Why Your LLC Won’t Protect You (Until You Fix This)

Summary

Rich Dad Radio Show: "Why Your LLC Won’t Protect You (Until You Fix This)"

Release Date: April 9, 2025

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Introduction

In this pivotal episode of the Rich Dad Radio Show, hosted by Robert Kiyosaki from The Rich Dad Media Network, the focus is on the critical importance of properly maintaining Limited Liability Companies (LLCs) to ensure adequate asset protection. Joined by Garrett Sutton, a renowned attorney specializing in asset protection and corporate law, and Blair, the discussion delves deep into the vulnerabilities of LLCs when corporate formalities are neglected. This conversation is especially timely given Kiyosaki's prediction of worsening economic conditions, which often lead to increased litigation and financial threats to individuals and businesses alike.

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Main Discussion

The Fragility of LLC Protection

Robert Kiyosaki opens the discussion by emphasizing the heightened risk of legal predation during economic downturns. He observes, “[When the economy gets worse,] people look for somebody to steal from” (00:54). This sets the stage for exploring how inadequate maintenance of LLCs can leave even wealthy individuals exposed to lawsuits.

Garrett Sutton explains the fundamental purpose of an LLC, stating, “It's the most popular entity now available. It offers asset protection and flexible taxation” (01:45). However, he warns that without strict adherence to corporate formalities, the protective veil of an LLC can be easily pierced, exposing personal assets to legal claims.

Consequences of Ignoring Corporate Formalities

A compelling case is shared by Kiyosaki about an entrepreneur who lost everything when his daughter accidentally hit someone with a car. Despite having a corporation, the court held him personally liable because he failed to maintain corporate formalities (02:00). Sutton underscores that “if you don't follow the corporate formalities… an attorney can pierce through that corporation… and reach the personal assets of the owners” (02:42).

Real-World Implications and Personal Experiences

Blair adds perspective by highlighting that many small business owners are unaware of these risks: “Most small guys… don’t even think about it… they can get wiped out instantly” (03:50). Kiyosaki shares his personal ordeal with untrustworthy attorneys, revealing that even trusted professionals can sometimes betray their clients, further complicating asset protection (04:21).

Building a Trustworthy Team

Sutton emphasizes the necessity of assembling a reliable team: “You've got to have a good team around you” (04:26). Kiyosaki echoes this sentiment, noting the challenges of replacing dishonest professionals and the importance of having dedicated advisors like Tom Realwright, their accountant, to ensure all corporate formalities are meticulously followed.

Maintaining the Corporate Veil

The concept of the "corporate veil" is central to asset protection. Kiyosaki and Sutton discuss how this veil acts as a shield for personal assets but can be compromised if proper procedures aren’t maintained. Sutton uses an analogy: “It does give you a little bit of protection, but it's not like… an iron wall” (06:24). He further explains that “if you don’t maintain the veil, people can pierce through it” (06:48).

Preventative Measures and Best Practices

Sutton outlines several best practices for maintaining LLC protection:

• Separate Bank Accounts: Ensure all business transactions occur through the LLC’s bank account.
• Proper Documentation: Maintain detailed meeting minutes, operating agreements, and issuance of certificates (08:50).
• Segregation of Assets: Use multiple LLCs to hold different assets, preventing a lawsuit on one from affecting others (23:03).

He also introduces his book, "Veil Not Fail," as a comprehensive guide to understanding and implementing these protective measures.

Asset Protection Strategies

A significant portion of the discussion is dedicated to strategic asset protection. Kiyosaki shares his approach of using multiple corporations to isolate assets, ensuring that if one is compromised, others remain secure. Sutton elaborates on the importance of maintaining these structures from the outset, cautioning against attempting to retrofit protection after legal issues have arisen: “You can’t put your seatbelt on after you crash” (09:56).

Geographical Considerations for Asset Protection

Sutton advocates for forming LLCs and corporations in states like Nevada, Wyoming, and Delaware due to their favorable asset protection laws and lack of certain taxes. He explains, “Nevada has great asset protection… no income or corporate tax” (16:38), highlighting Nevada as his base for optimal business protection.

