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(Transcribed by TurboScribe.ai. Go Unlimited to remove this message.) Welcome to the Business Credit and Financing Show.

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Each week, we talk about the growth strategies

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that matter most to entrepreneurs.

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Listen in as we discuss the secrets to

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getting credit and money to start and grow

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your business.

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And enjoy as we talk with seasoned business

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owners, coaches, and industry leaders on a variety

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of topics from advertising and marketing to the

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nuts and bolts of running a highly successful

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business.

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And now, to introduce the host of our

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show, financial expert and award-winning author, Ty

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Crandall.

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Hello, and thanks for joining us today.

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I'm super excited you could be here because

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today we're really talking about how you can

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go really beyond bookkeeping and build strong tax

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strategies that actually scale.

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And to have this conversation with us is

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Casey Cohen.

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Now, he is actually the founder of Together

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CFO, which is a premier advisory firm specializing

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in advanced tax strategies for high network business

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owners and family offices as well.

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Now, he's actually known as the secret weapon

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for CPAs and financial advisors.

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Casey actually has helped clients save millions of

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dollars by implementing innovative strategies that go well

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beyond standard tax loopholes.

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So he's actually born in England and now

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is based in Beverly Hills, Los Angeles.

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Casey has actually built a reputation as a

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trusted authority in wealth and tax planning.

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And his expertise has been featured in places

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like Forbes, Entrepreneur Magazine, NBC, Yahoo Finance, and

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Fox News, where he's really recognized as breaking

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down complex strategies into very clear, actionable insights.

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So he's a dynamic speaker and has shared

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his knowledge on global stages, including the Accounting

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and Finance Conference, The Money Show, Quantum Mastermind,

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Amplify, and Market Disruptors.

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And today he actually continues to empower entrepreneurs,

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financial professionals, and family offices to minimize taxes,

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to protect wealth, and also to create lasting

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financial legacies.

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Casey, what's up, man?

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Thanks for joining us today.

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Wow, what a great intro.

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Thank you so much.

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I think you should just follow me around

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and introduce me all the time.

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That was fabulous.

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Well, it's easy, man.

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You've done a lot of cool stuff.

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And because you're doing so much cool stuff,

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a lot of people are out there featuring

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you.

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So congratulations on your success.

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Yeah, thank you so much.

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And thanks so much for having me on.

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Excited to get into it.

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Yeah, absolutely.

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I know you're big on the tax side.

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So let's start with mistakes.

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What are some of those common mistakes that

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you see a high net worth, like entrepreneurs

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especially, that are out there making, even family

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offices are making?

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Well, it starts at the foundation level, right?

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So the bookkeeping is prevalent here.

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So think about it as when you're building

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a house, you're not gonna build a house

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on sand without digging a really deep foundation.

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The equivalent of that in the business world

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is your bookkeeping.

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The bookkeeping is the foundation of any business,

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because if you don't understand your numbers or

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if your numbers are wrong, then that's gonna

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form cracks and the house will eventually come

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falling down.

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And the consequence of that could be an

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overpayment in tax or even worse, you could

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get in a lot of trouble because you

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misstate numbers if you're a publicly listed company.

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And it could all fall down very quickly

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if you don't have the fundamental basics in

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place correctly, which in this instance is the

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bookkeeping.

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That makes sense.

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Why don't people do more and put more

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into getting their bookkeeping done the best way,

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the right way?

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People generally see it as just a cost

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center, right?

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They just say, hey, how can I get

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this transactional activity done as quickly as possible

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or done by AI right now, right?

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Or a VA overseas, because I don't wanna

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put any bandwidth into thinking about it because

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they don't see the value of the bookkeeping

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driving any growth in their business, which is

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completely wrong.

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And they're definitely missing the beat if they

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think like that.

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I see that a lot of entrepreneurs that

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follow us here on the show, they're just

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using a standard bookkeeper or standard CPA.

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Is that what they need or what should

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they be out there looking for?

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So this depends on a few different factors.

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So firstly, at what stage of company are

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they?

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I would say at the beginning stages, if

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you're a startup or you're early on, let's

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say a million below, you can usually get

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away with the local bookkeeper down the street

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and CPA down the street because you've not

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grown into more complexity, but definitely as you

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grow to seven, multi-seven, eight, multi-eight

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figure businesses, you then start needing to beef

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up a really strong team.

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And that's where you need much more specialist

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professionals in what they do because you're now

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a big organization, right?

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So I would say, depending again on your

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ambition too.

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So if you have a manufacturing company, you're

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gonna have a lot more inventory issues, working

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capital cycles, you will probably need lines of

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credit.

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You have just a lot more complexity going

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on than if you just have a Shopify

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store.

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So factors that go into industry specific as

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well, size as well, and then how fast

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you're growing because the number one killer of

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businesses in America, it isn't profitability, it's lack

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of cashflow.

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And most entrepreneurs don't really understand the difference

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because no one's taught them this and they're

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not looking at this and they are amazing

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in their own industry, but they're not really

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that strong in specific finance calculations, right?

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So they might not realize that, hey, just

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because I've sold this big contract and on

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paper, I'm making a million dollars.

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Well, if that million dollars is coming in

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in increments of 100,000 a month for

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the next year plus, then that cashflow is

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tied up.

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You can't keep spending that million day one

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and expect not to feel that pain in

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the business because the cashflow is completely different

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to the net profit and the timing cycles,

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specifically working capital cycles and cashflow cycles advanced

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on the finance spectrum, but it's so critical

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for running a business.

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So if I'm in this world where built

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a seven figure business, now I'm well surpassing

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that, right?

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The bookkeeper's not enough.

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What are some of the first steps I

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should be taking to kind of go down

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the road of creating a custom strategy that

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is a little bit more in depth that

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helps me save more on taxes?

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So I would put it in a couple

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of different steps rather than just jump straight

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to the taxes.

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So one of the secret weapons that we

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use at our firm is a software called

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financialfusion.io and it effectively helps act as

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an AI CFO.

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So it plugs into QuickBooks, into Xero, into

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whatever accounting software you have and it gives

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you a monthly financial report.

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It's like a scorecard, like a report card

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if you're at school to see how well

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you're doing across your financial statements in really

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simple English with graphs and charts and color

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code.

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It is really easy for business owners to

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understand.

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So we use that.

