Our episode today includes Jordan’s interview with local Financial Advisor, Broc Rosser of Edward Jones. They discuss some of the ways that small business owners can protect their investments and save for the future.
You’ll finally understand why a 401k may or may not work for your company, and see some alternatives to that retirement option. You will also learn about some of the insurance options that you will want to consider to protect your ownership and assets from downturns in the market or the unexpected death of a partner.
Broc Rosser works out of the Conway area within Orlando. His priority is to always be a caring, thoughtful and responsive financial advisor. While he does not discriminate on whom he serves, his specialty in the following types of customers:
- Individuals or couples too busy running a family, business, or working that do not have the time to manage finances for himself/herself.
- Individuals or couples who are overwhelmed by the complexity of investing and financial planning.
- Individuals or couples whose assets are completely misaligned to his/her financial goals and comfort level with market volatility.
If any of the following ideas is a concern for you, Broc can help:
- Retirement planning
- Investing (Determining what you are trying to accomplish is the foundation before we decide how you should invest.)
- Stocks, Bonds, Mutual Funds, Exchange Traded Funds (ETFs) (Do you fully understand the differences of each and how each plays a part in a portfolio?)
- Annuities (What do they do and why are they so different?)
- Life Insurance (What is the right type for me?)
- IRA (Traditional or ROTH), 401(K), 403(b), SEP IRA, SIMPLE IRA
- College/Education Savings
When he isn’t working on your priorities, He has been known to skydive, paraglide, and practice Tae Kwan Do. Most often you will find him with his wife and best friend, Allison and their twin princesses, Ashlyn and Ansley.
Episode 5: Broc Rosser, Financial Advisor of Edward Jones – Full Transcript
Broc Rosser 0:00
Some things that business owners don’t necessarily think about,
Jordan Ostroff 0:02
Broc Rosser 0:03
is protecting the business through insurance, right part of my job is not only to help you invest and to grow through assets, but also really to protect. So for example, you’re probably very familiar this as an attorney, but buy sell agreements, how many different business owners do not have a buy sell agreement in place. So if something happens in their business partner, does all of a sudden the spouse step in unexpectedly because the contract didn’t say they were there, the person would buy it out? And how do we do that?
Picture a world where costs down, profits are up, and customers are clamoring at your door you’re listening to. Let’s get up to business from Jordan Law. Our interviews with business owners, service providers, and area experts can teach you how to create a world of success and profitability. If you’re looking for an attorney to assist in your business, we’re making employment agreements, or other legal business needs, contact Jordan law at 407-906-5529. You can also reach us on the web at Jordan law fl.com. Jordan law, we protect you and your business.
Jordan Ostroff 1:28
Hello, and welcome to the Jordan law, Let’s Get Up To Business Today, joining me is Brock Rosser. Thanks for coming in Brock.
Broc Rosser 1:35
Thank you, Jordan, for having me. My pleasure.
Jordan Ostroff 1:37
Can you give us a little bit about yourself?
Broc Rosser 1:39
Thanks for asking. So Jordan, I’m a financial advisor with Edward Jones. What that means is I like to help people with their financial goals. And it has a wide variety of what that could mean. We only not only do we help you accomplish those, but we want to help you protect those goals as well.
Jordan Ostroff 1:53
And how did you become a financial advisor?
Broc Rosser 1:56
Funny question along those lines, so I actually started a long time ago and nonprofit world I enjoy helping people. But I decided that in order for me to really help you, I got to help you start earlier in life, with your investments with your life insurance with college savings plans, because by the time we get you to later in life, you can be self supporting.
Jordan Ostroff 2:15
What do you what do you mean by later in life.
Broc Rosser 2:18
So everybody has different goals as far as wanting to retire. And we call that Jordan and my, for my customers, I work option lifestyle, even if you want to keep working. Some people want to actually do that in their 50s, some in their 60s, some of their 70s. But the key is, is that at some point, our bodies, our minds, we may not be able to continue to work. So we’ve got to be able to have a passive income stream. And we have to help generate that for you.
