don't do it. And you're just sitting there bidding. And you're looking at eBay going like what can I sell it for? And you kind of you have to have a little I will tell you, man, if you get into this, like, when you're bidding against people, it's amazing how you competitive you get, maybe that's just me, but But you know, so they would do that. And I remember one time I bought these, like they had a home they have boxes upon boxes from a warehouse that had flooded of these backpacks. They were like Kelty like military style backpacks. I bought, like pallet of these things on funding, I think 100 bucks for the whole I don't know Ivana might remember that not not, but I want to say I'm paying 100 bucks, maybe for the for the boxes of these things, and was selling it for $75 A piece. Another one I bought photo paper, which isn't kind of a thing now, right? Like it's all different people submit their stuff. But why do we need like, yeah, what is what? There was a time when he goes over to the camera. But I bought I think 12 cases of photo paper like read, you know, the 12 cases of the reams of photo paper. I bought those I think for like 100 bucks for all those cases. And I was selling them for like $25 a read. Oh my God. And so it was crazy. So I think we got about I was doing again, I was this was like, an hour a week or no? Well, more than that. I mean, I probably spent five hours a week working on it. And we're talking I was probably doing between three and five grand a month profit. And you're right, we could write off everything else that was attached to it. So it's kind of a cool thing. Getting into it so so don't don't don't sleep on that idea. If you guys are looking for a little extra cash and have a little fun if you're you know, below patients, it's a cool thing. And I'll tax write offs.
I'll tell you two quick, crazy things. My wife used to find gold at garage sales. She hasn't really gone a whole lot lately, but she would literally find people selling cheap gold. Like they didn't know it was gold. It looks fake. And she had a little test kit where she can discreetly test it. And it's literally gonna take the gold that she bought that morning walk over there was a guy in San Marcos here, which is a couple of towns inland. I was like Father Son gold business, and they paid the highest rate per ounce. They'd were tested. Yep, it's good. It's this carrot. Boom, here you go cash. We have a buddy of mine up north. I will not say his name. But he runs a poker chip company, which is pretty cool. But he does crazy stuff with trading cards like in the SAS thing years for rookie cards and stuff like that. It's crazy. Alright, man, did I leave you enough time to talk about? Yeah, for sure. We just come back to this. So the Stockholm Syndrome. That's it right. That's it? That's a new version of it. Yeah. So let me give you some background to this. I actually shot a real on this and the other day, and it's kind of going crazy. It's one of those ones that just just hits you know, the world of social media, right. But it's a topic that I came up with a few years ago. So I'm gonna give you the background. I was talking to this guy and grill smart dude. And he got which I get hired a lot to do this or used to get hired a lot to do this. It's come in and hire sale fix and sales teams, right. So somebody would say like, Hey, I need salespeople. And I've interviewed a bunch and I need you to come hire them. Can you can you do that? Because I've built sales teams all over the world, right? So I go Yeah, sure. So I went and meet with this guy up in Colorado and you They good dude. But he hired you. I was like, Where'd your current salesperson come from? And he was like, well, it was the building managers cousin. And I was like,
Well, if he's the building managers cousin, that was his qualifications. Alright, sweet. That's great, we're sorry. But what was interesting, what I started to find out is that over and over and over these founders were like trying to hire a salesperson, because it would try to scale. So my figure is you can get, depending on your business model, you can do about as a solopreneur, probably anywhere from 700,000 to about 1.3 million. And those aren't arbitrary. Like, literally, I've seen this over and over and over about 700 to three $1.3 million, that you can do sales on your own. If you want to scale past that, you have to hire somebody, you just can't keep up with the workload, because you're usually at that point, selling and delivering on that stuff, you might be able to stretch it to like 1.5, if you have a team delivering it, but not much beyond that, like some point you if you really want to scale, you got to get out of the day to day sale. So what happens is, you as the founder, have the ability to sell like you walk in there, you're the founder of the business, you have a certain amount of credibility, because you created the product, invented the product, wrote the software, whatever you walk in there, there's a certain amount of credibility in there. To your point, nobody cares about your sales or your money as much as you do. Go in there with a different passion. And the other thing that you get to do is walk in there. And if somebody wants an exception, you go, okay, like, cuz you can, you can make that decision on your own right? You go to hire a salesperson, they have none of the above. Right? They didn't invent the products, they don't have instant credibility. They don't care about business as much as you do, even if they care. And you know, you can get ones that definitely care about your business, but they don't care like you care, right your business. And they usually can't make those exception decisions without talking to somebody. So already, you're kind of hampered. So we came up with Jim, that discussion. I was like, yeah, man, it's like, you've got like, founder selling syndrome. So that's kind of just where it came out with. So I'm speaking at the stage, this is a funny story. I'm literally speaking on stage in New York City. Five 700 people in the audience, something like that was pretty decent audience. The speaker after me was the aforementioned Gary Vaynerchuk. But he's coming on right after me. And I'm
telling Dominic rose, by the way, I don't think you guys realize how would a baller Dominic it? All right, just just scheduling. That was a scheduling error. So the good news is before just don't want to be after that's for Dang. Sure. Right.
