Wednesday Apr 02, 2025

115 - 3 Essential Steps to Save Your Home and Your Business With Wayne Marshall

March 18th, 2025 - 00:56:44

Show Summary:

In this insightful episode, Donny Seyfer from WTI and Jimmy Lea, from the Institute, hosts a special podcast featuring Wayne Marshall, Interim CEO of The Institute to tackle a critical topic for small business owners, how to protect your home and your business through the proper legal and tax structures. The conversation focuses heavily on LLCs, S Corps, and C Corps, demystifying the differences and outlining the benefits and risks of each. Real-world scenarios highlight the consequences of not setting up a legal firewall between personal and business finances. Wayne provides practical advice on taxes, ownership structure, planning for a sale, and maximizing profitability. Listeners walk away with clear guidance, actionable steps, and a new sense of urgency around legal compliance and business structure.

Host(s):

Donny Seyfer, National Automotive Service Task Force

Jimmy Lea, VP of Business Development

Guest(s):

Wayne Marshall, Industry Coach

Episode Highlights:

[00:01:21] - Many shops are operating without legal protection, putting their homes and future at risk.

[00:03:02] - 95% of U.S. businesses make less than $3M annually, laying the foundation correctly is crucial.

[00:04:24] - LLCs offer tax flexibility and create a vital firewall between your business and personal assets.

[00:07:26] - LLCs allow for separation of finances, tax structure options, and credibility with banks.

[00:11:03] - Failing to separate business finances can result in major IRS penalties and even losing your home.

[00:14:27] - Pay yourself a reasonable salary and take additional profit as dividends to reduce taxes.

[00:18:06] - Commingling funds hurts valuation - $13K in personal spending can cost $120K at sale.

[00:23:58] - LLCs are ideal for most small business owners, especially those making over $60K annually.

[00:32:35] - Life insurance and annuities can secure your business in succession or ownership changes.

[00:50:57] - Track your net worth yearly to measure real progress and business impact over time.

In every business journey, there are defining moments or challenges that build resilience and milestones that fuel growth. We’d love to hear about yours! What lessons, breakthroughs, or pivotal experiences have shaped your path in the automotive industry?

Share your story with us at info@wearetheinstitute.com, and you might be featured in an upcoming episode.

👉 Unlock the full experience - watch the full webinar on YouTube: www.youtube.com/watch?v=JpHnWSHicMQ

Don’t miss exclusive insights, expert takeaways, and real talk you won’t hear anywhere else. Hit Subscribe, drop a comment, and share it with someone who needs to hear this!

Links & Resources:

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Jimmy Lea: If you're not having fun doing it, then you're doing it wrong. We're gonna have a great time. We have a phenomenal discussion gonna be happening here. Donny, do you wanna kick it off with any words in the beginning here or what? What? What's your M.O.

Donny Seyfer: M.O. Well, I just wanna say thank you to the institute for agreeing to do this for us.

Donny Seyfer: It's been something we've talked about for a while, and Jimmy and I met up at APEX and SEMA and I said, Hey. How about we do a session, because we've got some, we've got members who've had some really interesting things happen to their businesses and I said, I told 'em, let's call this thing how to lose your business in two minutes, and they're like.

Donny Seyfer: Maybe we better not do that. So I thank you guys for doing this for everybody and and everybody that, that showed up to listen. I'm gonna turn it over to you and just listen in.

Jimmy Lea: Nice. Awesome. Well, thank you for being here. And thank you for meeting up at the conference.

Jimmy Lea: That was super awesome. We, we catch caught each other there in the I think it was in the elevator, the escalator we were coming down. Donny says, Hey we really wanna do this webinar about, we gotta help our shops and our companies and our businesses and our members. They're losing their business.

Jimmy Lea: They're operating dangerously. And I said, oh, so you're, you want something around the lines of how to protect your home? How do you not lose your home in 30 seconds? 'cause there's so many businesses out there that are operating without the protection of a corporation. And that's what we're gonna talk about here today is essential steps to save your home and save your business.

Jimmy Lea: Joining me today in our webinar is Wayne Marshall. Wayne is with the Institute. We are excited to have him here with us as our interim CEO. Thank you for being here.

Jimmy Lea: Yep. And everybody who's aware Cecil Bullard has been through some surgery. He is in recovery. He's doing extremely well. He's been into the office twice now.

Jimmy Lea: And it was only a week and a day ago that he had some brain surgery. So that is one resilient. Resilient man. Pretty amazing. Pretty amazing. This is to be an interactive webinar. Interactive webinar in that we want to know what you are thinking. We want to know your questions. You've got questions.

Jimmy Lea: We've got the answers. We're gonna talk a lot today about. Corporations and incorporating and how to do it, why to do it, what are some great ways to do that? To, because this is gonna help to protect you and that's what we wanna do here, is to be able to protect you. So Wayne, we brought in Wayne.

Jimmy Lea: Wayne I have your slide deck here, so when you give me the signal, we'll make it happen.

Wayne Marshall: So, yes, you can go back.

Jimmy Lea: Got it.

Wayne Marshall: So it's an honor to be here because when you stop and look at, you can look at the statistics too. Come from the Department of Labor. 95% of all businesses that are in our country operating today do $3 million, is less in revenue.

Wayne Marshall: So when they say the small businessman is the backbone.

Jimmy Lea: Oh, it totally is.

Wayne Marshall: It really is. When you look at this and you start thinking about how small businesses start and grow and they get going, many of 'em do start just as we see in our industry.

Jimmy Lea: Oh yeah.

Wayne Marshall: As a small might be one person, two people, and eventually they start to grow and they start to increase those revenue.

Wayne Marshall: But it becomes really critical and very important whenever you get started that you start doing things and you build the right foundation. So that when you get ready to take some of those next steps and you start to add an employee, or you might say, I want to have my own facility or own building or property, that you make those moves that put you in the right position legally,

Jimmy Lea: yeah,

Wayne Marshall: that gives you the right things you want, but also that you start giving some forethought to the right moves you want to make, so you put yourself in the right place, taxable. Because like me, I don't want to pay any more tax than I need to. And there's things you do when you start thinking about that corporate structure that can and will make a difference.

Wayne Marshall: And we're gonna point out a few of those things for consideration. And also hopefully through some of this we'll be able to look at this. It gives us some of that scalability.

Jimmy Lea: Yeah.

Wayne Marshall: Of where we began starting small, but giving us the opportunity to go and get it up to that bigger level that we wanna get into.

Jimmy Lea: We want to, we wanna, we want to grow the business. We want to be protected by the business. We want to protect you on the business as well. And for those of you who are in the audience, you're listening to this live the q and a in the bottom section of your window for the zoom in the q and a.

Jimmy Lea: That's where you want to put in your questions. And just to make sure that this works for everybody. I wanna give you a shout out, go to the q and a and type in where you're joining us from today. If you wanna put the name of your shop, your business your mobile business at city and State, love to give you a shout out.

