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Avoid Fines with New Filing report & SBOC's Exciting Changes
Welcome to Small Business Mornings! I'm your host, Pat Miller, the founder of the Small Business Owners Community (SBOC). Today, we need to discuss a critical new financial report that small business owners must file by the end of the year, or you could face fines of $500 a day and even jail time. Have you filed your FinCEN report yet? No one seems to be talking about this, so we're diving in today with Cierra to explain what this is all about and how to avoid penalties. Also coming up, we'll talk about entering a dead zone for client communication, our question of the week about impulse business purchases, and some exciting changes and reminders for the SBOC community.
Happy Monday! Is it the 4th of July yet? Summer is in full swing with fireflies, rounds of golf, and brats on the grill. What did you do this weekend? I played some golf, worked in the yard, and mostly relaxed. In other news, our monthly meetups are moving to the Technology Innovation Center in Wauwatosa, and we’re building partnerships to serve more entrepreneurs. Plus, we're making big changes to the SBOC, including a 200-member cap and a shift to an annual fee structure. Don't forget to check out our Meme of the Week, and remember, these changes go into effect on July 1st. Thanks for joining this episode of Small Business Mornings.
Mentioned in this episode:
Transcript
There's a new financial report.
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:Small business owners must file by the end
of the year, and if you don't do it, you
3
:could get fined 500 a day and Go to jail.
4
:Yes.
5
:Jail.
6
:Did you file this secret
magical new report yet?
7
:Do you, like me, have no idea
what we're talking about?
8
:Ha ha.
9
:That is why I'm glad you're here.
10
:Welcome into small business mornings.
11
:I'm your host, Pat Miller, founder of
the small business owners community
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:and today we're going to have a
for real conversation that will
13
:help you avoid jail because this.
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:And jail, not a good strategy.
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:Let me tell you also on today's
show, we are going to talk about the
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:dead zone for client communication.
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:This is the week.
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:If you don't get ahold of somebody,
you ain't getting ahold of somebody.
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:So we'll talk about how to
navigate through this very
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:busy week for so many people.
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:We'll do our question of the week.
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:What was your last impulse purchase?
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:For the business and how did it go?
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:And i'm going to share an update on
the small business owners community I
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:announced last week that we're raising
the price making a bunch of changes
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:the response has been Phenomenal, we're
going to talk about that and of course
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:our meme of the week, but welcome in
and good morning, suzy moon It's always
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:lovely to see you when you join us.
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:Thanks for tuning in and i'd love
to shout you out as well So say good
30
:morning in the chat and we will do that.
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:It's monday And is it July 4th yet?
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:Because I don't know about you.
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:I'm ready to put some meat on the
grill and blow some stuff up and take
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:the brain and put it on the charger.
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:That's how it goes.
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:Brain on the charger.
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:Good morning, Barbara.
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:And that's what July 4th is so good.
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:Here to avoid jail.
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:Thank you, Barbara.
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:It's so good for that because July
4th, similar to Thanksgiving, There's
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:no gifts you have to mess with.
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:Uh, there's no real obligations
besides America, right?
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:And eating a weenie, pretty much a
requirement on July 4th, but outside
45
:of that, there's not a lot of rigmarole
that goes around that holiday.
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:So if you're just looking to take a
few days off and charge your batteries,
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:July 4th is perfect for that.
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:And summer is in full effect.
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:Fireflies are here.
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:Mosquitoes are here.
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:Brats on the grill are here
and lots of rounds of golf.
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:So it feels really good to just kind
of soak in this time around ourselves.
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:What do you get done this weekend?
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:Did you do anything?
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:Did you like take on a project?
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:Did you go do something for fun?
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:Did you ride your bike?
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:Whatever you did, I hope you enjoyed it.
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:I played some golf and worked in
the yard and did some work, but
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:mostly just relaxed because we've
got a lot of big stuff going on.
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:Here at the house and we're gonna get
into the business stuff in a second,
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:but we're just talking here, right?