Jordan Ostroff 2:40
What about those of us in our 30s and 40s. That want to work, be work optional, say oh,
Broc Rosser 2:45
well, it all requires discipline, it requires choices. I always heard about not keeping up with the Joneses, part of the problem with our jobs, but that’s very true Jordan. The key here is it’s not an overnight sprint, it’s a marathon. There is no quick, get rich quick scheme. If you want to really try to reach your goals, even your 30s and your 40s. Then basically, you want to spend less than what you bring in. That’s tough with the mortgage and babies and everything else. But that’s the key to this.
Jordan Ostroff 3:17
Gotcha. All right. So for any of our listeners who listen to this, can you give them your contact info?
Broc Rosser 3:24
Thank you. Yeah, absolutely. So if they ever had any questions about anything, we don’t push any kind of product or anything like that. Be happy to answer any financial questions. My phone number is area code 407-412-6476. My branch office administrator, my right hand person, her name is Sharon Misrocca, and she’s a great lady. And then my email address is broc.rosser@Edwardjones.com.
Jordan Ostroff 3:54
Alright, so let’s dive right into this. You know, our podcast is geared towards the small and medium business owners grew their business trying to protect their business trying to give themselves you know, peace of mind. I always tell everybody, as a law firm, you know, we don’t really sell legal services, we sell peace of mind. So I know you and I’ve talked about some of the stuff and I guess the the biggest The first thing would be the different kind of insurances.
Broc Rosser 4:15
Absolutely, Jordan, so So there are some things that maybe some business owners may not be aware of to help protect their business. They’re focused on growing that business as you’re mentioning Jordan. But we also want to look at ways to make sure that we preserve that business. For example, let’s say you have a small business, and there are two or three owners of the business, if they have not structured their contract well, and you can very much appreciate this as an attorney, it could be that if something were to happen to one of those business partners, unexpectedly they pass away, that could a spouse potentially come in and take over as one of the partners? Well, we would maybe want to avoid that. So we put into play something called a buy sell agreement that you as an attorney would ride, but then we as a financial advising company, we would help you with the funding aspect of that, in essence, as a life insurance policy, the company or the different partners would buy a life insurance on each partner so that whatever the Share Value is of the partnership, if something should happen to that other partner, the business could immediately buy out the other partner’s shares and not cause any kind of conflict.
Jordan Ostroff 5:25
So basically, there’d be an agreement in place between whoever owns the business that if somebody passes away, then a life insurance policy would trigger and that would pay out the surviving heirs, so that that person’s equity in the business would stay with everybody else.
Broc Rosser 5:40
Jordan Ostroff 5:43
And just to just to give our viewers a little bit of an idea for us to write up something like that, you know, you might be talking about 1000 or $2,000. But to litigate. Some of these, you might be talking about $10, $20 $30,000, especially if you’ve got, you know, four or five people in the business. With all having four or five different lawyers can argue with, you know, spouses, obviously is emotionally involved in that moment, as well.
Broc Rosser 6:03
And Jordan, you’re probably very familiar with this has happened more often than not, and it can be a nightmare.
Jordan Ostroff 6:08
Well, it always boggles my mind, we’ve had all these, you know, famous people and sports owners pass away with no wills with nothing in place between you know, Aretha Franklin, and then Paul Allen, and the guy in New Orleans, forgot his name. Benson something. So it’s just crazy that you know that there’s people with all the money in the world, all these businesses that just never really considered that one day, they wouldn’t be here.
Broc Rosser 6:34
Jordan Ostroff 6:36
And I like the idea of, you know, the life insurance policy being purchased by the business. So that way the spouse is getting something immediately without a, you know, an obvious hit to the business in that moment.
