The Wealth System Business Owners Overlook

Most business owners generate strong revenue but struggle to keep enough of the money that flows through their hands. In this conversation, Richard Canfield explains a wealth system built to help business owners regain control, reduce reliance on banks, finance growth through their own structure, and create long-term security for their families.

You’ll hear how the Infinite Banking Concept works in real businesses, how owners use structured insurance contracts to fund equipment and inventory, and why this thinking changes how business owners grow, scale, and eventually exit.

This episode is packed with insights for established business owners ready for more stability, more clarity, and more control.

Connect with Richard:
Website: dontspreadwealth.com
Podcast/Youtube: WealthOnMainStreetPodcast

Connect with Pete Mohr:
Website: simplifyingentrepreneurship.com
LinkedIn: linkedin.com/in/petemohr

Are you looking to make some changes in your business and your life in 2024?  Head over to speaktopete.com and book a chat with me to see if we're the right fit!

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Book a no charge Freedom Call with Pete, to see if you’re a good fit for his business coaching or talk to Pete about speaking at your next event head over to http://speaktopete.com to find a time that works for you!

Pete's Websites:

Pete-Mohr.com
The Exit Ready Business
Kolbe Coach
Simplifying Entrepreneurship

LinkedIn at https://www.linkedin.com/in/petemohr/
Instagram at ...