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:We're having our coffee cheers and stuff
Things are getting busy here because we're
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:about one week away from a new puppy Oh,
yeah, and we're about eight weeks away
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:from our son leaving for college So the
puppy's kind of an emotional support
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:puppy for Abby because she's very, very
sad that David's going over to college.
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:So for her benefit, we're just
going to gloss right over that
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:and we are going to get into it.
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:So this is the last week.
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:If you want to do any business
between now and really July 15th,
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:it's almost a summer siesta.
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:You know how, uh, People say, Oh, the
Europeans, they've got it figured out.
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:They take weeks of vacation at a time.
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:Wouldn't it be great to be European?
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:I think we kind of do the same thing.
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:We just don't recognize it that way
that people just kind of take off for
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:a week and a half and they work or
they check in, but they don't really.
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:And this is one of those dead zones
because July 4th is next Thursday.
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:And if you don't already have something
on the books starting today, you're
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:going to start hearing the push off.
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:Wow.
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:You know, Barbara, thank you for that.
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:I really appreciate that.
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:Um, yeah, let's get back
to that after the fourth.
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:After the fourth, because they're
so busy that that's going to
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:start happening as of today.
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:And good morning, Aaron.
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:Glad to know no jail for you.
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:Thank you very much.
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:Jail.
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:Not good.
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:So people are going to start, you
know, putting you on the back burner.
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:Or step one is they're going to
put you in the back burner or
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:they're going to need it right now.
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:Like, oh my gosh, if I
don't have it by July 3rd.
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:And that's where we get
to, uh, queue up the line.
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:What is it?
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:Your lack of planning doesn't
make it an emergency on my part.
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:What's that line?
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:That is just such a brilliant line.
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:Whatever that line is,
that line, use that.
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:And this July 4th happening on
a Thursday is absolutely perfect
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:back in the airport world.
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:Uh, whenever the new year started, as
soon as we could put in our vacation
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:days, I had them all queued up to maximize
them because taking Friday, the fifth
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:off course, that's an Insta takeoff and
you can take off Wednesday and Friday.
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:So people are going to be maximizing and
flexing all of their time that they can.
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:So you got business to take care of,
take care of your business, double down
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:on your outreach and your interpersonal
communication right away early this
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:week because that gravitational pull
for man, we'll do it after the fourth.
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:That is absolutely going to be happening.
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:Have you filed your FinCEN report yet?
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:Do
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:you know what a FinCEN report is?
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:Do you know that new government
security report that you have to file,
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:or you literally could go to jail.
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:You think I'm exaggerating.
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:No, I'm not exaggerating.
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:Jail.
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:Fines.
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:Every day.
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:Not good.
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:And this report has been kind of wafting
around the small business Community.
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:It's kind of like just in the air,
but no one's talking about it.
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:So, because I care about you and I
know that you would not enjoy jail.
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:Uh, good morning, Patty.
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:Great to see you.
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:I thought for sure we should have a
conversation about this and tackle
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:it head on because the actual
report doesn't take a lot of time.
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:And as we're talking about
taking off time for July 4th.
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:It would feel really great
to knock this out before you
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:take that time off next week.
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:Fortunately, uh, we have someone here
that's going to help us explain it
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:because I don't know how to explain it.
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:Sierra from Hammernick and Associates.
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:Good morning, Sierra.
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:How are you today?
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:Good morning, Pat.
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:I'm well.
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:Thank you so much for having me on.
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:Uh, it's great to have you
here and I'm not exaggerating.
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:Am I?
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:I mean, really live, like real jail,
jail, like cell doors and stuff.
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:If we don't put this
in the, uh, old system.
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:Yeah, absolutely.
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:That's what they're saying.
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:That's crazy.
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:Come on.
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:I, I agree.
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:It's overwhelming.
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:The fines are just absolutely outrageous.
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:Um, and, and we also have to
remember that those fines, the 500
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:a day, that's not just for you.
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:That's also for your business too.
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:So you've got 500 a day for your
business, 500 a day for you.
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:And you're spending two years in prison.
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:Yeah.
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:Yeah.
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:Do you think I could
do the show from jail?
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:I don't think so.
