We caught up with the brilliant and insightful Michael Franks a few weeks ago and have shared our conversation below.

Michael, thanks for joining us, excited to have you contributing your stories and insights. We’d love to hear your thoughts about family businesses.

Family businesses are companies owned and operated by family members, often with the intention of passing them down through generations. They can range from small, mom-and-pop shops to large corporations like Walmart or Ford.

Some benefits of family businesses include:

– Strong family bonds and shared values
– Long-term focus and commitment
– Flexibility and adaptability
– Opportunities for family members to develop skills in leadership

However, family businesses can also face unique challenges, such as:

– Conflict and communication issues among family members
– Difficulty separating family and business relationships
– Succession planning and leadership transitions
– Balancing family and business goals.

I have noticed family operated businesses, and how well they do work. The business runs like a well oiled machine. But my own experience with family in business has been horrible. I have created my own business family. This works perfectly in my business. I call them my non-biological family in business.

Michael, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?

Advisory Pro Financial was established in 2020, but its history dates back to 2017 when we, the founders, as employees, adjusted our W-4 to receive more money in our paychecks. Unaware of the intricacies of the tax codes, it became a costly mistake. This oversight led to a notice from the IRS in January 2018, stating that we owed $9,000. Determined to learn from this experience and improve our financial literacy, we joined a community of financial experts in June 2018. This union helped transform our understanding of taxes, and how money actually worked.

Equipped with new knowledge, we developed a passion for business ownership and discovered the power of massive tax deductions and multiple streams of income. From 2018 to 2020, I attended various tax courses and seminars to comprehend the complexities of tax laws, codes, policies, and procedures. In September 2020, my wife and I launched Advisory Pro Financial LLC, an online and virtual tax service dedicated to teaching financial literacy and education, aiming to help employees become business owners and strategically lower their taxable liability through legal and compliant methods.

Are there any books, videos or other content that you feel have meaningfully impacted your thinking?

MyEcon Inc. has been the only resource to completely change my perception concerning finances, by providing me with the necessary tools and strategies to attain financial success.

MyEcon was founded by a group of experienced financial professionals who wanted to empower individuals to take control of their finances and build a better financial future. Before learning of myEcon, my wife and I were struggling to keep up with our taxes and were constantly living paycheck to paycheck. We were operating several businesses in the negative and couldn’t seem to get ahead no matter how hard we worked.

However, since joining myEcon, I retired early, and my wife has been able to adjust her W-4 as a home-based business owner, which has allowed us to save $800 a month and shift it back into our home. Additionally, we have been able to cashflow over $75,000 and eliminate over $30,000 in debt within the 1st 36 months using myEcon’s strategies, investment training, and debt elimination tools.

With the confidence we have gained through myEcon to manage our own money and businesses, we have been able to create cashflow and confidence in so many others to help them achieve their own financial success.

Can you tell us the story behind how you met your business partner?

Absolutely, I’m always ready to talk about the love of my life. I met my co-founder and future wife at a popular hair cutting establishment. She was the assistant manager and I was a persistent customer seeking a pampering experience. Although she didn’t cut my hair the first two times, our paths crossed on my third visit and led to a successful business partnership and loving relationship.

Contact Info:

• Website: myadvisorypro.org
• Instagram: mrfranks11
• Facebook: Michael Franks
• Linkedin: Michael Franks

Image Credits
The Advisory Pro Financial Staff Emilymai Esther Dumbar Jeffrey Asamoah