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We give that to all our clients on

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a monthly basis just so that they can

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one, get a touchpoint from us, two, they

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can review the report and know exactly where

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they are and understand complex financials in really

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simple terms.

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And then if that's done right and there's

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no errors showing, we know the bookkeeping is

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done right so we can check off, hey,

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bookkeeping solid, monthly reports are looking good.

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Now we can get ready and be proactive

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for tax strategies because if that piece isn't

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right, we might be trying to solve a

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problem that isn't really there.

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So as an example of that, if your

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books are saying you're on track to make

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a million dollars net profit a year, so

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we now got to come up with a

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strategy to save you as much of that

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million as possible.

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But if the books were wrong and that

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million actually is really 200,000, we've just

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wasted all this time, energy, effort, money on

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creating a strategy for a million dollars when

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it's much easier to save 200,000 than

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it is a million.

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And I love this financial fusion.

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I've never seen it before and I was

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looking at it here.

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So if you talk about financial fusion and

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kind of being your AI CFO, at what

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point do you think a business gets to

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where they need a real CFO, either a

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full-time or let's just say an interim

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CFO or a fractional CFO?

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So yeah, so we started, I started this

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company to get a CFO exactly as that

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fractional CFO.

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So I know the space really well.

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We've been doing it for over 10 years

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and we see it as you go through

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different stages throughout your business cycle, ups and

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downs, right?

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So if you, let's say below 5 million

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in revenue, you probably don't need a full

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-time CFO.

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Arguably, the closer you get to that 5

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million, you may need a fractional CFO, but

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up until that point, let's say zero to

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4 million, you can use a tool like

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this and you can get actually more time

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with that CFO because it's 24 seven, 365

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than you do with a fractional CFO.

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So when we're on a CFO engagement fractionally,

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it's usually an hour a week and it

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costs about five grand a month, give or

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take.

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So the client is getting one hour face

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-to-face plus any work that we're doing

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on the backend.

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It's a lot of money for not a

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lot of time in terms of ratio of

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how much am I on my team sitting

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down with the client.

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So now we've given them a tool that,

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hey, we want you to have the maximum

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amount of value.

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This AI CFO can answer 90% of

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your questions.

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So when it does come to our weekly

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meeting and our accountability stuff, we are here

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and we can get straight into the good

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stuff.

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But all of that other stuff, the low

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hanging fruit can be done on a day

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-to-day basis.

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It doesn't have to wait until we come

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in every week or every month, just depending

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on who it is.

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So if we look at the cost of

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a full-time CFO, anywhere lowest for a

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good one must be 150, 200K a year.

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If you wanted a part-time one, let's

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say it's five grand a month.

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So that's 60K a year.

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So it's a no-brainer to kind of

272
00:09:33,520 --> 00:09:35,900
integrate a good AI into that for the

273
00:09:35,900 --> 00:09:38,420
sake of a couple hundred bucks a month,

274
00:09:38,420 --> 00:09:41,060
just to kind of fill that gap until

275
00:09:41,060 --> 00:09:43,600
it's so inevitable that you need that full

276
00:09:43,600 --> 00:09:44,580
-time headcount.

277
00:09:45,000 --> 00:09:46,760
And I think you hit on something I

278
00:09:46,760 --> 00:09:49,000
think is important because a lot of entrepreneurs

279
00:09:49,000 --> 00:09:50,780
I talk to, when we talk about tax

280
00:09:50,780 --> 00:09:52,800
strategists, we talk about financial planners, we talk

281
00:09:52,800 --> 00:09:53,860
about accountants, right?

282
00:09:53,900 --> 00:09:56,800
Then we talk about CFOs, don't understand the

283
00:09:56,800 --> 00:09:58,680
roles of each of these positions.

284
00:09:58,880 --> 00:10:00,560
So you've done a good job describing, look,

285
00:10:00,600 --> 00:10:01,800
you kind of need a bookkeeper when you're

286
00:10:01,800 --> 00:10:03,340
in the beginning stages up to a million.

287
00:10:03,500 --> 00:10:04,920
And then when you're above 5 million, you

288
00:10:04,920 --> 00:10:06,360
might need a full-time CFO.

289
00:10:06,460 --> 00:10:08,160
As you start getting into millions, that 5

290
00:10:08,160 --> 00:10:10,060
million might need a fractional CFO.

291
00:10:10,400 --> 00:10:12,740
Who else should we have in our corner

292
00:10:13,620 --> 00:10:15,700
besides somebody on the fractional CFO side as

293
00:10:15,700 --> 00:10:18,120
the business grows, a bookkeeper, who else should

294
00:10:18,120 --> 00:10:18,820
we have beyond that?

295
00:10:19,120 --> 00:10:20,960
So there's two positions in the middle of

296
00:10:20,960 --> 00:10:21,080
that.

297
00:10:21,120 --> 00:10:22,020
So if we look at it as a

298
00:10:22,020 --> 00:10:24,500
spectrum, the first thing all businesses need is

299
00:10:24,500 --> 00:10:26,020
a bookkeeper because you need to know what

300
00:10:26,020 --> 00:10:26,840
your numbers are, right?

301
00:10:26,840 --> 00:10:29,360
And then above a bookkeeper would be a

302
00:10:29,360 --> 00:10:32,420
financial controller or a senior accountant internal.

303
00:10:32,700 --> 00:10:34,680
And above that would be a director of

304
00:10:34,680 --> 00:10:36,760
finance or VP of finance, depending on how

305
00:10:36,760 --> 00:10:37,700
big the company is.

306
00:10:37,800 --> 00:10:39,540
And then above that would be the CFO.

307
00:10:39,800 --> 00:10:43,000
So on the spectrum of things, the CFO

308
00:10:43,000 --> 00:10:45,800
is setting the strategy and the vision of

309
00:10:45,800 --> 00:10:47,160
the finance and the company.

310
00:10:47,220 --> 00:10:48,760
And all the way down to the other

311
00:10:48,760 --> 00:10:50,360
end of the totem pole, which is the

312
00:10:50,360 --> 00:10:54,080
bookkeeper, is doing the transactional work of actually

313
00:10:54,080 --> 00:10:57,080
executing, putting the debit cards in there, the

314
00:10:57,080 --> 00:11:00,040
credit cards in there, the bank statements and

315
00:11:00,040 --> 00:11:02,720
analyzing the books just to make sure that

316
00:11:02,720 --> 00:11:04,460
they are complete and they balance out.