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:Hey, good morning inmates.
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:It's small, small business incarceration.
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:That's not a thing.
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:All right.
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:So it's great to have you
on the show because you know
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:what you're talking about.
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:I don't know what I'm talking about.
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:What's going on here?
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:What is a fin sen?
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:And why do we have to do it?
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:Sure.
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:So FINCEN, that's an acronym.
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:It's the Financial Crimes
Enforcement Network.
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:It's another branch of the U.
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:S.
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:Treasury, kind of like the IRS,
but they're not the same thing.
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:And that's why this is
a new, separate report.
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:It's not on your tax return.
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:It's not, uh, when you file
with your Secretary of State.
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:It's brand new, something separate
that, just, just one more thing
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:for small business owners to do.
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:Mhm.
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:And why are we doing it?
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:What's the point of
this particular report?
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:So the goal, according to FinCEN, is
to enable them to better investigate
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:and prevent money laundering and
shell companies, stuff like that.
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:It all started because, um, a global
initiative from, uh, to crack down
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:on money laundering and terrorism.
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:Financing was recommended.
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:And in 2019 we got the
Corporate Transparency Act and
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:in 2024 we start collecting.
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:Okay, so it gave us five
years of head start.
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:We didn't do anything about it.
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:Now we have to do it.
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:So who needs to file a report?
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:Do all small businesses need to file a
report or is it a certain style or class?
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:Right, so the technical definition is
companies that were created by filing
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:a document with a Secretary of State.
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:Or similar office or otherwise
registered to do business in the
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:US, which is really, really broad.
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:If you're an LLC, if you're a
corporation, this definitely includes you.
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:But then there's also a list of exceptions
such as banks and, um, Uh, and insurance
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:companies, there's a whole list of
exceptions on the FinCEN website.
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:So definitely double check if you need
to file, most small businesses will.
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:But if you think you do,
if you think you don't, you
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:definitely want to double check.
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:Would it be a fair rule of
thumb to think if we have an EIN
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:number, we probably have to file.
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:That's, that's a, that's
a good rule of thumb.
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:You definitely, if you have an EIN
number, definitely go double check.
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:But even if you don't have an
EIN number, There's some, um, uh,
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:what's the word I'm looking for?
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:There's some situations like trust.
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:that might be required to file that you
might not otherwise think would need to.
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:Okay, so there's this new government
report intended for security
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:purposes, et cetera, et cetera.
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:We need to file it by January 1st of 2025.
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:And most likely everyone in the SBOC,
everyone watching this show should at
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:least check to make sure that they should
file it or confirm that they don't need
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:to file it, but just not ignore it.
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:And the fact that it's going on until
st of:
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:Scare us straight on this, your slide
on what happens if we don't file.
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:It's kind of ridiculous.
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:Yes.
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:So up to 500 a day in fines
is what they started with, but
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:this Corrects for inflation.
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:So in the first year,
it's already 591 a day.
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:Next year, it's probably going to be over
600 a day when they start enforcing it.
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:200, uh, two years of imprisonment, an
additional 10, 000 in criminal penalties.
230
:And like I said earlier, both
individuals and entities are
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:separately, uh, held responsible.
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:So you're getting 500 a day.
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:Your business is getting 500 a day.
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:And.
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:People who are senior officers, owners of
the company may are the type of people who
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:might be required to, to file this report.
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:So you definitely don't wanna sleep on
this, you don't wanna forget about this.
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:The, the fines are just,
it, it's just too much.
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:Okay.
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:So we know we need to do it.
241
:Mm-Hmm.
242
:. Is it hard to do?
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:Do we need a bunch of paperwork here?
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:Give us an overview of what
it takes to do this report.
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:Right.
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:So it shouldn't be too
hard for a lot of people.
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:You can go to finson.
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:gov and file there.
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:And that's where Hamrick and associates
sent all of our clients at first.
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:Um, they have a 57 page small
business compliance guide that
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:kind of summarizes the answers
to the most frequent questions.
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:I'm there every day looking it up.
253
:It's really exhaustive.
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:It's really great information.