Transcript

0:01

Richard, it is a pleasure to have you here on the Business Owner Breakthrough today. Pete, I'm excited. Let's have some fun. Let's add some value to all these amazing small business owners, medium sized business owners that you help so much. You're an expert in so many areas, including exit planning. I'm excited to see how I can add some value to the people that listen to your show. You know, we're both experts in something and that's where we met, which was Colby, right? And we both are, are certified on the Colby system. And, uh, you know, we were at Colby con a month or so ago and sort of connected right away. Of course we connected cause we're Canadians, but, uh, down, down in, uh, in Phoenix, we're, were in Phoenix, right? I think were in Phoenix. Yeah. There you go. keep getting, uh, you know, where have I been? But yeah, it was, that one was in Phoenix and. you know, connected right off the bat. We got talking about the other things we do outside of Colby. And I thought, you know, what a great opportunity here to have you on the podcast. So Richard, why don't you give me a little bit of a low down. You've been at this for a while and you've written some books and done some stuff. But for those who have never heard of you, tell them a little bit about your background and what you do and how you help business owners. Well, our firm at Ascendant Financial, our focus, we help clients all across North America. are, we started in Canada. Of course, we now have a whole team of people that are assisting clients, individuals, families, and of course business owners, because at end of the day, business owners are just people with families who love and care about their families and try to support them in the way that they think is best. So we help individuals really get more control over their money. And I like to think of it this way, Pete, like, you know, everyone should be in the driver's seat of their own money. The reality is that they are, but often they've acquiesced that responsibility to some third party because they think that the third party can do a better job with it than they can. And I personally believe and not, you know, I'm not saying anything too bold, but that the last 50 to 60 years of the financial world in North America has been designed to take the individual, the person, the business owner, the, the, parent who, you the person running their household and separate them from their money. by abdicating that responsibility and handing it over to some third party. We really think that we need to reverse the flow of that. We need to bring people back in behind the wheel, controlling the decisions and everything related to their money so that they can have prosperity. But more important than that, I haven't met too many people Pete who don't care about their families. Everyone cares about their family. They care about helping other people. Most people are altruistic in that way. They wanna do something good for the people around them they love and care about. And so we really put a lot of focus on generational thinking. How can you learn to think beyond your own lifespan? Now I didn't know that that was possible until I met an incredible man. His name was R Nelson Nash, and he wrote this book, Becoming Your Own Banker. Now Nelson, he was my friend and my mentor. I loved him dearly. Sadly, he passed away coming up on seven years ago now in 2019. He was 88 years old. He would say 88 revolutions around the sun. He was such a neat guy. And I learned so much from that individual, not just about how to have more control over your financial decisions, more control over the way that you control some of your tax game, the way you control how you finance the things that you need in life, especially if you're a business owner, you need equipment, you need inventory, you're always running through huge cash flows and you're just trying to keep pieces of those cash flow, but so much is flowing through your life. What Nelson really identified with his incredible idea, his concept, the infinite banking concept. is that you could start to slice off little pieces of that flow of financial energy and contain it in a warehouse. And if you had that warehouse in a really efficient location that added extra protection into your life and your business, then you could begin to create essentially your own business operating line of credit. But it's at your terms, at your control, not at some banker who doesn't know anything about your business. You know, a lot of business owners, we talked a little about this down in Phoenix. They get started. Of course they're, hungry, they're excited, they're motivated. They want to build something really grand. The first couple of years, often pretty hard. You have little wins, you have some successes, but you're just, you know, head down, you're plugging along, you're plugging along. Eventually you had some employees, you try to grow, you need some leverage because you're getting burned out. Things start moving along. You're starting to recover some of that initial capital from all those long hours and all that money. You keep turning back into business. But the problem is everyone else is getting all your money. And you have to reinvest in the business to get it to some measure of scale so that eventually you can create this asset that really does things for you. Well, the reality is the business isn't your asset at that point. You are. And nowhere on the typical balance sheet of a financial statement of a business, do you find the business owner? It's rare. Well, the way that we place the business owner on there is by making sure that they're insured properly. And then we're building a secondary asset that supports the business and allows it to grow. And we use a certain type of insurance to make that work. Insurance, hey, a lot of people don't like that word. The reality is it's there for risk mitigation. You're already at a ton of risk by running your business. You know, if anything goes sideways or south or there's a tariff issue or this issue or an interest rate change, maybe you could just decimate your business overnight with something you don't have control over. So we need to start checking little boxes along the way about where you can insert more influence and more control over your decision-making process to have the best possible chance, the most possible success track for your