118 | Stop Doing This With Your LLCs (It Could Cost You Millions) with Bobby Casey

Patrick: [00:00:00] What if the reason your business feels stuck isn’t your revenue, but your structure? Welcome back to another episode of the Vital Wealth Strategies Podcast. I’m your host, Patrick Lonergan. Today I’m joined by my guest, Bobby Casey. Bobby brings decades of real world entrepreneur experience from asset protection to international tax optimization.
He’s helped business owners across dozens of countries build companies that are more resilient, more mobile, and built to keep more of what they earn. He’s also started bought and sold over a dozen companies himself. So this conversation is packed with practical insights. You can actually apply and you’ll wanna listen all the way through because we’re breaking down the kinds of strategic moves that can help you protect what you’re building, reduce unnecessary exposure, and create more freedom in your business long term.
Before we jump in, make sure you visit vital wealth.com/resources. Tax source are free guides and wealth building tools. Again, that’s vital [00:01:00] wealth.com/resources. Everything is there to help you take action on what you learned today. And if you’ve been enjoying the show, I’d really appreciate it. And if you left a quick review, it helps more entrepreneurs find the podcast.
It helps us keep bringing you high level conversations like this one. Alright, let’s get into it. I’m excited about our episode today. We’ve got Bobby Casey on the the show, and we’re gonna talk about, uh, business Anywhere how to, uh, have a all in one solution for your business services. And this can be for people here in the us it can be for founders and digital nomads, uh, that are, uh, out there that are, are trying to figure out how to run my business virtually.
So Bobby, thank you so much for, for joining us here today.
Bobby: Hey Patrick, thanks for having me. I appreciate getting on your show.
Patrick: Yeah. Thank you. So we see a number of problems and uh, it starts off with the, the entrepreneur is just generally overexposed. You know, their assets, their company, their income streams.
They’re maybe tied to a single jurisdiction, a single tax [00:02:00] system, or a fragile legal structure that, uh, uh, isn’t designed for the scale and we’ll call it even mobility to, uh, that the, the entrepreneur now is oftentimes looking for. They’re facing increasing regulatory complexity, uh, aggressive taxation, and just limited flexibility.
If their circumstances change, they’re kind of stuck there. Uh, then there’s also this like, internal problem where they feel boxed in, uh, despite their success. They feel the sense that their business and their wealth are, are just le less resilient than they should be. Uh, and there’s this quiet concern that, you know, one policy change, one change in administration, one lawsuit or tax event could just undo years of discipline effort.
They want optionality, and if they can have their sovereignty and their peace of mind, those are, those are all bonus. And then philosophically, we just think about, you know, the entrepreneurs shouldn’t be punished for creating value. You know, we, we see clients exiting their businesses. They see, we also see their clients making very [00:03:00] healthy income.
And if you’re in a high tax state, you know, you’re paying over 50% of your income at the top brackets to, uh, taxing authority. And it’s like they’re not doing much to, to help you generate that revenue. Uh, but they’re, they’re taking a good share of it. So, you know, those that are taking the risk, building the companies and employing the people, uh, deserve to structure and protect their, their, their upside, uh, rather than let the, uh, inefficiency and government overreach erode that.
So, um, again, I’m looking forward to, to digging into some of these problems today. Can you, you’ve got a very interesting background. Can you give us, uh, some of your background and how, uh, business anywhere came to be?
Bobby: Yeah, sure. Um, background, I was born. In North Carolina, raised kind of in an entrepreneurial family.
My grandpa had a chain of restaurants, my dad had a construction company. So I was raised, I was raised kind of more the more of the mindset to what business am I gonna start? Not what kind of job and career path am I gonna [00:04:00] go down? So I’ve actually never had a real job. Um, like, I mean, I’ve had jobs like as a kid, but as an adult, I’ve never had a real job.
So, uh, you know, these people talking about like, I was making $200,000 a year in the corporate world and quit to start my own business. That’s not me. I don’t mm-hmm. I wouldn’t even know how to behave in that situation. Honestly. I wouldn’t know how to behave in an employed environment. I think at this point, I’m beyond being employable.
I’m probably, I would probably be homeless before I would have a job. At this point, um, and maybe not even by my choice. Like I probably couldn’t get hired or maintain a job. I’m unemployable at this point. But yeah, so I’d started a bunch of businesses over the years. Um, some of them did well, uh, some of them failed miserably.
Um, the first business I started that did, well, I was 21, [00:05:00] uh, ran that for many years. Sold it when I was 33, I guess, or 34, something like that. Mm-hmm. During that time, I bought some other competitors, kind of rolled them up into one business and, um, grew that thing. Also. During that time, I also bought and sold a restaurant.
Um, I had a real estate business for a while, and during that pro, that was like in my late, late twenties, I guess.
Patrick: Mm-hmm.
Bobby: And I started realizing that my structure was not. Very secure. My assets were not very safe. Maybe I was overpaying some things in taxes and stuff like that. So I ended up hiring somebody like me.
Patrick: Mm-hmm. I think I was
Bobby: 27 or eight or something like that. I hired somebody like me. Um, and he came in and we went through this whole consulted [00:06:00] process to figure everything out. And I really enjoy the process we went through of like solving a puzzle, solving a very complex puzzle. And, uh, at, well, I was gonna say at that time, but actually still today, everyone I know has their own business.
I don’t really have friends with jobs. Mm-hmm. Um, so I went to my, the guy I was working with who kind of became my mentor for a while. I went to him and said, uh, hey, I got a bunch of clients or a bunch of friends that could be clients. Why don’t we work together with them, uh, and like help them do the same thing we did.
And through that process, you know, I was, let’s say, my side gig, so to speak, as I was doing some consulting with those people. And that’s kind of how it got started, what I’m doing now. Mm-hmm. And so it’s kind of informal for a while. And then [00:07:00] when I sold my, my company when I was 30, whatever it was, 33, 34, um, I had kind of a, let’s say a mind-opening moment, let’s say.
Mm-hmm. I had some things happen in my life that made me rethink, uh, some things and how I wanted to live. And, you know, just in a funny sense, I realized the whole reason I sold that company is I realized I hated my business. I hated my customers. I hated my employees. I mean, I just hated everyone. Like I, I was, you know, you know, you, you seen the meme of like the, the grumpy old man on the front yard yelling at kids like, Hey kid, get off my lawn.
I was that guy at like 33. Like, I just, mm-hmm. I hated everything. And I said, you know, I can’t live like this. Like this is ridiculous. Like, I need, I need to have, have something better going on in my life. And [00:08:00] so I actually took my rv, I had an RV back then. I took my RV to the outer banks in North Carolina and did a week long camping trip on the beach by myself.
