Episode Transcript
[00:00:03] Speaker A: Welcome to create wealth through franchising podcast and Kim Daily TV. I am your host, Kim Daley. I want to educate, motivate and inspire your business ownership journey by interviewing CEO's, leaders, sales coaches and exceptional franchisees to learn their valuable insights and strategies that we can apply to our own business ownership dreams. Now onto the show.
Welcome back to create wealth through franchising podcast and Kim Daily TV. Our special guest in the house today, guys and gals, he's bigger than Kim Daley is on YouTube. So let's bow down to Mark Kohler, the king of YouTube. Mark, welcome to the studio of Kim Daily TV.
[00:00:53] Speaker B: Thank you so much for having me. I thought I was king of the nerds, so this is up level for me. I'm so honored to be here.
[00:01:01] Speaker A: Oh my gosh. Ladies and gentlemen, we spend a lot of time setting up the conversation of how do you invest in the right franchise? How are you successful in your business? But we don't spend a lot of time talking about how do you. Can I say avoid, or how should I say it, Mark, can you avoid paying tax? We don't spend a lot of time talking about saving more money by not paying it out in tax. And that's what Mark is here to do. He's an attorney, he's a keynote speaker, he's a best selling author. And did I mention, yes, I did. He's the king of YouTube. So, Mark, with that introduction, why don't you introduce my followers a little bit to who you are and what you do? And then we're going to dive into this juicy topic of giving these people some advice on how to make more money in their current business.
[00:01:52] Speaker B: Oh, I love it. Again, this is such an important topic because so many of us rush out the door to make more money. And then on day two, we're like, okay, what do I do with my books? Oh, my gosh. How much do I save for taxes? Am I going to pay taxes? How do I do it? And what entity do I need? And, oh my gosh. And then we go to Google to try to find the answer we like, not that it's the most accurate. And so it gets to be really, really challenging for the small business owner to find the right tax and legal plan, if you will, or structure. And so I'm a CPA tax lawyer specializing in Main Street America. Most tax lawyers with my pedigree are like rushing off to the big cities to do corporate mergers and be in the tv show suits. And they're just, that's their game. I just love small town America and business owners that could range from a landscaper to a doctor to an anesthesiologist to an engineer, an online influencer. Just that small business owner that's trying to make it happen. So we have a law firm that we help clients all over the country just through Zoom and give them real practical advice. We have a trust company to help people invest their iras and 401 ks. And then our CPA enrolled agent tax network, where I'm training accountants that speak. Mark Kohler and so we're trying to get that word out to everybody through multiple avenues. And you'll see me on YouTube and on Amazon and all that. Just trying to spread the good word that the american dream is still alive. You can do it. The tax and legal is not as hard as you think. And it's so easy to captain your ship. And that's what I'm doing. And it seems to be resonating with some folks. And I'm just so grateful to be here and share the message with you.
[00:03:23] Speaker A: It's so good. It's such a needed advice because there isn't anybody in my world. Look, I've been doing what I've been doing, Mark, for 22 years, and I haven't run across anybody like you. I've come across thousands of questions. And I'm like, get a good. Get a good CPA. You're like, ask your CPA. Like, I'm always deferring to the CPA. I'm not going to give you that advice. I'm not qualified to do that. You know, I might be like, what are other franchisees in your system doing? But here's the expert here today. Does Kim Daley find the best people interview so I can provide you with the best information? Yes, she does, Mark. And I, when I read his bio, I said I need to have him on my show because we are both speaking to building the american dream. So this is going to be awesome. So, Mark, let's dive into that topic. So we own a small business. Like even, maybe even before we start the business, let's just start there. What are some practical tips for people who are about to sign a franchise agreement? Are there things that we should do in the setup? Because in my experience, if the setup is good, things tend to go a lot easier. So let's just start there for those people that are brand new or almost new franchisees.
