#250: How To Thoroughly Investigate Your Own Business Even Though You Don’t Have The Time w/ David Albrecht

Law Smith

0:00

sweat equity podcast streaming show pragmatic entrepreneurial vice and Dick Jokes hosted by me last minute and then Eric register oh yeah i mean that's your that's that's your pronoun bro hashtag girthy Ri hashtag 69 b2b hashtag sweat equity on iTunes Spotify Hey Spotify hook us up with that Joe Rogan Bill Simmons deal please. Easy. You can listen to this on iTunes Apple podcast, Spotify, laughable, YouTube, Facebook, Vimeo, LinkedIn, this episode is sponsored, sponsored by ExpressVPN try ExpressVPN comm forward slash twit and get three months free on an annual subscription. Don't let people know where you've been browsing.

0:43

Don't even

Law Smith

0:44

Eric you're you know you're my go to I die You have to go You have to find this laptop and my phone has so many tasks. You get a lot of stuff to

0:53

get through if you die, but

Law Smith

0:56

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1:35

from Australia, there you go. What does that actually do?

Law Smith

1:40

I'm gonna run down that's our that's our headline sponsor, I'm gonna run down or for other sponsors real quick trainerroad comm forward slash like a 20% off using use that link in the code word bridge 20 to get off your fitness rare, you need a business phone line, try grasshopper.com forward slash wet get $75 off an annual plan. Need some accounting software go freshbooks comm forward slash sweat 30 day free trial and Warby Parker Warby Parker trial comm forward slash wait and get five free pairs to try it at home that hooks up this podcast we got David Albright on this on this podcast what you could have up at David abundant bs calm and his number is 72725814 to four we give it out in the podcast but I want to make sure I give it out the beginning of this show because he's gonna save your business some goddamn

2:31

money Can I get a hot

2:56

about my sweat equity you know,

Law Smith

2:59

saw Am I doing rundown? Are we just gone into it? We can do the. Yeah. Okay. Yeah, we're just gonna go we usually do like, I don't know if you got to listen to the podcast, but we usually do a little rundown with some NFL music in the background just going down like a little advertising. But we'll skip that and just kind of get into talking to you to say you don't have to sit through three minutes of that. So, David, and I will intro you in the intro. But why don't you give everybody a little bit of your background? Because I could try to do your bio, but I think I'll butcher it every time we've even if I memorize someone's bio on the show, and then we go over it, we still miss something. So we just do the lazy podcasters they will we go. Why don't you tell it give us a little of your your bio. Give us your LinkedIn profile.

3:51

So two minutes or

Law Smith

3:53

whatever, no, whatever. Take as much time as you think.

2

Speaker 2

3:56

So my background is by my own work in corporate America for 25 years, I worked for a large aerospace company and I focused in on technology and telecommunications. And after 20 plus years there, I left the Boeing Company and struck out on my own and was really at that time there. I never was really a coder. I was I was more of a business guy that understood how, how the money worked. And I took that basically out to Mainstreet about five years ago looking at how to help companies with operational efficiency. And so a couple years ago, I I moved from Seattle to Florida and discovered along the way that really the business mainstream businesses were missing out on tremendous opportunities of cash flow and profits that were available to them, mostly just to to either lack of knowledge and lack of access to the correct resources. So today, what I do I work with business owners and professionals in helping them identify where they're leaving profits and cash on the table that they're entitled to keep, instead of giving it away to the government or to another supplier or vendor. And that's where I focus my energy today is helping those business owners and professionals.

Law Smith

5:18

Yeah, you're like a pure consultant and I tend to not use that word because it it like it can go anywhere from Rodan and Fields consultant with garage inventory all the way to like, you know, legit, you're a legitimate high level consultant. And the way we met was, we kind of have the same target audiences of manufacturers in the area. And then you and I started talking at a networking event our friend Justine put on and it seemed like, you know, you have a lot of we both kind of had a good knowledge base in each respective sector. But I you know, I always marvel at the guys that can go in and do kind of like, in a way I I was telling you what I wanted to do with kind of marketing and a little bit of this podcast is BS. I like saying being the Suzy Orman of digital mark. I just like because I think she's quirky. And I think it's funny. She's always got these like little Did you know kind of facts and I think nobody else is gonna take the Suzy Orman of block blank. Well,

