So You Want to Run Your Own Business – Part 3
Annual Planning If you are reading this, then I failed in my attempts to scare you off. That is good. That means you have decided to run your own business and have thought long and hard about if you...
View ArticleSo You Want to Run Your Own Business – Part 4
Start Making Money OK, so you put some solid time into creating a plan for your business. This is an incredibly important first step, but planning will only get you so far. I heavily emphasis the...
View ArticleSo You Want to Run Your Own Business – Part 3.5
Excuse me while I back-track a little bit…. Board of Advisors Running your own business does not mean that you work alone. All successful business owners have a team of people that they can go to...
View ArticleSo You Want to Run Your Own Business – Part 5
Congratulations! You made a plan and executed on it. Now you are making some money. You are now running your own business, right? WRONG! You are making sales. While that is AWESOME! It’s not running a...
View ArticleSo You Want to Run Your Own Business – Part 6
Controlling Your Money Flows OK, this post is where we are going to get a little technical. But, it’s ok, because this is where the magic really happens with owning your own business. Today we are...
View ArticleSo You Want to Run Your Own Business – Part 7
So you are making some money and you have money flows smoothed out. You are paying yourself a salary each month (based on the value of your work). You are taking distributions or draws of the remaining...
View ArticleSo You Want to Run Your Own Business – Part 8
How to Exit Your Business Ah, the glorious conclusion. It has been quite a ride, hasn’t it? We decided to start a business, we started it, we even made some money! Good times… For this final...
View ArticleProblems in Business
I spoke recently to a group of students at Cal State Fullerton. They were preparing sample business plans and we went over the most common business problems each of their proposed businesses would...
View ArticleReduce, Defer, Eliminate – Part Two
In Part One we talked about the immutable law of taxation. By way of reminder: As you increase the amount of tax deferred, you also increase the amount of control you have to give up to do it. Since...
View ArticleReduce, Defer, Eliminate – Part Three
Welcome to the final installment of the “business is simple guide” to dealing with the sale of a business or large assets. Let’s talk about my favorite topic, eliminating taxes. This is where all the...
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