Sometimes, the best business advice doesn’t come from a boardroom or a book. It comes from a gravel pit and a Cadillac.
Let me explain.
This post is a slight detour from my usual five-part business series, but with tax season in full swing — and the IRS lurking in more inboxes than ever — I felt compelled to share a personal story. It’s a story about one man’s unconventional approach to wealth, how it helped me survive my own IRS showdown, and why every entrepreneur needs to think long-term about protection, not just profit.
Meet Murphy: The Man with Nothing (and Everything)
Back in the early days of my business, I started getting unsolicited orders for replacement parts related to power transmission equipment. I hadn’t made a single sales call, had no idea who the buyer was, but the orders kept coming in. Curious — and grateful — I decided to pay a visit to the source.
That’s when I met Murphy. Or Murph, as everyone called him.
Murphy owned a large gravel pit operation out in Vestal, New York — Murphy’s Landscape and Gravel. When I showed up to thank him for the business (and to suggest that maybe his equipment was wearing out due to being improperly sized), he invited me to take a ride around the gravel pit… in a brand new Cadillac.
No license plates. No registration. Just Murph, in a luxury car, cruising through mounds of gravel like a king on his throne.
That first ride turned into many. Over time, I got to know Murphy well — and I admired his success. He was clearly a wealthy man, but he didn’t wear it like a badge. He was practical, calm, and, as I’d later learn, extremely smart when it came to protecting what he’d built.
The Millionaire Who Owned Nothing
One afternoon while riding through the pit, I asked Murphy a question that had been on my mind for a while:
“Murph, what’s your secret to success?”
His answer stopped me cold:
“I own nothing. But I have exclusive rights to everything.”
At first, I thought he was joking. Isn’t the point of building wealth to own more? More land, more cars, more equipment?
But Murph wasn’t joking. He explained that the Cadillac was leased. The land — leased. The machinery? Also leased. On paper, he owned nothing.
Why?
“Because the more successful you become, the more likely someone will come after you,” he said. “They’ll sue you, hit you with permits, try to seize assets. But if you don’t own anything, they can’t take anything from you.”
That idea sounded a little paranoid at the time. But I never forgot it. And I didn’t know it yet, but it would come to shape how I protected my own business down the road.
When the IRS Came After Me
Years later, Murphy’s strategy would become more than just a clever philosophy — it would become my shield.
I ended up in a dispute with the IRS. Yes, I owed them money — I wasn’t trying to dodge anything. But the issue was over how much I owed. I tried to resolve it the usual way: letters, back-and-forth negotiations. But one day, things escalated.
An IRS agent showed up at my office. Not with questions — with threats.
He threatened to shut my business down. To seize everything. To arrest me.
But here’s the thing… I’d followed Murphy’s lead.
I didn’t own the car.
I didn’t own the building.
I didn’t even own the outdated computers or the used office furniture.
So I told him, “Take it all.”
He didn’t like that.
The Bank Account Surprise
Of course, Murphy’s philosophy wasn’t just about assets — it was also about cash.
One of his final pieces of advice to me was simple but powerful:
“Always stash away some liquidity.”
Turns out, that saved me too.
After the agent stormed out, I went to the bank… only to discover he’d already beaten me there. The IRS had put a hold on my account and taken every dollar they could.
Fortunately, thanks to Murphy’s advice, I had enough operating capital set aside to keep things running.
Eventually, the battle went to court. After a long and painful year, I negotiated the amount down to what I originally expected, paid it off, and kept my business alive.
But I’ll tell you — I thought about Murphy a lot during that fight.
Own Nothing, But Control Everything
Murphy’s philosophy isn’t about living in fear. It’s about being prepared.
Success brings attention. Sometimes good, sometimes… not. And when the government, competitors, or even random bad actors come for your business, it’s not your hustle or your talent that protects you — it’s your structure.
Murphy didn’t build his empire by accident. He built it with intentional separation between control and ownership. That’s a lesson I carry with me to this day.
3 Lessons from Murphy That Every Entrepreneur Should Consider
- Don’t equate ownership with control.
You can operate with full control of assets without owning them directly. Use leases, trusts, or separate entities where appropriate.
- Expect success — and prepare for scrutiny.
As your business grows, you’ll attract attention. Prepare your legal and financial structures before the spotlight hits.
- Maintain liquidity.
Emergencies don’t announce themselves. A little bit of available cash can mean the difference between survival and shutdown.
Final Thoughts
I never set out to follow Murphy’s strategy. But over time, his quiet wisdom worked its way into my thinking — and saved me when it counted most.
So if you’re growing your business, remember:
It’s not about how much you own. It’s about how smartly you protect what you’ve built.
If you’re enjoying these lessons and stories from the trenches, drop a comment, share your thoughts, or buy me a cup of coffee. And if you’ve ever wondered how to survive an audit… check out my other video. It’s one you’ll want to watch before the IRS knocks on your door.
— Jim Cendoma