6:20

no. But I think what

Law Smith

6:22

what, if you want to if you want to break down the metaphor why it's a little funny is no one no dude is gonna compare themselves to a chick. When they're there go. Ah, yeah, I went there, huh? Yeah. But I'm saying like, but she's got that quirky, Midwestern, you know, here's how you can save some money by you know, taking all your baking sheets and pile them together after you use them and you have a boat. It's yours. You know, like show and your show. She'll make ups. I just like that discovery facts. I like the things where you're like, here's a knowledge base that here's what I do. I'm really it Moneyball. I'm finding in efficiencies. No one knows about that are in not in plain sight necessarily, but they're there if you dig enough, and that's kind of what your that's what your value is. That's, that's what you're about.

7:12

What would be good?

Law Smith

7:14

Yeah. What's it? What's your easy example? Yeah.

Eric Readinger

7:17

Perfect example. Let's talk

2

Speaker 2

7:19

a great easy example it. And I approach this from a diagnostic perspective where I will go in and I will talk with a business owner. Let's take a manufacturing company, and I know that's where we have some expertise. I will go in and talk with a manufacturing owner and the first place I'll look is where can I save him? 4000 40,000 $400,000. Is it going to be in property tax incentives? Is it going to be in hiring incentives with COVID-19? There is tremendous amounts of savings. They're going to they're going to be available this year on employee retention or is it looking at how do they handle their cashflow and how do they legitimately without taking off their clientele accelerate their cash flow to get that into their, into their bank account much quicker. So I'll go in and I'll go through a assessment with them to find these areas that they'll say, Well, why doesn't my CPA know this? Or why doesn't my controller and all this, these are generally specialized areas that you have to really dig, dig down into and say, oh, here's the opportunity.

Law Smith

8:28

Yeah, what what he's awesome at is what you would look at all their their financials and go, Okay, you guys don't know about maybe this tax incentive. You guys don't know about this grant that you could possibly get. You don't know that. And I don't know, if you throw out numbers like, you know, employee retention, something you brought up, you know, that old adage of it's so much harder to find a new employee than just spending a little effort in retaining, you know, yeah, when you and you can Look over a year over a year, hey, when you guys invested a little bit in your employee retention, you had less churn rate on on people leaving something like that. Well, that's one

2

Speaker 2

9:09

piece of it. Now let's take and I'm going to focus a little bit because we're so real in COVID-19 right now. Yeah. And for the first time, what it will do is that you can actually redirect some of that money that you would have to pay in taxes legitimately, to saving money with keeping your boys not having to go out and look for new employees. But if you keep those employees, they're going to cut your taxable way back due to COVID-19 coming forward, it's going to be anywhere from three to 12 times larger than what we saw with PPP. Yeah, and wow, okay. Sweet. Really? Yeah, I mean it. In the state of Florida, we're forecasting the state of Florida. It's going to be four and a half times larger than what we did in PPP in the state of Florida.

Law Smith

9:59

Now, we We have people outside of Florida that listen to this but we use Tampa always as the Tampa is the index city index market in the country so you can kind of extrapolate out anything we're we're kind of going at the local so below.

10:13

Yeah.

Law Smith

10:14

Or you know why Hooters and Outback franchises started here? You know, just kind of real index middle of the country? Yeah, actually New Haven, Connecticut. I think that's where he L is that's the number one index if you want to look at demographics, but I don't right after that. Yeah, you don't look at that stuff. That's so fun. Ah, you know what, so everybody, everybody in my world is talking pivot. That's the new branding. What's your brand was 2019 word I despise that was used too much. Hmm. I would say pivot is gonna be the new marketing term and kind of LinkedIn. You're gonna see a lot of influencers using that in the business world of you know, all that kind of stuff.

