Protect Your Profits, Smarter Money Moves for Business Owners with Bryce Keffeler

Speaker A: Hey everybody, this is Andrea Jensen from, um, the Cash Flow cfo. And you're listening to the Cash Flow CFO podcast, the show that explores the financial side of running a business for people who want to maximize profitability and scale with confidence. If you want to make smart financial decisions based on data and put more of your hard earned profits into your pocket, this is the podcast for you.

Speaker B: Hey everyone, it's Andrea. And our guest for today is Bryce Keppler. As managing partner at DO Wealth, Bryce leads the firm's day to day operations, driving innovation and excellence. With a track record of building and scaling both the advisory and investment consulting divisions, Bryce brings a wealth of experience to do wealth management. Before joining DO Wealth, Bryce honed his skills in financial planning and analysis and mergers and acquisitions as a senior business analyst at Intel Corporation. Bryce holds a, uh, Bachelor of Science in finance and entrepreneurship with honors from the University of Arizona and an MBA from the Arizona State University. He is a certified financial planner, chartered financial consultant, a certified exit planning advisor, and a chartered life underwriter. So basically this guy knows his stuff. As, uh, a native Arizonan, Bryce has deep roots in the valley. With most of his immediate family nearby, he's passionate about spending time with his twin boys who are how old now?

Speaker C: Turning one in two days.

Speaker B: It's so exciting. I love it. M. So I think, Bryce, the one thing that um, is in your bio that I think is really important here is you are the son of an entrepreneur and I love talking to. I am also the daughter of entrepreneurial parents and family. And so having those two experiences combined with all the degrees and all the education and all the things that you have, you know, created and started in your career and then also that real life experience, uh, is just so exciting to um, to add depth to this conversation that we're going to have today. So welcome to the show. I'm excited to have you on.

Speaker C: Yeah, thanks so much. Excited to be here and uh, hopefully add a few pieces of nuggets to everyone.

Speaker B: Yeah, absolutely. So, you know, most of our audience are business owners and I, um, think the what do wealth is? I'd love for you to start off and explain that because it's not just your traditional, uh, wealth advisory, uh, business. So let's start there, that'll give some context and then we can dive into, um, some, some questions that I have of what I'd love to share with our listeners today.

Speaker C: Yeah, of course. So yeah, do wealth management. What we do is work with seven to nine figure entrepreneurs, founders, uh, and operators and really the problem that we solve is as an entrepreneur, over time you've accumulated a lot of different professionals around you. Think your insurance agent, your cpa, your investment advisor, you got this team of professionals around you, but they're most likely not all eight players. They're not collaborating and they're not being proactively planning on your behalf. And so this was the problem statement, which leads to most likely you're overpaying in taxes, your assets are exposed to creditors and predators, and you're not optimizing your cash flow. You don't have a holistic investment strategy. And this really was the same issue that billionaires face themselves and that they solve through the creation of a family office. And that was created by J.D. rockefeller in 1882. And really what J.D. rockefeller wanted to do was put all of those professionals in one office working for solely his family, hence the term a family office. Because at that time everyone was actually working in the office together. Right? And so, uh, J.D. rockefeller created the structure. Uh, he's got all a players working full time for his family to help protect, manage and grow their wealth. And that really caught fire. And now you fast forward to today. Every single billionaire has this family office structure, whether it's Elon Musk, you got Bill Gates, Jeff Bezos, Oprah Winfrey. I mean, every single billionaire has their own family office, which again is helping them protect, manage and grow their wealth with that team on full time payroll for the, for that billionaire family. But the problem for entrepreneurs that we work with is it takes about $200 million in liquid net worth to create your own family office. Because the run rate expense starts about $2 million a year to run and operate a family office. And Elon Musk's family office reportedly is running at a $30 million, uh, operating budget per year. Um, so that's very expensive. So that's the issue. So what do you do? And then that's really where our business comes in and says, hey, if this is the best approach to managing wealth and that the billionaires have solved, what if we were to fractionalize this model just like what you do, right? Fractionalizing the cfo, uh, piece of it. What if we fractionalize the family office model? And so that's what we've created, a fractional family office that provides all of those different services to seven to nine figure entrepreneurs. So again, high level, taking the billionaire approach to wealth management down to 7 to 9 figure opera or operate or, excuse me, entrepreneurs.