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Conclusions

The episode underscores the paramount importance of not only forming an LLC or corporation but also diligently maintaining it through strict adherence to corporate formalities. Garrett Sutton and Robert Kiyosaki make a compelling case that neglecting these responsibilities can nullify the protective benefits of these business entities, leaving individuals vulnerable to personal liability and asset loss. The dialogue advocates for proactive measures, including assembling a trustworthy professional team, segregating assets across multiple entities, and continuous education on asset protection strategies.

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Notable Quotes

• Robert Kiyosaki (00:54): “When the economy gets worse, people look for somebody to steal from.”

• Garrett Sutton (02:42): “If you don't follow the corporate formalities… an attorney can pierce through that corporation… and reach the personal assets of the owners.”

• Blair (03:50): “Most small guys… don’t even think about it… they can get wiped out instantly.”

• Garrett Sutton (06:24): “It does give you a little bit of protection, but it's not like… an iron wall.”

• Robert Kiyosaki (09:56): “You can’t put your seatbelt on after you crash.”

• Garrett Sutton (16:38): “Nevada has great asset protection… no income or corporate tax.”

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Final Thoughts

This episode serves as an essential guide for entrepreneurs and individuals seeking to safeguard their personal and business assets. By emphasizing the necessity of maintaining corporate formalities and building a reliable team, Robert Kiyosaki and Garrett Sutton provide actionable insights that can prevent costly legal repercussions. For those looking to deepen their understanding, Sutton’s book, "Veil Not Fail," is recommended as a comprehensive resource on maintaining asset protection through proper LLC management.

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Timestamps

• Introduction: 00:01 - 00:54
• LLC Protection Explained: 01:18 - 03:36
• Corporate Formalities and Risks: 03:36 - 06:48
• Personal Experiences and Team Building: 06:48 - 11:04
• Maintaining the Corporate Veil: 11:04 - 16:35
• Asset Protection Strategies: 16:35 - 23:40
• Maintaining Multiple Entities: 23:40 - 27:49

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This summary provides a comprehensive overview of the episode's key themes and discussions, enabling listeners to grasp the critical aspects of LLC maintenance and asset protection without needing to listen to the full podcast.

Transcript

[Robert Kiyosaki]

This is the Rich dad radio show. The good news and bad news about money. Here's Robert Kiyosaki.

Hello, hello, hello. This is Robert Kiyosaki, the Rich dad radio show. The good news and bad news about money. And today, a very, very important show, especially if you are rich or planning on getting rich or want to stay rich. It's a very important program. So the reason this is so important is because today, and I suspect the economy is going to get worse. And when the economy gets worse, people look for somebody to steal from. And as you see it all the time, there's a turn. I mean, every place I drive now, there's billboards in a wreck, need a check, call me. You know, they're looking for somebody with money to sue. In the comments, I believe you see them all the time.

[Blair]

I just saw that billboard coming in here this morning. I go, oh my God. And the guy had the cheesiest grin on him. It just gave me the creeps.

[Robert Kiyosaki]

Yeah. And so there's always three sides to a coin. Heads, tails, and the edge. And Garrett is on the other side of the coin from those other predatory ambulance chasing attorneys. So, Garrett, welcome to the Rich Dad Ran radio show.

[Garrett Sutton]

Thank you, Robert. Thanks for being here as well, Blair. It's great to be with you both. And yeah, it's interesting, Robert. The year that the Supreme Court allowed attorney advertising where attorneys could solicit for car accidents was the same year that Wyoming allowed for the first ever LLC. So it's kind of funny that that happened in 1977. Attorney advertising and protection from LLCs.

[Robert Kiyosaki]

What is an LLC?

[Garrett Sutton]

For the layman, a limited liability company. It's the most popular entity now available. It offers asset protection and flexible taxation. It's a great way to protect your assets.