Broc Rosser 6:46
Absolutely. And there’s some other aspects to along insurance lines, again, we don’t want to make you insurance poor, but we want to think about protecting the business. So for Jordan, you’re a great example, you are the face of Jordan law. Well, what if you you had to be out of work for six months, you had to do a surgery or, you know, heaven forbid, you got hit by a bus and you had to have some major recovery? Well, there are some other insurance that you can purchase to sustain the business while you’re gone to keep the bills being paid the lights on, that’s called overhead and expense policies overhead and expense insurance. And that can be really important to a business.
Jordan Ostroff 7:25
And does that have to be something for the owners or cannot be for anybody in the business?
Broc Rosser 7:30
That’s a fair question, Jordan, normally, it’s going to be for the owner of the business. But depending upon how it can be structured, maybe there’s some unique situations with the business, we can look at if there’s some other Taylor and we can do for some other personnel. Because I
Jordan Ostroff 7:44
know obviously, you know, from our standpoint, I get hit by a bus. So handle that case will cover everything I can imagine for you know, a mom and pop shop, or something, you know, smaller a dry cleaner hairdresser, something like that, if you’ve got somebody who’s they go tail person that can be huge, I mean, the entire business, my focus around those one or two people,
Broc Rosser 8:05
correct. So what happens during that time, you still have to continue to make sure that you retain your employees. And you got to make sure that you know, the operation, the status quo until your return. And that’s the value of that policy. Really, I like to tell people as an advisor, so we can talk about investments, stocks, bonds, mutual funds, those kind of things. And those are investments, those are for your future. Insurance is really not an investment, in my mind is a budgeting tool. It’s a protection tool.
Jordan Ostroff 8:32
Gotcha. So are there any? Or I guess what specific types of businesses or kinds of businesses do you see that are most in need? Or most and potentially in need of that overhead or expense insurance?
Broc Rosser 8:48
Great question. Sometimes a lot of medical doctor offices, those are good ones, dental practices up all that same sued, if you’re a small engineering company, small architectural planning company. If you are a maybe a supplier of goods that are like a niche industry, those are the kind of businesses that I think would be brought up that need those kind of services.
Jordan Ostroff 9:16
So the more the more the business is relying upon you as the owner, the more important this would be?
Broc Rosser 9:21
For sure, absolutely.
Jordan Ostroff 9:23
Well, so then what about in the situations where it’s not the owner? I mean, is there some sort of protection that businesses can take on other employees?
Broc Rosser 9:31
Thanks for asking that Jordan, actually, in your you hit the head on the nail or the nail on the head there. So let’s say that you have a business and like a, let’s use that five person example. And let’s say two of those people are just essential to bringing in business business development, they are the rainmakers. Well, what happens if they all of a sudden get hit by the bus would potentially your business have set significant devastating impacts that you could potentially follow in the next couple of months before you could find a quality replacement? The good news about this Jordan is that a business can actually own a life insurance plan on an individual of the company. So in this example, let’s say you’ve got that that one or two people that are just rocking it there, they’re solid for you, they’re growing the business for you, and they do get hit by the bus, well, it might take you six months to a year to find another quality replacement, you can buy a life insurance policy on that individual for a certain dollar amount, that could almost equal what you think they’re bringing back into the business during that time. So that again, you can have continuous operations.
Jordan Ostroff 10:39
And so this payout would be to the business to fund what money would be coming in from that normally
Broc Rosser 10:44
Correct, the business would still own this and retain this.
Jordan Ostroff 10:48
So when it comes to these sorts of you know, insurance are these plans in place for, you know, to help businesses through the rough patches, what are some of the common mistakes you see businesses making, we obviously not having this will be one mistake. But
Broc Rosser 11:02
You want to make sure that you go to people like you to make sure it’s well crafted for contracts, and make sure that there’s not any type of issues with that. The other thing is to make sure that beneficiary information is updated. It’s not a common. So let’s go back and try to think of maybe a good example. But let’s say that you had a business partnership, and they did do the buy sell agreement with you, and they got a life insurance in place. But the business partner went through a divorce went through a life change, and they remarried somebody else. But the life insurance policy did not change the beneficiary to the new spouse, that becomes a really, really bad situation. So those are some very common mistakes that we’ve kind of set these documents, we kind of forget them. But you want to work with either your attorney or your financial advisor, make sure that these kind of things you’re always up to date.
