Turning Taxes Into Wealth: Justin Maxwell on Building a Bulletproof Wealth Team, Avoiding W-2 Thinking & Making Your Business Sellable

Summary

Problems to Profit Podcast Summary Episode: Turning Taxes Into Wealth: Justin Maxwell on Building a Bulletproof Wealth Team, Avoiding W-2 Thinking & Making Your Business Sellable
Release Date: June 12, 2025
Host: Preston Brown
Guest: Justin Maxwell

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Introduction to the Episode and Guest

In the June 12, 2025 episode of Problems to Profit, host Preston Brown welcomes Justin Maxwell, a highly sought-after entrepreneur renowned for his expertise in transforming taxes from a burdensome obligation into a strategic wealth-building tool. Preston emphasizes Justin's unique value proposition, highlighting his virtual family office approach that surpasses traditional accounting services. John Maxwell's proven ability to save six and seven-figure entrepreneurs “hundreds of thousands and or millions of dollars every single year” positions him as a pivotal figure for listeners seeking to elevate their financial strategies (00:03).

Justin Maxwell's Personal Journey

Justin opens up about his unconventional path to entrepreneurship. Raised in Salt Lake City within the Mormon faith, Justin describes himself as the embodiment of “the stereotypical good boy”—church-going, rule-following, and initially driven towards a conventional career in physical education (03:05). His passion for math and data never translated into a financial or business-focused career during his academic years, influenced by a negative perception of wealth instilled by his upbringing.

At 26, feeling the need to support his family, Justin ventured into real estate, which served as his entry point into entrepreneurship. His first ventures included real estate fix-and-flips and selling seller-financed notes. A transformative event occurred when he attended a seminar by Garrett Gunderson, a renowned figure in the entrepreneurial space. This experience solidified Justin’s resolve to create value independently, leading to a partnership and the establishment of his comprehensive wealth strategy (03:05 – 07:54).

Overcoming Negative Perceptions of Money

Justin candidly discusses the internal conflict he faced, grappling with the ingrained belief that wealth is inherently negative. He admits, “I almost felt in my soul that I was doing something dirty or illegal” when pursuing entrepreneurial endeavors (08:13). However, interacting with like-minded entrepreneurs helped him dispel these misconceptions.

Preston and Justin engage in a thought-provoking dialogue about the portrayal of wealth in religious texts, challenging the notion that money is evil. Preston shares insights from his mentor, Jeremy Newsom, who highlighted the substantial gifts presented to Jesus by the three wise men and questioned the characterization of these riches as negative (09:29 – 12:43). This exchange encourages listeners to reassess their beliefs about money, positioning it as a neutral tool that can be used for positive outcomes.

The Problem of Siloed Wealth Teams

A core issue Justin identifies is the tendency of entrepreneurs to silo their wealth management. He explains that having disparate teams for accounting, wealth management, insurance, and business operations leads to inefficiencies and conflicts. Justin states, “They try to have their accountant over here, their wealth manager here, their person that sold them insurance over here, and their businesses over here” without integrating these functions (16:45). This fragmentation results in excessive tax burdens, conflicting financial advice, and missed opportunities to leverage the business as a strategic asset.

Preston adds that entrepreneurs often unknowingly follow the strategies of their advisors rather than setting their own vision, leading to suboptimal financial outcomes. He succinctly encapsulates the issue: “when they're going to their tax planning, when they're going to their wealth management, when they're going to hold that is exactly what's ruining them and preventing them from making it lasting wealth” (18:33).

Building a Comprehensive Wealth Team

Justin outlines a four-part wealth team essential for entrepreneurs aiming to convert their problems into lasting profits:

1. Tax Team

Justin emphasizes the necessity of a dedicated tax team that goes beyond standard accounting. He advocates for having both an accountant and a tax strategist:

• Accountant (CPA): Responsible for compliance and filing accurate tax returns.
• Tax Strategist: Focuses on creative tax planning to minimize liabilities and maximize savings.

He highlights, “there's a difference between thinking strategically versus thinking around the analog numbers and putting on the tax return” (20:35).