[Robert Kiyosaki]

Yeah. And one of the ways I met Garrett was because there was. I live in. Garrett lives in Reno, Nevada and I live in Phoenix, Arizona. But that was a case where this entrepreneur built a huge lumber company, but his daughter hit somebody in the crosswalk with her car and he lost everything because the turnage was. But he had a corporation. He was, he thought he was protected. But that kind of woke me up. I said, my God, this guy has a. He has this corporation. He's not that stupid, very sophisticated guy. But his daughter runs somebody over down in the, in a crosswalk and the court took it to the father. Why does that happen, Garrett?

[Garrett Sutton]

Well, if you don't follow the corporate formalities, if you don't follow what the courts and the legislatures want you to do, an attorney can pierce through that corporation, that lumberyard corporation, and reach the personal assets of the owners. And so, you know, following these formalities are really easy. It's really dramatic. If you don't, though, you can lose.

[Robert Kiyosaki]

All of your personal assets using attorney talks. Like, this is the rich dad show. We keep it dog shut. Simple. Okay, all right, so the point here is a lot of times people say, well, I have a corporation, or they have this, but they don't follow the rules. Or like you say, a lot of people, my, My poor dad always said this. Everything's in my name. The house is my name, the car is in my name. And that's, that's when you call them sole proprietors. And what does soul stand for?

[Garrett Sutton]

Someday you'll lose everything. Times of stress, litigation goes up. People have time to look for people to sue. And you better have your assets protected before you're sued.

[Robert Kiyosaki]

Any comments on that, Blair?

[Blair]

Well, you know, most small guys in the S quadrant don't even think about it. They don't even, it's not even. Doesn't even cross their minds. And they can get wiped out instantly. They can be stolen from, they can be ripped off and sued. So it's something that some. Most people don't even look at.

[Robert Kiyosaki]

And then Garrett knows, because Garrett's been intimate with my, my, my asset protection guy a lot of the times. But Garrett won't mention their names, but my own attorney was stealing from me. And that problem.

[Garrett Sutton]

Yeah, that's a problem. You've got to have a good team around you, Robert, and you certainly do now.

[Robert Kiyosaki]

Yeah, it's really interesting. Just because a person's an attorney or accountant doesn't mean they're honest.

[Garrett Sutton]

Nope, that is absolutely correct.

[Robert Kiyosaki]

And so that's why it's good to have Garrett, who lives in Reno. He's arms distance away from rich dad. He's not personally involved with the personalities. And then anything I'll say about that?

[Garrett Sutton]

Well, and you want a team. I mean, I do the asset protection and the corporations. And if you need an attorney that does employment, you need a team. But you also need people you're comfortable with, Robert. And you, you know, you had some, some bad apples and, and, you know, it takes a while to get the right team together.

[Robert Kiyosaki]

Right. And Ken McElroy, who's my real estate guy, he always says some of his best partnerships came from bad partners. You know, best deals came from bad deals. And so because I had two crooked attorneys and one crooked cpa, I started looking for better professional help. And so that's why. So when you talk about piercing the corporate veil, you talk about formalities. I mean, when you form a corporation, a lot of times because, well, I formed a corporation or have an llc, I have an S corporation, I have a C corporation, but they don't follow the rules after that. Is that correct?

[Garrett Sutton]

Well, a lot of times, Robert, and you mentioned this in your forward to Veil, Not Fail. You know, people set it up online, and they don't know that they have these ongoing formalities. And then they learn the hard way that you're supposed to do meeting minutes, you're supposed to do tax returns, you're supposed to follow these rules. And in 50% of all cases, people are able to pierce through the veil and get at your personal asset. So clearly, half the people are not following the rules, and they're not hard to follow. That's the issue. I mean, it's so easy to follow these rules. If you don't, you lose everything.

[Robert Kiyosaki]

So when you talk about veil, what does that mean to you as an attorney?

[Garrett Sutton]

Well, you know, we think of veil as kind of a traditional covering for a woman's face, and that's what it is in the corporation. It does give you a little bit of protection, but it's not like, you know, an iron wall. I mean, if you don't maintain the veil, people can pierce through it and reach your personal assets. So it's a. It's a manner of protection, but it's not a steel wall.