Jimmy Lea: I wanna make sure that this q and A is working. So if you're listening, yes, we do want you to type that in there. Virginia. Got Bruno from Virginia. Kyle from Crystal River, Florida. Oh, you guys are awesome. John from East Ohio. Lawrence in New Jersey. Rock on. Thank you so much you guys. Yes, it is definitely working now.

Jimmy Lea: Jacob Bell. Jacob Bell from J Tech Automotive Solutions, Tucson, Arizona. Jacob, welcome, glad to have you here with us. Jeff from St. Paul, Minnesota and Jeremy from Columbia, Kentucky. You guys rock. Thank you so much for being here. Thank you for participating. You've got questions, we've got some answers.

Jimmy Lea: We've got a lot of really great information to help protect you, help protect your home, help protect your future retirement, your future of everything.

Wayne Marshall: Benefits.

Jimmy Lea: Because you don't want to lose everything because of a mistake, an accident, and the way to do that is to protect yourself.

Wayne Marshall: So let's jump to this first slide. Many people are very familiar with the different structures that come.

Jimmy Lea: Put your mic a little closer?

Wayne Marshall: Is that a little better?

Jimmy Lea: Yeah. Richard's saying can't quite hear. And this is Wayne Marshall. I know you think it's Cecil. Cecil had surgery a week ago. This is Wayne Richard. No. Jeff. Jeff. Can you hear Richard better?

Jimmy Lea: I mean, Richard, can you hear Marshall better? How's that, Michael? We good? Okay. Rock on.

Wayne Marshall: So let's jump to that first slide that we talked about. Most people are very familiar with some of the different structures that are out there, and most people at the small businesses are taking advantage of just putting together an LLC, and we all are familiar with within that LLC, there's a lot you can do, but on top of an LLC, you can also do an escort.

Wayne Marshall: Which is a sole proprietorship, or ultimately you can have a C court. C Corp are usually regulated to more of the larger companies and the things you're gonna do. And what I've always done, I've had and started and sold many of businesses in my career and I've done every one of those as an LLC.

Wayne Marshall: And one of the things that's really great about that LLC is we're saying at the very top, it's gives you limited personal liability. It becomes that firewall and that shield from you and your personal. Your home, your savings, all the other things to what you're doing on a business. So those debts and those things that are going on there can not transfer over and affect you on a personal level, and that's what you want to do because you never know when something happens, especially when you get a little larger.

Wayne Marshall: You might have an employee or something else could go on within those that can affect your company and that limits you from having anything cross over into your home or putting in at risk. It also gives you a lot of tax flexibility that you can pick how you wanna do your taxability of the income and the money that you can make on that.

Wayne Marshall: If you're in an LLC, you can choose to file as a business as that LLC. You can choose to file as a sole proprietorship or you know, the S corp. And you can even choose in an LLC to be incorporated and fire taxes as if you were a C corp. Obviously you want to probably stay to where it's the most easiest, and we'll talk a little bit about, and I've got a few key things that we'll be sharing as we get into it.

Wayne Marshall: The other thing that's nice about an LLC is there's less formality or compliance requirements that you come into. If you take a C Corp as an example, many of your large corporations are C Corp. There's a tax. Ability of it that's higher than what you're gonna get as a personal business owner. And the other thing of it is that you're gonna have much more structure, in a lot of cases, even the requirement to create shareholder board meetings and other things that can come into play.

Wayne Marshall: One of the other things that's really nice about once you start forming your legal corporation or your LLC, is you enhance your overall credibility, but you bring legal protection. So think about what you're doing and you don't want to be sitting there and have a, your. Business finances, co-mingling with your personal finances.

Wayne Marshall: If you create an LLC, you're gonna get a tax EIN number. You take that EIN number, you can go to your bank. You can then create that bank account. You don't co-mingle your monies. You keep it separate, which again, keeps you in that credibility and legal protection because you can start talking about and how you're gonna receive in the handling of those funds.

Wayne Marshall: And then the last thing that we talk about is very flexible ownership and management. Just because you. Start the LLC, you can have what they call a manager managed LLC. Someone else can manage it, someone else can run it for you. As you get bigger and you say, I don't want to sell my business, but I want someone else maybe to run it now.

Wayne Marshall: And you can have a manager run the LLC that you still own. And it gives you that flexibility where obviously when you get in some of the other absentees, you don't get all that flexibility and there's much more compliance that you have to deal with.

Wayne Marshall: So those are some of the key benefits of, and the most and biggest is number one, you wanna create that firewall.

Wayne Marshall: You want to separate your business life, business, money, all the things that go on from your home. So you don't get into a litigious situation where someone can tie it all together. You can say, Nope, everything stops with the LLC.

Jimmy Lea: Yeah. Ha has have the, do you know of any situations where someone was operating as a sole proprietor?

Jimmy Lea: And they got into a sticky situation. Do you know any of those situations?

Wayne Marshall: Most people that I have seen, yes I do.

Jimmy Lea: Yeah.

Wayne Marshall: And most people who have not filed and done, they end up in a tax scenario. And the IRS, they get kind of funny with their money and they think they always gotta have it. And if you don't keep those two things separated, which comes down to some of the things that we're talking about in number four and five.

Wayne Marshall: You got that flexibility, you get credibility, you get the bank account set up. Right. You can keep those things where they don't look at it in a funny way. Yeah. So because he never separated out and you just kept running everything through him as a person under a social security number, because you don't have a tax number of an EIN.

Jimmy Lea: Right.

Wayne Marshall: The business now it's gotta go to your social security. Yeah. He ended up about 400,000 in the rears with IRS. Oh boy. Lost his house, lost everything. 'cause he didn't have the firewall.

Jimmy Lea: Oh boy.

Wayne Marshall: So they don't like that?

Jimmy Lea: No, they don't like that. They don't like that at all.

Wayne Marshall: That's probably one of the more extreme cases.

Jimmy Lea: Yeah, that would be an extreme case, but that's also what can happen if you're not set up right.

Wayne Marshall: That is correct.

Jimmy Lea: Okay.

Wayne Marshall: Very much correct. So let's jump into, if you want, we can jump to some of the tax benefits. I did share, and I know this slide is a little bit. Busier than the other. But the first thing, and one of the biggest benefits of the LLC is that you have pass through taxation.

Wayne Marshall: And what happens is if you're a C Corp, as an example, you have to pay a 21% corporate tax, but then you gotta pay tax again on the income that you make. Soon end up paying tax on it twice.

Jimmy Lea: Right?

Wayne Marshall: And if it's just passed through, there is no business tax. It only passes through you and then it comes back to your personal taxes when you file, where you'll be getting your K one or other things.

Wayne Marshall: And if you work with any of your local, a county professional or tax repair, they can help you work through these things. That can help you do, but it helps you on your tax standpoint. Which is a good thing to have. The other thing is obviously you can have the, we talked about it earlier a little bit, was very flexible tax classifications, and then you can decide.