2. Wealth Management Team

This team is tasked with building and managing wealth outside of the business. Justin refers to it as the investment team, which ensures that entrepreneurs’ personal finances are growing independently of their business operations.

3. Business Asset Team

Justin distinguishes between an income-generating business and a sellable business asset. He stresses the importance of structuring the business to be an asset that can be valued and sold, thereby increasing its long-term financial benefits. “It's not sellable and it's not going to get value” unless properly managed (23:33).

4. Protection Team

The final component focuses on safeguarding wealth through legal protections, contracts, insurance, and cybersecurity. Justin warns that without adequate protection, entrepreneurs risk losing their hard-earned wealth due to unforeseen events. “The protection team's goal is to put up a shield in front of everything” (24:10).

Addressing Common Misconceptions

Preston and Justin delve into common misconceptions about wealth management. Justin criticizes traditional accountants who primarily serve W-2 employees, arguing that they lack the expertise to handle the complex financial needs of entrepreneurs. “They’re treating you just like they treat everyone else, but they’re doing their job for the W-2 person” (26:32).

Preston reinforces this by pointing out that many successful entrepreneurs have built significant wealth only after adopting integrated financial strategies similar to those Justin advocates. He humorously laments, “where have you been all my life? What the. Justin?” emphasizing the transformative impact of Justin’s approach (21:04).

Conclusion and How to Engage with Justin's Services

As the episode wraps up, Preston urges listeners to take action by connecting with Justin Maxwell to optimize their financial strategies. Justin provides multiple avenues for engagement:

• Website: www.biglifefinancial.com (with a specific section for Problems to Profit listeners)
• Contact Number: 801-882-1377
• LinkedIn: Active presence for professional networking

Justin offers a complimentary review of listeners' taxes or wealth teams, inviting them to either implement these strategies independently or leverage his comprehensive services. He emphasizes accessibility and personalized guidance, ensuring that even those not immediately ready to become clients can benefit from his expertise (28:56).

Preston closes the episode by lauding Justin’s ability to make taxes “extremely sexy” and recognizing the holistic approach Justin offers in managing and protecting wealth. He encapsulates Justin’s mission: “you’re helping them set up their whole life, not just their one-year budget and their next year's opportunity” (30:41).

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Notable Quotes:

• Preston Brown: “You need to become rich. We're going to talk about taxes. I know, I know it's a cuss word, but let's get it out of our system.” (00:03)

• Justin Maxwell: “The biggest problem I see with entrepreneurs is they try to silo their wealth.” (16:45)

• Preston Brown: “If you're an entrepreneur doing six, seven, eight, nine figures, but you're doing things that are W2 style, you're gonna get W2 results.” (21:33)

• Justin Maxwell: “They’re thinking about how do I make my business as a part of my overall portfolio.” (23:51)

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This episode offers invaluable insights for entrepreneurs struggling to transition their businesses from mere income generators to robust, sellable assets. Justin Maxwell’s strategic approach to integrated wealth management provides a roadmap for achieving sustained financial success and security.

For entrepreneurs looking to break free from the constraints of treating their business as a job and instead build lasting wealth, this episode is a must-listen.

Transcript

[A]

Welcome back to Problems to Profit. Guys. I'm excited for our guest today. There's going to be some magic in these minutes, guys. I am very proud to have been able to squeeze this guy onto the show. He is not easy to get. He's one of the busiest entrepreneurs out there and he's an entrepreneur in a way that can add massive value to you. Now what we're gonna talk about is not that sexy, but you need to understand it because when we make this sexy, you become rich. We're going to talk about taxes. I know, I know it's a cuss word, but let's get it out of our system. Everybody, put your fingers in your ears. Let's get rid of our virgin ears. Use those cuss words. Taxes, taxes, taxes. My friend Justin Maxwell has what's called a virtual family office. There are all sorts of people out there that claim they do taxes. Most of them are just an accountant, just a cpa, just something like that. And they don't have the ability to help you. If you wait till the end of the show, you're going to get all of Justin's information and he's going to be able to help you, guide you, advise you if you are a six or seven figure entrepreneur, save you hundreds of thousands and or millions of dollars every single year. Very proactive. Everyone I know here at this event is using Justin. There's a reason these are some of the top entrepreneurs on the planet. They all want to get in proximity with him. I tackled him, he was talking to two amazing ladies and I went and grabbed him, pulled him away and said, I want to put you on my show. People need to hear what you have. Join me. So, guys, without further ado, Justin, bro, welcome to Problems to Profit.

