It’s natural to be skeptical about paying for financial advice. Still, there are circumstances that warrant delegating to a professional. Here are six times small business owners may need a financial advisor.   [01:34] Retiring from your small business on your preferred terms. [02:17] Facing a big financial decision.  [03:04] Diversifying your assets.  [03:44] Minimizing your tax bill.  [04:32] Navigating complex financial needs.  [05:08] Preserving your time and energy for what’s most important to you and your small business.  For more information and resources r ..read more

Though seller financing has its advantages, there are potential risks involved. Understanding the pros and cons of seller financing your small business sale can help you determine if it’s the right exit path for you. For more information and resources related to this episode, please visit the show notes ..read more

Brett shares three financial best practices for small business owners--specifically, entrepreneurs who run a smaller business--to help you run a clean, efficient small business that is legal and well organized.  [03:15] How to pay yourself as the owner of a small business.  [08:08] Why having a proper accounting system is essential no matter the size of your business.   [11:00] The importance of making your quarterly estimated tax payments on time.  For more information and resources related to this episode, please visit the show notes ..read more

Brett shares his thoughts on how to implement a profit-first mentality in your small business, so that you feel less overwhelmed and burned out and can ultimately help more people. [02:25] What does “profit-first” mean? [05:25] Why profit-first works.  [06:44] The five accounts you should consider opening to implement a basic profit-first system.   [11:26] Why mindset is so important when it comes to building and preserving wealth.  For more information and resources related to this episode, please visit the show notes.  ..read more

In this episode, Brett shares why I-Bonds may be an effective investment opportunity for business owners who want to outpace inflation. [02:46] The relationship between bond prices and inflation. [04:30] What can business owners do about falling bond prices? [06:58] What are I-Bonds? [09:00] What are the characteristics of I-Bonds? [11:34] The benefits of I-Bonds. [16:06] How to use I-Bonds. For more information and resources related to this episode, please visit the show notes.  ..read more

In this episode, Brett shares his rules of thumb for determining how much retirement savings you need at any age based on your future lifestyle goals. He also provides strategies for closing the gap if you're behind on your savings targets. [02:50] How much you should have saved at any age, starting with age 30.   [05:00] The power of compounding when it comes to your retirement savings [06:48] Why a 15% savings rate is a great rule of thumb. [08:51] Maximizing your Social Security benefits for additional retirement income.  [10:20] What to do if you’re really behind on your retirem ..read more

For a Roth conversion to make sense, the potential benefits must outweigh the cost. In this episode, Brett digs into what discounted Roth conversions involve, why a small business owner may want to consider a Roth conversion, and the potential pitfalls of this tax planning strategy.  [03:27] How do Roth conversions work? [06:28] When does a Roth conversion make sense? [14:57] What is a mega backdoor Roth? [19:15] Why are discounted Roth conversions in a down market advantageous? For more information and resources related to this episode, please visit the show notes.  ..read more

Inflation is always happening, so entrepreneurs need to be prepared for it. Once you understand how inflation affects your business, you can come up with solutions to navigate it. [01:32] What is inflation? [02:42] How did we get here? [05:00] Why small business owners need a strategy to navigate inflation.  [06:03] What to think about when raising prices for your customers.  [07:28] How to improve efficiencies and cut back on overhead costs.  [09:05] Strategies to maintain your profit margins as prices remain high.  [10:28] Why saving money isn’t enough on its own.  ..read more

Brett interviews Heather Ryan, founder of HG Ryan Benefits, a South Carolina-based consulting firm focused on helping local businesses navigate their employee benefit options. For the last 30 years, Heather has partnered with businesses and their employees to help them gain maximum value from their benefits. For more information and resources related to this episode, please visit the show notes.  ..read more

Brett interviews Craig Goldslager, financial advisor and founder of Utterly Financial in West Palm Beach Florida. Craig created Utterly Financial to help Speech Language Pathologists and Private Practice Owners plan for an exceptional retirement. [06:58] Craig Goldslager shares why he chose to target and work with such a specific niche (SLPs). [11:27] How Craig Goldslager works with new clients who want to begin the exit planning process. [13:22] The three questions Craig says are 70-80% of the work of exit planning. [16:02] Craig shares some of the advantages and disadvantages of various bus ..read more