Randolph Love III’s Strategy for Legal Tax Savings and Wealth Creation | Financial & Tax Series

Intro  

Welcome to another edition of inspired stories where leaders share their experiences so we can learn from their successes, how they’ve overcome adversity, and explore current challenges they’re facing.

Anthony Codispoti (06:40.867)
Welcome to another edition of the Inspired Stories podcast, where leaders share their experiences so we can learn from their successes and be inspired by how they’ve overcome adversity. My name is Anthony Codaspote, and today’s guest is Randolph Love III, CEO of Shield Wolf Strongholds, an organization that specializes in fractional CFO services. He focuses on something called the Miracle Money Vehicle.

Randolph Love III (06:41.178)
Welcome to another edition of the Inspired Stories podcast, where leaders share their experiences so we can learn from their successes and be inspired by how they’ve overcome adversity.

My name is Anthony Codispode and today’s guest is Randolph Love III, CEO of Shield Wolf Strongholds, an organization that specializes in fractional CFO services. He focuses on something called the Miracle Money Vehicle, which helps to ensure that people can legally keep more of the money they earn. He’s also a franchise consultant where he helps people find their perfect franchise and put systems in place to keep it profitable and legally tax favored.

Anthony Codispoti (07:06.818)
which helps to ensure that people can legally keep more of the money they earn. He’s also a franchise consultant where he helps people find their perfect franchise and put systems in place to keep it profitable and legally tax favored. Before we get into the good stuff, today’s episode is brought to you by my company, Adback Benefits Agency, where we offer very specific and unique employee benefits that are both great for your team and fiscally optimized for your bottom line.

Randolph Love III (07:21.818)
Before we get into the good stuff, today’s episode is brought to you by my company, Ad Back Benefits Agency, where we offer very specific and unique employee benefits that are both great for your team and fiscally optimized for your bottom line. One recent client was able to add over $900 per employee per year to their bottom line by implementing one of our proprietary programs. Results vary for each company and some organizations may not be eligible. To find out if your company qualifies, contact

Anthony Codispoti (07:35.074)
One recent client was able to add over $900 per employee per year to their bottom line by implementing one of our proprietary programs. Results vary for each company and some organizations may not be eligible. To find out if your company qualifies, contact us today at addbackbenefitsagency .com. Now, back to our guest today, the CEO of Shield Wolf Strongholds, Randolph. I appreciate you making the time to share your story today.

Randolph Love III (07:49.314)
And then I appreciate you and that business model you got that value proposition. I mean who can turn that down right? It’s like they’re paying for your services out of the money that you saved them. Yes, sir. Absolutely.

Anthony Codispoti (08:05.218)
Ha ha ha.

Anthony Codispoti (08:09.537)
It checks a lot of boxes, yep. Thank you for the unsolicited commercial support there. So Randolph, tell us in your own words, what does Shield Wolf Strongholds do? And how did you get started with this?

Randolph Love III (08:18.774)
Okay, well, what I like to say is when people ask, what do we do? I say we help people make money, make babies, right? And then what do you mean make money, make babies? And then I follow it up with if you can impregnate a hundred dollar bill, would you not? And they, you know, of course they laugh and they say, yeah, and then yeah, I do it all night long. Right. So, I mean, that’s what we do. We try to show people how money really

works. You have active income, you have passive income. I think a lot of people agree that passive income is probably a good way to go. But there’s different levels of passive income. So that’s what I help people do. And how I ended up in this industry is it started out where I just started earning professional designations just for the free trips. I’m a Chartered Financial Consultant. I’m a Chartered Life Underwriter.

I’m a charter property and casualty underwriter. I’m a fellow life management Institute. And it just so happens that the company that I was with, every designation I would get, they would give me a free trip. And accidentally, I learned a lot while earning a free trip. And then I realized when I finished the curriculum, it was the American College of Financial Services.

He said, congratulations, you now know more than 99 % of the rest of the world. And I thought it was just a, all right, that’s your tagline. But as I started proceeding through life, I realized nobody knows this stuff that we learned while earning these designations. And then I just started, I said, all right, there’s a problem that needs to be fixed. Let me monetize it.

Anthony Codispoti (10:06.048)
So that’s hysterical. You started to get into all of this because there were free trips attached to getting these certifications.

Randolph Love III (10:08.474)
get into all of this because there were free trips attached to getting these certifications. Absolutely. Don’t be so sure what you want that you wouldn’t accept something better. That’s one of a quote from Chris Voss, author of Never Split the Difference. And yeah, I thought all I wanted was the free trips, but the something better was the positive impact that I’ve been able to make with individuals, with business owners and franchises.

Anthony Codispoti (10:35.072)
Can you give some specific examples of the kinds of things that you are helping your clients with? Maybe without mentioning anybody’s name, like give a little case study.

Randolph Love III (10:36.858)
examples of the kinds of things that you are helping your clients with. Okay, well, anybody’s name, like give a little case stuff. Well, first and foremost, just in general, having people understand what percentages are. I mean, a lot of people hate math, right? And I’m not mad at you. I get it. But we all have our own genius. Just to use this example, the first thing that I tell these people, because a lot of the people that I work with, they already make a lot of money, right?

They’re not, you know, you’re not going to turn their heads by telling them, hey, I’m about to help you make more money than what you’re already making. What you’re going to turn their heads by is by teaching them something that they didn’t realize that they didn’t know. So what I do is I start out at a hundred thousand dollars. I say, well, you already have an advisor. If you have a hundred thousand dollars and you lose 50 % one year and you lose and you gain 50 % next year, what just happened? And their response is I just broke even.

And that’s when I say, actually, no, what just happened is what’s 50 % of a hundred thousand. And of course they say 50 ,000. All right. So you just lost 50%. So it dropped down to 50 ,000. All right. So you went up 50%. What’s 50 % of 50 ,000. They say 25 ,000. All right. So you just went up. So actually when it looks like you lost the same game, the same, because this is a percentages, you’re actually still in the hole, $25 ,000. And that’s that light bulb moment.

I didn’t know that. So imagine, imagine all of these other things that you might not know that I can tell you. So, I mean, that’s in general how I help people.

Anthony Codispoti (12:15.871)
That’s great. How about maybe, yeah, think of a specific client and a specific thing, a problem, an issue that you help them to resolve or a specific money -making opportunity or a tax -advantaged solution. Like help people sort of wrap their heads a little bit better around what it is that you do.

Randolph Love III (12:21.05)
a problem, an issue that you help them to resolve or a specific money -making opportunity or a tax advantage solution, like help people sort of wrap their heads a little bit better around what it is that you do. Understood. So for example, a lot of the business owners that I work with are business owners who lead with reverence. They not, people don’t follow them because they fear them. They follow them because they like them.