[B]

Yeah. Thank you, Preston. I'm really grateful for the opportunity to be here, bro.

[A]

So before we get into some of the magic of what you do, how you're going to save people money, how you're going to help them understand what's the difference between a cash flow business and an asset driven business. Before we hit any of the pertinent points that make you valuable, I like to always get people to understand what makes you you. Can you give us a little bit of your story, your background, kind of where you, where you began, where did you start when, when you were growing up, dealing with challenges, facing life and, and having all those problems that helped you learn and earn how to become the profit you are today? That's making the profit and bringing the profits back to them.

[B]

Yeah, I really Appreciate that. And I want to actually mention something you said. This isn't a sexy topic. And when people hear me, they often will look at me and be like, well, that dude is very stoic or that dude doesn't smile. But like, I can bring a very non sexy topic like taxes and make it extremely sexy for people. So I want people to be engaged as they listen to this because this is going to make or break their wealth in a massive way for them. So as I get into this, this is extremely sexy and it should be seen as sexy because this is the secret sauce.

[A]

Justin, I have to pause you for a second. I need to know, are you flirting with me? Cause I am liking it a little bit.

[B]

I just a little too much.

[A]

Do we hold hands on the show?

[B]

Yeah, maybe a little bit. Cool.

[A]

All right, so give us a story, man. Tell us, where'd you come from?

[B]

So I'm from Salt Lake City. If you think of the stereotypical good boy church going, Church of Jesus Christ, Latter Day Saint Mormon boy, that is me. So if you look and think of that, that is the stereotypical person. Don't drink, don't smoke. Never taken anything into my body like just straight on person when it comes to religious practice in my youth. And it made me believe that you have to follow the norm. And the norm in society is you go to school, you get a job, you excel at that job at maximum level, and then someday you retire. So that was what I was going to do because it wasn't that. I think it was a side effect of the religion aspect in me of giving me that this is what you do. And I'm very good at following rules. I'm very good. When people tell me to do something, I'm going to go do it. So that was what was imprinted on me. Even if it was subconsciously in my youth.

[A]

That makes a lot of sense. There's a, you know, not just in the Mormon religion, but in any highly orthodox religion. There's a lot of structures and doctrines that people follow that I think would probably be rather beneficial if you're going into a space where you have to deal with the irs.

[B]

Right?

[A]

Yeah. Yeah, that makes so much sense. Okay.

[B]

Yeah. Okay. So that's the start, that's the youth. Yeah. So I. That was my path. So when I get to college, I don't know what I'm doing. Like, I love math, I love statistics, I love ideas, I love thinking, I love learning. But I didn't know what profession I was going to choose. But it was not anywhere close to finance, and it was not anywhere close to business. Because in my mind that was like. I'll tell. When I was in. I was at a. We. We visited Park City, Utah once when I was young. Parksville, Utah is known for. It's one of the wealthiest cities in Utah. So you have lots of people with affluent. And I remember my parents, like imprinted me then that wealth was something that is lucky or they. It's something. It had a negative tone to it. So it imprinted on me that anything business, anything finance was not the direction I was going to go. So it has to be a more morally driven profession. And so I knew. So when I get to college, those were off the table, even though I love math and I comprehend it and can visualize things very well. So I went to physical education because I love sports, I love physical activity, I love the idea of the science behind the human body and how do you make the physiological changes inside the body. But more importantly for me was how do I make children get excited about that? Through movement. So I studied physical education. I was going to be a college professor in the physical education space, specifically around coaching. And like, how do we get children to buy into movement early on in life so that it sticks? When I was doing my master's degree, I discovered that I hate doing research. The process and the meticulousism and the red tape of doing actual physical research, I hate. I love reading research, I love reading data, comprehending it. But doing it was not what I enjoyed. And it made me realize that I had chosen a path that I was not going to continue in. But I'd been in school for, I don't know, eight years, seven years. I don't know what school takes a long time. And so I was married at that point. And I couldn't go to my wife and say, well, I'm going to go back to school and figure out what else I'm going to do, because I can't do this, because that's college professors, they do research. That's their job is to do research. And so I taught school instead in the meantime. But I knew that I wasn't going to be a school teacher forever because it was just a way to make money until I decided what else I was going to do. And that left me in a spot of searching. But for the first time in my life, I was not just searching for a profession. I was actually searching for a solution to raising and sustaining my family. Because now I was thinking for myself. And I knew that there were some other ways to make money. And my neighbor invited me to this real estate group. I went to the real estate group, and for the first time in my life, I was introduced to the idea that you can make your own money. Entrepreneurism. The first time in my life, I'm 20. Let's see, that was 2016, so I actually don't know the math on that. That was nine years ago. So I was 26. First time in my life I'm introduced to the idea that you can create value in this world and you can get compensated for it without someone else paying you to do it. I know that sounds outrageous.