And it's funny because I used to say like, I would try to I like analogy. So I was like, well, founder selling syndrome is like, and you know, I'll come up with different analogies for it. So I'm in front of this big group, my wife is sitting front row. And I'm like, founder selling syndrome is a little bit like, and then I was like, man, Gary Vaynerchuk is coming up for me after me. Why not? I was like, it's a little like herpes. Until it flares up. So. So my wife just, Oh, my God. I mean, keep errs last fee. Yeah, there's this delayed response. And then the audience just loses it. Right. So it's funny because I still get people who will be like, Hey, man, I saw you speaking at the digital agency Summit. I was in there for Gary Vaynerchuk. You're the guy who said herpes, which is better than me than calling me the herpes dude, which would be way worse, but but it does beg the question, how exactly do you know about herpes? Wow, it's the great art. Just think of ex wife joke in there, but I won't. But um, so the so anyway, so what the the deal of it is, is most people don't know that they have it right? They don't know that they have founder selling syndrome until you got a problem. And usually that problem occurs when you try to hire somebody. So what happens is now you gotta hire a sales rep, and you pick your building managers, cousin, or whatever, for a number from you or something, and you try to bring this person in there, and they suck. So then you're like, Well, that was a bad decision. Let me go after an actual professional salesperson. So you try to hire and go through all this stuff, the hiring professional salesperson, which the very thing that makes them really good at sales as usually also makes them very good at interviewing. It doesn't necessarily mean they're good sales rep, but they convince you
that they are. Can I interrupt for one that is such a great point for any of you guys that hire people. First of all, we're going to have the football draft coming up and another day Dominique will talk about the Chargers signing Khalil Khalil Mack and what it means cuz he's a beast. But keep this in mind. First of all, even in the NFL Draft guys will do all this research. They have millions of dollars of research and analytics and they still pick busts. Right, right, right. Right. Yeah. You know, but who else was Raiders pick the guy. That's number one. But Dominique just made a really good point here if you guys are scaling a business, which is the average employee has a hell of a lot more experience in interviewing than you do in interviewing someone or being interviewed, then you do an interviewing them. And a lot of people are really good at getting interview, you know, giving up an interview, and they absolutely talk in the real world. So you can talk another time about how to handle that, but carry on, I just want to very thing that like, yeah, it's not you. It's all of us have gone through it. Okay, carry
on. Good. Yeah. So the the real thing that starts to happen, and this is what I started notices, even if you hire the best sales rep in the world, they need to know, like, the details of how you sell. And for most founders, the problem becomes that because of all the things I mentioned before, those three things that they do that are different than everybody else, they actually don't know. And actually, if I asked most founders like, well, what makes you a great salesperson? And it's like, Ah, I don't know. I mean, people just say yes, right. So they don't know how to train that. And that's the thing. That's the really the disconnect there. So I used to joke or I still joke, I guess, with people's lives, like I speak founder and I speak sales. Because the thing is, you have to be able to turn talk to that founder, listen to what they're doing. Okay, I can translate that it's almost like mapping a file in Excel, it's up to nerdy anyway, it's like, trying to figure it out. What does this mean? Opportunity, right? But it's like, how do you move that thing, what you're saying over here into the column that matches what a sales process would look like for a sales rep. And so two things happen as a sales, we've all see this all the time with executives, if you guys are on a business, or if you're an executive at a company or thing I've asked you just think, give this some thought, because I see this almost all the time, right? You have a sales problem, whatever it might be, you're not getting enough sales, to your business isn't growing, whatever you're maxed out, you're just tired of doing whatever the problem might be. And so you try to hire somebody to come in and fix it. Or you try to hire somebody, or at will, and you try to hire somebody also to drive sales. In most cases, those are two completely different human beings, the guy who can go in and fix the structure of your sales process, and document everything that needs to be documented, and put together a script out of your phantom, you know, owner version of stuff, right turn all that in is like a sales leader, like you're talking like, you want to hire an SVP of sales from a major corporation type of guy. On top of that, I gotta give a shout out to Chris, Hey, Chris. That's my buddy Dominic. Alright, sorry, man, then you get on the other side of it, or you have a salesperson who can go out and sell. But most of those people actually need to be told what to do. Now, they all say they don't need to be told what to do. But that's a lie. It's a dirty lie. They know, they do need to be told what to do, they have to give it be given a script though, modify the script, but give them a script, give them a way to do it. So the big part of it is, is for most people, and I put this in my you know, reel the other day is just the the fact is you have to have a really good training