Jordan Ostroff 12:01
And I can imagine that last example that could cause potentially even more litigation, because now you’ve got a large chunk of money that two people outside the business can fight over a little on the business fighting over where that money goes inside.
Broc Rosser 12:13
And those are the things that I know you like to look at, but man, that would give me a headache, joy, so I’m glad that you’re here.
Jordan Ostroff 12:19
I trust me some days, it gives me a headache. So okay, so anything else about those kind of insurances that can give our business owners you know, peace of mind, or something they may not have thought about?
Broc Rosser 12:31
I think at some point, thank you, Jordan, I think it’s important, at least to go talk to someone and get some good quality information and get some quotes, what does it really mean? Again, we don’t want to make the business poor, you’ve got to focus on growing, we want to have some kind of protections in place. The other thing I would want to say is this, you want to have some good backing, some good companies that you’re working with. So a national based company that can provide these type of products, it’s okay to do me a smaller company or regional However, when you’re dealing with something like this, you want to make sure that the company’s still going to be around during challenging times.
Jordan Ostroff 13:06
Yeah, I can imagine, you know, you get to a recession hits everybody in the insurance company goes under, and then you try to cash in the policy, and there’s nobody there.
Broc Rosser 13:13
Jordan Ostroff 13:14
So assuming somebody you know, listen to our podcast realizes they need this sort of stuff. But you know, they’re not in the area, they don’t want to go to you what’s what should they be looking for from that financial advisor, or from that attorney? To know that that’s a good person to help them with this?
Broc Rosser 13:29
fair question. You always want to start with somebody that has your best interest at heart. And first, they should always be asking you what is important to you financially, what is your financial goals, there should never be a feeling that they should be selling a particular product. So for example, they were Jones, the nice thing about us is that we’re privately held all the other financial advisors and the on us, we don’t have to push any particular product. So if they were if you go somewhere, I would say, not necessarily going to proprietary product, right? Look at something that can be found across all financial advisors that they may be able to go to, you want to go somewhere where you have a personal relationship, not necessarily a robo advisor, but you can pick up the phone and go to that particular person, I would I would tell you,
Jordan Ostroff 14:16
Well, I can imagine, especially when, you know, for a lot of these to family on business, it’s kind of fun, not only not only all the employees lives, but also the families themselves and to go on, you know, one of those random online, only things may not get you the best service for your situation, you’ve got it. All right, so what um, what are some of the other things that you see that small business owners can do to help grow their business to help protect their business to help keep key employees? What sort of things do you see, or services you offer towards that?
Broc Rosser 14:47
Great question. So a lot of times when you’re in business for yourself, and you’re really trying to get out the door, and even if you’ve been there for 1015 years, we still have to think about ways that maybe one, you might want to get a business taxi driver, or two, you want to try to retain some of your key employees by offering benefits that you maybe have had struggled with, because you can’t afford those type of benefits. And just three, again, for your own self, how do you put money away for your work option lifestyle down the road. So there are, when you go to large companies, you probably hear about something called a 401k. Or if you’re at a large, let’s say, hospital, maybe it’s a four or three B. But business owners may not be aware, there are other options that are much more cost conscious and cost effective for smaller business that are retirement plans. For example, Jordan, there’s something called a simple IRA, that is a business IRA. It’s much, much less costly, and a 401k. It has a couple of different options. But in essence, the employees and the business owner can put money away salary deferral for themselves. And the business can provide a match, but it’s a very small match either 2% or 3%, without getting too into the weeds, but up to two or 3%. And that might be a better approach for some smaller businesses, for a business that may be self employed only. Or let’s just say it’s a two person ownership business and not necessarily any employees underneath it, you can do something called a SEP IRA. And that allows somebody to put up to 25% of their business earnings back into to their retirement. Or they can do something what we call as an owner k 401k. acts like a 401k. But way more cost efficient than a regular 401k. And it allows you to put a lot of money aside. There’s different options. And we like to work with accountants to help you figure out which one is best for your business needs. But there’s some definitely some plans there.
