Podcasts about prepare your business

Business law is critical for any entrepreneur who wants to grow, protect, or exit their company with confidence. In this episode, Brandon Woodward — managing partner of Woodward, Kelly, Fulton & Kaplan — breaks down how smart legal strategy helps entrepreneurs avoid common mistakes and make sound decisions.If you've ever wondered whether your contracts are solid, how to prepare to sell your business, or how mergers and acquisitions really work behind the scenes, this is the podcast episode for you.Brandon shares insights from years of helping Florida and national business owners navigate the legal complexities of operating and scaling a business. Whether you're launching a startup, scaling up, or exiting your company, Brandon's wisdom bridges the gap between what business owners know and what they should know.We also dive into how AI is transforming legal practice, and why many Florida lawyers and legal professionals are still behind in adopting this game-changing technology. Brandon gives practical, real-world examples of how AI saves time, improves contract drafting, and supports smarter client service — without replacing the value of expert legal judgment.If you're searching for expert answers on how to protect your business, ensure your deals are airtight, and make smarter legal decisions, this episode delivers. Brandon gives direct, actionable guidance tailored to your needs — not legal jargon, just real talk that helps you avoid pitfalls and plan for growth.00:00 - Introduction to Brandon Woodward01:12 - What is Business Law and Why It Matters03:20 - Common Contract Mistakes Entrepreneurs Make05:45 - Why Mergers and Acquisitions Need a Legal Guide07:30 - Flat Fees vs. Hourly Billing in Legal Practice09:15 - Real Examples of Legal Pitfalls in Business11:00 - How AI is Changing the Legal Landscape13:05 - Balancing Business and Family as a Lawyer14:50 - When to Prepare Your Business for Sale16:30 - Brandon's Advice to Entrepreneurs and Professionals17:45 - Where to Connect with Brandon OnlineTo check out the YouTube (video podcast), visit: https://www.youtube.com/@drchrisloomdphdDisclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show. Click here to join PodMatch (the "AirBNB" of Podcasting): https://www.joinpodmatch.com/drchrisloomdphdWe couldn't do it without the support of our listeners. To help support the show:CashApp- https://cash.app/$drchrisloomdphdVenmo- https://account.venmo.com/u/Chris-Loo-4Spotify- https://podcasters.spotify.com/pod/show/christopher-loo/supportBuy Me a Coffee- https://www.buymeacoffee.com/chrisJxClick here to schedule a 1-on-1 private coaching call: https://www.drchrisloomdphd.com/book-onlineClick here to check out our bookstore, e-courses, and workshops: https://www.drchrisloomdphd.com/shopClick here to purchase my books on Amazon: https://amzn.to/2PaQn4pFor audiobooks, visit: https://www.audible.com/author/Christopher-H-Loo-MD-PhD/B07WFKBG1FFollow our YouTube channel: https://www.youtube.com/chL1357Follow us on Twitter: https://www.twitter.com/drchrisloomdphdFollow us on Instagram: https://www.instagram.com/thereal_drchrislooFollow our Blog: https://www.drchrisloomdphd.com/blogFollow the podcast on Spotify: https://open.spotify.com/show/3NkM6US7cjsiAYTBjWGdx6?si=1da9d0a17be14d18Subscribe to our Substack newsletter: https://substack.com/@drchrisloomdphd1Subscribe to our Medium newsletter: https://medium.com/@drchrisloomdphdSubscribe to our LinkedIn newsletter: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=6992935013231071233Subscribe to our email list: https://financial-freedom-podcast-with-dr-loo.kit.com/Thank you to all of our sponsors and advertisers that help support the show!Financial Freedom for Physicians, Copyright 2025

If you're building something powerful with your business, you've probably thought about who it's all for. But have you really planned for what happens to that business when you're no longer in the driver's seat? Whether you're just getting started or years in, thinking about the future can feel overwhelming, especially when it involves tough conversations about money, death, or legacy. But not having a plan is a risk too many Black entrepreneurs are taking, and it's costing us the very generational wealth we're working so hard to build. In this episode, we're joined by David Edey, a Certified Executor Advisor with over 40 years of experience in estate and legacy planning. David knows firsthand the cost of not having your affairs in order. After settling his own parents' estate took seven years, $50,000 in legal fees, and a toll on his health, he made it his mission to help others avoid the same fate. He breaks down the critical steps every entrepreneur, especially Black business owners, needs to take to create a clear succession plan, protect their assets, and ensure their business can live on.   DURING THIS EPISODE YOU'LL LEARN: What succession planning really is and why it's essential for your business from day one The real-life consequences of not planning ahead and why generational wealth stops without preparation How to start identifying and training a future leader within your business Why a will, a power of attorney, and succession plan are non-negotiables for business owners What role your digital assets and business documents play in protecting your legacy   Don't miss out on the resources mentioned in this episode by checking out the show notes at blacktobusiness.com/251   Thank you so much for listening! Please support us by simply rating and reviewing our podcast!   Got a question? We'd love to answer it in an upcoming Q&A. Simply record your quick question → https://blacktobusiness.com/QA    Connect with us on Instagram:  https://www.instagram.com/blacktobusiness/    Don't miss an update! Sign up for our weekly newsletter: https://blacktobusiness.com/mailinglist

Uncertainty is the only certainty in business—and the past week proved that in spades. From escalating tariffs to market chaos, small business owners are feeling the pressure. In this episode, Melissa unpacks 10 concrete strategies to help your business navigate economic unpredictability with confidence, clarity, and control. Whether you're making physical products or running a service-based company, this episode will show you how to prepare for trade wars, price hikes, supply chain disruptions, and more—without losing your mind (or your margins). What You'll Learn: Why diversification of suppliers and manufacturers is non-negotiable How to routinely review and adjust your pricing (and why you probably should) The importance of building a business cash reserve—and how much to aim for How to stay on top of news and global trends without going into overwhelm The role customer relationships play in keeping revenue steady How to prepare local backups for when your national or global systems break down What business continuity planning actually looks like—and why you need a “What If” playbook The power of fixed-rate contracts and written agreements in volatile markets Why staying lean and agile might be your greatest advantage If you've ever wondered how the big companies seem to weather every storm—it's because they plan for it. And now, you can too. Resources & Links: Learn more about Melissa and her work: www.melissafranks.com Follow on Instagram: @melissa_franks

Senator JD Vance just announced a $1 Trillion Department of Defense (DoD) investment to enhance military readiness, advanced technology, cybersecurity, software development, and manufacturing. But here's the catch: Not everyone will benefit.The DoD is accelerating contract awards through Other Transaction Authority (OTA) and GSA Schedules—two pathways most companies are missing out on. If you're a contractor or small business selling to the government, you need to know how to leverage these new contracting methods to win.In This Video, You'll Learn:How to win federal contracts using the latest Other Transaction Authority (OTA) methods.Why GSA Schedules are becoming a critical part of federal procurement.How to build a dual strategy using OTA Pipelines and GSA Pipelines.What the $1 Trillion DoD funding increase means for your business.SUBSCRIBE TO WATCH THE VIDEOS FIRST https://www.youtube.com/@govclose/?sub_confirmation=1Get the GovClose Certification: https://www.govclose.com/sales-certification Free Book Download: https://www.dodcontract.com/I break down how Other Transaction Authority (OTA), GSA schedules, and executive orders are reshaping government contracting. Plus, I'll show you the strategies you need to stay ahead and win government contracts. Timestamps:00:00 Introduction: JD Vance Announces $1 Trillion DoD Investment00:45 What the Spending Means for Contractors & Small Businesses01:15 Why Chasing Opportunities on SAM.gov Won't Work Anymore02:00 Other Transaction Authority (OTA): The Fast-Track Secret03:00 How OTAs Benefit Innovative Companies & Tech Development04:00 GSA Schedules & Trump's Executive Order to Consolidate Procurement05:00 GSA Schedule Pain Points & Application Process06:00 The Right Strategy: OTA vs. GSA - What's Best for Your Business07:00 Developing a Dual Strategy: OTA Pipeline + GSA Pipeline08:00 How to Prepare Your Business for the Upcoming Spending Surge#GovernmentContracts #DefenseSpending #DoDContracts #OtherTransactionAuthority #GSAContracts #FederalContracting #DoDContractOpportunities #GovClose #GovernmentSales #WinningFederalContractsSUBSCRIBE TO WATCH THE VIDEOS FIRST https://www.youtube.com/@govclose/?sub_confirmation=1Get the GovClose Certification: https://www.govclose.com/sales-certification Free Book Download: https://www.dodcontract.com/

If the thought of a break brings up a ton of fears and worries, it's time to start planning now to ensure your interior design business is set up for success during those sweet summer months. Whether you want to take extended time off, work a reduced schedule, or simply navigate the changes in rhythm that summer brings, it's important to be intentional about your approach.   I share the 10 key things you need to do now to prepare your business for the summer season. From mapping out project timelines to reviewing your finances, we'll cover all the bases so you can create a summer experience that supports both your business goals and your personal desires.   Get full show notes, transcript, and more information here: https://www.desicreswell.com/125   For the resources mentioned in this episode, click here: https://www.desicreswell.com/resources