Never left the campground and just went to the grocery store and loaded up my RV with food. And I sat around for a week, you know, working out, going on walks and planning just mm-hmm. Thinking, planning, reading books, stuff like that. And I came to the realization. That I couldn’t do what I was doing. I had to make some major changes.
And one of the big changes is I wanted to, like what I was doing, I wanted to like who I was dealing with, and I really enjoy working with entrepreneurs.
Patrick: Mm-hmm.
Bobby: I, I enjoy the puzzle solving process, but I enjoy the demographic of entrepreneurs because philosophically my view is entrepreneurs are the ones that make the world a better place.
Entrepreneurs are the, you know, [00:09:00] economic engine of the world, so to speak. Yep. Nothing happens until an entrepreneur makes something happen. And so the whole idea of helping entrepreneurs keep as much of their income and their assets mm-hmm. And protect them from outside predators became kind of my, I found my purpose, let’s say.
Patrick: Yeah.
Bobby: Like I kind of found my purpose. Those predators out there. I mean, you could say taxation is a predator.
Patrick: Mm-hmm.
Bobby: Litigation is a predator. Um,
Patrick: yeah.
Bobby: And so that’s kind of how it all happened.
Patrick: Yeah. This is, this is great. ’cause we, we absolutely agree with everything you said around, you know, the entrepreneurs, the, the person that makes the world go round.
And, um, you know, we, we look at four areas of, of planning that we work with. The first is cash flow. Once we understand client’s cash flow, then we can start to design a tax strategy. And you were talking about, you know, the [00:10:00] taxation, uh, the taxing authorities or predators throughout there to, you know. I’ll say, um, you know, very similar to the mafia, right?
Uh, it’s extortion. You don’t pay them come,
Bobby: it’s legalized mafia, it’s legal, it’s legalized mafia. They basically made their own internal mafia legal because, you know Sure. They have the bigger guns ultimately.
Patrick: Right, exactly right. I if you think I’m wrong, don’t pay your taxes and somebody with guns will show up and take your property like that.
That’s what will happen. Uh, right. So, uh, so we, we, we agree with you there, and then we, we think about when we don’t send money to the IRS, we can invest those dollars. Uh, but then the last piece is the protection piece. And we think about how to protect our assets. And that’s, uh, we’ll call it, you know, creditors are out there trying to take what we’ve, we’ve built.
So it’s like entity structure, you know, insurance, uh, can help protect against some of those things. So it’s like, you know, those are, those are all like, uh, things that we are totally, totally aligned, uh, with, and, um. [00:11:00] I think that that will set the framework for our, for our conversation, uh, nicely today. So, so I’m, I’m an entrepreneur.
I need to, ’cause I need to set up an entity, you know, and I think entity structure is one of those important things that, uh, uh, there’s, there’s lots of different thought processes around entity structure. There’s taxation entity structure that can be very efficient tax wise, but then there’s also asset protection, um, structure that, you know, can, uh, maybe lead me down a different path.
And so I’m, I’m curious, uh, how business anywhere helps me with the, uh, we’ll call it the asset protection side of things. I’m, I’m looking to set up my entities in a way that, uh, protect me from, from creditors. And, uh, can we just talk a little bit li like, I’m an Iowa, uh, I’m a resident of Iowa and let’s say I, I wanna buy some, some real estate here in Iowa and I decide it makes sense for me to have a separate LLC for that.
Is that something that, that business anywhere can help me with?
Bobby: Sure. Yeah. [00:12:00] So I think where you’re going with this is probably like,
Patrick: the way, the
Bobby: way, at least the way I’m hearing it, the way I see it is what are the mistakes people make? Um mm-hmm. When they’re, when they’re doing this sort of thing. But we can do a case set if you want, like an Iowa resident, Iowa business owner who wants to invest in real estate, presumably in Iowa.
There are some, I see a lot of mistakes people make. There’s mostly a lot of wrong information out there. Um, you know, the, the internet is sometimes, I call it the black hole of wrong information.
Patrick: Yeah.
Bobby: And I’ll give you an example. People say, well, I live in Iowa and I want to go buy this rental house, or this mm-hmm.
Fourplex or whatever, uh, this commercial property in Iowa. So it must, I, I. There’s a whole list of wrong information. So a lot of people say, for [00:13:00] one, one big mistake, people think, I don’t need to have this in an entity name. It’s a waste of time and money to put it in an entity. All I really need is property insurance and maybe an umbrella policy to cover me in case anything happens.
Patrick: Mm-hmm.
Bobby: So first and foremost, that is a massive mistake because owning real estate is one of the riskiest endeavors you can ever take on. Um, and I say that because whatever, whatever the nature is of your rental property, whether it’s a single family home, a short term rental, um, you’re buying a restaurant, building and leasing it to the
Patrick: mm-hmm.
Bobby: Operator, you’re buying a fourplex, whatever, whatever the nature of it is. The one thing that I 100% know no matter what type of piece of property it is. There will be people that walk onto that property that you don’t know.
Patrick: Mm-hmm.
Bobby: And people are your biggest risk. [00:14:00]
Patrick: Mm-hmm.
Bobby: Um, people are, people can be stupid things.
There’s an unlimited array of problems I could imagine with owning real estate related to people. Like, you’ve linked this house to somebody and you think these people are amazing, but guess what? They have a 13, 15-year-old teenage son who has a party in his house while the parents are away for the weekend and people get drunk and do drugs and, you know, bad things happen.
Well. Mm-hmm. You are the land, you’re the property owner. You’re gonna have a liability associated with that. Like a hundred percent. If somebody gets hurt on that property, they’re ultimately, the lawsuit always flows to the bigger pocket. And the bigger pocket, presumably is the owner of that piece of real estate.
And people say, oh, but you know, I don’t need to own it. In an LLC, I’ll just put it in my name. I’ll just have insurance. Well, I, if you’ve never dealt with an insurance claim before, [00:15:00] I mean
Patrick: Yep.
Bobby: First of all, if you tell me that you don’t need the LLC, that you’ll just have insurance, the first thing that tells me is you’ve never dealt with an insurance claim before.
Because Yeah. An insurance adjuster’s entire job, the, the whole, their whole purpose of getting a salary is to find a loophole to not pay your claim.
Patrick: Mm-hmm.
Bobby: That’s an entire job, is to not pay you. Like people look at this insurance adjuster like you, you, I don’t know, you have a fire at your house or whatever, and you’re like, I’m gonna call my adjuster.