Wayne Marshall: Most people, once they get into an LLC, they keep it down to a sole proprietorship or partnership...

Jimmy Lea: Right?

Wayne Marshall: If you bring someone in and they don't do anything with an S or a C, even though you could. But you wanna avoid that begin 'cause of the taxable aspect of what you're gonna get and you can get into a lower tax bracket, right?

Wayne Marshall: That you want to keep. Obviously if as soon as you become an LLC there's a lot you can start running through, that becomes deductible business expense. So many of us people we've o and I did it many do you start thinking of having a company vehicle.

Jimmy Lea: Yeah.

Wayne Marshall: Other activities that go on. You maybe need a new computer or laptop.

Wayne Marshall: Sure. Am I gonna use it at home? Yes. Am I gonna use it for business? Yes. I'm gonna use it as a business deduction. And there's other things that can come into play that helps. Because now that becomes a deductible expense. You don't have to pay tax.

Jimmy Lea: Because it's a business expense.

Wayne Marshall: Because it's a business expense that you can come into.

Jimmy Lea: Yeah.

Wayne Marshall: Obviously there's a self-employment tax savings. There's things that can come into play here that really becomes nice under the LLC. Okay. And I know we tell a lot as I coach people also, we tell them this a lot, that it pay yourself a reasonable salary.

Jimmy Lea: As an owner?

Wayne Marshall: As an owner, but take that additional profits at distribution because if it's a W2 income that's taxed at one rate.

Jimmy Lea: Yeah.

Wayne Marshall: Dividends or profits. If you do a distribution or an earning payment out, that's at a lower tax rate.

Wayne Marshall: So as you start to go up, and if you get to a point. Like I was, we tell some of our coaching clients, Jimmy, is we get to a certain point that I tell people, if you're gonna pay yourself about 90,000, talk to your tax professional.

Wayne Marshall: Don't exceed that. Talk to 'em about doing dividends. If you're having a really good year,

Jimmy Lea: yeah,

Wayne Marshall: pull it out as dividends 'cause it's taxed at a lower rate and it won't take you to the next tax bracket.

Jimmy Lea: Nice.

Wayne Marshall: So it's a way to also help save money and not give it to. IRS keep more of it in your pocket and or reinvest in your company.

Wayne Marshall: The other things that have happened here in the last few years is there's been some different things that have passed legislatively that, and again, those tax professionals can help you get into the qualified business income deduction, along with some of the tax cuts and job acts that can help qualify you for a one time 20% deduction.

Jimmy Lea: Yeah.

Wayne Marshall: On different income. Because they're trying to help the small business person keep the money so they can reinvest. 'cause again, I go back to 95% of all small businesses. Or what we have in the United States that is the backbone and the more that we can put in their pockets, the government's saying that's more reinvestment, that helps them bring more money back to the IRS eventually.

Wayne Marshall: 'cause they're helping to grow the economy.

Jimmy Lea: Yeah.

Wayne Marshall: And that's a significant tax savings too, to give.

Jimmy Lea: There's a I think there's a misnomer or a misconception within the industry that says. I as a company owner, as the corporation owner, I can't take a paycheck. Is that true?

Wayne Marshall: No. You wanna, like we said, you wanna be really mindful of how much you take,

Jimmy Lea: right?

Wayne Marshall: That can put you into a higher taxable event than if you keep it lower and it'd be no different. I mean, as small business people, we start to grow. And I started in rented space, some of my companies. Eventually, I got to a point I said, you know. Instead of paying rent, I'd rather own and let it help pay for the mortgage and create more wealth.

Jimmy Lea: Right.

Wayne Marshall: And change my overall net worth. 'cause now I have commercial property that I've bought. So again, I started another LLC that owns the property that I then now pay to them out of the first LLC, the company. And now there's other things you can do that helps because I can also pay extra to the property LLC and the IRS, for the most part, if you're paying an extra 15% above what the going rate is for a lease, you can put that into a maintenance fund.

Jimmy Lea: Sure.

Wayne Marshall: It's not taxed.

Jimmy Lea: For the cams.

Wayne Marshall: Yeah, for the cams, but it's not taxed. So now you got more cash sitting there that's giving you the opportunity to do other things and reinvest.

Wayne Marshall: And do things within your property or other stuff. So again, a good tax prepare, a good account can help you navigate these waters. But it's so important to start and have those right business entities.

Jimmy Lea: Yes.

Wayne Marshall: Get 'em legal. Get the LLC, get your EIN, keep your money separated. Your personal or business don't co-mingle. That can create you issues, but you can start to create and it'll improve your overall net worth. And. Build it.

Jimmy Lea: What advice would you give the shop owner or the business owner that currently is commingling their funds?

Wayne Marshall: You're hurting yourself.

Jimmy Lea: Yeah.

Wayne Marshall: So think about it this way and we I talked to one of our coaching clients and I'm looking at his p and ls and we're talking, and one of the things he's trying to do is increase the overall value of his company.

Wayne Marshall: He wants to, in the next three to five years, sell his company. Any good person that's gonna come in and do their due diligence or the discipline to look at the financial is gonna go back to three years. Well, we're going through and I said, well wait a minute, gentlemen on this. I won't say his name, but I said, I see $13,000 that was spent at Walmart.

Wayne Marshall: And he goes, well, yeah, that's my groceries, that's this, that's that. And I said, okay, I get it. And you can do that. And there's some gray area.

Jimmy Lea: Sure.

Wayne Marshall: But here's what it meant. I, and I explained to him, I said, okay, so you spent 13,000 this year, and if we go in the arrears three years, and you do that every year, so that's 13, that's 26, that's 39,000, let's say $40,000.

Jimmy Lea: Okay?

Wayne Marshall: And you're trying to sell the company and you want to get three x or four x on your ebitda, that was $40,000 that used in personal, that was really profit for the company. Take that 40,000 now times three X ebitda. That's $120,000 less you're gonna get when you sell your company.

Jimmy Lea: Ouch.

Wayne Marshall: And all of a sudden he is like, yeah, I'm not gaining anything by doing it through the company. I said, you're not.

Jimmy Lea: No. Clean up your clean up your finances.

Wayne Marshall: Don't mingle 'em together because where it can hurt you, especially if you're trying to get to a point that you want to sell your company.

Jimmy Lea: Yeah.

Wayne Marshall: You don't want any of those personal expenses because that's gonna make the company not look as profitable and that might help you today in taxes.

Wayne Marshall: But that $13,000 is gonna end up costing him 120,000 or more 160 if he got four x. Ebitda. So that is why you want to be really careful.

Jimmy Lea: Yeah.

Wayne Marshall: About how much of some fringe personal things.

Jimmy Lea: Yeah.

Wayne Marshall: And you can do it.

Jimmy Lea: Right.

Wayne Marshall: You're not gonna get in trouble with the IRS unless you get really aggressive on it.

