WEBVTT 00:00:00.000 --> 00:00:02.879 Hey, welcome back to Vision Pros. I've got Hector 00:00:02.879 --> 00:00:04.960 Bassett with me today, all the way from New Zealand. 00:00:05.059 --> 00:00:07.559 Hector, welcome to the show. I'm thrilled to 00:00:07.559 --> 00:00:09.320 meet you. Would you introduce yourself a little 00:00:09.320 --> 00:00:12.160 bit, please? Thanks very much, Sue. It's great 00:00:12.160 --> 00:00:16.480 to be here. Yeah, I'm Hector Bassett. I'm Managing 00:00:16.480 --> 00:00:21.280 Director of Davidson Fraser Limited. Davidson 00:00:21.280 --> 00:00:26.199 Fraser is their family names. I started the business 00:00:26.199 --> 00:00:29.449 about 15 years ago. It's the middle names of 00:00:29.449 --> 00:00:33.509 our two oldest boys. And we started the business 00:00:33.509 --> 00:00:35.530 before we had our third son, who's now starting 00:00:35.530 --> 00:00:37.770 to ask me questions about why his name isn't 00:00:37.770 --> 00:00:45.270 in the business. The Davidson also has family 00:00:45.270 --> 00:00:48.350 connotations through my side of the family and 00:00:48.350 --> 00:00:50.109 Fraser through my wife's side of the family. 00:00:50.210 --> 00:00:56.210 So part of my vision was to have a business that... 00:00:56.479 --> 00:00:58.939 worked for me and that served people but worked 00:00:58.939 --> 00:01:03.880 for me um and as a lifestyle so uh the name was 00:01:03.880 --> 00:01:09.200 important to um keep my bigger context in mind 00:01:09.200 --> 00:01:13.060 all the time oh that's great what a great reminder 00:01:13.060 --> 00:01:14.980 then if you're hearing you know part of your 00:01:14.980 --> 00:01:17.700 mission statement or your your motivation for 00:01:17.700 --> 00:01:19.260 building it if you're hearing it every time you 00:01:19.260 --> 00:01:21.400 say your company name that's pretty cool yes 00:01:21.400 --> 00:01:25.579 yeah yeah And so briefly, the business, my background's 00:01:25.579 --> 00:01:28.879 in tax accounting, so we help small businesses, 00:01:29.060 --> 00:01:31.060 even though it's different in the US, excuse 00:01:31.060 --> 00:01:34.760 me, even though it's different in the US, the 00:01:34.760 --> 00:01:40.420 principles are the same as far as tax goes. I'm 00:01:40.420 --> 00:01:43.359 also a business coach, and part of the issue 00:01:43.359 --> 00:01:46.560 with tax is that people's efforts to try and 00:01:46.560 --> 00:01:49.469 save tax is counterintuitive to actually... being 00:01:49.469 --> 00:01:52.569 more profitable for themselves. So I kind of 00:01:52.569 --> 00:01:59.650 really enjoy the conflict and the challenge of 00:01:59.650 --> 00:02:02.409 encouraging people to focus a little bit less 00:02:02.409 --> 00:02:05.170 on tax and more about generating more revenue, 00:02:05.269 --> 00:02:07.069 which is not about the money itself, but it's 00:02:07.069 --> 00:02:09.349 about being of service and being good with your 00:02:09.349 --> 00:02:13.159 business. Oh, that's great. That makes great 00:02:13.159 --> 00:02:14.919 sense. And you're right, there's that tension 00:02:14.919 --> 00:02:17.939 always. The best way to pay zero tax would be 00:02:17.939 --> 00:02:20.639 to make zero money. That doesn't actually work 00:02:20.639 --> 00:02:24.599 so well. It's not a good solution. Well, let's 00:02:24.599 --> 00:02:26.860 talk a little bit about this first. So what is 00:02:26.860 --> 00:02:28.879 your vision for those people that you're serving? 