Commercial Real Estate Pro Network

J. Darrin Gross

Mark Myers, what is the biggest risk?

Mark Myers  

Thank you for that question. And it's a good one. And I'm glad that you opened up the box to not make it have to be an insurance Specific because that's a, as you know, very well. Risk is is huge and mitigation and transfer of risk is really important. But I would say in my context, in the in the way that I help business owners or the way that I help individuals that are, you know, transferring assets or selling appreciated assets, it's the risk that you take for not slowing down. And looking at how to keep more of your profit is huge. Because if you think about every single year, you're earning income as a business owner, if you're overpaying your taxes, if you're really if you're paying retail, on your taxes, and you have no legal obligation to pay retail tax, you can pay wholesale tax, you know, Judge Learned Hand said it best he said, You know, there are two tax systems in America, one for the informed, one for the uninformed, both are legal. So I think the biggest risk is to not take the time to get help and understand the and the informed area of tax law, because every single day, every single week, every single year that you're earning income, you could be paying 2030 40% more than you should to the IRS when you don't have to. So I think that's the biggest risk is overlooking profit that you you're, you know, you don't even realize is there money that you really should be keeping that you don't realize it's there, because you're not taking the time to spin and focus on that risk. Right. So that's really I think the most important risk that people that business owner should look at is where can they mitigate taxes? And where can they keep more of their profit in their in their pocket?