Speaker B: And I love that, I love that. It's such A great concept, um, for so many reasons, especially because you know, we work on the business side of being that kind of quarterback for the business. We're working with, you know, their insurance, their cpa, their tax strategy, the implementation, the documentation of that tax strategy within the business. We're looking at how do we make that business model more profitable. And you're looking at it from more of a holistic, bringing in the personal side of that too and looking at you know, what are all, who are all of the professionals that are supporting this one goal for the individual and how are we streamlining that. And also I think the other piece that you didn't mention is how much time you save, uh, for the business owner. Right. Because you're leading the charge and having that conversation with each of those different professionals and to make sure everybody's on the same page and, and that right there is just so valuable as well.

Speaker C: Yeah, 100%. We call that the time energy shield. And that's uh, the, we call it the linchpin partner, the manager of the fractional family office. That's the role that our advisors play and it's modeled off of the role that the CEO of, uh, the billionaires family office. So every family office has a CEO and that CEO is really going to be the liaison between the creator of the wealth, the entrepreneur who creates the wealth, and then the actual tacticians who sit in the office all day, you know, help uh, protect, manage and grow all the investments. And so that CEO function is really the role that our advisors play. And like you said, it's not just optimizing the wealth creation, the wealth preservation, but then also protecting the entrepreneurs most valuable asset, their time and even more important, their energy. Because a lot of entrepreneurs don't want to be sitting in the middle of that wheel managing all these professionals. They just want the outcomes that come with a well oiled machine. And I think the analogy is so perfect aligned with your business because as you mentioned, we're at the hub of the entire uh, personal wealth team. And with all of our entrepreneurs, the business is the creator of the wealth. And so that's why we need to make sure we have our eyes on the business and then working with good fractional CFOs, good operators, uh, just to make sure that for us to make rich, real for those entrepreneurs, we need to make sure we have a very clear monetization strategy for the business. Because that's really how our entrepreneurs are create serious wealth. It's through the business. That's the economic engine that's going to drive the entire wealth creation machine.

Speaker B: Mhm. Ah, absolutely. Absolutely. And I think too, you know, for a lot of the business owners that we work with, they say, oh, I don't, I don't want to get into the weeds of my numbers. I don't, I just give me the dashboard, give me the metrics, the kids KPIs and let me go do what I'm good at doing, which is, you know, bringing in the sales and things like that. So I think having those two, um, you know, team members working together for the business owner just creates such an incredible impact that um, you know, I've seen firsthand and I've seen, you know, just lots of, if you have, if you, you don't know what you don't know. Right. So you need that other person to help have their eyes on those specific things. So, um, very cool. And I think for a lot of the business owners, um, they hear family office, they've heard it in conversations, business groups or in the news. And a lot of times when I bring up the concept to our clients, they're kind of like, yeah, what is that again? So this is good for everyone to just kind of hear what the service provides and also just kind of how it came to be, um, and how it's accessible, which I love that you guys have made this accessible to, uh, not having to have that much in net worth to have this team working for you. So that's really cool. So I'd love to find out a little bit like, how did you end up down this career path? Um, I know you were working at intel and when I was reading your bio, I, I put two and two together because I was like, oh, that's probably where you met your wife, right? Were you guys both working there?