317
00:11:04,780 --> 00:11:06,620
And they then pass that on to the

318
00:11:06,620 --> 00:11:09,560
next person in line to do a review

319
00:11:09,560 --> 00:11:10,780
and an analysis.

320
00:11:11,060 --> 00:11:13,720
So think of the bookkeeper as the transactional

321
00:11:13,720 --> 00:11:17,240
person that's doing the actual entry, data entry

322
00:11:17,240 --> 00:11:19,580
into the bookkeeping system, say QuickBooks.

323
00:11:19,740 --> 00:11:22,720
Then once that's done and balanced, it gets

324
00:11:22,720 --> 00:11:24,840
moved up to the next level, which is

325
00:11:24,840 --> 00:11:26,960
the, let's just say the financial controller.

326
00:11:27,340 --> 00:11:29,420
And the financial controller will do a review

327
00:11:29,420 --> 00:11:31,960
of the bookkeeper, the keeper's work.

328
00:11:32,120 --> 00:11:33,460
Does the bank accounts balance?

329
00:11:33,640 --> 00:11:35,220
Do the credit cards balance?

330
00:11:35,340 --> 00:11:36,280
Are they all in there?

331
00:11:36,600 --> 00:11:37,880
Is it coded correctly?

332
00:11:37,880 --> 00:11:40,180
Because you could have a big problem if

333
00:11:40,180 --> 00:11:42,320
you code, let's say you've got this coffee

334
00:11:42,320 --> 00:11:44,560
cup and you coded it to cost of

335
00:11:44,560 --> 00:11:46,940
goods sold versus the P&L expense line

336
00:11:46,940 --> 00:11:48,480
that it should be on as a marketing

337
00:11:48,480 --> 00:11:49,400
expense, let's say.

338
00:11:49,620 --> 00:11:52,740
Now, when you're reviewing that, you're gonna have

339
00:11:52,740 --> 00:11:55,180
two different outcomes depending on where it was

340
00:11:55,180 --> 00:11:57,440
placed, because now is it, hey, our margins

341
00:11:57,440 --> 00:11:58,880
are low because we put a lot of

342
00:11:58,880 --> 00:12:00,200
things in there that shouldn't be in there,

343
00:12:00,480 --> 00:12:02,680
or our margins high because a lot of

344
00:12:02,680 --> 00:12:03,820
things are in the P&L and they

345
00:12:03,820 --> 00:12:04,420
shouldn't be there.

346
00:12:04,540 --> 00:12:07,180
So it tells, it sends a different message

347
00:12:07,180 --> 00:12:09,000
further up the accounting line you get to.

348
00:12:09,300 --> 00:12:11,540
So that's the controller's job to analyze and

349
00:12:11,540 --> 00:12:13,540
make sure that the books are clean and

350
00:12:13,540 --> 00:12:13,940
complete.

351
00:12:14,220 --> 00:12:15,400
And then it would go up to like

352
00:12:15,400 --> 00:12:17,560
a CFO level to set the strategy of

353
00:12:17,560 --> 00:12:18,020
the business.

354
00:12:18,120 --> 00:12:19,320
Hey, what are we doing?

355
00:12:19,760 --> 00:12:22,360
We should maybe focus more on product A

356
00:12:22,360 --> 00:12:25,300
and B because they're producing the most profitability

357
00:12:25,300 --> 00:12:27,060
in the least amount of time to make,

358
00:12:27,240 --> 00:12:28,740
or are we gonna go IPO?

359
00:12:28,960 --> 00:12:30,680
Do we need to raise capital?

360
00:12:31,060 --> 00:12:32,420
What's our funding look like?

361
00:12:32,680 --> 00:12:36,080
And they'll be analyzing the business from a

362
00:12:36,080 --> 00:12:37,200
long-term perspective.

363
00:12:37,300 --> 00:12:38,960
So that's the strategy side of it.

364
00:12:39,160 --> 00:12:42,380
And yes, the controller reports into the CFO,

365
00:12:42,860 --> 00:12:45,060
but really their roles are very different.

366
00:12:45,500 --> 00:12:47,640
Most of the time, the CFO will leave

367
00:12:47,640 --> 00:12:50,020
the controller alone, let the controller get on

368
00:12:50,020 --> 00:12:51,580
with the day-to-day operations of the

369
00:12:51,580 --> 00:12:52,500
business, and then just.

370
00:12:52,900 --> 00:12:54,540
And now a quick break to hear from

371
00:12:54,540 --> 00:12:55,200
our sponsor.

372
00:12:55,920 --> 00:12:57,640
Hey, it's Ty Crandall with CreditSuite.

373
00:12:57,800 --> 00:12:59,980
Many of our subscribers wanna build business credit

374
00:12:59,980 --> 00:13:02,500
that's linked to their EIN without a personal

375
00:13:02,500 --> 00:13:03,500
guarantee or credit check.

376
00:13:03,740 --> 00:13:05,080
Now, if you're looking to get no-doc,

377
00:13:05,240 --> 00:13:07,340
high-limit business credit cards that report to

378
00:13:07,340 --> 00:13:10,140
the business reporting agencies without a personal guarantee

379
00:13:10,140 --> 00:13:12,020
or credit check, give us a call at

380
00:13:12,020 --> 00:13:14,300
877-600-2487.

381
00:13:14,560 --> 00:13:19,280
That's 877-600-2487, or schedule your free

382
00:13:19,280 --> 00:13:22,340
consultation online to talk more at creditsuite.com

383
00:13:22,340 --> 00:13:23,520
forward slash consult.

384
00:13:23,920 --> 00:13:25,760
Present a report to the CFO to say,

385
00:13:25,840 --> 00:13:27,780
hey, are all the checks and balances done?

386
00:13:28,100 --> 00:13:30,420
Can I have confidence that when I pull

387
00:13:30,420 --> 00:13:32,060
a report, it's gonna be correct?

388
00:13:32,200 --> 00:13:34,420
Because I'm then taking your report and I'm

389
00:13:34,420 --> 00:13:36,740
plugging it into a forecast or a budget

390
00:13:36,740 --> 00:13:40,400
or a cashflow analysis, a more advanced accounting,

391
00:13:40,660 --> 00:13:43,380
let's say, strategy than just the simple things

392
00:13:43,380 --> 00:13:45,780
that like a bookkeeper and a controller will

393
00:13:45,780 --> 00:13:47,500
be looking at, which is more transactional.