[Robert Kiyosaki]

And the thing that's kind of interesting is that I have a lot of friends who are the ambulance chasers, and they're a different breed of cat. So when they see somebody who has their LLC or their C. Corporation S Corporation, but they haven't followed the procedures, what happens to the veil?

[Garrett Sutton]

It falls. And they can then pierce through the veil. There's no veil there. And they can get at all your personal assets.

[Robert Kiyosaki]

So Garrett's new book is called Veil Not Fail, and he says it's not that much trouble, but for somebody like me, it's a pain in the butt. So I pay Garrett a fee just to make sure that all of we have multiple corporations that they have to be protected. You protect the corporation from other attorneys, right?

[Garrett Sutton]

Absolutely. And these fees are just like another form of insurance. You just want to have. You want the insurance of a corporation, and you want the insurance of a properly maintained corporation. It's not expensive to do, and again, it's really hazardous if you don't.

[Blair]

What you mentioned, Garrett, is that a lot of these People get their corporation formed online, okay? They don't have a relationship. You know, if you're going to move into the B quadrant or you really want to protect something, you need to have a team you can consult with, somebody you trust, learn to trust them. I mean, I don't know who's at the other end of that, of that online form I just filled out. I don't know who that, what their credibility is. But, you know, the number of times that I sit down with you and talk about a situation, talk it through, and you send me in the right direction. These are critical things that, that an entrepreneur needs to do. You don't shuck that off and say, well, I don't have enough money to do it, because like you said, it can cost, it can not only cost you your assets, but, but some of your hard earned intellectual property and all that stuff can be all ripped off and stolen by other people that have more capital than you.

[Robert Kiyosaki]

So Garrett, how does somebody check on, make sure that they're following the procedures?

[Garrett Sutton]

Well, we want to make sure that when the corporation was formed, not only did you have the articles, but you have the operating agreement, the meeting minutes, the issuance of certificates, all that is important on an annual basis. You need to have meeting minutes showing that you had a meeting. A lot of promoters, Robert, say that with an llc you don't need to have a meeting. And when you get into court, the judge and jury goes, wait a minute, how do you run a business, an LLC or a corporation for 10 years without a meeting? You know, it's just not realistic. And so you need to follow all these formalities.

[Robert Kiyosaki]

So can, let's say I live in Texas and you in Reno. Can I hire you?

[Garrett Sutton]

Yes. We set up and maintain entities, LLCs and corporations in all 50 states.

[Robert Kiyosaki]

But Garrett puts, says it best. He says you can't put your seatbelt on after you crash. And that's all a lot of people do. Well, I'm driving without a seatbelt, but you go through the windshield and you go, what happened?

[Garrett Sutton]

Well, and if you've been sued, Robert, it's too late to set up an entity like you say. I mean, it just. The court is not going to give you the protection. The attorney's going to have a field day with the fact that you try to. It's really called a fraudulent conveyance or transaction. You can't do a fraudulent transaction trying to put your personal assets into a corporation after you've been sued.

[Robert Kiyosaki]

Can't do it, huh? So the court doesn't like that.

[Garrett Sutton]

The court is like a bull seeing.

[Robert Kiyosaki]

Red when you do that commentary.

[Blair]

Yeah, I just.

[Robert Kiyosaki]

The.

[Blair]

The education that Garrett provides is priceless because you work so hard to build whatever you're building, and it can be gone in an instant with. For no good reason other than just being careless. And so I, in the. In the past, when I started my businesses, I said, well, I can't afford that. I can't protect this. And you know what? It always comes. It comes back, particularly if you're in a. And here's the funny thing. It comes back. If you're successful, you're not successful. Nobody's going to pay any attention to you. But once you become successful, then you become a target.

[Robert Kiyosaki]

Amen. Amen.

[Garrett Sutton]

Absolutely. Now, another facet of this Robert and Blair is that you can reverse Pierce. So you. If someone has no money and you have a judgment against them and their corporation has money, you can reverse Pierce to get after the corporation's money. So we have a chapter in that. I know it's complicated, Blair, but just know that if a corporation, I mean, a person owes you money and their corporation has plenty of it, you can reach it through reverse piercing.