Eric Readinger

10:58

A lot of Ross from friends. Moving the couch means

Law Smith

11:02

is there? I don't know. Oh my god, I don't remember. Nevermind. I don't even know the reference. Lots of people I tried to build on it and that reference hard. Yeah. Solid. Ah, friends print is a terrible show. I can't get over that. It was a good show. Yeah. So, yeah, that I couldn't get over like even as like, what 12 when we were 12 when it was out, we're like, there's no way you have that apartment. Right, right. Yeah. All right. So what, you know, as people kind of recover from all that economic downturn of COVID-19 what what can business owners and professionals do to kind of accelerate their own recovery?

2

Speaker 2

11:40

Well, the first thing they can do is, is start to look at where, what were the people that have access to the knowledge and finding about what you can do to to claim and recognize these opportunities to increase your cash flow. So one of the first things you can do is that The cares act freed up a lot of money that allows you to reduce the amount you pay in payroll taxes. How do you take advantage of that right away, because that's money, you would have to pay out on every single payroll that now all of a sudden, you can reduce that significantly. There are changes to the cares app where if you look at property tax incentives, all of a sudden, where you couldn't claim money from the past, you can actually get refund checks from the government, on your property tax incentives. And in the past, it was always future going forward. Now they'll allow you go back up to five years. So if you pay if you're profitable, in 2014 to 2019, and you own your building, all of a sudden, you can get some of those taxes back in a refund check. So this is big money on the table that will help business owners This is hundreds of thousands millions of dollars to business owners, depending upon them. Building they have that they can claim right away, like within weeks.

Law Smith

13:05

But can I go a little bit more a little deeper with that specific example? Just for a broader kind of sense in states that don't have state income tax, usually the property taxes are kind of the way it kind of sets itself out. So if I were in Texas, Florida, those kind of states, Tennessee, I think doesn't have it. Or those that kind of states that would benefit from something like that. If your business owner that you own the property, typically,

2

Speaker 2

13:35

there's going to be two pieces to that. Okay. There's a federal element to that church. Everybody qualifies. But then what we find out out there is in property taxes, about 20% of the buildings out there are overtax. Oh by as much as 15 to 20%. Again, that's an automatic cost savings to get that money back.

13:57

Yeah, overtaxed interesting

14:01

is that what is that?

Eric Readinger

14:02

What is that something that's accounted for all the time? Or is that something we need to be checking on ourselves if we own property

Law Smith

14:10

is that like when we see in tax time, every time every year we see this in tax time, the macro economics professor or economist will throw it out there, hey, the United States giving you a tax refund, you're we're really getting they're getting a loan on it. Because essentially, it's an they're over taxing an individual is that kind of similar thing?

2

Speaker 2

14:30

Yeah, you're over taxing a piece of property. And so really, every seven years, that piece of property from a commercial perspective should be evaluated as to whether it's still in line. And what we find is about 20% of the time 18 to 22% of the time, it's being overtaxed by 15 to 20%. And it can be adjusted backwards.

Eric Readinger

14:53

Yeah, let's see, if we're not checking that they're not going back and adjusting anything. Are they it's a matter No, no.

2

Speaker 2

15:00

So say you own a building for, you know, 10 years, 15 years and you've never challenged the taxes. There's nothing to keep it in alignment. It just keeps compounding whether it's at one to 3% every

Law Smith

15:10

year. What if you acquired one acquired one a couple years ago Pacific?

Eric Readinger

15:16

So okay, so let's say you want to challenge these taxes, would it be an appraisal situation? What all would you be looking at in terms of just paperwork and all that that you'd need to do to?

2

Speaker 2

15:30

Yeah, it's similar to an appraisal situation. But really, what you're really starting with is looking at the comps in the area. And what you really want to do is you want to work again, everything I do is working with specialists. Because a lot of this stuff, we don't have the resources at our fingertips as consumers as business owners, a dentist didn't get in business to figure out his commercial property taxes or a restaurant or a manufacturer. So that's why you look at different specialists to say Okay, what can I do? And then you can look at, you know, let's just do a simple assessment here that costs very little to nothing. And then if there's something in that very simple assessment, then we can figure out, Okay, how aggressive do we want to be going after it? But I've, I've, I've come to the belief that specialists are pretty much about the cheapest thing you can do out there, because now you don't have to go figure out how to do it yourself. You can lean on them in their experience to get that best result.

