Welcome to Grow Money Business with Grant Bledsoe, the podcast dedicated to helping business owners grow their wealth and business on their own terms. Grant is a CERTIFIED FINANCIAL PLANNER™ who helps business owners optimize and align their personal finances, business, and values. He’s also the founder of Three Oaks Capital Management, a registered investment advisory (RIA) firm. Throughout this podcast Grant will be interviewing entrepreneurs and business professionals to bring you valuable ideas to help you grow your business & wealth.
Here's What To Do If Your SSN is Compromised
Are you concerned about getting your non-public information compromised? If you are, we dedicated this week’s episode of the Grow Money Business podcast to discussing all about the misplaced personal information that you don’t want the public to know. Join us as we dive into how people can take advantage of your personal information, both yours and banks' responsibilities to mitigate events like this from happening, the credit reporting agencies, how a credit freeze can be of help in a situation like this, how to improve your credit, and more.
[05.31] Misplacing personal information – Starting the conversation, Grant explains what other people can do with your missing personal information to their advantage.
[10.31] Responsibility – We talk about what the banks do to stop these kinds of frauds from happening and what you can do to help them.
[12.24] Reporting agencies - TransUnion, Equifax, and Experian are the three credit reporting agencies in the USA.
[18.00] Credit freeze – Grant explains how credit freeze works along with its advantages.
[24.26] Equifax – We talk about the Equifax data breach in 2017, which exposed the personal information of more than 140 million US citizens.
[32.27] Improve credit – Steps you need to take to improve your credit.
Identity thieves crack major Experian security flaw, access customer credit reports
What Is a Credit Score? Definition, Factors, and Ways to Raise It
The Do's and Don'ts of Selling Your Company with Chris Younger
This week’s guest on Grow Money Business is Chris Younger. Chris is the CEO and co-founder of Class VI Partners, an investment bank in Denver, Colorado, specializing in assisting business owners in reaching their full potential during what is arguably the most difficult period of their lives. He is a graduate of Miami University and Harvard Law School and is also the author of the book ‘Harvest: The Definitive Guide to Selling Your Company’. Chris joined us today to talk about the things to be aware of when you are planning on stepping out of your business, what the first steps are, growing value, mistakes you make, the impact of inflation and interest rates, and more.
[05.00] Chris’s story – Chris starts the conversation by sharing his career progression.
[12.14] General wisdom – Chris shares some general wisdom for business owners when it comes to selling their businesses.
[19.20] Less dependent – Chris and Grant discuss the importance of your business being less dependent on you as a business owner.
[25.26] Landscape – Chris shares some important considerations for hiring a business broker.
[34.21] Private equity – Chris and Grant discuss how the current higher rate of inflation and interest impact private equity behavior.
[39.16] Timing – Chris discusses timing in selling a business: personal timing, business timing, and market timing.
[43.23] Stories – Chris stresses the importance of in-depth planning for getting out of your business.
NAVIGATE FROM SCALABLE TO SALEABLE
Harvest: The Definitive Guide to Selling Your Company
Mailbag! Cutting Through Jargon & Interpreting Financial Statements
Do you struggle with interpreting financial disclosures and statements? Then this week’s episode of the Grow Money Business podcast is going to address your concerns. We dedicated this episode to discussing a specific mailbag question, which is a guide to understanding financial disclosures and statements. Throughout the conversation, we dive into the framework for financial disclosures, the purpose of annual reports, how to interpret those as an employee, investor, owner, potential buyer, and more.
[06.05] Money and capital – Starting the conversation, Grant explains how the process of growing a company works and the role of a 10K report.
[11.12] 10-K & 10-Q – Grant walks us through what is contained in the 10-K and 10-Q reports.
[16.27] Stories - We talk about the gamesmanship to influence the stock price that aligns with the personal interests of a company.
[22.54] Vista Outdoor Inc. – We dive into the details of Vista Outdoor Reports Second Quarter FY24 Financial Results.
[30.37] Valuing a business – Grant explains what to look out for in an income statement if you are interested in valuing a business.
[33.37] Balance sheet – The many roles of a healthy balance sheet.