[00:04:34] Speaker B: You betcha. And I'll focus on the tax and legal lane, which is my real technical expertise. And I'll give you guys, some great tips, but we've been consulting so many business owners in the same stage that I do talk about having that one page business plan.
Don't talk yourself into a business. Try and talk yourself out of doing that business and see where the weaknesses really are and what your strengths and weaknesses are in the franchise you're looking at or any small business.
That business plan process is there to help you avoid a disaster and also find a golden nugget and be discriminant.
Be very investigative if I could, and I know it can be exciting. You're like, oh my gosh, I found this perfect franchise. Well, it could be perfect, but maybe it's not perfect for you. So be hard on yourself. Know that you're an entrepreneur inside and you're going to find that perfect business and that passion, but you don't have to rush to do it. And on the flip side, we don't want to get in an analysis paralysis and never take action either. So be confident in yourself, but be careful. So that's just kind of a big picture I love to talk about. But on the tax and legal, the first thing is track all your expenses immediately. Don't feel like you have to rush out and open up a business account. You may be spending for things like Costco or staples or Best Buy or Apple Store. You may have things you're bringing to the business like a laptop, a desk in your home office, whatever it is. Keep a spreadsheet, that's fine. You don't need to have Quickbooks online yet. If you're going into a franchise, they probably are going to have some sort of industry software that they've chosen for you. But in the meantime, you're experiencing the startup stage and all those expenses are a write off. If you hire someone, if you do some marketing, some test product, focus groups or something like that, any expense you have, I want it written down. And that is like gold to us accountants because when you go to start the business now, I'm going to say, well, where'd you spend getting here? Oh, well, it's on a credit card. I paid cash, or it's on a debit card. Grab it, get it, go find it. And accountants don't have enough tenacity to force their clients to do that. So I want to challenge you all now to gather those expenses up now. So important.
[00:06:50] Speaker A: Hey, daily Coach fans, if you're loving this episode, please do me a quick favor and leave me a five star rating and a review. Your feedback fuels my growth and rankings and shows others that this podcast is valuable. Now back to the show.
It's really important. So as a small business owner now for 26 years, I have my little box. I set it up in January with all my little January, February, March, all my files. And then as I spend money or invest money to make money, I put the receipts in each little file, and then I give that to my bookkeeper, and she puts it all into the spreadsheet and goes off to my accountant. And then he comes back with the good or bad news about what I owe the federal government.
It's a highly refined process, but it's still a paper process. And you just have to be, you have to be consistent. And, you know, as you get into becoming a business owner and you realize, oh, this is a write off. Ooh, this is a write off, right. The more you do it, the more excited you are to put that receipt into the file to make sure that you get your tax credit. So switch over to the attorney side. So not that we're going to give any legal advice on this show in any way. And let me say this.
[00:08:04] Speaker B: I know I'm giving some damn legal advice, and I can do it. I'm a lawyer. So let's go there. Damn it.
[00:08:09] Speaker A: I don't know. It makes me nervous. It makes me nervous.
[00:08:12] Speaker B: Okay.
[00:08:13] Speaker A: He's saying it, not Kim Daley. So in terms of, like, some people will say, oh, Kim. So what kind of entity should I set up for my business? Mark, are there, like, fast and furious rules about, well, if you have this kind of business, you want an s corp, or if you have this kind of business, you want an LLC? Or does that, is that dependent on how the person's building the business and what kind of outcome they might even want to get out of it?