00:02:30.439 --> 00:02:36.500 Look, my vision started about 20 -something years 00:02:36.500 --> 00:02:41.480 ago when I was baptized, actually. prophetic 00:02:41.480 --> 00:02:44.460 word about being it started off as a leader of 00:02:44.460 --> 00:02:47.360 men and the reality is my vision is still an 00:02:47.360 --> 00:02:50.819 outworking process and I think that probably 00:02:50.819 --> 00:02:55.520 where I've got to with it is I want to help people 00:02:55.520 --> 00:02:59.879 be better with their money and it's and it's 00:02:59.879 --> 00:03:01.919 partly my faith as well right because there's 00:03:01.919 --> 00:03:04.759 a lot of my Christian brothers and sisters think 00:03:04.759 --> 00:03:07.139 that money is evil and I don't believe that for 00:03:07.139 --> 00:03:12.500 a second it's just how it's just how we measure 00:03:12.500 --> 00:03:14.900 so many things whether it's a perfect measure 00:03:14.900 --> 00:03:20.080 or not is a whole other question but especially 00:03:20.080 --> 00:03:22.759 for business owners if they can get their head 00:03:22.759 --> 00:03:24.560 around the money because quite often what happens 00:03:24.560 --> 00:03:28.419 is as a trusted advisor they chuck stuff at me 00:03:28.419 --> 00:03:30.439 and they want me to take care of everything the 00:03:30.439 --> 00:03:33.400 reality is that's very hard to do and what I 00:03:33.400 --> 00:03:36.259 try to do is educate people to understand their 00:03:36.259 --> 00:03:38.979 finances a bit better understand their money 00:03:38.979 --> 00:03:42.469 and There's kind of at least two dynamics going 00:03:42.469 --> 00:03:45.650 on at the same time. With money, you've got the 00:03:45.650 --> 00:03:48.250 practical outworking of it, money in, money out. 00:03:48.689 --> 00:03:51.870 And there's some complexities to that, but really 00:03:51.870 --> 00:03:56.169 it's not complex and I can teach that. The other 00:03:56.169 --> 00:03:58.050 dynamic that goes on at the same time is what's 00:03:58.050 --> 00:04:00.830 going on in here and in our hearts. And the reality 00:04:00.830 --> 00:04:04.550 is people have bizarre relationships to money, 00:04:04.669 --> 00:04:09.740 including myself. I'm excellent with numbers. 00:04:10.020 --> 00:04:11.819 I've always been good with numbers. They've always 00:04:11.819 --> 00:04:15.460 made sense to me. Unlike the written word, that's 00:04:15.460 --> 00:04:18.300 a bit more complex for me. And how to speak, 00:04:18.360 --> 00:04:20.139 sometimes that's a bit more complex as well. 00:04:20.339 --> 00:04:24.040 But just because I was good with numbers didn't 00:04:24.040 --> 00:04:27.259 make me good with money. And as a young person, 00:04:27.300 --> 00:04:29.220 I was terrible with money because I didn't have 00:04:29.220 --> 00:04:32.500 a particularly good picture of who I was internally. 00:04:33.420 --> 00:04:37.420 And look, I'm not a psychologist or a therapist. 00:04:38.040 --> 00:04:41.040 But I've done a lot of that helpful work myself. 00:04:41.579 --> 00:04:48.560 And so it's a real challenge to keep focused 00:04:48.560 --> 00:04:51.579 sometimes because the reality is how you get 00:04:51.579 --> 00:04:55.759 good with money is to look after yourself mentally, 00:04:55.920 --> 00:05:01.019 emotionally, physically. And if you're in business, 00:05:01.120 --> 00:05:04.730 there's so much to know. And you can't be ignorant. 00:05:04.850 --> 00:05:08.829 You have to either learn or buy and get people 00:05:08.829 --> 00:05:11.550 around you that are going to help you. So be 00:05:11.550 --> 00:05:14.189 good with money is kind of the essence of it. 00:05:14.389 --> 00:05:17.050 But I think even just in this brief conversation, 00:05:17.250 --> 00:05:19.709 you can see how it's a very dynamic conversation. 00:05:20.110 --> 00:05:23.129 But the cash flow in particular, more so than 00:05:23.129 --> 00:05:25.750 the profit and loss, the cash flow is a much 00:05:25.750 --> 00:05:28.209 more objective view of what the business is doing 00:05:28.209 --> 00:05:31.379 as opposed to just the profit and loss. We accountants 00:05:31.379 --> 00:05:33.199 can give you the number that you want just about 00:05:33.199 --> 00:05:35.579 when it comes to profit and loss, depending on 00:05:35.579 --> 00:05:37.560 different accountants will come up with different 00:05:37.560 --> 00:05:39.300 profit and loss figures, but cash flow is fairly 00:05:39.300 --> 00:05:43.639 a bit more objective. Yeah. Oh, that's amazing. 