00;00;06;16 - 00;00;33;15

Unknown

Welcome to the Profit First for Real Estate Investing podcast. Every week we bring you top investors and experts sharing how they create clarity, cash flow and consistent profit. This episode is brought to you by simple CFO. Profit first. Profit always. Let's go. We have Warrior Chris Johnson on the podcast today. Really excited about this one because he talks through the common pitfalls, the common things that people go through.

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Unknown

When do you need a lawyer in the real estate space like I just if you need help here, he's got some great practical info puts on the bottom shelf. He's real estate investment specific, so understands those needs there and is just no B.S. like, when should you hire a lawyer or engage one on a more permanent basis, rather than just like for the one off contracts?

00;00;52;20 - 00;01;13;19

Unknown

So hopefully this is very helpful to you and very practical. And thank you for being a listener of the show. Hey, welcome back to the Profit First I podcast. Have Chris Johnson today excited to talk about this because we don't put many lawyers on the podcast. And it's not by intention or design. It is Just kidding Chris, thanks for being on the show.

00;01;13;21 - 00;01;34;16

Unknown

Excited to have you here today. Yeah. Thank you. And if it makes you feel any better, I've never put a CFO on my show. Hahaha. That's great. To Shay. To Shay, I love it. So okay, so being a lawyer in this space, how did you get into this? Like, did you say I woke up one day? I was like, yes, I want to be.

00;01;34;23 - 00;01;58;20

Unknown

I want to go and do this. I want to help. Or like, how did it morph into this? Yeah, I get asked that question all the time. So I'm a business person first and a lawyer second. Nice. First career was really in real estate. And doing this, started about 20 years old, working for a company that did commercial real estate, more more in the retail retail sector.

00;01;58;22 - 00;02;22;25

Unknown

And, we, I interfaced with lawyers, we used lawyers. And I saw two things. I saw that they provide value, that there needed and that they are expensive. So, that kind of stuck in my head. Also, being a business major, I think pretty much everyone that has a business degree has taken business law. I thought it was fascinating.

00;02;22;25 - 00;02;42;12

Unknown

I loved the class. It was one of my favorite classes. Okay, so that's kind of a number two. And then number three, which is really the deciding factor, is my mother. And she did not tell me to go to law school. I'm actually the first lawyer in the family. But what she did say is an education is something that no one can take away from you.

00;02;42;15 - 00;02;59;02

Unknown

So when I was about that age, graduating from undergrad, you make the decision, you know, am I going to just go work or am I going to go, you know, go keep going through school? I knew that if I didn't keep going through school that I never would. And so I was like, okay, it's now or never.

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Unknown

And, you know, a law degree is is is a worthwhile investment in myself. I never intended on actually practicing law and a law firm. I was just going to go to law school and then go back into developing real estate. I was going to go move back down to Southeast Florida, where I grew up and do townhomes and different developments like that.

00;03;20;21 - 00;03;44;09

Unknown

But somewhere along the way, an attorney friend of mine said, you know, you don't learn shit in law school and you really need to go practice for a while, to, to learn the law. And so, you know, fortunately, I did well. And, in law school and decided to go practice at a firm for a while. How did you get into the niche of where you are today, like, and go down that path?

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Unknown

And so you mean like practice areas? Yeah, your practice areas. And like, I know you work with real estate people. I know that was a little bit of your background, but it's like, how did you pick, you know, going down into your specific niche. Yeah. So this is this is important for lawyers and for kids in law school or kids, I think they might want to go to law school.

00;04;03;21 - 00;04;21;12

Unknown

So I'm not I'm not sure if it's particularly helpful for the listeners, but definitely their kids. And I think people should know this and it probably is applicable to any type of degree. So I'll start here. You don't always get to do what you want to do, thing that things just kind of pick you and that depends on the economy.

00;04;21;12 - 00;04;42;25

Unknown

So I think that is relevant a lot to real estate. You know, just depends on how the economy's doing at the time. So I was going to be a real estate attorney. You know, I came from real estate. That's that's what I was going to do. I went to intern at a big firm. I had an offer in their real estate department with the managing shareholder of that.

