E26 - Buying Cash-Flowing Businesses as Investments with David Barnett

E28 - The Upstream Model - How to Build Wealth via Relationship Capital with Justin Stoddart

Today on The Wealth Secrets Podcast, Sean Adams welcomes Justin Stoddart, author of the international bestseller The Upstream Model. He’s also the host of the Think Bigger Real Estate Show, as well as a coach and consultant to top entrepreneurs. Sean shares his proven strategy for building a network that produces recurring referrals for your business or personal life.

[03:10] Getting to know Justin Stoddart
[05:02] Developing the Upstream Model
[12:37] Win clients and referrals with the Upstream Model
[16:41] Put in the effort to stand out
[22:00] Cultivating long term relationships
[27:25] Identifying opportunities with exponential returns
[39:47] Thinking Bigger Podcast

Justin experienced first-hand the difficulty of finding his next client. Cold calling and networking did not produce fast and consistent results. This gave him the idea to look for partners who could open up doors of opportunity for him¾to go “upstream”.

For the Upstream Model to work, you must be referred by a trusted professional to the person you seek. Introduction through a credible professional will warrant a warmer reception. During the first few appointments with your potential partner, it’s crucial that you build rapport and identify their business problems. Find common ground by talking about your past successes in the industry. Once you know their main concern, find a way to solve it in time for your next meeting. By doing this, you instantly prove your value through immediate action.

How do you know which relationships to seek out? Choose an upstream partner whose customers can possibly become your own customers in the future. It’s better to have a handful of contacts with warm referrals rather than hundreds of contacts with cold referrals. Focus on the relationships that give you repeated value. This also prevents overwhelm from managing large databases of referrals and frees up your time for other things that matter.

Links and Resources:

Justin’s LinkedIn

Justin’s Instagram

Justin’s Website

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

E27 - Own Nothing but Control Everything! with Zachary Miller

Today on The Wealth Secrets Podcast, Sean Adams welcomes Zachary Miller from Private Wealth Academy, a group of experts that empower individuals to take control over their wealth. They discuss how to use bulletproof trusts to protect any asset while reducing liability.

[03:10] Getting to know Zachary Miller
[07:58] What is a trust fund?
[10:53] Benefits of a trust
[15:04] Build a trust web to protect assets and businesses
[20:59] When to build a trust fund account
[25:42] Why billionaires don’t want you to create trust funds
[31:28] Save on taxes with trusts
[33:04] Trusts protect you from law suits and divorce
[39:21] Setting up trusts worldwide
[40:49] Private Wealth Academy

A trust fund is created to hold an asset for the benefit of another. The assets in the trust are neither owned by the grantor nor the beneficiary because ownership is determined at a later date. Assets that are not in a trust are taxed heavily by the government. Wills are not exempted from probate but trusts are.

Aside from the inheritance benefit of trusts, other advantages include protection and tax savings. Cars, real estate, and registered businesses can have their own trusts – thereby protecting your assets from litigations. You can set up trusts in whichever way you like, building a “trust web” that’s best suited for your unique position. Whether you have a statutory or a private trust, you are able to reap tax savings.

You don’t have to be a billionaire to start a trust. Trusts have always been advertised as accounts for the wealthy but that is simply untrue. Start your own trust fund for your own protection and use it to your advantage.

Links and Resources:

Private Wealth Academy Website

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

E26 - Buying Cash-Flowing Businesses as Investments with David Barnett

Today on The Wealth Secrets Podcast, Sean Adams welcomes back David Barnett, business consultant for small to medium-sized enterprises and the bestselling author of Invest Local and other titles. His decades-long of combined experience at Yellow Pages, American Express, and business brokerages have made him an expert in business buy and sell, business valuation, and deal-making. David shares his tips for how to invest in cash-flowing businesses and how to add value as an investor.

[03:26] Getting to know David Barnett
[08:01] Buying a business VS starting a business
[11:41] What to consider before buying an existing business
[16:12] Delegate responsibilities, not tasks
[22:42] Goodwill and how it affects business valuation
[34:02] A cash flowing business is an active investment
[37:34] Opportunities to improve a business’ underutilized assets
[44:39] Where to find investment opportunities

The biggest risk in starting a business is the uncertainty of reaching your breakeven point. It’s even more challenging to make a profit. Acquiring a business that has a secure cash flow may be a safer investment decision depending on your financial situation.

Before buying an existing business, ask yourself these two questions: What is the cash flow? Will I be able to generate the same cash flow under my stewardship? Answer these questions to determine the returns and risks. An enterprise that doesn’t have standardized processes, manuals, and tools in place will be much harder to take on. On the bright side, you may also view this as an opportunity to acquire the business at a lower cost. Evaluate what other areas of the business are underutilized. Use your skills, knowledge, and resources to make further improvements.

