In today's episode we discuss the rising uncertainties due to the outbreak of the coronavirus. Make sure to tune in if you are feeling very uncertain about things right now and learn the different tips we have to help business owners stack the odds in their favour.
What’s the difference between a business owner and an entrepreneur? And how can you become a SMARTER business owner? The answers to these questions are revealed by Kevin Whelan in today’s episode! With the current uncertainty across financial markets and key industry sectors due to the outbreak of the coronavirus, plus the UK floods - many business owners will be feeling very uncertain about things right now. There are 4 D’s that exist to scupper every business owner who isn’t prepared for them and these will be discussed today, along with a final acronym D.R.A.W which holds the key for stacking the odds in the favour of any business owner being able to walk away wealthy, rather than weary, from their business.
Resources Mentioned In This Episode:
>> Take the Wealth Dynamics Entrepreneur Assessment - https://www.wealthbuilders.co.uk/wealthdynamics
Acronyms used in today’s episode:
How can you become a S.M.A.R.T.E.R business owner?
Sales
Money
Activities
Relationships
Time
Entrepreneur
Recurring Income
The 4 D’s that can scupper a business owner:
Death
Disablement
Divorce
Disruption
How to D.R.A.W a healthy income from your business?
Director’s Pension [SSAS]
Relevant Life
Assets
Wellbeing & Wheels
A step by step process to help you create, build and protect your wealth.
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Unknown Speaker 0:01 The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.
Christian Rodwell 0:19
Welcome to Episode 49 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders and I'm joined by our founder Mr. Kevin Whelan.
Unknown Speaker 0:28
Low Kevin. Hello, Chris. Nice to talk to you again.
Christian Rodwell 0:31
Yes, good to be back. And today's episode, we have named it the rising tide of uncertainty in business. So kind of topical here with a few things that have been going on certainly things that have been in the news over the last couple of weeks or so.
Unknown Speaker 0:44
Yeah, I mean, the rising tide is certainly true right now. I mean, we've had look look at those devastated businesses caused by the floods the weather is February on record ever I think I've been told. Just Just imagine if you've got a small business. And you know, the floods just completely ravaged your business and you're devastated by it. And for some, they'll never recover. You know, which is why I just want to say a real big thank you to entrepreneurs who, you know, get up in the morning, they take the risk, they make payroll, they have five jobs instead of one job to do. And they busted often, you know, paying a price for that. And some news later that is just devastating to me what the government are trying to do to kick the owners, the business owners squarely in the teeth, and I want to try and help people understand that problem and how to mitigate themselves so they can ride this tide that's coming and not just that, of course, Chris is the coronavirus is creating uncertainty everywhere the markets don't know quite how to react to that in a minute.
Christian Rodwell 1:51
No, no, we've seen the Marcus yo yoing definitely over the last few days and you know, you can read any kind of newspaper and see the It's having a knock on effect across many industries, of course, travel and tourism is being hit hard, but even the car industry, so we just don't know. And there's all this uncertainty, and which I think is why we talk. So, you know, with such belief about the more pillars you can have in place, then the more certain you are, and when these currencies come up, then you really are protecting yourself because you're not reliant on just one source of income coming, whether that be a business or from the stock market.
