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

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).

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)

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.