They’ll get this fixed. You don’t understand. That’s an adversarial relationship. They’re not there to help you. No matter how nice and kind they sound on the phone. They’re there to find the loophole to not pay your claim. That’s why you have. 73 pages of fine print on every insurance contract, every one of those pages is a way to not pay you.
Patrick: Yeah.
Bobby: Right. And so,
Patrick: yes,
Bobby: like for example, I had a client in Texas, [00:16:00] um, a few years ago. He called me from a consulting as of not, not just a register entity, but he called me like for consulting time.
Patrick: Mm-hmm.
Bobby: And he had been sued and we were going through the initial conversation and I made a comment like he had 10 rental properties and he owned all 10 of them in his own name.
Okay. And, and they were all single family, like kind of lower middle income single family homes. And I made a comment, I said, well, that’s a really bad idea to own ’em in your own name because what happens and somebody decides to put a meth lab in the kitchen of one of your houses and blows the house up and somebody gets killed and the guy goes.
I’m not joking. He goes, that’s not funny. And I like, I just gave him as an example, like just a hypothetical. And he goes, that’s not funny. And I kind of took, took me back the way he said it. I’m like, what do you mean? He goes, [00:17:00] well, that’s like, that’s exactly what happened. I, he said, that’s why I’m calling you.
I’m like, I’m like, oh, I take a step back. So basically what happened is the guy, somebody got really entrepreneurial in one of his houses, decided to set up their, their own meth business in the house, blew the house up, and some people got hurt. He got sued for whatever, a gazillion dollars or however much he got sued for, but he owned every, every house in his own name.
And he had been told exactly that thing before. You don’t need to have your properties in an LLC, you just have liability insurance on each property and an umbrella policy to cover you. But guess what? Those policies don’t cover for illegal activity. And you had no idea if the legal activity is gonna be happening in your property because once you signed the lease, eh, you don’t know what they’re gonna do on that property.
You [00:18:00] had no idea.
Patrick: Yep.
Bobby: Right,
Patrick: right.
Bobby: And he ended up basically, long story short, he ended up losing all 10 of his properties because the lawsuit was big enough that they, they went and,
Patrick: yeah.
Bobby: And must have been a few years, I don’t remember if they forced the other houses into foreclosure to satisfy the judgment.
Mm-hmm. Or if they just put a lien on it and, and they were sitting as lien holders until whenever he decided later on to sell the properties. I don’t remember the exact outcome on that, but basically he lost all of his net worth, almost all of his net worth because he thought, eh, we don’t need an LLC.
It’s fine.
Patrick: Yep. Yeah. And, and you’re hitting on an important point, and, and I would argue you actually in, in that scenario, when I have 10 houses, I need 10 LLCs. Sure. You know? Sure. I I think the, there, there’s an argument that, and, and I don’t like this argument necessarily that I’m, I, I’ll put as many assets into an LC that I’m, I’m willing to have at risk.
Bobby: Yeah.
Patrick: Uh,
Bobby: right.
Patrick: And, [00:19:00] and part of the problem with that is, is we’ve seen an example where I, because I, I, I also am a firm believer of when I sell an asset, I don’t reuse that LLC. So, and, and here’s why. Uh, we, we had a, a friend of ours sold a property transaction, went fine. It was like six or seven years later, they get sued for a foundation problem with this property they sold and they reused that entity to buy the next deal.
And it was about a hundred k of, uh, judgment that they ended up, uh, you know. Losing this, this lawsuit. And so if, if they would’ve just shut that, that entity down, that would’ve been the end of the discussion. There. There was no assets there. It would’ve just been end of the story. But this other asset, asset, this same LLC, owns, you know, a very valuable property that has all sorts of equity and now that a hundred k, uh, is really easy
Bobby: Yeah.
Patrick: To go get. So, uh, I, I think it’s, you’re, you’re [00:20:00] highlighting a really important point, and I think people will be like, oh, I’m okay with no. You open up an entity, you shut it down. They’re so, it’s so easy now and it’s so low cost to, to set something up, uh, for, for each entity. It’s like, or for each asset.
Like that’s, that’s absolutely the way that, uh, right. That people,
Bobby: yeah.
Patrick: I dunno if you have any thoughts or comments on that, but, uh,
Bobby: yeah, you should, whenever, especially if it’s related to whether it’s real estate or any other asset or any other business or whatever, if you sell that asset. If there’s any liability, potential liability associated with that asset itself, you should definitely dissolve the LLC.
And I don’t mean you don’t just, I, my opinion is you don’t let it go into administrative dissolution. You actually file the, uh, letter of dissolution or the articles of dissolution with the Secretary of State to actually, uh, legally have an end date on there. [00:21:00] Because depending on the state and how they treat it, like if you just don’t renew it, you don’t file your annual report or you don’t pay your fees or whatever, um, they go through a process called administrative dissolution, but you personally can still have a liability associated with fees owed on that.
I personally had that happen. Oh, probably 20 years ago I had a Michigan LLC and we closed the business down. Actually, we did go through the process to dissolve it. Mm-hmm. But the Secretary of State didn’t record it. We filed the form and they didn’t record it. And so like five or six years later, we got a letter saying we owed, I don’t know, whatever.
It wasn’t that much, but it was a couple thousand dollars in fees.
Patrick: Yeah.
Bobby: And then we said no, we dissolved it. And luckily I’ve still had the proof that I had filed the articles of dissolution with the Michigan Secretary of State. [00:22:00] We got a letter back saying, okay, we made a mistake. You’re right. You dissolved it.
Two years later I got a another letter trying to charge me for the fees again.
Patrick: Yeah.
Bobby: Um, so it’s important to do the, like the articles of the solution. And it’s important to keep records of everything you do because guess what? They make mistakes, um, to your point. In that scenario, the guy in Texas, you had 10 properties.
Yeah, I would say it’s always better to have each individual property in its own LLC. The only kind of exception to that rule would be if they’re low value properties. Like let’s say you’ve got a bunch of rental houses in the middle of nowhere Kentucky and the houses are worth like 50, 60 grand a piece or something like that.
So like really low value, low income houses. Yeah. In a scenario like that, I would probably just to [00:23:00] save yourself cost. ’cause I mean, you’re renting houses like that for like $400 a month, $500 a month or something. I might include them like two or three of ’em into one LLC.
Patrick: Sure.
Bobby: Um, you’re still spreading the risk across those properties, but the aggregate value of the asset is pretty low.
Patrick: Yeah.
Bobby: In and out itself. Um. Another point I wanna bring up, ’cause I get this all the time. Hey, I, I’ve got, let me rewind just for a second.
Patrick: Yeah.
Bobby: I’m a huge believer into never own any asset of any value in your own name. And that includes, and I’m, I do mean literally everything. Like your home, your old home.