Unknown Speaker 2:30
Well, exactly right. And the reason why multiple pillars is important is so that you can create independence isn't just a word. It's independent from the economy, independent from political persuasions, independent from what happens in the weather, what happens to, you know, the sort of health situation, you've got to build your wealth in multiple pillars, and while we're still squarely talking about business owners here, obviously very close to my heart, as you know,
Unknown Speaker 3:01
Many of you know, my dad was a business owner and died, unfortunately, in selling to the business owners trap. Maybe I'll talk about that a little bit. But there's just so many things, business owners, you know, actually are exposed to more risks than anybody else. And I think it's important to try and get business owners themselves sometimes to see their life through a different lens, you know, so what I mean by that, Chris is, you know, if you think about a business owner, and you imagine them, you know, these people who are running their businesses up and down to the river banks, and everywhere across the country, they've got kind of a tunnel vision don't day they kind of look at the business if the business is their sole focus. And everything they do is to, to, you know, make that business work, particularly the beginning and then when they get into more complexity. And what they tend to do is build a quiet little web around themselves. That's what attracts them in and and I think there's definitely a way to look at that in a wait to see yourself if you can if you're in a small business, or you're thinking about creating one, you know, begin with the end in mind and be a be an entrepreneur, not a business owner. And there's a fundamental difference between the two, Chris. Okay, would you would you care to share that with us? Sure. Well, you know, business owners essentially, kind of have that vision of doing business. So in reality, there's a bit of a misnomer going on, that business owners somehow think, in many cases, that they'll use language like, my business is my pension, or my business is my baby. And they think about their business in a very personal way. And in many respects, they become so closely connected and tied to the business, it becomes almost impossible for them to see it as a separate asset. In the same way as we look at a home or a pension or an investment. Or a piece of property or a piece of IP, you get the point, they get sort of so focused on the business is an asset. But for many people, their business is not an asset, because they've still got one source of income, which is them turning up doing stuff in the business. And what I say is, you know, a lot of people in business are what I would call smart business people, you know, they're, they have to be smart, because, actually, you know, they're holding down five jobs at once. You know, think about the economy, Chris, I'm a teacher. So think of the language of smart and that's let's have a go with that. Should I do that the smartphone and then okay to be smart. Okay. So, if you think you're a business owner out there, at the moment, you know, are you still responsible for sales and business? Are you the chief seller? You know, are you responsible for that? And if you are, you know, you've got a sales job are you sometimes when you look at the Money side of things, which is the M, Do you sometimes pay yourself last? Is there ever been a time when you had a sleepless night thinking about your payroll? But you didn't actually draw any income? Did that ever happen to you? What about you know, getting caught up in the day to day tyranny of the routine of doing work, fighting fires and feeling important, which is the A for activities, even more often than not? The the people in businesses are selling, you're doing it, shipping it, managing it, you know, they're almost in a place where they become indispensable and they feel good about that. And I would say if you're indispensable in your business, that's a bad thing. You know, and then, you know, what about your relationships? You know, when, when people think about your business, do they think about you? Are you the key person that people turn to to make decisions? Or do you empower other people to make decisions in your business, like a user key relationship with a supplier or a key relations Keeping your top customers, you know, the people see you is the linchpin in your business. If so, that can be dangerous that can make you fall into that trap. And just as importantly, you know, are you sometimes or have you ever been late or didn't show up for something for your kids happened, you know, that's happened to you, your relationships can be suffering as a result of that. And then finally, at the time, you know, you sometimes find yourself knackered in a weary instead of wealthy, you know, do you feel that? I know, I felt that you know, which is why you only important that I started off on my own wealth building journey to focus on not being smart, but smarter. And what I mean by that Chris is he stands for being an entrepreneur, not a business owner. Business owners focus on a business. Entrepreneurs focus on the enterprise. In other words, a business owner creates a business in which they work, trading time for money in various ways. An entrepreneur craters an enterprise that works without them, you see the difference between the two. One was an enterprise it works without you doing the work. Yes, you might set it up. Also, you're creating massive value, you're thinking about scale, you're not thinking about just limiting the amount of sales or the amount of things due to your time, you know. So in other words, you're thinking about scale. You're also thinking about creating streams of recurring income in your business. You know, that's a big thing for me, isn't it? And if you can create recurring income, in a business that works without you, guess what, Chris, that business can be sold. Like a business that can work without you. It's dependent on you. Then I'm sad to say just like my dad did, you can get caught up in the trap of, you know, the things that can really kick your business from out from underneath you. And, you know, at least three out of four of those things. Chris, happen to you as a person. She'll tell you what there. Please do you don't want to interject in any way, you know? Well, I want to do