And a lot of those people, they want the best for their employees. So of course they set up, you know, typical qualified retirement accounts. What are some qualified retirement accounts? You know, 401k plans, you know, things of that nature. Now, one thing that I asked them to do and once again, I’m very confident when I tell people, because I’ve had people bring me their, you know, their reports from beginning to end. Like when you first got this started to now.

And one thing that I point out to people is typically a typical qualified retirement account, you lose an approximately 30 to 40 percent of your principal every three to four years. Now, I’m not saying that’s every account, but just the ones that I typically see. Right. So using that same concept that I just talked about, if you’re losing 30 to 40 percent of your principal every three to four years, how much do you have to gain in order to break even? And the answer is 60 to 80 percent.

But typically, every three to four years, right before you get the break even, it drops again. So I say, all right, listen, I’m not telling you this or that situation. I’m not telling you that you have to stop contributing to these qualified retirement accounts for people because it works for some people. But I show them how they can use an internal revenue code. Seventy seven seventy two E.

7702 and 101A to where if you put it in the right vehicle, you get all of those benefits of a qualified retirement account, except now it’s liquid. You can get to it whenever you want to. And it’s safe. It’s not dropping on average of 30 to 40 percent every three to four years. And it has a good predictable rate of return. A lot of these accounts of vehicles that I put people in, they’re averaging about 8 to 11 percent and it’s tax free.

Randolph Love III (14:42.969)
because of those internal revenue codes. So a lot of the people, well, you know, specifically, I can work with a company to where either they add this in addition to their qualified retirement accounts or a lot of them, you know, they replace it completely to where they can still be that reverent leader. They can still be that leader that wants their people to earn and have their retirement taken care of. But they also can see that all the typical backfalls,

of a typical qualified retirement accounts, they’re people not experiencing. Randolph, help me understand what’s the mechanism that is happening that is causing a lot of these retirement plans to lose, what are you saying, 30 to 40 % of their principal per year? no, on average every three to four years. What’s happening is the money is put directly into the market. I mean, that’s the mechanism. Usually out of every 10 years, there are seven up years in the market.

Anthony Codispoti (15:16.446)
Randolph help me understand. What’s the mechanism that is happening that is? Causing a lot of these retirement plans to lose. What are you saying 30 to 40 percent of their principal per year? What what’s going on there? every three to four years

Randolph Love III (15:42.842)
in three down years in the market. That’s typical. Now you have what’s called the lost decade where there were actually five down years, right? And I think that was from what, when was it? It was from like 08 to 2018, I believe, to where it was five down years, but that’s rare that that happens. Typically there’s seven up years, three down years.

The mechanism is, it’s put directly in the market. So, you know, one of the benefits of having a qualified retirement account is that it’s growing tax free, right? Well, depending on if you have a traditional or Roth, right? If it’s in the traditional, you’re getting that growth and you’re doing what they call, what’s the word? You’re deferring. Another word for deferring for me is procrastination, right? So yes, you’re the…

The assumption that most financial advisors are making is that either one, taxes are gonna be cheaper in the future. What do we know about taxes? It goes up. The other assumption is that their client, there’s no way possible that they’re gonna be making more money in retirement than they are making now. Well, here’s the thing, even if they’re not making more money in retirement, chances are,

this person is no longer when they retire, they’re no longer contributing to a qualified retirement account. So they just lost that credit. Chances are when they retire, they’ve already paid off their mortgage. So they’re no longer getting that credit. So even though they are retired, even though they’re not making as much money as they were making when they were working, they’re paying the same, if not more in percentage, because that percentage they’re paying the same, if not more in percentage and taxes. Now it might be a lower number.

but that low number is still percentage wise eating up a lot of their future.

Anthony Codispoti (17:37.436)
So tell us more about what is the Miracle Money Vehicle? What is this?

Randolph Love III (17:41.818)
Okay, so Miracle Money Vehicle, of course, it’s an acronym. I think I’m using that word right. It’s money infinitely reproducing a compounding liquid estate. I have a mentor by the name of Doug Andrew. I talked to him probably at least once a month. I fly out to see him in Salt Lake City at least every three months. He calls it the Laser Fund.

So all it is is a brand that I put on top of what’s called a max funded index universal life policy. Notice I didn’t say just universal life. Notice I didn’t say variable universal life. Notice I didn’t just say index universal life. I said max funded index universal life is where instead of doing what people typically do, which try to get the most insurance possible for the least amount of money, we actually try to get the least.

insurance possible for the most amount of money. That’s what’s called the miracle money vehicle because in that hierarchy of what I think is important for what you put your money in, most people would say, I want to know what the rate of return is. They jump straight to number three. But once again, the most important thing is, is it liquid? Can you get to your money in one to three days without penalty, without hassle? Is it safe? Can you go to sleep?

and wake up and not have lost up to 40 % of your principal. Does it have good predictable rates of return? Can you look back over 100 years and average out and is giving you a great return and is it tax free? What’s the point of waking up in the morning, doing all this work, building all these networks, getting all these contacts, taking risks, putting your blood, sweat and tears into everything. And then when you’re ready to finish, somebody comes and say they won’t have. Right. So.

That’s the miracle money vehicle. Because usually when I say, what if we can set something up like this that grows tax free, you can utilize it tax free. And when you die, it actually blossoms. It gets bigger and passes to your heirs tax free. What would you call that? And people would say, a miracle. All right, the miracle money vehicle.

Anthony Codispoti (19:54.716)
All right, you mentioned misconceptions people have around percentages and how that confuses them. What are some other misconceptions that people have around building wealth?

Randolph Love III (20:00.41)
and how that confuses them. What are some other misconceptions that people have around building wealth? Well, a lot of misconceptions that I believe people have around building wealth is what debt -free means, right? So, for example, as I mentioned, a lot of people, when they retire, they pay off their house, right? And in their mind, I’m debt -free. But what the government just saw, you know, because…

Not only you no longer contributing to the qualified retirement accounts, you’re no longer putting in work at a company, you’re no longer paying these interest rates. You know what the word retirement means. It comes from the industrial revolution. It means to be put out of use. So in their minds, you’ve just been put out of use. So you’re no longer contributing. So it’s time for us to get what we get back. And that might manifest itself.

in multiple ways. It might be a required minimum distributions. We can talk about it if you want. So another misconception of wealth is sometimes I’ve had clients because I don’t just work with business owners. I work with people who are already retired. Sometimes I say, hey, I think we might need to partner with the government again. And they say, what do you mean? I say, well, maybe maybe we should go ahead and take out a loan against your house. Now, I didn’t say reverse mortgage.