I don’t recommend owning it your own name. I’ll get into that in a second. In the, the asset protection pillars, um, if you have a, like a taxable brokerage account, um, I’d recommend do not own that in [00:24:00] your own name. Uh, obviously like 4 0 1 Ks and IRAs and stuff, that’s different. You have to own them in a certain way because of the custodian and the tax tax implications.
But like, if you have a taxable brokerage account, I would definitely have a broker, an LLC for your liquid assets. So. With that said, I get this all the time. Well, I already have an LLC for my property, and you’re telling me I should have put on my brokerage account. Can I just put it in the same LLC?
Patrick: Mm-hmm.
Bobby: And without a doubt, absolutely, positively hard. No, you do not do that. Because if you have a rental house and that, and it’s owned by an LLC, but that LLC also has a brokerage account with let’s say, I don’t know, a million dollars in it, and you have an incident related to the property, well, they’re gonna sue the property owner, the owner being the LLC.
If they win, they’re gonna go after the assets [00:25:00] outta the LLC, which is the property and the brokerage account. You always want to segregate assets. Now, if you had a brokerage account and let’s say a crypto exchange account,
Patrick: mm-hmm.
Bobby: I don’t think there’s anything wrong with owning liquid assets. In the same LLC because liquid assets don’t have the same risk profile as a piece of real estate.
Patrick: Right.
Bobby: I’m not gonna get sued because I happen to own a thousand shares of Walmart stock. Like,
Patrick: right.
Bobby: I, I don’t, I don’t have any liability or I’m not gonna get sued for the same reason that I own, you know, 10 bitcoin or, or mm-hmm. Or whenever. So I don’t see any problem having liquid assets in one brokerage account, but never, ever mix real estate with liquid assets, never mix.
Um, operating business with liquid assets, never mix operating business with, uh, real estate. So. Mm-hmm. [00:26:00] And actually, that just brought me to my own segue. Let’s do it.
Patrick: Yeah. Good.
Bobby: But if you own a business and you own your office building, I used to do this when I had my own office building. Now my company’s all operate virtually, but, um.
Ne never own your office building in the entity that operates your, your operating entity. Never do that. Mm-hmm. I mean, there’s tax benefits to separating it out, um, but also, uh, uh, liability associated with it. Somebody comes to your office and something happens at your office and they sue the owner of the office space.
Well, they’re gonna sue the LLC that owns the property, segregating the risk away from your operating business. And it could go the other way too. Somebody sues the operating business, it segregates that risk away from the ownership of that asset. Um, mm-hmm. So,
Patrick: yeah. This is great.[00:27:00]
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Alright, let’s get back to the episode.
So, can you talked about the, the pillars of protection, I believe you called it. I, I’d love to dig into that because I, I think, uh, this is, this is critical. You touched on some [00:28:00] things. About not owning anything in my, my own name. And I’ve got some thoughts on that, but I really, really wanna hear your perspective, so,
Bobby: sure.
So, pillars of asset protection. Um, I’ve looked at it like this. Imagine like visually imagine a medieval castle in Scotland, okay? Mm-hmm. Have you ever been to Scotland, or if you’ve ever seen a movie, imagine this castle in Scotland. What does every castle have? They have a moat, right? Mm-hmm. The first thing you see when you see a castle in some old movie or whatever, is there’s a moat around the castle.
And then the next thing is you, there’s a draw bridge. So there’s like a barrier, an entry and a a narrow point you can get in. And then there’s a wall, and then there’s usually an internal wall, and then there’s the tower, right? So asset protection planning. I look at it kind of like the castle. It, it has to be, it, it comes in layers and the.
The outer layer of that, in my [00:29:00] opinion, is privacy. And, and that’s why I say never own anything. Like I don’t even own a car in my name, let’s put it that way. Yeah. I, I have a car, and by the way, I have an LLC that only owns my car. It’s not the same LLC as my operating business. Um, for, for a reason. I mean, it’s, it’s not just random.
I do, I do these things for a reason, but I don’t own my real estate in my own name. Even the, even the property where I go to sleep at night, because from an asset protection perspective, like I look at it like this. So Patrick, you look like a guy who probably gets in a lot of bar fights, right? So let’s, let’s assume you go out to the bar and you get into a bar fight with somebody and you break this guy’s jaw
Patrick: mm-hmm.
Bobby: And they sue you because you know you mess this guy up. Right? Do you?
Patrick: Yep.
Bobby: He didn’t like your hair, right? [00:30:00]
Patrick: My, my lack of hair.
Bobby: Guess. Yeah, he didn’t like your hair. So you gotta know bar fight. You break this guy’s jaw, his family, or he sues you for, let’s just say arbitrary number, a million dollars. Well, he’s gonna go to his lawyer or his family.
He’s gonna go to their lawyer and say, we wanna see this Patrick Guy for a million dollars. This jerk, you know, broke my jaw. Mm-hmm. I would assume for a million dollars. Well, if I’m the lawyer that’s coming after you very often, I mean, those are personal injury lawyers, right? Mm-hmm. Very often personal injury lawyers take those cases on contingency.
Um, if you don’t know what a contingency, I mean, I’m sure you do, but maybe your listeners don’t, if you don’t know what a contingency lawsuit is, what that means is, is I, I only get paid when we collect on that judgment. So if we, if we suit Patrick for a million bucks and we collect a million bucks. If it’s a 50% contingency, I walk away with $500,000 and you get $500,000 as the claimant.
Mm-hmm. [00:31:00] Okay. So as the lawyer, the very first thing I’m gonna do is I’m gonna go do a public record search on Patrick to find out what he owns, what he owns, what, what’s what he has his name on. I wanna build a financial picture of what your life looks like to see if there’s a pot of gold at the end of the rainbow.
Mm-hmm. That’s the first thing I’m gonna do if I, if I go and do just record search by the way, like people don’t understand how easy it is to do some of these record searches, like in about an hour, if I sat down for about an hour, I could figure out if you had things in public record. If you did, I have to figure out where you live.
I could figure out your home address. I could figure out what kind of car you drive. I could, I could do a, um. A credit report on you. I could figure out what credit cards you have, what your balances are on your cards, how much your house is worth that you live in, or at least your tax value. Um, I could get a, an approximate [00:32:00] value of the house.
I can see how much you owe on the mortgage on the house. So I get a picture of your net worth. I can see, oh, this guy has an AMEX platinum card. Well, I know about how much you gotta make to have an Amex platinum card. Um, I could do a lot of things in about an hour on with public records to figure out mm-hmm.