Christian Rodwell 9:09
i do want to just double check, we got the are there. So with the hours for the recurring income, is that right? So
Unknown Speaker 9:16
money, activities, relationship relationships and time that's smart. And that's the five jobs you've got pretty much trying to balance all of those things. And sometimes you might do it well, but either way, it tends to trap you. And if it's an invisible trap, the complexity takes you over. Right? I definitely can see that when I meet business owners, but an enterprise I mean, think about the sort of people who naturally come to mind, Chris, so if I sent you an entrepreneur who comes to mind, well, Richard Branson always comes to mind I'm gonna say someone like Elon Musk or Mark Zuckerberg, these kind of big entrepreneurs, right? But even the people who created those enterprises and you think about that virgin is an enterprise No Elon Musk is created enterprises. Zuckerberg created enterprise. He started off small, you know, doing things at university doing things out of guarantees, doing things in a humble way. But they had a vision, which was much bigger than the activities that surrounded the day, the week, the month in their business. You know, another one would be surprising you probably someone like Oprah Winfrey, the first black female billionaire. You know, and that's massive stuff, that people create multiple businesses, because they allow somebody else, to be in charge to make decisions, to make the sales to manage the money to handle the relationship so they can have the time because having the time means you can be a leader of an enterprise, as opposed to be the person who's in the business, pulling or pushing the business. So to me,
Christian Rodwell 10:53
I'm one of the very best ways that we recommend very often on this podcast is to know Self. And taking the wealth dynamics test is one of our favourite ways of helping our members and clients to really understand where their strengths and where their weaknesses are. And I think all of those examples of those entrepreneurs or people who have sussed out really quickly, the things they're not good at, and then surrounded themselves with people who are excellent in those areas. Yeah,
Unknown Speaker 11:19
great point. Great point. And, you know, actually talking about clients and so on, we got to always have a couple of thank yous don't request. So a couple of people who said nice things about us over the course of the week, we always like to acknowledge that absolutely.
Christian Rodwell 11:34
Yeah. So our latest review on iTunes for the webtop podcast is from Moxie Morris and saying love the podcast and all the great content, that depth of knowledge, and the way it's delivered is really engaging. I so wish this podcast have been available when I started my journey for financial independence 20 years ago, and thanks to both you and I for the content there. So thank you, Moxie Morris. And we've actually had a review just come in on trustpilot as well. So trustpilot is another great place if, if anyone listening now would like to share your thoughts and thanks for the content, then Victoria is our latest review and talking about the help that she received, setting up her SAS. And she's found the whole process being very helpful walking her through every step of the way. So thank you to Victoria and Moxie Maurice there. Well, actually,
Unknown Speaker 12:30
it's Vicki, just because I know Vicki and no well and actually what's interesting about her is, you know, she had a opportunity to buy a property with Japanese not word in it. And of course, you can't get a mortgage on a property with Japanese not one. But pension essentially made that available because she bought the property essentially with the proceeds from a pension. So pension which would have been on the stock market, going all up and down like a yo yo as you said earlier on Chris. Now, the turned into something that she can own, take care of the Japanese not word and then she can be fine and seven pay ourselves back. So, you know, great story. And we've got many of those Haven't we, where people can leverage something they didn't realise. And this is being an entrepreneur, you know, entrepreneurs are more creative, they see value, and they create that value. And, and that's what we like. So even if it's creating value for yourself, the momentum of creating value for yourself, enables you to enjoy because create value for others. And we heard that from brahmans podcast last week, when she talked about she created great value and then wrote a book and now she's creating value for others. And this is the natural progression of wealth building. And actually one of the progressions of creating value is also to create a business around that. And that's where we're talking about now. And one of the things I've got my blood boiling this week, Chris. I don't know if I'm getting ahead of myself here because I maybe haven't mentioned the kind of big things that happen. getting in the way of people's businesses. I've every night I'll do that. And I'll tell you what made my blood boil in a minute. So, you know, the there's there's four DS, the four DS that really can scupper a business owner. And the reason why it's important to know what they are, is because invariably, you never see him coming. It's a sucker punch, he sent me a blind spot, you just do not see it come in left side, whack.