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Unknown

What year was that? That was just taken place in 2007. Okay. Yeah, you can you can see where we're going with this. 2008 was when I was going to start and they said, well, good news is we want you. You still have a job. Bad news is you're not going to be in real estate because there is no real estate work.

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Unknown

You are going to be in litigation. I didn't even take trial ad in law school because I was like, I will never need that. I'm never going to step foot in a courtroom, never going to do anything like that. My MBA professor urged against that. He said, you know what? He's the advice I'm giving right now, as you do.

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Unknown

You don't know where life's going to take you. And you said, take trial and you should learn how to do litigation. I was looking at this garbage. I'm only going to be a transactional attorney. So I did a stint in litigation, doing a lot of real estate litigation because we had foreclosure work and things like that. So it wasn't like I was completely removed from real estate.

00;05;41;18 - 00;06;04;19

Unknown

But I went into litigation, which definitely didn't fit in with my disposition and personality type. But I didn't have a choice. You know, I had I was newly married. I had a baby on the way. I didn't have the luxury of just saying, you know what? I don't like this, so I'm going to quit. So I was like, okay, now suck it up and do it.

00;06;04;21 - 00;06;24;18

Unknown

This transitions into how I got where I'm at now because I have a litigation background, but I transitioned more into more into like, it really started with employment work and then it started with corporate work. And then I went in-house, meaning I was general counsel of a company. I was their employee rather than working for a law firm.

00;06;24;20 - 00;06;56;09

Unknown

Yeah. So there my there was zero litigation. Everything was corporate work. The nuts and bolts of corporate work. And so I went from doing that to doing more transactions. And now, kind of catch myself is outside general counsel and as I have my own firm and I do corporate work for, for, a number of companies, but that a lot of that includes some litigation if it gets real hot and heavy, I send it over to litigation team.

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Unknown

You know, you never know where life's going to take you my path. You know, I wouldn't have picked it, but I went along for the ride and didn't fight too much about it. And then what it did is it made me very much a generalist. Which is good. I've, I've done both litigation and transactional work. So I think it gives me a deeper understanding of when you're doing deals, kind of where some of the pitfalls are going to be.

00;07;23;27 - 00;07;58;17

Unknown

And unlike someone that's only a deal person. I'm not scared. I'm not scared of a fight. I know the process. I can trust the process. I know it's ugly. I know it's slow. And unlike someone that only does litigation. Like, I actually understand transactional work, too. Yeah. All right, I have to pause the episode real quick. If you're a real estate investor who's tired of wondering where your money is going or why you're closing deals, but still feeling broke, you need to talk to simple CFO, simple CFO is profit first certified and fully endorsed by Mike McCall.

00;07;58;17 - 00;08;26;26

Unknown

It's the creator of Profit First himself. Our team specializes in helping real estate investors finally get control of their cash flow. So you keep your money, you pay yourself consistently and build a business that doesn't run on chaos. We'll help you implement the profit first system the right way. So the financial processes you've been missing, and give you a dedicated fractional CFO who actually understands investing and keeping track of your numbers on flips, wholesales, rentals, private learning, all of it.

00;08;26;29 - 00;08;50;06

Unknown

So if you want predictable profit instead of living, deal to deal, head over to simple cfo.com and book your financial clarity call today. That's simple cfo.com. Stop living in confusion and start keeping the money you worked so hard to earn. Now back to the episode. Now you're in an interesting position I think because you're business owner also got an education.

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Unknown

Like, you know how I feel like the rallying cry or battle cry of entrepreneurs, right? Like, don't go to college, just you know, like go out there and make the money, be an entrepreneur. Like, where do you sit on that side of the fence because you got the education your mom heavily influenced you of? Like, that's something yeah, no one can ever take away.

00;09;05;28 - 00;09;25;20

Unknown

I really like that perspective because I feel like in the entrepreneur world it's like the opposite don't go to school, don't do all that. So like, where do you sit on that fence there, like I know, for your own life, which route you took. But looking back, so where I sit and I think it's a really common sense, reasonable approach.

