Welcome to Networking Unleashed: Building Profitable Connections
- mforman521
- Oct 24
- 7 min read
Updated: Nov 3
Welcome to another episode of Networking Unleashed: Building Profitable Connections, the show where we explore the powerful intersection of relationships, revenue, and real success. I'm your host, Michael Foreman, and today we're diving deep into how the right connections can do more than just grow your network.
They can grow your wealth. Our guest today is a true expert in this space. She helps business owners and high-level professionals maximize tax savings through strategic partnerships. She connects with the right experts, makes the right moves, and uses networking as a tool—not just for influence, but for financial transformation.
If you've ever wondered how your network could actually cut your taxes, build your assets, and unlock hidden financial advantages, this episode is for you. So get ready to learn how to network with purpose, partner with power, and build connections that not only open doors but also build legacies. I would like to introduce Shauna, the Tax Goddess. Shauna, can you share a little bit about your background?
Meet Shauna, The Tax Goddess
Welcome to the podcast, Shauna!
Aw, thanks so much for having me. I'm super excited to be here because I am all about having your network save you money. So I'm all in!
Great! So tell us a little bit about your background.
Absolutely! I am a CPA with a Master's in Taxation. I am also a Certified Tax Coach, Certified Tax Professional, and Certified Tax Strategist. Basically, for all of my adult life, I have focused on taxes, tax strategy, and how to keep people's money for them. I started at KPMG and then went out on my own. In fact, yesterday was Tax Goddess's 21st birthday!
Oh, wow!
Yes! At one point, we had as many as 123 staff members, but we've streamlined to about 35 super experts in tax strategy. Our global team primarily helps US taxpayers, as we don't handle Canadian or Mexican taxes.
That sounds absolutely wonderful! Let’s get into some of my questions.
Maximizing Tax Savings Through Strategic Partnerships
You specialize in maximizing tax savings through strategic partnerships. Can you share an example of how the right connection significantly reduced a client's tax burden?
Absolutely! Considering we're at about $2 billion and counting in tax savings for our clients, it's all about who you know and how those people have been vetted. Let me give you a great example. There is a tax strategy called a captive insurance company. For those listening, you may have heard about it, and your current CPA might have said, "Absolutely not! That's on the IRS's dirty dozen list." Or you might have met a tax strategist who said, "Yes, there are bad providers and good providers, and you want to make sure you're with the right person."
When we talk about networking, it's not only about who you know but also about what they know. How have they been vetted? How long have they been doing it? What's their background? Do they have IRS approval? These are critical questions.
For instance, I had a client who unfortunately worked with a company out of California. She came to us after they had all their clients audited due to improper paperwork. We do not work with that company. Instead, we have two vendors we trust. We always provide clients with more than one choice because we want them involved. Do you like their personality? Do you like their fees?
It's our job as strategists to find those "gold coins." There are various strategies, like paying your kids or using the master's exemption. But how do you know those gold coins are real and not just copper-plated? That's our job—to vet strategies.
Understanding the Importance of Vetting Connections
You explained the differences very eloquently. For someone who doesn't understand taxes, you made it simple. It's crucial to do your homework and check the reputation of those you work with. Your reputation is fantastic; otherwise, you wouldn't be called the Tax Goddess!
It certainly helps when clients call back years later, saying, "You're the best CPA I've ever worked with. Can you take me back as a client?"
Absolutely! What should professionals look for when building a network that supports both business growth and smart tax planning?
Let’s start with smart tax planning. You need a good financial advisor and a good lawyer—ideally, two types of lawyers: an estate and trust attorney and a corporate attorney for contracts and negotiations. Your banker is also key, especially if you need lending or lines of credit.
Most people skip this, but your life insurance agent can make a significant difference in whether you live a tax-free life at retirement. Lastly, an investment advisor is crucial. They find new investments, which change every year.
Building a board of advisors is essential for financial success.
Networking for Business Growth
When it comes to expanding your business, find the "rabbit farmers." This is an old BNI term. Who else in your industry works with the same clients?
And be direct. Find someone who will tell you the truth, even if it’s not what you want to hear. You need someone who can challenge you. Surrounding yourself with "yes men" will lead to failure.
How can entrepreneurs identify experts like CPAs, tax strategists, or legal advisors who can help them build wealth through proactive tax strategies?