Unknown Speaker 14:32
And it happens thousands and thousands and thousands of times, which is why less than 5%. The business the same as the 95%. Chris, you don't make it to independent, less than 5% of businesses ever get sold. And part of that is because of the 14. Now let's go through the 40. And while you can't protect yourself against them, you can protect a little bit against them. And you can certainly try and deal with the blind spots by building more assets. Not The business you're in. So Chris, you know about my dad. Right? So so he died, right? And he was a business owner. But did he have a contingency plan? So that if he died, the business would continue to the other management team and play? Did he have systems and processes that work without him? How do you sorted all that out? Now we hadn't. Why didn't you do that? Well, my dad was smart, but he wasn't smart enough. And unfortunately, not only did the business die, he didn't actually have any life insurance either. More about that in a minute. And, you know, when a situation where, you know, in business owners, they're often driven. And in many cases, like in my business, you know, I'm a driver. My wife's not so much my dad was a driver, Mom, not too much. And when you get to a situation I was from Georgia to call it me, ma'am. And mom was very badly affected because they had a mortgage. Didn't get paid off. She had a lifestyle didn't have decent pension. Right. So, you know, this is these are the things that affect people. They died because something happened. They don't see it coming. They never seen it come in. They think they're invincible because they're full of energy and you leave people behind devastated. Not great. not great at all. The second one is just as bad and I'm not being doom and gloom. I'm just being realistic about businesses is disabling. You know, you get something happen to you or a loved one. You know, you get cancer, you have a heart attack, you have a stroke. You know, everybody knows somebody who's had cancer. Everybody knows somebody who's had a health problem. And whether it's your health problem or a problem of partner. These things can be solved just like death can be insured against disablement can be insured against, but most business owners just don't get ground to a lot. They don't do that. Bloody wills, Chris, you know, this don't do this stuff, because they get caught up in the trap. and business owners know this when you tell them but they just go back to doing you know, the stuff they do every day and they forget about doing these things even though you know, they look back they would say, you know, I wish I'd sorted down the other one is a bit more of a challenge don't know how you solve this one but it's it's the divorce right so many people getting divorced. We know the divorce rate is high in many business owners who suffer from that time challenge sometimes, you know, have a higher divorce rate because of that time pressure, they're not balancing their work life very well. And all sorts of different challenges come from that but, but if you know that potentially half of your assets can be lost in a divorce. just build more assets, you know, have the focus because you can't control that. What you can do is have lots of assets, you know, and ensure that you provide for a spouse, whether you're alive Dead, disabled or divorce, you take care of people, and that's really important. And the fourth one is disruption. We just talked about, you know, floods, we talked about coronavirus, but I don't know, disruption. Look, we've never lived in a faster time for technology change for innovation. Just it's getting faster and faster and faster the pace is picking up, isn't it? Just look at the high street Chris. You know, if you I know you're maybe younger than me, but if you look at what's happened in the high street in the last 1020 years, just the high street, forgetting about other companies, you know, who's disappeared from that, you know, you could probably read really new names off, can you
Christian Rodwell 18:40
Well, certainly can't go to blockbuster and pick up a movie anymore. Can you and Woolworths I remember Thomas Cook recently in maplin you still have got a map. So yeah, a lot of those no longer around.
Unknown Speaker 18:52
Yeah, I mean, I remember when I started it University in Leeds, you know, one of the big employers in there was Barrett shoes. My God. You said BHS, you know, Mothercare, House of Fraser, you know? And is it the people in the business? who own the businesses? Are they not smart? Yes, they are smart. But they either don't see it coming because they're in a blind spot. Or they ignore it. And just like Kodak Did you know when they thought, Well, you know, people always going to be cameras that Yeah, but they didn't need to develop them in the same way. And the whole world has gone topsy turvy, if you look at the biggest providers of cabs in the world. don't own a bloody cab. Yeah, so Uber, the, probably the biggest supplier of of rooms, shared rooms is Airbnb, and they don't own anything. And it's just just just disruptors everywhere. You got a we work right. Right. Yeah, that's the number so you know, what else I mean, there's, there's, there's loads of the monda you know, look at who's changed the TV and all that kind of stuff which is Netflix, Netflix. Yeah. So you know, so many things now happening and each of these new businesses, you know, have a high propensity for scale and recurring income. And none of the owners drive the cabs in a clean the rooms, or you know, are making them making the films, you know, that they see themselves with a vision for an enterprise and a reasonable degree of recurring income, that is enough for you to, you know, add to the other assets that you've got in your life, or to think about how you would sell that business by creating it as a business that works without you and with a high level or a higher level of recurring income. Because what's the interesting thing about businesses, Chris, when their sound is most business owners, you know, get a bit of a shock. And when they sell if they ever do to an acquirer, they think that How and acquire is going to take the business off on value all the blood, sweat and tears they put into it, and then give them a big check. And what that way, if you don't have a business that's high recurring low dependency on you, you're going to be in an earn out, which means you could be being paid in that business for three to five years. No longer the boss and employee with targets and objectives that all the independence and all the freedoms you entered the business to have now suddenly have been withdrawn from you. Business owners don't see this because they get caught up in the doing this. They don't have a plan for exits. And I think just as you know, good property people will always have multiple exit strategies for their property. A good business owner has multiple exit strategies for their business. And one of the ways to do that Cruise is to start today. Thinking about how you can actually create a package for yourself. So you start to do things as a business owner that aren't just about today and are building that certainty for you in the future and we need it because I'm been hitting it my blood boiling up my Chris.
