071 - Surprise!
“May you lead an interesting life” – a quote that was once regarded as a Chinese curse is now a motivational proverb for the adventures of navigating life… until you replace “life” with “business.” In this short episode, we’re talking about the interesting surprises you can be given as a business owner. Listen now to hear how opening the door for surprises creates the potential for landmines, unexpected opportunities, or unexpected roadblocks in your company.
Show Notes
The history of the word. (0:30)
Real examples from my experience. (1:20)
1099 contractors vs. W2 employees. (3:30)
How to avoid this. (6:30)
Quotable Moments
“The penalty for [my client] filing his employees as 1099 instead of full-time [W2] could easily exceed $100,000 in the state of Texas.” – M
“An acquaintance of mine took the advice of a website and is currently in a legal dispute with a previous partner. The total cost is $15,000 for legal fees.” – M
“You’re very likely really good at what you do, but you’re just as likely to not be an expert in other critical areas of business… These areas can be landmines that can blow up your business.” – M
“Some misjudgments can just be painful, some can be annoying, and some can be catastrophic.” – M
“At minimum, to avoid this, you need a CPA, an insurance agent, a banker, an attorney, and an IT professional. Spend the money.” – M
“You can pay me now, or you can pay me later.” – M
Resources
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