All this stuff. And if I’m that lawyer and I do all these things and I see this big pot of gold at the end of the rainbow, well awesome. I’m probably gonna go to my client and say, Hey, I’ll take this case on a 50% contingency. Let’s go after this guy, because I know I’m gonna be able to do things. I, I can see you’ve got a brokerage account with, um, Schwab.
I can see you’ve got bank accounts with Wells Fargo and Bank of America. I can see. You have $700,000 equity in your house. I can see you drive a, I don’t know, a Mercedes S five 50. I know you’ve got money. ’cause I can see all these things in public record, right?
Patrick: Yeah. Or, [00:33:00]
Bobby: but on anything in your own name.
So that none of those things are public record and it’s extremely difficult to find out what you own
Patrick: that’s doing.
Bobby: And then I’m the, the, the lawyer for the claimant. I do the record search on Patrick and I’m like, man, this guy looks great. So I’m gonna go to my client and I’m gonna say, I tell you what, I’m, well, let’s go after this guy.
I think we should totally go after him. Um, but what I’m gonna need is a 10 or a $20,000 retainer to go after him. Um, and very often the claimant’s like, well, I don’t have 10 or $20,000 to risk, you know? Mm-hmm. Maybe, maybe not giving anything out of this guy. So. Very often just having a privacy shield, which I call the moat around your, your, your wealth picture is, is a big enough barrier to block at least the frivolous litigation, at least the frivolous stuff.
And the way you go [00:34:00] about those things is, number one, don’t own assets in your own name. Like if you own your old home, deed it over. If you own it outright, deed it over into an LLC deed it, if you have a mortgage on it, deed it over into a land trust so that at least when I do a public record search, I can’t see your name associated with owning that piece of property.
If you have a, if you have a nice, if you drive a 19, uh, 87 Toyota Camry, probably not worth putting into an LLC. Right?
Patrick: Yeah.
Bobby: Um,
Patrick: might be to your advantage to leave that on the public record. Right?
Bobby: Yeah. So that is what I was gonna go there with that actually. So that is what I call the magician sleight of hand.
So you can do that sort of thing too. If you have an old beat up car, leave it in your name. But if you have a, you know, uh, a 2024 my book, you know, maybe put that thing in an LLC and get it outta your name, right? Mm-hmm. [00:35:00] Um, same thing with addresses. I don’t use my home address. I don’t my home address. The, the place where I actually go to sleep at night, you’ll never find in public record anywhere, ever.
I’ve never used it on anything. And I mean, anything ever, ever, ever. Even my utility vs. Are not in my name. They’re in my company’s name.
Patrick: Mm-hmm.
Bobby: The company that owns the house. Um,
Patrick: yeah. That’s fascinating. And if you don’t mind, can we explore this for just a second? ’cause I, I think about there’s, there’s some economic benefit to, uh, owning things in my name when it comes to, we’ll call it, uh, homestead Property Tax.
Exemptions. Those, those I can pay a little less tax there. Uh, that’s about the only thing I can think of as to why I would do that versus, uh, put it in a, in a business name. Is there an opportunity? ’cause I like the, I like the anonymity side. I think that that makes a lot of sense.
Bobby: [00:36:00] Homestead, by the way, you can put it in a land trust and you don’t lose your homestead exemption.
Patrick: Yeah, and that was gonna be my next question was, you know, I can, I can put it in the, uh, A, B, C, you know, main Street land trust. Um, and, uh, it’s a, it’s a revocable trust that I can move things in and out of, and you know, it, it’ll be okay. And all of the, the tax benefit sort of flows through straight to me.
But now I have this, this shield when that search happens. They’re not seeing, uh, any of my, my information. Right. So, great. That’s, that’s, that’s good. That’s where I was, I was going with that. Another thing that I think people make a mistake on is when I think about the, the data that’s out there and, and state by state is different, but when I think about when I register for an LLC, um, if I am the registered agent for that LC mm-hmm.
Uh, I don’t have any anonymity. I might have some asset protection. But again, going back to your point on the, [00:37:00] uh, the discussion around, if I just do a little bit of digging, I can find out pretty quickly who owns what and go, oh, you know, and, and let’s pretend for a second. I didn’t get in a bar fight, but I got in a car accident, which is probably more likely in my scenario.
Uh, and let’s say I haven’t taken any of your advice and I own my car and my personal name. It’s like, okay, now I’m everything I own, which happens to be all these entities is now exposed to, uh, this creditor. And so, um. Thinking about the, the, the anonymity side of things. Um, how about registered agent? I think if we could just start there.
I think that would be a, uh, an important piece. Like keep my, my name out of the equation.
Bobby: So the biggest mistake I see, and almost everyone makes this mistake.
Patrick: Mm-hmm.
Bobby: And I say this, I mean, we’re a registered agent in all 50 states. Okay? So you might, like, listeners might be, might say, oh, well this guy’s biased because he’s a registered agent.
Let [00:38:00] me, let me rewind history a little bit for you. The whole reason I started this company business Anywhere is because I’d had a very long experience doing consulting with people, and I saw all the major mistakes they made. Starting Business Anywhere was a solution to fix those problems. Okay. And the biggest mistake I see, especially with.
New entrepreneurs is registering their own entity. Mm-hmm. Do it yourself. LLC formation is by far the biggest mistake people make when it comes to their entity structuring. So being your own registered agent is one of these mistakes people make. Um, but not only there are other mistakes people make when it comes to filing the articles of organization, um, for the LLC or articles of incorporation, if it’s a corporation, there’s a lot of mistakes people make just in the filing itself that [00:39:00] creates problems.
Um, and people like, yeah, but I don’t wanna pay somebody money to go file this thing for me. Well, I think that what, what’s the, what’s the saying? Um, Pennywise and Pound Foliage.
Patrick: Yeah.
Bobby: You’re being Pennywise and pound fullish. It’s, I, I look at it like this. I know how to change the oil in my car also, but. Is that the best use of my time to, to do my own oil changes or like, should I take it to a garage that has done this maybe 30 other times today and has the lift mm-hmm.
And has all the right tools and they can knock it out in 20 minutes. Whereas I am like crawling around on the floor in my garage with a pan that I bought an auto zone with some hand tools I bought at Home Depot getting, you know, covered in oil and grease and dirt rolling around on the floor. Is that my best use of time?
Do I know how to do it? Sure. [00:40:00] But it’s not the smartest thing for me to do in my time. I should probably be doing the things I’m good at and that like I’m more productive or the things I want to do, like hanging out with my, my kids or, you know, riding motorcycles or doing the fun things I enjoy.
Patrick: Right.
