Episode Transcript
Glenn Harper: 00:00:48
Hello, everyone. Welcome to another edition of the Empowering Entrepreneurs Podcast. I’m Glenn Harper.
Julie Smith: 00:00:52
Julie Smith.
Glenn Harper: 00:00:52
Well, is there anything more exciting to talk about than taxes? I really don’t know.
Julie Smith: 00:00:56
Well, I think I’m the epitome of a bad client.
Glenn Harper: 00:00:59
I would say yes.
Julie Smith: 00:01:02
So, you know, there’s one thing I’ve learned is that entrepreneurs and humans move fast.
Glenn Harper: 00:01:07
They do.
Julie Smith: 00:01:08
They want instant gratification. And I’m sitting in the seat of yep. Mm, Count me in. But I think what I’ve learned.
I know maybe you’ve been right on something, is although I want it done and I want to get to the end result or the finish line, as an entrepreneur or even as a human, if I’m about to do something that’s outside the boundaries of what I normally do, pick up the phone and have the conversation.
Glenn Harper: 00:01:40
We call that materiality. If it’s material.
Julie Smith: 00:01:43
Yeah, those words, I think pick up the phone and have the conversation. Because the way that I’m going to do it is going to be the quickest, the fastest, and the most efficient. But it may not be right.
Glenn Harper: 00:01:55
It’s not that it’s wrong, it’s just you’re not going to get the best result.
Julie Smith: 00:01:59
Wait, did you just say I’m not wrong?
Glenn Harper: 00:02:01
Whatever you people do, they’re going to do what they do, and it is what it is.
But if you can make that call and say, hey, I was thinking about selling a stock and making a ton of money because of the position, I want to cash out.
Or I’m thinking, my financial advisor called me, I want to do a Roth conversion, or I think I want to go invest or buy something in my business, a big piece of equipment.
If you don’t share with that with your tax planning team, you might not get the best benefit of that because we didn’t plan it and put it in a modeling to pull the lever and get the best results.
You got your piece of equipment, you got your G wagon, you got your press, you got your Roth IRA conversion, you got your stock cash cashed out, but you’re paid this much tax when if we’d have did it, planned it right, we could have made that tax be this.
Julie Smith: 00:02:46
When I just think as an entrepreneur, like, and I’m sitting over here in this seat saying, like, I’ve done it. I know is like, I don’t think like that. I don’t think the way that you think. I think, like, I need X to get to Z.
And so what’s the quickest way for me to get there? Where if I just would have had like X dash 1, I would have saved or been able to do it a little bit different and seen a way better outcome.
Glenn Harper: 00:03:10
If we could just figure out a way to implant a little bit of accountant in everybody, we could literally change the world.
Julie Smith: 00:03:17
I think I’ve just learned that I’m not going to do that, but I’m just going to give you a call.
Glenn Harper: 00:03:22
You’re so missing out. But no, I think you’re right. You have to do what you have to do to run your business.
But if you do a knee jerk thing, give me 12 hours or six hours or an hour, let me know as your advisor to say, oh, do it like this and this. And man, that’s going to be the best result ever. It’s easier to ask for permission than ask for forgiveness.
A lot of times I can’t forgive you on things because I can’t undo what you did, but I can plan and execute on something if you give me advance notice. So I think that’s the takeaway here. Don’t just do what you want to do. If it’s material, ask your team. They’ll help you out.
So hopefully that’s helpful for everyone. Another great episode of the Empowering Entrepreneurs Podcast. I’m Glenn Harper.
Julie Smith: 00:04:10
Julie Smith.