[A]

How did that go over with some of the rigidity of what you were taught through your faith? Some of probably what your parents were saying around, like, money is if you have it, you're lucky. Which was kind of a presupposition of money is bad, like we don't have it, so therefore it's bad. Right?

[B]

Yeah.

[A]

How did that go over?

[B]

So honestly, I hid it from my family for a while. Like, I didn't tell my parents. I almost. It feels weird to say that, but I didn't tell them that I was trying to pursue means of making money outside of school. I almost felt in my soul that I was doing something dirty or illegal, which sounds absolutely outrageous when I speak that. But that's what I felt. And so eventually that surpasses. Cause when you start hanging out with entrepreneurs, you start to realize there's absolutely nothing wrong with it. And everyone listening to this probably doesn't feel that at all. But I felt that.

[A]

You know what? I have worked with so many, so many entrepreneurs that have so many issues with money, and unfortunately, like many religions will even come in and tell you money's evil. Can we swerve for a second? And I'll give you like a money dispel, which. Not that you need it, but I think the listeners need it. Because I've dealt with all sorts of people from all sorts of rigid structures in their background where they have some kind of presupposition that rich people are evil or money is evil. And. And a lot of them, not all of them, but a lot of them come from a religious background. And I like to pose questions. And so you came from the Mormon faith. That's a branch of the Christian faith, Right? So Jesus is involved?

[B]

Yes, correct.

[A]

Do you think Jesus was rich or poor?

[B]

Yeah, well, he was extremely rich and wealthy in knowledge, but poor as a physical in monetary standards.

[A]

But let's challenge the idea, shall we?

[B]

Let's challenge it.

[A]

Okay. And I actually learned this from a mentor named Jeremy Newsom, who we got to hang out a little bit with this week. He. He shared these facts with me, so I want to make sure I quote him. But, like, he said, well, what were the gifts given to Jesus by the three wise men? And. And I answered, well, gold, frankincense, and myrrh. And he said, do you know what the standard gift of gold was for a mediocre king in those days? I had no idea. I'd never heard of that. And I looked it up, and he told me it was £50. Then he asked me the question, if you were compelled by angels, as the Bible said, would you only deliver a standard gift or would you maybe go bigger? But it matters not because the standard gift is fairly large.

[B]

Yeah.

[A]

And that's just the gold. There was also frankincense and myrrh. And I was like, wow, I'd never thought about it this way. And then he. He doubled down. He was like, did those three wise men, those three magi, did they go straight to Jesus, or did they stop by Herod and meet with Herod? Maybe Herod got a little triggered at the size of the gifts and decided to kill all the firstborn sons. Do you think that's in the best interest of any leader? Would any leader want to kill the firstborn sons of all their followers?

[B]

Right.

[A]

That would be a little ridiculous, right? Like, way to turn the crowd against you. Kill all their kids. Like, so it must have been a big gift if he felt threatened.

[B]

Right.