Maybe we should take out a traditional loan against your house. And they say, well, why would I do that? I write, well, it’s an amortized loan. So majority of the money that you’re paying into this mortgage is going to be interest. You’re going to be able to write off this interest. So let’s say that you’re writing off 6 % interest on a mortgage. If you’re writing off 6 % interest on a mortgage, that don’t mean you just completely eliminated that expense. That means that instead of you paying 6 % really and truly only 4 % came out of your pocket.

And if we take this lump sum of money and we put it into the Miracle Money Vehicle, a max funded index universal life policy that’s earning on average 8 to 11 percent every year, did you see the triage? Not only are you getting the legitimate write off, not only are you taking the money that you’re actually spending out of your pocket after you account for you being able to write it off, which is approximately 4 percent. Now you’re spending 4 percent in order for that money to earn at least 8 percent.

Randolph Love III (22:25.626)
A lot of people say that there are only two types of people, people who earn interest and people who pay interest. Actually, there are three types of people, people who earn interest, people who pay interest, and people who understand you got to pay a little interest to earn a lot of interest. So the misconception is what debt free is. So somebody might say, well, I want my family to get that house. All right, they can. If you look at your net worth, it still looks the same.

You all you’re doing is using this as a mechanism for triage and you have money sitting in a liquid safe safe place that you can get to. It’s liquid and it’s safe. If you ever wanted to pay that mortgage off, you could. But the thing about having all of your money in a mortgage is a lot of I’m sorry, in equity is a lot of people are house rich, cash poor. That equity means nothing if you can’t get to it.

If nobody won’t buy it, that equity means nothing. If a bank won’t refinance you, that equity means nothing. Because what a lot of people find out very fast is when you need the money out of the equity is when you can’t get it. So that’s a common misconception, I believe, is what debt free is. If you have it in a place that’s safe, that you can pay off all your debts while still utilizing the benefits and the leverage of borrowing, I think that’s a beautiful thing. But a lot of people have a bad…

connotation when it comes to the word borrow.

Anthony Codispoti (23:55.865)
Randolph, you have a very interesting message to share. I’m curious, what are some strategies that you’ve used to grow your business?

Randolph Love III (23:58.362)
to share. I’m curious, what are some strategies that you’ve used to grow your business? man, all bootstrap. So, I am a licensed and bonded public insurance adjuster. A lot of people don’t know what a public insurance adjuster is. Basically, imagine, let me just give you a scenario. What if I were to loan you $1 ,000, right? And because I have a bad memory, I write down on a piece of paper that I loan Anthony $1 ,000.

And then I fold it up on a piece of paper and then I put it in a desk. And then six months later, you come back to me and say, Hey, Randolph, how much do you do? I owe you. And instead of me going to look at that paper, I’m saying, I don’t know. I think 600, right? Whenever you file a typical insurance claim and they, and the insurance company sends out their adjuster.

That’s like you asking the person who owes you money how much they owe you, right? So a public insurance adjuster is the person who actually comes and looks at your policy and says, no, they actually owe you this, this, and this. So a public insurance adjuster is adjuster that works for the public. So how I ended up, you know, doing my thing, usually by the time people come to a public insurance adjuster, it’s at their lowest moments. And a lot of people,

Even though I’m telling them what I’ve done and I truly believe based off this specific situation that I’m able to get you get you indemnified and indemnified is an insurance term meaning to put back to where you were. I truly believe I can do it. You know, a lot of them don’t really believe me, but they go ahead and sign my contract anyway and then ends up six to eight months later. Now they have all the money that they thought they wouldn’t have gotten in order to put them back. So.

The way my company started was once I got into this wealth space was, you remember when I first came to you and you didn’t think I could do it and now I did it? And they’re like, yeah. I say, well, guess what else I can do? And then that bootstrapped my company. I’ve never had to borrow money from my company. I’ve never had to take out loans. I never had to take out any investors, word of mouth and people coming into me because what I actually tell them happens.

Anthony Codispoti (26:16.921)
What kind of insurance claims are we talking about that you’re helping with? Are these auto, home, medical?

Randolph Love III (26:18.266)
insurance claims are we talking about that you’re helping with? Are these auto, home, medical? Well, I’ve done both. So when I was working for the carriers, I was doing a lot of auto claims. I’ve done home claims. I did what’s called MCM, managed claim model, which is rare. Usually an adjuster handles one part of the claim. It’s like an assembly line. I did manage claim model. So everything from first notice of loss to the field inspection.

to the desk adjustments, to the negotiation with the water mitigation companies. I handled that myself. They called it from cradle to grave, right? So I had a good insight on how all of this works. So now where I made my most money handling claims were of course, homeowners claims. It’s a little bit more complex, a lot of things going on. But since you bring it up, I do have something interesting to share about most auto claims, right? So.

Anthony Codispoti (27:14.392)
Please.

Randolph Love III (27:15.482)
A lot of people, you know, you get into an accident, right? And in some States, it don’t matter if it’s, if it’s your fault or not, but in most States, as long as it’s not your fault, this will happen. Like for example, in Georgia, it don’t matter if it’s your fault or not, what I’m about to share with you, but in most States, as long as it’s not your fault. So Anthony, what happens when you get into an accident, that’s not your fault. The other person’s insurance company pays to repair your car.

Your car, you know, as far as you’re concerned, it looks like brand new. What happens when you go to try to sell it?

Anthony Codispoti (27:53.88)
I don’t know. Is there an issue, like is there somebody sees on the car fax that there’s some sort of a damage report?

Randolph Love III (27:56.918)
Yeah. So what happens is when you go to try to sell your car, now you have an accident on it. So what happened was you didn’t just cause most, most people don’t understand insure homeowners. Insurance is not insuring your house. Auto insurance is not insuring your car. It’s insuring the potential of loss, financial loss that you inherited now that you acquired that asset. Right? So what happens is.

Not only does the insurance company owe you to repair your vehicle, to put it back to where it was, they also owe you for the difference in value now that you have an accident on your record. But here’s the thing, insurance companies, by law, they don’t have to tell you about it unless you ask about it. So it’s called diminished value. If you get into an accident and it’s not your fault, now some states, it doesn’t matter if it’s your fault or not, but especially if it’s not your fault,

say, hey, I would like to get a diminished value. And they’re going to be like, of course, right? And initially they’re going to send you like a, you know, on average about a $250 check. But now if you have the right information to show exactly what the difference in value from your car and another car that’s comparable to yours, but one has an accident and one doesn’t, they will pay you the difference. And that way, even when you go to sell your car, trade it in, even though they’re going to give you less.

because it has an accident on your record, you would have been compensated financially for that loss.

Anthony Codispoti (29:28.567)
So the takeaway here is if you’re ever in a car accident and it’s not your fault, it varies by state, but it’s not your fault, you need to ask the other insurance company for diminished value compensation.

