Pay Play Profit

We are not promised tomorrow. If you died or were disabled, how much would your loved ones have to invest in figuring everything out while they're also grieving your loss?

If you're an entrepreneur or a business owner and you have children, having a last will and testament is one of the things you need to prioritize. You want to make sure your assets are treated the way you want and that all those things flow while people are also trying to send you off to your "next" adventure.

In today's episode, we're going to talk about how you can be as prepared as possible for when bad things happen as well as some things you should be thinking about earlier or sooner than later. A lot of people love to push this topic off because it's tough, but it's a very important, practical conversation to have.

It's important to be proactive because this is one area that families tend to fight about. If you can set things up to dictate how your assets are going to go and flow, then that takes it out of the hands of your children and your family, so there's less fighting.

The more complicated your situation is and the more assets you have, the more you're probably going to need an attorney. Now, you may have the best intentions but intentions are not legal. And so, your best intentions could go by the wayside if you die before they're instilled.

In this episode, you will hear:

• Why you need to have this conversation

• Why an operating agreement is critical in your business

• It's not too small to have a last will and testament

• The Young Adult Power of Attorney

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Mama Bear Legal Forms - Last Will & Testament

Mama Bear Legal Forms - Young Adult Power of Attorney

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

If you have a limited liability company, an S Corp, a C Corp, a partnership, or anything that's formal and a legal entity, you need to hold an annual meeting in your business and document certain things that have been decided.

In this episode, we will give you a framework to think about for your next annual shareholders meeting. The first quarter of the year is an excellent time to host this meeting because a lot of times, it's an opportunity to prove the financials for the prior year along with any decisions you've made for the current year. Then you're documenting those decisions through your meeting minutes which matters a lot to the IRS.

Your business is not you. It's a separate entity, and the IRS sees it as separate from you. So you must do this as an agreement between you and your company. This lets the IRS know that you understand what you're doing and that you're treating it that way so you're not breaking that "corporate veil." If you don't do it, it could very well harm you with your taxes and your legal entity because the IRS could see it as a fault or a breach.

In this episode, you will hear:

• Why you need to hold a shareholders meeting
• How to do it internally and where to do it
• The benefits of holding it in the first quarter
• Why titles matter
• Things to discuss during the meeting
• Getting approval of actions
• What the presentation of the financial statement report looks like

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

RocketLawyer.com

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Year-end is the perfect time to decide if you're with the right accounting partner. In this episode, Ashley Travis, our digital marketing person at The Bottom Line®, joins us to talk about the top 12 questions you should consider asking when it's time to hire an accountant, tax preparer, or accounting team for your business. Ashley pulled these 12 questions together based on the things we get asked all the time here at The Bottom Line® and on some things that she saw people from other communities asking. These are not easy conversations to have but they're necessary and crucial.

In this episode, you will hear:

• 12 questions to ask when hiring an accountant
• Why it's important to ask these types of questions
• Knowing their types of clients and experience in the field
• Focusing on relationships, not transactions
• Setting expectations and finding the right fit

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

Do you have a proven process? If yes, do you have a visual form of your proven process? And does 20% of the process drive 80% of your results? If you answered no to any of these questions, then you must listen to today's episode as we dive into our proven process here at The Bottom Line®.

In fact, it took us almost nine years to get a proven process. Although we've had processes all along, we didn't clearly understand what a proven process was and what it could do for us until we started the Entrepreneurial Operating System (EOS).

If you are struggling to scale your organization or you have a growing team and you need a manual that you don't have to create, EOS' proven process may just be what you need. The tools we have been using are just amazing in helping us lead, manage, recruit, and encourage people. And so, we hope it does the same for you.

At the end of the day, managing is all about getting people on the same page – making sure you get their buy-in, they get it, they want it and they have the capacity for it. That's when you know you have the person in the right seat because they exhibit your core values.