394
00:13:47,840 --> 00:13:48,500
Does that make sense?

395
00:13:48,740 --> 00:13:50,360
Yeah, it makes perfect sense, and I appreciate

396
00:13:50,360 --> 00:13:52,600
you breaking it down that way, because there's

397
00:13:52,600 --> 00:13:53,580
so many financial roles.

398
00:13:53,700 --> 00:13:55,120
I think it's overwhelming and confusing.

399
00:13:55,260 --> 00:13:57,080
I think a lot of entrepreneurs miss out

400
00:13:57,080 --> 00:13:58,540
on getting the people that they need to

401
00:13:58,540 --> 00:13:59,980
get in the organization when they need to

402
00:13:59,980 --> 00:14:00,080
be.

403
00:14:00,320 --> 00:14:02,180
Or they ask the wrong person the wrong

404
00:14:02,180 --> 00:14:02,640
question.

405
00:14:02,800 --> 00:14:06,420
So you mentioned earlier financial planner, wealth manager,

406
00:14:06,920 --> 00:14:07,340
CPA.

407
00:14:07,620 --> 00:14:09,820
These are all additional things on top of

408
00:14:09,820 --> 00:14:11,440
that internal core team, right?

409
00:14:11,540 --> 00:14:14,620
So your wealth manager is completely different and

410
00:14:14,620 --> 00:14:17,040
should be external because they are taking the

411
00:14:17,040 --> 00:14:19,820
money that you've made and investing it for

412
00:14:19,820 --> 00:14:22,540
you because they should be able to bring

413
00:14:22,540 --> 00:14:24,080
you a bigger return than what you can

414
00:14:24,080 --> 00:14:24,700
do yourself.

415
00:14:24,920 --> 00:14:27,280
The CPA is the one that most people

416
00:14:27,280 --> 00:14:28,380
totally misunderstand.

417
00:14:28,840 --> 00:14:31,680
The CPA does not work for you.

418
00:14:31,900 --> 00:14:33,300
The CPA works for the government.

419
00:14:33,480 --> 00:14:35,660
I wanna make that very, very clear because

420
00:14:35,660 --> 00:14:38,300
if you look at how a CPA is

421
00:14:38,300 --> 00:14:40,480
incentivized, and let's just use your CPA as

422
00:14:40,480 --> 00:14:41,200
an example, Ty.

423
00:14:41,320 --> 00:14:43,880
Is your CPA incentivized to save you money

424
00:14:43,880 --> 00:14:47,500
on taxes or is he incentivized to get

425
00:14:47,500 --> 00:14:49,240
you filed, let you know how much you

426
00:14:49,240 --> 00:14:51,100
need to pay and help you process that

427
00:14:51,100 --> 00:14:51,580
payment?

428
00:14:51,880 --> 00:14:52,740
Yeah, definitely the latter.

429
00:14:53,020 --> 00:14:56,020
Yeah, because if he saves you 100,000

430
00:14:56,020 --> 00:14:57,680
or a million dollars, you're not paying him

431
00:14:57,680 --> 00:14:58,200
any more.

432
00:14:58,560 --> 00:15:00,680
You're paying him the same set amount for

433
00:15:00,680 --> 00:15:01,740
filing the tax return.

434
00:15:02,000 --> 00:15:04,220
So most people get it confused and they

435
00:15:04,220 --> 00:15:05,660
think, hey, I've got to ask my CPA

436
00:15:05,660 --> 00:15:08,700
everything when the reality of the matter is

437
00:15:08,700 --> 00:15:11,400
most CPAs don't care how much they save

438
00:15:11,400 --> 00:15:14,400
you because they are not getting paid anymore

439
00:15:14,400 --> 00:15:16,700
for saving you money, but it's taken them

440
00:15:16,700 --> 00:15:19,120
extra effort and extra hours and extra work

441
00:15:19,120 --> 00:15:22,800
to jump through those additional loopholes to save

442
00:15:22,800 --> 00:15:23,320
you that money.

443
00:15:23,420 --> 00:15:26,200
So that's the difference between a tax strategist

444
00:15:26,200 --> 00:15:27,100
and a CPA.

445
00:15:27,460 --> 00:15:30,500
So the tax strategist's job is solely focused

446
00:15:30,500 --> 00:15:33,880
on maximizing your tax savings as much as

447
00:15:33,880 --> 00:15:36,740
possible, whereas the CPA's job is just to

448
00:15:36,740 --> 00:15:39,120
make sure you are compliant and you file

449
00:15:39,120 --> 00:15:40,940
your taxes and you pay your taxes on

450
00:15:40,940 --> 00:15:41,260
time.

451
00:15:41,520 --> 00:15:44,100
Two completely different things, but people seem to

452
00:15:44,100 --> 00:15:45,760
merge them in and get that mixed up.

453
00:15:45,760 --> 00:15:47,560
What are some things on the tax strategy

454
00:15:47,560 --> 00:15:49,560
side, just top of head, that you think

455
00:15:49,560 --> 00:15:52,820
entrepreneurs mess up, they make mistakes on, that

456
00:15:52,820 --> 00:15:54,660
if they knew these things and just took

457
00:15:54,660 --> 00:15:56,320
a few actions that it could help them

458
00:15:56,320 --> 00:15:56,840
save money?

459
00:15:57,040 --> 00:15:59,060
Well, the biggest one is strategic giving.

460
00:15:59,460 --> 00:16:02,960
So people are not using nonprofits the same

461
00:16:02,960 --> 00:16:05,360
way that the elite billionaires and family offices

462
00:16:05,360 --> 00:16:06,040
are using them.

463
00:16:06,200 --> 00:16:09,000
And that is simply down to lack of

464
00:16:09,000 --> 00:16:11,960
team that's not educated on that because you

465
00:16:11,960 --> 00:16:15,020
wouldn't expect the average entrepreneur to know these

466
00:16:15,020 --> 00:16:15,600
things, right?

467
00:16:15,880 --> 00:16:17,360
And it's not their job to really go

468
00:16:17,360 --> 00:16:20,780
away and sift through research and read these

469
00:16:20,780 --> 00:16:23,240
very dry white papers just to figure this

470
00:16:23,240 --> 00:16:23,720
stuff out.