[00:08:37] Speaker B: Yeah, there's a lot of variables, and it doesn't have to be complicated. So I want to give some basic advice on where to start there. Absolutely. And if you'll allow me, I want to digress and just go back to your last comment about your system. And, Kim, so many business owners need to be doing at least what you're doing with your accountant. But I would propose that's level one. That's level one. Like what Kim's doing with her books and handing her crap off to a bookkeeper. And the bookkeeper's like, well, tell me about your debit cards and all your credit cards. And she's trying to gather all that. What did you pay for in cash? A good bookkeeping system. That's level one. But then when you hand it off to your accountant, do not absentee. Leave the room. Leave the process. You're the captain of your freaking ship. You should know. Hey, am I writing off my kids? And in a creative strategy, what am I doing for my audience? Did I write that trip off? What can I do better with my electronics and my cell phones? Are all my kids on my board, my spouse on my board, my family members? Where am I deploying my money? Am I using the right retirement account? What am I doing for my healthcare? Your accountant is not going to freaking pull that out of a hat for you. You've got to be at the table. You got to be present, and those strategies are not that hard. Oh, this is how I pay my kids. Oh, this is how I deal with my health care. You should know in general. And if your account looks like a deer in headlights when you say, I want to talk about a health savings account, and they're like, okay, you got the wrong fricking accountant. So that's level two. And so many people think I could just hand it off and bye, and I'll come back and pick up what I owe. Uh uh. Kim, I want to save you freaking thousands. And you've got to know if your accountant is on the right path for your ship. And if they're not, you're throwing them overboard and getting someone else. And it's not that hard to find a good accountant, too. Sorry. Get excited.
[00:10:15] Speaker A: Yeah, I'm leaving out a lot of steps because my accountant is more like my friend and my advisor in so many other ways. I talk to my accountant over text, email, phone, probably every other week. So we. We are hand in hand. Like, I don't make a move without calling Jeff. You know why? You know why, guys? Because, like, it's funny. Like, I'll be like, oh, my gosh. Like, that's $120,000 expense. And so then I call Jeff, and he's like, yeah, but after the tax credit, it's actually only 40 grand out of your pocket. I'm like, he always makes me feel better about spending money. So you gotta have an accountant that literally, I think, is, like, my guy. He's readily available to you, and he can give you, you know, he knows where you're at, and he can give you the real world. Like, okay, this is what it actually costs because it doesn't cost that because of the tax advantage. It's. It's so it. That. That's a well taken point.
[00:11:03] Speaker B: Yes. I love it. And you're doing it, and see, it's so nice that you shared that because if we would have left this conversation where people thinking, oh, this is what Kim done and hands it off. Okay. No, no, no. Notice what Kim said. She's taken it to level two where she has an advisory relationship. That's what business owners are dying for and starving for. They just don't want someone to prep their taxes. They want a tax advisor. And so what I created two years ago was my main street tax pro network. And I'm training accountants, enrolled agents around the country. We can talk about that later, whatever. But, and I've got a link where any of you, they're like, I need to find one of those. And, and I want to interview them and find them. I got a network for you. Cool. Don't worry about that for the moment.
[00:11:41] Speaker A: Stay to the end. We'll give that on.
[00:11:43] Speaker B: Yeah, you're going to love it. And so, but listen to what she's got, guys. This is so deceptively important. She's got a tax advisor, someone she's meeting with monthly now. She's got a great relationship, someone that will take her call wherever. I wouldn't take Kim's call, but I would do this.
What I would do is say, kim, let's have it. What a good advisor should say, kim, I don't want you calling me in the middle of frickin night. They're going to say, let's have a call every month. So on the first Wednesday of every month, we're going to meet for a half hour. We're going to talk about what transactions are going on. Did you hire someone new? Did you expand this? How much did you make? How much did you take out? Blah, blah, blah. And so all of those conversations should be scheduled to be talked about. And that's a tax advisor that's really invested with you and your business. And holy crap, I got people, mark, I'll pay you 1000 because I know you're going to save me ten. Your tax advisor call should be your most important call of the month in how you save money. Taxes are your number one cost, but no one wants to talk about it. Schedule the call, find the advisor, build that relationship even before you buy the freaking franchise, because once you freaking let that train leave the station, you're going to be going 100 miles an hour soon. And you've got to have that relationship where you can go down the engine and go talk to your engineer and go, hey, what's going on? So, so important.