Randolph Love III (29:30.81)
If you’re ever in a car accident and it’s not your fault, it varies by state, but it’s not your fault, you need to ask the other insurance company for diminished value compensation. Yes. And don’t just think the first check they send you is the correct check. You can get an appraisal on what the difference in value is, because chances are the first check they’re going to send you is a, please leave us a loan check.

When it so it might be a 200. I typically see about $250 that they typically send off, but usually it might be thousands of dollars that they owe you depending on the type of car.

Anthony Codispoti (30:07.99)
And so who can help them figure out this correct amount? Is that you?

Randolph Love III (30:11.194)
Now, they can call me because, you know, I’m great at arguing and debating because here’s the thing. All the I’m a great public adjuster because I have the skill sets. I’ve learned it. But my favorite public adjusters are the ones who love to argue, who love to debate. So, yes, you can call me and I can point you in the right direction to my bulldog friends. Because if you.

If you had a bulldog, you want the bulldog to be on your side. And I know some real bulldogs.

Anthony Codispoti (30:42.038)
And so how do you get paid as a public adjuster? Are you getting a percentage of what it is that you help your customer get?

Randolph Love III (30:43.802)
Yes, sir. Certain industries have what they call carve -outs, right, depending on what it is. And once again, we’re not an attorney, but when it comes to an insurance claim, public insurance adjusters get to do a lot of what attorneys do, right? So basically, and just like most attorneys, they get paid off of contingency. So if the public adjuster that you hire,

does not help you, then, and they don’t get you no money, they don’t owe you, you don’t owe them nothing. But if they do get you money, then typically, depending on the public adjusters, anywhere from about 10 % to 20%, now some states are higher, I’ve never charged more than 20%. And I know a lot of very great public adjusters who’s never charged more than 10%, but they’ll get that compensation off of that. And it’s actually a lot of,

It’s a lot of negative news about public insurance and justice. But all I got to say is all truths are parallel. If you have one side that all they do is help the little person, how are they the devils? Right? Like, so to me, it’s one of those another common misconception in life to why, how is the person who only helps the individual?

the bad person is just because they don’t we don’t have as much PR money to, you know, to to put it out there, of course. So, you know, it is what it is. And so who’s demonizing you? Is it the insurance companies? It’s the PR companies. Yeah, I mean, I wouldn’t, you know, because think about it. The biggest and keep in mind, I love insurance. Right. It’s one of those things you wouldn’t have anything to fight for if you didn’t have a policy.

Anthony Codispoti (32:18.037)
And so who’s demonizing you? Is it the insurance companies?

Randolph Love III (32:36.218)
But the thing was back in the 1990s, McKenzie and company helped out all state and they came out with a thing. And if you look up this book, it’s called delayed, denied, defend, right? Just look it up, delayed, denied, defend basically. And it took courts years to get them to release this report. But basically what the report says is deny everybody in the beginning. If you deny everybody in the beginning,

only a percentage is going to fight. So, usually, and you know, these numbers may vary, but usually if an insurance company essentially denies every claim or if every claim is below deductible, typically only 20 % are going to question it. And then of that 20%, only 5 % are going to actually hire attorneys or public insurance adjusters. So,

I mean, it’s a good business model. I mean, if you want to call it that, they’re just using psychology. So you’re using the sort of the business that comes in from being a public adjuster to fill the funnel for your other business. That’s how I start. Yeah, that’s how I started. But how do you get business as a public adjuster to begin with? How do those leads come into you?

Anthony Codispoti (33:38.1)
So you’re using the business that comes in from being a public adjuster to fill the funnel for the rest of your business. But how do you get business as a public adjuster to begin with? How do those leads come into you?

Randolph Love III (33:57.21)
Well, you have different people that have different ways of doing it. Now, one of the difference between a public adjuster and an attorney is attorneys aren’t allowed to solicit. There’s a difference between solicit and advertising. That’s why you see attorneys have billboards everywhere, commercials everywhere, radio. They’re advertising, right? An adjuster is allowed to solicit. An adjuster can literally walk up to your house, knock on your door.

and ask you, do you need his or her help? Now, I know other public adjusters who go out to disaster areas and they feed for weeks and they never ask for anybody to sign with them. But it just so happens if you’re feeding and giving in an area, people are going to ask what you do and then go from there. The way that I did it when I was taking on public adjuster claims, and keep in mind, I haven’t taken a public adjuster claim in a proper way.

approximately two years now, but when I was doing it, it was all word of mouth, all word of mouth. I would help somebody and then they would give me a compliment and I would say, thank you. I love compliments. Compliments are amazing, but the best compliment is a referral. And then that’s how my pipeline would stay filled.

Anthony Codispoti (35:13.972)
Okay, so you’re not taking on this public adjuster work anymore. You’ve got your own customer base and now everything comes by word of mouth referrals. You’ve got a happy customer and that speaks louder than anything else.

Randolph Love III (35:15.386)
on this public adjuster work anymore. You’ve got your own customer base and now everything comes by word of mouth referrals. You’ve got a happy customer and that speaks louder than anything else. Yes sir. Now I still attend and speak at public insurance adjusters and attorney conferences, you know, because I already had that credibility. I was actually just in Galveston, Texas at the Path to Indemnity Conference and put on by the…

Policyholders Preservation Association of America. And once again, I was speaking to a room full of attorneys, public insurance adjusters, and contractors. I still have public insurance adjusters that call me on a daily basis to consult. So I’ve transcended, right? Because once again, it’s one thing to be good at something, and it’s another thing to want to keep doing it. I’m…

If I was on the debate team, you wouldn’t be able to stop me, right? But that’s not fun for me. It doesn’t give me energy to back somebody, you know, logically into a corner.

Anthony Codispoti (36:24.979)
How did you get into the franchise consulting side of your business? How did that come?

Randolph Love III (36:26.906)
Okay, so now my giving is what got it that way. So I started with individuals when it came to helping them with their wealth management and financing. Then I moved on to include small businesses, helping them with the same thing. And I’m always thinking how to work smarter, not harder, right? So I say,

There’s only three types of business owners. And I learned this from, it was a Patrick David podcast, but I don’t recall who he was talking to, but basically he said there are three types of business owners. There are mountain climbers, freedom fighters, and craftsmen. All right. You have the craftsmen who are, who was great at what they do. I know people, in the neighborhood that can do anything better than anybody that you can find. They’ve been doing this for decades. They are the best.

but they only charge by the hour, right? So what that means is instead of charging by the result, they charge by the hour. So even though they’re the best, they’re probably making the least on that totem pole. All they care about is being the best that they can be. They’re not thinking about the business. They’re not thinking about how much money they just saved this person. They’re just thinking about, hey, I’m good at what I do and I’ve always charged by the hour. And even though I’m getting better and better.

and my hours are getting lower and lower because I’m getting better and better. So you end up making less money. They’re happy because they are in their minds and to a lot of people around them, they are the best. You know, that’s that’s one type of business owner. You also have the freedom fighters. I think I fall into the freedom fighter category to where I like to work smarter, not harder. I like to figure out ways that I can still have just as big as impact, if not bigger, by spending less time.