Law Smith

16:30

Yeah, you need to be a generalist that can, you know, delegate out to find it looked in. One of the reasons I wanted to get you on the show is to kind of promote you because you know, I've talked a lot in the last couple months and you've got what we like to call little nuggets that just finding the look that so some people listening might not be able to kind of imagine what that that example of a commercial property because they probably don't. A lot of people don't own property for their business, but you No, that's a huge, huge thing. If you do actually own that, or one day, you've want to own property for your business.

Eric Readinger

17:09

Yeah, just the dollars that are being exchanged in terms of for commercial properties, and then the taxes involved in in whatever other stupid, bureaucratic stuff that's being charged on it. And it just goes kind of, you know, under the radar, because like, we have to do that we have to have these commercial properties. But it's I, I haven't heard of this. I'm kind of blown away. You could challenge your property taxes. I didn't know.

2

Speaker 2

17:34

Yeah, I understand. There's multiple opportunities here. There's some at the federal level, some at the state level. And so but the answer is yes, you can challenge and at the state level, and the answer is there are entitlements at the federal level, I can find cost savings and benefits. Let's just take a macro average of about $75,000 per million Okay, 4

Law Smith

18:01

million in revenue,

2

Speaker 2

18:03

no, per million of the purchase price of Oh, sorry, sir, the purchase price of the building. So now all of a sudden, if you can go back five years and you can use that money that you paid in taxes and start to reclaim it now said you got a nice check coming from the IRS

Law Smith

18:23

that you should spend in marketing. Yeah. It's really up. Who cares? No, no, spin it back in employee retention, you know, whatever.

Eric Readinger

18:34

podcast advertising,

18:36

whatever.

Law Smith

18:36

Yeah. What do you want to have on the show? somewhere? I'm looking at a couple ads. Yeah,

2

Speaker 2

18:41

I'm working with a restaurant out in San Francisco right at the moment, doing that very thing and we're looking at he's, it's a small restaurant, he's got 12 employees. He's only opened during the noon hour. But all of a sudden, he's looking at a couple thousand dollars a week or every two weeks excuse me, that he doesn't longer has to pay in taxes because of what he's doing with employee retention and keeping his employees going.

Law Smith

19:05

Yeah, that's valuable. And, you know, see California's I mean, good luck being a restaurant California as a business too, I'm sure. If I'm just trying to go kind of more logical steps here. transitive property. You know, if you can find savings in a lesser tax state, you know, more of a red state, I bet the savings that you might be able to find in, you know, places like New York, California, PRI,

2

Speaker 2

19:32

or we could take a simple example I had by 18 months ago, downtown St. Petersburg, where they built out a restaurant in the existing place. $450,000 on the build out, and ended up saving them around, just under $40,000 going forward after they finished that build out. And that was a lease situation.

Law Smith

19:54

Oh, wow. This is just so you're able to find it, trying to figure out a good metaphor free because you're not trying to figure out like slasher the cutter, you can just see it you can magnify or you can see what no one else is seeing like but you're not you're not the guy that comes in and cuts the staff. You're not the guy that comes in and cuts here you need to get rid of this department it No, you're really fight you're discovering you're, you're finding buried treasure and away. There's

2

Speaker 2

20:26

it's lost in hidden profits within your own bank payment and within your own company numbers. And so it's very much a diagnostic approach just like going to the doctor trying to figure out what's wrong with you know, what's wrong with your health or doing preventative maintenance for not having good. Yeah, but

Law Smith

20:46

even in that example, most men women go to the doctor a lot, but men don't do it. And they're not most most Americans are not proactive about it because 40% of Americans are obese. So let me I would say you what makes the difference? If you're listening to this, you're probably like, well, I'll just get my accountant to look at this stuff. Here. Here's the psychology behind that. Dave proactively looks for these things where we try to proactively look for like, Hey, here's a new app. Here's a new website. We tried to do that on this show for for more marketing area, or just kind of productivity hacks for you, you're proactively looking accountants don't do that accounts out there, they hate lines, they like hate, they minimize risk

Eric Readinger

21:32

what exactly they have, they have their their their top priority of get your taxes in correctly. And then if we can find different, you know, things to help you

Law Smith

21:42

bring risk and they say they're minimizing risk by by eliminating whatever they can.