Nick welcomes Denis Mezheritskiy, founder and CEO of ROI Advisors, to delve into the intricate world of mergers and acquisitions (M&A). With over 21 years of experience in the field, Denis shares his journey from acquiring his first business in college to becoming a leading M&A broker specialising in companies with $1 million to $5 million in EBITDA. The conversation explores the current landscape of M&A, the importance of preparing businesses for sale, and the various buyer profiles, including corporate executives and small private equity firms. Denis emphasises the significance of understanding business valuation, the emotional aspects of selling, and the strategies to maximise company value. KEY TAKEAWAYS Many business owners are unaware of the true value of their companies. It's crucial to assess the business's financials, including EBITDA, and understand how factors like recurring revenue and operational stability can impact valuation. Preparing a business for sale involves more than just putting it on the market. Owners should focus on improving their business's fundamentals, such as financial reporting and management structure, to maximise its value and attract potential buyers. Sellers often have unrealistic expectations regarding the sale price of their businesses. It's essential to manage these expectations by providing a clear understanding of market conditions and realistic valuations based on historical performance. The market for business acquisitions includes various types of buyers, from corporate executives seeking to transition into entrepreneurship to small private equity firms. Understanding the motivations and capabilities of these buyers can help sellers position their businesses effectively. Selling a business can be an emotionally challenging process for owners, as it often ties into their identity and retirement plans. It's important for sellers to have a clear vision of their post-sale life and to prepare for the transition both financially and emotionally. BEST MOMENTS "I see a lot of videos on Instagram about those no money down deals, but I've had over 85 transactions and only two were no money deals, and they weren't great acquisitions." "There's a really fine line between the depth that you go into, so it doesn't become a waste of time." "If your business is not growing, then you're going downhill. I see this all the time, especially folks who are getting comfortable." "A high value business provides many options for you. One of those is selling for a lot of money, but there's more to it than that." "Most of the time, we're dragged into situations where sometimes it's too late, sometimes we don't have time to plan." GUEST RESOURCES Denis Mezheritskiy LinkedIn - https://www.linkedin.com/in/denis-mezheritskiy-55170153 VALUABLE RESOURCES Scale Your Business Beyond 8 Figures - Watch This Video: https://go.highvalueexit.com/scale-beyond Exit Your Business For Millions - Download This Guide: https://go.highvalueexit.com/opt-in Nick’s LinkedIn: https://highvalueexit.com/li Nick Bradley is a world-renowned author, speaker, and business growth expert, who works with entrepreneurs, business leaders, and investors to build, scale and sell high-value companies. He spent 10+ years working in Private Equity, where he oversaw 100+ acquisitions, 26 exits, and over $5 Billion in combined value created. He has one of the top-ranked business podcasts in the UK (with over 1m downloads in over 130 countries). He now spends his time coaching and consulting business owners in building and scaling high-value business towards life-changing exits.Support the show: https://highvalueexit.com/

Are you planning to bring a new team member on board? Before you start interviewing candidates, there's critical groundwork that needs to be laid. In this episode of Rooted in Revenue, hosts Susan Finch and Lany Sullivan walk you through the essential steps to prepare your business for a successful hire. From mapping out processes to setting up the right tech stack, they share practical advice drawn from years of experience working with business owners. Learn how proper preparation not only makes onboarding smoother but also sets your new team member up for success from day one. Lany's 5 steps: Assess business needs and identify gaps - Analyze what tasks you dislike or don't bring value, determine inefficiencies, and decide whether you need a fractional, part-time, or full-time person. Clarify roles and responsibilities - Create a detailed scope of work outlining specific tasks, required skills, and what success looks like in the role. Map out processes and document workflows - Create comprehensive documentation of all processes so the new hire doesn't have to ask questions, allowing for improvements and innovations constantly. Set up tech and systems for success - Ensure all tools, access levels, communication channels, and documentation are properly prepared and organized. Prepare training and onboarding materials - Develop a structured plan for the new hire's first days and weeks, including who they should go to for different questions and establish decision hierarchies. Links from this episode: Lany's article on LinkedIn Our episode about Love, Hate, Delegate

Tax season is a time of high stress for many business owners. The fear of the unknown, looming deadlines, and last-minute scrambling often create unnecessary anxiety. However, with proper tax planning and organization, you can significantly reduce the stress associated with this time of year. In episode #157 of the Cultivating Business Growthpodcast, host Megan Spicer is joined by Katina Peters, Partner, CPA, and CFO at PJS & Co. CPAs, to discuss how business owners can prepare for tax season efficiently and proactively.

As a Black entrepreneur, you wear many hats. You're the CEO, the marketer, the customer service rep, the accountant, and everything in between. But at some point, doing everything yourself will slow your business down, limit your growth, and lead to burnout. The truth is, many entrepreneurs wait too long to hire help, and by the time they do, they're drowning in work with no clear process to onboard someone effectively. That's why preparing for hiring before you actually need help is critical.   We understand that hiring can feel overwhelming. You might wonder where to start, what tasks to delegate, or how to find the right person. But the key to making hiring smooth and stress-free is having systems in place beforehand. In this episode, we're breaking down exactly what you need to document, which tasks you should offload first, and how to set your business up so that when the time comes, bringing someone on feels seamless instead of chaotic.   If you want to scale your business, create more impact, and avoid the stress of scrambling to train someone in the middle of overwhelm, this episode is for you. We're giving you a step-by-step plan to prepare for growth now so you're ready when the right hire comes along.   DURING THIS EPISODE YOU'LL LEARN: The biggest mistake entrepreneurs make when it comes to hiring (and how to avoid it) How to shift from a reactive to a proactive hiring approach The key processes you should document before bringing someone on Simple ways to start documenting without feeling overwhelmed The first roles you should consider outsourcing to free up your time How having clear processes speeds up onboarding and reduces mistakes   Thank you so much for listening! If you liked this episode, please subscribe to “The Black to Business Podcast” and rate and review on Apple Podcasts:   Don't miss out on the resources mentioned in this episode by checking out the show notes at blacktobusiness.com/238   Thank you so much for listening! Please support us by simply rating and reviewing our podcast!   Got a question? We'd love to answer it in an upcoming Q&A. Simply record your quick question → https://blacktobusiness.com/QA    Connect with us on Instagram:  https://www.instagram.com/blacktobusiness/    Don't miss an update! Sign up for our weekly newsletter: https://blacktobusiness.com/mailinglist   

Implement Al is a next generation technology partner dedicated to supporting small and medium-sized businesses to understand, select and implement Al and continually optimise as the technology evolves. Implement Al is your partner to transform your business to being Al-assisted, before your competition does.In this episode Piers and Aalok update on the existing capabilities of AI to transform business operations. The CEOs of OpenAI, Google, Microsoft, NVIDIA, Salesforce and Hubspot have all said that 2025 is going to be the year of AI agents. What are they capable of, can they integrate with existing applications and data sources, and and how do you take your first steps to deploying a digital workforce. To learn more, contact us: https://www.implementai.io Hosted on Acast. See acast.com/privacy for more information.

Book A Call With Us. Here's How We Can Help:Step 1: Get Your Current ValuationYour business is unique, so in order to determine your current valuation,  we'll guide you through a simple process that will uncover its strengths and weaknesses. By allowing us to get to know your business inside and out, you will gain an understanding of what factors are adding to, and destroying your business' value. By the end of this call, you will have a valuation for your company.Step 2: Discover Your Hidden Leverage PointIn our experience, small adjustments can have the biggest impact on your profits and valuation. These small items are often overlooked, and our proven system will expose the hidden leverage points that can unlock greater profits, cash flow and ultimately, a higher valuation.Step 3: Push Go and See the ImpactWith your leverage points established, it's time to implement the key items that will get the ball rolling—but it doesn't end there. We'll show you how to track your results and understand which key factors have the biggest impact. Once we've identified these factors, we can adapt the strategy as needed to maximize profits, cashflow, and have the biggest positive change on your valuation.Go here to book your call:https://danbradbury.com/sell-for-max-value/#bookcall