00;09;25;25 - 00;09;48;21

Unknown

Yeah. Is you should look at your education as an investment in yourself. So I make investments and, you know, every investment I make, whether it's a stock or a bond or real estate, I'm going to look at the return and I'm going to look at the risk, and I'm going to look at the opportunity costs. Those are really the three factors that you're going to look at in any investments.

00;09;48;23 - 00;10;15;11

Unknown

When I'm choosing to do my education, I want to look at, you know, what kind of return am I going to get? And a lot of that's tied to the type of degree that you're going to get. The risk I, I think would be, I don't know where I'm going with that, but the return I'm definitely on on that piece with your education.

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Unknown

It's look at it like return on investment and then the opportunity cost is, as I guess, the amount of time that you're going to spend not doing what you're doing. So so let's kind of boil that down into education. And I don't mean to demean any profession because I'm truly not doing that. This is the same advice that I would tell my kids.

00;10;33;28 - 00;10;55;22

Unknown

First of all, I would discourage my children from doing any degree where the only jobs are teaching more kids how to get that degree. To me, that's a fundamentally broken system because it's just this like feedback loop. What are you going to do to go to college so you can work at a college to teach more kids to work at a college?

00;10;55;28 - 00;11;21;24

Unknown

Oh, right. That doesn't make any sense to me. What I and I also think that there are trade schools out there that are fantastic for what someone might want to do. Okay, so like a welder, you could go to trade school for welding and work in oil and gas and easily make six figures easily and do very well for yourself.

00;11;21;24 - 00;11;50;02

Unknown

So why would you go to a four year degree just so you can go out of school and be a welder? That actually doesn't make sense. You're spending money. It's not giving you a return on investment. And then the opportunity cost. You're losing out on career path trajectory than if you just went in first. However, I do think college degrees and other things open doors.

00;11;50;04 - 00;12;14;21

Unknown

Being a lawyer certainly opens doors to me being on deals. You know it. So. So if I was a doctor, I wouldn't be like, you know, networking with business people. And they'd be like, oh, you're a doctor. Really? I need to get you in on this deal. Like I could get a board seat of a of a med medical tech company or something like that, if it's transferable.

00;12;14;23 - 00;12;40;11

Unknown

So again, I got to look at like the transferability of my degree and what I'm intending to do with my degree, it certainly can help. So I think being a lawyer has helped open tons of doors, and I think it was the wise move for me. Another thing that that I'll point out is cash. So, okay, I don't think you should forget the value of cash.

00;12;40;14 - 00;13;17;26

Unknown

Yeah. I see a lot of investors that want to get involved in the hustle right now, real estate and other things like that. It's funny when you talk to people that their sole job is syndicating deals or finding investors. Who do they go to? A lot of dentists, doctors, lawyers. Right. All right. So those professions might be demeaned, demeaned by other people as like, oh, yeah, that you're going to be miserable and you're never going to make, you know, seven, ten figures on an exit.

00;13;17;26 - 00;13;46;19

Unknown

So. Right. You're giving up, like, as in those professions are very cash oriented, right? You make a very good living every year, but you're giving up equity growth. You're certainly not the tech company start off. So again that's open investment. You have different kinds of investments. You have dividend stocks and you have growth stocks okay. So so back to that example I think a lot of entrepreneurs tend to focus on the on the on the growth, which is fine I think there's nothing wrong with that.

00;13;46;19 - 00;14;09;14

Unknown

But don't discount the value of cash, the ability to make, you know, half $1 million a year and just shove money in deals and real estate and investments. In a way, it makes it easier for people to get off the train than if you had to start scrapping it together. So I know I threw a lot on the board, but yeah, I thought I, I don't really good, though.

00;14;09;14 - 00;14;27;23

Unknown

I don't think education should be totally dummy. And of course I love education, but what I don't like is, is people just going to school, just in school because they don't know what they want to do. There's no path and their parents pay for it. That's, that's flushing $100,000 down the toilet. And that was a mature perspective.