Jordan Ostroff 16:53
So when you talk about the 401k being so expensive, because at the fair, where do you use
Is, from a is that expensive from what you have to do for the employees or that’s expensive from the cost of managing a 401k plan, or both?
Broc Rosser 17:09
The cost of managing a 401k. There are requirements that the IRS requires when you have a certain number of employees, and then you they were going to require you if you do a plan, it’ll be like a 401k. And there’s reporting requirements. And then we have to go ahead and get like a third party administrator. And there’s just all kinds of different things that go into it, they kind of drive up the administrative costs. And so a larger business can absorb that a little bit because they want to provide that for their employees, a smaller business, some of those costs just make it cost prohibitive to be able to implement. So the nice thing is that a SEP IRA or a simple IRA, or even an owner-k 401k, don’t have those same type of administrative costs requirements.
Jordan Ostroff 17:52
So even if even if I use you for my personal stuff, and I bring you on as you the business stuff, there’s still so many extra regelations and requirements put in place for the 401k.
Broc Rosser 18:03
So there are reporting requirements, for example, and a 401k, you want to make the IRS wants to make sure that all employees are treated equitably, and not just used as a cash fund for the top owners and money makers in the business. So they’re going to be looking at math requirements, and we call it safe harbor. And when you do like a SEP IRA, or simple IRA, those kind of requirements are not there. So it makes it a little bit more cost efficient to have to monitor and those kind of things.
Jordan Ostroff 18:36
Are the any of these? Actually, let me get to that question. Second. So what’s the benefit of a 401k? Then versus the other ones? If you are a large enough business?
Broc Rosser 18:45
Great question. So it could be let’s go back to that doctor example of that, or even a law firm such as yourself. There are pros and cons to all of these IRS puts in carrots and sticks. If you did a simple IRA, where you’re only going to be businesses only going to be required to put in a 2% match up to a 3% match. But the employees can put up to $12,500 per year into the salary deferral. And then if you’re over 50, there’s a catch up provision. So it’s really like 15, five, but that’s the limit that top limit, well, maybe I want to put more away, maybe I need to work with my financial advisor, they said, hey, we’ve got a bit more way for you to reach your goal, a 401k, an owner, only 41 K or even a regular 401k that will allow you to put even more money away. And you can put up to depending upon your age about $19,000 away salary deferral, but then you can put profit sharing on top of that, so you can put up about $55,000 away. So it’s a it’s a vehicle that could potentially allow you to invest more. And then for some of our really sophisticated business owners that want to even do more and get more of a tax break, we can put something called a cash balance plan, sort of like a pension. Okay, but it’s a cash balance plan on top of the 401k. And you could put up $100-$200,000, potentially away. But again, we have to work with an accountant on that and kind of look at what that means. But that allows you that valuable benefit. Let’s talk about a SEP IRA. Well, a SEP IRA allows you to put up a 25% of your earnings, not necessarily with the business banks, but with the earnings of the employer and UK, you are the employer employee. Okay. So let’s say that you say on paper, you make $100,000. So then you could put $25,000 away on per year on that. So it just depends upon what you’re looking for and help meet your needs.
Jordan Ostroff 20:39
For any of these is the business getting a financial benefit of like a payroll tax deduction standpoint,
Broc Rosser 20:46
You got it. So for the simple IRA, the business will get a tax deduction for the match the 2% 3%, and in the SEP IRA is technically it, let’s say it’s a one person operation consulting job and you are the business. But the SEP IRA is still a business IRA. So the business will get the tax deduction of whatever the money that they’re putting into the IRA. And so that’s the benefit the same thing with the regular 401k for the match requirement if they are going to do a match requirements.
Jordan Ostroff 21:19
So the business isn’t going to save money on payroll tax, it would just be the ability to write off the money that’s donated in
Broc Rosser 21:25
Jordan Ostroff 21:25
Okay, gotcha. So there is some financial benefit to the business, we’re putting these in place.