471
00:16:23,780 --> 00:16:25,480
That's not really realistic.

472
00:16:25,760 --> 00:16:28,360
So it comes down to how good is

473
00:16:28,360 --> 00:16:28,940
your team?

474
00:16:29,020 --> 00:16:31,300
And literally, as you scale your company from

475
00:16:31,300 --> 00:16:33,560
zero to 1 million, 1 million to 5

476
00:16:33,560 --> 00:16:35,700
million, 5 million to 10 million, what should

477
00:16:35,700 --> 00:16:37,600
also be happening is your team should be

478
00:16:37,600 --> 00:16:39,040
getting better at each stage.

479
00:16:39,160 --> 00:16:41,740
But what we see all the time is,

480
00:16:41,740 --> 00:16:44,880
often the CPA team and the tax strategy

481
00:16:44,880 --> 00:16:47,180
team, if they even have one, hasn't been

482
00:16:47,180 --> 00:16:50,220
improved the same way the operations team or

483
00:16:50,220 --> 00:16:52,540
the marketing team has been because it's often

484
00:16:52,540 --> 00:16:53,960
just an afterthought.

485
00:16:54,180 --> 00:16:56,880
People think about it come April or come

486
00:16:56,880 --> 00:16:58,540
the end of the year or September when

487
00:16:58,540 --> 00:17:00,460
they actually have to cut a check.

488
00:17:00,680 --> 00:17:02,760
Other than that, they're not really feeling the

489
00:17:02,760 --> 00:17:03,599
pain too much.

490
00:17:03,700 --> 00:17:05,240
So they just kind of let it slide.

491
00:17:05,680 --> 00:17:06,440
It makes a lot of sense.

492
00:17:06,760 --> 00:17:08,460
And I completely agree with that.

493
00:17:08,619 --> 00:17:10,819
And it's the difference between having a strategist

494
00:17:10,819 --> 00:17:12,359
that can help you in those areas and

495
00:17:12,359 --> 00:17:14,160
having an accountant or a CPA that's not

496
00:17:14,160 --> 00:17:15,520
gonna help you in any of those areas.

497
00:17:15,819 --> 00:17:18,020
What we've made, we're making it, we're saving

498
00:17:18,020 --> 00:17:20,119
money on taxes, asset protection.

499
00:17:20,359 --> 00:17:24,480
How important is trust, estates, having attorneys and

500
00:17:24,480 --> 00:17:25,480
professionals that can help us?

501
00:17:25,540 --> 00:17:26,700
They're like, what kind of things should we

502
00:17:26,700 --> 00:17:28,400
know about protecting our assets?

503
00:17:28,640 --> 00:17:31,400
It's everything because what is the point of

504
00:17:31,400 --> 00:17:33,580
creating and making so much money and having

505
00:17:33,580 --> 00:17:34,440
so much assets?

506
00:17:34,580 --> 00:17:36,240
Just for someone to come in and wipe

507
00:17:36,240 --> 00:17:36,880
them all away.

508
00:17:36,880 --> 00:17:40,780
So it's really valuable to one, structure yourself

509
00:17:40,780 --> 00:17:44,160
correctly and defensively because I'm from England.

510
00:17:44,160 --> 00:17:46,960
So I can see different sides of different

511
00:17:46,960 --> 00:17:49,580
countries and it's the most litigious place I've

512
00:17:49,580 --> 00:17:50,660
ever been in America.

513
00:17:51,040 --> 00:17:52,760
You can sneeze on the street and get

514
00:17:52,760 --> 00:17:53,360
sued for it.

515
00:17:53,420 --> 00:17:57,280
So it's really, really important to have everything

516
00:17:57,280 --> 00:17:59,400
created in a way that protects you.

517
00:17:59,580 --> 00:18:01,320
A very simple and easy way to do

518
00:18:01,320 --> 00:18:03,480
that is don't have anything in your own

519
00:18:03,480 --> 00:18:07,640
name directly, have it all through LLCs, trusts,

520
00:18:08,180 --> 00:18:09,040
limited partnerships.

521
00:18:09,520 --> 00:18:11,120
And then that way you've got the degree

522
00:18:11,120 --> 00:18:13,900
of separation that all your assets aren't in

523
00:18:13,900 --> 00:18:16,420
one bunch and you'll have additional protection.

524
00:18:16,420 --> 00:18:18,040
And then if you wanna be more advanced,

525
00:18:18,300 --> 00:18:20,880
you can even then start factoring in things

526
00:18:20,880 --> 00:18:24,880
like Wyoming LLCs versus California LLC because in

527
00:18:24,880 --> 00:18:27,180
Wyoming they don't disclose who the owner of

528
00:18:27,180 --> 00:18:28,140
the LLCs are.

529
00:18:28,260 --> 00:18:30,440
So you get additional level of protection, Wyoming,

530
00:18:30,620 --> 00:18:33,360
Nevada, Delaware, the main three for that.

531
00:18:33,360 --> 00:18:35,080
And then if you wanna get even more

532
00:18:35,080 --> 00:18:37,800
advanced, you could look at trust structures to

533
00:18:37,800 --> 00:18:40,300
put assets into, you could look at foundations

534
00:18:40,300 --> 00:18:40,900
as well.

535
00:18:41,180 --> 00:18:43,900
There's a lot of different advanced planning techniques,

536
00:18:43,900 --> 00:18:46,440
again, used by the elites and the billionaires

537
00:18:46,440 --> 00:18:49,920
very frequently that doesn't get passed along to

538
00:18:49,920 --> 00:18:52,880
the let's call it successful entrepreneur that could

539
00:18:52,880 --> 00:18:55,680
utilize it, but doesn't have the team that

540
00:18:55,680 --> 00:18:57,040
has the knowledge to be able to do

541
00:18:57,040 --> 00:18:57,300
that.

542
00:18:57,720 --> 00:18:59,800
AI, how important is it to your world?

543
00:18:59,940 --> 00:19:01,840
I mean, what are you seeing right now?

544
00:19:01,840 --> 00:19:06,720
And I love the financialfusion.io that actually

545
00:19:06,720 --> 00:19:09,460
is the AI CFO, but what do you

546
00:19:09,460 --> 00:19:12,640
see developing with AI in your world, in

547
00:19:12,640 --> 00:19:15,240
the world of tax strategy and asset protection,

548
00:19:15,580 --> 00:19:17,340
bookkeeping, all these things, like where do you

549
00:19:17,340 --> 00:19:17,820
see this going?