growth phase, your scale phase, and eventually your exit phase of your business. So, tell us a little bit more about this family banking concept. I mean, the way it sounds is though, it's like a bank account that you're literally accessing and using and through this facility of insurance. But how does it work and how do the flows happen? And why would we do this as opposed to you know, have a line of credit or something like that, which is honestly the most common thing that most people do. Right. Yeah. Most businesses, once they get to a point where a bank's willing to look at them again, you know, and they, they've grown to the point where the bank says, Oh, sure. We'll give you some money eventually get that operating line of credit to get you through some of those seasonal timeframes and, and, know, changes and stuff. Cause you know, a lot of businesses make the bulk of their revenue, especially if they're, they sell products and stuff. And in the last quarter of the year, you know, you've got black Friday, you got Christmas, and sometimes those are huge moneymakers for people. Other businesses that are very seasonal landscapers. mean, they make all their money in two and a half months. So, you know, unless you're in Phoenix where you can landscape year round. Um, but so, so we wrote a book called, don't spread the wealth. It's all about how to keep the money in the family, whether that's your family business or your, your, nucleus of your family by having the right mindset and generational thinking, there's certain rules that you follow. And we start to take conversations about money and make them fun and engaging again. so that you celebrate those conversations and that long-term thinking. And we have a whole guide, there's a 15 page guide that comes with that book when people download it. If they want to copy, I'm happy to offer that to your listeners for free. They go to don'tspreadwealth.com. That's don'tspreadwealth.com and then get a free copy, including access to all the bonuses. I think it was about five hours of course content that they get. So it kind of stuff that they can watch some videos where some teenagers even explain learning this concept at their age. In fact, we're launching their book next. Um, it's coming up here in the first quarter of the next year. And that book is, uh we're really excited about it. It's a teen's perspective on the infinite banking concept. it's called diapers to dollars. And, so we're pretty pumped about that now. Cool. This whole model is about how to think about the flows of money that are good. That every member of your family is going to have to buy cars. They're going to have to buy computers. They're going to have to buy certain pieces of equipment. They're going to buy homes. And they're going to use someone else's money, either their own, they're going to drain their savings down to zero and then have to rebuild the savings. Or they're going to go and access from a third party bank or lender or a family member to borrow that capital to go and pay for the things that they need. Yep. There's really only two ways of doing these. You're either you finance everything you buy. You're either going to pay cash and give up the opportunity of what that your cash can earn forever. Cause once it's gone, it's gone. Yeah. Or you're going to pay someone else to access their pile of money. Cause they built a nice pile of money. is the only two ways you can buy things. So what we teach people how to do is how to access a pile of money from the insurance company, but they're now in a co-owner relationship. The moment you establish these insurance contracts, the way that we do them, you become a co-owner in the insurance company. So when you borrow from the insurance company, you have exclusive access. You're the first one that can access the money before anyone else. They have exceptional terms. The terms are so good that there are no repayment terms. in the wrong hands, Pete, that could be a problem. So you have to have the right mindset and the right behavior, which is something you do a great job on teaching executives and business owners about. And so you have to be able to repay those loans the same way that you would have to repay a third party. But now the onus and the responsibility is on you. So you have to treat that responsibility properly, which is why we spend a lot of time on education so that when you, when you're back behind the driver's seat of your own car, your financial car, you're not driving it into the ditch. and flipping it over because you're not watching the speed limit. Like you got to understand the rules of the road. And that's fundamentally how we teach people to engage in this process. So you access capital, you go and buy a piece of equipment for your business. Maybe you're an electrician, you need a service van. Boom, you go by the service van. Well, that service van, what it costs you, let's say $800, $1000 a month in monthly payments to some third party like Ford credit, Chevrolet or something. So you take that same element and you just redirect it back to the machine that you co-own. Meanwhile, your asset continues to grow uninterrupted. And throughout the whole process, there's like this magical little wrapper of protection that surrounds you and the family. So as the business owner, if something happens to you, then a big fat chunk of tax-free money that Uncle Sam and the Canadian government can't get their hands on shows up. And it solves a whole host of problems that you're gonna leave behind. Because if you're the one driving the business and your spouse and your family members aren't involved, they're left behind with this literally like this time bomb. And it's not only just uh a financial time bomb, it's an emotional time bomb. And they're rarely positioned to know what to do with it. And as a business owner, it's your job to steward that behavior. So you have to set these things in motion to make sure that you're, setting your family up for the success that you actually wanted to have happen. Yeah. So when you see this kind of thing happen, let's say somebody's doing$5 million worth of business. They have small manufacturing or they have a retail business and maybe they have, a million dollars worth of inventory that they're having to stock up in their store, a couple of million bucks worth of inventory. And they've been using line of credits. So