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Tycoons of Small Biz

Tycoons of Small Biz

by Austin Peterson and Landon Mance

Entrepreneurship Management

Season 3

E202 | From $45k in Debt to Building a Trusted Business

Starting from scratch is one thing. Starting with debt, doubt, and no safety net is another. In this powerful replay from Tycoons of Small Biz, real estate entrepreneurs Ryan Zolin and Steve Trang open up about the moments they nearly walked away. Steve shares how he racked up $45,000 in credit card debt during the 2008 crash. Ryan talks about being 18, underestimated, and how he earned trust despite his age. In this episode, you’ll learn: Why early mistakes can cost you if you don’t learn fast How to earn trust when you’re the youngest professional in the room Why confidence and consistency beat credentials every time What hiring looks like when the stakes are personal Want to know where you really stand when it comes to wealth beyond your business? Grab your free copy of The Business Owner’s Wealth Scorecard - a powerful self-assessment tool to help you spot the gaps between your business success and personal wealth strategy. Access Your Free Scorecard Here: bit.ly/backbone-score --- About Backbone Planning Partners Backbone Planning Partners helps blue-collar business owners in trades, construction, and manufacturing turn day-to-day success into lasting wealth. Founded by Austin Peterson and Landon Mance, Backbone works exclusively with self-made founders doing $5M–$20M in revenue who are legacy-minded and ready to take control of their future. Listen in for real stories, real talk, and guidance built for business owners like you. Ready to see what’s possible? Schedule a call at BackbonePlanning.com.

E201 | Is Your Business Your Retirement Plan? And Why That's Not Enough

In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance explore the common misconception among small business owners that their business alone will fully fund their retirement. They discuss the importance of creating a diversified retirement roadmap and aligning personal wealth-building efforts outside of the business. The hosts emphasize the significance of planning ahead, including the implementation of buy-sell agreements and keyman insurance, and delve into strategies like using SEP IRAs, 401(k)s, and other investment vehicles. They also highlight the difference between exit readiness and retirement readiness, urging business owners to consider both their business's sale value and their personal financial independence. Austin and Landon share real-life examples and stress the need for entrepreneurs to have a strategic plan to ensure a comfortable and secure retirement. 03:32 Main Topic Introduction: Is Your Business Your Retirement Plan? 04:37 Challenges of Relying Solely on Your Business for Retirement 05:51 Importance of Early Planning and Diversification 15:55 Building a Retirement Plan Outside Your Business 23:18 Aligning Personal and Business Goals

E200 | The Health-Performance Loop: Why Your Body is Your Business Advantage

In the milestone 200th episode of 'Tycoons of Small Biz,' hosts Austin Peterson and Landon Mance discuss the crucial intersection of physical health and business performance. They share personal experiences and practical tips on how maintaining physical well-being—through sleep, nutrition, exercise, and biohacking—can lead to better business outcomes. The conversation also highlights how incorporating wellness into company culture can benefit teams and leadership. They close with a challenge for listeners to set small health goals and track improvements in energy and clarity. 00:00 Welcome to Episode 200! 01:44 Working from Home: Experiences and Adjustments 03:23 The Health Performance Loop 04:02 Physical Health and Business Outcomes 05:37 Mental and Physical Health Interconnection 06:27 Adjusting Routines for Better Health 07:41 The Importance of Sleep and Movement 12:52 Nutrition and Healthy Eating Habits 19:46 Creating a High Performance Health Dashboard 28:26 Incorporating Wellness into Company Culture 29:49 Final Thoughts and Upcoming Episodes

E199 | The Burnout Blind Spot: Protecting Your Mindset While Building a Legacy

In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance discuss the critical topic of burnout among entrepreneurs. With their combined experiences as business owners, investors, and operators, they delve into the causes, consequences, and preventive measures of burnout. They emphasize the importance of mental health and outline strategies to maintain balance, such as scheduling breaks, seeking therapy, setting emotional boundaries, and engaging in stress-relieving activities. The episode also highlights the financial aspect of burnout, discussing how lifestyle creep and poor financial planning can exacerbate stress. The hosts aim to provide actionable insights to help entrepreneurs protect their mental energy and build sustainable businesses. The episode concludes with a call to action for listeners to assess their mental well-being and adopt one new habit to safeguard their mindset. Download the Mental Health Self-Assessment at www.backboneplanning.com/resources 03:27 The Importance of Burnout Awareness 05:53 Personal Experiences with Burnout 15:15 Financial Strategies to Combat Burnout 24:18 Tools and Tips for Mental Recovery

E198 | Strategic Debt: Friend of Foe?

Strategic Debt: Power Move or Pitfall? 💥 Most business owners hear the word “debt” and immediately cringe… but what if we told you it can actually be a smart tool to grow your business? In this episode of Tycoons of Small Biz, we break down: ✅ The difference between good debt, bad debt, and flat-out stupid debt ✅ How to scale without selling your soul (or your equity) ✅ Why your cash flow forecast should be your new BFF ✅ Real talk about using debt to fuel growth—not just put out fires If you're still treating debt like a dirty word, this convo will change your mind—and maybe your bottom line. 💼💸 📌 Pro tip: Download our Strategic Debt Planning Guide: backboneplanning.com/resources

E197 | From Growth to Liquidity: Your Business as a Wealth-Building Asset

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

E196 | Smart Tax Planning; Business Owner Case Studies

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

E195 | Small Business Tax Strategies: Keep More of What You Earn

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

E194 | Preparing for the Unexpected: Emergency Funds & Contingency Planning

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

E193 | Retirement Planning for Entrepreneurs: Building Wealth Beyond Your Business

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.

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