[00:12:58] Speaker A: It's really good advice. It's really fun. Yeah, you know, we do. We spend a lot of time talking about how we're going to earn money in our business, but we don't spend enough time talking about the tax advantage. Even though like, if you watch my content, you know, I'm talking about the reasons you invest in a business. You stop trading your time for money. You're building a cash flowing asset. You're building equity and creating tax advantage. Right there it is in everything I say. But there's not a lot of focus in anything I'm doing because I'm not that expert, nor do I have the expert. Now. I have Mark Kohler in my back pocket and you guys can find him on YouTube. Did I mention that? I love you too, Mark. I think it's great. Okay, so that's a really good setup. Go ahead.
[00:13:38] Speaker B: Yes. Yes. I feel bad because I want to get back to your first question, but this, you opens up to pandora's box. Forgive me, Kim. I'm going to say is that I just love that you people are the captain of your experts and don't let them demean you. Talk down to you think they're going to smarter than you. If you ever feel shamed or demeaned by your advisor that thinks you're crazy, you got the wrong freaking advisor. They need to be on the same side of the table with you, not across the table from you. And that's just so, so important. And you know, my wealthy clients, they understand tax strategies. You want to get rich? That's the theme of this show. You got to know where your money's going. You got to have a good understanding of what a balance sheet is and a financial statement and be able to open your tax return and go, yeah, if your lender for your next rental property knows your tax return better than you, you got a problem. And so. And it's okay. You're going to get over this. I know. There's so many demographics of young, old, male, female that are like, oh, numbers scare me. Well, own it. Get it. You can do it. So, all right, now we gotta get to legal, I guess.
[00:14:39] Speaker A: I love your passion for it. And you know what, I'll just add this and then we'll move on to. We can go to that question about the entities. But so you, those who follow me, you know my story that I was able to retire myself about, well, last year. But that's because about four years ago, I started thinking differently when I met some truly wealthy people and I learned about infinite banking and I started putting my money in motion rather than saving it. And all of this added up to some amazing tax advantage moves, right? So I took some tax hit because I had been following the traditional path of putting money into that self employed pension plan. But once I saw that greater wealth could be created by investing in cash flowing assets, businesses, passive investments, and create way better tax advantage for myself, it was, you know, all bets are off. And I little by little, siphoned that money out, took the tax hit, put it into, into motion, and then within four years, was able to, quote, retire myself with more annual passive income coming in than most american families make in a few years. Like, I'm incredibly, incredibly blessed. So if you follow the right path, and it's just, like, in the franchise, the reason you're buying a franchise is you don't want to reinvent the wheel. Well, I didn't want to reinvent the wheel. I didn't even know there was a wheel to reinvent until I started asking some really good questions of some super wealthy people. And then I was like, hmm, they don't do what I do, so maybe I should follow what they do, because it seems like they know a little bit more than I know. So, again, these are all not to overwhelm the initial startup conversation of, oh, my gosh, now I'm buying a business, now I got to become a tax expert? No, you're going to learn to become your own tax expert year over year over year. Like, it's just becoming an advocate for yourself and not being, like, all passive, like, just thinking that your accountant is going to do the best thing for you. You're gonna do the best thing for.
[00:16:34] Speaker B: You, Kim, you open up so many doors here when you talk. So let me say. I gotta say two things, because we're on. We're on the same page here, but just a couple people. I am never, ever, ever gonna ask you to be a tax expert. So, Kim, I would change your vernacular there.
[00:16:50] Speaker A: Love it.
[00:16:50] Speaker B: I'd like the word you used. You're gonna be your own best tax advocate. Okay, people, you need to know what the strategies are in general and what you're doing and to get there.