we're talking about established business. Most of our listeners realistically are not startups, they're established. So... for that perspective, if we're talking about flipping somebody into something like this, what would the process be? Like how would that happen? How long would it take? What sort of implements and what sort of triggers would happen along this way until they got to the point where they're saying, okay, well, this is all running under the infinite banking concept now and we're rolling along. Like what's the timeline and give us some sort of... points along the way on what triggers things. You know, it's a, it's a super good question. mean, the, the, the unfortunate answer is it really depends, but it depends on things like how much of your profit are you consistently stocking away right now? Are you capitalized currently? Like do you know a lot of businesses before they get to where they have the operating line, they're running on what was referred to as a sinking fund model where they're building up a slush fund and then they have to make a pragmatic decision. Okay, cool. I need a new piece of equipment. I need this. I need to hire a attractive new employee. They're like, How much of my chunk of money can I let go without risking everything in the business? So you're already making those decisions. You become accustomed to making them now. So now you're going to say, cool, instead of going for that piece of equipment or whatever I was planning to do to grow the business, I'm going to get this piece of equipment, which is an insurance contract. I'm going to hire an employee that I'm going to lock in their pricing so I never have to pay them another dollar more. I'm going to inflationarily control that. I'm going hire that employee so that they're going to create literally work 24 seven, never sleep, never take vacation and don't require benefits. So they can protect me with tax-free money and they can grow an asset that builds on the book, the balance sheet of the business that I can access capital without any questions whatsoever for anything I deem necessary. And I'm going to hire that employee. And so how much would you want to pay an employee that does that? Well, if you were hiring a key employer for your business, you might head hunt them. You might put some money upfront to make sure you can get them because we all know the cost of retraining. Right. So, and if you knew that you could lock in their wage and never have to worry about paying them a bonus or anything, and that person was going to work with you for the life of your business. Well, how long do you want to be in business for? When do you want to sell? So all of these decisions is how you would look at that. Okay. So if you were hiring a person to do that, you might say, cool, I need to pay them a key executive wage. I'm going to fund maybe, you know, a $5 million business. Let's say I'm going to take approximately, you know, 10 % of gross revenue. And I'm going to slide that into this machine now. Now immediately I'm going to have access to a pretty good chunk of that capital. can borrow back out to put back in the machine. I'm not going to have access to all 500 grand, but I, that key employee needs training. We got to get them a client ties to the business. Like there's a whole element that happens there. So maybe you get access to four, maybe 425, someone at range, who knows? So I, I have some sunk cost in there, but now I've got this whole asset protecting me. If I can borrow back out of that machine and I can now go buy the piece of equipment that I wanted or buy some inventory, now I'm in the practice mode. So in order to get good at anything, any of elements of business marketing, managing people, delegation, whatever the elements are that you've already learned those behaviors over time at business, this is one more thing you have to learn. So you do need some practice. You might have a financial controller, you have a bookkeeper, someone is going to help you with that process and you would work one-on-one with a coach. So no different, Pete, you show up. You help people plan an exit strategy for their business, or you plan how to get your teams operational properly using things like Colby, getting everyone on the same page with communication. You're going to hire Pete to come in so that your business can grow. That's what you want. Well, you would have a coach helping you implement this process because it does take some education. so, but you know, some people who have gone through, they've read a couple of books, they've, they've gone through some education and some podcasts, et cetera. They could be mission functional pretty quickly. As long as we can get the insurance improved, which we get on on the primary business owner, maybe the business partners, probably the spouse, maybe the kids, we can incorporate all that family planning at the same time. And then we get that machine churning. So it's not just like you're the only insured person, but you think of each one of these uh policies as like a, you know, when a bank is profitable in an area, well, they open up more branches, you know, every time that a new development happens, because some of your clients are in construction. Well, they're in there building new banks. They're the first thing to go in. get one grocery store, one gas station, and boom, a bank shows up. And that's the first thing that's in there because they want those deposits from all those new people coming in. Well, the same way that a bank expands is the same way you would expand, which is getting another policy to expand your system. And it's strategic in its growth thinking, but it really ties to what the business owner can conceive. And that's our job as coaches is to help them see a bigger future that they can step into. Do most people start off with sort of a monthly, they're adding in, like you said, why pay 800 bucks for your van? Just put 800 bucks into this. Are they starting with sort of that monthly sort of, you know, uh ongoing thing, or are they lump summing off the bat to get things rolling? Like what's the more common? You know, the type of clients that you serve, they're going to be doing lump sum things most frequently. And then there's some flow of that, because it really depends on what's happening in the moment. when the business is coming into this experience. And I'll give you an example. So I