Summary:
In this episode of The Agency Hour, Troy Dean sits down with Cannon Carr, Regional Director and Partner at EP Wealth, to explore strategic wealth-building and financial independence for agency owners. Cannon shares his innovative “Three R’s Framework” — Reinvest, Reward, and Repurpose — designed to help business owners create wealth beyond the agency, while building a sustainable, scalable business model.
Troy and Cannon dive deep into the crucial steps every agency owner should take to diversify income and protect their financial future. Cannon discusses why relying solely on agency profits isn’t enough and provides actionable insights on how to reinvest wisely for growth, reward yourself sustainably, and repurpose income to build a financial safety net outside of the agency. The conversation covers everything from creating a succession plan, to making your business less dependent on you, to planning for a profitable exit strategy on your terms.
Key highlights include Cannon’s advice on using diversified investments to secure financial freedom, understanding how to scale a business beyond the founder’s role, and navigating the complexities of selling or passing on an agency. Cannon explains how to avoid common pitfalls and use financial planning to turn an agency into a wealth-building engine that supports the owner’s lifestyle and goals.
Whether you’re an agency owner looking to grow, exit, or simply build a solid financial foundation, this episode is packed with essential strategies to help you secure long-term wealth and independence.
What You Will Learn:
- The Three R’s Framework for Wealth-Building: Cannon Carr introduces his “Three R’s” approach—Reinvest, Reward, and Repurpose—as a strategy for agency owners to create sustainable wealth both inside and outside the business.
- How to Diversify Wealth Beyond the Agency: Discover the importance of building financial security beyond agency profits and the steps to create diversified income streams that support long-term goals.
- Preparing for a Profitable Exit: Learn what makes an agency attractive to buyers, how to build a sellable business that isn’t reliant on the founder, and the types of acquirers most likely to offer a premium.
- Reinvestment Strategies for Scaling: Cannon shares insights on reinvesting profits wisely to scale your agency, build valuable assets, and grow a team that can operate independently of the founder.
- Securing Financial Independence as a Business Owner: Understand how to achieve personal financial freedom through smart saving and investment strategies, tax-efficient wealth accounts, and the benefits of liquid investments.
- The Value of Building a Sellable Business: Discover why it’s crucial for agency owners to build a business that’s not tied to their expertise alone and how to ensure an agency’s value extends beyond the founder’s role.
- Avoiding Common Investment Pitfalls: Cannon highlights high-risk investments to approach with caution, such as crypto and private markets, and shares his approach to long-term, stable wealth creation.
- Strategies for an Employee Buyout: Learn about the “exit without an exit” strategy, where employees gradually take over ownership, and how this method can keep a legacy alive while rewarding loyal team members.
How EP Wealth Supports Agency Owners: Get an inside look at EP Wealth’s unique approach to financial planning for business owners, from succession planning to tax strategies, that supports both business and personal financial goals.
Handy Links
- EP Wealth
- Cannon Carr LinkedIn
- MavCon
- The Agency Hour Podcast
- https://gameplan.agencymavericks.com/
- Book a Call
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