That's being an advocate for yourself, that's having a relationship with an advisor. But don't you ever think, I want you to be a tax expert, Kim? Hell no. You be an expert at what you're good at, but you've got to manage your experts. You've got to be your own best advocate in this area. That's a lot more mentally digestible. I can get there. That's not a leap. And I can understand some. Oh, I'm going to listen to mark Kohler's podcast once in a while. I'm going to watch YouTube videos. Oh, why isn't my accountant to talking to me about that? Okay, I don't need to be an expert, but I can bring up the conversation and then find out if my expert knows what the hell they're doing. Okay, now you also opened up another major box.
[00:17:39] Speaker A: Oh boy.
[00:17:40] Speaker B: Yes, seps, self employed pension plans suck, but they can easily be rolled over to an IRA or four hundred one k and you can buy businesses in your IRA. And Kim, I don't know what you did. I want to be careful and what you've said in prior, but I'm going to be out there because I'm transparent. If any of you ever drain a Sep or 401K or IRA to go invest in insurance, I'm going to come punch you in the face. People do not take a tax hit to go invest in something that has a long term plan that is very, very dangerous. And be careful. Infinite banking is okay for a very, very, very small sliver of the small business owners in America. Be careful with that. And never drain a retirement account. You want to invest your retirement account in something you love? Let's self direct it. I've got clients that are doing real estate notes, small business franchises, everything in their retirement account and paying zero in tax. And they're not paying out commissions to someone else with a great idea. So be careful. Get second opinions. I'm not saying those strategies don't work, but they don't work for everybody. So I like what you said, Kim. Be careful. Everyone with a retirement account, because they can be sucked into Wall street. And we don't want that either. We don't want to just be stuck in stock bonds and mutual funds and ETF's. But I don't want to just drain it all to, heaven forbid, put all my eggs in one other basket. So we're going to be strategic. I want everybody to fund their IRA, everybody to fund their 401K. Seps are old school, but we can do that in a very strategic way. And just because I'm doing it, just because Kim's doing it, just because your neighbor's doing it doesn't mean you do it. Everybody has a different effing plan. So own it.
[00:19:11] Speaker A: That's good. That's really good. You're right. It definitely worked for me. My strategy worked for me really, really well. But you have to. There's more just like when I was a personal trainer. There's more than one way to get in shape. There's more than one way to prepare your financial future. And so you just got to get educated and then decide what feels right for you. So let's really get to the point of like, let's give some real good advice on how do we make more money on our money. Like, what are some tips or tricks or strategies to making more money?
[00:19:43] Speaker B: Kim, that is a perfect question for this segue into the legal structure, too, because we need to have a structure where we can receive the money we're trying to build. If we're disorganized and don't even know where our checkbook is or where am I going to put this money, where is it going to go after? How can you be building something when you're. It's. There's just, it just doesn't work against the universal laws of building wealth. We've got to be organized so that legal organization, and I know you've seen it on my channel, is that the phrase I've coined over the last ten years? Trademark is just so powerful. A picture says a thousand words, and it comes down to the trifecta. The trifecta, and this isn't from. So I married an experiment, which is a great show with Mike Myers. But this is the trifecta of your tax and legal life. So quickly, what it looks like, and I'll just try to describe this with words, is your foundation, is your estate plan, that's your revocable living trust. We're not setting up crazy irrevocable trust and all this nutty asset protection. We can add that later. Everybody needs at least a will and trust for their assets when they leave us. You know, we're all going to die someday. News alert, people. So are we organized with our legacy and what we're leaving? And that's our tax return, too. That 1040, all the water flows downhill. So we've got our trust and our tax return at the bottom of this trifecta. Then on the left we have our operations, and on the right we have our assets, and we want to let the left side do what it does best. And that's make money, take awesome write offs. And then as we make money in our side, hustle, main hustle, franchise, whatever that small business is, or multiple small businesses, we're going to take that money and shift it over to the asset side so it can start working for us in multiple ways, from rental property to investments inside or outside multiple units in your franchise?
Yes.
