Reviewing Strategies to Achieve Your Business Goals. (#112) — Transcript
Updated: Oct 26
THE PICTURE OF WEALTH · EPISODE 112
Dustin Serviss closes this business-finance miniseries by revisiting the strategies discussed across its episodes, including corporate cash flow, insurance ownership and staff retention.
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This transcript was generated from the episode audio and lightly edited for readability. It may contain transcription or speaker-attribution errors. Refer to the recording for exact wording.
Chapters
[00:00:03] Putting the strategies together
[00:00:44] The fighter-plane experience
[00:01:18] Feeling permission to spend
[00:02:02] Reviewing corporate savings
[00:02:34] Holding-company cash flow
[00:03:10] Adjusting the savings buckets
[00:03:45] The strategy recap
[00:04:19] Professional advice and the Life Clarity Summit
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Transcript
[00:00:03] Dustin Serviss: Welcome to the final episode of the miniseries. Episode seven, reviewing strategies to achieve your business goals. As I close out, I'm gonna talk sort of about strategy number seven, putting it all together or the secret recipe. In... You know, what does the secret recipe look like of, of an efficient structure? And and my story of this one was, you know, it was a few years ago. We... I wanted to do an expensive thing. I wanted to do a fighter plane training course. And having two small kids under the age of three, that... Asking my wife for that was, interesting. Again, I needed a plan.
[00:00:44] Dustin Serviss: I needed to have this laid out, and I needed to I needed to feel it. So I laid out the the spending accelerator. I had everything kind of in line, but I would tell you that I still... Again, so held to a two seconder because we got a little bit of time. You imagine two planes running out the runway, and these planes are, they're training planes for f eighteens. So they're, they behave like them. They act like them. They're fast. They're light. They pull very hard g's, which makes your body weight. But long story short, you're two planes running out the runway, and you fly sort of out, and it's in Phoenix, Arizona.
[00:01:18] Dustin Serviss: And we take off, and I'm looking in the canopy, and I can kinda see myself. And I'm excited, but I'm still laced with, can I really afford this? Like, do I deserve this? Should I be doing this? Even though I'd had all the the things laid out. So, again, I I share that with you that it doesn't happen overnight that you feel... You know, it happens over repetition and having a plan that you continually see progress and monitor. And that takes a little bit of time, say, one hour a year to lay that out. Maybe that, you know, an adviser that's in your region has reached out to you and you haven't made... Taken the meeting. Take the meeting.
[00:02:02] Dustin Serviss: That could be your once a year. At least you've you've addressed it. You've looked at your optics. And then when you spend, you will feel a lot better or you'll be working towards feeling a lot better. And this is what putting it all together looks like. Billings come into your law corp. In your law corp, you have the expenses, but you should be able to go back for the last three years and look at, okay. You know, my law corp has been building up or I'm saving x amount a year. Maybe it's twenty thousand, maybe it's a hundred thousand, maybe it's four hundred thousand. But if you actually think, okay.
[00:02:34] Dustin Serviss: Last three years on average, some years were good, some were bad, I can probably save a hundred thousand on average a year. That hundred thousand, you know, again, talk to your account, flows up to a corporation. That corporation then has the spending accelerator laid out, and then whatever's left over, you purposely spend out of the holdco. And, yes, you pay the tax. To get it out of the holding company, yes, you're gonna pay the tax, but it doesn't matter. You're on track. You've checked off all the buckets, so you can feel good. You can see further down, you know, ten, fifteen years. Or you... You know, again, I... We do this all the time.
[00:03:10] Dustin Serviss: I can lay it out for you of we see that we're okay. And if the big number at the end... For me, I looked at that big number and say twenty years and said, well, that would be enough. If all the real estate and investments and whatever happened, even half of it, I would still be happy. So then you can go back. And now the fun is maybe you can reduce a couple of those buckets. Maybe you don't save ten thousand a month into your core investment. Maybe you save, nine thousand, and you purposely spend a thousand. And then look at at the bottom, how does that affect the big number at the bottom?
[00:03:45] Dustin Serviss: Reality is it might not affect it that much, but you're holding back. You learned a long time ago. I need to save. I need to build. I need to work hard. I don't know how much I need to save. I don't know how hard to work, so I'm just gonna do as much as I can. I can tell you that it is exhausting. Let's put it all together and recap. Strategy number one, cash flow of your corporation. Number two, insurance ownership. Number three, retention of your, you know, your staff. Creating a great culture is leverage on your time. Strategy number four, the whisper strategies. And, again, I see some comments in the thing. Yes.
[00:04:19] Dustin Serviss: Talk to your accounts about any of those things that I've talked about. Do not do them without talking to your account. Investment allocation strategy number five, fees on investments in your corp. Strategy number seven, putting it all together. And if you've kind of forgot everything else, again, I'm happy to share the life clarity summit and just send you a blank one. You can sit down with your partner, check off things, write explanations, phone me. I'm happy to help.