Great question! First, understand that most people think their CPA handles their strategy. However, we only partner with CPAs who specialize in compliance. There are 660,000 CPAs in the US, but only 607 specialize in strategy.
If you just need someone to file your tax returns, you don’t need a strategist. But if you’re tired of writing massive checks to the government, you need to find a strategist who can help you reduce your tax burden legally.
The Importance of Communication in Networking
Many people network for sales and visibility. How do you approach networking with the intention of long-term financial impact instead?
When I was a baby business owner, BNI got into my head with the concept of "Givers Gain." If you’re looking for long-term financial wealth, give before you expect to get. Also, do what you say you will do.
Under-promise and over-deliver. Be engaged and care about the relationships you build. Make sure to return phone calls and follow up. These are the basics of polite society.
I often tell people that networking is about being present. Spend at least two hours each week to check in with your contacts. A simple text or email can rekindle connections and make a lasting impact.
Common Networking Mistakes
What are some common mistakes professionals make when trying to form strategic partnerships for financial gain?
The biggest mistake is not being clear about what you want. Communication is always the failure point in relationships. Sometimes it takes several meetings to figure out what you want and how you can work together.
If you go into a meeting asking, "What can you do for me?" it doesn’t feel good. Think about both sides and what a good fit would be. If you find that your communication styles don’t match, it’s better to part ways early.
Preventing Costly Tax Errors
Can networking with the right experts actually prevent costly tax errors and liabilities? How?
Absolutely! If a client had consulted me before working with a questionable provider, I could have warned them. You need to ask around and ensure that your potential partners have a good reputation.
If multiple people have had bad experiences, it’s a red flag. Avoiding "yes men" is crucial. If they’re not challenging you, it’s time to reconsider the partnership.
Vetting Potential Partners
How do you vet potential partners or collaborators to ensure they align with your goals, especially regarding wealth and tax strategy?
I have a straightforward vetting system: IRS approval. If a strategy has been around for a while and has a positive Private Letter Ruling (PLR) from the IRS, it’s a good sign.
However, for newer strategies, you need to do more research. It’s essential to have an expert who can analyze whether a strategy is good or bad. Understanding your own risk tolerance is also vital.
The Role of Networking in Business Growth
What role has intentional networking played in your own business growth and personal wealth journey?
When I first started Tax Goddess, I was alone in a home office. I called a friend for help and joined the Scottsdale Chamber of Commerce. I met friends there who I still know 20 years later. Networking is about starting with who you know and staying curious.
High-Value Moves for Networking
For someone just starting to build a professional network, what’s one high-value move they can make today that supports both relationships and their financial future?
Join an organization or club where you can regularly interact with people. The more you engage, the more they will know you, and the easier it is to build relationships.
Learning from Mistakes
Before we wrap up, can you share a mistake you've made related to networking and how you overcame it?
I realized that I couldn’t just call people six months later and expect them to remember me. That’s why I established my Friday follow-up day. It’s essential to maintain relationships actively.
Hidden Gem Strategy for Networking
What’s your favorite hidden gem strategy for turning a single connection into a long-term wealth-building opportunity?
Having a casual meeting over drinks or a meal can break the ice. There’s something about personal relationships that goes beyond business.
Conclusion
If someone wants to get in touch with you, what’s the best way they can reach you?
You can find me at taxgods.com. If you have questions, my assistant can help you get started.
Thank you, Shauna! It was a pleasure having you on the podcast. I hope many people listen to this episode because your insights are invaluable.
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A huge thank you to our guests for sharing such incredible insights today, and of course, a big shout-out to you, our amazing listeners, for tuning in. If you're interested in my digital courses, coaching, or having me speak at your company, just go to michaelaforman.com and fill out the request form.
Remember, networking isn't about being perfect; it's about being present. So take what you've learned today, get out there, and make some meaningful connections. If you’ve enjoyed this episode, please subscribe, leave us a review, and share it with someone who could use a little networking inspiration.
Let’s keep the conversation going! You can find me on Apple, Spotify, Pandora, YouTube, or my website michaelaforman.com/podcast.
Michael is a business networking expert specializing in enhancing professionals' networking and communication skills to drive profitability. As a leading authority in this field, he is highly sought after for his dynamic presentations and workshops. His extensive experience has consistently led to significant improvements in corporate profitability by empowering individuals and organizations to connect more effectively and efficiently.
Digital Courses: https://michael-s-site-fc88.thinkific.com/
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