Okay, now, see what you just said, kim? That's not assets, that's operations. So if I'm going to be doing operations with my franchise and adding additional stores, additional franchises, additional small, that's operational. I'm building my machine over here. Now, if I'm going to be a passive, and Kim calls me up and says, hey, Mark, you want to invest in a business of mine? I've got this new idea. I'll be like, okay, how materially involved am I going to be? Is that an asset to me or is it my operational side? I don't know. But if I'm the main operator and I'm building all these small businesses and operations and, and franchises and structures, that's my operational side, then I'm going to take that profit and make it work for me over here. Unless I'm going to redeploy it in my ops, but I'm going to pull it over here and diversify. I'm going to buy rental property, commercial property, my own investments. I'm going to invest in stock, bonds and mutual funds, notes, insurance, whatever. That asset side is protected with this line down the middle of this, this structure that will help us move forward. And the trifecta shows that and explains it. So the right side is where we're deploying our wealth. The left side is where we're creating the wealth. And then those assets create that passive income and it all flows downhill and a river runs through it right down there to the bottom in that estate plan in our tax return. So if you could all just vision that for a minute, think of a realtor on the left, their rental property on the right, influencer on the left, investments in crypto on the right. It could be a doctor on the left. And I own a building on the right and lease it to my business. So I'm building wealth and I'm creating an operation left and right. So what structure do I start with? One of the easiest structures to begin with is that Simple LLC, a limited liability company. That's going to be, for those of you. Back to the original question. I'm going to start a little business. Let's at least, at least get your LLC going. Tax id number, a bank account. Start experimenting with bookkeeping, lining up your professionals, tracking your expenses. Put money into the business. If you don't have money, just, that's okay. Put money into the LLC and go. We'll convert that to an S corporation. When the time's right. We'll add additional llcs or franchises below that parent company. That's a parent operational company for you. And it'll be that nucleus where you're going to build all those operations. Then over on the right, I'm like, oh, I'm going to buy a cute little rental property that's a different LLC. I'm going to set up that LLC in the state where the rental property is. I'm going to go out and structure my assets around a good asset protection model. That's the right side. Do not commingle. Let ops be ops, assets be assets. And we'll start with an LLC on each side. And then with your advisor, you're going to level those up as you build and grow.
[00:24:19] Speaker A: Hey, daily coach fans, if you're ready to begin your own journey to find the perfect franchise, please email me right now at enquireimdaily TV. My services are totally free for you. That's enquiremdaily TV. Now back to the show, Mark. So when people want to work with you or with your team, where do they go?
[00:24:49] Speaker B: Well, and thank you so much for asking.
I will. I want to get back to some legal before we leave too. And leave one other major tip, because I want all of you to walk away with some powerful legal advice you can rely on. And I stand behind it. But first, we were back on that accounting side. If some of you feel like, oh, I've got my good legal structure and all that, I'm moving forward, but I need a good tax advisor. Get to my tax pro network. You can go to mark j. Kohler.com, markjcoler.com. Right up there. It'll say tax pro network. You don't want to be a tax pro. You want to find someone in my network because I've got those two, that division of responsibility and options on my site. So get over to the tax pro network and it's just like a scrolling page of link of LinkedIn. People that are just trained by me, certified by me, they can't be on there if they don't speak. Mark Kohler, next for getting your structure organized. If you are like, this is so new to me, I need that comprehensive consult with someone to build my trifecta and help me with a plan. Start over on our law firm site, kkoslawyers.com. Kkoslawyers.com. I've got 14 lawyers doing very affordable structural calls every day with clients all over the country on Zoom. You can usually get in within a week or two or sooner or later, depending on which attorney you want to work with, but they're all trained by me, and they're going to build your structure. It may involve an LLC, may involve your trust. It may just be building that picture and reviewing your last year's tax return. But if you don't have a lawyer that's working for you, like helping you once a year or twice a year, build that structure, you've got to find them. And our cost for like, a comprehensive consult might be 1500 bucks. And you get an LLC out of the mix. Don't think you've got to go pay these 510, 15,000 mastermind group, front end, blah blah blah bullshit. Stay away from that. Get a real lawyer that's talking to you, not someone that's in a cubicle that an influencer told you to use. Get a real tax lawyer and KK lawyers is that I stand behind them. They're wonderful. So I'd start there, find that good accountant, find that good little tax lawyer lawyer side that can help bring it all together. I think you'll love it, folks. And then you'll be on a path.