Reflection is one of our most powerful tools as business owners—it's how we uncover what's working, what isn't, and where we want to go next. In this episode, I'm walking you through a simple but transformative exercise to close out the year with clarity and confidence. Whether riding high on this year's wins or feeling like you're barely holding it together, this practice will help you realign, recharge, and step into 2025 feeling like the visionary entrepreneur you are.  What You'll Learn in This Episode:[00:00] The Power of Reflection: Taking time to reflect is essential for your business growth.[02:20] Three Questions for Clarity: What worked, what didn't, and what you're excited to build in 2025.[03:41] Pareto Principle: How focusing on the 20% that drives 80% of results can supercharge your growth.[08:19] Celebrate Your Wins: Why collecting evidence of your success rewires your brain for positivity.[10:25] Letting Go of What Doesn't Serve You: How shedding old habits and obligations creates space for success.[14:23] Dream Big for 2025: Get clear on your bold vision without worrying about the “how.”Key Takeaways:Reflection is the key to recognizing what's working, and what's not, and aligning with your goals for the future.The 80-20 rule reminds us to focus on what creates the most impact on our business.Celebrating wins, no matter how small, is a practice that keeps you motivated and connected to your goals.Letting go of obligations or habits that no longer serve you is an essential step to growth.Visionary thinking without overcomplicating the “how” allows you to dream big and make meaningful strides.EPISODE LINKS:Want personalized support? JOIN HOT REELS: The 12 Month Instagram Content Lab: An intimate, strategy-packed mentorship for established business owners ready to create killer content that stops the scroll, grows your following and attracts your dreamboat clients (even if you have no idea what to post and feel like you're always throwing spaghetti at the wall!)Special shout-out to my podcast team:My Executive Assistant, KrystanMy Podcast Manager, LinahMy Podcast Coach, CarolineCONNECT WITH YOUR HOST, ELIZABETH MARBERRY:WORK WITH ELIZABETH Free guide to Monetize Your IG: Seven Simple and Proven Ways to Finally Make Money on Instagram Apply for your FREE Instagram Breakthrough Call with Elizabeth Insta-Growth: The 30-Day Private Instagram Mentorship: https://www.elizabethmarberry.com/insta-growth

Join us in a thought-provoking conversation with Corey Morris, Founder and CEO of Voltage, and the KCDMA 2019 Marketer of the Year. In this episode, Corey, also an accomplished author of the "Digital Marketing Success Plan," dives into how businesses can gear up for the global market using AI and what the future holds for AI in marketing.Corey explores the pivotal moment for AI in marketing, discussing its evolution from a helpful tool to a comprehensive solution. He reflects on the potential 'tipping point' where AI could shift significantly in its role within marketing strategies: "When we get to a tipping point where AI moves fully from being a tool to a solution. Whether we will be able to recognize that spot is another long talk. From a useful tool to do things more rapidly to an end-all-be-all solution, I think that's where the tipping point will be."In this episode, you'll learn:Strategies to Prepare Your Business for the Global Market with AI: Insights on leveraging AI to not only enhance operational efficiency but also to scale your business internationally.Future of AI in Marketing: Corey discusses the trajectory of AI from a functional tool to becoming the core of solution-driven strategies in marketing.The Tipping Point for AI Adoption: Understand the critical phases of AI integration and the potential challenges and milestones associated with recognizing and adapting to this shift.Whether you're a startup looking to enter global markets or a seasoned marketer keen on understanding the next big trends in AI, this episode offers essential insights into preparing for the future of digital marketing. Subscribe to our channel for more expert interviews and actionable marketing strategies, and don't forget to like and comment with your thoughts or questions about AI's role in global marketing.#CoreyMorris #DigitalMarketing #GlobalMarketing #AIMarketing #MarketingStrategy #VoltageCEO #MarketingTips #BusinessStrategy

We understand that as a Black entrepreneur, your business is your lifeline, your passion, and your source of financial freedom. But what happens when the unexpected strikes—like a sudden disability? Too often, these scenarios are overlooked in entrepreneurial planning, leaving business owners financially vulnerable. This episode dives into an essential yet rarely discussed topic: how to financially prepare your business for a sudden disability. We explore why planning for disabilities is critical for long-term business success and financial security, especially for Black entrepreneurs who often face unique challenges in accessing resources and support. Tanya Taylor, a seasoned financial coach and wealth expert, brings her personal experiences and professional insights to the conversation. With over two decades of experience, Tanya has seen firsthand the devastating impact of financial unpreparedness—and she's here to equip you with the tools and strategies to safeguard your business and finances against the unexpected.   DURING THIS EPISODE YOU'LL LEARN: What a sudden disability could mean for your business and why preparation is essential. How to identify and mitigate the financial risks of a disability through proper planning. The importance of disability insurance and how to choose the right policy for your needs. How to create an emergency fund specifically tailored for disability-related challenges. Practical steps for navigating the emotional and mental challenges of sudden disabilities.   Don't miss out on the resources mentioned in this episode by checking out the show notes at blacktobusiness.com/229   Thank you so much for listening! Please support us by simply rating and reviewing our podcast!   Got a question? We'd love to answer it in an upcoming Q&A. Simply record your quick question → https://blacktobusiness.com/QA    Connect with us on Instagram:  https://www.instagram.com/blacktobusiness/    Don't miss an update! Sign up for our weekly newsletter: https://blacktobusiness.com/mailinglist

Are you thinking about selling your company or transitioning it to the next generation? In this episode, Adam Hill sits down with Chris Goebel who shares his wealth of experience in family business succession planning. After successfully leading his own family's transportation business through a transition, he now helps other companies do the same through Crossroads Advisers and Succession Plus. Chris shares great insights about preparing your business for sale, identifying areas of value, and ensuring a smooth transition. Whether you're a few years out from an exit or ready to sell now, the guidance and expertise Chris shares will prepare you with next steps. [00:00] Introduction [03:18] Identifying and creating value in your business [08:55] Chris's personal experience in family business [13:25] Biggest lessons learned from transitioning the family business [18:21] Preparing for family business succession [23:52] The challenge of finding quality businesses [28:31] Powerful tips to consider if you're looking to sell your business [30:44] On legacy and powerful resources about business succession [36:47] Tips for starting conversations on business succession Resources Mentioned: Crossroads Advisers Succession Plus Follow Adam… Sign up for my newsletter and get my free Vision/Reflection Retreat Guide IG: @theadamchill YouTube: @adamchill TikTok: @theadamchill

In this episode, we dive into the top 5 things every business owner needs to do to be better prepared for success. From staying on top of taxes and securing solid operational contracts to building a strong financial strategy team, our guest financial advisor shares actionable insights to help you lay the foundation for sustainable growth.

The holiday season is fast approaching - are you ready to take a well-deserved break without worrying about your business? In this episode, Robin and Jennifer share must-know strategies for travel advisors to prepare for a stress-free holiday. From setting up automated responses and delegating tasks to expressing gratitude to clients, they cover everything you need to step away with confidence. Plus, they dive into the importance of setting clear boundaries with clients, automating workflows, and crafting a comprehensive coverage plan. Tune in for all the tips to keep your business running smoothly while you enjoy a peaceful, relaxed holiday! Today we will cover: (02:00) Showing appreciation during the holidays (03:45) Setting your ‘out of office' and communicating with clients (06:30) Creating a checklist of to-do tasks (09:00) Choosing a backup point of contact and delegating tasks (18:30) Setting boundaries; utilizing WhatsApp for client communication (25:30) Decluttering and organizing your workspace (27:45) Automating your email inbox Listen to Episode 03: Preparing To Go OOO? Do These Things First SEMI CUSTOM BRAND KITS TONIC Get 15% off your purchase when you use the code, TiqueSentMe _____ JOIN OUR NICHE COMMUNITY: tiquehq.com/niche FOLLOW ALONG ON INSTAGRAM: instagram.com/tiquehq CHECK OUT OUR SERVICES & PROGRAMS: tiquehq.com