Speaker C: Yeah, so actually my wife ended up working at intel after I was long gone. But yeah, so I, I was like, as you mentioned, uh, the, the son of an entrepreneur, business owner. And, and so, you know, a story I like to tell is when I was, remember being 14 years old, I have three sisters and rich, uh, dad, Poor dad was a book assignment we all received when we were in high school. And, and so, you know, at my kind of family dinner table, which was one of those family dinner tables where you had to ask to be excused, uh, you know, we were reviewing or reading Rich Dad, Poor dad. We would talk about it, you know, every week as we were, you know, getting through it over a few months. And, and really we got an education in business and in leveraging. Capital and in how to really make your money work for you and really leverage other resources as well. And, and I think that that was something that, you know, when you're growing up is just the way that you think the world works and everyone's educated that way and that's the lens through which everyone sees the world. But of course as you go off to college, you see what a unique perspective and how fortunate I was to grow up in that type of household. So the business language was kind of ingrained in me ever since I was really young. I mean being around my dad, he, I remember he also required us all to work for him within the office. He would jack up the withholdings as high as he could on our W2 because he wanted us to understand what FICA, uh, was and you know, how taxes work and you know you're getting paid $8 an hour from him, but really the take home was a lot less. And so he really was important to give you real world exposure and educate you through application and not just through words because I think when you're 16 years old it's hard to lecture your children, uh, about, you know, how the real world works and how business works. So that being said, you know, business was always ingrained in my DNA. I went to the University of Arizona, studied finance, entrepreneurship, went the corporate finance route and really I was, I loved working there. That was. Intel's really struggling now, but at that time they were performing very well. Um, but really I was kind of missing the whole. Why? Because our charter there was number one to keep intel legal. Uh, and number two was to maximize earnings per for share. And so I wasn't really hooked on the mission and the vision. And I wanted just to see, you know, what, what could I create if I either went out on my own or did something with some, with some smart partners. And, and that's where I, I stumbled into the world of financial planning. I didn't even know this world existed because, uh, my, my parents managed all of their stuff in house. They, they managed their team of professionals. Uh, they are what we would call today in our business an air traffic controller. That they've got a good team around them but they're the ones who are making sure the planes don't crash and that all the strategies are working out. And um, you know, had had the time and the interest in doing that but, but that led me to the path of financial planning. And then when I met Jim, Jim do was uh, the co founder of DO Wealth Management. It was just a Perfect, perfect, uh, marriage because at that point in time I could bring my, my knowledge and how to scale systems processes partnered perfectly with him and Mimi's ability of their quick start, their entrepreneurial spirit. And I knew how to communicate with entrepreneurs because I grew up in that household and I understand the plights of entrepreneurs, the unpredictability of the cash flows, the good times, the bad times, and, and everything that comes with it. And so it just turned into a perfect marriage. And then that's how I kind of essentially ended up where I am today. And, and now, you know, we work with over 200 entrepreneurs building these fractional family offices and have been in Inc. 5000 business for three straight years and things are going great. But it's uh, you know, as you know and every entrepreneur knows there's a lot of trials and tribulations along the way, but wouldn't have it any other way and super happy and proud with where we're at.

Speaker B: Yeah, I love that. That's such a. Yeah. Mine was very different. Mine was in a restaurant when I was growing up. My parents owned a restaurant. I was washing dishes at 14. That's how I learned the uh, the world of customer service and, and ah, you know, run. Um, very cool. I think that that experience is just so valuable, especially when you're, you know, you have to be able to empathize with an entrepreneur and you also have to have the foresight to know that the decisions that they make financially in their business greatly affect them personally, um, on a personal finance level and vice versa. And so I think, you know, a lot of financial professionals miss that connection because they just don't have that real world, um, understanding of how it ebbs and flows. Right. One year you might have a great summer trip, family trip, and the next year you might not because the economy or whatever it may be. Right. Um, so I think that that's really, ah, really cool that you have that experience and background, uh, to bring in and marry with your professional experience. So let me ask you, you work with a lot of businesses, um, and you have what I love to call like the best business school experience possible because you get to see so many different industries, so many different types of business owners, risk tolerance, just the way they make decisions, just all this really cool stuff. What is something that you're seeing that's working well in today's environment, uh, in business environment that you're, you're seeing some of your clients that are being really successful, that they're, they're either implementing or changing or or doubling down on uh, in this, this time.