[A]

But let's go. Let's go further. Was there a lady in the good book that reached out and touched Jesus robes and said, hmm, I'm touching your robes, and then got healed? That happened, right?

[B]

Yeah.

[A]

Did she have Facebook? Did she have Instagram? How did she know what. Who he was like? Must have been some nice robes that were well renowned and talked about. Right? To compound the robes, were there Roman soldiers casting lots for his belongings at the base of the cross when he was crucified? Roman soldiers were rich. They were some of the wealthiest people in the area at that time in history. Why would they cast lots for shitty robes? What would be the point And Judas job in that same good book that we all love and read, was to be the treasurer. That's a good accounting type brain yourself. Do you need a treasurer if you have no treasure?

[B]

Yeah.

[A]

It's crazy, right? Even the loaves and fishes, that miracle where he fed 5,000. Even the loaves and fishes was an Interesting story. Because if you go back through, depending on which book you're reading, and if you study the concordance, you can find in several of the translations that the disciples actually asked him, master, do you really want us to go into town and buy food for all these people? Why would they ask that question unless they had the money? And you know that good old kept saying these things like be fruitful and multiply. That's in the book multiple times. Right. Why would money not be included in that? What if religion had turned money into something that was evil so that you would just give it all to them? Just a question I would pose for anybody listening to maybe add a little bit of not insinuation on what you should think, but maybe some questions to make you think about whether money is good or evil and whether you should be fruitful or multiply. And not to swerve. But yeah, I love a good story and I love reading from my favorite book. So, yeah, you know, sounds like you might too.

[B]

Yeah.

[A]

And sometimes the book ain't wrong, but the people that read it might be.

[B]

Yeah, I like that. I like it.

[A]

So anyway, sorry. Continue, continue. I love when people hit on points that not just you are having. I don't know anyone that started from nothing and came into something that didn't have that same fear.

[B]

Yeah, yeah. It was just like. It was a weird feeling in my heart. Like I almost felt like I was abandoning my family. Even though that's outrageous. But that was the feeling. And eventually that surpassed. And I eventually actually started making a little bit of money doing a little bit of real estate fix and flipping. And I sold some seller finance notes and I sold some just other activities. But it wasn't a business. I was just. It was a. You could call it a hobby. I was trying to make it a business, but it was making money. As my first attempts to actually figure out making money on my own, I then attended an event where someone spoke. You may know him, he's actually quite known in the entrepreneurial space. But Garrett Gunderson spoke at the event, and Garrett confirmed the truth that I actually could do this. It echoed in my soul that I needed to double down on actually pursuing a career where I created my own value in the world. And so it turned from just not just doing real estate, but to what do I actually want to do and what business and problem do I want to solve? So real estate was like the initiatory drug that got me to the idea that I could do it. But it was Garrett's thought that Actually made me double down and figure out what business am I going to start and then what am I going to go do and go solve this problem. And because of all my learning in the past, I'm really good at learning. I can pick up on things very quickly and I can digest information very quickly. I can understand data, I can see big pictures of what the data is telling me. It just so happened that because Garrett was so tied into this very similar space that we're about to talk about today with money and combining, making sure your team is all together, that it unlocked in me that that is the solution I'm going to solve for people. And it resonated really well with my ability to do math and numbers. And it just became one choice after another that I made that kept leading up to me sitting on this couch with you where I just. It was. First choice was go to the real estate group. Second choice was go to the event with Garrett. Third choice was to make one call and just talk to someone about what did you do to get where you are. And then he let me start doing calls with him and then I started. We became business partners. And then it was another choice to go to an accounting firm and just learn what they're doing and sitting down and learning like, why are people not doing this strategy when it's very applicable to them? And then it's just one choice after the other. To me, eventually being here in this seat where I have created a very. It's something that entrepreneurs don't get and it's something that every entrepreneur needs.