have a gentleman who's in aerospace business, amazing guy. He does some custom manufacturing for aerospace parts. So he does a lot of his business in Canada and in the United States. And he has corporations in multiple countries, which makes his bookkeeping a little bit finicky. That's his, you know, he's, he's got that sorted out. And so we, we first, we established a holding company, holding company owns these contracts because when you want to go exit the business, you don't want to have assets that can't be separated very well from the business structure. Right. So you, that's where you come in and you help facilitate, you know, the thinking on how do you want to get your business mission functional for sale? in the planning stages, we build some of that upfront. We set, make sure holding company is involved or an LLC, something to that nature. have this machine that we're building in there and we're putting capital in. Now when we need money, we're accessing it from that holding company to fund business operations. All right. And whatever the business needs that's now coming, its source of capital isn't always coming from inside the main business. It's now coming from this secondary business that you own and control separately. And there's some, there's some accounting there, but that's just the nature of business. That's what you have to do. And so you, know, this gentleman, he's, uh, he's doing about a 225,000 into a policy on himself and he's, he needed the coverage and, uh, he was able to backdate that contract with one of our companies about almost an entire year. So he was able to get the 225 in and then hit it again, pretty much right away. He didn't have all that money available because in the meantime, there was some new contracts that came in. So we funded the whole first year. We switched them to monthly for the minimum requirement, but then there's a big flexible portion. The flexible portion was, I don't know, ballpark, maybe 50,000 was the minimum and you know, the rest of it was flexible. So he's paying a monthly minimum, but he was able to jam in all that flex capital right away. borrow a huge chunk of it right out and he's literally funding uh purchase orders right now for inventory for his manufacturing business as we speak. In the same process now we're getting his wife set up which is taking place and then at the personal level we're working with his kids because he was putting money away for savings accounts and things for his kids for like college education. He was already doing that. We're just taking that same cash flow that he was working with and we're redirecting it into a new machine that he has more control and autonomy and it will be there past his own lifespan because it's on his kids. Yeah. Probability he's, he's going to go before his kids. Yeah. You and I don't have a best before date stamped on the back of our net. So we don't know when we're going to go. So the kids are going to see that cascade effect of capital. And when he's gone, there's going to be a huge tax-free element that shows up that they're going to now know how to steward because of the conversations that they're having that they weren't having before. Yeah. So many of small business owners have their wealth tied up in their business, Richard. They might not have this lump sum because they might've, it's always been left in the business. It's already in a piece of equipment or inventory that's showing up on the. Yeah, they might be bringing home enough to live comfortably and all that kind of stuff, but as far as having a whole bunch of savings, they're saying, well, I own lots of shares, but they're in my own business. And outside of that, my wealth is tied up there. So, how do you crack through that and sort of, because that's a reality for a lot of small business owners. It's like they don't have a lot of excess cash, but they've got enough to live comfortably. That's one of the beautiful things about this system is that we can help people understand cash flows. there's a difference between liquid cash cash on the books, you know, what you've got ready to, ready to work with or your war chest, right? Every business needs a war chest. The problem is the business owner keeps throwing the war chest to work right away because he sees an opportunity. Right. And so we can start to identify the timing of those things through good conversations, a good coaching. So, okay, why don't we structure this? We can kind of see things that often the business owner can't see because we're accustomed to that. That's part of our expertise. And so I'll give you an example. So I have a policy, it just so happens to be on my wife and I call it my tax policy. I have to pay taxes just like everyone else. And you know, being Canadian, it's not always friendly. All right. Well, I have a tax policy I set up a number of years ago and this is actually a conversion of some term insurance I'd set up on another policy on my wife years before, which I got before I proposed to her because I felt pretty good about my chances. All right. So I'm a long-term thing. Yeah, there you go. So it took me about seven, eight years before I was able to, you know, convert this particular insurance. Now the policy premiums, I think it's about just to round it off. I'll say it's about $35,000. There's a little bit up above that. The minimum required amount is about 10 grand just to keep things simple. So 10 is the minimum required each and every year. Like clockwork, it's part of my budget. And then, you know, about 25 of that is very flexible. So it's optional. I don't have to put it in, but I want to put it in. All right. Now, I'm going to pay a bunch of taxes for my corporation anyway. I'm to pay taxes personally. Well, my personal taxes get paid from the corporation anyway, because that's how I my money. It's just how I take it out of the corporation is how, you know, however we figure that out. Yeah. So in this particular environment, uh, I put a $35,000 in and I was able to backdate it again. So I was able to get some money in there right away. I borrowed from the machine to pay my annual taxes. Now the, the, the powers that be at the Canada revenue agency, they want me to submit. quarterly tax payments. And most businesses have to pay a monthly or quarterly tax bill because they don't have any sense of humor about that. Yeah. And if you don't pay it, they might charge us