Broc Rosser 21:30
Jordan Ostroff 21:33
What about? So this is the thing that I always sort of struggle with. And every time we talked to, you know, anybody involved in finance, the accountants, financial advisor, everybody seems to have a different answer. So what about when the business is when it’s time for the business to invest outside of the business? You know, how do we know that that’s that it’s the right time to do that?
Broc Rosser 21:55
Are we talking about like actually buying stocks, because a business can actually own stock? There’s opportunity to do that. Of course, there are other ways of investing outside of the business as well, right, for example, Real Estate’s very, very popular. And so there are companies in town, good quality companies, a town good quality national companies that focus on development, and certainly a company could buy a portion of shares related to that.
Jordan Ostroff 22:22
So from your standpoint, I mean, a business can invest almost the same as a person. Absolutely.
Broc Rosser 22:27
Okay. They can actually own the stocks themselves to businesses elf,
Jordan Ostroff 22:30
I didn’t know that the business is going on stocks directly. So but how how does a business owner make that decision that it’s time, you know, because we always talk it that a lot of times, the best investment I make is, is investing back in myself and back on my business. So when does that start to switch? What sort of things should a business owner be looking at to know like, hey, it’s time to start diversifying?
Broc Rosser 22:52
Fair question. So there are some business tax accountants that I do work with, this is going to go a little bit of my pay grade, where they focus on helping businesses grow based upon those type of questions. There’s two in particular, I like to use I’m sure everybody has their own their own flair. But they’ll begin to look at their cash flow their, their their revenue lines, and they’ll begin to look at their business plan. And they’ll be able to help tweak and say, okay, maybe in season plays, we need D, or two years, we expect to get there. At that point, you’ll have extra reserves, we need to do something with those kind of funds. So in essence, we worked. I like to work with business, planning experts, that kind of help focus on growing the actual business itself.
Jordan Ostroff 23:43
So that’s the situation more for you’re going to bring somebody else in to make that decision. That’s right. All right. So then, let’s say hypothetically brought that person in, they’ve decided this business is ready to diversify. are they telling you their recommendation for where that diversification goes? Or is that putting it back on the determine that part?
Broc Rosser 24:01
Great question as well, Jordan, we work hand in hand with a business owner. So at that point in May, and that’s all and the other thing you mentioned about with Logan, the Final Four and a financial advisor, you want somebody that’s going to partner with you, not necessarily just dictate to you. So I’ll be able to make recommendations to you maybe when we consult and that person comes in and like Okay, ready to diversify? What are our options? And I can say, well, based upon your comfort level with market volatility and preferences, I recommend A, B and C. And you might say, well, Brock, that’s great. But I like I really like D. And so we say okay, then we can look at doing that. So we come together and make recommendations, the business owner has to be there and decide what how they feel about certain kind of investments. And then of course, there’s other business planning experts also their input.
Jordan Ostroff 24:46
Okay, so obviously, it’s going to be different in every circumstance. But what are some of the common things that you see businesses investing in to diversify?
Broc Rosser 24:56
Fair question. So a lot of times, we just don’t want to have been sitting in your checking account and not getting any type of return. So there may be ways to still be liquid, and be able to return more, that’s kind of money market account, for example. And sometimes businesses don’t want to take the chance of a business bank failing. And so they usually have a calf about $250,000 to ensure your money, well, that’s kind of a hassle for the business to have five different accounts that they’ve got a million dollars in cash, right? There are programs, we have those in place, that you can actually put up like a million and a half or $3 million in one spot, and it’s still insured. So those are the kind of things that businesses need to take a look at. At the same time. You know, debt is an important issue, and all business growth aspect, obviously. But you want to be real careful on on what that means and how much that is. So let’s say for example, you’re at a point where it’s okay to have that amount of debt and you got extra cash, you could look at trying to secure better benefits, like health insurance. You know, it’s critical for all of us, but especially small businesses, and people don’t realize what kind of impact that can have on a business. So outside of investing in stocks or bonds, or something like that, what would happen is that if you did not have a good quality health plan in place, and you had to spend tons of dollars outside, how does that impact the business? Especially as a business owner,
Jordan Ostroff 26:25
So part of so part of your, part of your guidance on that diversification of the business can be reinvesting in the business just in
Broc Rosser 26:35
Jordan Ostroff 26:36
Broc Rosser 26:36
Jordan Ostroff 26:37
So in addition, that, you know, the health insurance, the retirement plans, what are some of the other things that business owners can be reinvesting in their business?