Vista Outdoor Reports Second Quarter FY24 Financial Results
THE BEGINNER’S GUIDE TO READING & UNDERSTANDING FINANCIAL STATEMENTS
Beginners' Guide to Financial Statement
The New Law Impacting 30 Million Small Businesses With Kenny Dettman
The Corporate Transparency Act (CTA) is federal legislation in the United States that seeks to enhance transparency related to business ownership. The legislation was passed in January 2021 and gave rise to a new reporting obligation called the beneficial ownership information report, which is expected to be delivered in 2024. On this week’s episode of Grow Money Business, Kenny Dettman returns to the show to talk about a wide range of details about the new legislation. Join us as we dive into what CTA is, who is eligible, who is exempt from it, reporting requirements, the penalties for not having the report, and more.
[04.45] CTA – Kenny starts the conversation by defining the Corporate Transparency Act (CTA).
[10.31] The reason – Kenny explains the reason behind the CPA legislation and how it’s going to affect some types of businesses.
[20.47] The impact – Kenny shares FinCEN’s estimates of businesses that will be affected by the new legislation.
[28.22] Deadline – Grant and Kenny discuss deadlines for filling out the BOI report.
[40.15] Creating awareness – Kenny shares some ways people can learn about new and changed legislation.
[48.00] Who should talk to you – Kenny explains who employers that run businesses under a revenue of $5 million should talk to about the new legislation.
Beneficial Ownership Information Reporting
Corporate Transparency Act: What Companies Need to Know
Connect with The FileForms Team
PHONE: +1 (888) 515-FILE (3453)
Roth Accounts & Your Retirement Plan: New Options for Business Owners
The SECURE 2.0 Act of 2022 is a piece of legislation that passed at the end of last year and created new Roth options for business-sponsored retirement plans. There will be a new set of Roth features available for organizations that offer 401K, SEP IRA, or a simple IRA for their employees. Join us as we dive into the changes that you should know about, what additional Roth options you're going to have available at your disposal in the future, when people can expect to have these new features available, and whether it makes sense for you to offer them to your employees or take advantage of them for yourself.
[05.50] A catch-up contribution – Starting the conversation, Grant explains the catch-up contribution and the changes that might happen in 2025.
[10.40] The difference – Grant talks about the difference between the Safe Harbor 401(k) plan and the Safe Harbor non-elective Contribution.
[16.50] (SEP) IRA & Simple IRA – Grant explains how Simplified Employee Pension and SIMPLE IRA Plans work.
[23.12] Roth treatments – We discuss how Roth treatments can be a helpful tool for your employees that wasn’t available before.
[28.47] Opposites – Grant explains how Roth accounts are the exact opposite of deferred tax setups.
What You Need to Know About the SECURE Act 2.0
SECURE 2.0 Act of 2022
Title I – Expanding Coverage and Increasing Retirement Savings
Your Complete Guide to the SECURE 2.0 Act of 2022
The Structure of Success With Patrick Esposito
Patrick Esposito is an entrepreneur, business executive, attorney, advisor, and author. He currently serves as president of ACME General Corp., a leading public-sector innovation advisory business based in New York, Austin, and Morgantown. He recently launched Initiative Labs LLC to help small and medium-sized business leaders. Over the course of more than two decades, he has founded, led, and advised small and medium-sized enterprises in technology, consulting, retail, banking, real estate, and other sectors, in addition to U.S. government agencies. He joined us today to talk about his book ‘The Structure of Success: A Framework to Help Build Your Business Better’ where he discusses the eight levers of long-term business success that he identified working with many organizations.
[03.32] Patrick’s story – Starting the conversation, Patrick shares an introduction about himself, his career journey, and the lead to writing his book ‘The Structure of Success.’
[09.37] The Structure of Success – Patrick dives deep into the framework of his book.
[14.38] Disasters – All kinds of disasters can affect a business. We talk about the factors, including disaster management and prevention, in Patrick’s book.
[21.42] The important things – You have to start doing the most important things for your goal rather than chasing the things that are less important to get to your goal.
[29.17] The difference – Patrick explains how his book differs from other books about success in business.
[37.00] Innovation – Patrick shares his idea about people repeatedly underestimating the importance of continuing innovation.
[43.20] Productive worrying – When you are operating a business, worrying comes naturally. If you can direct your worry into productive worry, you can figure things out easily.
LinkedIn - linkedin.com/in/patrick-esposito/
Website - patrickesposito.com/
Book by Patrick
The Structure of Success: A Framework to Help Build Your Business Better