This Podcast Is Episode 591, And It's About  Construction Business Continuity - From Labor To Legacy We often overlook the immense value that construction contractors bring to our communities. From building our homes and schools to developing infrastructure and commercial spaces, construction contractors like you play a vital role in shaping our world. Your contributions are undeniably essential, yet they often go unrecognized. This Labor Day weekend, it's time to shed light on your significant impact on our everyday lives.   Construction contractors are responsible for bringing our dreams and ideas into reality. Whether it's a new residential housing development, a highway expansion project, or the construction of a commercial building, you are the driving force behind these monumental undertakings. You possess the expertise, skills, and dedication necessary to transform architectural plans into tangible structures serving our communities.   Furthermore, construction contractors are instrumental in maintaining and improving existing infrastructure. From repairing roads and bridges to renovating aging buildings, your work ensures the safety and functionality of the spaces we rely on daily. Without your commitment to upkeep and innovation, our infrastructure would deteriorate, posing risks to public safety and hindering economic growth. Your projects generate employment opportunities for skilled laborers, engineers, architects, and other professionals. Furthermore, the construction industry stimulates economic activity by purchasing materials, equipment, and services, fostering local and national economic development. We recognize and appreciate your dedication and hard work. Your unwavering commitment to quality, safety, and efficiency directly impacts our daily experiences. Whether building a new neighborhood park or renovating a historic landmark, your work enhances the quality of life for individuals and communities. Successful contractors improve processes all year long. Your construction company can benefit from an excellent system that other successful contractors use now, so there is no need to "Reinvent The Wheel." As your construction company grows and evolves, your processes can support the controlled and planned expansion. Along with trying to keep up with your construction business, the unfortunate reality is that most business owners need to take proper holidays. This is usually because their business relies on them, and they need the support to keep the business running without them. As a construction business owner, have you ever considered what would happen to the business if you had to take a six-month break because of a severe illness or injury? Would the business survive? How would the bills get paid? And while it might not be nice to think about if you were to die, are you sure your business partners would give your loved ones a fair deal? For these reasons, all business owners must have a detailed succession plan. A succession plan is like a will but for a business. However, there is often a more comprehensive range of scenarios and options. Succession planning, even when you're a sole proprietor, is critical to ensuring the continuity and legacy of your construction business. It involves identifying and developing new leaders who can take over critical roles within the company when current leaders retire, resign, or are otherwise unable to continue. Like many others, the construction industry comprises family-owned businesses and long-standing companies with deep roots in their local communities. In such cases, succession planning is about ensuring the smooth transition of leadership and preserving the values, traditions, and reputation built over time. Consider the potential impact of sudden leadership changes on ongoing projects and client relationships. Clients, subcontractors, and other stakeholders often develop trust and familiarity with a construction company's leaders. A sudden change in leadership without a clear succession plan can lead to uncertainty and negatively impact these vital relationships. Here are some key steps to consider when planning for the succession of your construction business: 1. Identify Potential Successors: Consider who could take over the business in the event of your retirement, disability, or unexpected absence. This could be a family member, a key employee, or an external party with the skills and understanding of the business operations. 2. Prepare Your Business for Transition: Document and organize all aspects of your business, including financial records, client contracts, and operational procedures. This will help the successor understand and manage the business effectively. 3. Establish a Clear Transition Plan: Outline a detailed plan for the transition of ownership and management. This should include timelines, responsibilities, and potential training requirements for the successor. Communicate this plan openly with all relevant parties involved. 4. Seek Professional Advice: Consult with legal and financial advisors to ensure your succession plan complies with applicable laws and regulations. They can also help you structure the ownership transfer and minimize tax implications. 5. Consider Financial Implications: Determine the financial value of your business and explore options for transferring ownership, such as selling the company, gifting shares to family members, or structuring a buyout agreement with the successor. 6. Communicate with Stakeholders: Openly communicate your succession plan with family members, key employees, and other stakeholders who may be affected. Address any concerns and ensure everyone knows the business's future direction. 7. Develop a Contingency Plan: Prepare for unforeseen events by devising a contingency plan that outlines what would happen if you could not continue running the business. This could involve appointing a temporary manager or identifying an interim solution. 8. Review and Update Regularly: Review and update your succession plan regularly to account for changes in your business, personal circumstances, or relevant laws. Flexibility is essential in ensuring that the plan remains viable over time. Succession planning for your construction business as a sole proprietor may seem complex, but taking proactive steps to address it can provide peace of mind and stability for your business's future. In conclusion Construction contractors like you play an indispensable role in our lives by shaping our physical environment, bolstering our economy, and enhancing our well-being. Your contributions are woven into the fabric of our everyday experiences, and it's essential to acknowledge and celebrate your valuable impact. For the tireless efforts in constructing our world, we would like to help you extend, safeguard, and continue this legacy. By carefully considering the options and seeking professional advice, you can ensure a smooth transition when the time comes. Thank you for building a better world one project at a time. Contractors like you deserve to be wealthy because you bring value to our lives. Happy Labor Day Weekend! PS  We offer free resources to help you save time and money that you can download and print now.  About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com

Today on the podcast, Peter Kingma joins Bradley to talk cash. "Cash is king," says business expert Peter Kingma. Without it, your business won't survive.You need cash to pay your bills, develop new products, hire additional employees, and so on. With cash, you can take advantage of growth opportunities. If you have too much debt and too little cash, then your business is vulnerable anytime the economy shifts.Kingma has thirty years of experience helping companies drive operational resilience with better cash management. In his new book, CASH IS KING, he offers his unparalleled perspective on the necessity of developing a “cash culture.”Get his book at https://www.amazon.com/Cash-King-Maintain-Liquidity-Opportunity/dp/1119983355In His New Book CASH IS KING, Business Expert Peter Kingma Provides A Framework for Building Organizational Liquidity.“Few people outside of senior finance executives really understand the importance of cash in their businesses,” writes expert Peter Kingma in his new book CASH IS KING: Maintain Liquidity, Build Capital, and Prepare Your Business for Every Opportunity (Wiley; May 2024). With over thirty years of experience helping companies drive operational resilience with better cash management, Kingma has an unparalleled perspective on the necessity of developing a “cash culture.”“Revenue is important, but cash is king,” he explains. “In many companies, there is far too often a fixation on revenue alone. Profitable businesses can go out of business without adequate cash. Good ideas can't get launched, new products can't be developed, markets cannot be expanded without cash. There needs to be a positive balance between cash inflow and outflow.”CASH IS KING is not a typical book about finance. Kingma illustrates his advice by telling the story of Owens, Inc., a fictional, mid-sized manufacturing company. Quarter after quarter, as Owens sales grow, the company's CFO becomes increasingly concerned about cash flow. The business is now more complex. Interest rates are rising, inventory is growing faster than sales, the demand for capital improvements is at an all-time high, and customers are paying more slowly than ever.Join us at The 2 Day MBA, August 6th-7th 2024. Register free here: https://www.abovethebusiness.co/2daymba-24This 2 Day Experience from industry leaders is more practical and valuable than a 2 year degree that “qualifies” you to begin a venture. Join us to get the systems, processes, and insights you need to design a business that supports scale. Thanks to our sponsors...Club Capital provides monthly accounting, tax, and CFO services for insurance agency owners. Learn more at www.club.capitalBlueprintOS equips business owners to design and install an operating system that runs like clockwork. Through BlueprintOS, you will grow and develop your leadership, clarify your culture and business game plan, align your operations with your KPIs, develop a team of A-Players, and execute your playbooks. Discover our free resources for growing your business at www.blueprintos.com.Autopilot Recruiting is a continuous recruiting service where you'll be assigned a recruiter that has been trained to recruit on your behalf every business day. Go to www.autopilotrecruiting.com to get started.Coach P found great success as an insurance agent and agency owner. He leads a large, stable team of professionals who are at the top of their game year after year. Now he shares the systems, processes, delegation, and specialization he developed along the way. Gain access to weekly training calls and mentoring at www.coachpconsulting.com. Be sure to mention the Above The Business Podcast when you get in touch.TodayApp is a corporate approved app that allows you to...

In this short Leading Your Best Life Podcast I introduce you to part Two of the 'Getting Your Business Ready for Sale' with expert John Denton. In the longer version of this podcast John Denton shares with me his insights into: 

I help teach people how to make money selling books on Amazon, leveraging the platform's vast reach and the profitability of reselling used books. How to sell books on Amazon? Selling books on Amazon can be an excellent side hustle or a full-time endeavor, particularly if you enjoy thrifting through places like Goodwill for hidden treasures. How to start selling on Amazon is accessible, and with my guidance on how to sell books, DVDs, CDs, and other media, beginners can quickly learn the ropes. Utilizing Amazon FBA streamlines operations, allowing sellers to focus more on sourcing and less on logistics. As a reselling coach, I provide tutorials and guidance on navigating challenges like ungating and optimizing listings for maximum visibility and sales. Whether you're looking for a part-time side hustle or aiming to become a full-time reseller, I will teach you the ins and outs of thrifting books and selling books online and can pave the way to creating passive income streams and achieving business growth.

Today, we're diving into the emotional cycle of business, making strategic decisions for growth and scalability, and discussing the unique challenges of being an online entrepreneur. I'll emphasize the importance of sticking to a strategy and system, and recognizing and managing emotional patterns in business. How to Prepare Your Business for the Ups & Downs Coming in the Next 3 Months - Key Takeaways:Understand the emotional cycle in business.Learn how emotional decisions impact business success.Discover why having a consistent strategy and system is crucial.Prepare your business for the fall sales peak.Recognize and break emotional patterns in your business.The Emotional Cycle of Business:Uninformed Optimism:You're excited about new strategies and programs.You focus on the benefits without recognizing the costs.Positive emotions drive massive action.Informed Pessimism:You realize the effort required to change.Positive emotions turn into pessimism.The cost of change becomes apparent.Valley of Despair:This is the lowest emotional point in the cycle.It's the stage where you're most likely to give up.Pain and emotional discomfort are at their highest.Handling the Valley of Despair:Recognize it as a temporary phase and push through.Act unbothered to maintain calm and productivity.Keep a long-term perspective and focus on consistent actions.Understand that today's efforts have ripple effects into the future.Acting Unbothered:Helps you maintain a calm and collected demeanor.Allows for better decision-making and leadership.Prevents the anxiety alarm from derailing productivity.Train your body to remain calm under stress by controlling your thoughts and reactions.The Launch Cycle:Experience the emotional highs and lows of a 10-day live launch.Get a day-by-day breakdown of the typical emotional journey during a launch.Learn the importance of maintaining momentum and showing up consistently.Discover the “hockey stick” sales pattern and how to maximize the closed cart phase.VIP Client Success:Our hands-on approach to developing and implementing marketing and sales systems.Provide access to my processes, systems, and team.Build a real, scalable, and legacy online business.Get emotional support and guidance throughout the launch cycle.Key Quotes:"Being an entrepreneur and an online business owner, it's not for the faint of heart.""You end up being emotionally driven by decisions in your business.""Having a strategy that you stick to and a system that you stick to every single day is what's going to bring those consistent sales.""Acting unbothered allows you to act cool, calm, and collected and do those things that you know need to be done.""Building a business is a long game, and maintaining a long-term perspective is crucial."Resources Mentioned:Head over to LindseyA.com for a free masterclass on preparing your business for record sales this fall.Connect with me on Instagram: https://www.instagram.com/the.lindsey.anderson Conclusion:Embrace and understand the emotional cycles in business. Recognize the importance of resilience and a long-term perspective. Adopt an unbothered attitude to maintain calm and productivity. Strategic planning...