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:Um, answering questions for our clients
every day based on that information.
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:Um, it's, it's a really great website.
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:Okay, great.
258
:And Aaron asks the million dollar or
five hundred dollar a day question.
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:How do I know if I actually
filed it correctly?
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:How do I make sure?
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:Right, um, I'm not sure if there
is a way to check through FinCEN.
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:com.
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:Whee!
264
:I hope, I hope you did.
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:And, um, I would definitely reach
out to them, but I'm not, I'm not
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:aware of a method to double check.
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:Once you file your report,
it's gone on FinCEN.
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:com.
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:Okay, so let's hope we, uh, you
know, let go of that paper airplane
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:in the way that we should have.
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:Okay, so, Thank you for the reminder
that we need to do this thing and
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:that the deadline is January 1st and
jail awaits us if we don't file it.
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:Those are all really, really helpful.
274
:I know that Hammernick and
Associates will help us do this.
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:Give us the 30 second pitch on
why we would hire you to do it.
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:Yeah, absolutely.
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:So a lot of our clients had
more questions and we weren't
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:in a position to answer them.
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:So we created a tool to do so.
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:Um, not everyone wants to be
a full time expert like me.
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:So if you want to get this
done as quickly and easily as
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:possible, uh, you can go to C.
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:T.
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:A.
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:B.
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:O.
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:I.
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:File.
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:again, that's C.
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:T.
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:A.
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:B.
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:O.
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:I.
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:That stands for Corporate Transparency Act
Beneficial Ownership Information dot com.
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:And you can file on there.
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:Uh, there's a survey right on the
first page that you can fill out for
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:free that will answer that question.
299
:Do I need to file as my business owner?
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:a filing entity.
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:It takes just a minute or two
to answer that question with
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:our survey that we've created.
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:And then you can jump into the
website and use our portal to file.
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:It's really intuitive and streamlined.
305
:All the answers to your questions are
listed right next to the different
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:areas where that's relevant.
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:So you get, you get your answers
where you need them, when you
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:need them, on demand chat support.
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:You can submit questions if
you have more complex ones for
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:professional answers and review.
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:And then also when your
report is completed, it's
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:then professionally reviewed.
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:So you can move forward knowing and
confident in that your report is filed.
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:It's correct.
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:And you're set to go.
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:Um, there's, there's also two more
things that I want to mention.
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:When your report is accepted by
FinCEN, You'll get a copy of that
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:back, so you'll know that your
report was accepted by FinCEN.
319
:You can always double check the portal
to see that your report was accepted,
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:so you're always, you always know you're
compliant, and you get ongoing support
321
:for any, uh, opportunities where you
would need to file again, which we
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:didn't get a chance to talk about, but
sometimes you do need to file again.
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:You get ongoing support
to make sure that happens.
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:Okay, I'm going to try and file
once by the end of the year.
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:I don't know about filing again, but
we will, we will see how that goes.
326
:I appreciate the information
when we met at the BizTimes Expo.
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:I'm like, oh my gosh, I've been looking
for someone to talk about this because
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:we all need to at least check in
and file or see if we have to file.
329
:So Sierra from Hamernik
Associates, thanks for coming on.
330
:We appreciate it.
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:Awesome stuff.
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:Okay.
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:So there you go.
334
:Jail is bad and uh,
government paperwork exists.
335
:And when they combine, uh,
I feel like we need to make
336
:sure that we cover that stuff.
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:So you don't get fined 500 a day.
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:That's not a good thing.
339
:This is Small Business Mornings.
340
:I'm Pat Miller, founder of the
Small Business Owners Community,
341
:and we are rambling on and getting
away from government paperwork.
342
:Let's talk about buying
stuff for the business.
343
:It can be really fun to
buy stuff for the business.
344
:Do you think about buying stuff
for the business the way that I do?
345
:Oh, well, I'll just, I'll
put it on the business card.
346
:Right?
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:Like, oh, that really nice desk chair.
348
:I wouldn't buy it on my personal
card, but you know, on the
349
:business card, do you do that?
