What are the three key mistakes entrepreneurs make when it comes to their wealth, and how can they be avoided?

In episode 445, host Zack Knight interviews Cannon Carr, a wealth management strategist, CEO, and business owner of Corner Cap Wealth Advisors. Carr shares his expertise on building resilient teams, fostering a positive company culture, and the common pitfalls entrepreneurs face when managing their wealth. The conversation dives into the importance of planning for the future, maintaining liquidity, and achieving a healthy work-life balance. Carr also emphasizes the significance of small businesses in driving economic growth and innovation. Throughout the episode, Zack draws parallels between the experiences of veterans transitioning to civilian life and the challenges faced by entrepreneurs.

[00:00 - 09:57] Starting a Business and the Entrepreneur Journey

• Cannon Carr’s Introduction and early steps in the entrepreneurial world
• How does stability work in entrepreneurship?
• Cannon’s company nowadays

[09:58 - 15:04] Building Resilience in a Team

• Focus on building a team that can make decisions independently
• Hire people based on shared values and culture
• Encourage honest communication and vulnerability within the team

[15:05 - 21:19] Ego and Loyalty in Business and The Military

• Recognize that ego can create unnecessary conflict and distraction
• Understand that loyalty is a double-edged sword; sometimes, you need to let go of team members who have outgrown their roles
• Strive for a balance between personal life and professional obligations

[21:20 - 35:27] The 3 Mistakes Entrepreneurs Make with Their Wealth

• Not planning for an exit strategy
• Lack of liquidity to navigate through disruptions
• Failing to maintain independence from the business

[35:28 - 41:39] The Importance of Giving Back and Building Trust

• Inspire others by giving forward and sharing knowledge
• Acknowledge that success is not achieved alone; be willing to help others
• Foster trust within your team and in your relationships

Key quotes:



"Culture means you set the values about how your company or your business makes decisions." - Cannon Carr

"There's no way I would be where I am now without the help of others, right? So you have to share, and it's a joy to do that." - Cannon Carr

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If you want to learn how to build a better business, you can connect with me at ZackAKnight.com. You can connect with us on LinkedIn,