My guest this week – went from knocking on doors – to opening doors – for over – 400 entrepreneurs a day.
Yes, today’s guest – Tommy Thornburgh, President of Prime Corp. Services –, started his journey as a door-to-door pest control salesman – to today where he is a partner of an 8-figure business – AND, a self-made multimillionaire.
Like so many of us entrepreneurs – it was his first bad business experience – that inspired him to do what he does today.
Since he didn’t know how to set himself up as a business entity –, nor – did he understand taxes – He didn’t set aside any of his earnings to pay taxes – so he was left scrambling to pay off a significant amount of IRS debt.
This event shaped Tommy’s life – compelling him to teach other entrepreneurs how to structure their self-employed endeavor –and – how to utilize the tax laws to their maximum advantage. On average, this saves the entrepreneur he works with over $10,000 per year.
In this episode, you’ll hear about Tommy’s inspirational path to build and scale a business that will soon surpass 9 figures AND how you can keep more of your hard-earned money from the IRS come tax-time.
Yes, this episode has something for everyone – inspiration, business advice, and immediate tax savings.
So, let’s jump right in!
Takeaways I Got From This Episode Were:
💰Structure for Success: Learn the best entities for protection, taxes, and credibility to set your business up for maximum savings
💸Access the Capital: Discover how to build business credit to unlock funding and take your ventures to the next level
🤑Maximize Deductions: Uncover little-known tax breaks like HSAs, home offices, and entity elections saving self-employed folks $10K+
🚀Scale Strategically: Hear how holding companies provide organization, protection, and benefits as businesses expand beyond the solopreneur stage
💡Practical Tax Tips: Gain insights from saving thousands on a $600K bill with strategies for tracking expenses, credits, and optimizing your situation
Here Are Five of My Favorite Quotes:
1. “I don’t care who you are, I don’t care what business you run, I don’t, I don’t care how big the business is. And it was not acceptable in my household, especially with my mom, to talk about problems. If you don’t have a solution, I’m not interested in hearing the problem.”
2. “The more funding options that you can create, the easier it is to make decisions and take advantage of opportunities that come across your plate over the course of the year.”
3. “Banks are an amazing business. I don’t love a lot of what goes on there. But it’s because they’re just playing the odds, they’re treating it like a business and knowing they’re gonna make more money on individuals than they will businesses.”
4. “I’ve built this company without being a CPA or an attorney. And I know that that seems ridiculous. But I currently employ over 80 accountants, and I have a full team of attorneys.”
5. “I don’t care if you use what you’ll use business credit for now, you may not need it your business may be healthy enough and have enough cash flow where I’ve even had people go as far as saying, Tommy, I don’t like credit credits a tool, the more tools that you have in your belt to pull out when you need to utilize them.”
[0:00:00] From Door-to-Door Salesman to Self-Made Multimillionaire
[0:01:20] Introduction and Background
[0:07:29] It’s not just about making money, but also keeping it.
[0:11:03] Instant gratification mentality and importance of proactive financial decisions.
[0:14:07] The importance of saving money and not overspending.
[0:17:13] Understanding profit and loss for better financial decisions.
[0:21:01] Moving from Self-Employment to Setting Up a Business Entity
[0:24:12] The Mistake of Commingling Funds and Benefits of Entity Setup
[0:27:41] Setting Up an LLC as the First Step for Self-Employed Individuals
[0:30:18] Entity Structure for Growing Businesses: Wyoming LLC
[0:34:57] Importance of Entity Structure and Corporate Credit for Growth
[0:36:28] Setting up an LLC and building business credit
[0:43:09] The Importance of Proper Debt Management for Personal and Business
[0:48:01] Maximizing Tax Benefits for Self-Employed Individuals
[0:52:49] Tax savings strategies and depreciation for LLC-owned vehicles
[0:56:11] Humble brag: Building a successful company without traditional credentials
[0:58:14] Cut out of the deal, meeting Steve Harward
[0:58:59] Overcoming Challenges and Finding Motivation
[1:03:02] Test Your Money IQ with a Two-Minute Quiz
Tommy’s Myth Buster
You Don’t Need Income to Start a Business
Tommy debunks the common myth that you need to be generating income before setting up your business.
“One of the biggest myths is that you can write off losses for 3 of your first 5 years in business. That’s not actually in the tax code,” Tommy explains.
The truth? As long as you have the intent and idea to generate income, you can:
– Set up your business entity – Begin tracking expenses for deductions – Start building business credit
You don’t have to wait until you have clients or revenue. Tommy stresses taking action from day one to leverage valuable tax benefits and access to funding.
Don’t let misinformation hold you back. I am grateful to Tommy for shedding light on this myth – your business journey begins as soon as you get started
Free Gift :
Prime Corporate Services is offering a FREE initial consultation for anyone interested in optimizing their financial strategies.
Tommy and his team will review your specific situation and identify areas to save thousands in taxes or access new funding options.