I’m building these things in order for me to have more times to do things that I just, you know, relaxing that I truly enjoy. Right. And then you have the mountain climbers. I think franchise owners are the mountain climbers, right? They want to get bigger and better every year. As soon as they see one goal, they’re setting another higher goal. They want to just keep growing. So.

Randolph Love III (38:47.13)
What I said was, let me go ahead and start building some relationships with these growth minded franchisors. So what I did was I went to the conferences and I just started recording them, interviewing them for my podcast. By the way, I do have a podcast. It’s called the Entrepreneurist Podcast, a place to hear real entrepreneurs and business owners, bear it all. And it’s ranked in the top 10 % of podcasts in the nation.

Anthony Codispoti (39:10.289)
Hang on. Sorry. Repeat the name again for everybody. I think…

Randolph Love III (39:16.058)
The Entreprenudist Podcast, the place to hear real entrepreneurs and business owners bear it all.

Anthony Codispoti (39:24.145)
I like to play on words, that’s fun. Sorry to interrupt you, but I wanted to make sure we called attention to that, people caught it. Yeah.

Randolph Love III (39:27.898)
sure we call the attention. no, thank you. And whenever you see anything related to nudists, I think you should call attention to it immediately. Full stop. Right. So what I did was I started interviewing these people, like for free. And I’m saying I’m going to put them on my podcast and I’m going to give them free exposure. And, you know, thinking about the law of reciprocity, if I do this enough.

Anthony Codispoti (39:35.377)
Ha ha ha ha!

Randolph Love III (39:55.546)
they’re going to want to do something for me. Right. So what ended up happening is not only was I talking to franchise or and franchisees and franchise consultants after I would finish the interviews because you know, just like yourself, you asked very intuitive questions and I’m imagining a lot of questions that you asked. You already know the answer to but you want to give your guests the ability to show whatever their expertise is.

to answer that question, right? So I’m asking a lot of intuitive questions. And then more times than not, I would finish it and they say, are you a franchise consultant? And I would say, no, they say, you should be a franchise consultant. And it just kept happening. And then, and with the organization that I aligned myself with, the Franchise Consulting Company, I noticed that all the consultants were telling me this, you know, and most times you,

Anthony Codispoti (40:26.289)
Sure.

Randolph Love III (40:53.594)
People have a weird thing around competition, so they don’t want nobody to come in. We’re not realizing it’s more than enough for all of us, like in every industry. Anything you want to get paid for, you can get paid for. And anything that you’re doing is more than enough for everybody, essentially, to get in on it, right? So I know that, I say, everybody has an abundant mind. Everybody keeps inviting me.

Even though, you know, some people might be like, no, he’s too good. I don’t want him to take on any of my business. So I ended up aligning myself with them and very quickly they made me the co -chair of the African American Franchise Council. And once again, it just related to all that abundance. And then and I’ve just been hitting the ground running since then. It’s been a fun experience.

Anthony Codispoti (41:46.672)
And so what’s the service that you provide?

Randolph Love III (41:49.786)
So basically we help franchisors, but most so I think our value comes in with franchisees. A lot of people who want to own a franchise, the reason why they want to own a franchise instead of just start something from the ground up bootstrap like I did is because either A, they realized that most businesses started by themselves fail within the first five years. Or they say, hold up, most businesses that are franchises,

at least 85 % succeed after the first five years. And what’s the reason that this is happening? The reason that this is happening is because they already have proven standard operating procedures. They already have systems in place. They already bumped it. The franchise or it’s have already bumped their heads in this industry over and over again. As long as you follow the program, you got it. And where most small new businesses can’t get any money at all.

We have access to over 150 private equity groups to where even though you’re a brand new business owner, just because that they see that you are aligned with this already profitable franchise, they’re giving you $400 ,000 plus just to get started.

Anthony Codispoti (43:07.056)
That’s amazing. So how does somebody, if I understand correctly, you’ve got a relationship with the franchisors where you’re really helping as the franchisee come and they say, hey, I want to start a business. I don’t know what, you know, I don’t have an idea to start my own company. I’d rather have sort of the security of an existing brand and existing franchise that I can learn from. They’ve got the systems, they can teach me, but how do I get started? Which one is right for me? Is that part of the process that you’re taking them through is trying to figure out?

Okay, here are all the options. Tell me more about who you are as a person and let’s see how these fit together.

Randolph Love III (43:37.242)
Okay, here are all the options. Tell me more about who you are as a person and let’s see how these these fit together. Absolutely. What we’re doing is I’m causing very critical self -awareness. I have a lot of the people that we work with. They have to put together a business plan, not on the business, but on themselves. Most people have never created a business plan on themselves and all of the

attributes and virtues and characteristics that make a good business is what makes a good person. So one of the first things we do is we get very, very aware of where you actually are. And I do believe the reason why a lot of people were saying, thinking that I was a franchise consultant before I was a franchise consultant was because in my line of work, I have to force you to look at yourself.

One of the questions that I ask people is say, what’s the first piece of information that gets put into a GPS in order for you to go somewhere? And most people say, you got to put in the address where you’re going. I say, no, you have to first put in where you at. Now, a lot of GPS is have it to where it automatically puts in current location, but that’s where it starts. Note, you cannot path a direction to get somewhere without first knowing where you at.

So what we do is we figure out exactly where you at. Right. And then we determine, all right, is this just a status thing? Because I have a I have a pet cremation business that their margins is better than most businesses. But would you be ashamed to say that you work with pet cremation? Do you want to be able to say you do this or that, even though the margins aren’t as good? Or maybe the margins are as good.

But you don’t like the leaders of this company because even if the margins are great, you have to make sure you like the people that are in leadership, right? Or else it won’t be successful. So all we do is we make people think about that. The leader of the franchise consulting company, Nick Neonakis, one of the things he says is you got to treat each step as if it’s a slippery stone in a river. You don’t just run across slippery stones, you

Randolph Love III (45:55.706)
You step very lightly across each stone. So all we do is we teach people how to step lightly. And the franchisors, they like it too, because, you know, a lot of people are just tire kickers. They rather, instead of talking to a hundred people, they might only talk to 10 people because we’ve already had conversations with that 100 people and 90 of them just weren’t a good fit. But the 10 people that we bring to you are people who seem to align with your culture.

align with your business model, and then you’re able to funnel them down from there.