00:05:43.959 --> 00:05:46.720 Does that make sense? Yeah, absolutely. No, that's 00:05:46.720 --> 00:05:49.620 great. And I love that you're addressing the 00:05:49.620 --> 00:05:52.360 whole person on this. So it's not just, all right, 00:05:52.360 --> 00:05:54.600 yes, I'll take care of your books. It's all done, 00:05:54.680 --> 00:05:58.199 the tax. There's so much more. I can imagine 00:05:58.199 --> 00:06:01.319 that that vision for serving people, that probably 00:06:01.319 --> 00:06:04.060 came from something very deep in you, realizing 00:06:04.060 --> 00:06:06.959 there's so much more that they needed that you 00:06:06.959 --> 00:06:11.100 could actually provide. Absolutely. See, that's 00:06:11.100 --> 00:06:15.120 the thing. I realized, again, about probably 00:06:15.120 --> 00:06:21.279 five or six years ago, in my marriage, I was 00:06:21.279 --> 00:06:24.040 the one who managed all the money. That's my 00:06:24.040 --> 00:06:26.970 wife. Lesson makes more than I do. Brought more 00:06:26.970 --> 00:06:29.629 to that. But I managed it all. I knew where it 00:06:29.629 --> 00:06:32.490 was all going. And so I got to a point in my 00:06:32.490 --> 00:06:35.269 life where I had more money than I ever had. 00:06:36.509 --> 00:06:38.689 But it didn't stop me getting stressed every 00:06:38.689 --> 00:06:40.689 month about paying my bills and the business. 00:06:41.829 --> 00:06:45.430 So it was just a reminder that it's not about 00:06:45.430 --> 00:06:48.290 how much you have. It's much more about your 00:06:48.290 --> 00:06:54.730 relationship to it. The reality is while there's 00:06:54.730 --> 00:06:57.829 a lot in life and in business that we can't control, 00:06:58.110 --> 00:07:02.829 there are things that we can control. And having 00:07:02.829 --> 00:07:06.089 things like a cash flow forecast and a budget 00:07:06.089 --> 00:07:09.250 and thinking about where your money is going 00:07:09.250 --> 00:07:12.610 and how you're going to earn it and making some 00:07:12.610 --> 00:07:14.970 plans, those are all things you can do something 00:07:14.970 --> 00:07:18.600 about and those things all absolutely help. Oh, 00:07:18.600 --> 00:07:20.899 that's great. There's definitely a need for that. 00:07:20.959 --> 00:07:23.600 A lot of entrepreneurs are very, very, very stressed 00:07:23.600 --> 00:07:28.379 over this. Yes, absolutely. Yeah, that's wild. 00:07:28.500 --> 00:07:30.420 And then let's talk a little bit about what is 00:07:30.420 --> 00:07:36.560 your vision long term for your business? It's 00:07:36.560 --> 00:07:39.920 probably a little bit in flux at the moment. 00:07:41.220 --> 00:07:44.240 It's been, as we talked about personally, there's 00:07:44.240 --> 00:07:48.149 been I've had a lot of. personal circumstances 00:07:48.149 --> 00:07:53.110 shift with a separation so I'm refocusing exactly 00:07:53.110 --> 00:07:57.410 where we're going but I'm still very keen to 00:07:57.410 --> 00:08:00.970 I've developed a cash flow program called Master 00:08:00.970 --> 00:08:06.310 Your Money and it's a very fundamental and it's 00:08:06.310 --> 00:08:08.250 you know begged and borrowed and stolen from 00:08:08.250 --> 00:08:12.670 everybody else's processes right back to sort 00:08:12.670 --> 00:08:16.250 of old homestead sort of accounting which is 00:08:17.550 --> 00:08:21.470 putting money in different tins and I find with 00:08:21.470 --> 00:08:26.810 having different bank accounts people can understand 00:08:26.810 --> 00:08:28.709 you know you have if you've got ten thousand 00:08:28.709 --> 00:08:31.490 dollars in one bank account you can think you've 00:08:31.490 --> 00:08:33.049 got ten thousand dollars but when you actually 00:08:33.049 --> 00:08:35.669 start to look at what your commitments are already 00:08:35.669 --> 00:08:38.009 you realize there's actually really only