In this solo episode of Better Your Business, Cher sits down with Elena Favaro Viana, founding member and managing partner of EFV Legal. Elena shares her unconventional path from international criminal law to building a law firm dedicated to supporting small businesses and entrepreneurs, particularly women. Together, they break down the realities of legal structures in business, including personal real estate corporations (PRACs), and discuss how mindset, strategy, and proper support systems can transform a business. This conversation blends practical legal insight with empowering perspective shifts for realtors and entrepreneurs ready to grow.

In this episode you will hear:

• [01:44] Elena’s career journey from international criminal law to launching a successful legal business during the pandemic.
• [04:21] Why many Canadian entrepreneurs avoid legal foundations and how this mindset limits business growth.
• [06:09] Understanding business liability from day one and the risks of operating without proper legal protection.
• [08:48] What a Personal Real Estate Corporation (PRAC) is and how it supports real estate professionals.
• [10:15] How PRACs enable tax planning strategies and reinvestment into your real estate business.
• [13:50] When realtors should consider incorporating and how to determine if a PRAC makes financial sense.
• [16:08] The true cost of maintaining a PRAC and why profitability is key before incorporating.
• [17:52] Strategic tax planning tips, including choosing a non-traditional corporate year-end.
• [19:32] Common mistakes when setting up a PRAC and why professional legal guidance is essential.
• [22:20] The importance of collaboration between your lawyer and accountant for optimal business structure.
• [27:05] A candid discussion on women in business, mindset, and the tendency to undervalue success.
• [32:09] Navigating entrepreneurship and motherhood while building a sustainable and fulfilling career.
• [40:35] Why a PRAC can be a powerful wealth-building strategy for realtors.
• [43:01] Building a strong professional team to support long-term business and financial growth.
• [44:40] Vision planning and focused execution as key drivers for scaling your business successfully.

Connect with Elena:

Instagram: @elenafavaroviana

Cheryl Goetz has been a Realtor since 2016 and knows firsthand what it feels like to build a business filled with anxiety, confusion, and constant pressure. After raising two kids, navigating a transition from new construction to resale, and adapting through shifting markets, she transformed her career into one that now feels intentional, joyful, and ease-filled. Today, Cheryl helps women in real estate do the same — creating businesses that reflect their authentic selves, attract aligned clients, and grow sustainably. Her mission is simple: to help women drop the industry “shoulds” and build businesses that fuel their lives.

Instagram: @chergoetz_
Website: www.athomecompany.ca
Email Community: https://athomeco.myflodesk.com/bybpodcast
Contact: hello@athomecompany.ca

Thank you to our Sponsors:

Staci Millard @ Thrive Accounting @thriveaccounting | https://thriveaccounting.co

EFV Legal @elenafavaroviana | efvlegal.ca

Amanda Walczyk | Saltbox Mortgages

@saltboxmortgage_agent

Tuesday Mortgage Tidbits Sign Up for Realtors: https://saltboxmortgage.myflodesk.com/iksoczdm1f