Anthony Codispoti (46:30.414)
So how are you filling your sales funnel for the franchise side of the business? How are you finding these franchisees who are interested in a new opportunity?

Randolph Love III (46:36.282)
who are interested in a new opportunity? Well, myself personally, I put out a lot of online content, right? I prefer people to reach out to me. It’s better. You know, one of my colleagues, Maddie, she says she doesn’t chase, she replaced, right? And when people come to you, you kind of, you don’t have to replace as many, right? Because they don’t feel like, like you say, you’re soliciting them. A lot of our…

people that send a funnel, they come in through the Great American Franchise Expo. They are in a different city every two weeks. Over 1 ,000, 1 ,500 people attend every conference. And basically, you have a line of franchisors that are basically just telling what their business model is. And you have potential franchisees. And usually, the average age of a franchisee is approximately 44 years old.

is usually as that person, they’ve probably been a manager and in leadership in corporate America for a while. And they, you know, they like that structure, but at the same time, they want to feel like it’s something of theirs that they’re building. And that’s what we can provide for them. One thing that we’re doing in addition to the Great American Franchise Expo, which we do have one coming up in Charlotte, it’s June 1st and 2nd, we have coming up in Charlotte.

of the great American franchise expo. One thing that we’re specifically doing for the African American franchise council. So what we’re doing is we’re finding franchise or that are willing to give away franchise territories at no cost. Right. And because these franchise or is already have these proven systems, we have private equity groups that are willing to fund the build out and all of that because they’re following this.

And then a lot of these cities, because we’re meeting with the coalition of black mayors next month, is all the black mayors throughout the United States. A lot of them have cities with empty buildings, dilapidated buildings. Imagine if you now have a new business coming in, bringing in tax dollars, right? You have funding from these private equity groups building out these buildings that probably haven’t been used for years or decades. Now you have a city that’s earning tax dollars.

Randolph Love III (49:01.658)
You have more businesses for the people who live in the city to use. And whenever the franchisor leaves, if they leave, now you get, as a city, you get to keep all the betterments. Now we’re not just doing this for black cities. We want to do this for every city, but it’s just something that people can think of. This is what we can bring. We bring tax dollars. We bring jobs. We bring bright futures, franchising.

Anthony Codispoti (49:27.469)
And so I’m assuming that once you get a franchisee customer, it’s probably a natural lead in to the other services that you provide in terms of wealth management.

Randolph Love III (49:30.298)
once you get a franchisee customer, it’s probably a natural lead in to the other services that you provide in terms of wealth management. You’re smart man. That’s why I went out there in the first place. It just so happened that I just found a new revenue stream. But yes, it’s definitely a natural lead in because it’s not about how much you make. It’s about how much you can legally keep. And that’s the way I go. All right. Yeah, this is a great business model. How much of this do you want to keep?

Right? Because here’s the thing. I do know some red blooded Americans. I’m a red blooded American as well. I know that there is a function for taxes. Right? However, even the people who truly believe that taxes are necessary, which they are in a lot of instances, I say don’t be so sure of what you want that you wouldn’t accept something better. There are a lot of people who get visibly upset.

If they feel like somebody isn’t paying their fair share of taxes and you would love for them to pay millions of dollars in taxes. All I say is don’t be so sure what you want that you wouldn’t accept something better. What if I could teach you the legal way to do it yourself? Right. And I’m not telling you just to be selfish. If you truly believe that taxes are necessary, my next question is, do you believe that they’re handling your tax dollars appropriately?

Anthony Codispoti (50:51.98)
you

Randolph Love III (50:56.89)
Do you believe that they’re managing your tax dollars appropriately? If you think not, or maybe not, wouldn’t you prefer to keep a lot of that money yourself so you can give to the people that you know, like, and trust, that you can give to the charities that you know, like, and trust, that you yourself can see how this money is being managed because you’re giving it out yourself? I think a lot of people would take that option.

Anthony Codispoti (51:21.452)
Randolph, what’s a serious challenge that you had to overcome in your professional career? Maybe some lessons that you learned.

Randolph Love III (51:29.274)
Well, I would say a serious challenge was probably, you know, and this is a term that a lot of people use. I wouldn’t say that this is a term that I ever use, but a lot of people heard of the term imposter syndrome, right? Now, the way that I break this down for people is a lot of people know the term con man, right? And then I asked them, do you know what con man is short for?

And most people don’t know that con man is actually abbreviated confidence man. Right? So what ends up happening is this confidence man, gives you all this enthusiasm, spews all this confidence on you. They get you to part with your money and then they disappear. Right? Whereas a typical business owner, we understand that periodically we’re going to have to take on an assignment or project.

This is a little bit too big for what we currently know. Right. And what I, with me, it was one of those things of knowing, all right, okay, maybe I don’t understand how to do this yet, but I know I’m the type of person that if I get the contract signed, I’m going to figure out how to do it. And that’s in my opinion, that’s the difference between a typical con man, a confidence man, and a good business owner. If you’re going to grow,

If you’re going to help more people, if you’re going to give more positive impact, every once in a while, you’re going to have to take on something that’s a little bit out of your reach. But being the person that you are, the good business owner that you are, you have to do it. That’s what I overcame. Once I realized, all right, the more you know, the more you know, the more you don’t know. Right. I thought I could eventually I could know everything. But then once I realized it’s impossible for me to know everything. So therefore,

I can’t keep turning down these opportunities because I don’t feel like I’m ready. I need to align myself with the right people to where when these opportunities come along and I need to prepare. So where when these opportunities come along, I can take it and then I can get it because how do you eat elephant? One bite at a time. Yes, sir.

Anthony Codispoti (53:43.178)
One bite at a time.

Randolph, what’s something you wish you could teach a younger version of yourself? Seems pretty common sense now, but whew, if you had known that when you were 20 years old, that would have helped.

Randolph Love III (53:47.642)
man, love is all it takes because a lot of us, you know, we get adversely affected by the rumors and innuendo, right? But imagine if you’re somebody who always leaves with love, right? Everybody that you encounter, you’re giving.

Everybody that you encounter, you’re loving. If you’re tempted to criticize, you bite on your tongue. When you move the praise, you shout from the rooftops. That’s Og Mendino, the greatest salesman in the world. If you do that, don’t listen to the rumors, but don’t contribute to the rumors. Always love people. Because what happens is if somebody is trying to disparage you, because the thing about manipulators is if they can’t get you to do what they want,

Their next job is to convince people to change what they think about you. Right. But if you’re somebody who leads with love, all those people that you’ve given to, that you gave love to, they might hear that rumor. They might hear that in your window, but they’re not going to believe it. Now you’re going to have a segment of society that’s definitely going to believe it. That wasn’t your crew. That wasn’t your tribe.