00;14;27;23 - 00;14;52;18

Unknown

It's like you have to figure in your whole plan of like what you're also thinking of doing. And like you said, you can't take it to a four year degree if you're going to do welding or something, that's totally not going to be beneficial to it, and that's going to be your long term play. If you know that, if you don't know what it's like, be, you know, cautious and maybe invest some of that time up front, then on the back end, I like what you said, because most people do demean it from the aspect of some of those high paying jobs.

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Unknown

It's like, yeah, but it's just a high paying job that you're chained to. Well, it's also a path to becoming that, you know, in Robert Kiyosaki is four quadrants an investor like making sure that cash work for itself. So it's like it's another way to access it, just if that's the way that you're going. So I really like that if you're disciplined David.

00;15;11;09 - 00;15;37;23

Unknown

Right. If you're decent loving care. So so so what happens is a lot of these high paying professionals just end up raising the, the their spending. And so they're constantly stuck. And that will go wrong. Hockey the rat race right. Yeah. So and I call it the golden handcuffs. But yeah making a shit ton of cash very quickly in life can be the way to an out.

00;15;37;25 - 00;15;55;06

Unknown

Yeah. No, I, I agree that's so good. I love what you said. Discipline because this is profit first I, I podcast. So we're trying to teach discipline on the cash side to a lot of the investors. And it's like it's just as important, no matter where your station in life is to have that discipline, especially when to. And I love that you brought up the value of cash.

00;15;55;06 - 00;16;16;22

Unknown

Like you can't overlook that in whatever, you know, career path or entrepreneurship direction. You're going so but, hence I haven't quit doing what I'm doing. Dave. Right. I was just going to go into that. Not. Yeah. I mean, if you want I hear a lot of people want to do passive investing, which is fine. Yeah, but man, I can't support it in my lifestyle.

00;16;16;22 - 00;16;39;07

Unknown

And I've built up some investments. But, you know, you I don't. First of all, I want to reinvest my dividends. I want to reinvest my income because that compounds growth. Second, I love what I do. And and third man, you know, cash has its place that that earning income that I can just spend on the crap and then have some left over to invest has its place.

00;16;39;09 - 00;16;57;07

Unknown

You got to me. You got to have a lot of real estate to to have a lavish life on real estate. So and I do I come from a family of real estate people and they just naturally knew the live below your means mentality. They don't they don't drive flashy cars or any of that. They have no desire for that.

00;16;57;09 - 00;17;16;06

Unknown

So they just you wouldn't know that they have millions of dollars in real estate, but you you have to have tons to actually make that cash work for you. You know, with a fancy lifestyle that the average person wants with vacations and sports cars and boats and all that crap. Right? Yeah. It's one thing to get out of the rat race where you stand today.

00;17;16;06 - 00;17;44;01

Unknown

It's another thing to have the discipline to keep building to where, you know, most people don't live or don't live like, so that's no, that's a really good perspective. Okay. Shifting to your actual profession, what are some of the, I don't know, the most commonly asked questions you get or like the most common cases that come across your desk, like, how can people help themselves, you know, like with some of the stuff that you might get on a daily, weekly or monthly basis that keeps recurring popping up?

00;17;44;04 - 00;18;10;26

Unknown

Okay, that's a good question. So one thing, the listeners can do is go to the Johnson Law YouTube channel. That's Jo h an s e n it's with an E, not a no. So Johnson law. And then they can also go to the Fidelity Lake Houston YouTube page. So fidelity like here since my title company I underwrite through Fidelity National title Johnson laws the business law firm.

00;18;10;29 - 00;18;37;06

Unknown

I also have another state planning firm. But I'm not going to go into that that for your listeners. But for the real estate stuff I tend to, it's either on 1 or 2 of those channels. Fidelity tends to be a little more realtor focused because there's a lot of clients. Johnson Law tends to be a little more and more like investor focused, but when I see a reoccurring issue, something that pops up a lot, I will spend the time to make a video and put it on there.

00;18;37;09 - 00;19;05;13

Unknown

It's hard. So what we do is really is so broad, that there's so many things. So let me say that as a, as a firm that it's hard for me to, really drill down on some things and go into detail. But I think what, what I, my, just do this is, this is more real estate focus is over some of those issues that I see commonly come up.