550
00:19:18,100 --> 00:19:21,560
Eventually that you could just throw your returns

551
00:19:21,560 --> 00:19:24,520
into an AI and it will produce them

552
00:19:24,520 --> 00:19:27,500
for you because it'll have knowledge on every

553
00:19:27,500 --> 00:19:28,680
single loophole possible.

554
00:19:28,680 --> 00:19:31,960
It'll have knowledge on these advanced structures, but

555
00:19:31,960 --> 00:19:34,780
you'll also be limited to the knowledge base

556
00:19:34,780 --> 00:19:36,200
that the programmer has put in there.

557
00:19:36,260 --> 00:19:38,220
So you still have a human limitation on

558
00:19:38,220 --> 00:19:38,340
it.

559
00:19:38,420 --> 00:19:41,280
But I think for me and the companies

560
00:19:41,280 --> 00:19:43,800
that I own, we like to be advanced

561
00:19:43,800 --> 00:19:46,040
with AI because we see it as a

562
00:19:46,040 --> 00:19:47,180
friend, not a foe.

563
00:19:47,200 --> 00:19:49,160
And it's like, how can we get efficient

564
00:19:49,680 --> 00:19:51,400
by using this to help us?

565
00:19:51,580 --> 00:19:53,780
So we're working with it a lot, maybe

566
00:19:53,780 --> 00:19:55,400
most on the backend and on the sales

567
00:19:55,400 --> 00:19:57,780
and marketing side right now, but eventually on

568
00:19:57,780 --> 00:20:00,340
the operation side, I think someone will come

569
00:20:00,340 --> 00:20:03,960
up with a way to take QuickBooks and

570
00:20:03,960 --> 00:20:06,460
then produce tax returns just by press of

571
00:20:06,460 --> 00:20:07,480
one AI button.

572
00:20:07,920 --> 00:20:09,900
And I think that will be awesome when

573
00:20:09,900 --> 00:20:11,380
it's working right.

574
00:20:11,840 --> 00:20:14,200
But again, for what we do, I would

575
00:20:14,200 --> 00:20:16,460
say is very niche because we're doing advanced

576
00:20:16,460 --> 00:20:19,760
strategies specifically for high net worth and that

577
00:20:19,760 --> 00:20:21,300
isn't the masses, right?

578
00:20:21,360 --> 00:20:23,380
So we're talking about maybe 1% of

579
00:20:23,380 --> 00:20:25,640
the population that we target and help.

580
00:20:25,640 --> 00:20:28,800
Whereas the 99% of the population, let's

581
00:20:28,800 --> 00:20:30,880
just say an employee in a big company

582
00:20:30,880 --> 00:20:33,540
could easily do that very quickly because they're

583
00:20:33,540 --> 00:20:36,000
a W2 employee, you know the payroll, you

584
00:20:36,000 --> 00:20:37,720
know there's not many deductions, do you own

585
00:20:37,720 --> 00:20:39,460
a house or do you have a car

586
00:20:39,460 --> 00:20:42,460
or whatever small movements that you have.

587
00:20:42,600 --> 00:20:44,660
I think that's relatively easy for a W2.

588
00:20:44,920 --> 00:20:46,660
I think for a business owner, it becomes

589
00:20:46,660 --> 00:20:49,140
a little bit more complex because you have

590
00:20:49,140 --> 00:20:51,780
different, you have so much you can do

591
00:20:51,780 --> 00:20:53,740
as a business owner that you can't do

592
00:20:53,740 --> 00:20:55,220
as a W2 employee.

593
00:20:55,220 --> 00:20:57,760
It adds a level of complexity, but AI

594
00:20:57,760 --> 00:20:59,780
is growing so fast and it's getting so

595
00:20:59,780 --> 00:21:01,660
smart that I wouldn't rule it out.

596
00:21:01,760 --> 00:21:03,300
I think we will get there at some

597
00:21:03,300 --> 00:21:03,760
point.

598
00:21:03,920 --> 00:21:05,840
You see, you're really well known in the

599
00:21:05,840 --> 00:21:06,120
industry.

600
00:21:06,280 --> 00:21:08,720
I mean, you are mentioned and talked about

601
00:21:08,720 --> 00:21:09,940
in a lot of different publications.

602
00:21:09,960 --> 00:21:12,160
You speak on some really, really big stages.

603
00:21:12,500 --> 00:21:14,580
So let me ask you this, together CFO,

604
00:21:14,940 --> 00:21:17,520
what do you do that's so unique compared

605
00:21:17,520 --> 00:21:19,220
to anybody else that's out there?

606
00:21:19,420 --> 00:21:21,740
So like I said, we are so hyper

607
00:21:21,740 --> 00:21:24,260
-focused, we effectively created our own blue ocean.

608
00:21:24,260 --> 00:21:28,320
So we focus on tax saving strategies versus

609
00:21:28,320 --> 00:21:29,300
loopholes firstly.

610
00:21:29,460 --> 00:21:31,800
So when you are working with a CPA

611
00:21:31,800 --> 00:21:34,240
or a tax strategist, they're going to try

612
00:21:34,240 --> 00:21:36,660
and maximize the amount of loopholes you can

613
00:21:36,660 --> 00:21:39,320
use to reduce your tax, which is fine.

614
00:21:39,500 --> 00:21:41,360
And then up to, I would say roughly

615
00:21:41,360 --> 00:21:44,980
$200,000 in tax liability, that would work

616
00:21:44,980 --> 00:21:45,600
really well.

617
00:21:45,800 --> 00:21:49,680
Once you get above 200K in taxes, that's

618
00:21:49,680 --> 00:21:51,600
really where you need someone like us because

619
00:21:51,600 --> 00:21:54,760
we can then often reduce your tax bill

620
00:21:54,760 --> 00:21:59,260
by 50% by using strategic giving structures.

621
00:21:59,680 --> 00:22:01,420
Now what that means is really nonprofits.

622
00:22:01,900 --> 00:22:04,400
So there's ways to use nonprofits to maximize

623
00:22:04,400 --> 00:22:09,060
your deductions personally, but then also still use

624
00:22:09,060 --> 00:22:12,020
that money to create a lasting legacy around

625
00:22:12,020 --> 00:22:13,560
your mission and your purpose.