Jimmy Lea: Right.

Wayne Marshall: But if you're thinking you're gonna be in a position to sell, or you're gonna bring a partner in that maybe wants to buy into your business, you wanna look the best you can look.

Jimmy Lea: Yeah.

Wayne Marshall: And you wanna maximize those bottom line earnings. That's where it's hurting you, and that's where it can really multiply up big.

Jimmy Lea: So at what point do you start the process that says, Hey, you know what, I'm ready to sell my business now. Should we start today with that process? Or do you start two years down the road.

Wayne Marshall: I tell everybody that we talk to, with our clients, if you think you're gonna want to sell your business and you tell me I'm gonna do it in the next year.

Wayne Marshall: We can do a few things, but we're not gonna move the needle much. Yeah. You need almost a minimum of three years to really clean it.

Jimmy Lea: Yeah.

Wayne Marshall: And make year after year look good. Right. 'cause when they look, they're gonna take those three year numbers, they're gonna average it out, and that's where your multipliers gonna come from.

Jimmy Lea: Oh, for sure. I hear it said all the time that three to five years.

Wayne Marshall: Yeah.

Jimmy Lea: Three to five years is what it takes. But really and truly. You should start today.

Wayne Marshall: Yeah.

Jimmy Lea: I started my business yesterday. Good. A good habit. Start today and build that habit.

Wayne Marshall: Yeah.

Jimmy Lea: Okay, good.

Wayne Marshall: Yeah. So one of the things, I don't know, do we, I think we had some questions there. Anything here that we should stop and talk?

Jimmy Lea: Let's see if we have any questions yet.

Jimmy Lea: Nope, no questions yet.

Wayne Marshall: Alright. Just wanna make sure, because I see on the screen here and I see something popping. I'm like, oh no. It's big deal. One of the things that we get asked, and it's like one of our coaching clients right now jimmy is he's going from a C-corp and he's moving it over to an S-corp. And a lot of this is because of the tax taxation aspect of, and he's also in a position, just as we talked about, that he's trying to get ready to sell his business

Jimmy Lea: Right.

Wayne Marshall: And transfer out. And he's trying to maximize his income.

Wayne Marshall: And with a C corp, you're limited. On what you can take out of it. And I, and obviously it's gonna be just on your W2, if you get into an S or you get into some of the things we're already talking about, where you got flexibility, he can get more cash out in earnings in the short term. That will help maximize and then also put 'em in a better position.

Wayne Marshall: Because most companies, unless you're a large company, and when I say large, I'm talking 50, a hundred million and more, you don't want to be a C Corp and it's gonna limit his. Possibilities of selling without restructuring his company. So he is in the process of doing it. So one of the things we get into conversations with him here recently, which I wanted to share a little bit more, which is on that next slide, is, which is right for you?

Wayne Marshall: And again, it's like he's doing, we started talking about these things, but at the end of the day, I says, you know, again, your accountant knows better what should be done, how to do it. They know your personal situation, but. One of the best things, again, if you're just in a default LLC taxation, you can see what happens when you sit there with the pass through.

Wayne Marshall: And basically when you're a self-employed, you're at a 15.3 tax. That's a lot lower than what's gonna be on a W2.

Jimmy Lea: Oh yeah, for sure.

Wayne Marshall: And those are some of the benefits that you get when you start looking at this thing with your profit pass through on your personal taxes and some of the things you can do with the earnings and it, I mean, and it's perfect.

Wayne Marshall: Perfect for that small business owner I. Without employees for most part even. Or if you got one or two employees, it's the perfect place to be.

Jimmy Lea: So that single member LLC.

Wayne Marshall: Yep. Keep it simple. Keep it simple, and. Like I said, there's the benefits of if you go to and you start getting employees, you start making more money, you do other things, then you wanna start maybe looking at filing as an escort.

Jimmy Lea: Okay.

Wayne Marshall: Sole proprietorship. Then there's also partnerships you can look at and we'll talk a little bit about, but what you can start doing here, especially if you think your earnings are gonna be over 60,000. In the course of a year, you have that ability, which I was talking about earlier. If you can take so much as income and then take another portion of it as a distribution or an earning or a dividend, yeah.

Wayne Marshall: People will talk about, that's going to put you in some of your best spots,

Jimmy Lea: right.

Wayne Marshall: To maximize. What you get in income and put cash in pocket compared to how much you're gonna end up paying in taxes and that will reduce your self-employment tax. Again, there are some things you gotta do, obviously to set up payroll, which I've mentioned here.

Wayne Marshall: You're gonna have to for file in form 25 53 with the IRS 'cause you got employees. There's gonna be other things that gotta be done around that. But again, it's about keeping your tax bill low, keeping the money in your pocket so you can reinvest. Everybody's got a unique situation, so I know I say it multiple times.

Wayne Marshall: Talk to your tax preparer, talk to your professional accountant. Ask these questions. Yeah, ask what's best for me. I'm, I think this year, take 2025. I'm having a really good year. Yeah, I think I might make $120,000. They're gonna say, that's great to know because here's what we're gonna do. I'm gonna do this, we're gonna do this. Take this much in distribution, pay this much in your quarterlies off that distribution, what have you, and it'll put you at the right spot at the end of the year, minimizing that exposure.

Jimmy Lea: Beautiful. Now speaking of talking to your tax professionals the question came up, what is an ebitda?

Wayne Marshall: Oh, EBITDA is earnings before interest taxes and amortization.

Jimmy Lea: Right. So what does that mean?

Wayne Marshall: So you got your earnings?

Jimmy Lea: Yes.

Wayne Marshall: We all know which comes to your bottom line.

Jimmy Lea: Right?

Wayne Marshall: And then before interest, if you got interest loans that you're paying, which is a deductible, and then you got taxes you gotta pay. And then if you take that depreciable asset, amortization of it as it's going down, because all of those are different things that write off that change what the net is.

Jimmy Lea: Okay. That add to it. So is the ebitda. And these are questions coming in. Is EBITDA the same as net profit?

Wayne Marshall: It depends on how your books are set. But yes, they can be.

Jimmy Lea: Pretty dang close.

Wayne Marshall: Pretty dang close.

Jimmy Lea: Yes.

Wayne Marshall: But usually when you get into your ebitda, you're taking your, so people are using QuickBooks.

Wayne Marshall: And you get your QuickBooks set up and you can run all the different categories and you got all your different things you're set up, you got income, you got expenses, then you got some, all those miscellaneous things. And then you got earnings. This money's left over. Some of the things, unless you accountant is going into QuickBooks and set up your depreciation schedule, you're not gonna get to the EBITDA at your net.

Wayne Marshall: So it will change some. If you've got, so if you had a property LLC, you're gonna have big amortization of your building because you're paying a lot in interest. And you got a lot of that's flowing through. So it can change the bottom a lot, but usually most small business people, what they've got, maybe they've got a vehicle.