program, you have to have a really documented script, and you have to spend some time with them. And most of those things for people is just too much for an entrepreneur. And so that's, you know, we're guys like us come in, right, just try to help with some of that. But founder selling syndrome is probably an answer to a lot of what's going on. And I think for most founders, it's just helpful. And I'll keep this brief because I know you gotta go and let's wrap up here and see if there's any final questions. But is it just kind of being aware of it that really helps more than anything right to be understand that go like, Oh, shoot, that's why I'm keep hiring bad salespeople because usually people hire me to go, Can you find me, a good salesperson, I'll go through the list of people that they tried to hire and I'm like, those were all good salespeople. The problem was you you thought
your hair so that's your herpes flare up for the day. And so under selling syndrome, that's so great, Dominique, I'm so glad it's such a classic. You know, I was like, you know, my mom's lit up in her room. I should invite her on. And now I'm glad we did. Oh, right. She's like really she's like, you seriously can't come up with another illustration. I'm like, once it came out, I like it, they won't forget it. I think the illustration again, for those for those of you who joined late just so you guys know we didn't we didn't get through this. But you know, the podcast is called the make more keep more most days today it was the keyboard make more and go back and listen, I'll post this in a few minutes here but go back and listen from the beginning. Because we talk a lot about taxes and some of the advantages at a 30,000 foot letter level and but we will also dive in a little deeper as much as we can on any given one of these and then like I said, I'll have a class coming up like a 12 week class for all this stuff where we just dive into this way detail. We won't do it on IG live so I can actually pull my screen up walk you guys through some of the edits. So like Dominic said, Just let us know what else you're interested in. So And next week, Dominic, I cannot speak for you. But I will let you go first because I stole the majority of the time today, a selfish jerk that I am. But what I want to chat about next week is risk. And how much risk particularly if you are an entrepreneur should you be taking with your money that you pull from your business. And we're going to chat about the importance of pulling money from the business. And I don't know if you've thought of what you want to chat about. But I'll tell you guys, what I'm going to be covering in upcoming weeks is mortgages, how to pick the right mortgage, we're going to go through why your 401k stocks, we're going to talk about some of the other most popular financial advice that gets repeated all the time, and what's good in that and what you really shouldn't listen to so all designed to help you keep more dominant, you're going to be going into all kinds of stuff related to driving sales, fixing processes, basically making more. That's that's the stuff man and we're gonna I'm gonna break down a big fun one next week to when you're talking about risk pooling. You know how much money and pulling from the business risking it you know, a lot of that has to do with how much money you're pulling into the business. Because that reduces some of that risk. Right? So we'll talk about that. But I'll share it next week is I'll make a note and I'll share if you guys are interested kind of the really, to me the one thing everybody's missing right now, there's some really interesting stats that came out post COVID on sales on the big stats guy, most salespeople seem to not look at stats. And like, as we already knew, the world has changed so much, but it's fundamentally changing one aspect of sales that you guys could implement any one of you and you'll you'll literally stand out because you're the only one doing it. So we'll warn you I can't wait to hear what that is because I genuinely don't know. Yeah. Katie through it and balanced approach and somebody else can read the name oh, it's also Katie and Katie my friend you're a friend now. Saving more that was kind of the idea and we got to give the shout out to Ivana Dominic's really talented I mean he's listening so I'll be careful about what I say. I don't want to get her too big of a head but um but uh vana oh and thank you Miss Hoffman will be you'll you'll love it when you see the math it'll blow your mind but this was a Vaughn his brainchild which is why he talks about making it you talking about keeping a year away can be chocolate to his peanut butter or the snake to his lungs Alright, let's let's let's let's tie that the hell out serpents boy like literally literally you are not going to lecture me anything I knew you were going with that one nose out here Are you in or PS level and apparently they were when I went to buy like light they were added deeper ring lights like kind of the thing started got a whatever one I did died midway through so we're going to try. Oh, thanks, Jake. I'm glad you enjoyed. Hello. See if my light works. Nope. Like there's something going wrong with that. I'm going to get a new light for next week. And all the Elgato man Elgato key light especially auto key light. Alright, I'm gonna check it out. Tell your friends. We'll be here next Friday at 8am Pacific. You guys are gonna love it. Sorry people just dive in and I'll have this posted in the next few minutes. Definitely check it out. You're gonna make more. You're gonna keep more. Alright, that's it for today. I have no idea how to end this. There we go. Alright, take care, man. I'll try my best. We appreciate all you guys on here. We'll see you guys soon.
Transcribed by https://otter.ai