Bobby: But do it yourself. Company formation is a huge mistake, um, to, on the registered agent side. People think, by the way, I see this all the time on Reddit, um, part of our marketing team, we answer questions on Reddit. Mm-hmm. So we see this question literally like 10 times a day or this comment, why would you ever pay somebody or register your entity for you when you can just go on the Secretary of State and do it yourself?
Well, sure. But when you go through to fill in that articles of organization, you’re gonna get to a section where it says, who is your registered agent in the States? So if you go to Iowa Secretary of State, you fill in the articles of organization, there’s gonna be a section [00:41:00] who is your registered agent, and you think, oh, I didn’t know about that.
So first of all, that means you don’t know what you’re doing if you didn’t know that was a thing. Right? Yeah. So already behind the egg bowl, so to speak there, but you say, oh, well I’ll just put my name and my address here. That’s fine. So then you put your name down and then you put your home address or maybe your office address or whatever, um, as registered agent and you think, ah, no big deal.
Patrick: Well,
Bobby: like you said, you completely blur up your privacy picture because let’s say, let’s say, I find, actually, you know what I, I’ll give you, we’ll, we’ll do this a bit better. I, I’ve got a case study I’ll share with you, which is actually my favorite case study on this topic. Yeah. Um, I had a client, two, two clients.
Actually it was very ironic because this happened in the same month. ’cause about, I wanna say it’s three years ago, but I don’t know, it was a few years ago, whatever it was. In the [00:42:00] same month, I had a call from two different clients, both clients in Florida, both clients had a Florida LLC, both clients had a supplement business.
Mm-hmm. And both clients had a client actual lawsuit against them in the same month. Okay. Okay.
Patrick: Yeah,
Bobby: it. A lot of irony here.
Patrick: Mm-hmm.
Bobby: So we’re gonna talk about client a first. Client a was an existing client of mine. We registered their company for them in Florida. We were on the Secretary of State website, the Sun Bez website as the registered agent.
Our address was on there. We got served, um, ’cause that’s what registered agents do. They’re, they’re your legal address for legal mail and so service of process mail. And so we got served on their behalf and in our Business anywhere dash cord, whenever we receive mail for you, it gets scanned and uploaded and then you can view it online or downloaded as a PDF, whatever you need to do.
Mm-hmm. So he, he viewed his [00:43:00] mail, he schedules a consultation with me and he goes, Hey Bobby, what do I need to do about this? I just got served by this class action lawyer. Um, I reviewed the document, they sued his LLC. And I said, well, listen, here’s what I would do. And if you’re not familiar with class Action.
Law firms out there. I mean, you probably are, but if your listeners aren’t mm-hmm. Class action law firms are, and if you are one listening to this, I’m gonna hurt your feelings here, but whatever your feelings need to be hurt. Yeah, it’s okay. Um, class action law firms are some of the lowest form of humanity there is.
Um, I, they’re barely humans. They’re parasites. They’re parasites on human progress. And what they do is they go out and find a problem. They create a problem. Actually, there’s probably not even a problem there. They go find a company and then they go find the customers of the company [00:44:00] and they say, Hey, we think you were wrong.
We can get you a bunch of money. Mm-hmm. That company had nothing wrong with it. They, those customers had no problem with the product, but they get a letter in the mail or an email saying, Hey, we can get you a bunch of money. We’ll sue this company on your behalf. Would you like to sign in? The average consumer is like free money.
Patrick: Yeah.
Bobby: Okay. I’ll sign up for it. So then this class action law firm has a thousand or 5,000 or 10,000 or whatever. People signed up to sue this company and basically they go after them for whatever reason. It doesn’t matter why they sued him, but basically this, this customer of mine got sued class, actual lawyer, and I said, uh, well rewind just for a second.
Those class actual lawyers, they work exclusively on contingency, like we discussed earlier.
Patrick: Mm-hmm. Yep.
Bobby: Which means they don’t get paid anything until they collect money, which means all [00:45:00] of their billable hours are for free until they collect. Okay. Nobody’s paying them anything to do this. This is their entire business model and they base it, they do it on volume, and they do it based on finding easy targets to go after.
That’s a key word, easy targets to go after. Okay.
Patrick: Yeah.
Bobby: So they sued my guy and he said, what should I, he asked me, what should I do? And I said, well, and I explained all this to him and I said, if I were you, I would ignore it. I would ignore it for at least two, three months. Because in most cases with class action law firms, if they’re not getting paid, they eventually give up.
Because if they can’t come after you, they don’t have a way to go after you and you ignore them. It, you’re not an easy target for them anymore. And they give up.
Patrick: Yeah. Um, now
Bobby: where’s case scenario? They don’t give up because maybe the payday is huge and they’re willing to throw more money at it. Yeah, sure.
You’ve gotta answer it [00:46:00] and hire a lawyer to defend you. Okay. And all that stuff.
Patrick: But
Bobby: my advice is if you get a, a threatening letter from a class action lawyer. Let it ride for two or three months and most, mm-hmm. In the majority of the time, it’s just going to evaporate. Okay.
Patrick: Yep. Yeah, that’s,
Bobby: and so that’s what he did.
Okay.
Patrick: Mm-hmm.
Bobby: And it did, and it evaporated. It went away. Okay.
Patrick: Yeah.
Bobby: Second scenario, clay two, same thing. Florida, LLC, Florida Resident Supplement company got sued by a class action lawyer, except he wasn’t a client of mine. He was referred, he was referred to me by somebody else that said maybe I could help him.
He wanted to know if there was anything he could do about the current situation or moving forward.
Patrick: So
Bobby: I got on the Secretary of State’s website to kind of dig in. I saw his LLC, he created it. He was do it yourself. He was his own registered [00:47:00] agent and he actually doubled down on stupid and made him and his wife, the registered agent.
So both of their names were on there as registered agents. He used his home address as the registered agent address.
Patrick: Mm-hmm.
Bobby: And so when he got sued, they sued the company, they sued him and they sued his wife. They, they named all three in the lawsuit and they were serving him at home. So they were, you know, process servers knocking on his door around dinnertime every night, like delivery documents.
So they had service of process, not only on the company, but on him personally and his wife.
Patrick: Yeah.
Bobby: So in that scenario, he didn’t really have a choice. He had to respond to this ’cause he personally got sued. Um, he, he couldn’t ignore it, like exhibit A. Got to ignore it. Yep. He didn’t get to ignore it. Anyway, long story short, he ended up settling that thing for close to a million dollars because he [00:48:00] had to, he never really had a choice.
Yep. And going down the process, the thing that blew me away with him. I’ve told him if he would’ve had a, what’s called a CRA or a commercial registered agent like us Yep. Or somebody else, if he would’ve had a proper registered agent, um, from the beginning, he could’ve just ignored it. Now, I don’t know. We don’t know.