[A]

We had some off camera talk and the way you frame some of the things, I don't think it's that they don't get it. It's. They don't know how to get it. They've not seen it, they've never had it explained. And, you know, entrepreneurs are so tuned into the problem they're solving for their clients that they don't realize they're going to have a new one right down the road with the government, a new one right down the road with the private equity, a new one right down the road with, you know, one of these different forces that might be bigger or larger than them that's going to come eat them. And I love how you frame things and explain things. And thank you, by the way, for sharing your story. I really appreciate that. I appreciate you kind of going through some of the pieces that made you the man you are and that you're one of the most analytical people I've met here and that's exactly who I want looking at my financials is the guy that's going to be able to see through the minutia. I want to solve problems. What makes it where you can kind of dive in and realize the problems there? And then how do you go about explaining it? Can we kind of jump into some problems you commonly see and then how you would explain them?

[B]

The biggest problem I see with entrepreneurs is they try to silo their wealth. And what I mean by that is that they try to have their accountant over here, their wealth manager here, their person that sold them insurance over here, and their businesses over here. They're not viewing each and every one of those things the same thing, because they are actually the same thing. They're viewing them as siloed and segmented and distinct and different. And so when they do that, specifically when you start to increase your income and when I say increase income like this could be like you just barely started making over $200,000 a year in personal income. The business is generated and paying you $200,000 a year. Like at that point. From that point forward, every time you have a silo team, your problems of keeping wealth will compound and compound. Because you're going to pay too much in taxes, your wealth manager is probably going to be in conflict with your accountant is saying, they're probably not going to tell you the same things your insurance person is saying. And neither of them are speaking with or thinking about how is this business actually going to become an asset someday.

[A]

I mean, I absolutely love how you frame that. I've never heard it termed that way, but siloing wealth is probably the perfect way to say it. And the way I would kind of reframe it into an entrepreneur's mind is which member of your team at the office do you not want following the strategy you set? And when you're going to an expert or a set of three or four or six or seven different experts, are they all following your strategy or are you following their strategy because they're the dominant in the room, they're the expert. Like you're telling me that the thing that's made the entrepreneur successful, the very opposite of that thing, when they're doing it unintentionally, when they're going to their tax planning, when they're going to their wealth management, when they're going to hold that is exactly what's ruining them and preventing them from making it lasting wealth.

[B]

Yes, Correct.

[A]

Wow, that is so easy to understand.

[B]

Yeah. They just have to switch it. They are A CEO, and they're a leader of their businesses in every aspect. They control the vision, and then they let their people go do it. You need to do that same thing with your wealth team, and they need to be all on the same page because they need to all know what your vision is and where you're going.

[A]

So when we say wealth team, what's a wealth team? Can you go over a little bit about what a wealth team is? Who are these people that are siloing stuff for these entrepreneurs?

[B]

Yeah. So I think there's four key people you should have on your wealth team. It might be five because of this first one. So you should have someone that is in the. I like to view this in terms of team. So I. I want a tax team, and I want a leader of that tax team to be governing that. So in many cases, that's going to be an accountant. But I would propose to people that needs to be an accountant and a tax strategist, because you need to understand that accountants in almost every instance cannot be both an accountant who files your taxes and also think creatively around solving the tax problem. So it needs to. That usually is led by two people, but the accountant is the person that signs the tax return, and they're the ones that's the compliance officer. So they technically could be the leader. But you need someone else that's also involved with that as an authority figure amongst that department or that team.

[A]

I like that. So you're gonna have two leadership roles in a way. Like, one, obviously, the CPA is gonna take liability for signing on the taxes. So there's leadership in taking liability and being willing to fight for what you've helped somebody do. That's the CPA's job. But there's also leadership in putting together a strategy. And there's not one strategy in taxation. Like, how many are there? Like millions? Thousands?

[B]

There's so many different combinations. And it changes from year to year because your cash flow changes and your situation changes. And are you exiting? Are you coming up or you buy another business? Like, it changes so much. But you need someone that's thinking strategically versus thinking around the analog numbers and putting on the tax return.

[A]

Are you on cash accounting? Are you on accrual accounting? Could you switch from cash accounting to accrual accounting to get some savings one year or not? Like, are there. So there's so many hacks and so many tactics that, that I've learned over the year that now years that now seem like relatively simple things that, I mean, nobody talked to me about this when I was starting out, like in my. I've probably been in business 20 years. I think I started talking about it five years ago. You know what, I need to talk a little to you, bro. Like, where have you been all my life? What the. Justin?