Somebody told me a long time ago and I believe this and I’ve been living by it ever since. They say the way that you tell a good friend is by the people that they introduce you to. If you ever, if you want to know a bad friend, keep paying attention to the type of people they introduce you to. Like, wow, you introduced me to this person? You really want this person to be in my immediate vicinity? What do you really think about me? Right?

But the good people, they introduce you to good people and good people recognize good people. So if I could go back and tell my younger person, my younger self something, which, you know, it was a theory at the time, but it’s a theory that I tested it. I would say, hey, you know that theory that we we always show people love. We we don’t contribute to the rumors. We we we are we always are trying to give give. I know it’s a theory now, but it’s me from the future. It was proven.

Anthony Codispoti (56:04.905)
Where did the theory come from? Is that something you learned from your family, from a mentor?

Randolph Love III (56:09.644)
It must be family, man. As the twig bends, so grows the tree. Right. One thing that I, you know, and this is a touchy subject because I don’t have any kids yet. Right. At least none that I know of. Right. But so one thing that I don’t get, I give a lot of advice. People give me advice. But one thing that I’m very careful of is giving advice to people with children, because I know once you have kids, it all changes. But one question that I ask a lot of my friends and colleagues,

It’s like, how long does innocence last? Right? How long are you going to not tell your child things that you know to be true or not have conversations with them because you want to protect their innocence? And usually they say about 13 years old, by that time, that child has been programmed. That child was a twig back then. You could have instilled in them all of the virtues that would make the rest of their lives amazing.

But instead, because you didn’t download into them these good things, because you wanted to protect their innocence, somebody else was allowed to upload their philosophies, which probably want philosophies that for their good. Now they’re spending, because most people don’t even do this, but now they’re spending decades doing self -work just to shave off the solid limbs that they’ve developed when it could have been shaped by you as a, when they were younger and they were twigs.

I believe my family, they treated me like an adult. I was cutting my granddaddy’s yard at the age of four. People don’t believe me. I was four years old cutting a yard. My granddaddy let me cut that entire yard before he told me, now you see those little lines between, I don’t know if you ever cut the yard, but you have to slightly overlap the line that you did. He let me cut the entire yard and he said, hey, you missed those lines right there, right?

I was washing my own clothes by the age of six. I was walking. I was walking from elementary school at six years old by myself. Right now, I wouldn’t recommend, you know, in today’s age, right, for a lot of these things, right, that I was put through. But what it is is it’s just what it is. I would be going to the store. Friends of mine’s would steal out of the store. I couldn’t steal because it was it was talked to me. All of these things when I was younger.

Randolph Love III (58:33.146)
what you’re supposed to do. So I credit it to my upbringing and that they didn’t just rest on, I want him to stay innocent. But because I wasn’t allowed to stay innocent for so long, I think it allowed me to have these, you know, ideals at an early age.

Anthony Codispoti (58:54.984)
Randolph, you’ve dropped a lot of wise and insightful quotes on us today, which has been a lot of fun. I’m curious, aside from your family, who you’ve already called out and given credit to, are there specific mentors or books, authors maybe, that have been particularly influential in your personal and professional development?

Randolph Love III (59:03.194)
Aside from your family who you’ve already called out and given credit to are there specific mentors or books authors maybe that have been particularly influential in your personal and professional development? yeah, absolutely. You have Thank and Grow Rich by Napoleon Hill. Very good book. You have The Greatest Salesman in the World by Og Mandino. Very good book.

You have a book called Psychopitography, which I can’t remember the author’s. I don’t want to try to guess this is at his name, but it’s called Psychopitography. I think it was published back in the 60s, if not earlier. And basically what that book does is it basically all truths are parallel. A lot of people, when you realize it was usually be usable and workable in one facet of life, it’s usable and workable in another. And what they do is they tell you a truth. And then they point it to how

in your actual life, how it must be true. Right. There you go. Vernon Howard. What other books? Never Split the Different by Chris Voss. He definitely crushes a lot of things that we think are intuitive. Right. He said, hey man, because he was a FBI negotiator and terrorist negotiator. He said, terrorists are more reasonable than the average business person.

Anthony Codispoti (01:00:03.847)
That’s Vernon Howard.

Anthony Codispoti (01:00:28.871)
That’s frightening to think about.

Randolph Love III (01:00:29.178)
Right. And when you go through his book, it’s true. Like, you know, for example, he he phrases everything in a negative, right? Because most people, psychological. And here’s the thing. A lot of people have their own feelings about learning psychology. My question is, does the whole world not run on psychology? I think most people agree. So are you telling me only the bad people?

are allowed to learn what runs the entire world, right? So what we do is, what he says is most people, they prefer to say no, and they prefer to correct you. So when you ask questions in the negative, even though that seems counterintuitive, it allows them to tell you no, what’s true, and what happens is, and even if they initially would have just told you no, because you asked a positive, because once again,

the knee -jerk reaction is to say no to most people, they’ll tell you no. So they did what they knee -jerk reaction is. They get to correct you, which also makes them feel good and releasing the good chemicals in their brain. And then y ‘all are working to collaborate on how y ‘all can reach a mutual agreement together. It’s not manipulation, it’s influence. It’s using psychology to help everybody get the best out of the deal.

Anthony Codispoti (01:01:27.239)
Thank you.

Anthony Codispoti (01:01:50.694)
That’s pretty clever. Randolph, what’s a fun fact most people wouldn’t know about you?

Randolph Love III (01:01:56.378)
Well, one fun fact is I used to make music, right? I’ve been on Billboard. I still get hundreds of thousands of streams a year. You know, it’s just another revenue stream. I haven’t I haven’t created music in a long time, but it’s something it’s almost like a stock. It just keeps growing and growing and growing. So usually people are pretty they pretty like, no, no. And then, you know, sometimes they look it up. man, you you.

Not only did you make music, you made good music. And not only did you make good music, people are still listening to it today. You can look up some of my music and you can see people in Japan doing whole dance routines on it. So it’s very cool. You know, but you know, that’s just what it was just one one phase of my life. Right.

Anthony Codispoti (01:02:38.438)
What kind of music?

Anthony Codispoti (01:02:43.366)
What kind of music?

Randolph Love III (01:02:45.018)
I mean, R &B, rap, the list goes on. Pop, you know, it’s the universal language. And, you know, I’ve always been a wordsmith. So it’s one of those things to where it’s just different ways to say different things.

Anthony Codispoti (01:03:01.062)
And do you still play? Do you still record? Do you still have some fun?

