In this episode of the Come Correct Podcast, host Obi Chukwumah sits down with the Founder of Precision Business Strategies, Lary D. West III who is a Tax and Business Strategist. Lary’s company provides reliable accounting and tax solutions for business owners and real estate investors.
After earning his MBA in Finance and Accounting, Lary envisioned becoming a high-profile Investment Banker doing mergers and acquisitions but ended up falling in love with Tax side of Financial Planning.
Obi and Lary discuss the value of having a Tax Strategist on your team and how they can not only help you save money, but also help you develop a wealth strategy that can pay dividends for generations to come.
0:50- Background Check
6:00- Lary’s transition from Education to Finance
8:00- Lary’s first Financial Advising job. Falling in love with Tax Planning and Tax Strategy
9:00- Becoming an entrepreneur
10:45- Developing a Wealth Strategy. 3 important moves you can make
12:10- Build the gateway to tax-efficient and tax-free income in retirement
14:57- How to purchase assets that produce tax-efficient income (there is a tax-efficient way to buy a Ferrari)
15:20- Advice for new entrepreneurs on developing a budget early. Investing for retirement
19:00- The value of good debt and leverage
21:00- Traditional CPA vs. Tax Strategist & how they can work together
24:00- Ideal client for Precision Business Strategies
25:00- Estate Planning & Trusts
28:30- When do I engage a CPA/Tax Strategist as a business owner?
32:45- Demographics of Precision Business Strategist Clients
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