Unknown Speaker 22:18
Got a clue what it's about.
Christian Rodwell 22:20
Well, I think I might because it was front page of one of the newspapers today. and business owners have had a certain advantage or a relief having a up until what might change very soon.
Unknown Speaker 22:33
Yeah, so in the budget, which is coming this month, the new chancellor, Rishi sumac, I think that's how you pronounce it. It's been dropping hints that they're going to abolish or potentially significantly change will see something called entrepreneurs relief. Now, this is another reason why you have to understand why I'm saying Don't be a business owner. Be an entrepreneur. Because entrepreneurs will leave is basically a tax break that says, up to 10 million pounds. You can sell a business up to 10 million. And you'll only pay 10% tax when you sell it. You don't get entrepreneurs relief if you keep it, you get entrepreneurs relief if you sell it. So you have to begin with the view that whether you keep it or sell it, a business must be capable of being solved. So that's the first thing entrepreneurs relief is for entrepreneurs, not for business owners, or entrepreneurs who sell things. And while that is under threat, the rumour is instead of making it 10 million, you know, they bring it down to a bit like the pension allowance bit more like a million. Now, the reason why that makes my blood boil is if you change something in a heartbeat when business owners, the savvy ones will have been planning to maximise the profit in their business and often minimise their own takings to up the profit on their business to get the best possible multiple on their business. And then they want to sell that business to give them the retirement income. They didn't give to themselves, because they thought the best way to control their retirement was not the stock market, but to be an entrepreneur and sell their business, and you pull that rug from underneath them. I think that's hugely damaging, and sends a terrible signal for the very essence and the backbone of society. That people as I said earlier on, who take all the risk, make all the payroll are the innovators and the creators, and yet the government and making a soft, easy target to withdraw that really from them, and that is why my blood is boiling around there, Chris.
Christian Rodwell 24:47
Yes, I'm not surprised. And obviously, over the last couple of weeks, we've had two guests, Dave Pierce and Guy barlet both talking about selling a business. And you know, I'm sure they will have some comments on this. as well. And in fact, we did say that we've been inviting guy Bartlett back very soon to talk about buying a business. So perhaps we can ask him his views when he's next on.