Selling your business isn't as simple as it seems. For sellers, this means understanding their role in the business and preparing it for a successful transition. For buyers, this means knowing what they're looking for and what kind of business aligns with their skills and goals.    Business buyers and sellers want to have confidence in their ability to maximize their business's value, attract the right buyers, and create a seamless transition. To do that, it's crucial to have strong business fundamentals. This includes a depth of knowledge and the ability to communicate cash flow, operational efficiency, and customer satisfaction.   In this program, you will hear about the actual cost of burnout and selling your business, an exercise to determine what you are really selling, and what to know about a person who is buying your business.    Jess Dewell talks with David C Barnett, a Private Transaction Advisor, about how to uncover the hidden truths and be objective about the company you have to sell, and why it is BOLD to take the time to get real about a salable business.   --------------------   If you want to identify business bottlenecks, the necessary skills, the initial actions to take, the expected milestones, and the priorities for achieving growth, try the "Growth Framework Reset" approach. This will help you to keep learning and growing while working strategically on your business. -------------------- You can get in touch with Jess Dewell on Twitter,  LinkedIn or Red Direction website.

Most business owners, when asked about their timeline for exiting their business, often say it will take five years. When you ask the same question again next year, guess what they say? Five years! Without proper guidance and planning, you may be tempted to kick the can down the road until it's too late. Listen … Read More Read More

By the time you listen to this episode, I'll officially be on maternity leave - perhaps with a baby, perhaps not - who knows? But I am very excited to share this final episode with you before we dive into a series that I have coined “Biz Insights from the Inside”. Over the next approximately 10 weeks, I'll have my clients take you through the tools, tips, strategies, wins and incredible examples of what they've created and achieved in their business.But before that, today we'll be exploring the top three essential steps I've taken over the past several months to ensure my business remains functional and thriving, even in my three-month absence.Team ManagementThe first vital component of preparing your business for an extended absence is ensuring you have a reliable team. For my lean business model, having one key person I can trust to manage the backend is crucial. I talk about who and what I've set up to support my business manager, and explain the different approach I took in hiring a new team member to support our upcoming season. I also discuss the importance of clear communication and expectations, ensuring the team knows their priorities during my absence.System SetupIf you are preparing your business so it can run without you, you need to have great systems in place. This includes a clear handover and processes for everyone to be able to succeed. For my business, we use a lot of automation with different project management and scheduling tools. This means things like emails going out automatically and payments being followed up on. So, what can you automate in your business? How can you make it really simple? Once you've figured out what to automate, pop that into an automation in your project management software and rinse and repeat again and again. This will give you so much peace of mind and support your team to thrive in their roles while you're away.Cashflow ManagementOne of the most critical aspects of preparing your business for your absence is cashflow management. Knowing your revenue streams and understanding your financials allows you to maintain business operations fluidly. I planned for cashflow management long before my maternity leave, ensuring that even with reduced revenue, the business can support its team and operations. By focusing on forecasting and front-loading revenues, we avoided the necessity of drastic changes during my absence. If you're planning an extended leave or just want your business to function smoothly without your constant oversight, this episode is for you. Implementing these strategies has given me the peace of mind that my business will run efficiently during my leave.Now these strategies are yours to take away, should you find yourself in a season where you need to step away for a moment or two. Happy planning!LINKSConnect with Ellie: Website:         https://www.ellieswift.com/Instagram:     @elliehswiftFacebook Group:     www.facebook.com/groups/shineonsocialellieswift/

Three powerful words if you run your own business.. 'Exit with Equity..' In this short podcast I share with you three powerful points from my longer podcast with 'How to Prepare Your Business for Sale' Expert, John Denton. Don't invest 20 years in setting up a business that you cannot sell. Here are some keys.. Exit with Equity Buy to Build and Sell Invent Your Business Future - today Are you a Practice or are you a Business? Ready to Transform Your Business and Your Life Performance Results? Let's Connect! Apply for a Free 1-on-1 'Lead Your Best Life Breakthrough Session' to Begin Your Journey to Truly Optimise Your Success. Visit www.leighfarnell.com for More Details and Book Your Exploratory Meeting Now!   Want to find out more or discuss the content of this podcast with me? How to apply the content of this podcast to you, your business, your career and your life?   Apply for a free 1 on 1 “Lead Your Best Life Breakthrough Session” with me and we'll discuss your struggles and goals with business, teams, relationships and life.   We'll also create an actionable roadmap to get you to those goals in the quickest, easiest way possible.   Find out more at our websites www.leighfarnell.com  and www.pdc-growth.com   Link here -https://calendly.com/lfbb/exploratory-meeting-15mins     #success #empowerment #coaching #podcast #useful #practical #easy #proven #life #business

In our latest IT Experts Podcast episode, we explore the intricate dynamics of partnership in the MSP world through the lens of Joe Burns' compelling journey. Joe, a seasoned entrepreneur who has not only scaled but also successfully exited from an MSP, shares his experience into what happens when business partners discover their goals and ambitions are no longer aligned.  Joe Burns co-founded an MSP with a shared vision for success, driven by the enthusiasm that characterizes many startup ventures. However, as the business grew, it became clear that Joe and his business partner's visions for the future were vastly different. This realisation wasn't immediate; it crept up over years as the business scaled. Signs of misalignment began to surface, particularly during strategic planning sessions where their different growth ambitions were starkly highlighted. Despite efforts to realign, including engaging with a growth coach and attempting to bridge the gap in their ambitions, the divide only widened.  The pivotal moment came when it was undeniable that their differing expectations for the future of the business were too significantly to continue effectively as partners.  Working together became uncomfortable and decision making was difficult.  Joe's business partner expressed a desire to exit the business, which prompted a series of discussions about the future. Rather than viewing this as a setback, Joe saw an opportunity to assess the true market value of their business and either buy out his partner or sell the business entirely. This led to the decision to sell the MSP, a move that would allow both partners to pursue their individual visions without compromise.  Joe candidly shares the mistakes made during the selling process, chief among them being the failure to court multiple buyers. The initial excitement of having an interested buyer led to a 'monotony' situation – a market condition with only one buyer – which ultimately could have jeopardised achieving the best possible sale price for the business. This experience taught Joe the importance of fostering competitive interest when selling a business to avoid undervaluing it.  Drawing from his experience, Joe offers invaluable advice for MSP business owners, particularly those navigating the complexities of a partnership:  Personal Goals Alignment: Ensure there's clarity on personal goals and ambitions from the outset. Regularly revisiting these goals and ensuring they align with the business's direction is crucial for sustained partnership harmony.  Prepare Your Business for Sale: Regardless of immediate intentions to sell, structuring your business as if you're preparing it for sale can increase its resilience, value, and attractiveness to potential buyers. This includes making the business operationally independent of the owners.  Embrace Niching: Focusing on specific sectors or problems can significantly enhance an MSP's market position, making it easier to market and sell solutions. Understanding and addressing the unique needs of a focused client segment can lead to more business and success.  Community Engagement: The MSP community offers a wealth of support and knowledge sharing. Engaging with this community can provide valuable insights and strategies for growth, as well as support through the challenges unique to the MSP industry.  Joe Burns' journey illustrates the importance of alignment, strategic foresight, and the invaluable lessons learned through the process of exiting an MSP. For MSP business owners, whether currently in a partnership or contemplating one, this episode offers critical insights into ensuring that your business not only aligns with your personal ambitions but is also strategically positioned for MSP success.  You can connect with Joe Burns on his LinkedIn HERE  If you are in the same place, as Joe Burns did, listen to THIS episode where I asked Stuart how to get aligned with your business partner.   Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK  And when you're ready to take the next step in growing your MSP, come and take the Scale with Confidence MSP Mastery Quiz. In just three minutes, you'll get a 360-degree scan of your MSP and identify the one or two tactics that could help you find more time, engage & align your people and generate more leads.  OR   To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE  Until next time, look after yourself and I'll catch up with you soon!   