626
00:22:14,200 --> 00:22:17,060
Lasting legacy, how important is that to that

627
00:22:17,060 --> 00:22:19,760
group that you really focus on and help?

628
00:22:19,760 --> 00:22:20,600
It's everything.

629
00:22:20,880 --> 00:22:22,960
It's like, if you think of, it's changing

630
00:22:22,960 --> 00:22:25,040
a lot, but generally speaking, it's everything because

631
00:22:25,040 --> 00:22:26,320
we work so hard.

632
00:22:26,420 --> 00:22:28,780
We're in this whole hamster wheel or rat

633
00:22:28,780 --> 00:22:30,960
race as Robert Kiyosaki likes to say, of

634
00:22:30,960 --> 00:22:33,760
just constantly going round and round the motions.

635
00:22:33,840 --> 00:22:35,040
But why are we doing all that?

636
00:22:35,100 --> 00:22:37,360
We're doing it to leave a better place

637
00:22:37,360 --> 00:22:39,200
for our loved ones, for our kids and

638
00:22:39,200 --> 00:22:40,300
our future grandkids.

639
00:22:40,700 --> 00:22:42,760
And that's literally what we help and build.

640
00:22:42,900 --> 00:22:44,360
So when we work with someone, we're not

641
00:22:44,360 --> 00:22:47,760
looking at it as a one-off relationship.

642
00:22:47,760 --> 00:22:50,880
We're looking at this as a multi-generational

643
00:22:50,880 --> 00:22:53,100
relationship that we are gonna have with each

644
00:22:53,100 --> 00:22:53,360
other.

645
00:22:53,800 --> 00:22:56,480
And that ultimately means that you're gonna leave

646
00:22:56,480 --> 00:22:58,960
your family so much better off, but not

647
00:22:58,960 --> 00:23:01,840
just with wealth or control of the wealth,

648
00:23:02,020 --> 00:23:03,200
but with mindset as well.

649
00:23:03,240 --> 00:23:05,780
Because when we look at the publications and

650
00:23:05,780 --> 00:23:08,240
the studies that have happened, wealth has totally

651
00:23:08,240 --> 00:23:10,000
dissipated by the third generation.

652
00:23:10,320 --> 00:23:12,100
So let's say that Ty, you make the

653
00:23:12,100 --> 00:23:15,060
money and your son can maintain it to

654
00:23:15,060 --> 00:23:15,800
a certain degree.

655
00:23:15,960 --> 00:23:17,560
He doesn't have to mess it up, but

656
00:23:17,560 --> 00:23:19,480
your grandson is gonna mess it up.

657
00:23:19,600 --> 00:23:22,260
And the statistics heavily weight towards that.

658
00:23:22,420 --> 00:23:23,880
So what we're trying to do now is

659
00:23:23,880 --> 00:23:27,440
put that education in your mind, transfer it

660
00:23:27,440 --> 00:23:29,840
to your son so that he doesn't squander

661
00:23:29,840 --> 00:23:32,580
it and starts sure that 86% is

662
00:23:32,580 --> 00:23:32,960
okay.

663
00:23:33,340 --> 00:23:35,140
But then when it gets to the next

664
00:23:35,140 --> 00:23:37,720
generation is that you teach your son how

665
00:23:37,720 --> 00:23:40,420
to shift that mindset into his son, because

666
00:23:40,420 --> 00:23:43,100
oftentimes you may not be around.

667
00:23:43,520 --> 00:23:45,340
Geographically, you might not be local.

668
00:23:45,560 --> 00:23:47,100
There's a million things that can happen, but

669
00:23:47,100 --> 00:23:50,540
it's the multi-shift of mindset needs to

670
00:23:50,540 --> 00:23:52,720
follow the shift of wealth, because if it

671
00:23:52,720 --> 00:23:55,620
doesn't follow in line, the wealth is gonna

672
00:23:55,620 --> 00:23:57,160
be gone very, very quickly.

673
00:23:57,620 --> 00:23:59,660
So what was the point of you working

674
00:23:59,660 --> 00:24:02,180
so hard, building up all of these businesses,

675
00:24:02,700 --> 00:24:04,680
making a difference in your community, only for

676
00:24:04,680 --> 00:24:07,520
your grandson to totally kind of piss it

677
00:24:07,520 --> 00:24:07,960
all away?

678
00:24:08,320 --> 00:24:08,440
Yeah.

679
00:24:08,600 --> 00:24:11,820
Any other parting thoughts or ideas or just

680
00:24:11,820 --> 00:24:13,220
tips for us as we kind of get

681
00:24:13,220 --> 00:24:13,840
ready to wrap up?

682
00:24:14,080 --> 00:24:16,540
Yeah, I would look into strategic giving is

683
00:24:16,540 --> 00:24:20,620
the phrase, because ultimately, there's no reason that

684
00:24:20,620 --> 00:24:24,980
every successful entrepreneur shouldn't be saving an additional

685
00:24:24,980 --> 00:24:27,720
50% on taxes on top of all

686
00:24:27,720 --> 00:24:29,420
the loopholes that you're already using, right?

687
00:24:29,520 --> 00:24:31,480
So this isn't one or the other.

688
00:24:31,760 --> 00:24:34,540
This is stacking tools, is that use all

689
00:24:34,540 --> 00:24:36,360
the loopholes that are available, and so many

690
00:24:36,360 --> 00:24:37,900
more are now with this new bill that's

691
00:24:37,900 --> 00:24:38,380
just passed.

692
00:24:38,540 --> 00:24:40,760
Then stack that on top of the strategic

693
00:24:40,760 --> 00:24:43,580
giving, and then you can get down to

694
00:24:43,580 --> 00:24:45,240
a very, very low tax rate.

695
00:24:45,240 --> 00:24:47,280
And that's really what the billionaires do and

696
00:24:47,280 --> 00:24:49,880
the elite families do, along with shifting that

697
00:24:49,880 --> 00:24:52,940
mindset into going from being rich to being

698
00:24:52,940 --> 00:24:53,400
wealthy.

699
00:24:53,500 --> 00:24:56,040
And that whole transition is where your money

700
00:24:56,040 --> 00:24:58,000
is making money while you sleep, and it's

701
00:24:58,000 --> 00:25:00,520
then making enough money to kind of take

702
00:25:00,520 --> 00:25:02,080
care of the full next generation.