2

Speaker 2

21:48

It's allowed an accountant does though is an accountant generally is there hear his story? And they are going to record what you give them. You know, if you want to take advantage of hiring taxes, You don't go to your accountant ahead of time to find out if it's okay to hire people. Okay?

Law Smith

22:05

But people do that business owners do that. And it's crazy to me that what I'm

2

Speaker 2

22:09

what I'm critical is the accountants, I came up with accounts, I love to team up with accountants, because there is an I go app are those areas that we refer to as specialized skills. You know, whether you're looking at property tax incentives, or you're looking at research and development, we haven't touched on research and development incentives, those are big, you can go back three years and get very nice checks on research and development work, whether you're in manufacturing or technology, or whatever the case may be. All these things either require a specialized skill or a specialized resource and not your unless you're in the big 10 of the, of the accounting firms. Not all these accounting firms are going to have these skills on staff. And so that's what I have on my team is I have this skill set in these resources on my team in order to be able to put that information together. deliver

Law Smith

23:01

your Liam Neeson and taken look fine but finding money

23:07

is it though I don't know that the

Law Smith

23:08

right I just want to say you have a certain certain math skills you see Oh my god. Look it's a business podcast but we're also comedy podcasts or premises? Yeah. Um So tell me about the the r&d Research and Development incentives. Any what what incentives are there out there?

2

Speaker 2

23:30

Well generally the easiest way to look at is you can look at the labor, the payroll, the associated payroll for a company and if you're in manufacturing technology or anything that is developing anything, whether it's a widget or a service or whatever that case may be that is new technology that is something brand new, that you can take legitimately a piece of your payroll and and get a tax credit for it. Now understand the tax credit is the gold standard that is $1 for dollar trade off when it comes to tax time. So if you will $100,000 in in taxes, but you have $25,000 in tax, Chris, your tax bill just dropped to $75,000. You get to keep that extra $25,000. So if your payroll is running a million dollars a year, and you're in manufacturing, you probably have 50 to $100,000 worth of tax credibility. Yeah.

Law Smith

24:33

Yeah. Yeah. I mean, that's huge. What

24:36

boy are that's retaining an employee?

Law Smith

24:38

What a you you also work with a lot of doctors, a lot of the medical professionals didn't what I call the super professional kind of crowd, your medical. So doctors, dentists, lawyers, maybe what what's something that in that world you might know offhand that can help them?

25:01

Well, there's too. Anybody that

Law Smith

25:03

has a practice. Let's call it that.

2

Speaker 2

25:05

So what you'll see with that, in that space, you're gonna look at two things. One is, what are they doing to make sure that their accounts receivable are flowing in a timely manner with insurance or with anything else? What's going on? How do you take all the wasted space out of that to prove the accounts receivable, so the cash flow is strong, but the other piece of that is, is so many of these doctors buy their buildings so you're back to the property incentives against because they are now they are actually spending more money on the interior than you say would you would add it industrial site for

25:38

a manufacturing company. So those numbers would actually go up like him

Law Smith

25:42

like leasing like leasing equipment or buying equipment and the

2

Speaker 2

25:47

but not leasing but proper buying is most definitely an opportunity for both the equipment and the in the

Law Smith

25:56

building itself because you get the depreciation tax.

2

Speaker 2

26:00

Yeah, and that's all changed under President Trump rule on that is accelerated as well. coolest

Law Smith

26:06

president of all time. Yeah, sorry. So I'm running. It's just like, I it's something I'd like to go up to a table of my liberal friends and be like, hey, President Trump coolest president of all time All right, I'll be right back don't get to walk away. just brought that guy you know,

2

Speaker 2

26:22

that you know, you look at you with the the tax thing better him things really accelerated, but with the cares app, it's like on steroids. And so I guess one of the biggest cautions, the people are optimism is that if you did something in 1998, didn't work or 2004 2016. The entire game changed with with the cares act with COVID-19 so many things change that. If you made a decision 2016 because you didn't think it was going to benefit you and I tried that already. Know You have to go back and check again because now they have Open it up to say, how do we get money back into the economy.