[00:27:00] Speaker A: It's a really good path. So you had one more tip. I don't want to leave them on a hanging on a limb. What was that? One more tip to help them save money.
[00:27:08] Speaker B: Okay. So when you go to start out, or some of you that are already well down the path, that operational side is just critical that you have your entity set up in the right state and maintained.
It sounds so simple, but people jack it up all the time because there's wolves out there in sheep's clothing. So if I'm starting a business in Florida, or I'm up in Oklahoma, or I'm out in Oregon, and I'm going to start my little business, set up your entity in the state where you live. Do not get sucked into this Wyoming crap. Nevada crap. Delaware, whatever. You're a small business owner on Main Street America, starting a franchise wherever that store, that online presence is going to be. Which means where you live now, I don't care if your servers are in Yugoslavia, where you live is where your llc is going to be. That's your first step. And then you don't have an LLC with one sheet of paper. Oh, I went to the state, I paid $50, or I went to legalzoom for dollar 200. I have a whole service where we just fix llcs for people because they think they can click one box and they're done. There's a process. You're gonna have an operating agreement, minutes, a stock certificate. You're gonna get a tax id number. You want everything set up for success and then maintain it. We've got the new FinCEN reporting, the BOI report, that has to be done within 90 days. And if you try to click this out on your website by yourself, you're gonna jack it up. So that first new entity, get that structure, get that plan, set it up in the state where you live, and then just start practicing. Practicing being a business owner, doing what Kim said, tracking your expenses. When that new entity, it's like a little child, and you want to help it grow, and it may not support you right away. Don't just quit your day job and put all this pressure on this little small business. Let it matriculate, let it turn from an adolescent to a teenager to a young adult, and go, oh, now I can survive on this. You might be working nights and weekends on that small business until it can support, don't put undue pressure on it and set up the entity where you live.
[00:29:12] Speaker A: It's sort of fun, I think, to be like. I always think it's fun. I do some parts of my. What my attorney used to do for me, my business attorney, because there were certain things. I'm like, Nadine, why am I paying you to do this? What is it? Filing your minutes.
Her rates are ridiculous. I'm like, I can do that. I'm keeping them. Where do I go? And you go to the state of New Hampshire, and there's my LLC, you know, my little LLC and the whole list of all the companies registered in the state of New Hampshire. I don't know, it makes me feel kind of proud of myself. Right? Like, so there are certain things that once you take ownership of it, it's kind of fun, and it gives you that identity of being a business owner, which, you know, you guys know, I'm the mindset coach. And if you can't embody that which you're trying to be, you're never going to actually be it, because, you know, life flows from us, not to us. So you have to embody that person. And I think it's just one more aspect of really kind of like being the CEO. Everything that Mark is saying, I'm like, oh, yeah. Oh, yeah. Oh, yeah. Oh, yeah.
[00:30:13] Speaker B: I love it. Everybody, look. Where Kim felt comfortable. She felt comfortable going on to the secretary of state and doing some renewals and all that, but then she was with taxes some. You may feel more confident on the tax side versus the legal side and where you're gonna kind of do some of the own. Work yourself. And I love it. Get engaged in it, people. We charge $200 a year to just maintain your entity. It can be very affordable. So watch. And I like Kim, how you're. You're shopping around, you're being discriminate. You know, am I gonna spend this much for crap I could do myself? And you're learning what you need to do. And so, people, there's just so much opportunity here to build wealth, to make more money. But it's not gonna happen until you're organized and you're ready to receive it mentally as well as in your structure and your physical presence inside the business world. It's got to make sense. And then it'll start to come or be like rain, and you're like, oh, my gosh, I'm ready for this. And you'll have all the downspouts and all the rain gutters where they're supposed to be, and you're going to build that wealth and build that pool of water that you want, and it'll take care of you for the future.