Wayne Marshall: Which isn't overly, I mean, they're expensive, but they're not over the top like a building. It might be a lift or like for us, a lift and alignment rack, some of those things,

Jimmy Lea: right.

Wayne Marshall: You're gonna put it into a depreciation scales or you're gonna amortize it out

Jimmy Lea: right

Wayne Marshall: over time, depending in, but there are some things, which many people are familiar with, you can do accelerated depreciation.

Wayne Marshall: There's other things you can do, right? Again, a good preparer can tell you when you should take it. Right. And when you shouldn't.

Jimmy Lea: Right.

Wayne Marshall: And when we wanna schedule it out, or we wanna just go ahead and take it all in the first year and just be done.

Jimmy Lea: Nice. Beautiful.

Wayne Marshall: Just depends on how much money you're making.

Jimmy Lea: Oh yeah, for sure. Okay, so one more question here about the LLCs. You talked about a manager to run your business.

Wayne Marshall: Manager managed LC they,

Jimmy Lea: yeah. You said as an LSE, you could have a manager run your business. Could you review again, what are the tax. Overall benefits of doing it that way of having a manager run your LLC?

Wayne Marshall: There's not, so there's not really anything on a text, right? 'cause it's still gonna float through. Correct. Just because I started the LLC and maybe I'm saying, you know what, I'm gonna still work, but I'm tired. I'm gonna have Jimmy. Okay. As my manager managed LLC, I can put 'em on the legal papers, he can get all the legal docs, do all the things that need to be done.

Wayne Marshall: IRS and so on and so forth. And he's got that power and authority that you're gonna have in your operating agreement. But I still have to take care of all the taxes and the things that are being done. Now if I'm an LLC, and one of the things we talked about was flexibility of how we can pay. I can pay Jimmy however I wanna pay him and not worry about certain things.

Wayne Marshall: Where if I was a very structured like a C Corp. You got shareholders. It's very structured and everybody's paid whatever. So as an example, if we were in a C corp Yes. And we owned it 50 50, we'd have to split the earnings in half.

Jimmy Lea: Oh wow. Yeah.

Wayne Marshall: But if he's here, let's just say you're still 50 50. I'm doing not doing squat.

Wayne Marshall: I could pay Jimmy 90% of the earnings. I can do anything I want to do under the LLC. You can't do that in a C court. It's very rigid based on the shares and the percentage and so

Jimmy Lea: on and so forth.

Jimmy Lea: So I think a lot of the members here for Nasiff are mom and pop shop shops, mom and pop structures, mom and pop business you know, pop is out as the technician.

Jimmy Lea: He's either working on cars, popping locks, working on vehicles. He's in the shop. Mom's up at the front. She's doing the books. She's doing the counters, right? So in those situations. What is a good LLC for a mom and pop structure business?

Wayne Marshall: Well, this gets into some other things that could come into obviously trust and wills and

Jimmy Lea: Yes.

Wayne Marshall: Other things that could be considered with obviously transferring of Yes. Now most people. I'm not trying to take a deep dive into the legal language of, but most people, when you sit there and you'll hear about setting up a corporation, you've got articles of incorporation or you're gonna have an operating agreement.

Wayne Marshall: They're very similar. It's not. Just how people define them. Yes, it's really not a big difference. But part of all those agreements, we'll also have in there certain things under buy, sell, things that, how you would transfer what happens up on death of a partner or an owner in, if you have a husband, wife, I can give you a strong argument because you've created the right firewall to put both on.

Wayne Marshall: If you want to do some things that put you in favor with female owned or whatever, maybe make the Y 51, 49.

Jimmy Lea: Yes

Wayne Marshall: to keep that as you wanna do. But in that we'll also have some of the structure about the passing of others, which you can then say, how does that affect the outstanding stock, which can easily then if you create the right trust, that everything can move into the trust.

Wayne Marshall: And again, a good legal professional can help do. But, 'cause the one thing is one of my businesses, I had four partners, great guys, but I told all, every one of 'em. I says, I don't want to be a partner with your wife.

Jimmy Lea: Right?

Wayne Marshall: So if something happens to you, we're gonna write in there that upon your passing your shares, go into a holding state.

Wayne Marshall: You have no voting right. You don't have anything 'cause, but we're gonna take care of your wife correctly. We're gonna do the valuations and we're gonna buy her out and give her the money that she should have. Nice. As an example. Yeah. But I don't want any of your wifes jumping in actively to the business.

Wayne Marshall: Not trying to be a jerk, but

Jimmy Lea: No. And when my dad has his business with his partner, he had a a death benefit, a key employee benefit. So if you got a mom and pop situation. And mom was to pass away or dad was to pass away, right? You can have a life insurance policy on that person. That is correct.

Jimmy Lea: It comes to the the business.

Wayne Marshall: And again, I, you know, which I did that, we did that too, right? So we did the company bought, we did it instead of a keyman policy with obviously death benefit. We did it in a combo with an annuity. So it was a way to, and again, talk to a professional on, but there's a way to structure this.

Wayne Marshall: That we were buying The death benefit. Yeah. If something happened, right? That's right. We were the beneficiaries. We got the money and then gave the money to the spouse 'cause that bought the shares. So they still benefit.

Jimmy Lea: That's perfect.

Wayne Marshall: But the other thing we did, what have you doesn't die. So what we did is we started putting the money into an annuity with the death benefit, which the policies are there.

Wayne Marshall: We're paying more. And we're getting a return if, which happened. None of us did die, fortunately, never had to deal with, but the beauty of it was when we sold the company, every one of those annuities came back to us and it became deferred income.

Jimmy Lea: Oh, that's beautiful.

Wayne Marshall: And it was a way, and again, you've gotta talk to a person to get it set up right?

Wayne Marshall: Yeah. That you can do it to keep the tax ramifications out.

Jimmy Lea: Right.

Wayne Marshall: But it ended up being that we were putting not a ton of money, but we were putting about $10,000 in each. So pretty soon we got up there and before we know it, it's worth a hundred thousand dollars. That's, it's multiplying in value

Jimmy Lea: Right.

Wayne Marshall: And growing off the annuity that's given a return.

Jimmy Lea: Oh, that's beautiful.

Wayne Marshall: Instead of money just going away. Yeah. I needed a death benefit, but we also made it to where it had value that each of us got to benefit with a, basically a deferred payment.

Jimmy Lea: Nice. Of income. Nice, excellent.

Wayne Marshall: Small little thing to get.

Jimmy Lea: So one more last question on the S corp before we go past this one questions coming in that says, under the S corp, is there a benefit of establishing a home office? And this person you may need to type in a little bit more to expand on this idea. I does this mean you have brick and mortar and you're establishing also a home office, or you're working solely from your home office and want an S corp, which I have that.

Wayne Marshall: Yeah. So you can do, it's again, it's like anything in life. There was 20, 30 years ago, people were abusing this privilege with the IRS code and there was a lot of audits happening from people I know. 'cause they all of a sudden they were putting their dog on as part of their expense. 'cause it was a watch dog.

