A Podcast For Small Business Owners, By Small Business Owners
Welcome to Tycoons of Small Biz, a podcast designed for small business owners, the backbone of the American economy. Join us as our hosts, Austin and Landon share insights and experiences as small business owners, active investors and operators who have started, bought, sold, and grown several successful businesses. Tycoons is powered by Backbone Planning Pa ...
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In this episode of 'Tycoons of Small Biz,' hosts Austin Peterson and Landon Mance discuss the critical journey from building business growth to achieving liquidity for small business owners. The episode focuses on the significance of treating a business as part of a comprehensive financial plan, ensuring business owners achieve financial independence outside the business. Key topics include the importance of building transferable value, effective strategies for reinvestment, and diversified wealth management. The hosts also outline various exit and liquidity options such as internal transitions, partner buyouts, and third-party sales. They emphasize the need for systematic planning to create a business that can sustain and grow with minimal dependence on the owner, thereby increasing its overall market value. The episode concludes with actionable steps for integrating business value into personal wealth planning. 03:02 Today's Topic: From Growth to Liquidity 03:21 The Financial Plan for Business Owners 04:21 Excitement for the Episode 05:30 Challenges in Business Strategy 12:48 Building Transferable Value 22:29 Paths to Liquidity 25:04 Third Party Sales and Business Value 28:22 Integrating Business Value into Personal Wealth
In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance dive into smart tax planning strategies for small business owners. They discuss the importance of proactive tax planning, share insights from their experience, and provide case studies demonstrating significant tax savings. The episode underscores the necessity of collaborating with tax and financial advisors to navigate complex tax codes and structure investments effectively. Key takeaways include reviewing entity structures, maximizing deductions thoughtfully, and planning taxes quarterly. Real-life examples illustrate the efficacy of oil and gas investments, qualified opportunity zones, and charitable planning in optimizing tax outcomes, ensuring business growth, and preserving value. 01:08 The Importance of Small Business 01:47 Smart Tax Planning for Business Owners 07:10 Case Study: Franchise Tax Savings 15:32 Case Study: Business Owner Divorce 24:31 Key Takeaways and Actionable Strategies 28:44 Conclusion and Next Episode Preview
Join Austin Peterson and Landon Mance in this episode of Tycoons of Small Biz as they delve into crucial tax strategies for small business owners. Discover the importance of year-round tax planning, learn about commonly overlooked tax deductions, and understand the impact of strategic spending on your business's value. From the benefits of a cost segregation study to the significance of meeting with your financial advisor and CPA, this episode offers valuable insights to help you save on taxes and grow your business. Don't miss actionable steps and case studies of successful tax planning strategies from real clients. 02:31 Tax Strategies for Business Owners 07:06 Overlooked Tax Deductions 08:49 Importance of Year-Round Tax Planning 26:31 Entity Structure and Tax Implications 28:42 Actionable Steps and Final Thoughts
In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance discuss the importance of emergency funds and contingency planning for small business owners. Drawing on their experience as financial planners and business consultants, they share insights on preparing for unexpected events such as economic downturns, employee fraud, and health issues. They explain how to determine the right amount of emergency funds, where to keep these funds, and the role of various types of insurance. This episode provides actionable advice on crisis management to help business owners mitigate stress and enhance business stability. 01:45 The Importance of Emergency Funds 02:09 Real-Life Examples of Business Challenges 05:41 How Much Cash Should a Business Have? 09:46 Effective Cash Management Strategies 26:44 The Role of Insurance in Business 29:10 Conclusion and Key Takeaways
Hosts, Austin Peterson and Landon Mance of Backbone Planning Partners, discuss retirement planning for small business owners. They address the common notion of relying solely on the business as a retirement plan, emphasizing the importance of diversification and establishing separate retirement accounts like SEP IRAs, Simple IRAs, and 401(k)s. They advocate for setting aside a significant portion of income toward retirement, providing actionable strategies for building wealth beyond the business. The discussion also highlights the need for financial independence and the potential role of cryptocurrencies in future retirement planning.