350
:Especially at the end of the year,
I totally do that terrible habit.
351
:And that results in impulse buys.
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:Oh, that thing.
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:Yeah, of course.
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:I gotta have that.
355
:It's on the businesses card.
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:Who cares?
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:So what is the last impulse
buy you had for your business?
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:You know, you have one, you know,
you've got one, an impulse buy for
359
:the business, put it in the chat.
360
:Now I asked my contacts on LinkedIn.
361
:Hey, LinkedIn friends.
362
:What is the last impulse buy?
363
:And as you would expect, because
it's LinkedIn, I had so many
364
:people take the time to reply.
365
:I never make impulse buys on the business.
366
:I had that over and over and over again.
367
:So, okay.
368
:Perfect people.
369
:Who never make impulse
buys on the business.
370
:Thanks for contributing.
371
:But then I got some really good answers.
372
:So let's share a few of the really
good answers because I think
373
:they will resonate with you.
374
:Angelica Gallegos, the owner of Savvy
Bookkeeping Services in New York.
375
:She said, as a bookkeeper,
impulse purchases are definitely
376
:something I try to avoid.
377
:My clients rely on me to
be financially responsible.
378
:However, I can tell you that some
common impulse buys for bookkeeping
379
:businesses include subscriptions
to new software or online courses
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:for the latest tax regulations.
381
:They can be great investments if they
improve efficiency or accuracy, but
382
:it's also wise to carefully research
them before swiping that card.
383
:Isn't that the truth?
384
:Oh, I need this!
385
:Got a double check.
386
:Thank you, Angelica.
387
:Jason Henderson, a consultant
in Littleton, Colorado.
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:I haven't done any impulse buys
for the business, but I will say,
389
:so here comes the real answer.
390
:I haven't done any impulse buys.
391
:However, here comes the real answer.
392
:I will say that I have yet to
see a marketing program for books
393
:that made more money than it cost.
394
:So that is my biggest struggle balancing
the cost of marketing with the payoff.
395
:I think what he's talking about is
he's releasing a book and promoting
396
:a book and you can promote books,
but is the ROI there or not?
397
:Steve Mudd, founder in Austin, Texas.
398
:I constantly sign up for new AI
tools in an attempt to learn as much
399
:as I can about how they operate.
400
:My most recent sign up was
for a software called Vidnaz.
401
:Great name, Vidnaz.
402
:Vidnaz has a few gimmicky AI features,
and I wanted to use the face swap
403
:to work on a virtual influencer.
404
:Now that's cool, but Vidnaz could have
workshopped that name a little bit, and
405
:I'm totally guilty of that as well, Steve.
406
:A new AI tool comes out, well I gotta
have that, and then you play with it for
407
:30 seconds, it doesn't quite work the
way that it says it's going to work, and
408
:then your credit card has been charged.
409
:Have you not seen that?
410
:You've seen that.
411
:Yes.
412
:And I've not seen a single impulse
purchase admitted to in the chat.
413
:You're all a bunch of liars.
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:What's the last thing that you had an
impulse purchase on in the business?
415
:I know you have JB's watching the show.
416
:JB we're talking software.
417
:I know that you wear out the software
site, buying everything under the sun.
418
:Mike Mosel, a founder in
Charleston, South Carolina.
419
:He said, I'm not sure if this was
impulsive, but I made the decision
420
:quickly to hire an outsourced lead gen
firm to do cold outreach on LinkedIn.
421
:It was something that I
wanted to do differently in
422
:my business than in the past.
423
:And while I regret spending the
money, I quickly learned a valuable
424
:lesson about how cold outreach on
LinkedIn, especially messenger.
425
:Is likely dead for a number of reasons.
426
:Now here's, what's so funny.
427
:I completely agree with you, Mike,
that direct outreach on LinkedIn may
428
:be dead, but that's how I got to Mike.
429
:So I appreciate the input.
430
:And uh, maybe it's not efficient,
but it was great to meet you.
431
:And thanks for the contribution.
432
:Appreciate it.
