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Igor Trninic Contractor Evolution

Ep 37: The 5 Advisors You Need To Turbocharge Your Business – Igor & Benji

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30-SECOND SUMMARY
The 5 advisors that will significantly impact where you end up
At what stages of your business growth do you look at bringing these advisors in?
What to look for when you are selecting these advisors to ensure you don’t get screwed by the sea of imposters out there.
Some of the specific frameworks these advisors will be helping you establish
Where to find the best advisors in some of these areas
What do you stand to lose by not engaging the services of these specific advisors?

Watch Episode 37 of the Contractor Evolution ShoW

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Read a Summary of Episode 37

Where your business ends up in 10 years depends on a number of things: your effort, the market, your people, some good old fashioned luck . . .but another predictor that may not be on your radar, is the quality of advice you get.

Having a true team of experts in your corner will have a pronounced effect on where you end up as an entrepreneur.

Let’s put it this way, consulting with specialized advisors is like adding 50 yards to your drive without swinging any harder.

In an effort to make sure you don’t leave those hard-earned $$ on the table, in this episode of Contractor Evolution Benji and I break down the key experts you should consider to maximize the return on all your blood, sweat, and tears.

 

TURBOCHARGE YOUR BUSINESS: 5 PROFESSIONAL ADVISORS EVERY CONTRACTOR NEEDS

1. THE TAX ADVISOR

At the end of the day you want to accumulate as much after-tax money as possible; money that can be reinvested back into your company, or elsewhere.

The best way to do this is to hire a high level tax advisor.

Let’s be clear, this isn’t the same person who does your accounts and files your taxes. This is someone who can advise you (from a strategic perspective) on the best way to set up tax structures to save you as much after-tax money as possible.

They will be able to show you how, for example, setting up a holding company can leave you with extra cents to the dollar that can be invested in stocks/real estate etc. – the compound interest over 10 years makes a huge difference in the wealth you accumulate!

“When you cross a certain threshold as a contractor and business owner, let’s say 500-750K in revenue, you realise that what got you to this point won’t allow you to continue to scale. That’s where a systems advisor can make a huge difference.”

At what stage in your business should you upgrade to a full blown tax strategist?

When you have $100,000 – $200,000 in year-end retained earnings (the profit that sits inside a company that you can invest outside your operating company).

What to look for when shopping for a tax advisor:

You are looking for a tactician: someone who not only understands the technicalities, but is creative in their thinking. They will have a real track record for working with a whole bunch of fast-growing companies. Be sure you vibe with them. Don’t be afraid to set up 3-5 meetings before deciding. We use Ben Dixon at Renaissance Group, but reach out to your network and ask around.

 

2.THE INDUSTRY-SPECIFIC LAWYER

Our industry is prone to picking the first lawyer they come across – or a friend of a friend’s uncle. Don’t make that mistake.

You need someone who really knows our industry. Contracting lives in an operationally complex space: between the people, movement, safety and structures, the inherent risk is huge, and you need someone who understands that.

When things do come up (and they will – whether it’s a liability claim for a termination of contract or a hole in a customer contract) you want to be protected – don’t risk losing everything you’ve worked so hard to build.

At what stage in your business should you should you be looking at an industry-specific lawyer?

There’s only two words needed: Right away!

What to look for when shopping for a lawyer:

Someone who understands our industry – there are specific nuances in how contracting businesses operate. They will understand the risks. We work with Cotney Canada as they understand our industry, align with our values and how we relate to people.

 

3.THE INVESTMENT ADVISOR

Unless you have a crazy extravagant lifestyle, chances are, the more successful you are, the more money you will make.

How you deploy the money left over is important – money makes money after all.

Investing your hard earned cash into smart stuff (whether that’s marketable securities, private investment, real estate, etc.) is a powerful turbocharger to wealth building. And a smart investment advisor will put your money to work.

 

You’re probably wondering, “Can’t I just do this myself?” Our advice is, like everything in this world, you get the most success with people where this is their entire craft.

