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Entrepreneur Strategies

Entrepreneur Strategies

Written by: LIFEPOINT FINANCIAL DESIGN
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About this listen

 Welcome to Entrepreneur Strategies Podcast, where we invite successful business owners to join us to discuss their secrets to creating wealth, maintaining their health, and contributing to their family well-being. This show is presented by host Mike Metzger, an entrepreneur, CERTIFIED FINANCIAL PLANNER™, and lifelong student of business success. Economics Leadership Management & Leadership Personal Finance
Episodes
  • From Humble Beginnings to Entrepreneurial Success in E-Commerce; Jonathon Jonas, Decent Startup

    From Humble Beginnings to Entrepreneurial Success in E-Commerce; Jonathon Jonas, Decent Startup
    May 10 2024

    Join us on the Entrepreneur Strategies Podcast as we sit down with the insightful Jonathon Jonas, Founder of Decent Startup. In this episode, Jonathon shares his fascinating journey from humble beginnings to entrepreneurial success, navigating ups and downs, twists, and turns. Discover how networking and an early dive into e-commerce played pivotal roles in shaping his path to success. Tune in for valuable insights and inspiration for your own entrepreneurial journey.

    You can find out more about Jonathon at his website and LinkedIn:

    Decent Startup

    LinkedIn
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    1 hr and 6 mins
  • Uncovering Business Owner Tax Secrets; Paul Olsen

    Uncovering Business Owner Tax Secrets; Paul Olsen
    Mar 7 2024
    SummaryIn this conversation, Mike Metzger, CFP®, and Paul Olsen discuss the importance of treating staff well and teaching and delegating effectively. They also explore the concept of automating, eliminating, and delegating tasks to improve efficiency. The conversation then shifts to common mistakes in tax planning and the value of proactive tax planning throughout the year. They emphasize the importance of good accounting and its impact on tax and financial planning. The discussion also covers entity structure, payroll strategies, and the benefits of filing for S corporation status. Paul shares insights on the Augusta rule and paying children through the business, highlighting the potential tax savings. The conversation concludes with a discussion on determining the rental price for your home when renting it to your business. Takeaways Treating staff well and teaching them effectively leads to better client service. Automating, eliminating, and delegating tasks can improve efficiency and allow businesses to grow beyond the owner. Proactive tax planning throughout the year is crucial for maximizing deductions and minimizing tax liability. Good accounting is the foundation of effective tax planning and financial management. Filing for S corporation status and paying yourself a reasonable salary can result in significant tax savings. Utilizing the Augusta rule and paying children through the business can provide additional tax benefits. Chapters 00:00The importance of treating staff well 01:11The value of teaching and delegating 03:03Automate, eliminate, delegate 04:23Common mistakes in tax planning 05:11Proactive tax planning 06:00The importance of good accounting 07:15The impact of tax planning on financial planning 08:26Entity structure and payroll strategies 09:19The importance of filing for S corporation status 10:24Paying yourself a reasonable salary 14:42The Augusta rule and paying children through the business 19:13The potential tax savings from implementing these strategies 22:55Determining the rental price for your home
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    36 mins
  • Business Valuation As a Catalyst For Growth; Ken Sanginario

    Business Valuation As a Catalyst For Growth; Ken Sanginario
    Feb 16 2024

    Summary

    Ken Sanginario, owner of Corporate Value Metrics, shares insights on creating value within businesses and turning around distressed companies. He emphasizes the importance of focusing on valuations early on and understanding the pitfalls of chasing revenue. Ken also discusses the process of developing a standardized approach to assess companies and create future state visions. He provides examples of scaling and creating value in small businesses, as well as the decision-making process between acquiring competitors or building from scratch. Ken highlights the need for business owners to prioritize valuation and institutionalize their knowledge base for long-term success. In this episode, Ken Sanginario discusses the importance of institutionalizing knowledge and the challenge of delegation for business owners. He emphasizes the need to create a sellable business and the process involved in making a business sellable. Ken also introduces the Certified Value Growth Advisor designation and the Value Opportunity Profile software, which help businesses create value and provide guidance for growth. The Certified Value Growth Advisor certification program offers comprehensive training in business fundamentals and strategic planning. The episode concludes with a discussion on the impact of helping middle market companies grow on the overall economy.

    Takeaways

    Business owners need to institutionalize knowledge to ensure the sustainability and transferability of their businesses.
    Delegation is essential for business owners to create a sellable business and prepare for retirement.
    The Certified Value Growth Advisor designation and the Value Opportunity Profile software provide tools for businesses to create value and develop growth strategies.
    The Certified Value Growth Advisor certification program offers comprehensive training in business fundamentals and strategic planning.
    Helping middle market companies grow has a positive impact on the overall economy.

    Chapters

    00:00 Introduction and Importance of Creating Value
    03:09 The Pitfalls of Chasing Revenue
    09:13 Turnaround Experience and Role
    12:23 Developing a Standardized Approach
    19:42 Turning Around Distressed Companies
    22:25 Scaling and Creating Value in Small Businesses
    25:45 Building a Future State Vision
    27:05 Acquiring Competitors or Building from Scratch
    36:57 The Importance of Valuation
    42:02 The Importance of Institutionalizing Knowledge
    43:27 The Challenge of Delegation
    44:17 Creating a Sellable Business
    45:39 The Process of Making a Business Sellable
    47:37 Getting Stuck in a Routine
    49:45 The Certified Value Growth Advisor Designation
    54:21 The Value Opportunity Profile Software
    56:43 The Certified Value Growth Advisor Certification Program
    01:00:22 The Impact on the Middle Market Economy
    01:01:14 Key Takeaways
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    1 hr and 3 mins
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