a thousand 00:08:38.009 --> 00:08:40.730 or maybe actually you might be a negative you 00:08:40.730 --> 00:08:42.549 might be in a negative situation to pay your 00:08:42.549 --> 00:08:48.779 bills and to taxes etc so My vision for the business 00:08:48.779 --> 00:08:58.500 is to continue to develop that process and find 00:08:58.500 --> 00:09:02.080 people that really want to engage with it. Because 00:09:02.080 --> 00:09:10.120 the reality is, like I said, it's a very practical 00:09:10.120 --> 00:09:12.679 process that we're teaching, but the aversion 00:09:12.679 --> 00:09:18.870 to it is very much an emotional... and a mind 00:09:18.870 --> 00:09:21.490 game kind of thing. And the reality is some people 00:09:21.490 --> 00:09:25.789 aren't ready to engage with that. And right now 00:09:25.789 --> 00:09:28.190 in New Zealand, like a lot of parts of the world, 00:09:28.269 --> 00:09:32.970 economically, it's a strange time. And people, 00:09:33.230 --> 00:09:36.110 so you've got to deal with all that stuff. So 00:09:36.110 --> 00:09:42.330 the vision is to continue to develop the cash 00:09:42.330 --> 00:09:44.809 flow program. And I think there's a different... 00:09:45.149 --> 00:09:48.110 As much as I'm a bit of an old -fashioned geezer, 00:09:48.129 --> 00:09:52.710 there's some technology that I possibly need 00:09:52.710 --> 00:10:01.629 to engage with. But, yeah, so I'm just in the 00:10:01.629 --> 00:10:03.830 process of, in particular, the coaching services 00:10:03.830 --> 00:10:07.350 and exactly how we offer those so that we can 00:10:07.350 --> 00:10:10.490 really help more people get better with their 00:10:10.490 --> 00:10:13.450 money. Oh, that's fantastic. How are people finding 00:10:13.450 --> 00:10:21.830 you? Well, we've got a website. And again, we're 00:10:21.830 --> 00:10:27.029 in a state of doing a little bit more on social 00:10:27.029 --> 00:10:32.269 media. I'm sure I'm not alone in this. The whole 00:10:32.269 --> 00:10:35.710 COVID experience really messed with many, many 00:10:35.710 --> 00:10:39.450 businesses. And being someone who cares for other 00:10:39.450 --> 00:10:44.129 business owners and a soft -hearted kind of feller 00:10:44.129 --> 00:10:48.340 anyway, The last five years have been massively 00:10:48.340 --> 00:10:52.039 challenging, massively challenging. And I've 00:10:52.039 --> 00:10:58.659 gone from having the business be mostly just 00:10:58.659 --> 00:11:00.980 local people and dealing with face -to -face. 00:11:01.120 --> 00:11:03.919 So for the best part of three years, you couldn't 00:11:03.919 --> 00:11:09.399 really make plans to see people. And so I've 00:11:09.399 --> 00:11:12.620 kind of... Again, my old -fashioned style has 00:11:12.620 --> 00:11:15.379 gone kicking and screaming into the online world, 00:11:15.559 --> 00:11:19.799 and I'm starting to embrace that a little bit 00:11:19.799 --> 00:11:26.259 more. So, yeah, we've got a Facebook page, and 00:11:26.259 --> 00:11:29.480 again, reluctantly, we've got an Instagram page 00:11:29.480 --> 00:11:34.059 and Pinterest, so I can share that information 00:11:34.059 --> 00:11:36.159 with you if you like. Oh, that's great. That's 00:11:36.159 --> 00:11:38.730 good. Wonderful. Thank you for being here today. 00:11:38.909 --> 00:11:40.710 I'm really happy that you tuned in to Vision 00:11:40.710 --> 00:11:43.309 Pros Live. I'm looking forward to seeing your 00:11:43.309 --> 00:11:46.110 reactions as these episodes continue to move 00:11:46.110 --> 00:11:48.049 forward. This is going to get more and more fun. 00:11:48.070 --> 00:11:49.929 We'll have more and more engagement as well. 00:11:49.950 --> 00:11:51.870 We'll invite people to participate in the show. 00:11:52.009 --> 00:11:54.070 And thank you for giving us your time and attention. 00:11:54.330 --> 00:11:56.970 Have an excellent time building out your vision 00:11:56.970 --> 00:11:58.350 and becoming a vision pro yourself.