Law Smith

27:03

So I want to make sure we have a call to action on how people can reach if they're listening, what's the best way to get ahold of you?

2

Speaker 2

27:10

So the best way to get a hold of me is, I don't know how you're working on your show here. But we can either either at work, we try not to edit anything. So if you're,

Law Smith

27:21

we'll keep all this in. No, that's the beauty of I was I've we've talked offline, I'm telling him, he needs to get like a 10 minute podcast, put it on LinkedIn every day. Just direct a camera. Here's something here's something about the care stuff, send back

27:33

the right love getting info back.

Law Smith

27:35

And then you obviously can't be so specific on there that you're giving away the milk for free. It's kind of how we feel on this show like it is some people have signed us to work for them after listening to this because you can't really bullshit your way through hundreds of episodes. We'd be great actors, we'd be Daniel by Leon. But, but like these lines, we remember we'd be build the butcher or my left foot, whatever it was. That, but

28:01

so a couple things, one,

2

Speaker 2

28:05

I do have a tool complimentary tool that I'm willing to share with anybody who wants to reach out and contact me that a business owner or professional could go through that tool in about five minutes. And they could identify what programs are out there and how much money they may have available to

Law Smith

28:21

let me let me promote this for you. I've seen it. It's awesome. It works. You can put your business in there. It's like it's not I will be doing it's not the cutest UI UX of anything, but he made it. Okay, good. He know, you know, I made this thing

28:37

bumped up on steroids since you saw it, was it?

Law Smith

28:40

Yeah, well, I mean, that look, you put

Eric Readinger

28:43

was an after law took a big dump on it.

Law Smith

28:45

No, I was just saying this. I asked him what do you do in a meeting? Do you show that do you go through it with them? Do you type it with them? Or do you go Hey, I have this algorithm here. One second. How do you do it? That's all I was helping him through. Like what is the What's the data? It's, you know,

2

Speaker 2

29:01

not it's not pretty. It's just intended to give you quick results.

Eric Readinger

29:05

Hey, if it works, I mean, I will trade with something that works quickly over how it animates into the every time

Law Smith

29:13

I was just going through what what that process like I was on the psychology level of lack of that, right? Like it like if you're at a if you went to a lawyer, and they just were like, hold on, and you saw them in the other room on Legal Zoom, be like what the fuck? We looked at never but, but, but I mean, that's kind of what IP lawyers do anyway. But I would say it's, I think it's, I think it speaks volumes that you you've saw this as it need you saw this as something that adds a lot of value because it quickly brings results within you know, within one meeting. So you know, it's it's almost like you're not you want to not waste your time or their time, but you can't there's no way you can hold on to every every kind of available. Let's call it discovery and stuff. out there, you know, you

2

Speaker 2

30:02

know I'm there, you know, when I'm in there, it's like, is there meat on the bone? How much meat is it? 4000 40,000 400,000 you want us to go get it? Here's where it's at.

Law Smith

30:12

So it well, so I'm sorry, I didn't mean to cut you off, but I want to make sure we get the call to action, what's the best way people can reach out?

2

Speaker 2

30:19

So either please send me an email at Dave at abundant bs as in Business Solutions comm or please send me a text to seven to 72581424 and I will respond to you with a I will send you a link that you can connect on there is no obligation. There's no risk. It takes you less than five minutes to fill out the assessment. And at the end of the assessment, it will tell you how much money is available to you out there in savings benefits, credits, whatever the case may be, and it won't be that thing where it's like hey man, nothing, no money down. Have that stuff and then you're going to get a bunch of like junk mail. Yeah, you know, like, you're not trying to get people's data, you're really you're honestly just asking them a few questions that you're not trying to get something like not pay and then I'll tell you

Law Smith

31:14

all the things you can improve. There's so many of those, like fake intro calls where they're, you know, even if they don't get you as a client, they've got you in a click funnel rabbit hole and you're like, Fuck, you know, your email

31:25

address, idiot.