some penalties and fees. All things being equal. You talk to your accountant about that. Yep. Now I like to be in control and I don't really care about when and how I pay that bill. So I was happy to just pay it at the end of the year, including some of the fees, but I got to determine what to do with the money before I gave it to those guys. So the same dollar I was going to give the Canadian government. I run through a machine that is an asset I own and control that also protects my family and my wife. And now I borrow from that machine and I pay the tax. Now I can pay it quarterly if I want and I can choose to do that. But that quarterly payment that I would have normally made them, it now goes back as a policy loan repayment and I have excess cashflow in the business. So I just hammer it down faster. As soon as it's gone, the rest of it goes directed to new premiums. So every year I fund the machine. Once I get a couple of years out, now that that particular policy can pay my tax bill as my business grows because the tax bill is going to grow with the business. Does that make sense? Yeah, for sure. So every every time I do it, once it's going, it's it's growing. It's now on perpetual motion. So think about a machine that operates in your business. You have manufacturing business where the reason you got that is because you can turn an awful lot of product or whatever off that machine. It's doing work. You want that machine working all the time. Well, if that machine never had downtime and the longer that you used it, the more efficient it became, how many of those do you want to buy and put on your shop floor? Yeah, no, that's great. I mean, one of the, one of the things that we also see and it's an interesting, you know, probably half of my business is sort of helping people within two to five years, sort of of when they want to get ready to exit. But some of them are further along and it's like, okay, I'm ready to exit now. And they haven't done some of their homework, they haven't done sort of some planning and these sort of things. We often see business owners that are really unprepared in a lot of different ways. Not their business may be unprepared, but they're personally unprepared for a variety of different reasons, whether it's, you know, mentally they're not there yet, they're not financially ready, a variety of different things. But when I look at doing something like this and how does it happen? when the business gets transferred. Now we've got it up in the Holdco. So it lives in the Holdco and we're transferring this business. What happens then from the Holdco perspective? It just sits there and then the ins and outs of what are gonna happen with that account, let's call it, after the business transfers, do you usually take some of the proceeds of the business transfer and pop it in there? how does it live after the business transfers? That's a really good question. I love that. And so there, there's so many options. It really depends on a number of factors like age. What's the stage of life? Like some people when they're selling their business are like, okay, that's my quote unquote retirement time. I personally don't believe in the word retirement because it's mean either. share that. It means the, means the big sleep. Yeah. All right. I'm to retire for the evening except forever. Yeah. You don't want to become low hanging fruit for gravity. All right. Don't let gravity drag you down. That's what I mean. And so So you're looking for the next phase of life, whatever your next big challenge is as a business owner, so you can keep yourself going, engaged, have a longevity type of a lifestyle. And so for some people, they might turn or convert that asset into an income stream. There's a number of ways to do that. You know, that varies by country, but it's generally the same process. All right. And with the proceeds of the business, let's, you know, assuming that they've been using the credit line of this policy to help the business grow effectively, Well, they're going to have an outstanding loan. So you're going to just replace all that with the influx of capital that comes from the business. Yep. Which means you're just putting the equity back and you can tap into anytime you want. So you're, you're capital strong. Now you're looking at what your passion project is. What's the next phase of life. Maybe you're investing in your kids and their education in a new business with them. You know, maybe you're buying some property or you're diversifying your assets in other structures that you're interested in. So you have some stability there on multiple sources of things that are no longer just tied to one business. got a little bit of diversification and asset base. But the key thing is that you've got home base. Home base for your money is this machine that you've built and it's extremely efficient. So now when you deploy capital, you're always deploying capital from there. And when you're returning capital, you're returning it to them. So money is going to go in either as a loan repayment or as a premium payment. Premium makes it grow loan repayments. allows you control and literally every time that you put a payment in, can, you can access it again, typically within a number of days. Again, I always tell people plan 30 days for your need of capital. The reality is you can get it a lot sooner, but plan ahead because that's part of thinking. And if you could get it in five or six days, great. But you know, you shouldn't be rushing things because banks make transactions and sometimes they screw things up. Everyone's experienced that. know I certainly have. sure. One of the things Richard too. I mean, there's so much to go. We could talk for an afternoon on this, but, you know, the other thing is that a lot of business owners merge their personal and their business. And when you, when you're doing this sort of thing, do you have clients that are putting. their homes and stuff into this hold co and then lending out for their own mortgages and things like that on the personal side of things and still holding stuff within that hold co or are you seeing most of it really sticking on the business side to business ventures and a variety of different things around that? Like does it blend into their personal side or are we keeping it separate? It really can. It depends on the appetite of the individual. Some people are maybe a