703
00:25:02,540 --> 00:25:02,740
Love it.

704
00:25:03,080 --> 00:25:04,960
Casey, people watching this, they want to get

705
00:25:04,960 --> 00:25:05,400
in touch.

706
00:25:05,480 --> 00:25:06,720
They feel like they're a good fit for

707
00:25:06,720 --> 00:25:06,920
you.

708
00:25:07,060 --> 00:25:07,840
Where should they go?

709
00:25:08,040 --> 00:25:08,860
What should they do to learn more?

710
00:25:09,100 --> 00:25:13,120
Yeah, our website is togethercfo.com, or you

711
00:25:13,120 --> 00:25:15,400
can type it into YouTube or any social

712
00:25:15,400 --> 00:25:16,000
platform.

713
00:25:16,300 --> 00:25:18,620
We do a free one-hour consultation.

714
00:25:19,040 --> 00:25:21,040
So if you are just curious, you can

715
00:25:21,040 --> 00:25:22,500
jump on a call with our team.

716
00:25:22,580 --> 00:25:25,100
We'll work through your scenario and show you

717
00:25:25,100 --> 00:25:27,340
how much you're overpaying on taxes every single

718
00:25:27,340 --> 00:25:30,040
year, and then extrapolate that number out to

719
00:25:30,040 --> 00:25:32,100
what your working life is.

720
00:25:32,440 --> 00:25:34,140
And you can see how much you've been

721
00:25:34,140 --> 00:25:36,900
overpaying in the past and then again into

722
00:25:36,900 --> 00:25:37,420
the future.

723
00:25:37,720 --> 00:25:39,560
And then it's really down to you because

724
00:25:39,560 --> 00:25:42,240
ultimately you've got to hold yourself accountable to

725
00:25:42,240 --> 00:25:43,360
creating your own legacy.

726
00:25:43,360 --> 00:25:45,460
And that's as much as I can want

727
00:25:45,460 --> 00:25:46,800
it for you or you want it for

728
00:25:46,800 --> 00:25:48,540
them, Ty, they've got to want it themselves.

729
00:25:48,860 --> 00:25:50,700
So if you don't want us to keep

730
00:25:50,700 --> 00:25:54,540
overpaying the government that's $37 trillion in debt

731
00:25:54,540 --> 00:25:56,460
and doing a lot of shit that a

732
00:25:56,460 --> 00:25:58,480
lot of people don't really agree with, then

733
00:25:58,480 --> 00:26:00,520
that's on you to take that action and

734
00:26:00,520 --> 00:26:02,360
save that money and put it to better

735
00:26:02,360 --> 00:26:05,260
use within your own community and the charities

736
00:26:05,260 --> 00:26:05,960
that you support.

737
00:26:06,200 --> 00:26:08,760
But more importantly, building a legacy and having

738
00:26:08,760 --> 00:26:12,240
that mindset transfer with that legacy, that's on

739
00:26:12,240 --> 00:26:14,100
you as the entrepreneur, as the leader of

740
00:26:14,100 --> 00:26:14,640
your family.

741
00:26:14,900 --> 00:26:16,900
And if you don't take that seriously, then

742
00:26:16,900 --> 00:26:20,480
no problem, continue overpaying on taxes and we

743
00:26:20,480 --> 00:26:21,520
wish you well either way.

744
00:26:21,880 --> 00:26:22,480
Appreciate it, Casey.

745
00:26:22,620 --> 00:26:23,640
Thanks for coming on with us today.

746
00:26:24,480 --> 00:26:25,300
Yep, thanks for having me.

747
00:26:25,780 --> 00:26:27,140
All right, so listen, you should go to

748
00:26:27,140 --> 00:26:28,340
togethercfo.com.

749
00:26:28,420 --> 00:26:29,360
A lot of things happening there.

750
00:26:29,460 --> 00:26:30,180
First of all, if you go to the

751
00:26:30,180 --> 00:26:32,500
bottom right of togethercfo.com, you'll find all

752
00:26:32,500 --> 00:26:33,220
their social channels.

753
00:26:33,380 --> 00:26:35,060
So you can easily like and subscribe and

754
00:26:35,060 --> 00:26:37,380
then get like regular information about what's happening.

755
00:26:37,660 --> 00:26:39,300
You can also learn about their services and

756
00:26:39,300 --> 00:26:41,040
they have a lot of great information through

757
00:26:41,040 --> 00:26:41,600
their blog.

758
00:26:41,740 --> 00:26:43,160
They have a podcast there as well, even

759
00:26:43,160 --> 00:26:43,700
have a roadmap.

760
00:26:44,380 --> 00:26:45,740
And as Casey said, you get a free

761
00:26:45,740 --> 00:26:46,560
hour consultation.

762
00:26:46,560 --> 00:26:47,820
So you think it's a good fit, then

763
00:26:47,820 --> 00:26:49,560
take the action right there while you're at

764
00:26:49,560 --> 00:26:51,680
togethercfo.com to be able to do that,

765
00:26:51,720 --> 00:26:52,740
to be able to meet with them, to

766
00:26:52,740 --> 00:26:55,320
be able to talk more about legacy, you

767
00:26:55,320 --> 00:26:57,940
know, to talk about asset protection and paying

768
00:26:57,940 --> 00:26:59,680
way less money than what you're more than

769
00:26:59,680 --> 00:27:00,440
likely paying now.

770
00:27:00,500 --> 00:27:01,640
So make sure you check it all out

771
00:27:01,640 --> 00:27:03,460
at togethercfo.com.

772
00:27:03,660 --> 00:27:04,320
Thanks for tuning in.

773
00:27:04,440 --> 00:27:04,780
Take care.

774
00:27:05,020 --> 00:27:05,440
Have a great day.

775
00:27:13,540 --> 00:27:16,580
You've been listening to the Business Credit and

776
00:27:16,580 --> 00:27:19,780
Financing Show with your host, Ty Crandall.

777
00:27:20,260 --> 00:27:22,340
Watch for our next episode to get even

778
00:27:22,340 --> 00:27:25,700
more insight on financing and growing your business.

779
00:27:26,080 --> 00:27:28,340
And don't forget to check us out online

780
00:27:28,340 --> 00:27:31,860
at creditsuite.com for even more business growth

781
00:27:31,860 --> 00:27:32,440
strategies.