[Robert Kiyosaki]

So we come back. We'll be talking more about Garrett Sutton. His latest book is Veil Not Fail. We'll be right back. Welcome, Robert Kiyosaki, the Rich Dad Radio Show. The good news and bad news about money. You can listen to the Rich dad radio program anytime, anywhere, on iTunes, Android, and YouTube. And all of our programs are [e-mail] we archive them simply because we're an education company. We don't recommend or sell anything. We don't make stock tips.

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[Robert Kiyosaki]

Real Estate Tips but if you listen to this program again, you'll learn twice as much business repetition. But more importantly, your friends, family member and business associates who do not know why they have to pay for a corporation's attorney and all this other stuff because they're cheap. You have a problem with a cheap partner of your cheap or your husband or wife. She the reason I say that is because exactly as Blair said, when I invented the shoe pocket, which was a wallet, I didn't have money to patent it. So I figured, well, I could outgun everybody and just outrun them. So exactly as Blair says. Everything was fine until I got successful. And the moment I got successful, my little shoe pocket was ripped off. So being cheap with attorneys is really, really foolish. And that's why Garrett's been my personal corporation's attorney for years and years and years. I call him Advice. He advises me how to do this, how to do that, because I do not want to make a stupid mistake on that stuff. Before I go on, why are you in Nevada? Is there a reason Nevada is better than California?

[Garrett Sutton]

Oh, Robert, there's so many reasons now. But Nevada has great asset protection. It's one of the top states for forming corporations and LLCs, along with Wyoming and Delaware. As Blair knows, I like to ski, so that's another reason I'm here by Lake Tahoe. But no, Nevada is a great state for business, for protection and for not many regulations compared to California.

[Robert Kiyosaki]

So let's say I'm a businessman in Japan or in Mexico and I still form an LLC or corporation in Nevada.

[Garrett Sutton]

You can, you know, in, in certain countries, Panama, the Wyoming or Nevada LLC is accepted. But if you're going to be doing business in the United States from Japan or another country, certainly a Nevada corporation which offers great asset protection is the way to go. And we have a number of foreign clients, Robert, who set up in Nevada for their American activities.

[Robert Kiyosaki]

Right. And Nevada is better for tax reasons.

[Garrett Sutton]

Too, isn't is there's no income or corporate tax because of gaming. We, you know, please come to Nevada and drop a bunch of money into casinos so I don't have to pay tax. We have no income or person or corporate tax.

[Robert Kiyosaki]

And you, were you originally from California?

[Garrett Sutton]

I grew up in the San Francisco Bay area.

[Robert Kiyosaki]

And you saw the light, didn't you?

[Garrett Sutton]

I got out in 1989.

[Robert Kiyosaki]

You know what a real democracy is? In theory, a democracy is something that's run by the poor. But you don't want to. If you're going to be rich, talk to Garrett.

[Garrett Sutton]

You want to stay rich.

[Robert Kiyosaki]

So again, the name of the book is Veil Not Fail F A I L by Garrett Sutton, Esquire. Any other comments there?

[Garrett Sutton]

Well, we talk about a number of tips, Robert. They're not hard to follow. As I've mentioned in the book, you want to make sure you have a registered agent. You want to make sure you have a separate bank account. You want to make sure that you provide corporate notice. When you sign a check, it should be in the name of the LLC or Inc instead of in your personal name. These are all simple things that you can do that we cover in the book. But if you have a corporation or an LLC right now and you're not following these rules, you need to take a step back, analyze where you're failing, and then read the book Veil Not Fail, because all the tips and strategies are in there. So I always recommend that my clients have a personal umbrella policy of insurance, home and auto. An extra million dollars of coverage is only 400 a year. Then have all of your assets in LLCs. If there's a car wreck, which is one of the biggest risks out there, there's plenty of insurance for the attorneys to go after. And then your other assets are in llc. It's not a good use of an attorney's time who's on a contingency. They only get paid when they collect. It's not a good use of his time to Fight through a Nevada or Wyoming llc. So a combination of insurance and entities are what you need in this day and age.