Broc Rosser 26:45
Capital appreciation is always good at replacing that equipment, not just for a tax write off, but for actual growth of the business, if your equipments 10-15 years old, but you know, the new modern thing can come out and actually help you efficiency, that’s worth an investment as well. Maybe it’s multiple locations, transportation costs are important along those lines. So if you know that kind of like the Amazon putting up their warehouses in strategic locations versus one location far away. So maybe a business has to look at partnering with some other businesses as subcontracts that can deliver services for them. They’re still retaining ownership of the contract or getting some type of revenue from it. But they’re dividing out the work. That’s another way that businesses can diversify.
Jordan Ostroff 27:35
And what about, you know, purchasing property for the business to use, to operate, and etc? Is that a common one that you see business owners pushing for?
Broc Rosser 27:43
You know, that’s a fair question. And I think it depends upon location. interesting example, Edward Jones, we like to put offices and a lot of location that’s a little bit different kind of model. That could be an expensive real estate model. But it works for us because we want the backyard service. However, Jordan, we do not own our facilities.
Jordan Ostroff 28:01
Broc Rosser 28:02
So we’ve made we’ve made that decision for variety of reasons above my pay grade, but we’ve made the decision. So it could be that if a business owner wants a key location, there may not be land or the business is not willing to sell itself to the new owner may have to be the dad to lease out. But the ownership of the land long term certainly could be a payoff, especially if you plan on selling that business down the road or becoming a residual partner down the road of like a silent partner almost. So yes, that’s a good opportunity for land buy.
Jordan Ostroff 28:34
So Edward Jones is basically the anti McDonald’s.
Broc Rosser 28:37
We are the anti-McDonald’s.
Jordan Ostroff 28:40
I read somewhere that McDonald’s is like the fifth largest landowner in the country, because they they lease out or franchise out all the locations. That’s right. And so I guess, obviously, so from Edward Jones, his standpoint, you know, not owning the buildings, I guess it makes more flexibility to move to better locations open in a cheaper and open new opportunities.
Broc Rosser 29:00
That’s right. That’s right. Very much. So.
Jordan Ostroff 29:02
Gotcha. All right. So So let’s do you know, the same question we asked before when it comes to these, you know, retaining employees and investing outside of business? What are the most common mistakes that you’re seeing from business owner?
Unknown Speaker 29:17
Listening to your friend who got a tip off the news,
Jordan Ostroff 29:20
Broc Rosser 29:21
is the worst idea? I hear a lot, well, you know, what about such and such stock? Or what about Bitcoin? Not a good idea. So not doing enough careful research Jordan as a as an important aspect, try to consult with a quality company, of course, I’m gonna be biased and say Edward Jones, but a quality company that’s out there that can give you guidance. Number two, don’t just look at what you need today. Look at it for the future. So for example, going back to the insurance. Yes, we don’t want to make the insurance poor. And it might seem a tad bit expensive, beyond what you need to pay, but under-value and don’t under ensure what you have. So those are some common mistakes that I see a lot people believe they’ve got enough coverage, they’re not thinking about what could happen to them tomorrow.
Jordan Ostroff 30:11
And it’s funny, you mentioned the you know, getting advice from somebody else, because we have the same issue. And I always fall back to the same line. And I’m sure it applies to you the same room like Look, you’re paying me $300 or $350 an hour for my advice, why are you not listening to it? Instead, you’re listening to, you know, your neighbor?