Speaker C: Yeah, I think this will be music to, to your ears but focusing on profit instead of revenue. And I think really over the last few years there's been a huge shift within the IND or within the market overall from a kind of a buyers and a seller's perspective that the market no longer values just revenue growth. And that's obviously a blanket statement. There are some industries like SaaS where that's not necessarily true, but buy and hold. A lot of entrepreneurs were really just chasing top line growth and they were willing to sacrifice their margin structure and so they were acquiring customers unprofitably. Their customer acquisition costs were too high, their return on ad spend was too low. And really that's pivoted over the last two years where a lot of entrepreneurs have uh, gotten the message that if I'm not going to be value based off of my revenue growth or my revenue multiples and why am I chasing this? Because it's also not enhancing my life because it's about what we keep, not what we make that really matters. And so I think the biggest thing that I've seen is a really across the board shift in almost every single industry that people are more focused on bottom line and they're willing to accept even if you don't grow your revenue, but you can increase your profit margins, you are making more money. And so that's really I think been a big, big shift that I saw over the last two years. And a lot of that's also just been because of just the client acquisition environment is rapidly changing. And so I think uh, that's been part of also a shift from a uh, marketing perspective to a lot more organic marketing content creation. And just more and more entrepreneurs really want to build their own audience and control their own audience because the, some of the kind of what were newer client acquisition channels like Facebook, Meta, Instagram, et cetera, um, are really becoming more and more unpredictable because with one Software update like iOS 14 all of a sudden you lose the full attribution that Facebook lost, went through all iOS uh, users. So that has really shifted a lot of entrepreneurs to realizing that hey, some of the old guard or how we built our business may not be scalable in perpetuity. So let's make this more sustainable, let's diversify our marketing channels and let's start really focusing on bottom line and start

Speaker A: of top line, start scaling with confidence. Today the cash flow CFO is a full service accounting and fractional CFO firm. So it goes without Saying that our financial experts are phenomenal at number crunching. But more than that, they are expert communicators who will connect all those complicated financial dots in a way that just makes sense. We don't wait in the wings and check in every so often either. With our boutique approach, we position ourselves front and center, watching over every dollar that comes in and out of your business as if it was our own. So if your business is making money and you're ready to take it to the next level, but you're not sure you completely understand your numbers, and you're looking for that trusted guide to help you build a roadmap to reach your financial goals, it sounds like we would

Speaker B: be a great fit.

Speaker A: Visit thecashflowcfo.com and let's get started. Empowering you to build and scale your business the way you want to today.

Speaker B: At the end of the day, that is what matters. And you're not going to continue to grow your revenue if you don't have the money to invest in it. Right? And that comes out of your profit bucket. You know, when we talk about every dollar in revenue is going to go into one of four places. Your cost of goods sold to service, your sale and your gna, your marketing or your profit. And that profit is you've got to have a plan for how you're reinvesting back in, in a strategic way that's not affecting your operating cash flows. So I love that. And I think that, I think that there were some mixed, uh, messages in, you know, in business circles about, oh, just grow your top line, grow your top line, the rest will follow. And that's not true. You have to strategically put, um, things in place to have a profitable business model. And not all models are profitable. And so that's the other thing that I think, um, businesses just assumed that they would be and they, you know, and they came, came out the other end of that. Really getting a hard lesson in, in business because, you know, they were doing things that just didn't contribute to, um, being a good steward of the money that they were bringing in. Um, a lot of times we see clients overstaffed or, um, you know, not clear on what it takes to deliver what it is that they're selling. And so their cogs are too high, which doesn't leave enough margin left over to run the business and be profitable. And look at your marketing. And then also when we talk about marketing, you know, understanding what, what is your customer acquisition cost and how many new customers do you need to, to hit your Revenue goals and for them to kind of see that correlation. I think you can see the light bulb go on, you know, when it's mapped out that way. But I just don't think enough businesses like whether you're in a coaching program or wherever you're at, that you're learning this stuff, they don't connect the dots in that way. So I'm glad that you're seeing that, um, you're seeing that in the businesses that you're working with.

Speaker C: Yeah, 100%. I think one thing too that again is in your world is a lot of entrepreneurs need what we would call a model P and L of like, where are we going to like, uh, what is the right cost of goods as a percentage of revenue, gna, sales and marketing. Oftentimes I think decisions are made based off of gut feeling or this has worked in the past and they're not strategically mapping out, hey, if I make this investment in the sales and marketing initiative, how many new clients do I need to get to make sure that this maps out within my model P and L and my margin structure. Margin, uh, structure my targets. And that goes back to like you mentioned, uh, of maybe my cost of goods is too high or too low. And I think that too many entrepreneurs just simply don't know. And they make decisions based off of gut, not based off of scalable frameworks and roi, you know, different ways to quantify these decisions which will lead to on average, better business decisions. So that's uh, again kind of some of my learning from the corporate world that when we were framing up any decision, we not only had to do an ROI at net present value, you know, you didn't see what the total incremental revenue would be. The incremental cost discounted all to the present value. So that's how my brain has been wired to work. And obviously with a lot of entrepreneurs, they, they're, they haven't been trained in that framework and it's probably overkill. But I think there's, I think there's a happy medium that needs to be placed of uh, making less decisions based off of pure gut and vibes and more just based off of strategic vision and strategic frameworks of where we're trying to go or take this business.

