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Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the breakthrough entrepreneurship strategies and actionable advice to accelerate your success! The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncover each guest's key tools, tactics, and tricks that listeners can start using in their lives right now. Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!
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Now displaying: 2017

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the best, actionable advice to accelerate your success!

The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncovers each guest's key tools, tactics, and tricks that listeners can start using in their lives right now.

Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!

Jan 11, 2017

In this episode, Dave is excited to welcome author of "Half – The Ultimate Guide to Cutting Your Taxes by up to 50% Guaranteed" and founder of Tax Vantage Consulting, Wes Matejka!

Wes has a diverse career in the he started out in radio and at one point was radio executive of the year, but he had a passion for helping people in a larger way. He founded Tax Vantage Consulting as a way to do this. TaxVantage™ Consulting works with those who have high incomes and their existing CPAs to cut their income taxes by tens of thousands, if not hundreds of thousands of dollars. They do this by selling large assets to defer any Capital Gains taxes for 30 years – a really interesting concept. They focus 100% on reducing taxes using their proprietary TrueTax™ Process and then provide a CPA with what a client needs to file their tax return.

It works. Tax Vantage counts some of the most successful entrepreneurs and Hollywood A-listers as their clients. Through it all, Wes has not lost his passion for helping others. In fact, he says one of his greatest accomplishments is that he has not only helped clients save literally millions of dollars in taxes, but also helped to create thousands of acres of permanent green space around the country through conservation efforts.

www.taxvantageconsulting.com ​

Email Wes: Wes@taxvantageconsulting.com

Half: The Ultimate Guide to Cutting Your Taxes Up to 50% Guaranteed

Wes has a unique story. He spent over 25 years in the radio and music industry. Working his way through college included a gig doing standup comedy which led to doing some voice work for radio and ultimately got him his start in the radio business. As the industry changed and got to be more corporate and lose the small entrepreneur owner mentality, he lost his passion and decide it was time to do something else.

The only challenge was that he decided to make this change at the peak of the recession and was not sure what he was going to do. How did he do it? He prayed about it and stayed open to opportunity, whatever it may be, and the opportunity to work with business owners to help lower their tax burden came along and he took the opportunity. He learned and grew in the space and was eventually able to go on his own and start Tax Vantage Consulting.

Wes talks about transition and figuring out what you want if you are going to make a big change or switch careers. Part of it is being open as discussed above, but really being clear on what you are passionate about is the other. He discussed how we started Tax Vantage and the passion that drove him to do so.

At the 8 min mark, Wes talks about the process and the strategies that they use that many CPA’s don’t know about or have not heard of. The interesting thing is that the items Wes and his team find for a client are concrete because they are simply from the tax code and typically buried deep in the thousands for rules and pages of credits and deductions available. He talks about the difference between deductions and credits and why credits are the better.

He also talks about how the tax code is there to incentivize business owners and entrepreneurs and gives simple, common sense reasons why.

He talks about how a lot of the tax strategies they use are geared toward higher income earners ($500,000/year +) because of the way the laws are written, but offers up some tax strategies that even people making under that amount can utilizes. One he talks in depth about is R&D tax credits and gives examples of them being able to be used by everyone from landscapers to electricians and everyone in between. The rule is that if you are doing “research and development to be able to bring your product to the marketplace” – which most companies regardless of size are, then you can use these tax credits.

Wes gives a great example of how his group was able to save a client over $1.2 million just for finding the R&D credit and going back the 3 years available to recapture it.

At the 18 min mark, Wes talks about his favorite strategy which is how to differ capital gains by up to 30 years. He tells two great stories of this. One of a business owner and one of a Hollywood A-lister.

At 23 min mark, Dave asks Wes if this is too good to be true and his answer is one that everyone should hear. As he says, things are not too good to be true just because you’ve never heard of them.

Wes gives some pretty interesting stats:

  • There are over 670,000 CPA’s in the US
  • But, there are only 895,000 each year that file tax returns with incomes above $500,000
  • Because of this, the odds are that most CPA’s have never had any reason to utilize or seek out the strategies that Wes has found buried in the tax code.

Wes’s advice for those that are not high net worth, but working their way toward it as follows:

  • Increase your financial education and seek to understand what is available to you that you can utilize in your wealth plan
    • You can do this simply by picking up a few books on tax strategies or seeking other professionals that focus on these types of solutions
  • For business owners, cash flow is critical and you must make sure that you are exercising your rights as a business within the tax code to keep your capital and keep it working for you and your business.
    • Don’t just have a CPA. Make sure you have a focused professional to help you maximize your tax strategy. Think of a CPA like your general practitioner doctor and seek out the specialists, the “cardiologists and neuro-surgeons” for your tax maximization strategies.

Wes makes a very interesting distinction when he says, “Your CPA’s job is not to reduce your taxes. There is job is tax preparation, not necessarily tax reduction.”

What advice do you have for entrepreneurs? What holds them back?

  • Do away with and block our fear and worry. Focus on what you need to be doing, not what you are afraid of happening
  • Take action and focus on the actions to make yourself a success and not on the “what if’s”
  • Never live in the land of “what if’s” – you can “what if” yourself into anything.
  • Live in the land of “what could be...”Focus there

Biggest challenge? Making sure to always be staying on point and educating others about his niche and keeping the energy up to do that day and day out.

Advice for growth?

  • Get into a Mastermind group
  • Get a good coach
  • Pay for these things because if you pay for it, you will really evaluate it and make sure it’s good for you and also maximize it for yourself
  • Masterminds are great because you get to meet with other business owners who can look at your business from a totally different angle, but also get what you go through as an entrepreneur and offer you advice and even connections you may have never considered to help you.