Broc Rosser 30:26
Exactly, yes, it does kind of kind of drive you crazy.
Jordan Ostroff 30:31
At the end of the day, it’s you know, they’re going to be responsible for their decisions. And so hopefully, you know, we always look at is we try to delegate whatever we can, especially from stuff that we don’t know about. And so you trust the people that know it to over the long haul be better decision makers, but it is what it is. Everybody’s there is themselves. So I know you’ve talked a little bit about what separates Edward Jones from some of the other agencies, but any other key points for the people to know?
Broc Rosser 30:59
Well, thank you for asking. And so we believe it or not, we have no debt. We’re very proud about that. Because we just heard, you know, wealthy, that’s kind of our model that we follow as well.
That that we’re they’re growing their business, as well.
as just a personal relationship that you need. We’re looking for the serious long term advisors doesn’t mean that you can’t be 70 years old and be a serious long term advisor. Excuse me, investor, not advisor, but it means that you’re willing to take advice, Jordan, just like it when your customers come to you. And they’re willing to be serious about achieving their goals, and making sacrifices, business owners make sacrifices. We’re in a sacrifice the
Jordan Ostroff 31:46
if you take nothing else from a podcast it’s that you have to make sacrifices, that’s what you have to look forward to.
Broc Rosser 31:51
You got it.
Jordan Ostroff 31:53
So Alright, let’s do let’s do this. Is there anything else that you want to talk about? Anything else cut you off on and talking about these topics?
Broc Rosser 32:02
No, thank you for your time, Jordan, I hope this has been helpful for some of your business owners to think about. The key here is is the compounding time of money. We always get busy in life. We have kids got business, and we’ll get to that later on. You really are passing up opportunity. Also, don’t worry about what’s happening in the markets. What if I told you, Jordan that I actually don’t look at the stock market every day? You might think I’m crazy, because I’m a financial advisor. I’m supposed to do that. Yeah,
Jordan Ostroff 32:31
Broc Rosser 32:32
But it’s a long term strategy. We put a strategy in place as investing in quality things. So it doesn’t really even matter what the stock markets doing right now. It only matters depending upon where you’re at when we need to start drawing that money out. Gotcha. And we’ll try to accommodate for that.
Jordan Ostroff 32:48
So if you if you don’t mind, can you give us your contact info again, that would scroll back for
Unknown Speaker 32:53
it? Absolutely. So if you want to give me a call, My phone number is 407-412-6476. And my email address is firstname.lastname@example.org.
Jordan Ostroff 33:09
Alright, so I finish every podcast with the same question. I’m going to give it to you you can take all the time you need to give an answer and we can edit out whatever dead time what is the one piece of professional advice that you think is the most important to give to any potential business owner or current business.
Broc Rosser 33:26
I’m going to relate to this personally. Jordan All right. A lot of people like to read you know, books on sales and the top five do this and become really astute crafter their business and that’s important. One thing that I have found fundamental, especially as a business owner is trying to grow their businesses, small business owner, they’re going to face so many monumental month to monumental hurdles. They’re going to face so much negativity, you have to have continued to drive that tenacity. tenacity is key do not Don’t let anybody tell you how to grow your business. And that you’re going to fail you keep pushing through. It might mean that you have to find some new strategies or expand the strategies. It might mean that some of the stuff you’re doing is that efficient. But don’t give up. tenacity will keep that business going.
Jordan Ostroff 34:20
I like that I’ve got a 15 month old kid. So now I’m starting to learn all the like, you know, what’s the biggest measure of success. And they did this study where they talked to a bunch of valedictorians and Salutatorians and they found out how many of them weren’t successful in life once they got done with school, and they got back to the most important thing. The most important thing for success that consistently shows is grit is determination is the ability to get through adversity. So it’s great that you talked about that, you know, have your tenacity and fight through the hard times.
Broc Rosser 34:49
Thanks for having me, Jordan.
Jordan Ostroff 34:50
Thanks for being here. Appreciate it.
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