In this episode of the Get Business Smart podcast, host Tony Bradshaw speaks with Mike Milligan, founder of One Oak Financial, about the importance of financial planning and tax strategies for business owners. They discuss the significance of diversifying investments, the role of real estate, and the necessity of structuring businesses for protection. Mike shares insights on tax strategies that can save business owners money and the difference between CPAs and tax planners. The conversation also touches on leveraging family in business and the benefits of geographic arbitrage. Mike concludes with recommendations for aspiring entrepreneurs.

TAKEAWAYS

• Wealth is created in one of three places: 401k, real estate, or business.
• Business owners often fail to diversify their investments.
• Creating an emergency fund is crucial for business owners.
• Real estate can provide both tax benefits and appreciation.
• Proper business structure is essential for legal protection.
• Tax strategies can significantly reduce tax liabilities.
• CPAs focus on tax preparation, while tax planners focus on strategy.
• Employing family members can provide tax-free income.
• Geographic arbitrage can lead to substantial tax savings.
• Investing in children's futures can create long-term wealth.

CONNECT WITH MIKE MILLIGAN AT 1oakfinancial.com OR mikemilligan.com

Get Business Smart Coaching helps entrepreneurs and leaders build better businesses and better lives on purpose with purpose.

Learn more about Get Business Smart Coaching at TonyBradshaw.com