Maybe he would’ve ignored it. It, and they would’ve pursued him, I don’t know. Mm-hmm. But the one thing I do know is they would not have named him and his wife, uh, as counter or his other parties in the lawsuit because they never would’ve known their names. I know. They would never have been knocking on his door at dinnertime disturbing his family peace because they would’ve never has known his home address.
Patrick: Yeah.
Bobby: Um,
Patrick: yeah. Yeah. No, this is, this is so good. Uh, I think there’s so many asset protection things that we can, uh, we can continue to dig into. But one thing I, I wanted to touch on before we. Before we wrapped [00:49:00] up, I, I think you, you guys also have some, some business anywhere, uh, services that are really, really valuable.
Bobby: Sure.
Patrick: Um, I, I think about the, the digital nomad kit, uh, that you guys offer. Also, there’s some tax and residency consulting things and
Bobby: Yeah.
Patrick: Uh, that, that people can, uh, go to the website, business anywhere.io. Uh, we’ll have a link to that in the show notes. But, um, those are some, some opportunities to just connect with Bobby and his team to really start to figure out, okay, uh, love the United States, also love to travel.
Does it make sense for us to start exploring? Uh, ’cause we’ve got a few clients that actually live the majority of the year outside of the United States. They live in Costa Rica, they live in Columbia. Uh, and they, they like that, uh, now they’re still, um, paying tax here in the States, but um, they, uh, are, are spending time elsewhere.
So I, I think it would be interesting to. We’ve talked about before the show, uh, having brought me back and exploring this, this concept [00:50:00] of like, okay, what are the, what are the international opportunities out there for us from a, uh, a tax perspective? Yeah. But, um, yeah. Can you talk a little bit about those, those services and what people can expect from those?
Bobby: So, uh, yeah. Business anywhere.io. That’s my main company. Um mm-hmm. We’re like a all in one platform for your business startup, so you can register, you, you do your company formation. Uh, we’re a registered agent in all 50 states plus the territories. Um, we also have other things on there. Um, I’ll talk about a couple of differences between us in a second, but we also had a virtual mailbox service.
That’s a big one I mentioned before about the privacy thing.
Patrick: Mm-hmm.
Bobby: Um, I personally don’t use my whole address on anything, any document at all. Like never ever, I’ve never received a piece of mail at my house, ever. Um, even my driver’s license does not have my home address on it. Like I use a virtual [00:51:00] mailbox.
So the ironic thing is, in my consulting practice, I recommended people to a virtual mailbox company, and then after a few years I’m like, this is dumb. I need to start this company. So that’s why I started it because so many people need that. Um, and we, we do that in kind of a unique way. But the virtual mailbox thing is a big part of your privacy planning is the, you mentioned like, uh, keeping the 1987 Toyota Camry
Patrick: mm-hmm.
Bobby: On your, on the record so that people can see that, where you can do like this magician slide of hand trick also with addresses. So for example, if you were to ever pull up my credit report or a background check on me, you’re gonna find I am personally associated with probably eight different addresses.
Um, none of them. Where I go to sleep at night, ever. Mm-hmm. It’s a little bit of a sleigh of hand in that if somebody is trying to sue [00:52:00] me and they’re like, oh, we think this guy lives in, um, Jacksonville, Florida, for example. Or we think this guy lives in Las Vegas, Nevada, or, uh, Laramie, Wyoming. Well, good luck.
I have addresses in all those places, but you’re not gonna find me there ever.
Patrick: Yeah, yeah.
Bobby: Um, so, but we do a virtual mailbox product. We do online, uh, remote online notary. Our platform is designed for people who, uh, have online businesses, remote businesses, virtual businesses, whatever you wanna call it, and they wanna be able to do everything completely online.
Patrick: Mm-hmm.
Bobby: Um, we also help people opening bank accounts, bookkeeping, tax filings, uh, trademarks, everything else. And we’re the only registered agent out there that fully automates your, um. Annual report filings and your state renewals for your entities, which is a pretty big thing, especially for people who have multiple entities like real estate investors.[00:53:00]
Because I, I know from experience before I’ve started business anywhere, what a hassle it is when you have multiple entities to keep, keep them updated. Mm-hmm. Um, I personally have multiple entities for me, for different businesses, different assets, all this stuff. And I personally have done this many, many times where I have missed the deadline to file something or file my annual report or pay my state fee or pay my franchise tax or whatever.
And you end up with late fees and penalties and all this stuff. So our platform fully automates that so you never have to touch it. Um, all you, you’ll get a notice from us that your A-B-C-L-L-C is up for renewal. If you wanna renew it, you can delete the email. If you don’t wanna renew it, you need to log into our dashboard and you have two choices.
You can click cancel, which cancels service from us. Mm-hmm. But it doesn’t dissolve the company. Or if you want to dissolve it, you click the red cancel button or the yellow [00:54:00] dissolve button. Um, and you dissolve the, dissolve the entity if you don’t need it anymore. So
Patrick: yeah,
Bobby: we make that, our app platform is insanely user friendly.
Mm-hmm. Um, to make things so easy to do. Like you can read all your mail online, you can deal with all your company renewals and all that stuff. You see it all online. So yeah. And then we also do consulting. We also do some consulting there for people that have structure related or tax related questions and need like a bit more help than just, hey, be my registered agent.
Patrick: Yeah. No, I think this is great. And, and one of the things you’re highlighting here is, uh, we, we talk a lot about. Having a who in your life, not figuring out how to do it. Like, and so I think about everything you’re talking about from those automations around, just renewing those, those LLCs. That is, that is, it’s worth every penny because I, I think about me personally, you know, [00:55:00] I’m the same way.
It’s one of those things I’ve gotta stay on top of. Um, and they all renew at different points in time, which is really irritating. And so, uh, having that just happen, I think is a, is a really nice thing. And it probably saves you money in the long term because Oh, it does. You get, you get dinged on late filings and reinstatement fees and all this other stuff.
So like, having that, that is just, it’s something everybody should do. And I think you guys are unique in doing that. And I, I, I love that.
Bobby: I had a, I had a consulting client I talked to the end of last week. Um, and he’s registered a couple of companies with us, but he had, before he, he came to us, he had registered a Delaware.
C corp. And then he lives in Florida and he had registered as a foreign entity doing business in Florida. Mm-hmm.
Patrick: Yep.
Bobby: Made our consulting call. He’s like, Hey, can I name this other entity over to you? I’m tired of dealing with this. Um, and he said he had just missed the deadline [00:56:00] for, so this is crazy. So in Delaware, if you miss the deadline, even by one day, it’s hundreds of dollars.