At what stage in your business should you be looking at an investment advisor?

If you have $200,000 to $300,000 retained earnings, now is the time to invest. As you grow more wealth, chances are you will outgrow your advisor; it’s OK to switch.

 

4.THE SMART BANKER

As an evolved contracting entrepreneur you will no longer be dealing with daily (and time-consuming) bank transactions – that’s not the kind of banker we are talking about here.

A private and smart banker is someone that knows your business, your corporate structure and your investment portfolio, and will be able to facilitate credits, loans and cash faster than you can down that latte (figuratively speaking of course).

Having this kind of relationship results in low friction access to capital.

At what stage in your business should you be looking at a smart banker?

When you are turning over $1-$2 million in revenue a year.

What to look for when shopping for a banker:

You want someone who is hungry in their banking career, wants to build a long-term relationship with you and truly invest in you. They will see the value in your development and care about you and your business.

 

5.THE SYSTEMS ADVISOR

This advisor is slightly different to the other four because they work on the inside of your business. They are the mechanics, so to speak.

Contractors are really good at what we do; that’s how we manage to build great businesses. But when you pass $750,000 to $1 million a year in revenue, you quickly realize that the skills that got here are different to the skills you need to run your organization moving forward.

The systems advisor will bring strong structure to your entire business and anchor it with clear achievable goals: from planning and financial budgeting and organizational structure to recruiting, training, and goal setting etc.

 

What to look for when shopping for a systems advisor:

They should have a track record of excellence in your industry and be able to prove that they have been able to implement it effectively, many, many times over with people in the contracting space. Shameless plug here, but at Breakthrough Academy (the mothership of Contractor Evolution) this is the bread and butter of what we do!

 

OK, so we get it if you look at all these experts and think “well that’s going to cost me a ton of money,” but, you’ll be surprised by how minuscule it is compared to not just the ROI but the personal benefits you will gain.

As with most things in this life, this should be fun. So find experts you would consider hanging out with outside of “business time.” Find your tribe and go make some money.

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Igor Trninic

Igor Trninic

Igor moved to Canada at a young age, where he learned the value of hard work as he watched his family rebuild a thriving life in a new world with extreme change. Most of Igor’s early learning came from competitive sports, where he learned how to hustle and lead. This learning transferred well to business, when he started running a College Pro Painters franchise at 18 and quickly grew it to one of the top franchises in Canada. After finishing an honours degree in Accounting and HR at the SFU Beedie School of Business, he decided to leave the dull world of numbers and followed his passion of developing people and businesses. He fell in love with leading great people and growing companies to their potential.

Working at College Pro as a General Manager for the franchisor, he tripled the revenue of his division in three years by hiring and leading great managers. Here, Igor saw the power of combining amazing people with strong systems to drive scalability. After College Pro, he chose to test these principles on a new venture with the launch of Shack Shine, and together with the guidance of a highly experienced trades entrepreneur, they grew the company to a full scale franchisor within a year and a half. Shack Shine was eventually acquired by 1-800-GOT-JUNK to be scaled across North America and Igor launched the Breakthrough Academy to guide trades and home service entrepreneurs grow their businesses through proven principles. Igor has a passion and true care for developing people and their businesses, which has formed the foundation of Breakthrough Academy. His work in developing BTA has recently been highlighted in Igor’s Top 30 Under 30 selection by BC Business Magazine.

Igor resides in Vancouver, British Columbia and loves to take on all the adventure that BC can offer. From hunting to skiing to downhill mountain biking, any outdoor adventure is up his alley.

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Welcome to Contractor Evolution, a show created for high-performing contractors that are focused on scaling up, working less and increasing profitability.

While a lot of other shows focus on early stage growth challenges, we focus on real life scenarios faced by contractors that are scaling at a rapid rate, and how they keep everything dialed in without losing sight of work/life balance.

If you’re ready to evolve from a contractor into a better business owner, you’re in the right place.

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