[Robert Kiyosaki]

What you're saying is the ambulance chaser wants to go after the insurance company because you have insurance.

[Garrett Sutton]

It's easy for them. They know how to get at the.

[Robert Kiyosaki]

Insurance money, and the insurance companies just want to get rid of it.

[Garrett Sutton]

They just pay.

[Robert Kiyosaki]

Any comments?

[Blair]

It's a whole system. It's a whole. It's a whole ecosystem of its own, you know, and if you try to. And if you're unprotected, it's kind of like a gold mine for somebody else, is what I'm hearing you say. And the steps you've steered us through, those steps, they're really pretty simple. And if you ignore them, you do it at your own peril.

[Garrett Sutton]

Right? And again, 50% of the time, they're piercing the veil, which means a lot of people aren't following these rules.

[Robert Kiyosaki]

And so that's what Veil Not Fail is about. Your book is because you still have to follow the rules, right?

[Garrett Sutton]

And this isn't taught in school. And the online providers don't give you the information. You've got to get this information on your own or you're going to lose everything the hard way, right?

[Robert Kiyosaki]

It's really kind of a nasty world, you know, the way we found out, the hard way. When Kim and I first started out, we had a tenant slip and fall on our sidewalk. Holy mackerel. And this guy came and found Kim and I, knocked on our doors. I mean, we had no protection at all. We owned the property. We thought we were Donald Trump with our first apartment house. This guy was looking for us, and he knocked on our doors. And that's when I said, we better start protecting ourselves.

[Garrett Sutton]

Right? And another thing, Robert. You don't want your personal address and name to be out there on the Internet. You want to have a registered agent whose name is out there so that that tenant is not coming to your door. That must have been very unsettling for you and Kim, Robert.

[Robert Kiyosaki]

Oh, yeah, because we were planning on getting really, really rich. And I don't know how many entities we have, but we have multiples, don't we? Do we? Every time we buy something new, there's a new entity being formed. What is that called? What is that called? You know, like, I just bought another large, large asset. But immediately names are coming up. We call Garrett. It's got to be set up. Talk to Tom, our accountant.

[Garrett Sutton]

Well, it's called prudent. I mean, you're doing what you're supposed to do, you're supposed to protect these entities, your assets, right off the bat. If you have an asset in your individual name for three months and something bad happens during that three month period, you are personally responsible for that claim. Don't go through that experience. Set up these entities right off the bat and then take the steps to maintain them properly so they can't pierce the veil.

[Robert Kiyosaki]

And so that's the name of your latest book, Veil V E I L Not Fail.

[Garrett Sutton]

So we don't want your veil to fail and we give you all the tips and strategies so your veil stays strong. The CPA and the attorney need to be on the same call, you know, all the time. I hear people say, well, my, my CPA said this and my attorney said this. And you play this game of ping pong, get the two of them on the same call with you and get all the questions answered all at once.

[Robert Kiyosaki]

That's one of the reasons what we have Rich Dad Advisor books is because like Garrett is our real advisor and Tom Realwright is our real accountant and they know each other. We call it, we, we collude, we collaborate, we also comply. We want to make sure we don't break any of the rules because it's just not worth it. I mean, why, why do what we do just to lose it to some stupid trying to save a couple of bucks? You know, it's ridiculous.

[Garrett Sutton]

Well, there's too much money to be made by following the rules. You know, just follow the rules and you're going to do fine. And these corporate formalities that we mentioned, again, they're not hard to follow. If you don't follow them, a judge or jury is going to say, I'm sorry, but you did, you know, you set up the corporation to be protected and all we do is ask you to follow these simple rules and you did it. So we're going to pierce the veil and hold you personally responsible. It's so easy to avoid that.

[Robert Kiyosaki]

The other thing too is risen. Garrett Hennel's all because we have so many of them. So I have one entity here, another entity here. If one gets hit, the. This one's still safe. Is that the theory?