Randolph Love III (01:03:03.258)
no, I haven’t done it in a while. Now, I did recently talk to one of my colleagues. He’s looking for interns. And I’m like, man, I got you. Remember, I’m a freedom fighter. Right. So I like, man, I got more free time. Maybe I need to, you know, go hang out and and, you know, work behind the the keys and record some music from people and give them some of my insight and advice because.

A lot of the things that made me successful in music and also made me successful as a fractional CFO, that’s also making me successful as a franchise consultant and also co -chair of the African American Franchise Council is that I see the truths and I do it, right? I do best practices. Once I, and I’m a person, I ask dumb questions. I refuse.

to search for hours and hours when I can ask somebody 20 years older than me what the answer is. All right, yeah, I can go and validate what they told me, but I’d rather start from a place of wisdom and then go validate to see if it’s still workable today. So it’ll be good to probably, you know, be around young artists and tell them things that I learned and know and what made me be able to get those accolades that I did in the relatively short time that I was doing it.

Anthony Codispoti (01:04:22.885)
So what do you do for fun outside of work now?

Randolph Love III (01:04:25.978)
Man, this, all right, let me tell you, this used to be a tough question for me because I used to always get stumbled when people asked me what I did for fun, because what I do for fun is what most people do for hate, right? I learn for fun. Like, I love the, I learn for fun. Like what, let me see something new, because once again, because I understand all truths are parallel, even though I’m learning about one thing,

I’m always able to apply it to so many other things. Mr. Wonderful, Kevin O ‘Leary, I remember somebody asked him, how was he able to sell his education company for over a billion dollars and most education companies can’t sell it? He said, nobody’s never asked me this question. Well, what happened was I used to be in the cat food industry and in the cat food industry, it had two bases, tuna and beef.

But depending on what they sprinkled on the tuna or what they sprinkled on the beef, they were able to sell it for a lot more. And that way they had a larger catalog of products. He said what he noticed in the education industry is people would spend hundreds of thousands of dollars to create a new math course or create a new English course. And because, and he said, those are just the two engines. That’s the beef in the tuna. All I need to do.

is we keep the same course, but just license it out to different characters. One course, because it was kids course for English and math. One course is being taught by Mickey Mouse. Another course is being taught by Dumbo. Another course is being taught by Daffy Duck. Same material, same two engines, but different licenses. And when a company went to acquire them, they saw they had all these products, which is simply the same two products, but with different licenses. So.

When I learn something in one industry, I always apply it to another. When I learn something, so that’s why I love to learn because it’s so many applications to so many different things.

Anthony Codispoti (01:06:28.612)
I like that. Randolph, I have just one more question for you, but before I ask it, I want to do two things. First of all, I invite the audience, if you like today’s content, please hit the subscribe, like, or share button on your favorite podcast app. The second thing I want to do is to tell people how to get in touch with you. You’ve got a lot of interesting things going on. What’s the best way for people to get in contact with you?

Randolph Love III (01:06:33.146)
All right, you can reach out to me at www .shilwolfstrong .com. That’s S -H -I -E -L -D -W -O -L -F -S -T -R -O -N -G dot com R.

You can check out my podcast, the entrepreneurs podcast at entrepreneurs .com and that’s E N T R E P R E N U D I S T .com.

Anthony Codispoti (01:07:14.179)
if they misspelled that are they gonna get redirected to something it

Randolph Love III (01:07:15.258)
Hey, listen, I can’t control what’s in your search history. That’s on y ‘all. You think your provider don’t realize every time you go to private browser what you’re doing. They know what’s going on, right? But now, yeah, I hope you don’t spell it the wrong way. But yeah, it definitely worked out for me. I think it provided enough shock value to what people just listen just like, what is this? And then, you know, they ended up liking the content.

Anthony Codispoti (01:07:43.555)
I like it. So last question for you Randolph. How do you see the industries that you’re involved in evolving in the next five years? What do you think the big changes that are coming they’re gonna affect your career?

Randolph Love III (01:07:47.138)
I see. I see people being more made more aware and more knowledgeable about what these wealthy families have known for over a century. I see it being more more acceptable because a lot of people don’t realize this in.

EF Hutton, which was a brokerage company in the 1980s, they were the first ones to bring how life insurance works to the masses. Right. And guess what? It was OK when the wealthy families were doing it. But once they brought it to the masses, that’s when the IRS sued EF Hutton and the IRS lost. And of course, you know, whenever the IRS loses, some laws have to get changed. Right. So that’s when they came up with Tamara, Teffra and Defra. So.

Maybe it may be possible that they might eliminate this for people completely. But here’s the thing. You’ll get grandfathered in. If you like what I was talking about, how you can utilize these internal revenue codes 72E, 7702, and 101A to grow your money tax free, utilize it while you alive tax free. And when you die, it blossoms and passes to your heirs tax free. You need to do this sooner than later, because if you lock it in now,

You’ll get grandfathered in if they decide to eliminate this, which is possible every two years. They bring it up and just so happens every two years, everything is, you know, the status quo is still going, but we have no idea. So a potential change is they’re going to shut out a lot of this for people to utilize their money. And as far as franchise in this concern of the FTC, the Federal Trade Commission just recently banned non competes.

That’s a big deal. And I like it. The reason why I like it. And you know, some people might hate it, but the reason why I like it is it’s going to force leaders to be better leaders. If you know that somebody can leave your company and start another company right next to you doing the same thing, essentially, you’re going to treat them better. And if you are somebody who you know, you’re good at what you do, but you just didn’t like the leadership and now you’re, you were stuck under this non -compete. Yeah. I keep, man, you got me foaming at the mouth.

Randolph Love III (01:10:10.906)
You were stuck under this non -compete that has, that, that kept you down. And now you can get out. So now it’s going to bring in more competition. And what’s going to happen is the cream is going to rise to the top and, and somebody is going to be able to do what you’re doing just as good, if not better for a lower price. It’s going to force you to either, get, provide more value, treat your people better and give better prices. So, I mean, I’m okay with it.

Anthony Codispoti (01:10:41.186)
I like it. Randolph, I want to be the first one to thank you for taking the time to share your story today. I really appreciate it.

Randolph Love III (01:10:47.098)
Man, thank you for bringing me on Anthony. I truly, truly appreciate it. I don’t know what you have going on, but I was just talking to my colleagues. They hear me and I’m about to start doing some more podcasts myself. Right. And just like magic, you were in my inbox. So thank you.

Anthony Codispoti (01:11:05.538)
The universe had something in mind for us to get together.

Randolph Love III (01:11:08.602)
Yes, sir. I appreciate that. That’s a wrap on another episode of the Inspired Stories podcast. Thanks for learning with us today. Thank you.