Why is it essential for management to strike a balance between profitability and cash flow for sustained business growth?In this episode, dive into the world of managing a positive cash flow and scaling up businesses with our insightful guest, Peter Kingma. We also explore the impact of different accounting practices on profit and cash flow, the significance of meaningful KPIs, and the importance of understanding cash flow in decision-making.Peter Kingma works with multinational clients and leads EY Working Capital services in the Americas. Corporate leaders entrust him to help liberate cash through operational improvements, which help in reducing costs and improving service quality. Peter is also the author of Cash Is King. Key topics that Bill and Peter explore in this episode: - Different accounting practices and their impact on profit and cash flow- The significance of measuring the right KPIs and avoiding information overload- The impact of disputes in billing and payment on cash flow and potential solutions- Having a "cash culture" in your organization- Balancing profitability and cash flow management- Making small changes in processes and operations to improve cash flow and profitability- Avoiding comparison to industry norms and seeking improvements outside the industry- How Peter's book, Cash Is King: Maintain Liquidity, Build Capital, and Prepare Your Business for Every Opportunity, engages with the concept of managing cash flow- The value of storytelling in explaining technical subjects- Making strategic decisions regarding inventory and customer credit Thanks to Peter Kingma for being on the show! Get Peter's book, Cash Is King: Maintain Liquidity, Build Capital, and Prepare Your Business for Every Opportunity. Amazon US: https://amzn.to/3TWYkts Amazon UK: https://amzn.to/49ogJ6O Peter on LinkedIn: https://www.linkedin.com/in/peter-kingma Peter's website: https://peterkingma.com/ Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth. Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall/Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach Visit https://ScalingUp.com/ to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business...

Discover the surprising impact of the TikTok ban on businesses and content creators. Uncover the unexpected legal challenges and the potential need for backup digital marketing strategies. What could this mean for your business and its digital presence? Stay tuned to find out the intriguing twist that could change the game for small business owners in digital marketing.In this episode, you will be able to:Discover the untapped potential of alternative platforms for content creation and marketing success.Explore the legal implications and potential challenges of banning social media apps to safeguard your digital marketing strategies.Enhance your digital security measures while navigating the free market considerations for a well-rounded approach to protecting your business.Learn the impact of the TikTok ban on businesses and unlock backup digital marketing strategies for a diversified approach to staying ahead.The key moments in this episode are:00:00:00 - TikTok Ban in the US 00:02:23 - Government's Push for Ban 00:04:01 - Privacy Concerns and Espionage 00:07:46 - Impact on Businesses and Content Creators 00:13:48 - Future Precedents and Backup Plans Learn more about Katie and Next Step Social Communications:Speaking: https://katiebrinkley.com/Website: https://www.nextstepsocialcommunications.comLinkedin: https://www.linkedin.com/in/katiebrinkleyYouTube: https://www.youtube.com/channel/@rockymountainmarketingInstagram: https://www.instagram.com/iamkatiebrinkley/Facebook: https://www.facebook.com/groups/socialprofitlab Hosted on Acast. See acast.com/privacy for more information.

On today's episode, we are pulling from 40-year-old research from the Harvard Business Review, published in 1983 by Churchill and Lewis. We're walking through the various stages of business so that you can get a good understanding of where you are, what your problems might be, what mistakes you might be making, and, really, what you can look forward to.Last week, we talked about startups and growth. I said that most business owners are stuck in growth. They go on to have this mom-and-pop type business, or they've just created themselves a job, or worse, they have really stunted any ability to go beyond where they are. It's a place where people languish.This is where they go out of business, and this is where they decide to go back and get a job and work for someone else, which is normal, but it doesn't have to be that way. There's actually a better place for everybody to be headed.That is what we are talking about today. We're going to go over the last three stages of business, one of which is the most overlooked stage and also happens to be my favorite. Get your Revenue Goal Calculator - https://theboldleadershiprevolution.com/revenue-goal-calculator

In this episode, Rachel shares 3 things you can do right now to position your business for expansion and increase. If you want to grow this episode is for you!

Episode 44:  In this episode, Timalyn discusses issues related to tax audits.  The fear people have about being audited is often paralyzing.  It's a serious issue and you need to be prepared to both avoid it and to know what you need to do if it happens.  There are steps you can take to ensure your business is audit-ready. There's No Such Thing as an Audit-Proof Return Regardless of what some tax professionals might claim, there's no way to guarantee you won't be audited.  There are different types of audits and the selection “triggers” vary.  The IRS has the Discrimination Function System that produces a DIF score.  This system rates the potential for change based on past IRS' experiences with similar returns. The IRS can track returns for similar businesses, using categories such as NAICS codes.  This code describes your type of industry.  When they look at a collection of similar returns from the same industry, they can determine averages for specific data points, such as expenses, credits, etc. for your reported income level.  If your DIF score is out of that range, it could trigger an audit.  Irregularities can also raise flags.  For instance, if all of your figures on your tax return are round numbers, that would seem odd and could result in an audit.  The IRS has a whistleblower program.  They pay snitches who were correct about something they alerted the IRS to regarding someone else's tax filings.  It Doesn't Mean You Did Anything Wrong Timalyn emphasizes that just because you're being audited, it doesn't mean you did anything wrong.  She explains that for 2023, there was a 0.4% chance that taxpayers would face an audit.  Lower income individuals actually had a slightly higher chance.  Don't Fear the Boogey Man An audit isn't as scary as it sounds.  It's a review or exam of your tax account and your financial information to ensure proper reporting.  If you keep good records and don't inflate/deflate your income or expenses, is there really anything to fear?  You have the information and it's accurate.  As long as you can prove that information was reported correctly to the IRS, you should be fine.  If your records are extremely unorganized, you had to guess at certain dollar amounts or someone else guessed for you, the audit may become a problem for you.  Correspondence Audits This is where the IRS will contact a taxpayer to request specific information.  If you've received an audit notice, or a field audit where the IRS agent comes to you, Timalyn recommends you don't handle this on your own.  It doesn't matter how good your records are.  Yes, you may be able figure out how to handle the process, but you're going to be at a disadvantage and the opportunity to make a mistake is significant.  This is not something you should simply search for on YouTube.  You need an experienced tax professional who knows how to deal with the IRS and the rights you have, during the audit process.  If you've received an audit notice, you can book a tax relief consultation with Timalyn.  She also has an episode on what you need to look for when hiring a tax professional.  Episode 23 is titled, “Which Type of Tax Professional Do I Need?”  In the show notes for that episode, there's a link to Episode 16, “How to Choose a Tax Professional.”  Both are full of valuable information for your consideration.  When you receive a Correspondence Audit, the IRS may not explain specifically why they are requesting the information.  It can be a significant source of anxiety.  Make sure you respond to the IRS in a timely manner.  Timalyn suggests responding before the deadline, in case something else needs to be addressed.  If you have good records, this will be much easier. Do You Already Have a Tax Power of Attorney? If you already have a tax power of attorney, you've already authorized this person to speak to the IRS on your behalf.  They've filed submitted IRS Form 2848, so they will also receive the correspondence from the IRS.  Don't assume the person who prepared your tax return is receiving the same correspondence you have received from the IRS.  Unless they've submitted Form 2848, the IRS does not have the authorization to speak with that tax preparer and vice versa. Prepare Your Business for an Audit This is the best thing you can do, especially because of the random nature of IRS audits.  Timalyn re-emphasizes the importance of good record keeping.  You have to be able to substantiate everything you entered on your tax return.  This applies to both income, expenses and credits.  There are many ways people have committed fraud by overstating their income when applying for the PPP loans, SBA loans, or a mortgage.  These are reasons the IRS may require you to substantiate your income.  Good financial statements, based on accurate bookkeeping can help you to prove you received the income you claim, even if you don't have a 1099 to back it up.  Your bookkeeper or accountant will reconcile your bank account.  The financial reports should reflect your income.  Make sure the person who prepares your financial statements has access to your bank statements.  If they are doing it without access, you may be setting yourself up for a significant issue or issues. The same record keeping applies for your expenses.  It's why business owners should not co-mingle their business and personal funds.  During an audit, explaining the different purchases will be more complicated if you can't determine whether they were for business or personal reasons.   You Need a Bookkeeper This person is a valuable resource.  It's something Timalyn often recommends you outsource.  A business owner can waste a lot of time trying to do their own bookkeeping.  You should definitely understand your financial records, but the time spent doing all of the record keeping and reporting could be better spent generating more revenue. The 3-H's of Record Keeping Timalyn suggests there are questions to consider related to record keeping.  ●      How long should you keep your records?  ●      How should your store your records? ●      How do you deliver your records? Episode 20 specifically deals with how long you need to retain your tax records.  Don't Create More Problems for Yourself If you're being audited, remember to only provide the IRS what they are asking for.  Make sure the support for those records is readily available.  Timalyn uses the example of someone who was asked to show income for a number of years.  However, because they didn't have good records, they instead decided to turn over all bank statements to the auditor.  This resulted in the auditor finding even more questionable transactions that were flagged.  If you're going through an audit, you typically wouldn't know how to handle the IRS.  Even good intentions can lead to many more problems.  That's why you should work with a tax representation professional who is familiar with the process and can best represent you.  Check out Episode 33, “What Is Tax Representation?”  Just because someone prepared your taxes doesn't mean they're equipped to represent you. As 2023 comes to a close and tax season looms, you need to ask yourself if your business is audit-ready?  Do you have good financial records?  How are we handling the 3-H's of record keeping?  Is our tax preparation professional asking questions about our records?  It's time to get ready. One step you can take is to book a tax relief consultation with Timalyn. If you are a tax professional who would like to help taxpayers with their audits, Timalyn strongly suggests joining her Tax Pro Representation Journey community.    Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.  As we conclude Episode 44, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Recently I had a client ask me: "I'm so sick during the day it's hard to do much but I do wonder - how I can better prepare for my maternity leave? What can I do now to earn more so that I can save better."  As someone who has personally experienced both sides of the spectrum (a failed maternity leave and taking an extended maternity leave just because), I'm super excited to dive into this topic! Let's Chat about it in the Moms Do Business Different Facebook Group! ------------- Join the Mom's Do Business Different Accelerator a 1:1 marketing and sales program for moms who want to reach consistent five figure (high cash) months doing the bare minimum. You will be supported in mapping out your sales system using psychology, five figure launches, high converting content, fine tuning your messaging, and be surrounded with a group of women that are working towards the $20K/Month range - all in less than 20 hours/week! MDBD is perfect for you if you want to make more doing the bare minimum while still making a huge impact and delivering a life changing transformation for your clients. I want you to create a business that is profitable, predictable, and peaceful.  ------------ Grab the FREE $CHMONEY Mama Roadmap which is your guide from no figures to multiple six figures. Inside you'll identify what stage of growth your business is in, as well as have a clear map to see where you currently are in business, where you wanna be, and how to get there. Inside I'll share with you where you'll focus in each phase as you go from $0 to consistent $3-5K months to scaling to multiple six figures - all with tiny humans at your side. ------------ Join the $CHMONEY Mama Membership for $77 TODAY! This is our monthly membership to receive resources, tools, and community to help you strategically and energetically bring in more sales. We focus on prioritizing the things that make you MONEY (aka learn the actions to sign clients)! Learn how to create an offer, 3x your visibility & leads, make high converting content, sell, and sign MVP clients who say “take my SCHMONEY.” $CHMONEY is all about teaching you how to make more money every. single. day. See you inside!  ------------ Get the show notes here:  Links and Resources Join the SCHMONEY Gang Email list for the TEA - CEO Corner Newsletter Join the Mom's Do Business Different Lifetime Group Coaching Experience Kay Hillman Photography - Branding or VIP Experience Follow me on Instagram: @mrskayhillman Follow the podcast on Instagram: @momsdobusinessdifferent