Jimmy Lea: Oh gosh.

Wayne Marshall: Yeah, no. People do crazy things and then they wonder why they get audited.

Jimmy Lea: Yeah.

Wayne Marshall: And so the things I would say, 'cause look, I do it. I got a home office, right? You've seen, you know where my home offices and so yeah, I take a percentage of, and I can take a percentage of electricity, water, internet, all the things that I need to run my office.

Wayne Marshall: It's part of my tax.

Jimmy Lea: Yeah.

Wayne Marshall: You know, deduction and write off that I'm doing. You just gotta be careful. Don't take advantage of the code. But yeah, you can do it again, your tax preparer, if you tell 'em how many square feet based on all these things, they can add it up. There's a, they've got the formulas .

Jimmy Lea: There's a formula that they use.

Wayne Marshall: They've got the formulas that they can use to help you get and stay clean with the IRS.

Jimmy Lea: Beautiful.

Wayne Marshall: But yeah, do it. Might not be a lot, but hey, four or 500 bucks is four or $500.

Jimmy Lea: It all adds up.

Wayne Marshall: Amen.

Jimmy Lea: All right, well good. So are we going on to three?

Wayne Marshall: Yeah, let's go on to the next. So I mean, the last other one that we've got is obviously C Corp.

Wayne Marshall: No one's gonna do it. I just threw it up here just so you can kind of see.

Jimmy Lea: So everybody knows it's still bad.

Wayne Marshall: Why C- Corps really suck unless you're big. Because you can see it has a flat corporate tax rate at 21%, and then if you get a dividend, you got again. You gotta pay tax on it over again. So the company's paying tax, you then get a dividend of what's left and you gotta pay in, you know, a personal tax on it again, along with the tax that was coming outta your paycheck on a W2.

Wayne Marshall: And it's a very complex and there's a lot of formula formalities and garbage had nobody wants to do. The only reason that people choose this is if they're starting to really grow and you want to attract investors, you want to have obviously scale. And there are companies I know I. A few years ago I consulted with a company over in Illinois.

Wayne Marshall: Yeah. They did convert, but they were 55 million privately held. They were growing and they were wanting to get to a hundred million. When you got to a hundred million, they were gonna go to a public offer in a small one.

Jimmy Lea: Nice.

Wayne Marshall: And that's the reason you do that stuff? 'cause it gives you structure and governance

Jimmy Lea: Yeah.

Wayne Marshall: That allows you to do, but.

Jimmy Lea: It's there. It's available. Yeah. It probably past what we're doing.

Wayne Marshall: Yeah.

Jimmy Lea: All right.

Wayne Marshall: Obviously the best things that we get into when you get all done, when you look at corporations is obviously you can deduct everything, take advantage of retirement plans, other things that could come out of you can use different tax credits and things for the hiring end of people.

Wayne Marshall: You know, you gotta look at what state you're in. There's things around some states have no income tax. You know, you look at Nevada, where you live.

Jimmy Lea: Yeah.

Wayne Marshall: Florida doesn't, there's other things that you,

Jimmy Lea: Wyoming,

Wayne Marshall: consider, yep. Other things that you wanna look at in there. At the end of the day, it's like we talked, it really comes back to looking at your own personal situation, the size, how much money you gonna make, how big do you want to get?

Wayne Marshall: Talk to your professionals. Most everybody's doing that and they're putting together the different things with their tax preparers to help them ask those questions. Say, I'm gonna have one heck of a year. What should I do? How should I prepare? And try to have those conversations early in the year.

Jimmy Lea: Yeah.

Wayne Marshall: If you get to the beginning of July or the, you get to that third quarter if you've paid your. Obviously you paid your quarter quarterly estimates based on what your income's going to be at that point. If it looks like it's going bigger and stronger and your tax repairs already giving you your coupons

Wayne Marshall: Go back to 'em and say, look, I'm having one heck of a year. How can I manage this to minimize my tax exposure? Should I change what my income is on my. Income or payroll? W2.

Jimmy Lea: Yes.

Wayne Marshall: Should I change dividends?

Jimmy Lea: Yes.

Wayne Marshall: Should I leave the money in?

Jimmy Lea: Right.

Wayne Marshall: How does that, because again, it's gonna pass through and we talked about the 15% tax rate for businesses that's, you know, up on the LLC at the top. At the beginning of all this. So Yeah. You know, just have those conversations and the goal here today. More than anything was just to have these conversations that, that you ask good questions when you sit down and that you start talking about, here's what I got going on, here's what I'm doing, here's what I wanna do, here's how I wanna set it up.

Wayne Marshall: They'll help you. It's just asking those questions.

Jimmy Lea: Yeah. And that, I think that's what we're really empowering everybody here with is the knowledge, the information to be able to ask those right questions. Yeah. Knowledge is power, but knowledge is also dangerous. Yeah. Especially if you think you know the right way to do it and then you discover, oh, holy crap, I did it totally wrong.

Wayne Marshall: Nobody wants those oh crap moments at the end of the year.

Jimmy Lea: Yeah.

Wayne Marshall: Or. It's happened to me because I didn't do a few years back. Yeah. You're sitting there and all of a sudden your tax repairs going yeah. We kind of missed the mark and you're gonna have to write a check for $20,000.

Jimmy Lea: Yeah, no, thanks.

Wayne Marshall: Or I've had the other side a few years back, I'm sitting down and I didn't do a good job. And he goes, you overpaid and you're gonna get a refund for $40,000.

Jimmy Lea: Oh, wow.

Wayne Marshall: And I'm going, you know what I could have done with that money if I had it every month and invested it or did other things.

Wayne Marshall: Oh, yeah. But I let the government hold on to my 40 some thousand dollars one year.

Jimmy Lea: Yeah. And did you get any interest on that 40,000?

Wayne Marshall: I got Zip zip.

Jimmy Lea: Ouch. All right.

Wayne Marshall: So I, I think I have one last slide that just says, Hey, you know, here's some things to consider. Obviously we talked about different states and certain states who have, well, some states have franchise taxes or annual fees.

Wayne Marshall: Don't live in California or New York. I apologize for any of you that are honest, that are in those states, but they're not business friendly. And obviously some states are right, more business friendly, but you know, real easy if you've got a low income business, just stay with your LLC taxation. Do the Schedule C.

Wayne Marshall: It's easy if you're starting to get up to moderate or higher, and that's 60,000 or more. Consider the, you know, the S corp and some of the things because it gives you flexibility of income. Distribution on a quarterly basis. If, hey, and God bless you guys, if someone gets big and they're gonna franchise them.

Jimmy Lea: Hallelujah.

Jimmy Lea: Let's go.

Wayne Marshall: We call a c -corp.

Jimmy Lea: Yeah.

Wayne Marshall: We call Jimmy and I, we wanna invest.