Speaker B: Mhm. Absolutely. And I think, you know, same here. I worked for venture capital, I worked for large corporations and the things that I learned there married up with what I saw and experienced growing up in an entrepreneurial family is where we created what we did, which is kind of that not overkill but financial foundations that all businesses need. And it's. You just, you know, I always tell, um, when I'm in a conversation about our services, I say, don't feel bad, like, nobody ever taught you this. You never had the opportunity to learn it, but we're going to teach you now. So you'll never run your business or any future business you have the same way again once you have these tools in your toolkit. And so that's kind of our mission of like, we got to get this out to everybody because it's so important and valuable and, you know, hopefully, at the end of the day, we're creating enough wealth that they can come to a company like you and create that generational wealth. So it's not just impacting my immediate life. Right. I'm impacting future generations, that we're getting some compounding working for us and other strategic investments and also protection in place. Because that's something that I see a lot of business owners are so exposed and they don't realize, uh, the potential of what could happen by not having, you know, maybe you can talk to that. Is it the right insurance, the right, um, structure. Right. For their entities. Um, tell me a little bit about, you know, kind of what you wish every business owner knew about those two things.

Speaker C: Yeah, I think on the asset protection side, the metaphor I like to, um, bring up is the castle metaphor. So if you think of the castle and you have like a moat surrounding the castle, that was, you know, in the, in the old days, that was an asset protection. You're protecting all of the people. Right. And the first layer of defense there is, is the moat. And so we like to say that, hey, the first layer of defense is going to be just the laws of the land of where you're operating at, and so operating within the laws of the land. And hypothetically, if you don't break any laws, then you should never be able to get sued or nothing should be at risk. Now, we know we live in a, uh, litigious society, so I don't think that's necessarily true. But an example there are certain laws is there's like the homestead exemption that a certain amount of equity is in your home is protected from creditors and predators. And in some states like Florida and in, uh, Texas, it could be tens, if not hundreds of acres, depending on if you're in a rural or urban area. Or in California, you know, it's capped about $600,000 for a married couple. So there's just laws ingrained in our, you know, United States society that protect you. Another example there is we've got like ERISA protection. So if you have money in a 401k, you've got built in credit protection, you've got bankruptcy protection, right there's value there. So that's the moat and then the next thing you've got is you've got kind of the, the castle walls. And the castle walls is really the first line defense if someone gets in the moat. And we like to describe that as being the insurance piece. So if it's on the personal side, you're going to have your auto insurance, your home insurance, your umbrella insurance and then the business side you're going to general liability, your E, you're going to have, you know, epli, your cyber, all of those types of insurance. So you know, if you do break a law or if you are actually at fault for something, then the insurance is kind of that, that first real line of defense. And then the next thing would be kind of that drawbridge. So before they get in the castle you got to break down the drawbridge. And that's going to be what we would say is like kind of corporate governance. And then that's going to just be making sure that if there is liability, it's constrained to the business, it doesn't go through the kind of drawbridge and hit you personally. And so that's where what is called protecting the corporate veil is so important. It's having good books and records which is in your wheelhouse, you know, segregating personal and business expenses following the bylaws, the operating agreement, you know, the legal documents you have. And if you're a C corporation having meaning minutes and actually documenting all of this. So just making sure you're running your business like a real business. And so that way if someone sues the business, they can't make the argument that this is really just you personally. So that's the drawbridge. And then the last thing is we would just call like the hidden vaults with inside the castle would be asset protection trusts. And so that would be for the entrepreneurs that if somehow they were piercing through that and they got into and they're able to sue the individual. That's where asset protection trusts come into play. Because now your personal assets are not owned by you, they're owned by asset protection Trust. And so you have access to those investments and you have access to the capital, but it's not in your personal name. So that's kind of the last of the highest level of asset protection. So we kind of Think about in these layers and within that metaphor, because really it's like kind of starting at the basics and then, you know, as you build your wealth, you should be kind of moving, moving throughout that journey. Because if you're just starting your journey, it doesn't make sense to create an asset protection trust because of the cost to start it, the administrative cost, the complexity, the additional tax return work. So that's where, right. It's like you don't want to go straight to the finish line. Although that may sound the sexiest, it's not practical for most entrepreneurs to get there until they've built enough wealth where it makes sense to actually, you know, pencil that out and to it make that complexity and uh, that cost investment on an annual basis. So, so that's the framework of how we like to think of asset protection. And one of the simplest things that we see in talking with other asset protection attorneys, like the best piece of advice I ever got from an asset protection attorney, which I think is relevant to every business owner, is don't leave too much cash in your business. And it's so simple. But if you were to get sued, you're most likely going to get sued at the business level than at the personal level. And so extract the extra cash you don't need because as soon as you're being, you know, you're being served as a lawsuit, then on that date, any cash that is in the back on the balance sheet, in that bank account, it is subject to the creditors. Whereas if you take that cash out, that excess cash out, and you own it personally, now they have to pierce that corporate veil before they can go after your personal assets. And so it is a super simple strategy. But even now we're working with an entrepreneur, uh, they just came on board, they got $8 million sitting, uh, in their banking account, in their LLC, because they don't know what to do. And it's like, hey, that is not where we want to park $8 million. You know, so that's uh, I think a super actionable takeaway that every entrepreneur is, needs to hear. And it's not super fancy, but it's super actionable. And again, an asset protection attorney, uh, is going to be the first thing they say is get extra cash out of your business and put it in your personal name or in your trust.