Law Smith

31:26

I wasn't subscribed. I didn't know I signed up for 40 other one, right? So

2

Speaker 2

31:31

given that, what do you do you have an opportunity at the end to say yes, I want more information, or no, I don't want more information.

Law Smith

31:38

So uh, you know, how can business owners find savings benefits and profit enhancing opportunities available to like, how can they How can they be proactive in a similar way?

31:53

Well, I guess I'm not clear on your question.

Law Smith

31:56

What what I guess how can business To be more proactive, and to be a little bit more like you, I guess?

2

Speaker 2

32:06

Well, I guess, you know, the one thing is is to recognize that that specialist exists for a reason out there. Yeah, you've got to continue to tap on different specialist shoulders and asking those questions. You know, whether I think we're going to see a massive shift here in the next six to 15 months, it's already happening again, it's all because COVID-19, pre COVID and post COVID. So the best way they can do it right now is looking at, okay, you refer to it as the pivot. It's so much more than that. How can I bring in automation that I never had before that I can now take advantage of because of the things that have changed? We are going to see spec, we've seen spectacular adoption in the last eight weeks. The next the innovation will come out in the next six months is going to be spectacular. But the other piece of that is where do they best outsource You know, if you are a doctor, you know, why are you taking care of whatever it may be that has nothing to do with medicine. If you are a restaurant tour, focus on running the best restaurant possible, don't focus on areas where that are not your core competency. So I would say at this point, kind of the best way they can do it is say, what is my core competency? And then outside my core competency, how do I get better on either automation or outsourcing?

Law Smith

33:32

Right, right. When I have my agency, I was like, the first two things I did was, I'm terrible at accounting, and I hate it and I don't care about it. And so got my accountant. But the first thing I did was business attorney. I want because digital, everything's tangible or intangible. So it's like, I want tight contracts, spend a lot of time and I would get them both together once a quarter for a while and go explain how You're gonna sit explain to me like I'm five lane, how laws are made how you know how your how because they were your accountant in business attorney should kind of know a little bit what each other's doing in a way and show me how we're going to set up a holding company that's going to protect this that we're gonna have a feeder system, I don't get it. So stuff like that. But I, you know, I wanted to come out of the gate and be like, I don't want to have too much pride and say I know what this is or try to Google me right, you know. But the last question I want to make sure I asked before running out of time is we asked every all our guests we try to ask everybody you know, obviously you're an expert in your field. I bet we could probably talk to you for about three hours and I want to get you back on a lot to kind of give us whatever new things maybe on a monthly basis you come on just go Hey, y'all don't know about this. Y'all don't know about this. Here's some cool sounds ever changing. Right what you're doing right and in always need but I would Say, what's the advice you would give your 13 year old self? You should go back into time machine. You know, go talk to yourself and then you got like a minute and then you got a bounce. If you can talk to your 13 year old self, what would it What would you tell

35:15

yourself I would

2

Speaker 2

35:19

be determined and be persevere in what you want to do. There's nothing today that you cannot learn. If you have a hard work habit, if you're willing to ask for help, if you're willing to fail and learn from your failures, there's pretty much nothing you can't do. You whether you want to own a business, be a doctor, travel the world. There's so much resource out there. It's available to you if you'll work hard, ask for help and learn. Yeah, and you're gonna fail. You're gonna fail a ton. You're gonna learn more from failing than you are from succeeding. Oh, trust. I know.

Law Smith

35:57

This is Yeah, I mean, more. It's kind of like We do this show we want to learn from. We want to learn from people that have been there. And we also look for people to fail harder than us. The ones that are worse off to our president was bankrupt four times. I mean, there's there's failure all around us, but he became president. Still, I mean, you know, inspiring.

Law Smith

36:16

He's the best president of all time to

36:21

learn from it.

Law Smith

36:22

I'll say, I'll say these opinions are not reflective of Dave's. But I

36:30

know now, you've got to make

Law Smith

36:35

write offs, right. Thanks for coming on, man. I appreciate it. Appreciate the opportunity. I'll give you I'll give you a ring sometime this week.