In this episode, you will hear:

• What is a proven process?
• The five stages of our proven process
• The three key things that happen at each stage
• Tax planning and tax compliance are two different things
• What our year-round client support looks like

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

TBL Proven Process: https://drive.google.com/file/d/1NKK10WuJTlEmknH1hbBeFGPmKr2mlwgA/view?usp=sharing

Book: Traction by Geno Wickman - https://amzn.to/3dwejaS

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com.

If you still haven't been planning for retirement, there's no better time to start than now. Maybe you're a spender and not a natural saver or maybe you're too much of a saver and don't spend money when you should. Either way, this can cause issues down the road because there's a difference between spending, investing, and stewarding.

Whether you have a spending problem, you haven't been brought up to prioritize planning for retirement, or you lack education on all of this, you can always start now. Today, we're going to dive into the common retirement plans for small businesses. We hope to inspire you on what you can do right now and with exactly what you have to plan for retirement and save on taxes

Before we get into the technical stuff, don't come with a mindset that you have to have a retirement plan because you're using it as a measuring stick of your worth. People have different sets of circumstances than you and they're prioritizing things differently than you at this point.

Retirement is the least of many people's worries. Maybe there's a reason why this hasn't been part of what you've done up to this point. However, when it's the right time for you, it will be the right time for you, even as a business owner. The least you can do is to equip yourself with some knowledge right now so you can use it whenever you're ready.

Just listen to this episode with an open mind because even the smallest movement in this area will make a big impact on you down the road. It's never too early. No amount is too small. Start the process. And don't do it alone!

In this episode, you will hear:

• The trauma many people have with money
• Six common retirement plans for business owners
• Why you need partners and some key people involved
• Having a vision for retirement

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Supporting Resources: 2021 Common Retirement Plans for Small Business

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com.

Most small businesses fail because they no longer have the cash to continue. And if you're growing a business, you've got to keep everybody on the same page and have the tools in place to drive extreme clarity.

In this episode, we're going to talk about how to master cash predictions through budgets. As a business owner, you have to get good at predicting. By putting the right systems and processes in place, you're able to make more accurate and faster predictions, especially that predicting cash through a budget could be painful the very first time you do it.

We have been doing the Entrepreneurial Operating System (EOS) for more than 18 months now and we're six quarters in. EOS is a powerful operating system based on the book "Traction" by Gino Wickman. It talks about five leadership abilities in growing an organization, and one of them is getting really good at predicting – be it in finance, cash flow, and even with tax. Although you never know what will happen until you get there, you have to predict, at least, based on some assumptions that will drive and create value in your organization.

Through the power of the EOS and how it has helped us evolve as leaders and owners, we now understand that the greatest skill and value we can bring to our organization is the fruit of predicting well. Predicting is the way to drive and create value in your organization – and your finances are no exception.

In this episode, you will hear:

• Why predicting is important in your organization
• Creating containers for financial success based on parameters or prediction
• The volatility of predicting sales
• The biggest lesson of collaboration
• The power of intentionality and focus
• Mastering predictions through budgeting

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Traction by Gino Wickman https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com.

As a business owner, you definitely want to maximize your tax deductions. In simple terms, a tax deduction is anything you spend or incur in your business that is an expense of some sort. It's a deduction against the revenue of your business, whether you consider it a cost of goods, an expense, or even a home office deduction.

Sometimes, tax deductions are not 100%. In particular, most people think about meals when talking about tax deductions. In 2021, all meals have only been 50% deductible. That being said, the business can pay for what it needs to pay for as long as it has a business purpose. However, within the tax arena, deductions are the things that get to be reduced from your income before tax is calculated.

The goal is to get as much as you can in tax deductions to minimize liability. However, that shouldn't be your only reason. If there's something your business should pay for but you might not get a 100% deduction for it, that shouldn't stop you from doing it.

It can be a complex world out there. Just be consistent and have a process in place and you'll be fine. Don't blame your bookkeeper if your tax return ends up not being right. You need to look at your books because you're the one who's going to have to stand up for them in the event of an audit, not them.

Therefore, understand where you need to allocate things and what expenses are what. Once you make those decisions, you won't have to make them again anyway.