Speaker B: You know, a lot of business owners, their revenue levels will fluctuate and so they're hesitant to, well, if I don't want to pull it out, because if I'm going to need it but there's ways that you can strategically lend it back or you can do different things that will solve that for that problem. Um, and then also talking about insurance coverages, having insurance, all of those ones you listed for the business at the revenue level that you're at now and have that revisited every year as your revenue changes, whether it goes up or down, your coverage needs to in lockstep with that as well.

Speaker C: Yeah, I totally agree on the commercial insurance piece. Uh, I always encourage entrepreneurs because we see this all the time when we're reviewing policies, is to look at how those policies are priced because the brokers are going to. Generally some of those policies are priced based off of revenue. And sometimes the broker is casually going to be like, hey, what are you expecting to do revenue wise? You know, and you're expecting a huge year of a, uh, 20, 30% increase. And you plug that in and then what you don't see is that your pricing is actually a factor of your revenue. And I remember just seeing an uh, entrepreneur client who's growing his business very rapidly and he was projected to grow from about 22 million to 30 million in revenue. And so the insurance policy was underwritten on $30 million of revenue, but the actuals were a lot less than that. And so you're simply just auditing that in a super simple thing, but being like, hey, actually this is our actual revenue base, then you multiply it by the factor, it actually could take down the insurance premiums. But there's also disincentive because if you are a broker, they get paid a commission as a percentage of the premiums that's written. And so that's where I think having someone like your team or any type of fiduciary who's just overlooking some of this work and someone who's not incentivized to drive up, uh, you know, the commissionable base is important. And that's a, ah, super simple example in commercial insurance. But it's true across the entire board from business and personal wealth planning.

Speaker B: Yeah, absolutely. So, so valuable. So I hope everybody got go back and rewatch that and take notes because you listed off several different things that, that are super attainable. Right. You don't need a fancy anything to get a lot of those different, um, policies or protections in place. And I think that um, you know, we need to be thinking more about this because I think the other thing that, you know, we love to help our business owners understand is that their business is an asset and that asset needs to be treated as such. And it needs to also have transferable value at some point in the future. Right. When you are done, you know, whether you're ready to retire or you want to sell your business for, you know, you're ready to go do something different in life. Having that asset that has the paper trail to show, yeah, I've treated this as an asset, I've protected it as an asset, and I've grown it as an asset that now I can, you know, because the value of your business is ultimately going to go up when you reduce risk of a future buyer. Right. And so all of these things, Bryce, that you're talking about, check the box for that as well. So it's got the dual benefit for you.

