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 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.
In this episode of 'Tycoons of Small Biz,' the focus is on the critical importance of cash flow management for small businesses. Austin explains how cash flow is essential for business growth and financial stability. He shares practical insights on managing accounts receivable and payable, proactive forecasting, and leveraging surplus cash effectively. Additionally, Austin discusses the significance of not being overly reliant on lines of credit, the benefits of hiring a fractional CFO, and the value of using automated invoicing systems. Listeners are encouraged to engage in maintaining liquidity while pursuing growth and to routinely evaluate their cash flow to ensure sustainable business operations. The episode also includes a review and actionable advice for building strong cash flow practices, preparing for seasonal fluctuations, and making strategic hires to aid in business growth.