00;19;05;18 - 00;19;29;09

Unknown

Yeah. Okay. So when you're a real estate investor, I think definitely just basic corporate formation work. You hear a lot of asset protection attorneys talk about it like it's asset protection. It is. But it's really the most it's so basic. I just view it as corporate work. And that's just creating buckets. Different different buckets for different things.

00;19;29;09 - 00;19;51;18

Unknown

So you're, you're isolating your, your exposure to, to that bucket for the, for risk purposes. Then you can get real complicated with asset protection. You know, and there's a difference between different types of trusts and family. I'm in a partnership. I'm not going to go into that stuff. But that is a topic that's of interest to investors.

00;19;51;18 - 00;20;26;14

Unknown

Something that that we handle. Series LLC is commonly used in real estate. So that's a common topic. That's something that I have on the YouTube channel, as well as some tax deferment strategies like, you know, 1031 and some other tax things. You'll find there, for, for real estate, other things of interest. Well, if you have a real estate business, one thing of interest right now and I'm going to present it at family, Dave and I decided this is going to be the topic of, the masterclass thing.

00;20;26;14 - 00;20;47;04

Unknown

I've done like a month or something. I'm not sure the ftx's rolling on non-compete is very interesting, and that's very timely. Yeah, and I'm, I think a lot of people I'm going to wait till the FTC said what they're going to do. They haven't done it yet. And you got to wait for the roll to actually come out.

00;20;47;07 - 00;21;17;11

Unknown

And then there's going to be a lot of nuances on non-compete. So there's the umbrella that non-compete falls under is restrictive covenant. And there's different kinds. There's there's a confidentiality agreement is a type of restrictive covenant, a non solicit as to customers is a type A non solicit as to employees as a type. None of those that I just listed were a non-compete.

00;21;17;18 - 00;21;39;06

Unknown

Okay. And I don't think that was intended by the FTC. To, to ban those types of restrictive covenants. So there's a lot of other tools in the toolbox. Then you have your non-compete. Okay. Yeah. And those are only, you know, the I'm pretty much wiped out. And that's okay. There are there will be some exceptions to that.

00;21;39;06 - 00;22;01;00

Unknown

Like, lawyers aren't subject to non-compete, and they've been going out with that without them for a while. And let me say, too, that everyone's already gearing up to fight to fight. This ruling is unconstitutional because it came from an agency and it didn't come from, legislature. And there's going to be other issues. I think that's going to be really big over the next couple years.

00;22;01;02 - 00;22;30;04

Unknown

For business people, another topic that comes up a lot. You know, for real estate people, just the basic contracts. Yeah. I find that real estate investors tend to they're very, DIY type of people. That's just kind of the mentality that they are. And there's nothing wrong with that. But now they're cheap. Maybe they're falling profit first to to.

00;22;30;04 - 00;22;56;20

Unknown

Well, I don't know, but but so the investment in the contract, I find that oftentimes real estate investors will do their own, and, and there's really bad I see them all the time. And if you get sued over one, it's going to be like 10 or 20 times at least than what you would have just paid to actually have an attorney do it.

00;22;56;22 - 00;23;21;08

Unknown

ChatGPT might do a pretty good job, I don't know, I'm sure with certain provisions, and if you actually know what you're looking at, you could use generative AI to create some decent, contracts for for your deals that work, work for you and you have some outs. So back to corporate governance. Any time there's more than one member of of a deal, there should be a good operating agreement.

00;23;21;09 - 00;23;47;27

Unknown

That's another one. I see tons of people screw up on that. Tons of litigation pop out of that because people pull a document off Legalzoom and then they or like, I think there's a common understanding amongst people like, oh, well, an operating agreement is just an operating agreements, a template, which kind of is true with bylaws. So I can see where that assumptions made an operating agreements a contract between the owners of the company on how to run the company.

00;23;47;27 - 00;24;10;27

Unknown

And there can be so, so many nuances in it and there's so many pitfalls. And I just seen it time and time again. And if you go to a lawyer after you've signed it and there's a problem, it is too late. I'm sorry. Like the answer is going to be I'm going to need a $20,000 retainer to get started where you put a and then the beginning for much less.