Speaker C: Yeah, I can agree more. And I think the way that I always, you know, I think it was an entrepreneur, you start your journey and it's life's all about income. You just care about income, income, income. Like I just need to get enough revenue to pay my bills to break even in. But I think that when you become a successful entrepreneur, you need to shift your mind, mind frame from focusing on income to equity and, and then understand the differences between income and equity and the leverage that, like you mentioned, that your business is an asset. And as a simple example, if I'm making half a million dollars a year of income or profit, and let's say my business sells or is worth maybe three times profit, then three times the half a million dollars, it's worth $1.5 million. Okay, so, well, if I increase my, my income, my profit by $100,000, instead of making 500, I now make $600,000. But now the value of the business goes up from 1.5 million to 1.8 million because now it's at $600,000 of profit times the 3x multiple. So although I only made $100,000 more of income, it's worth an extra $300,000 from an equity perspective or from the asset perspective. And so it's just shifting the mind that, hey, I get it. When you first start, it's all income. Like, I'm just trying to pay my bills. I'm not worried about the value value my business. But as you go through your entrepreneurial journey and you're truly focusing on equity creation, you need to think of like, every dollar of income is really just a multiple or is worth a multiple more to you as, as the value of the asset. And as soon as you start shifting your mindset to thinking like that, then all of a sudden you want to start protecting the business you want to start reinvesting in the business, you know, you look at this as an asset the way you would look at a rental property as opposed to just some machine that spits out income to me. So I think that that mind shift you're talking about is so important and I get it that ah, when you're starting your business you're not necessarily, you know, unless it's your second or third go around, you're not thinking of this as a, as a wealth building tool, so to speak, as an asset you think of as an income m generating tool.

Speaker B: Yep, yep. So true. And uh, you know, and that's one of the things that we love to do is help our clients go from have this idea of I might want to sell and we walk them through, you know, an exercise that they just kind of go, oh yeah, I've been thinking about this all wr and now I'm going to hold it for another two or three years to really build that, that value. And then, you know, that changes, you know, not only does it change the value, uh, the sales price, the potential sales price, but also you could jump categories of buyers as that uh, value increases, which tremendously changes the multiple. So instead of it being a three, it could be a seven or a 12 depending on, you know, a lot of different factors. But all of those things are really important to be thinking about having the right advisors around you and building that into your strategic one, three, five year financial plan, uh, with your business. And then also then when you're ready to sell it, you got to make sure you're buttoned up on the personal side so you can minimize tax. You know, there's so much stuff that um, is the fun stuff for you. And I probably scares most business owners. They're like, I just want to bury my head in the sand. I. But that's really where the wealth is created. And also, um, the potential to greatly impact the amount of wealth could be hindered on some of those key decisions that they're making that they just might not even know about. Good stuff. Yes. Love it. Well, Bryce, this has been such a great conversation. Thank you for joining me today. Um, how can our listeners and our viewers find out more about working with your company?

Speaker C: Yeah, dowealth.com, that's-e W-W-E-A-L-T-Com. That's uh, the easiest way for us to get in contact.

Speaker A: Perfect.

Speaker B: And we'll uh, add those to our show notes as well so that anybody who wants to find out more about what you guys do. And I really think it's the perfect complement to having, uh, your accounting and your CFO buttoned up. Then the next thing is now you need to go over and make sure that, uh, the engine of building the cash flow is now being protected and strategized and all that good stuff. So love it. Uh, thank you so much for being on today. I hope, uh, we had some good conversation for all of our listeners to get your wheels spinning on what you could be doing next in your business, um, and life, uh, and Bryce. I think we'll probably have more conversations in the future. Cause I. There's so much more we could have talked about. So thank you so much for your time today. Awesome.

Speaker C: Uh, thank you, Andrew. I really appreciate it. And yep, happy to support anyone any way I can.

Speaker A: Thank you for listening. Don't forget to like and review and we'll catch you on the next episode. If you're looking for more content or resources in the meantime, check out our website for information, blogs, and our. I've got a spreadsheet for that series. That's the cash flow series. CFO.com Again, the cash flow. CFO.com. we can't wait to hear from you.