little bit more aggressive. How good is your accounting team? you know how much scrutiny and eyeballs do you want on everything you're doing? So if you have a measuring stick on the degree to which you want the IRS or CRA scrutinizing everything that you do, if you're okay with more of that, you might play out, you know, play in the gray areas a little bit more as an example. There's a lot of things that can be done, but just because you can do something doesn't necessarily mean that you should. You have to weigh that against like your, your personal appetite for risk and then relevance to your family. And when I say risk, mean, risk of an audit risk of, uh, you know, additional challenges that you're putting up with the tax man as it were. And so there, there is certainly a degree of that. And I think one of the beautiful things, certainly at least for Canadians, because you're very familiar Pete with our aggressive tax system here. there's a degree of Canadians who the reason they get a business is because it's the only way that they can warehouse money and wealth at some tax preferred model. So they can create a future structure where they can bring it down when the tax rules at the personal side are more in their favor. Cause they do go through ebbs and flows for different years. There's some rule here or some adjustment here that says, boom, you've got an opening for one year to maybe get some capital out. So if you have a whole bunch of it available, it allows you to control your outcome better as long as you're planning for those elements. And I think that's a really key. degree. And of course, we have one other key advantage in Canada that our friends down in South LeBorg don't have. And that's something called a capital dividend account. Now, if Canadians aren't familiar with that, you really should be. It is probably the single greatest tax mechanism that I believe exists for the Canadian business owner. It allows tax free extraction, past your own life to the people you love and care about in a really powerful way. And there's some really cool stuff in there. So I don't want to deep dive in that. But man, that can really be a home run. for the typical business owner if they know what they're doing. That's awesome. Well, like I said, there's a ton of stuff here and a lot more. So maybe we should uh reconvene for another episode down the road and dig in some more of this stuff. Because there's one thing that I always talk about too. get into business, for all of the business owners here listening, we get into business because we want to have a better life. And if... We use the power of our business to hopefully give us that better life. I mean, that's the goal, right? And part of having a better life like it or not is having the money that you want to have in order to fulfill the life that you want to live with you and your family. And everybody's idea there is different and that's okay. And it should be different, but we need to have the right mechanisms in order to make it happen. And I think this is one that, we need to be looking at as part of our mechanisms. I mean, we've got to deep dive everything, right, as business owners, but, you know, how to build your own bank and exit rich, I think is an interesting thing. And I really appreciate you having me on. tell everybody how they can get ahold of you, where they can get the book again, Richard, and, you know, give them, give them the final sort of takeaway here for today. Well, I definitely would encourage everyone who's thinking long range to get a copy of this book. So it's don't spread the wealth. You can go to dontspreadwealth.com. That's dontspreadwealth.com to get a free copy there sent right to your inbox. We can even ship it you for free. We just got to pay for the shipping. And uh as far as where to get a hold of me, I mean, I'm pretty easy to Google and find, but you can certainly join us on our podcast, which is wealth on Main Street, because that's where real wealth builds. And it begins is on Main Street. So wealth on Main Street, you can go to wealth on MainStreet.com forward slash YouTube. bring your rate to the channel. You can subscribe right there and we have a lot of great content and we, we talk about a lot of things for business owners and we interview a lot of great people just like Pete. In fact, Pete, we might going to have you on the show. So, uh, well, you if you want to see more Pete, of course, come and join us over on wealth on mainstream. We'll have a great time over there. And we actually interview a ton of our clients and we get their real world stories from a personal level and from a business level and they just share what's true for them. You know, we don't prompt them or guide them. We just ask questions and have a good time and they're sharing what's true for them and how they implement this in their life. And I really think that the real world stories of the business owners right across the street is what helps you understand how you can make change and shift your own mindset into a way where you can have a bigger, powerful, more productive future. I love it. Thanks for spending some time with us, Richard. And I'm looking forward to having a chat with you down the road. Make it a great day. Absolutely. Hey, I'm Richard Canfield. I was on the Business Owner Breakthrough Podcast with Pete. We talked about this incredible book, Becoming Your Own Banker. As a business owner, how can you control the flow of capital running through your business's hands? So you can have more of it, keep more of it and get a bunch of it tax free. You got to join us on the show. was a blast. Hey, I'm Richard. I was just on the business owner breakthrough podcast with Pete. was incredible. We talked about how business owners can harness the power of their own money by changing the way they think and running it through their best employee that they haven't hired yet. Figure out how to hire that employee for your business by joining us on the show. Hey, I'm Richard. I was on the Business Owner Breakthrough Podcast. Man, we had a great time. If you're a business owner and you're running money through your hands and you're not keeping all of it, we need to change that. We're going to show you how you can keep a lot more of it for multiple generations by changing the way you run that cash flow through your business. Join us on the program. It's going to be a blast.