00;24;10;27 - 00;24;33;27

Unknown

And it's just unfortunate if whatever attorney tells you that is not taking advantage of you. It just is what it is. It's just going to be expensive to fight it. I'll end with this. So I don't ramble on too long, but syndicating deals, syndicating a real estate deal does not simply mean that you create an entity and have multiple owners.

00;24;33;29 - 00;25;02;28

Unknown

Any time you are bringing in money to for a deal, you are selling securities and exchange. There is some you are the securities laws are being implicated, which means that there are certain disclosure requirements that need to be made. And the extent of those disclosure requirements are, very dependent on kind of more detail. So I'm just going to be real general about it.

00;25;03;00 - 00;25;33;00

Unknown

But real estate investors need to know that now. So what? Who cares? Who cares if I do it wrong? Okay. So if you do it wrong and you don't make disclosures, what it means if the deal goes south, you might have to return all the money to the investor. So if they put in $100,000 in a deal and they lose all their money, you're going to have to come up with $100,000 out of your pocket.

00;25;33;02 - 00;25;57;15

Unknown

So hiring a securities attorney, not just a real estate attorney, but a securities attorney that knows how to do Syndications, is a type of insurance policy. No, it's real good. Now I like this this is good because what I heard, one of the most common things, the corporate formation in that structure, their asset protection, the series LLC, the non-compete is a big one right now.

00;25;57;18 - 00;26;16;25

Unknown

Contracts. Oh man. You touched on something there. I mean, if you're listening to this and you don't have good contracts in place, I think the person that I used to work with, just like he had spent thousands of dollars on his contracts for real estate because he was doing a bunch of different types of exit strategies. So it wasn't just one templated contract.

00;26;16;28 - 00;26;35;20

Unknown

I was like, he took that super serious. And I'm like, I just wish everyone would says that, the operating a group that was really good. I like how you said that. It's a it's literally like that agreement between the owners of the company. So if you've got multiple people on that, that is like your, you know, binding agreement there.

00;26;35;20 - 00;26;50;02

Unknown

And it's not just a legalzoom thing where you're just like, yeah, yeah, let's just spit that out. That was real good. And then the syndicating deals, like you could get real in trouble real quick, real fast for a lot if you don't have the right people there. No, that was good stuff. I did want to ask. And.

00;26;50;02 - 00;27;11;05

Unknown

Sure point. Should people get a lawyer or, like, you guys or, like. Because I know there's probably different tiers of lawyers too, because like you said, legalzoom, which is like anyone can go out there and try and play a lawyer themself, which is also bad. But like, where do you see people on that scale especially, I would say in the real estate world, since it's that our shows around that.

00;27;11;07 - 00;27;41;04

Unknown

I hate to be over overly cautious, and I'm really not. Maybe I'm unduly cautious. I think my answer is going to be pretty common sense. And, and no one should rely on this. This is literally my opinion. I think for the average person, just forming an entity is, is is pretty simple. I think they can figure it out if it's only one member, one owner, if it's multiple owners.

00;27;41;04 - 00;28;05;05

Unknown

I think you should use an attorney for the operating agreement. I I've really never I just say I never I've never seen, a non attorney do operating agreements. Well I've seen them I've seen them doing pretty good actually. There's one the old guy I'm thinking of that's pretty darn good. But he still makes mistakes. That could be costly.

00;28;05;08 - 00;28;24;07

Unknown

So once you do those things for the majority of people, the next question is, and this you probably so you need an attorney to answer your question in the beginning a little bit okay. That's a little bit. There's really not much money to spend. So what's the next thing you could do. You could do. Well do are you going to have employees or subcontractors.

00;28;24;07 - 00;28;48;08

Unknown

And it's like kind of my question if you are in many employment agreement, subcontracting agreement and, you know, you might have some, like a lease issue, some lease negotiation other than that, like I can't see you spending that much on a lawyer and the beginning of a company. And real estate is a funny business because I would say most real estate is not a business.

