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Join hosts Austin Peterson and Landon Mance on the Tycoons of Small Biz podcast as they delve into the essential strategies for small business owners to achieve financial independence and integrate their business into their financial plans. With their combined 40 years of experience in financial planning, they discuss the complexities of valuing a business, strategic planning for growth, and the challenges of selling a business. Gain insights on navigating tough economic conditions, managing revenue drops, and the importance of professional guidance.
00:00 Introduction to Tycoons of Small Biz
01:56 The Role of Your Business in Financial Planning
03:18 Challenges in Valuing Your Business
04:32 Importance of Accurate Financial Planning
09:18 Navigating Challenging Times for Business Owners
11:31 Consulting and Strategic Planning for Business Owners
15:46 The Importance of Qualified Advisors
17:00 Leveraging a Network of Experts
18:48 Financial Planning for Business Owners
20:50 The Reality of Selling Your Business
25:07 Planning for Financial Independence
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In this episode of 'Tycoons of Small Biz,' hosts Austin Peterson and Landon Mance explore the essential practice of personal financial planning for small business owners. They reveal the alarming statistic that about 80% of small to medium-sized businesses never sell, highlighting the necessity of robust financial planning beyond business reliance. The discussion covers vital areas such as investment plans, estate planning, insurance, and selecting a holistic financial planning firm. Emphasizing the importance of multiple meetings, unbiased analyses, and the pitfalls of poor estate planning, they provide actionable insights into building a secure financial future. Tune in to learn why consistent planning, collaborative advisory, and regular reviews are crucial to avoiding major financial pitfalls.
00:00 Introduction to Tycoons of Small Biz
01:08 Personal Financial Planning for Business Owners
03:04 The Importance of a Comprehensive Financial Plan
07:55 Evaluating Financial Planning Firms
12:13 The Planning Process and Fees
15:34 Complexities of Financial Planning for Business Owners
17:24 The Pitfalls of Piecemeal Planning
20:10 Estate Planning Mistakes and Their Consequences
22:31 The Importance of Ongoing Financial Planning
24:40 Collaborating with Advisors
25:10 Life Changes and Financial Planning
26:15 Final Thoughts and Advice
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In this episode of 'Tycoons of Small Biz,' hosts Austin Peterson and Landon Mance discuss the importance of building a strong professional network as a pivotal asset for small business owners.
They reflect on personal experiences, such as Austin's MBA journey, emphasizing the ongoing advantages of nurturing relationships with diverse professionals. They highlight how networks can offer valuable resources, quality advice, and can be an essential tool for business owners in overcoming challenges and improving client relations. They also address different avenues for networking, including peer groups like Vistage and social media platforms, and stress the significance of maintaining a reliable network of professionals to enhance both personal growth and business success.
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🌱 Unlocking Growth Through Others 🌱
🚀 In this week’s episode, we dive deep into the power of community and collaboration to drive personal and professional development.
🎙️ Join us as we explore:
- Insights on leveraging the strengths of those around you.
- Stories of individuals who have achieved remarkable growth through collective effort.
- Practical tips to foster a growth-oriented community.
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In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance delve into the importance of strategic planning for small businesses. They discuss how regular, structured meetings can help align a team towards long-term goals and break them down into achievable, short-term targets. They explore a case study of a company, referred to as SMB Co, that successfully implemented strategic planning to overcome business hurdles and scale. The conversation highlights the challenges and rewards of this process, including the need for accountability and potential role adjustments within the executive team. Tune in for insights into how strategic planning can be a game changer for your small business.
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In this episode of 'Tycoons of Small Biz,' hosts Austin Peterson and Landon Mance share invaluable insights into delegation and business optimization, emphasizing the 'Who Not How' philosophy. They discuss practical steps for entrusting duties within a small business, the importance of identifying the right people for specific roles, and the benefits of hiring fractional employees. The episode also features a case study of their own firm, Backbone Planning Partners, and the strategies they used to improve operational efficiency.
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Gain valuable insights from seasoned entrepreneurs, Austin and Landon, on how to enhance the value of your business for potential buyers. Learn from their experiences and successes as they share strategies to maximize the worth of your company and prepare it for a successful transition to new ownership. Don't miss out on this opportunity to equip yourself with the knowledge needed to attract investors and ensure a prosperous exit strategy. Tune in and take your business to the next level.
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Are you exhausted by the constant "growth first" mentality? We all operate under a false assumption to "grow at all costs" but for most businesses slow and steady is the way to go. Austin and Landon share their thoughts and opinions on business growth.
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Working with family can require some careful planning and negotiating. Austin and Landon share some of their thoughts and experiences maintaining those relationships.
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Austin and Landon share about their journey and experience of family business and how being in business with family can help or hurt your relationships and your business.
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How can you maintain your sanity while also trying to maintain a successful and growing business? Entrepreneurship can introduce a lot of stress and sleepless nights that can directly impact your mental health and your ability to thrive. Join Austin and Landon as they share how they maintain their mental health while running their small businesses over the years.
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Special Guest, Brian Shields, shares with our hosts, Austin and Landon, about his experience with burnout and how he has prioritized his mental health amidst being a business owner and a father.
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Join us as we welcome special guest, Coach Chris White, as we discuss the essentials of maintaining a healthy team: Trust, Communication and Vulnerability.
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Join Austin & Landon as they share their insights into how your Physical/Family health affects the health of your Business with special guest Malcolm Peace.
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In our last episode of our series on Investing, our hosts share about Private Real Estate Investing and how it can be a great addition to a small business owner's portfolio.
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What are the differences? Are there pros and cons between the two? Join our hosts as they share their insights into private investing.
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Tune in as our guest, Max Getz, shares about what he believes are the Champagne Problems when it comes to your small business taxes, the good problems to have, and what are some of the things that aren't necessarily the best. Max and our hosts also share some of the things that you can do to help prepare throughout the year for tax season.
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Join our hosts as they share their experience in Angel & VC Investing. The pros and cons and the ins and outs of how they work.
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Join Tycoons hosts Austin and Landon as they share about their experiences in investing and some of the pros and cons of investing in Private Markets/Deals.
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Are you running before you learn to walk? Join our hosts as they share about how they think you should start your investment journey and what basics are important.
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