Strategic Debt: Power Move or Pitfall? 💥

Most business owners hear the word “debt” and immediately cringe… but what if we told you it can actually be a smart tool to grow your business?

In this episode of Tycoons of Small Biz, we break down:

✅ The difference between good debt, bad debt, and flat-out stupid debt

✅ How to scale without selling your soul (or your equity)

✅ Why your cash flow forecast should be your new BFF

✅ Real talk about using debt to fuel growth—not just put out fires

If you're still treating debt like a dirty word, this convo will change your mind—and maybe your bottom line. 💼💸

📌 Pro tip: Download our Strategic Debt Planning Guide: backboneplanning.com/resources

In this episode of 'Tycoons of Small Biz,' hosts Austin Peterson and Landon Mance discuss the critical journey from building business growth to achieving liquidity for small business owners.

The episode focuses on the significance of treating a business as part of a comprehensive financial plan, ensuring business owners achieve financial independence outside the business.

Key topics include the importance of building transferable value, effective strategies for reinvestment, and diversified wealth management. The hosts also outline various exit and liquidity options such as internal transitions, partner buyouts, and third-party sales. They emphasize the need for systematic planning to create a business that can sustain and grow with minimal dependence on the owner, thereby increasing its overall market value.

The episode concludes with actionable steps for integrating business value into personal wealth planning.

03:02 Today's Topic: From Growth to Liquidity

03:21 The Financial Plan for Business Owners

04:21 Excitement for the Episode

05:30 Challenges in Business Strategy

12:48 Building Transferable Value

22:29 Paths to Liquidity

25:04 Third Party Sales and Business Value

28:22 Integrating Business Value into Personal Wealth

In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance dive into smart tax planning strategies for small business owners.

They discuss the importance of proactive tax planning, share insights from their experience, and provide case studies demonstrating significant tax savings. The episode underscores the necessity of collaborating with tax and financial advisors to navigate complex tax codes and structure investments effectively.

Key takeaways include reviewing entity structures, maximizing deductions thoughtfully, and planning taxes quarterly. Real-life examples illustrate the efficacy of oil and gas investments, qualified opportunity zones, and charitable planning in optimizing tax outcomes, ensuring business growth, and preserving value.

01:08 The Importance of Small Business

01:47 Smart Tax Planning for Business Owners

07:10 Case Study: Franchise Tax Savings

15:32 Case Study: Business Owner Divorce

24:31 Key Takeaways and Actionable Strategies

28:44 Conclusion and Next Episode Preview

Join Austin Peterson and Landon Mance in this episode of Tycoons of Small Biz as they delve into crucial tax strategies for small business owners.

Discover the importance of year-round tax planning, learn about commonly overlooked tax deductions, and understand the impact of strategic spending on your business's value. From the benefits of a cost segregation study to the significance of meeting with your financial advisor and CPA, this episode offers valuable insights to help you save on taxes and grow your business.

Don't miss actionable steps and case studies of successful tax planning strategies from real clients.

02:31 Tax Strategies for Business Owners

07:06 Overlooked Tax Deductions

08:49 Importance of Year-Round Tax Planning

26:31 Entity Structure and Tax Implications

28:42 Actionable Steps and Final Thoughts

In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance discuss the importance of emergency funds and contingency planning for small business owners. Drawing on their experience as financial planners and business consultants, they share insights on preparing for unexpected events such as economic downturns, employee fraud, and health issues. They explain how to determine the right amount of emergency funds, where to keep these funds, and the role of various types of insurance. This episode provides actionable advice on crisis management to help business owners mitigate stress and enhance business stability.

01:45 The Importance of Emergency Funds

02:09 Real-Life Examples of Business Challenges

05:41 How Much Cash Should a Business Have?

09:46 Effective Cash Management Strategies

26:44 The Role of Insurance in Business

29:10 Conclusion and Key Takeaways

Hosts, Austin Peterson and Landon Mance of Backbone Planning Partners, discuss retirement planning for small business owners. They address the common notion of relying solely on the business as a retirement plan, emphasizing the importance of diversification and establishing separate retirement accounts like SEP IRAs, Simple IRAs, and 401(k)s. They advocate for setting aside a significant portion of income toward retirement, providing actionable strategies for building wealth beyond the business. The discussion also highlights the need for financial independence and the potential role of cryptocurrencies in future retirement planning.

In this episode of 'Tycoons of Small Biz,' the focus is on the critical importance of cash flow management for small businesses. Austin explains how cash flow is essential for business growth and financial stability. He shares practical insights on managing accounts receivable and payable, proactive forecasting, and leveraging surplus cash effectively. Additionally, Austin discusses the significance of not being overly reliant on lines of credit, the benefits of hiring a fractional CFO, and the value of using automated invoicing systems. Listeners are encouraged to engage in maintaining liquidity while pursuing growth and to routinely evaluate their cash flow to ensure sustainable business operations. The episode also includes a review and actionable advice for building strong cash flow practices, preparing for seasonal fluctuations, and making strategic hires to aid in business growth.

In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance explore strategies for small business owners to set effective goals and assess their progress. Starting with personal anecdotes and the importance of setting both personal and professional goals, the hosts discuss actionable steps such as conducting SWOT analyses, creating dashboards for key financial metrics, and the significance of facilitation and peer groups for accountability.

They also touch on leveraging resources like the book 'Traction' by Gino Wickman for better business planning.

Tune in to learn how to start 2025 on a strong foot and keep yourself on track throughout the year.