In this episode of Inner Edison, host Ed Parcaut chats with Timothy Shaffer, a seasoned entrepreneur with over 30 years in the automotive industry, about the ups and downs of his business journey, the challenges he encountered, and the lessons learned along the way. They delve into a variety of topics, from the business climate in various states to the benefits of living and doing business in Puerto Rico, and the intricacies of the tire market and e-commerce.
Key Highlights:
- Business Failures & Lessons Learned:
- Timothy shares insights on navigating business setbacks and turning failures into valuable learning experiences.
- California’s Business Climate:
- Discussion on California taxes and property laws like Prop 13 and Prop 19.
- Critique of political decisions related to election ballots in California.
- Living Conditions & Costs:
- Comparisons of costs and living conditions in Texas, Florida, and California.
- Insights on Puerto Rico’s favorable tax environment and living conditions.
- Puerto Rico’s Tax Benefits:
- Exploration of Act 60 and its benefits: 4% business tax, zero capital gains, and dividend taxes for residents.
- Housing costs and living comfortably in Puerto Rican cities like Rincon and San Juan.
- Tire Market Insights:
- Overview of the tire market valued at $58.8 billion, with a focus on supporting local brick-and-mortar stores.
- Timothy’s business model providing data-driven insights to help retailers with pricing and inventory decisions.
- Vehicle Modifications & Gun-Friendly Community:
- Timothy’s involvement in a gun-friendly community and discussion on concealed weapon permits.
- Insight into Timothy’s other business endeavor, Patriot Brands, and its marketing efforts.
- Social Media Strategy & Influencer Marketing:
- Importance of targeted social media strategies and the shift towards paid promotions.
- Advantages of engaging smaller influencers (100K-500K followers) for better ROI.
Contact & Further Information:
Listeners can reach out to Timothy Shaffer for business inquiries through his platform, searchstires.com. More details and contact information are available in the show notes.
Tune in to this insightful episode to learn about Timothy Shaffer’s entrepreneurial journey, valuable business insights, and the unique advantages of living and doing business in Puerto Rico.