[B]

Well, this is the biggest problem entrepreneurs face. They're really good at making money and then no one helps them keep it.

[A]

Yeah, well, I think the vast majority of my wealth was generated in the last five years when I started having these conversations.

[B]

And the other thing I like to make it even sting a little bit more is entrepreneurs don't like to be like middle class people. They don't want to be associated with W2. But you're going to professionals that are treating you like a W2 employee. And that's why you get W2 results. Wow.

[A]

Well burn. Okay, so guys, if you're watching this show, he just said that you're very smart, but you're doing something stupid. There's only two sources of pain, guys. Like, there is ignorance and there is stupidity. If you are ignorant and you do something wrong, it's okay. Learn from it. Go backwards, okay? Back up after you've learned from it, after you've felt the pain, and do it differently next time. Okay. At least you won't make the same mistake twice. May not be right the next time, but at least you won't make the same mistake twice. And you keep, you know, editing the plan, eventually you will be right. Stupidity, on the other hand, unlike ignorance, it's like, hey, I did something, it hurt. You know what? I remember that. I'll do it again. Like, don't be that guy. You literally just had a bomb dropped in your life. And if you're an entrepreneur doing six, seven, eight, nine figures, but you're doing things that are W2 style, you're gonna get W2 results.

[B]

Yeah.

[A]

Wow. All right, so we got the tax team. That's number one. We got three more of these guys.

[B]

Yeah. And then I call this the wealth management team or the investment team. So they are going to help you build your wealth outside of your business. I like the term outside of your business. Because your wealth, your business is a tool. The third one is that I like to have. I want you to have someone helping you actually make your business an asset. So many entrepreneurs are making their business income sources, which is great. It makes you a ton of money. You'll make a ton of money in your life, but it's not sellable and it's not going to get value on the end 80% of businesses never sell. And so that's because 80% of businesses don't actually make their business a valuable tool. So have someone that's actually guiding you on how do I make my business as a part of my overall portfolio. So I have the wealth outside my business being created, but I'm also creating the wealth inside my business. And you need someone to help you do that, because what you're doing right now is probably not actually making it a valuable asset. It's a valuable income source. But those two things are not the same.

[A]

Wow. Okay. And we could probably do an entire episode on the difference between an asset business and an income business. And by the way, like, I want to frame this. Like, an asset business still generates income.

[B]

Yes, it. Absolutely. And you'll make a ton of money. You actually probably make you more money if you make it into an asset business.

[A]

Yeah, we're going to have to have you back to talk about that, because I know you're on a rushed schedule today, and I want to make sure that we get through this. But, like, that would be a beautiful episode, too, that we're going to have to hit. So, okay, we have tax team and we have wealth management team. Who's our number three?

[B]

The three is the business team. Making your business into an asset team.

[A]

So kind of the business asset team.

[B]

Correct. And then last team is protection. So how do we protect all the wealth that is being created, all the wealth that is being generated? So that's the legal protections, that's the contracts, that's the insurance, that's the cybersecurity stuff. What most entrepreneurs forget is they're so focused on making money that they ignore their protections. And so many people. I have so many stories of entrepreneurs that have made millions of dollars and lost millions of dollars because they haven't put protections in place. And it's been one event or a combination of events that destroyed their wealth in an instant, and then they have to keep rebuilding. So it's just a cycle. Make a lot of money, lose a lot of money. Make a lot of money, lose a lot of money. So the protection team's goal is to put up a shield in front of everything and work in collaboration with the wealth management, the assets, the tax team, so that they all know that we're allocating dollars to something that's going to protect us in the future, so that when those events happen, because you don't know what event it's going to be, but there's going to be an event, you will save you will be protected.

[A]

Okay. So, you know, and all of these things that we're looking at that we're trying to underwrite and understand as an entrepreneur, wealth team, tax team, business asset team, protection team. Like, I don't think it's that any accountant out there that's not providing these things doesn't want to help or doesn't want to add value. I think it's probably just they don't have the resources for that. You were able to build an organization that has the resources to bring all of these different things into one house, is that correct?

