Randy is a Serial Entrepreneur, leadership and delegation master. He has been fortunate enough to become a #1 International Best-Selling Author on Amazon. And is a father, friend, and trusted ally to many. He has a passion for business and has achieved many accomplishments throughout his journey of being an entrepreneur.
Randy’s goal and mission in life are to pass on to others the same proven methods, tools, and strategies that I had to learn the hard way.
In this episode, he talks to Brianne Barton. Brianne Barton is a partner at Brownlow Partners Charted Professional Accountants. She is experienced and passionate in helping privately held business and Not-for-Profit organizations achieve their business and financial goals, is a Partner at Brownlow Partners Chartered Professional Accountants. She has an exemplary method of collaboratively working with clients to identify the issues/problems important to them. With a balance of listening and understanding, Brianne advocates tailored solution choices that are converted into actions for implementation. Very quickly, Brianne earns her place as their trusted advisor.
It’s important to have a relationship with your accountant or CPA, it’s more than just dropping off your taxes at the year-end time. A good CPA will schedule regular meetings maybe quarterly and get together with you as well as drop-ins to discuss issues that happen on a daily basis. Talking regularly to your accountant keeps them in the loop of what might be keeping you up at night that they can help you strategically make a plan to move forward but in an informed way. Accountants give you a different perspective that maybe you didn’t consider. The best accountant you can have is when you can call them to work through it.
Randy realized after a few years in business that the lawyer, accountant, and financial planner should all work in unison on his behalf for a rounded approach to planning. Having a great relationship with all 3 is essential for them being able to advise you properly, they need to know and understand your vision and the bigger picture.
Why use a holding company, what’s its value? To understand holdco you need to understand the risk in the construction industry, think about projects you’ve made a lot of money on and its sitting in your account, then you get sued for something that happened on that job. They could get access to that cash. So what Brianne does is remove that accessing cash and move it to the new company aka the holding company so it provides a bit of a barrier for them to get that cash, it’s all about mitigating risks. Ask your accountant about holding companies and if it could benefit you in any way.
Randy sees his financial team as an investment, not a cost, as they have definitely saved him more money, then it’s actually cost, you need to look at ROI, and it’s worth being proactive to protect your money for both you and your business. Having the setup of the right structure helps save you money in the long run.
There are many strategic byproducts as a result of being a part of a team, such as meeting new people, supplier relationships, etc. Brianne often hears you can never find good people, your accountant is a great source of a pool of people that they can connect you with.
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