[Garrett Sutton]

That's the theory. So you have a duplex in one LLC and a four plex in another llc. If you get sued on the duplex, they can't reach the fourplex. It's in a separate LLC. Which also means you don't want to put 10 properties into one LLC. If they sue on the duplex, they can Reach the other nine properties as well. So you want to segregate the assets between various LLCs. You also have a brokerage account. You can put that into an LLC as well to get much better protection than holding brokerage assets. Gold and silver, etc. In your individual name.

[Robert Kiyosaki]

And like when I was having meetings here at the rich dad office in Old Town. But the building is not in my name, is it?

[Garrett Sutton]

Nope. I wouldn't let you do that.

[Robert Kiyosaki]

And the business is not in my name.

[Garrett Sutton]

No, it's not, Robert.

[Robert Kiyosaki]

And so if you understand what we're saying here, my poor dad always said, oh, it's in our name. That is really poor. Man's thinking. A rich well.

[Garrett Sutton]

And that was back in the day. Everybody wanted to have assets in their individual name. This was before the country got litigious and, you know, that's how people operated. But in this day and age, you really need to have a combination of that umbrella insurance policy and these LLCs to protect yourself.

[Robert Kiyosaki]

And Garrett has watched and Blair has watched, and Kim and I struggle because our first accountant and attorney we hired turned out to be crooks. And it's tough. We've learned the hard way. It cost us tens of millions of dollars to get rid of them. So that's why it's. You know. Know, I've learned very have an objective point of view outside of the business, because otherwise it's too emotional. You know, we're. We're friends. I trust him. You know, he's a good guy. I know his kids and all this shit, and the guy's siphoning cash out the back door.

[Garrett Sutton]

Well, you can't be afraid to upgrade your team, you know? I mean, you're a coach, and you've got to have people on your team that you can trust. And if someone isn't returning your phone calls, isn't doing the work you ask them to do, you got to replace them on the team and get a new team member.

[Robert Kiyosaki]

Right? And that's one of the hardest things to do because you get into these relationships.

[Garrett Sutton]

Right.

[Robert Kiyosaki]

You know, I really want to thank you for your contribution to everybody's education here. I trust everybody will listen to it. Get your book Veil Not Failing. Garrett's other books. What other books do you have that people should get into?

[Garrett Sutton]

Well, start your own corporation. Get you into the idea of why you form these entities. Loopholes of Real Estate. Talks about the tax and legal strategies of investing in real estate. And then Veil Not Fail allows you to understand why you have to maintain these entities to stay Protected.

[Robert Kiyosaki]

And so Rich Dad's a complete education company. But the benefit that I have is I have great teams around me and we work together. But more importantly, they're my greatest asset. But I don't have to be an attorney, but I have to know what questions to ask the attorney. And that's why you have your books. Final word, Garrett?

[Garrett Sutton]

Well, final word is that they don't teach this in school, Robert. You know, you have to get this information on your own. And if you walk into an attorney's office without knowing what a corporation or an LLC is, you're going to be spending a lot of extra money to be educated. So that's why your series of books, Robert, has been terrific for so many of my clients. They come to me, they're somewhat educated on what they need. So the books have just been terrific. And I just really am grateful to be a part of the Rich dad series.

[Robert Kiyosaki]

Well, thank you very much. Final words.

[Blair]

Yeah, I just am reminded what you always say, that business is a team sport, you know, and you got to have the best people on your team. And what you said, Garrett, a few minutes ago, you got to be willing to upgrade. You got to be willing to upgrade them, take them to the next level. If your tax accountant's not doing what it needs to what they need to do, or your attorney's not following up. I mean, I look forward to. I get those little messages from your office. Hey, corporate minutes ready. Remember that? You know, it's like, oh, my God, thank you so much.

[Robert Kiyosaki]

I would have never.

[Blair]

I would. It was so out of my mind. Right? So it requires a team. And so thank you. It's honored to be part of the team with you, my friend.

[Robert Kiyosaki]

Your team is your greatest asset. Not the duplex. All right, so all of you, thank you for checking out the Rich Dad Radio Show. And remember, your greatest asset is your team around you. So thank you all for listening to the Rich Dad Radio Show.

[Unknown]

This podcast is a presentation of Rich Dad Media Network.