Looking for investment opportunities starts with introspection. Create a list of your strengths and expertise. You’ll get an idea of which businesses and industries will match your skillset. Search for business listings and online databases for the niche you’re interested in. Reach out to the owners of the businesses and build relationships with them and other industry specialists. In time, you’ll find a cash-flowing business to invest in that will be a good fit for you.

Links and Resources:

David’s LinkedIn

David’s Website

David’s YouTube Channel

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

E25 - How to Build a Six Figure Passive Income Business in 12 months with Neil Twa

Today on The Wealth Secrets Podcast, Sean Adams talks to Neil Twa, who is the founder and CEO of Voltage Digital Marketing. He has been launching, operating, and growing private label e-commerce businesses since 2012. As of date, he has sold over $100 million in physical products primarily through the Amazon FBA sales channel. Neil shares his blueprint for how to build an online business that can generate a passive six-figure income in just 12 months.

[03:03] Getting to know Neil Twa
[06:37] Why build brands on Amazon?
[10:56] Fulfillment by Amazon
[14:45] Criteria for physical products
[19:20] Sourcing and manufacturing of goods
[23:33] White label VS private label products
[25:36] “Found money” on Amazon
[28:41] Voltage Business Builders
[33:25] Pay as you profit model
[39:11] Voltage Management Services
[44:34] Opportunities and the future of e-commerce

Neil’s interest in building e-commerce private label businesses started in 2010. At that same time, Amazon was an up-and-coming platform that showed a lot of promise. He realized that Amazon was a giant search engine for products, with lots of consumers using it as their go-to shopping website. The platform attracted a lot of organic traffic and product listings were easily visible. Neil and his partner Reed Larson, found a lot of success in building businesses with brands on Amazon. His company, Voltage Digital Marketing, grows brands with or even for sellers.

The success of an e-commerce-based business will depend on its product. A product must provide unique value to the buyer. The ideal consumer is someone who is solution-oriented, rather than someone who is just looking for the cheapest option. For these reasons, the optimal products to sell are usually high-end goods that customers are passionate about. Another criterion is that products must have at least a 40% profit margin.

Aside from the ease of marketing, Amazon also smoothens a business’ operations through its Fulfilment by Amazon (FBA) program. From storage, delivery, to customer service, the FBA program handles all the logistical concerns for the seller. Business owners have more time and energy to get to know their customers. Revenue can be doubled if you have a good understanding of your target market.

Links and Resources:

Neil’s Mobile: 4174134209

Neil’s LinkedIn

Voltage Digital Marketing

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

E24 - Become International - How to Build Wealth by Diversifying Offshore with Mikkel Thorup

Today on The Wealth Secrets Podcast, Sean Adams talks to Mikkel Thorup, the bestselling author of Expat Secrets and the host of The Expat Money Show podcast. He has lived in 9 different countries and has been constantly travelling the world for over 20 years now. Mikkel shares his experiences in living abroad with zero taxes and why you need to diversify your portfolio with off shore investments.

[02:53] What is an Expat?
[05:51] Getting to know Mikkel
[10:58] Why live as an expat?
[14:43] Remote work is more viable now than ever
[19:01] Eliminate tax using the FEIE Rule
[26:46] Off shore asset protection and diversification
[37:56] Protection from litigations and politics
[42:31] Foreign investment opportunities
[45:38] Work with experts you trust

Mikkel started travelling since he was 16 years old. Formal education didn’t suit him so he decided to drop out of school from a young age. Instead of learning inside the classroom, he was learning through his own exploration of the world.

Due to COVID-19 pandemic, majority of the workforce has shifted to remote work. This change has prompted people to re-design their life not by society’s standards but by their personal goals. There are many advantages to living overseas as an expat. You have the freedom to seek out exciting experiences, to live healthier, to learn new languages, and much more. Living abroad also allows you to reduce tax bills to zero. You can do this by moving to a low-income tax state and by qualifying for the foreign earned income exclusion (FEIE) program. Without the burden of tax, you can live a more comfortable life abroad.

Another way to build wealth is to diversify your portfolio with foreign investment opportunities. You can buy real estate and precious metals, open off shore bank accounts, or even incorporate a company overseas. Litigators and creditors are discouraged to come after foreign assets because of the differences in language, currency, and laws. Before attempting to move or invest, consult with trusted specialists because mistakes can have severe consequences.

Links and Resources:

Mikkel’s LinkedIn

Mikkel’s Book: Expat Secrets

The Expat Money Show Podcast

Expat Money Forum Group

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].