Jimmy Lea: We wanna make money too. At what point does it make sense to go to a C Corp? Is that based on the number of employees? Is that based on the number of locations? It's all dollars, yeah. Dollars driven. Yeah.

Wayne Marshall: If you get, if you start getting really big and you get multiple shareholders or you wanting to go public

Jimmy Lea: Yeah.

Wayne Marshall: And do other things.

Jimmy Lea: Yeah.

Wayne Marshall: I mean there you look at some of the bigger companies today, and if you go back and look at their history, I. They started out like we started out. I mean, you hear the stories of, well, apple and Microsoft start in garages. I now look at 'em today. But there was a point where they said, we're gonna go and we're gonna become a C corp because we're gonna get shareholders.

Wayne Marshall: We're gonna do this, we're gonna have shareholder meetings, all the other things that come with it.

Wayne Marshall: But we want to be big. And when you get that size, you don't care about 21% of what the corporate tax is. 'cause the revenue's so high. It's so big.

Jimmy Lea: Yeah. Oh that's phenomenal. So knowledge and information.

Jimmy Lea: So powerful questions, comments, concerns. Would love to address any of those other additional questions that you might have. Maybe there's something that's sticking out in your mind that, Hey, you know what about this situation? What about my situation? I'm a small mobile tech. I'm doing 6,000 a month.

Jimmy Lea: What kind of a LLC should I have? There's a question for you. How about that?

Wayne Marshall: I would just, I'd keep it simple.

Jimmy Lea: Just the simple LLC.

Wayne Marshall: I would do, I would do the simple one if you're wanted, if it's just you and you're self-employed. You're running your business. Well keep it simple like that. If you're having a really big year, 'cause I've known some guys who are running an independent one person business.

Wayne Marshall: They're making six figures plus, then you need to start doing some planning.

Jimmy Lea: So that's when you start looking at the S corp.

Wayne Marshall: Yep. Even if it's multiples because your income's getting so high.

Jimmy Lea: Yeah.

Wayne Marshall: And I. I didn't look it up. I should have real quick, but I know in 2025 it's somewhere around 96 or $98,000 you go to the next tax bracket.

Jimmy Lea: Right.

Wayne Marshall: So you know, this is again, where a good tax preparer is gonna tell you, look, we wanna look at this, pull this. And like I most, our coaching clients, oh my our coaching clients, as we talk, I tell 'em, if you wanna pay yourself, 'cause you know, and then see how your dividends are going. Your earnings are going start at about 90.

Wayne Marshall: If you want to go higher, that's fine, but again, talks to your preparer. Yeah. Start at 90, take those paychecks out and then look at what you're gonna do with dividends or earnings on a quarterly basis.

Jimmy Lea: Yeah. Yeah. We do know a couple of shops that are a single employee. The owner. And the owner is the phone, the computer, the wrench.

Jimmy Lea: Yep. And they're doing in the $400,000 a year range.

Wayne Marshall: I coaching with one.

Jimmy Lea: Yeah.

Wayne Marshall: He's trying to get his company in a position to sell.

Jimmy Lea: So he, is he currently as an LLC looking to go to S Corp or does he just because he's looking to sell? He's probably...

Wayne Marshall: so he was doing exactly what we talked about. Yeah. When I started the whole conversation.

Wayne Marshall: He was an LLC for his business. He owns the building personally, and I'm like. Dude, you've gotta get an LLC for your business or the building, the property. And then you need to pay yourself rent. And then pay yourself a little extra rent because that generates a little extra income. We talked all this through, so he got it done at the end of the year.

Wayne Marshall: So he started this year, 2025, a clean tax year. So he now has a property LLC. So if he sells his business, he can now create income off renting his bus, his building back out. So that can be ongoing retirement income for him and his family as he wants to go. As an example, he could also turn around, sell the business.

Wayne Marshall: Put that on a five year balloon, sell the building separate of and create a different income stream. Love it. And it changes some of those tax ramifications because the other thing you gotta start looking at and then plan for, even on a business, if the valuation goes up, there's still capital gains.

Wayne Marshall: And you also have capital gains as we're all familiar with on property. Yeah. Again, and it's same as he's done and I keep saying, but he talked to his local preparer and I said, here's the things you wanna ask. Here's some of the questions we wanna address that get you set right for your personal situation.

Jimmy Lea: Love it. Excuse me. No, some questions coming in from Jeff and Jeff, thank you. This is a really good question. The S corp breaks at $60,000. Is that $60,000 of profit or is that $60,000 of business? Revenue. After the owner gets paid, what? What is that? $60,000.

Wayne Marshall: So if you're gonna make 60,000 in profit or net. So let's just say for sake of argument, you did 400,000 in revenue. Yep. You paid yourself. 80,000.

Jimmy Lea: Okay.

Wayne Marshall: And the company still made over 60,000? That's where that would kick in.

Jimmy Lea: Oh, I see.

Wayne Marshall: So even if you wanna look at it, 'cause it's gonna flow to you on a sole proprietorship in that pass through, it's gonna show that you really made 140 or more thousand, maybe 150,000.

Wayne Marshall: But that's when you wanna stop and say, okay. If I pay this and I'm at this tax level, I don't want to get to some of the next tier. That starts to happen when you get over the 96, 98, you get to a hundred, I can't remember where the next one is off the top of my head. But it's like 120, something, and then it just continues and you're just gonna pay more. So this is again, where you wanna stop and go, okay, I want to have my taxable income here during the year so I don't pay overpay, and then take dividends and other earnings. You can, or you can leave it in and then talk about how you can reinvest and other things you can do with it.

Wayne Marshall: But that's where, that's how that all adds up.

Jimmy Lea: Nice.

Wayne Marshall: So it's not your income's separate of the 60.

Jimmy Lea: Beautiful, beautiful. Jeff, I hope that helps you out, brother. Cool. Good. Well, we're asking for final questions, comments, concerns.

Wayne Marshall: It went by fast.

Jimmy Lea: That I, it is like a flash man. And you know, I'm thinking of a client that we have in Texas.

Jimmy Lea: This is a shop that was struck by lightning flooded. Caught on fire. Yeah. Yeah. And and lucky for them that they were covered. They did have the right insurances in place. It's not even something that we're talking about today, but it is important. You do need to evaluate that. And there's been a lot of businesses that when they start, they have two bays.

Jimmy Lea: They have an insurance policy for two bays. Then they grow and they grow. And then there's a problem. And now that insurance policy that they set up originally doesn't cover. Four bays, six bays, eight bays, and then they get into a little bit of trouble. So lucky for this shop in Texas, they had all the right insurances in place that they were covered, right?

Jimmy Lea: And the trifecta within, I think it was within two or three weeks that they got struck by landing, caught on fire and flooded.

Wayne Marshall: Another thing, I didn't really, I should have said this earlier too, but one thing, if you start going down this road. If you don't do one, I do one annually, have done 'em for years.