In this episode, you will hear:

• What an actual tax deduction is
• Different types of tax deductions for 2021 (merchant processing fees, legal expenses, shipping, postage, dues and subscriptions, etc.)
• Why it's important to be consistent about the application of an expense
• Factoring in reasonableness that the IRS will look at
• Different types of expenses

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

When was the last time you took a day off?

It's every entrepreneur's dream to have the freedom, flexibility, and discretion to take time off whenever they want. A lot of entrepreneurs want that freedom but they never get around to taking it.

As we get older, we need time off even more than we did when we were younger. We also need to play more than ever. After all, what's the point of hustling so hard if we're not taking the time to play and rest?

Today, we dive into scheduling your success with time off. You're in a business to grow. You're in a business to do big things. Therefore, time off should be your thing.

When you are in a leadership role, there are even more reasons for you to care of yourself. If you enjoy work and taking time off isn't your idea of freedom, then choose what freedom looks like to you. Use this time to identify what it is you want to do, what it is you want to work on, and how you want to grow this year.

Just to put things in perspective, there are no emergencies in accounting. It's not life and death stuff physically, though it can be emotionally and mentally. You have to figure out how to play both sides.

Ultimately, you can't define your success by what you accomplish. You're worth it just because of who you are. That alone is enough reason for you to take care of yourself. If you don't think you need it, just try to reconsider. What you do in your time off can vary; regardless, you need that pause button to regenerate yourself. You just have to start small and start somewhere.

In this episode, you will hear:

• Defining freedom for yourself
• Tracking your time and using your calendar
• Protecting your time off
• Developing your ONE thing commitment, protecting it, and honoring it
• Developing the muscle of delegation and trust
• The importance of rest and paying people to get things off your plate
• Planning and scheduling your time off for the whole year

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

www.fullfocusplanner.com/

www.rescuetime.com

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment. He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world. Find out more at https://emeraldcitypro.com.

At The Bottom Line®, we're following the EOS (Entrepreneurial Operating System) style where we break our annual planning down into 90-day segments to make sure that we're still aligned with our annual goal.

Now, the bigger the goal is, the more you can lose focus. If the goal feels too big, it can get overwhelming to the point that your productivity suffers. EOS teaches you how to compartmentalize and break down your goals into 90-day steps so they become more achievable.

Most importantly, you've got to do this in a way that's aligned with you and your gifts. Otherwise, you won't be able to leverage your strengths with the right people in the room and your efforts won't be as fruitful as they could be.

In this episode, you will hear:

• The benefits of using the EOS style
• What Quarterly Pulsing looks like
• The core value speech
• The 3 main objectives of a quarterly planning session
• The benefits of quarterly planning
• What annual planning looks like

Subscribe and Review

Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.

We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Book: What the Heck is EOS?

Book: Traction

BusinessAccelerator referral

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

People matter, and prioritizing people has great rewards. But it comes with great responsibility and great risk that it can be daunting and overwhelming. Today, we're going to talk about leveraging your core values to hire, fire, reward, and recognize in 2023.

If you're not really great at hiring because you don't hire a lot, or you've never hired before, hopefully, this episode will give you the inspiration to lay the groundwork for you to set yourself up for success.

As an EOC company, clarity is one of our superpowers. Our culture is strong and our core values have helped us pull that off. And so, we want to share with you some tools that we've been using to help us leverage our core values in our recruitment and retention process.

The company culture defines who you are as a unit. And part of creating that culture largely depends on the core values that you have created for your company, which you also have to infuse into your process. Once your core values are done well and you're living them – that's going to make all the difference.

In this episode, you will hear: Using your core values to determine the right people The values translator and who it works The quarterly conversation process and the people analyzer Rewarding and recognizing based on core values What to do if you have the right person and wrong seat – and the wrong person in the right seat Loving your people on their way out

Subscribe and Review Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

EOS® Ninety.io Episode 108: Crafting & Delivering Your Company Core Values Speech Quarterly

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com. Let them know we sent you.