Unknown Speaker 25:09
Yeah. But you know what, what it's telling me though, which almost vindicates You know, I'm an entrepreneur, I've got a number of different businesses, and each of them is capable of being sold. And while I may choose not to sell them, because there's a high degree of recurring income in them, I still don't like the idea that there's somehow going to be a limitation on that when, you know, they're just pulling that away anyway. The key thing is, yes, it's an irritation. Yes, I'm on my soapbox for today. I'll be off it tomorrow, probably because I'm still focused on building wealth and multiple pillars. And the way to do that, if you're a business owner, is to learn the other pillars, you know, get a sense of there are seven pillars including business and almost if you can imagine that if you didn't have tunnel vision, and you just don't About the business. Imagine you took a helicopter view, and you rose above. And you could see looking down all the Seven Pillars in a circle with home capacity, and pension, and investments, and property portfolio and as your business. And then you can see IP, and then you can see joint ventures and imagine this big circle, and you're looking down from above. I hope you can imagine that. And that is your business. Your business is your wealth. Your business isn't the myopia of the business you're in the business is the bigger business of your entire wealth because in reality, you're always going to be in the wealth management business. If you're surviving, you know, unless you die too soon, if you're going to live a long happy life, you're in the wealth business. So see yourself in the wealth business, and I would encourage you to do four things. One of them is a little bit of a joke just just for me and because You know, I like to teach. So I want you to stop. If you're a business owner, I want you to draw a healthy income from your business to do four things. Okay, ready for this, Chris? First one, I want you to set up a directors pension and other words, the SAS, if you've got a limited company by creating a director's pension and taking some of the profit, the profit that maybe you've been restricting because you thought you're going to get entrepreneurs relief, shelter that profit, ringfence it and protect it. So whatever happens to your business, whatever disruption comes your way. You've got a good solid family trust fund, building up nicely up towards that million. So then you can start thinking right target number one, Mr. Whelan, that's got a million pounds in all of our business owners hand from you know from their directors, pensioner sasses. And then if they've got an million pound factory from the business and go right million in the business million in attention. The next thing if you're building your business and it's not ready yet, the R stands for relevant, life relevant life, Chris. What that means is, is instead of ignoring your family, or putting them at risk, if you believe you're building your wealth, but you're not there yet, get the tax man to pay your life insurance premium. And when you add it all up, it's about 50% of the cost. When you get the taxman to pay through a relevant life programme, you can get certainly up to a million quids with a life cover. It doesn't matter what figure it is, but you know, up to that kind of a figure and the Inland Revenue, k the expense of that. And on average, when I've done the math for people, Chris, it's about 50% of the cost if they paid the premium themselves, and as it's written interest automatically Relevant life policy must be in trust, then you're actually protecting your family. So the pension is building your retirement income up. And the relevant life is protecting your family. If you suffer the D, on death, okay? is build assets as you go. So as you make some money, try and build an asset, whether whichever asset you choose, you know, you can build assets in your business. You can build assets through your sass, you can build assets personally, but take the time to build assets, do something every 30 days to learn something, or add a new skill. Imagine that you've got much time in your current business, the time in your wealth business. And if you can give that one day a month, eight hours a month, one day a month, and you create independent wealth. And you know how to do that if you follow the podcast. You know how to do all the seven steps and obviously we're going to be cooking a little bit. I get to was about the new programme because that's coming out on the 30th of March, right? That's right. Yep. I'm gonna mention that before I'm gonna come upon W.
Christian Rodwell 30:10
Okay, well, I can interject. And I'd like to say thank you to everyone actually who's entered our competition, which we announced on episode 47. So we've had a lot of people entering but there's still plenty of time and that is to win a free place for the whole 12 months on our seven steps to wealth programme which we will be opening up again on the 30th of March. So if you haven't entered, then head over to wealth builders.co.uk forward slash competition, and you'll also be able to see all the details of the programme there as well and jump on the waitlist as well as entering the competition. So yeah, that's, that's coming up very soon.
Unknown Speaker 30:48
Yeah, I'm excited about that because we keep saying we're scratching the surface on we have the 5% we want to get that to 6% and 7%. And the way to do that is to try and At least help people have the skills to be able to build wealth on their own terms if they want to, you know, if you're kind of slightly DIY, that's fine. Obviously, we believe wealth is better built in collaboration. We believe that very passionately. So we want to collaborate with people and help them. But whichever way you choose to build wealth, you know, keep listening and tell somebody else about this podcast. So just as Mark Morris mugsy mentioned this and said you wish you'd known 20 years ago? Well, wouldn't he be very grateful if somebody knows him and said, Hey, Mark, I haven't listened to this. It's pretty good. But anyway, 20 years ago, we were doing it Chris, you are still in your nappies. We're
Christian Rodwell 31:39
just coming out I reckon. Yeah.