 

Best Quote: “Seek out those ideas that do seem “to good to be true” and then make them true”

 

Wes's Misfit 3

  1. Body, mind, and soul. All 3 need to be healthy for you to succeed. You must take care of your body to fuel the rest of yourself. You have to take care of your mind and put the right things in it. And you have to have a healthy soul by doing things for the right reasons that you are passionate about.
  2. Embrace the insanity! Be you. Don’t conform to conventions just to fit in or if you don’t want to. Don’t try to be ordinary. Grow the insanity, nurture it, and make it something awesome.
  3. Keep more of what you make. You earned it. You deserve to keep it. Make sure you dedicated time to become financially smart.
Jan 4, 2017

n this episode, Dave is excited to welcome two-time Inc 500 entrepreneur and best-selling author, Rhett Power!

In 2007, Rhett resigned from his lucrative consulting career to co-start a toy company called Wild Creations. Less than two years later, the economic downturn left him exhausted and nearly bankrupt. Rhett was not only forced to analyze his company, but himself to see what needed to change. The results of this were that he figured out how to do the right things right and Wild Creations was named one of INC 500’s fastest growing companies 2 years in a row and has gone on to win over 40 national awards.

He is the author of the Amazon best-seller, One Million Frogs, a regular contributor to INC, Success Magazine, and Business Insider… and has a new book being released in the next week called, The Entrepreneur’s Book of Actions. He is also a member of the US Department of State’s Speakers Program.

www.rhettpower.com ​

Connect with Rhett on Twitter: @rhettpower

The Entrepreneur's Book of Actions

This interview has a lot of great items in it, but for those of you that have ever transitioned from a steady job to owning your own business or are planning, or aspire to do so, you will find Rhett’s story and journey of adapting to being an entrepreneur very helpful and useful.

Rhett had a very good job working for USAID around the world, but something was missing. It wasn’t right. Rhett and a colleague would meet and routinely talk about what it is that they wanted and it came down to one thing – owning their own business. They decide to quit their jobs in 2006 and buy a business. They look at all sorts of business, including a “dead body” removal business. Ultimately, they found a very unique business with 1 product. Of all the companies they looked at, it was probably the one in the worst shape, but there was just something about it.

It wasn’t easy. They went through a lot of struggle including multiple years on the road selling a product out of van around the US because it was not shippable. They had no access to additional capital or money and reinvested everything back into the company to keep it going. After a couple years, they were able to turn it into a success and became a multi-year INC 500 company.

At the 9 min mark, we talk about tipping points and what the biggest one for Rhett was. He tells an amazing story of being about 1 month away from going under and decided to take a huge risk that if it didn’t work, they would be done.

Rhett talks about his new book being released in January ’17, The Entrepreneur’s Book of Action and how it came about because of going through the transformation in the business and re-thinking his entire business to make it successful. He wrote the help people who are doing the hard work and focus in their business could have a guide that makes it easy and systematic to work on their business daily.

Rhett discusses the long game and planning for your success. He discussed how we live in an instant gratification world and that is just not reality in business. It takes work, planning, the ability to adapt, and change, and staying after it consistently to truly succeed. He suggests taking time to reframe everything you do and see if it is actually working or not. And if it is not, you don’t have to have drastically change all at once. Instead, you should tackle things in smaller chunks. It’s important to get the small wins and momentum to help you stick with and accomplish big changes. Eat the elephant one bite at a time.

At the 27 min mark, Rhett talks about the power of belief. He gives a great story about Christmas to illustrate how important true belief is in your success. He also discussed how not having an exit strategy helped them to overcome and make the business a success. “Commit. The minute you start talking about getting out is when you will.”

Rhett talks about some of his favorite concepts in The Entrepreneurs Book of Actions:

  • Week #40: No, No, No – You have to learn to say no, otherwise you go broke. It goes across the board. You have no when to say no to vendors, employees, and customers.
  • Week #22: Managing Management, Managing Yourself – If you don’t set a good example in your business, it get notices and rubs on all of those around you.
  • Week #1: Figuring Out Your Passion – Sit down and create your own personal mission statement. You must make sure you understand what really drives you. It’s time to self-reflect.
  • Rhett also talks about hiring and how it differs depending on the stage of your business.

Efficiency vs. Activity?

You can do a lot of activity, but that is not efficiency. You should also be working toward more efficient ways to run your business. Look at how you’re doing things, what you’re doing, and how you are using resources and time. This also goes to how you are using your time as an entrepreneur. Where is the best place for you to focus?

Best advice for entrepreneurs just starting out?

Bad habits are what hold us back, so make sure you are aware of yours. Money management, time management, and planning are the 3 most critical areas where business often fail

At the 40:30 mark, Rhett gives a great example and advice on seeking and selecting mentors.

 

Best Quote: "Dream big, but think small as it’s the small details, the daily details, that are going to get you to that big dream"

 

Rhett's Misfit 3

  1. Stop Watching TV and Using Social Media So Much! Use this time in your life more wisely. When you look at all the time you spend in these areas recreationally, it can add up to 20, 30, even 40 hours a week.
  2. Create a Personal Mission Statement: Figure out what motivates and drives you and what you really want. There are many templates for these online as well as in The Entrepreneur's Book of Actions.
  3. Make Changes Incrementally: Break things down into achievable bits and that will help you to gain momentum and build the habits of success.
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