Guest Charles Read brings a wealth of experiences for those with medium sized businesses on today’s episode of The Prosperity Perspective. Host Liam Leonard and Charles dive deep into payroll and why your approach to it may be wrong--especially if you find yourself getting busier and busier.
Charles also shares what he learned about the grueling but rewarding tasks of being an entrepreneur from the get-go, highlighting why it's important to find a financial advisor that will produce constant gains and when you should start getting others to take care of your business tasks like marketing or keeping up with the accounting game.
3 Key Takeaways:
Why hiring a marketer was the best thing Charles ever did for his business.
When and why you should consider hiring someone on to free up your revenue time.
Why you should NOT do your company’s payroll.
[0:40] Charles introduces himself
Getting his MBA in grad school
“If I was gonna run a business, I was gonna have to have my own like my father did”-Charles Read
Selling off the CPA company to be focused on payroll
[2:55] Where Charles allocated his money after he started to succeed
In the very beginning, everything went back to the business
Taking 8 years to buy property
Building for the office/remortgaging the building for his retirement fund
[5:18] His wife’s stroke and its effect on his investments in 2006
Finding the right financial advisor
[6:44] His experiences with his good and bad wealth advisor
Being put into private mutual funds that didn’t give good returns
Finding his dealer out of New York
Investing for growth at 72
[9:19] What he would have changed if he was to retire
His military fund
Changing his portfolio
[9:55] “Everything went into the business. And that’s what you have to do as an entrepreneur. You don’t become Bill Gates overnight. Most of us will never be ‘unicorns.’ So it’s hard work but it’s long term.”-Charles Read
[10:48] Charles’s recommendations for those looking for the right advisor earlier on
Not having the time to keep up with the market
Getting regular reports
You buy your success with your portfolio
[15:08] Growing your business by adding services to it
The biggest overhead item in Charles’s service business is personnel
His first personnel as a big change and great hire
Adding a marketing person as the best thing he ever did
When you should hire someone new: “So I looked at it and I said ‘okay. If I put somebody in here, how much revenue producing time will it free up?’”-Charles Read
If the amount it frees up is more than it costs to hire them, do it!
[21:20] How he determined what kind of marketing professional would help his company the most
Compartmentalizing marketing strategies to different people
Writing a book
[24:07] Charles's advice to medium sized companies looking to do payroll
“Don’t do it. Outsource [your payroll]…It’s not worth the trouble. It’s like investing: if you do it all the time, it’s going to become second nature. If you don’t, you’re going to be lost...you can't be a good investor.”-Charles Read
Why it will save you money and time to have someone else do it
About Charles Read:
Charles J Read is a Certified Public Accountant (CPA), U.S Tax Court Practitioner ( USTCP), member of Internal Revenue Service Advisory Council (IRSAC) and the Founder of GetPayroll.
Mr. Read’s companies have provided full-service payroll services, payroll tax services, and other payroll-related services since 1991.
Charles is an accomplished senior executive and entrepreneur with more than fifty years of financial leadership experience in a broad range of industries and author of four books.
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**Discount code and potential for free book in the video!**
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