00;28;48;08 - 00;29;05;18

Unknown

I actually won't be in real estate unless it's not a business, because I don't want any more businesses. I have a title company that's in real estate industry. I don't need my real estate property to be a business for me, so I like them to be really passive. So you're not you're not going to use any lawyer stuff for that.

00;29;05;20 - 00;29;33;14

Unknown

If the more active you are in real estate, the active the businesses, the more you'll have. I think the general threshold for me is when a business reaches a million. Now they need legal services on a pretty consistent basis, and this is the part that you gotta just take with a grain of salt. I would not fault anyone for pretty much doing things themselves except for the operating agreement.

00;29;33;14 - 00;29;52;23

Unknown

I think they should invest in that, but for the majority, just kind of scraping it together. For that up until you get to that million mark. Okay. And then what a lot of companies do is they're like, look, we scrap this together. We've been in business for five years. You know, we're now hit a million because a million.

00;29;52;23 - 00;30;11;18

Unknown

You have some extra money to spend, right? Like you're feeling good. You've got your stride. So now they can come in and just, like, take a deep breath and they can say, look, can you just audit everything we have? And and they're going to, you know, they're going to spend some money to do that. They're willing to they don't care at that point.

00;30;11;20 - 00;30;32;08

Unknown

They have the money. But I think it would be unrealistic for me to go out there because because I've started businesses before, I know I like I'm not just some voyeur that doesn't understand these things, but if you're going to start a business that, I mean, why are you going to spend five grand a month on legal or, or make a $30,000 investment?

00;30;32;08 - 00;30;51;28

Unknown

When, let's be real, a lot of businesses fail. You may even pivot in like six months to do something else. Really good. That's a good perspective. I like how you said, you know, the million mark. You've kind of getting hit in your stride there, and and you're more set, like you said. Because if you're before that, you could be going the different ways.

00;30;51;28 - 00;31;13;07

Unknown

Now, that's now that I like that a lot. And I'm sure that's where you probably help people there a lot. Is that million or over. Yeah as well too. So what just the last question here. It sounds like people can go to your YouTube channel to find more out about you, but like, how do you want people to connect with you or is it just YouTube or do you want to go to a website, or is there someone from the website as well?

00;31;13;07 - 00;31;34;24

Unknown

Johnson Law.com and it's SC and there's a scheduling link on there like widget and, and, and it goes to my calendar and you can schedule a 15 minute call. Talk to me about anything. It's free 15 minute consultation. Happy to talk to anyone. You know, I do what I do and love what I do because I just like businesses.

00;31;34;24 - 00;32;01;11

Unknown

I like business myself. And doing what I do. I get to live vicariously through a lot of people, right? It would be impossible for me to understand this many types of businesses, but for being an attorney or maybe an accountant counts and CFOs do as well. And consultants, I find that we have very holistic, you know, understandings of different industries because we work with so many different industries.

00;32;01;11 - 00;32;20;01

Unknown

Yeah. No, that's really good. So you can find him at that was Johnson Law. So with an and at the end of Johnson and then Johnson Law.com he's got the YouTube channel as well. And then Fidelity Lake Houston was another YouTube channel you gave during the episode as well too. So take you connect with Chris. Christmas was awesome.

00;32;20;01 - 00;32;35;19

Unknown

Thanks for imparting wisdom here and giving very practical stuff of what people are usually searching for, like what are the first things or when should you engage? You know, like with a lawyer as well. I thought that was good and that, you know, not telling them, oh yeah, you need it from day one all the time. Was good stuff.

00;32;35;26 - 00;32;52;06

Unknown

So if make sure to go to his site and remember if you need help on the financial end, if you're like on your way to that million and wanting to keep more of what you're making, go to simple cfo.com, we can help you from the CFO and the financial department perspective. We want to help you get to where you want to be.

00;32;52;09 - 00;33;10;16

Unknown

Chris, thanks again for being a great I it yeah. Thanks for me on I appreciate you for sure. And remember if you're listening make profit a habit in your business. Thank you very much. That's it for today's show. Be sure to subscribe, review and share this episode. If you're serious about financial systems and keeping more of your profit.

00;33;10;22 - 00;33;15;01

Unknown

Visit simple cfo.com to take your free discovery. Call today.