Don't be scared to put your business on the market – just be prepared. This is the top piece of advice from strategic buyer Scott Hile. He shares his advice learned from doing almost 100 transactions on the buy-side. Scott has seen what can go wrong with a deal and the common mistakes sellers make. He discusses the importance of being prepared, how this can help with running a business even before going to market, the impact on the value and time it takes to sell, and how being prepared builds trust with a buyer. View the complete show notes for this episode.  Learn More: Increasing the Value of Your Business | The RVD Model Business Exit Plan & Strategy Checklist | A Complete Guide M&A Basics: Building a Sellable Business Reducing Concentrations of Risk Before Selling Your Business Additional Resources: Download a free PDF copy of The Art of The Exit: The Complete Guide to Selling Your Business. Purchase your copy now of A Beginner's Guide to Business Valuation | The Exit Strategy Handbook | Closing the Deal | Acquired Planning to sell your business? Schedule a free consultation today. To suggest guests, topics, or questions for future podcast episodes, contact Morgan & Westfield. Contact Morgan & Westfield to request a free copy of Jacob Orosz's latest book, Food and Beverage M&A: An Insider's Guide to Selling a Food or Beverage Business. Listen to Other Episodes: Maximizing Profits: Key Insights on Preparing a Company for Sale from an Experienced M&A Attorney First Time Selling a Business? Here's What To Expect. Lessons Learned on Selling a Business After Dozens of Exits  

Dive into the transformative world of artificial intelligence as it rapidly reshapes the business landscape. In this episode, Darren delves into the pressing urgency of AI adoption, drawing on insights from tech giants, leading thinkers, and the unparalleled adoption rates of revolutionary AI platforms. Whether you're a budding entrepreneur or an established business leader, this episode offers a blueprint for not just surviving, but thriving in the impending AI revolution. Attend the next Business Master Class. Get your seat here --> https://dhbmc.com/podcast  Get more personal mentoring from Darren each day. Go to DarrenDaily at http://darrendaily.com/join to learn more.

January 1 is too late to begin the annual preparation for your business. Studying the habits of elite military and sports organizations you will see a theme of early and relentless preparation; a willingness to bypass the chaos of the moment and all of the random fire-stopping that comes with it, and instead electing to focus time and energy preparing for what is coming. In business, we have a poor habit of future preparation and instead give ourselves to chaotic duct-taping and a strategy of “crossing that bridge when we come to it”.  You can do it differently and reap the benefit of early preparation with the satisfaction of long-term predictability.   What you plant today will be harvested 3, 6, 9, and 12 months from today.  If you plant chaos today, chaos is the rotten fruit that will be gathered on the ground.  If you plant repetition, predictability, and meaning today, the robust and fulfilling fruit of preparation will be harvested and replanted over and over. Every year beginning in November, we walk our heroic clients through a thoughtful series of exercises to get them equipped for the coming year in an event called ANNUAL PREP WEEK. The name is a bit misleading in that we now spread the work out over a series of three weeks (we used to do it all in the same week). Our solitary focus is to liberate owners from chaos to make time for what matters most. The purpose of the BOP ANNUAL PREP WEEK is to provide one place each year for each owner to master plan the next year. We have structured PREP WEEK over a series of three days (one per week for across three weeks), and ask for a distraction-less two hours each day. The first 20 minutes of the two-hour block is spent on a Zoom meeting in a mastermind including every client that BOP serves across the country.  We use that time to inspire, instruct, and provide the action items that will be required of each owner for that day. Each owner will then break from the Zoom meeting and spend the next 100 minutes on their own, with no distractions working through the various elements based on the theme of that day. Day One of ANNUAL PREP WEEK is a day spent on preparing and tweaking each owner's Vision. During their 100 minutes of day one each owner will work first on reviewing,  tweaking, and updating their vision story. They will then begin writing an annual letter to their team reflecting on the year that has gone by and casting vision for what is coming in the next year. They will then open their culture calendar and update any cultural ingredients they want to ensure get embedded into their business culture for the coming year. Finally, on day one, each owner will send out the Healthy Employee Engagement Survey.  This is a twice annual survey of their team to determine the backend health of their business based on the perspective of their team. A week later, we follow the same outline; 20 minutes on a group meeting via Zoom and then 100 minutes of undistracted, focused time and use that time for a powerful time of Financial preparation. Most business owners go into each year hoping for the best with their fingers crossed instead of a budget set. During Financial Prep day each owner will first go back and evaluate their subdivided bank accounts and tweak the percentages placed in each account and in some cases add an additional account based on the goals set out in their vision story. Once updated, each owner will then open up their Level Two Dashboard.  This is a simple dashboard that tracks the flow of cash within each bank account week by week.  It is a real-life gauge of the finances of their business in REAL CASH.  They will use this time to update their tracking dashboard with new accounts or percentages. Finally, each owner will go through a simple process of allocating dollars towards a basic budget for next year giving a snapshot of where all revenue dollars might be allocated based on the vision they have written. Down the final homestretch, we lead each owner into Day Three of Prep Week with a focus on the future legacy of both the owner and the business. After a powerful and final 20-minute Zoom meeting with all owners, each one heads off into a healthy time of solitude for 100 minutes to first review their own weekly schedule.  How we spend our days is how we spend our lives.  It is a sobering exercise to ask, “How am I spending my day?” Next on Legacy Prep day, we have each owner walk through a sequence where they reach out to supportive 3rd party professional advisors (legal, insurance, financial, etc.) to ensure they are adequately diversified, protected, and equipped to deploy their assets in such a way that will ensure the vision they wrote is obtained. Finally, in what has become the most invasive and freeing moment of PREP WEEK is when each owner sits down to have a necessary financial discussion with whoever they share their household with reviewing their personal budget to ensure it aligns with their personal vision.  We call it the Financial Barn discussion. Many couples are not in the habit of having this important conversation, so BOP helps to coordinate what could otherwise be an awkward time. Life and business necessarily intersect, and PREP WEEK is a repetitive, predictable, and meaningful way to liberate owners from chaos by allowing each to thoughtfully prepare and enter into a new year. When do you begin?  Now.