[00:31:19] Speaker A: You know what I love most about this conversation, Mark, is it's all about ownership and accountability. And even on the tax strategy side, you know, I spend a lot of time educating my audience on this success equation where it's 20% strategy plus 80% mindset. Right? Which is why I'm the mindset coach, because a lot of people sign a franchise agreement thinking that they got everything they need to go on and be successful, only to wake up one day and go, oh, my God, there's more to the story. And that's where Kim Daley comes in and says, I got you. I got you. It's how we think, how we talk, and how we act that's going to have the biggest determining factor. But the same thing is here. There's an actual tax strategy to help you save money in your business, but it's the mindset of accountability and ownership that drives that strategy. So it's all. We're all saying the same thing. Mark's expertise is a little bit different than mine, but it's the exact same conversation. This has been so fun. So I know that you are hosting a conference. And Salt Lake City, I know it's a far ask if anybody's in Salt Lake, maybe you'll go, but maybe you love what this guy has to say. You got to go follow him on YouTube, because he's a superstar on YouTube. Kim Daley can only aspire to be like Mark on YouTube.
[00:32:32] Speaker B: Oh, my gosh. Oh, my gosh. You're so kind. You're so kind.
[00:32:35] Speaker A: Tell us a little bit about your conference. And then also we teased them earlier about, like a show special or whatever. So let's go ahead and list that, and then we will put all of this, including all your contact information, in the show notes.
[00:32:47] Speaker B: Oh, thank you so much. So I do a conference twice a year. It's in Salt Lake in the summer and Phoenix in the winter. You want to trust me, everybody. You don't want to do Salt Lake in December and Phoenix in July unless you ski or June. Yeah, and I love to ski. So anyway, so we're going to be in Salt Lake for three days the first week of June. It's a full virtual broadcast as well, so any of you can watch from the comfort of your home. And you're a small business. But these three days are with 20 plus speakers, 24 breakout sessions, eight main stage sessions to business owners, accountants, lawyers, financial advisors, where we're all there mingling and networking and working together. We have a room block. It's very affordable to get to Salt Lake International Airport from anywhere within a three hour flight. You're there and you're participating. I have a big party on Friday night. We're networking through multiple sessions, great vendors, but it's there for business owners to really connect with other professionals that they need and understand. Like Kim, it would be perfect, like, for you in a sense that you're getting, you're in this class and you're understanding the principle, and then you go find a technician to implement it. But you know, and you're captaining your ship, so it's a really fun event. $500 general admission ticket. $500. Come. It's a tax write off. Everything you do to come to that event is a tax write off. And then we'll be in Phoenix in December. So it's the taxinlegal three 60.com. Taxinlegal three 60.com. You'll love it. If I don't save you more money than I don't save you five times whatever you paid for your ticket to be there, I'll give you your money back. I know you will save. You show up one class, you're going to go, I could have saved ten grand. What the hell was I thinking? And so it's just. It's just awesome.
[00:34:28] Speaker A: It's really good advice. It's really good advice. It's really inspiring news. I hope the rest of you are as inspired as I am today. Mark, thank you so much for being our special guest, our very special guest here today on Kim Daily TV. For those who are inspired to begin your journey to become a business owner, well, you know that I want to be your daily coach. Please follow the email on the screen right now or reach directly out to inquireimDaily TV. That's inquireimdaily TV. And until next time, my name is Kim Daley and I want to be your daily coach.
You can find more content just like this on my YouTube channel at Kimdaily TV. And if you're inspired to take the next step to explore franchises matched to you, please email me right now at enquireimDaily TV. That's enquiremdaily TV.