Unknown Speaker 31:41
Well, I know what my final W is going in. Well, I'm doing it myself. Okay. So let's recap before I do D directors pension. Right. Not we've got some free stuff videos, right. So we teach us we've got some videos, how would they get hold of the videos Chris? If people curious about what to SAS? How does it work? Who's it for all that kind of thing? Because we've got lots and lots of materials around that. What's the best? Yeah,
Christian Rodwell 32:09
it's definitely inside the membership free membership community. So heading to wealth builders.co.uk forward slash membership, just, you know, register there, and you'll get access straightaway to loads of resources and some SAS videos inside of there as well.
Unknown Speaker 32:24
Okay, I don't think we've got any videos on our relevant life. But if you're curious about that, you could find some way to drop us a message and we'll, we can send you a bit of information about that absolutely critical. If you're a business owner with a young family, and do not be like a dad, you know, don't forget, don't be good intention. But bad execution is what I say about my dad, you know, he would he would be very upset if he could see what the impact of what he had done when he had really great intentions and the hope we all hope the business would survive and but it Obviously did not. We talked about building assets we know enough about that. But you know, there's a few little freebies still left for us business owners. So I call this wheels and well being W. So well, right? So well being, you can claim an amount of money for a personal health check. You know, like a well man or well women check up to five quid a year. And you can also claim for a financial health check as a director. So you know, if you're interested in that, give us a shout. You can claim that back. But big news big news. You know, there's we talked about disruptors Chris, and one of the big disruptors we're going to have in the coming years, remember in there was in the news recently from 2035. You won't be able to buy in the UK petrol or diesel cars because there's a whole kind of energy around electric cars and moving people to That. So just an interesting thing. So I'll be ordering my electric car, which is a nice Jaguar eyepiece. And because it's an all electric car, then there's no benefit in kind tax, which means my business can pay for it. And it costs me nothing. So I'm happy about that, Chris. Yeah, looking forward to taking delivery soon of my new IPS. Look forward to having a spin in that. Yeah.
Unknown Speaker 34:34
Yeah, just I'm not sure how far I'm going to get Chris.
Christian Rodwell 34:37
I bring my battery pack with me just
Unknown Speaker 34:40
a few pounds just
Unknown Speaker 34:43
but joking. It was you know, my wife's not very happy about not being certain of that. But then, you know, you're not certain how far you're going again, tank of fuel unless you fill it up. So, you know, they'll be charges everywhere and I'm more than happy to be part of the early adopters of a electric cars if my company can, can pay that, and it's money, I don't have to spend a business can pay for it. I work hard in my business. So why shouldn't I have a very enjoyable, the AW for my business. And I'm delighted to say I do that. And and I would like everybody else to think about doing the same for themselves and stop paying yourself last. Well, that's great.
Christian Rodwell 35:20
So we've covered a lot of different things today, Kevin, we just covered draw, we had smarter, and then the four days. So I'll recap those in the show notes for anyone who perhaps wants to go back and jot those down. And I think a good message today is obviously business is still a great asset class. But you have to be prepared at all times for many things that can come out of the blue and the overriding message. The more pillars, the more wealth you can build in multiple pillars, the better.
Unknown Speaker 35:51
couldn't have said it better, Chris.
Christian Rodwell 35:54
Well, thanks, Kevin. I think you've got a speaking gig coming up. So I wish you well for that one this week should be a big event.
Unknown Speaker 36:00
Yes, I'm very lucky. I'm very much looking forward to that. So this is a sort of message I'll be sharing with business owners, because I'm very passionate about helping entrepreneurs. It's very near and dear to my heart, for all the reasons I've outlined. And I'm sure entrepreneurs relief will be talked about because the budget, actually the budgets next week, I think, isn't it? So it'll be shorting them, isn't it? And I think that's what we'll be seeing each other again, Chris, isn't it on the 11th of March? So I'm sure we'll, we'll take a few minutes out to see what he says about that. And we'll report back because quite an important issue. If you're thinking about selling your business at some point, and I encourage all business owners, to at least have a thought that says if my business is a good business, it's capable being sold, frankly, whether you get entrepreneurs relief or not, shouldn't matter if you're building your wealth and multiple pillars.
Christian Rodwell 36:51
That's great. Well, thanks for listening today. Thanks for sharing all of that with us today, Kevin, and we'll catch up on the next episode of off talk.
Unknown Speaker 36:57
Okay, see ya.
Unknown Speaker 37:01
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