Kohler - The Business Owners Guide to Financial Freedom: what Wall Street isnt telling you

Table of Contents

I cant thank my amazing wife, Jennifer, enough for her support during the many hours I spent working on this project. She was gracious and understanding as she told me to go to the den to finish the book when I was taking valuable time away from the family and missing important family functions. She always understood the importance of this work, and I couldnt ask for a more loving and supportive wife.

Randy consistently reported the same support from his wonderful wife, Sandi. She consistently was patient, supportive, and understanding of the time and energy it takes to put together a book of this magnitude.

Both Jennifer and Sandis contributions and insights as we would bounce ideas off of them were invaluable in making this book helpful and understandable to the typical small-business owner.

We also must thank our amazing staff and partners at both of our offices, KKOS Lawyers, K&E CPAs, and Lifetime Paradigm. We are so grateful to have talented and dedicated team members helping us to deliver important tax, legal, and financial services that truly change the lives of so many.

MARK J. KOHLER, JD, CPA, MPrA, is a lawyer, Certified Public Accountant, best-selling author on asset protection and tax planning, national speaker, radio show host, blogger for Entrepreneur.com, and real estate investor. Mark is also a senior partner at the law firm Kyler, Kohler, Ostermiller & Sorensen (www.kkoslawyers.com) and the CPA firm of Kohler & Eyre (www.ke-cpas.com). Mark is a personal and small-business tax and legal expert, who helps clients build and protect wealth through wealth-management strategies, as well as business and tax remedies often overlooked in this challenging, ever-changing economic climate. His seminars have helped tens of thousands of individuals and small-business owners navigate the maze of legal, regulatory, and financial laws to greater success and wealth.

Mark has written three books previously; The Tax & Legal PlaybookGame-Changing Solutions for Your Small-Business Questions (Entrepreneur Press, 2015). What Your CPA Isnt Telling You: Life Changing Tax Strategies (Entrepreneur Press, 2011), and Lawyers Are Liars: The Truth About Protecting Our Assets (Lifes Plan Publishing, 2008). Mark has a loyal following of fans through his weekly radio show, which can be accessed at www.refreshyourwealth.com and is a top-100 podcast in iTunes under Investing. Mark is a proud father of four beautiful children and husband to his lovely wife, Jen. They reside in beautiful Southern Idaho, where Mark practices his fly fishing skills when hes not traveling and trying to squeeze in surfing on his trips. He has offices in Southern California, Phoenix, Southern Utah, and Idaho.

RANDALL A. LUEBKE, Investment Advisor Representative, RMA, CWPP, CMP, is an independent financial advisor and the principal and founder of Lifetime Paradigm Inc., an intellectual property company specializing in providing Real Estate Integrated and Self-Directed Retirement Planning, Asset Protection, and Estate and Tax Planning for Businesses, Home Owners, and Real Estate Investors. Going well beyond traditional financial planning and wealth management, Randy specializes in providing Cash-Balance Pensions, 401(k) Profit Sharing, and 401(h) Tax-Free Health Benefits Savings Plans. Randys focus is on providing his clients with one thing, certainty, by helping his clients to achieve all their financial goals in a better, smarter, safer way. With over 30 years of experience, Randy trains financial planners, attorneys, Realtors, CPAs, stockbrokers, and insurance agents from all over the country, teaching them how to become better stewards of their clients money. His experience, knowledge, and proprietary systems have helped scores of clients live less stressful and more fulfilling lives. Randy is married to his beautiful wife Sandi, and they have two wonderful children, Jana and Kurtis. They reside in Southern California, where he and his wife enjoy art, great food, and mountain biking, as well as regular trips to Park City, Utah, for snow skiing and outdoor living.

I truly feel that this book can save you thousands and thousands of dollars, help you build your wealth significantly, and most importantly, save you countless hours of heartache and pain because you dont have a proper financial plan.

As I have stated repeatedly, I am not a licensed financial planner as defined by Wall Street and the financial industry, but I am a tax attorney who meets one on one with clients daily around the country and assists them with their tax, legal, and business planning. Inevitably, many of these conversations evolve into a difficult wake-up call regarding their lack of a coordinated financial plan for their business and retirement.

Because of these thousands of meetings, I have seen and learned what works and what doesnt work when it comes to an entrepreneur building wealth and hopefully retiring on their business. I AM an ENTREPRENEUR, and I often feel I have benefited from these meetings more than my clients have. I wrote this book to share what Ive learned and Iam confident we share extremely similar goals in regards to the freedom we desire from financial burdens.

So I partnered with a licensed, independent financial advisor to complete the circle of life on this crazy topic of financial freedom. Randy Luebkes advice and contribution to this book, and my personal life, has been invaluable.

To HELP YOU find the right path for yourself, or at least start on the road to financial freedom, we created the Business Owners Financial Freedom Challengequestions that will help you find your place on the Business Owners Financial Landscape. PLEASE TAKE the time to answer these questions and see what your financial future may hold for you!!

Visit www.ebooktofinancialfreedom.com to take the challenge TODAY!

Entrepreneur Press, Publisher

Cover Design: Andrew Welyczko

Production and Composition: Eliot House Productions

2015 by Entrepreneur Media, Inc.

All rights reserved.

Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful. Requests for permission or further information should be addressed to the Business Products Division, Entrepreneur Media Inc.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

ebook ISBN: 978-1-61308-305-5

INTRODUCTION

BUSINESS PLANNING WITH GAME PLANS

E ven if you arent a sports fan, the concept of having a game plan before heading into an athletic event shouldnt be a foreign concept. In fact, I think we can all agree that if a team or an individual taking part in a serious competition doesnt have a game plan before starting, the likelihood of success will be minimal. Even in a friendly backyard game of one-on-one basketball, you would quickly devise your plan of attack, whether its focusing on outside shots or taking your buddy to the hoop with aggressive layups.

Business and tax planning couldnt be any more similar. It is absolutely critical to have a variety of plans in place for the different games you may play in the tax and legal arena. Just as in sports, if you dont research and devise well-thought-out strategies as you build your business, you could lose not just your shirt (or thousands of dollars), but also years of your life with wasted time and stress.