433
:Olivia Jacobus, an accountant in Spokane,
Washington said, my last impulse buy is a
434
:height adjustable lamp that you can also
adjust light brightness with as well.
435
:as well as the light hue.
436
:I would 100 percent do it again.
437
:It's nice to adjust the height in case
I want to stand if I'm on a video call.
438
:Adjusting the light is great since my
office has a window and the sun moves.
439
:I can increase or decrease
the brightness accordingly.
440
:I've got those.
441
:I've got those.
442
:That's what these colored
lights are behind me.
443
:Let's see if I can show you.
444
:Microsoft Hue lights.
445
:They're the greatest things ever.
446
:I use them all the time.
447
:Let's see.
448
:So we've got, let's have
them be white lights.
449
:Ooh, white lights.
450
:Let's have it be the show lights.
451
:Ooh, so much more dramatic, right?
452
:I think there's a way here
you can put it on rest.
453
:Oh, it's time to rest.
454
:And there's a bunch of
stuff you can do here.
455
:Like, you can have it look like a fire.
456
:Like, it can crackle.
457
:It can dance to the music.
458
:It's total nerd juice.
459
:I know it, but I absolutely love it.
460
:Okay, how about you?
461
:No one's going to fess up
to an impulse purchase.
462
:I can't believe you guys.
463
:Fine.
464
:My impulse purchases have
been AI software for sure.
465
:No doubt about that.
466
:And it basically any online software
I end up buying and testing and
467
:then realizing I don't need it.
468
:And what's so dangerous is when you
buy the software and you're like.
469
:I can see a way to use this.
470
:Oh, well, the annual is 15 percent off.
471
:I'll just buy the annual.
472
:And then like three weeks into it, it's
like, Oh my God, what did I do this for?
473
:It renews in 11 months.
474
:Oh,
475
:that's life.
476
:And outside of software in the
business, I'm not really impulsive,
477
:but I am impulsive when it comes to
golf, the do hickey budget for golf.
478
:The thingamajig budget for
golf, very high, very high.
479
:I walk into Golf Galaxy, I'm
walking out with something.
480
:I didn't just come in here to look around.
481
:I came in here to buy something.
482
:That happens to me all
the time, the golf budget.
483
:Well, there's really no budget.
484
:That's why it's impulse.
485
:The golf stuff account,
486
:pretty ridiculous.
487
:Let's talk about a change in the
small business owners community.
488
:Two changes.
489
:In fact, we just announced,
so we do inside the community.
490
:We have our big virtual platform where
all of our small business owners are
491
:connecting, which is super great.
492
:That way we're always in
touch with one another.
493
:We're having a private
conversation that's off Facebook.
494
:So we're not one click
away from our clients.
495
:We're sharing resources, giving
each other feedback and experience.
496
:It's really the unfair advantage
for the small business owners
497
:that have decided to join.
498
:So we've got that going
on our digital event.
499
:And we have our annual
conference in October.
500
:But in between those two things,
we do in person meetups in
501
:Madison, Milwaukee, and Kenosha.
502
:In our Milwaukee chapter, we just
announced that we're moving the location.
503
:For the last few months while we were
testing this out, my lovely wife, Abby
504
:Miller, allowed us to use her studio.
505
:For our monthly meetups.
506
:Now we have a proper location.
507
:I've just announced that we're going to
partner with the Technology Innovation
508
:Center in Wauwatosa to be our host
for the small business community.
509
:So the, uh, director there, Mark
Johnson and I have been building a
510
:partnership because he's got a building
full of entrepreneurs and we've got
511
:a community full of entrepreneurs.
512
:So there's got to be a way that
we can bring our community to
513
:their community and vice versa.
514
:So on July 15th and on
August 19th from 4 to 6 p.
515
:m.
516
:Those are our meetings.
517
:Our upcoming small business owners,
community meetups, we'll be at the
518
:technology innovation center, which
is essentially at the zoo interchange
519
:and highway 100 in Wauwatosa.
520
:Like it is right in the
center of everything.
521
:So it's really, really exciting.
522
:So if you haven't come to one of
our small business owner, community
523
:meetups, uh, we'd love to have you.