[B]

Correct. Yep. So, yeah. And again, it's not that accountants are crappy people or bad at what they do. They do their job. It's just that they're doing their job for W2 people. 95, 90% of the population doesn't need tax strategy. So that produces most accountants. That's who they serve. They're not servicing people. Most of their clients, you're their top dog. You're making the most money out of them, and they treat you just like they treat everyone else, but they're doing their job for the W2 person. Wow.

[A]

Oh, my gosh. Okay. So, you know, you'd mentioned something else offline before the show. And I mean, I know you got to get out of here, but I want to, like, pull a little bit more out of you if I can, if you're okay with that. Like maybe five more minutes of your time just to get like a few last pieces. You also mentioned another threat that a lot of entrepreneurs face in dealing with, like, private equities and organizations that may understand more about their business model than them or when they're doing exits or when they're raising capital or things like that.

[B]

So I actually talked to someone here. They're in the middle of an exit right now and, well, they've actually already sold the private equity. But he told me an interesting. He told me an interesting story. So private equity is going to give you three things. Like you're not going to get all your cash up front. They're going to give you cash up front, then they're going to give you an earn out, and then they're going to give you some upside because they're going to then sell their portfolio to someone else and they'll give you upside in that parent company. But it's what they do when they come into you as a founder, you have this great product, you have this great business. You think it's so great that private equity is attracted to you. But all they do is they come in and they just look for everything that's wrong and disorganized with you and they just ding it. And then they're going to be able to fix that very quickly. So they'll lower your price and then they fix it really quickly and that helps their ROI come up very quickly. So if you as the entrepreneur know what the private equity company is going to do before they do it, they can't ding you and you'll get your maximum value instead. And doing what we're talking about here, by creating this team and the structure, everything will be built in a way that you're going to know that you can demand top dollar versus private equity, taking it down and you're the one commanding the negotiation versus in almost every instance, private equity is the one that takes and determines what the price and value is going to be.

[A]

I love all of this and I really want to have you back. I want to also respect your time, Justin, and I'm so grateful that you've come on. But I would like people to be able to get like that availability of you. Do you have a website? Do you have a number where people can reach out? Is there any way that if people have questions? Because I think there's going to be a lot of people that are going to look at this episode and they're going to say, well, shoot, like what do I do? Do I go put these together? I mean, maybe I can become my own CEO, but like, you know, and you're the heart centered type that whether you work with them or not, you guide them in the right direction. And I think probably you could, I know you're busy, but can you take on a few more clients?

[B]

Yeah, we can take on more people and we're, the whole point of our operation is to be like, we're going to create this solution for entrepreneurs in a way that our name is known in just as much confidence is QuickBooks or TurboTax. Like you'll be able to know that that's who we are. So that's what we're building to. So we're going to create that for you. But we'd love to offer just we can do a complimentary, at our expense, review of your taxes or of your wealth team. We'll talk about the different ways that you can build this. Like you can either do it on your own or we already have it built and we can, you can utilize our services. But the best way to get access to me is there's three options. So you can go to www.biglifefinancial.com problems to profits. Or you can just text or call me at 801-882-1377 or I'm extremely active on LinkedIn and you can connect with me on LinkedIn and we can have a conversation. Then move it into a phone call if you desire.

[A]

Wow guys, thank you for watching today. Justin, just, you might have performed a miracle, bro. Like, I don't know if you know this, but like at least in the Catholic faith, you need three for sainthood. I think you have one down. He made taxes sexy. Like he literally brought in a way to turn something that we all think is a dirty word, taxes, and combine it with wealth management, turning your business into an asset, creating financial protections. And all of those like big crazy words really just mean you're helping them set up their whole life, not just their one year budget and their next year's opportunity. So bro, thank you so much for coming on to problems to profit.

[B]

Yeah, thank you very much. I'm grateful for the opportunity. And again, if you need, even if we don't work together, like just reach out and I'll look at your situation and I'll tell you, go do this or go hire this person. You need to do this strategy. I'll make it valuable for you.

[A]

I love that about you, bro. You'll have an amazing day on purpose.