Wayne Marshall: When I had my businesses, even still to this day, I do 'em do an annual personal financial statement.

Jimmy Lea: Nice.

Wayne Marshall: That list out all your debts, all your assets, the valuation of your business, everything else that you're sitting there, and you can see what your net worth is and how that net worth is changing year after year to year.

Wayne Marshall: Because it's a great scorecard. To just look at your overall, not only your personal financial health, but to even look at it from a bigger picture of your business and how everything is changing and growing. Because we, any of us as business owners, we work our butts off at times, and you sometimes wonder, am I really gaining, am I getting what I should get?

Wayne Marshall: It was always a nice thing to look at, and I'd try to sit down and then my wife and I would talk about it and I'd say, you know what? This is paying off. Sometimes it doesn't feel like it because you're just like, you're in the grind. You're in the grind. You're grinding it out. But when we would take the time and look and see that, but wait a minute, I did add this much to my 401k or my IRA or something.

Wayne Marshall: I did do this. We do pay down the building more that we were owning. We did this things and next thing you know, you just start seeing that growth and you're seeing that change and then you look at five years ago to there and you're going, oh my goodness. We are doing it well and we are making a difference in what we're trying to do today.

Wayne Marshall: So it's just a good exercise. I know we've, I've shared some things with the form I've used, I've sent out to others that I've coached with, and I say it is just one of those things to just, it's a good way to see am I going up or down? Am I winning, losing, and how it's, what's my overall health. That's what you're really trying to do.

Wayne Marshall: That's why we do what we do.

Jimmy Lea: Yeah.

Wayne Marshall: And try to, that's why we got into business for ourselves.

Jimmy Lea: Oh, so true. So true. So question from Jeremy. He's asking when you pay yourself, do you deduct taxes? I. I think there's two answers to this question, correct? Yeah, go ahead.

Wayne Marshall: So if it's W2, so it's an actual payroll.

Jimmy Lea: Payroll, yep.

Wayne Marshall: So when you think about all the normal employee deductions that you would have, social security, what have you. Yes. I would run that, and I'd run it actually through with, you know, you. QuickBooks can do it. If you're just a single person and you're using QuickBooks, it can help you get and deduct the right things and make all the right payments that you need to pay.

Wayne Marshall: And then the second is if you pull it out as earnings. Yes, that's where your tax preparer. If you guys kind of remember, you're gonna get a coupon. It'll be for the four quarters of you need to write a check to cover your dividend tax or what you're gonna take on earnings or what the earnings of the company might be, even if you don't take 'em out so you don't end up with a tax surprise at the end of the year.

Wayne Marshall: Hence, I had to pay 20 grand 'cause I didn't pay enough. Ouch. Quarterly's going through and then you gotta pay it at the end of the year. So yes, I, my normal W2, yeah, normal taxes, everything. You run it as you normally would. The others are done quarterly on a coupon.

Jimmy Lea: Oh, I love it. I love it. So big compliment to you from Jason.

Jimmy Lea: Jason says, right. Well, what did we do this time? Jason says, thank you so much. I now understand it's so much better than when my accountant tried to explain it. Wow. LLCs, SCORP, C Corp. Thanks. Yeah. Good job brother. Appreciate that. Thank you Jason. Yeah. Alright one more thing. And this goes from. First is from Jeff.

Jimmy Lea: Jeff is saying, does Wayne offer coaching services?

Wayne Marshall: Yeah. Yeah.

Jimmy Lea: As a matter of fact, we do. There it is. Matter of fact, we do. If you find this information interesting and inviting and educational, and that's really what we're here to try and provide for you is an education information knowledge. If you find it interesting, let's have a meeting.

Jimmy Lea: Let's see. If reach coaching would be something of value to your business, are you at a position that you're ready to do it? I knew of a mobile shop in Virginia that wanted to come on with the institute and he just wasn't ready. Just wasn't ready. It took him about a year and after a year, so I'm again at a show and he's like, yep, I'm ready.

Jimmy Lea: Let's go. Went from doing 6,000 a month as a mobile tech. To his first month, brick and mortar, $24,000 that month and started day one with coaching and training to make sure that he was doing it right. So big shout out to our friends there in Virginia.

Wayne Marshall: Well, that's noted. Everything. A guy, you met him, you know our guy from Canada, he started out with a mobile truck.

Jimmy Lea: Yeah.

Wayne Marshall: Truck mechanic.

Jimmy Lea: Yeah.

Wayne Marshall: And today he's got three mobile trucks and a 22 bay. He's gotten huge. That is huge. 22 bays each mobile and we've talked about it and we're working with him today and working on some things. But yeah, he talks about starting on that mobile truck to the point today, each mobile truck for him.

Wayne Marshall: 'cause he also does heavy earth moving equipment and construction equipment and service along with over the road diesel trucks. Each mobile truck's running about 400,000 in revenue.

Jimmy Lea: Wow.

Wayne Marshall: So he's getting 1,000,000 or 2 between his three mobile trucks. That's not counting all the stuff comes to the shop on 22 bays.

Jimmy Lea: Gotta love that. Gotta love that.

Wayne Marshall: Start with one mobile truck.

Jimmy Lea: Yeah.

Wayne Marshall: And there he is today.

Jimmy Lea: There he is.

Wayne Marshall: Great story.

Jimmy Lea: So those of you who are interested, scan that QR code first name, last name, email address. Let's set up an appointment. We can sit down and review your business.

Jimmy Lea: Review where you are. There's no obligation, there's no financial cost to it. So that's a free resource for you as well. Check out our website. We are the institute.com. We are the institute.com. A lot of valuable information on the website as well, our YouTube channel. There's o easily over 160 hours worth of knowledge and information that you could gain a master's degree in running your shop, your business, your mobile business that, that's gonna help you as a business owner.

Jimmy Lea: I. Available on YouTube. And that's a free resource as well. Any things that you would want to include in an offer that we can send to our listeners that are on this webinar today? Maybe the the five steps to a 20% net profit? Maybe a couple links to some videos that we've.

Wayne Marshall: There you go. Sure.

Jimmy Lea: Yeah.

Wayne Marshall: Let's make it happen, captain.

Jimmy Lea: Okay. Well scan the QR code. Make sure you, as you talk to our representatives, you say, Jimmy told me that you were gonna send me the workbook, 5% net, five steps to a 20% net profit, five steps to a 20% net profit. And there's a webinar that goes right along with that, where Cecil breaks down those steps and exactly what you need to do every step along the way.

Jimmy Lea: So with that, thank you very much. Appreciate the time, Wayne. Thank you to you, brother. Appreciate it. Great knowledge, information you got another shout out here. It went away. Lemme get to it real quickly because Jeremy says Thank you guys. This has been a real eye-opening experience. I awesome.

Jimmy Lea: Lots of great information. Definitely gonna make some changes. Jeremy to you. Thank you very much, brother.

115 - 3 Essential Steps to Save Your Home and Your Business With Wayne Marshall