524
:July 15th is the next date.
525
:Thanks to Mark for the
partnership, big space.
526
:It's going to be great
and he's buying beer.
527
:So
528
:you should come.
529
:Here's the other thing.
530
:This is something I can't really announce
But I can share we have an agreement
531
:in principle for another big business
service for our small business owners
532
:in the SBOC The vision here is if we
get a big pile of small business owners
533
:together How can we give them the
same tools that big businesses have?
534
:So we started with a legal advice hotline.
535
:Then we built a tech support hotline.
536
:Then we built an HR question hotline.
537
:All three of those services exist,
so when an employee does something
538
:stupid, you've got someone to call to
ask, Hey, how should I handle this?
539
:When you get a letter in the mail,
you've got a lawyer that you can call
540
:and ask a question without starting
the meter with your own lawyer.
541
:That's kind of the vision, right?
542
:Because in a big business, you'd walk
down the hall and talk to your HR person.
543
:We don't have that.
544
:I'm just a devastatingly handsome
guy in his basement, right?
545
:And so are you.
546
:So we needed these big business services.
547
:But there's another big business
service that we're missing.
548
:And we have an agreement in principle to
launch this one in the middle of July.
549
:Okay.
550
:And I've not seen this.
551
:Anywhere, anywhere.
552
:I haven't seen any group do this.
553
:So legal, HR, tech, and one more that's
going to be pretty darn valuable.
554
:It's going to help you
get more stuff done.
555
:That's all I can share for now,
more stuff done, but it's going
556
:to be really, really good.
557
:And that is all on top of the changes
that I made that are effective
558
:on July 1st inside the SBOC.
559
:So I just woke up and realized and
learned from some others, hey, there
560
:was some stuff that I was doing that was
not in the best interest of our members.
561
:So we made a bunch of
changes, owners only.
562
:We are no longer going to welcome
sales reps, business development
563
:people, employees of other businesses.
564
:If you're not the person that makes
the business decisions, if you're not
565
:the one that runs the organization,
this isn't the group for you.
566
:So that's the first change
we made, owners only.
567
:Second change we made was to cap the
number of people in the community.
568
:Because when we have these four big
business services up and running,
569
:I want to make sure our members
have room to take advantage of it.
570
:So.
571
:We have a 200 member cap that's
effective as of July 1st.
572
:Then I'm taking away the
monthly payment plan and only
573
:offering a one time annual fee.
574
:And we're doing that because I want
people to invest in the community.
575
:I don't want someone to show up,
take all the goodies and log off.
576
:No, I want you to invest and build
relationships with Barbara and Aaron and
577
:JB and Susie and others Patty and more.
578
:I mean these people are here to
collaborate with you and help you grow
579
:The feedback i've received from the
community after announcing these changes
580
:has been a hundred percent positive And
if people don't like it, they probably
581
:haven't told me so I can still say a
hundred percent positive because that's
582
:how i'm hearing it But they're all made
with our community's interests in mind.
583
:All of these changes go
into effect on July 1st.
584
:So if you're not in the small business
owners community yet, then you need to get
585
:into the small business owners community
because it's a thing and I'm really
586
:proud of it and you should be a member.
587
:Let's do our meme of the week and I
think this might spark some discussion.
588
:Sometimes our meme of the week is
goofy and fun and kind of just flip.
589
:Not today's.
590
:Today is hopefully going to
pump you up a little bit.
591
:It's going to help you
say, you're damn right.
592
:Are you ready?
593
:Here's our moment.
594
:When a customer tells you, I
know people who charge less.
595
:You say, I know customers who pay more.
596
:And the Robert Downey Jr.
597
:Picture there is just perfect.
598
:Isn't it?
599
:Why does this spark discussion in my head?
600
:Today, this week, a
member of our community.
601
:And maybe you watching this show will
reach out to a potential client and
602
:say, listen, I'd love to work with you.
603
:It's 10.
604
:I'm just using a number.
605
:It's 10.
606
:And then we'll wait for
them to say yes or no.
