Entrepreneur Aligned Podcast

How do you know when you need to make a change with your CPA? If you are seeing any of these four signs, it may be time to start seeking out a new team:

1) You have asked for tax projections but don't get them.

2) You have asked for guidance around the timing of a use of capital but your CPA doesn't want to offer a recommendation.

3) You feel like your CPA knows less about taxes for your business than you do.

4) You have found errors with prior year business returns prepared by your CPA.

In today's episode of the Entrepreneur Aligned Podcast, we'll dive into each of these warning signs and discuss why they are important to pay attention to.

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

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Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy. Advisory services provided by Destiny Capital Corporation, a Registered Investment Adviser.

We get this question often: "How is business owner financial planning different than regular financial planning?"

Financial planning is the process of creating a comprehensive plan to fund your current and future needs. Financial Planning for business owners is the process of including your business planning in your personal financial planning strategy.

In today's episode of the Entrepreneur Aligned Podcast, Jarrod breaks down the high level strategy behind it all.

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

When you are in a tight spot with liquidity, where do you go to source the cash? In today's episode of the Entrepreneur Aligned Podcast, Jarrod focuses on things you can implement relatively quickly, most within a few weeks or even a few days.

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

Growing your business through acquisition requires financing. In today's episode the Entrepreneur Aligned Podcast, Jarrod provides an overview of SBA 7(a) loans and how you can use them along with seller-carried financing to acquire and grow your business.

For a deeper dive into this week's topic, check out our long-form blog post on this very topic: https://entrepreneuraligned.com/insights/small-business-acquisition-sba-loans

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

Increasing the equity value of your business can be done in many ways. What are the fastest ways to start increasing value right now? In this episode of the Entrepreneur Aligned Podcast, Jarrod breaks down the three ways to increase your business equity value fast.

Fast doesn't mean the most powerful tools you have available. Those are usually increasing revenue, profitability, and growth rate. However, those often take longer to create and if you want to start moving the needle right now we need to look in other areas while you continue growing the business. The three fastest ways to increase your business valuation are:

1) Remove yourself from roles in the business

2) Ensure your financials are clean and easy to review

3) Secure your intellectual property

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

There are lots of ways to lose money with investing, but perhaps the most frequent is selling assets when you don't want to. Sometimes this is driven by fear, when economic conditions worsen or the market turns against us we naturally want safety. Sometimes we see a better opportunity or think we do, and want to make a change to take advantage of it even if the assets we own are down in value. Most often, we see this happen when there is a need for capital that we didn't properly plan for and we need cash even if we are selling at a loss to get it.

So how do you set yourself up for success so that you aren't selling assets when you don't want to? You have to design your account structure and strategy to match your dollars to when you will need them. In this episode of the Entrepreneur Aligned Podcast, we will cover an example of our baseline design which involves splitting personal liquid assets into three buckets:

1) Short-term needs and reserves: spending in the next 1 year

2) Mid-term needs and reserves: spending in the next 2-3 years

3) Long-term needs: spending more than 3 years in the future

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

How is wealth management different for business owners?

The more accurate question might be, how isn't it different? Business owners control their time and capital to a greater degree than the 91% of non-entrepreneurs in the US. Most of the research and writing on personal finance is targeted toward those 91% who work for someone else and operate in a very traditional work environment. They generally collect wages and benefits and have fairly predictable income. Entrepreneurs only make money when their business does and those numbers change drastically over time.

So how should entrepreneurs manage their wealth differently? We lean on our 4 Pillars of Entrepreneur Wealth Management:

1) Get Clear

2) Grow Wealth

3) Manage Risk

4) Entrepreneur Equity Planning

Read the deep dive blog on this topic here: https://entrepreneuraligned.com/insights/four-pillars-entrepreneur-wealth

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

How do you know if you are financially free or how much more you need? I wrote about this in my book The Abundant Entrepreneur and call it the Enough Number. Meaning, how much do you need in lump sum wealth and recurring passive cash flow to meet all the personal goals you and your family have for the rest of your life? You can download a simple version of that calculator here.

Grab a copy of my book The Abundant Entrepreneur from Amazon here: https://www.amazon.com/Abundant-Entrepreneur-Lasting-Personal-Wealth/dp/B09CRXV2SH

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

Quarterly estimated tax payments are one of the least enjoyable parts of entrepreneurship. Making sure that they don't cause a cash crunch is one of the keys to reducing the pain they cause. In today's episode of the Entrepreneur Aligned Podcast, Jarrod outlines how you can properly forecast and reserve for them.

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

As many startups embark on their entrepreneurial journey, one critical decision involves choosing the business structure that best fits their unique needs. Two popular choices are the Limited Liability Company (LLC) and S Corporation (S Corp), each having its own nuances and specific governance structures.

Both S Corporations and LLCs offer "pass-through" taxation, where profits are taxed at the owner level, not at the business level. However, S Corporations' shareholders can potentially avoid self-employment taxes on a portion of the company's profits, a benefit typically not available to LLC members. S Corporations are required to adhere to stricter corporate formalities, such as maintaining minutes of board and shareholder meetings, issuing stock, and having a board of directors. Conversely, LLCs offer more flexibility in management structure and fewer ongoing formalities.

In today's episode of the Entrepreneur Aligned Podcast, Jarrod delves into the tradeoffs between LLCs and S-Corps.

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn't working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

Wealth Digest - weekly articles delivered to your inbox!

Subscribe to our YouTube channel

Connect on LinkedIn

Follow on Twitter

Follow on Instagram

Check out our Linktree

REACH OUT TO US!

If you have a question or simply want to talk through your financial planning, we are here to help.

SEND US A MESSAGE or call 720-715-7570

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.