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 ...