Episode 133: How to Prepare your Business for the Holiday SeasonWelcome to episode 133 of the Cocktails & Content Creation Podcast! For this episode, we're going to talk about how you can prepare your business for the holiday season from a marketing perspective while setting yourself up to take some time off.In our one-hundred-and-thirty-third episode you'll learn:When influencers and bloggers should have their photographic/visual content done in advanceHow the seasons impact our content creationHow we frontload and schedule our content in time for the holidaysTips for entrepreneurs, including photographers, to make sure they're ready for the New Year before they can take time offWhy it is so important to keep your clients informed of your time offThanks for Listening!Join our Facebook Community for more tips and tricks on how to easily create content and chat with other content creators! And make sure to follow our Instagram. Links & Resources:Examples of Holiday Content from Fashionably Kate & Co.Christmas Traditions from Around the WorldMy Favorite Christmas TraditionsUntil next time, cheers to your next cocktail and happy content creating!Kate & JessieHosts of “The Cocktails and Content Creation Podcast”

Reuben Hendell is an Operating Partner at Madison Alley Global Ventures, a leading independent advisory and M&A investment bank. After a series of successful exits and a fruitful career operating businesses, Reuben now helps companies from a very early stage and sets them on the right path towards scaling, building value, and eventually exiting. He also provides strategic and M&A advisory services to digital marketing, e-commerce, and DTC companies. In this episode… How can you optimize your business for a future exit? What strategies can you implement to increase your business' value? Having spent years scaling and exiting businesses, Reuben Hendell, an M&A expert, has learned the value of preparing for an exit early. It is essential to optimize your business for success by focusing on the right products, team, and market. Reuben advises business owners against waiting until they are ready to exit to start fixing their businesses. He instead helps companies to create more value to be more attractive to potential buyers.  Reuben Hendell, an Operating Partner at Madison Alley Global Ventures, joins Rich Goldstein in this episode of the Innovations and Breakthroughs Podcast to talk about how to prepare your business for a successful exit. They also discuss the early days of digital marketing, tips for increasing company value, and how Reuben helps business owners optimize their businesses.

Does your business stop when you stop—or is it pretty self-sufficient? Or perhaps you're somewhere in the middle? In today's episode, I am sharing some great tips to help you understand your role in your business better and how you can prepare to take some time off—on your terms.- Understanding the "off-grid" test so that you can still maintain high client satisfaction and high profitability.- The different stages of your business and what these mean for your time offline.- Why setting up your foundations now will help you build a business that's profitable when you're offline.- Why taking a few weeks off now *is* possible, even if you don't have all of your ducks in a row.SHOW LINKS:- DM me "EMM" on Instagram (stephtaylor.co) or download https://stephtaylor.co/escape-the-messy-middle- Get my Daily Biz Booster emails: https://stephtaylor.co/DBB- 5 Simple Tweaks to Boost Your Launch Profits: https://stephtaylor.co/tweaks- Want me to spend a day working on your next launch? Book a VIP intensive: https://stephtaylor.co/vip- Get The A-Z Podcast Launch Plan: https://stephtaylor.co/plp-ig- Get a 30-day free trial of Kajabi: https://stephtaylor.co/kajabiLet's be Instagram friends: https://instagram.com/stephtay...

I've gotten a lot of questions about the recent Silicon Valley Bank failure and what it means for business owners everywhere. In this episode, we'll talk about the cause and implications of the bank's failure from a high-level (don't worry, you don't need a finance or banking degree to follow along!) and the takeaways that could help protect your business moving forward.  Are you ready to pay yourself a 6-figure salary and build a 7-figure wealth portfolio? Check out the Millionaire CEO Incubator to apply for my signature 6-month profit coaching and wealth-building program! Are you looking for more information on building wealth with your business? Sign up for my free email newsletter, Millionaire Mondays!  Do you have a question or topic you'd like me to cover on the show? Click here to send us your submission!    Links mentioned: Listen to Episode 30: How to Prepare Your Business for a Recession   In this episode, we'll cover: 0:00 Introduction 2:45 How banks operate 6:10 What is the FDIC? 7:53 The background on Silicon Valley Bank 12:49 What happened to cause Silicon Valley Bank's failure 16:53 What to expect from a recession 19:17 How much money you can safely keep in the bank 20:52 Two investments you should hold off on right now 23:14 Why and where you should diversify   I'm Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that's fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you'll subscribe so we can Profit + Prosper together!   Connect with Sarah: Instagram - https://www.instagram.com/itssarahyoung/  Facebook - https://www.facebook.com/youngcocfo  YouTube - https://www.youtube.com/channel/UCO4wwwPKmuvCFh5NvVuwvnQ  Website - https://www.trustyoungco.com/ 

Did you know 80% of small businesses do not survive the departure of the current owner? When is the right time to prepare your business for sale? The day you opened your business! How do you maximize your selling price? Is there a simple way to quickly valuate your business? Hear from 3 business coaches on the importance of properly planning your business for sale. Watch Episode HERE Bob Ward, President of Wardden LLC, Look for Bob's Previous Episode HERE. Perpetual Business Co website HERE. Rick White, President and Lead Coach for 180BIZ, Listen to Rick's previous episodes HERE. Chris Cotton, AutoFix Auto Shop Coaching, Chris Cotton Weekly Blitz Podcast Show Notes: Understand your business Profitability Selling your business properly takes planning- don't have a reaction selling plan. Never make a decision in a ‘valley,' aka emotional. You can't sell sweat equity. Your business is for sale every day- every decision affects your business. Your goal as an owner is to work your way out of the company, not get stuck in the job. What is your identity? What is your identity post ownership? To maximize your selling price, you need two things: Sustained profit (typically an 8 to 10 year runway) and a business that will operate without you. Staff is aware and supportive of the owner's succession desires and planning- everyone should be involved respectfully. Your team wants certainty. Create a haven where they can feel safe, do their job, be challenged, be a part of something, and have fun. Do you have the right people and team in place? What is the market for selling your business? 80% of small businesses do not survive the departure of the current owner. Hiring is like fishing- know what fish, what bait will attract the fish, and where is that fish. Consider ‘ownership potential' when hiring quality staff. Show a future no one else does. What does training do? Improve skills and communication. The more we communicate, the less friction there is in the business. Valuate your business- the stuff inside your building, cash flow, multiple average 2.5. Take your assets, 25 cents on the dollar plus inventory as part 1, then your cash flow multiplied by 2.5 to get a ballpark number. 6 Metric Multiple- how independent is the business from the owner? Customer facing employees tenure, production staff tenure, stability, revenue trends, gross margin trends and SOP for business. Multiplier- confidence factor. How confident will the new owner feel when the old owner is out? Financial records are pure, accurate, and updated- get your balance sheet right, and don't hide cash from the business. Thanks to our Partners Shop-Ware and Delphi Technologies Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today's technicians.

Jason Feifer is the editor-in-chief of Entrepreneur magazine and host of two popular podcasts, Build for Tomorrow and Problem Solvers. He stops by to talk about some of the big business trends founders need to be aware of in 2023, and how companies can work with the media auspiciously.For more on Jason Feifer and show notes: https://www.shopify.com/blog/jason-feifer-entrepreneur-magazine-change?utm_campaign=shopifymasters&utm_medium=youtube&utm_source=podcast

Welcome to the Evolvepreneur Secrets Show for Entrepreneurs Join me today where we dig deep with our guests and get you the best concepts and strategies to fast-track your business. My very special guest today is Ben Le Ralph ... I've spent 15 years as a business owner and entrepreneur working with some of Australia's most iconic purpose-driven organisations. Now, as the founder of Impact Positive, I'm helping owners turn their businesses into assets and stage them for sale.

Today, we're getting our business ready for the new year with Ken Perry.Listen in to continue to pivot, innovate, adapt, and overcome!Episode Resources:Learn More About Mortgage Marketing PROGet Your CE from Knowledge Coop HereJoin the Knowledge Coop Community HereJoin the Podcast Facebook Group Here

Your business is your business. This week's episode is tuning in on making sure you are really doing the things that matter if you want your business to grow in all aspects. There are steps at the beginning of the process that leads to continuous growth. These are the steps to set yourself up for big momentum when it comes to building your direct sales team. Download the Guide to Confident Recruitment here: https://bit.ly/3AtPubA

Today's episode is a great interview I did at the Meta Marketing Summit! We discussed all things marketing and Web 3! How brands can better connect to audiences in today's day and age, less television creative, more social creative, why quantity is more proven to work than quality, my thoughts on social commerce, how close we are to being a fully integrated Web 3 society and so much more! Enjoy! Let me know what you thought! Check out my new NFT project: veefriends.com Join the VeeFriends Discord: https://discord.gg/veefriends Tweet Me! @garyvee Text Me! 212-931-5731 My Newsletter: garyvee.com/newsletter

Don't let holidays sneak up on you! Having SOPs (Standard Operating Procedures) for holiday breaks is a crucial part of managing your team — and your customers' expectations. From communicating with customers to giving your employees time off (while still keeping the business running), holiday management takes a little preparation. It gets even more complex […] The post MBA2032 How To Prepare Your Business For a Holiday + Free Ride Friday appeared first on The $100 MBA.