607
:And sometimes they'll
come back and say 10.
608
:I know people who do it for five.
609
:When that happens, we, we, many of us,
and sometimes me and sometimes you,
610
:we kind of, Ooh, we kind of shrink.
611
:We kind of, we kind of step back.
612
:We kind of worry, Oh, maybe
I should do it for five.
613
:This meme and this reminder and
this little pep talk is kind of
614
:coaching you up a little bit to own your
pricing and be worth what you charge.
615
:This isn't a negotiation.
616
:I'm a service provider.
617
:It costs this much.
618
:So I would love to have you work with me.
619
:And if we're not a fit,
then we're not a fit.
620
:Have a nice life.
621
:And I find that when someone
questions my pricing and I just very
622
:confidently and very securely just
say, uh, thank you for that question.
623
:It's one that we get a lot, uh,
but we found that our price of
624
:10 is what it takes to have the
resources necessary to give you the
625
:service that I intend to give you.
626
:Basically, if you want good stuff, pay me.
627
:If you don't want good stuff,
there are plenty of people
628
:that charge less down the hall.
629
:Go find them.
630
:Bye.
631
:And when I do that, they
go, okay, I just had to ask.
632
:And then they sign.
633
:And if they don't, then they don't.
634
:This question and this challenge
635
:really takes hold when someone challenges
you on your price and you say yes.
636
:The price is 10.
637
:Would you do it for five?
638
:Fine.
639
:Then what happens?
640
:Yeah, you got the business, but
you hate every minute of it.
641
:Have you not done that?
642
:Have you not taken a client
and then regretted it later?
643
:And a lot of the reason why you
regret it is, you know, you're
644
:doing it for less than you should,
but you needed the business.
645
:So you did it anyway.
646
:And then it's just a thing the whole time.
647
:And it's just.
648
:Ah, I'm so mad.
649
:So today's meme of the week, great
work, Abby Miller, director of
650
:meme, your friend, the photographer.
651
:This is a call.
652
:This is a reminder.
653
:How much is it?
654
:10.
655
:Would you do it for five?
656
:No, no,
657
:no.
658
:I'm worth it.
659
:I'm worth it.
660
:We just raised the price of the SBOC.
661
:It was like 6.
662
:50 a month now or 6.
663
:50 a year.
664
:Now it's 7.
665
:99 a year.
666
:Why?
667
:Because we're worth it.
668
:That seems expensive.
669
:Have you been in it?
670
:Do you have a legal hotline right now?
671
:Do you have 150 entrepreneurs that can
give you advice at the drop of a hat?
672
:Are you walking all alone right now?
673
:This is how much it costs.
674
:And this is how much it costs for
us to do all these great things.
675
:And if you want to keep on figuring
it out by yourself, have a nice life.
676
:We're worth it.
677
:Do it or don't, as my mom famously says.
678
:So that's my little pep talk for today.
679
:Hold your prices, be proud of what
you do, get what you are worth.
680
:Or when you say you'll do it at a
lower price, you will regret it.
681
:And you'll be mad at the client.
682
:And you will have no one
to blame, but yourself.
683
:That's about all we got for today.
684
:Uh, hearing no other questions,
comments, or sarcastic remarks from
685
:those of you that chose to tune in
this morning, I want you to go have a
686
:great week between now and Friday, go
get some stuff done because next week
687
:is going to be a big nothing burger.
688
:I'm telling you right now, get your client
communication done this week because
689
:next week you'll have plenty of time.
690
:To work on your internal projects.
691
:Oh, I need to write a few blogs.
692
:I need to update the thing.
693
:I got to organize the stuff, all
of the study hall kind of things.
694
:You can do all that next week.
695
:This week, go to lunch, go to coffee,
send the emails, follow up, make, just do
696
:the stuff with other people because next
week it's going to be a one player game.
697
:I'm Pat Miller, founder of the
Small Business Owners Community.
698
:I really appreciate you
tuning in this morning.
699
:I hope you go out and have a great
week and don't forget to file
700
:your FinCEN because jail is bad.
701
:Talk to you soon.
