Jason talks to Richard Parker, owner of the Diomo Corporation. They delve into the critical aspects of buying and selling businesses, focusing on the complexities around what sellers might not disclose and how buyers can navigate these challenges for a successful acquisition. The conversation offers a wealth of insights, drawing from Parker's extensive experience in helping individuals acquire businesses in the lower market.

Episode Highlights:

• 00:07: Jason Pereira introduces the episode, setting the stage for an in-depth discussion on the intricacies of selling and buying businesses, with insights from award-winning financial planner and entrepreneur Jason Pereira and Richard Parker.
• 02:11: Richard embarks on a discussion about the critical aspects buyers must consider, including the significance of understanding the future of a business from the seller's perspective, the potential for customer concentration issues, and the overarching theme of whether stability or growth presents a more valuable proposition for the buyer.
• 10:06: Important aspects like key employees and their potential impact on the business after acquisition are discussed. Richard sheds light on the necessity of identifying truly key employees and devising strategies to retain them post-acquisition.
• 12:22: The dialogue transitions to the operational challenges and pitfalls that might not be disclosed by sellers, emphasizing the importance of aligning the business's needs with the buyer's skill set and avoiding the trap of falling in love with the product rather than focusing on the profit.
• 15:48: Richard and Jason discuss the negotiation phase, debunking myths about deal-making and stressing the importance of approaching negotiations with a balanced perspective, focused on constructive outcomes rather than winning every point.
• 18:01: The conversation culminates in a discussion about realistic expectations regarding deal terms, the imperfection of businesses, and the potential for sellers to adjust their expectations based on real market feedback.

Key Points:

• Understanding the future of the business and uncovering hidden challenges are paramount for buyers.
• Key employees and supplier relationships significantly influence the stability of the acquired business.
• Effective negotiation requires a balance between strategic firmness and flexibility, focusing on establishing a mutual understanding rather than winning outright.

Tweetable Quotes

• "Growth is very sexy, but stability provides value." - Richard Parker
• "Fall in love with the profit, not the product." - Richard Parker
• "Deal-making is not about winning every point but achieving a balanced outcome that benefits the buyer while keeping the seller reasonably happy." - Jason Pereira

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Richard Parker
• Diomo

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Jason Pereira interviews Tim Hewson, CEO of LegalWills, an online platform providing millions of users with a simple and accessible solution for creating legal and compliant wills. Tim discusses the importance of having a will, the challenges of estate planning, and how Legal Wills aims to demystify the process.

Episode Highlights:

• 03:00: Recognizing the inadequacies of existing will templates, Tim and his co-founder envisioned an online platform, drawing inspiration from Microsoft Office's user interface to guide users through the will preparation process.
• 08:39: Tim talks about additional estate planning documents, including a Financial Power of Attorney and Living Will, designed for situations where an individual loses capacity, and decisions need to be made on their behalf.
• 11:32: Tim discusses the expansion of LegalWills to multiple countries and the challenges of adapting services for different jurisdictions. He introduces the concept of expatriate wills, allowing users to cover assets in different countries with complementary wills.
• 16:57: Jason reflects on the binary decision people face when choosing between affordable online services like LegalWills and more expensive options for complex legal matters.
• 22:31: Tim acknowledges the challenge of changing the perception that creating a will is only necessary when someone is about to die. He discusses the battle to disassociate the act of writing a will from thoughts of death, emphasizing that estate planning should be a standard part of financial planning.
• 24:28: Jason and Tim emphasize the emotional impact on families left to deal with disorganized estates and stress the importance of creating a will to prevent conflicts and contempt among family members.

Key Points:

1. LegalWills aims to simplify estate planning, catering to diverse needs, including those of blended families.
2. Tim discusses the challenge of balancing growth and service quality as Legal Wills has steadily expanded without external funding.
3. The platform has made a positive impact on users and charities, emphasizing the importance of organized estate planning for individuals and 

Tweetable Quotes:

• "Writing a will shouldn't be about dying; it's part of financial planning. Organize your affairs while you're well; it's a gift to your loved ones.”
• "We're on a mission to demystify wills. Losing the legalese can make the process more accessible. It's about clear instructions, not complex language.”
• "Every person who used our service is better off—over a million users and counting. Helping families and charities with organized estate planning is what keeps us going.”

Resource Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira's LinkedIn
• https://legalwills.company/
• https://www.linkedin.com/in/timhewson/?originalSubdomain=ca
• Podcast Editing

Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Aravind Sithamparapillai, an associate at Ironwood Wealth Management Group. Aravind is known for his unique and novel research on the cost of the Canada Pension Plan, and they will talk about the intricacies of Canada Pension Plan and its often-underestimated value for business owners. During the conversation, Aravind and Jason delve into the comprehensive out-of-pocket expenses for employees, taking into account tax credits and deductions. The dialogue explores the fluctuation in costs depending on income levels and the potential for tax savings.

Disclaimers

-“investment shop”

*Investment services are provided through Ironwood Securities, an approved trade name of Aligned Capital Partners Inc. (“ACPI”). ACPI is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization (“CIRO”). Only investment-related products and services are offered through ACPI/Ironwood Securities and covered by the CIPF.

-“I do full scale planning”

*Aravind Sithamparapillai is an Associate at Ironwood Wealth Management Group. Ironwood Wealth Management Group offers financial planning and insurance services. Ironwood Wealth Management Group is an independent company separate and distinct from ACPI/Ironwood Securities.

Episode Highlights:

• 03:20: Aravind acknowledges Jason's content on corporate topics and integration, highlighting the confusion around CPP savings and the realization that the after-tax impact needs closer examination.
• 09:26: Introducing a chart to visually represent net costs for employers, the conversation explores hypothetical examples across various income levels. Emphasis is placed on the significance of taking the entire tax scenario into consideration.
• 14:15: Aravind introduces the concept of the Canada Child Benefit and other income-tested benefits that can be impacted by the choice between salary and dividends. He emphasizes the importance of considering all factors in optimizing total wealth.
• 21:43: Aravind discusses the "light bulb" moment regarding CPP calculations. He explains that when an individual takes CPP, a bonus is calculated on top of the actual CPP rate for that specific year.
• 22:26: The emphasis is on the assertion that the expansion of CPP extends beyond inflation; it encompasses real income growth attributed to the additional growth linked to the average industrial wage.
• 25:21: Jason discusses the importance of considering Old Age Security (OAS) and CPP in retirement planning. He also addresses the common belief that everyone thinks they will live to 100, pointing out the statistical likelihood of living longer as one ages.

Key Points:

1. Jason and Aravind discuss the worst-case scenario related to CPP contributions and how the tax savings play a crucial role, reducing the total contribution amount by over a third.
2. The conversation delves into the considerations for business owners deciding between salary and dividends.
3. The discussion emphasizes the importance of benefits of the Canada Pension Plan, including survivor benefits and disability portions in situations where private disability insurance may not be practical.

Resources Mentioned:

• https://www.ironwoodcanada.com/aravind-sithamparapillai
• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

Hosted on Acast. See acast.com/privacy for more information.