Mm-hmm. Um, and then in Florida, he missed the deadline also. So Florida, it was a foreign entity doing business in Florida. So he missed a deadline in Florida, the, the renewal. So basically if he would’ve renewed it on time in Delaware, it would’ve been, uh, it’s a corporation, not an LLC. So I forget off the top of my head, but wait, let’s say $200 or something.
And then if he would’ve done it on time in uh, Florida. He would’ve paid like another, let’s say $200 or something like that. Well, because he missed both the deadlines he owed between the two of them he owed, it was over a thousand bucks. It was like $1,500 or something like that. Because he missed the deadlines and he had to pay reinstatement fees.
And the Crediton thing [00:57:00] is, is he used one of our competitors to register the entity.
Patrick: Mm-hmm.
Bobby: But they don’t automate. They don’t automate it. So he got the emails. I mean, it’s not like he, they did anything wrong, it’s just their system. He got the email and he’s just busy like every other entrepreneur out there.
And he’s looks at the email and he sees it, you know, he is like, yeah, I’ll answer that tomorrow. And tomorrow is, tomorrow is tomorrow.
Patrick: Sure.
Bobby: And he forgot to click on it and fill in the annual report and click the button to pay the renewal fees and all that stuff. And he ended up paying a bunch of money.
He’s like, I, I gotta move these companies over to you. I’m tired of paying late fees every single year on this.
Patrick: Yeah. Yeah. No, this is, this is so good. Bobby. This conversation’s been great. I’m, I’m, I’m looking forward to the next one. But when I think about what the, the stakes are, you know, if the, the entrepreneur does nothing, right?
They, they just keep growing their wealth, but they’re not being intentional on how they’re protecting themselves from a, an anonymity point of view, from an, uh, entity structure point of view. They’re, they’re just remaining [00:58:00] overexposed, and it’s, it’s not good. Their, their wealth is fragile, uh, despite their, their high income.
And they, they just miss opportunities for, for flexibility, protection, and just leverage in general. So I think that’s, that’s an important piece. But when we think about what success looks like, you know, I’ve got peace of mind at night, you know, I don’t have to worry about all of my, uh, my wealth being exposed to, you know, anything from those, those class action attorneys we were talking about, uh, creditors that could sue me for, for, you know, doing stupid things in my property.
So. I, I think those are, are, are really good. And then, you know, we just have more optionality, more control, uh, and we again, just can’t, can’t underscore the value of being able to sleep well at night knowing that everything is, is, is taken care of. So, um, I think this is really good business anywhere, dot io that’s where people should go to, to check out, uh, all the good work that Bobby’s put together.
They’ve got a [00:59:00] number of resources on there from, from blog posts to, uh, some really cool testimonials to just give you an idea of what kind of work they do and how all these pieces can come together. Uh, it’s, it’s a great place to start. So, uh, Bobby, any last thoughts or comments before we wrap up?
Bobby: If you, if you’re, if you’re a new business owner?
Well, my, my only comment I always give to people is you only fail when you quit. Mm-hmm. So stick it out. Every business owner out there that’s ever existed since the beginning of humanity. Has experienced failure after failure after failure, and the the, the only thing that sets you apart from a successful one is you didn’t quit.
Mm-hmm. That would be my big piece of advice for new business owners, for existing business owners.
Patrick: If so,
Bobby: don’t forget the detail things in your business. Don’t forget having the proper structure in place. Don’t forget the [01:00:00] proper tax planning, because as a business owner, as an entrepreneur, your mindset, my mindset, you know, Patrick, your mindset and mindset is great.
Right? We’re thinking about the next, hire the next product, launch the next customer, the next deal. The next event, right? We’re thinking about the next. We’re always future minded.
Patrick: Yeah.
Bobby: As entrepreneurs and very often the detail things like. I need a new bookkeeper. Oh, I’ll do that next week. Or I really need to get my entity structure set in place correctly.
Oh, I’ll deal with that later in, in my experience with the, from the consulting side, the problem is going to be you will have an event that’s gonna cost you, uh, a ridiculous amount of money, hassle and headache. Um, your choice is going to [01:01:00] be, did you deal with it before it happened or are you being reactive to it?
Um, because I mean, that’s kind of the way entrepreneurs are. We don’t deal with things in advance where we react. We react to the things that are not important to us. Growth is important to us, but no entrepreneur is like, man, you know what I really need to do? I need to sit down and do my bookkeeping.
Like, no, nobody ever thinks no entrepreneur thinks like that. Yeah. So my, my advice to the existing entrepreneur is take a moment to get the details of your business set, because you’re not gonna, you’re not gonna be able to hit a big, great number if you don’t have these things in place. Mm-hmm. And if you do, it’s going to expose major weaknesses for you.
You’re gonna get that lawsuit that’s gonna hit you hard. You’re gonna get that tax bill that you could have not paid, or it could have been half what it was if you just would’ve sat down with your tax planner in advance to sort it out. So it’s [01:02:00] worth it. It’s definitely worth it to do those things. I could tell you I’ve got, I’ve got clients that save over a million dollars a year in tax because we, we did some con consultations and guess what?
It’s a whole lot easier to keep the million you already made than this. You’re gonna make a new million.
Patrick: Uh, it’s so true. Yep. Preach. Uh, we, we talk a lot about tax savings. I think last year we had a client that we. We helped save about $9 million in tax between income tax and capital gains tax. So it’s like, uh, there’s no better lever than than tax savings.
And I think that that probably sets up our, our next conversation really, really well. So.
Bobby: Okay.
Patrick: Uh, Bobby, this has been great. Thank you for, for, for joining us. Uh, thanks for
Bobby: having me.
Patrick: I think there’s, there’s so many valuable resources on, uh, business anywhere.io, so go check it out.
Bobby: Appreciate it.
Patrick: All right.
Alright, that’s going to wrap up today’s episode. Thanks so much for tuning into the Vital Wealth Strategies Podcast. I hope you got a ton of value from this conversation, and more importantly, I hope it gave you a few [01:03:00] ideas you can take action on right away in your business. And if you know another entrepreneur who could benefit from what we covered today, do them a favor and share this episode with him.
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You’re vital to your family, creating abundance in every aspect of your life, and you’re vital to me because you’re committed to growing your wealth, leading with purpose, and creating something truly great. Thank you for being a part of this incredible community of vital entrepreneurs. I appreciate you and I look forward to having you [01:04:00] back here next time on the Vital Wealth Strategies Podcast where we help entrepreneurs minimize their taxes, master wealth, and optimize their lives.