Mission Driven Business

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Ten years of entrepreneurship changes the way you think about almost everything. In this episode, Brian Thompson shares ten belief shifts that shaped his journey from 2016 to 2026, and what they might mean for wherever you are in building your own business.

Brian introduces two versions of himself: 2016 Brian, the guy who just walked away from a comfortable legal career with a vision and a lot of assumptions, and 2026 Brian, someone who has spent a decade building a business, serving clients, making mistakes, and learning along the way. The result is an honest and personal reflection on what entrepreneurship actually teaches you over time.

In this episode you will learn:

Why confidence is a byproduct of action, not a prerequisite for it
How expertise alone does not create lasting client relationships
Why planning creates more peace of mind than money ever will
How the definition of success shifts from growth to alignment over time
Why authenticity and niching down are about belonging, not just marketing strategy
What productivity actually means when you are building a mission-driven business
Why there is no finish line in entrepreneurship and why that is a good thing

Ten years of entrepreneurship teaches you that authenticity is not a brand strategy. It is the foundation of everything. The clients who stay, the work that energizes you, the business that lasts, all of it comes back to knowing who you are and building something that reflects that.

Whether you are in your first year or your tenth, this episode is a reminder that the business you are dreaming about will not turn out exactly how you imagined. It will become something better.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Ten years ago, Brian Thompson walked out of his law firm for the last time with a vision, a lot of fear, and no guaranteed paycheck. In this episode, he reflects on a decade of entrepreneurship, the lessons that shaped him, the people who made it possible, and what the next ten years of mission-driven financial planning looks like.

This is not a strategy episode. It is a personal and heartfelt thank you to everyone who has been part of the BTF journey, and a reminder that meaningful businesses are not built overnight. They are built one conversation, one client, one courageous decision, and one ordinary Tuesday at a time.

In this episode you will learn:

The business lessons Brian has carried through a full decade of building BTF
Why financial planning has always been about helping people build lives, not just balance sheets
How community and connection have shaped the growth of a mission-driven business
Why the podcast became one of the most unexpected and meaningful parts of the journey
What Brian believes about mission-driven entrepreneurship going into the next decade
Why celebrating milestones matters and how to start doing it more intentionally

A decade of entrepreneurship teaches you things that no business book can. It teaches you that mission matters more than metrics, that community sustains what strategy alone cannot, and that the businesses that last are the ones that know why they exist.

Whether you are just starting out, somewhere in the middle, or celebrating your own milestone, this episode is a reminder of how far one courageous step can take you.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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The halfway point of the year is one of the best moments to review your business finances, and most entrepreneurs let it pass without taking action.

In this episode, Brian Thompson shares the CASH framework, a simple mid-year review you can complete in under an hour, that helps you understand where your business stands and make better decisions for the second half of the year.

Brian gets honest about his own relationship with numbers and why most entrepreneurs avoid their finances, not because the news is bad, but because looking feels uncomfortable. This episode is a practical and compassionate guide to changing that relationship, one question at a time.

In this episode you will learn:

What your financial statements are really saying
How to complete a mid-year review using the four-step CASH framework
What questions to ask when reviewing your revenue, expenses, and cash flow
How to assess your spending and whether it reflects your values
Why cash flow creates peace of mind and how to strengthen it before year end
How to head into the second half of the year with three clear financial intentions
Why small adjustments made consistently over six months can completely change your year

A good mid-year review is about gathering the information you need to make better decisions going forward. When you understand your cash flow, your spending patterns, and your financial position, the second half of the year becomes much easier to navigate with clarity and confidence.

Whether your numbers are better than expected or worse than expected, this episode will help you turn what you find into a plan.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Most entrepreneurs treat business problems as money problems. In this episode, Brian Thompson makes the case that they are almost always alignment problems, and that better decision-making starts not with tactics, but with mission, vision, and values.

Brian shares the alignment framework he uses with entrepreneurs across industries to help them make decisions with more clarity, confidence, and purpose. If you have ever felt like your business decisions are harder than they should be, this episode will help you understand why, and what to do about it.

In this episode you will learn:

Why most business problems are alignment problems, not money problems
How to use mission, vision, and values as a foundation for better decision-making
Why tactics like pricing, hiring, and structure should come after the foundation is clear
How to think about money, energy, and ethics as the three pillars of a sustainable business strategy
Why profit protects your mission and allows meaningful work to continue
How to evaluate any business decision using your values as a filter
What to do before you raise your prices, hire someone, or launch something new

Better decision-making in business starts with a clear foundation. When mission, vision, and values are in place, the tactical questions, what to charge, when to hire, how to structure the business, become much easier to answer with confidence and alignment.

This episode is especially relevant for service-based entrepreneurs, therapists, coaches, consultants, and creatives who are building businesses around meaningful work and want a framework that reflects their values as much as their goals.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Refining workflows and checklists cannot solve every foundational business hurdle. In this episode, Brian Thompson explores why a focus on optimization often leads to the avoidance of deeper personal and operational challenges, and what actually builds true resilience over the long term.

Brian opens up about navigating a profound capacity problem during a period of intense personal transition and business growth. If you have ever felt exhausted despite having a perfectly organized schedule, this episode explains why the solution often requires subtraction.

In this episode you will learn:

The distinct difference between productivity and emotional capacity
How optimization can become a subconscious shield against discomfort
Why relying on new tools and artificial intelligence can create a trap of treating every challenge as a productivity flaw
The relationship between constant achievement and survival strategies within the LGBTQ community
Why choosing to simplify a business requires more courage than choosing to optimize it
A simple three-question exercise to help evaluate where your business needs simplification

True business health centers on alignment, authenticity, and recognizing human limits. Operational clarity comes from the courage to subtract, allowing you to let go of projects that are good but unnecessary.

Whether you are facing burnout or looking to streamline your daily obligations, this episode offers a grounded and honest look at the human side of entrepreneurship and the practical steps that help you build a sustainable life.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Choosing the right business structure is one of the most important decisions a mission-driven business owner will make, and taxes are only part of the story. In this episode, Brian Thompson walks through every major business structure available to entrepreneurs, viewed through the lens of ownership, profit sharing, decision making, and mission protection.

Whether you are just starting out, growing your team, or thinking about the best way to share profits, this episode will help you ask better questions and make a more informed decision about the structure that fits the business you are actually trying to build.

In this episode you will learn:

Why business structure affects ownership, profit sharing, governance, and mission protection
The five questions every mission-driven business owner should ask before choosing or changing a structure
Red flags that your current business structure may no longer fit your vision
The key differences between sole proprietorships, LLCs, S-Corps, C-Corps, and benefit corporations
Why an S-Corp may limit your ability to build a mission-driven business over time
How cooperatives and ESOPs create shared ownership and democratic governance
What steward ownership and purpose trusts are and why mission-driven founders should know about them

The right business structure is not the one that saves the most in taxes today. It is the one that supports the mission-driven business you are trying to build over the next decade. Ownership, profit sharing, decision making, and legacy all depend on getting this right.

Resources + Links * Episode with D.G. Safeer Hopton on Co-Ops * Episode with Brian on S-Corps * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Most entrepreneurs have never seriously considered the cooperative business model, even though some of the most recognizable brands in the world are co-ops.

In this episode, Brian Thompson sits down with D.G. Safeer Hopton, entrepreneur, healer, and author of Creating a Co-op Village, to explore cooperative economics and what it could mean for mission-driven business owners.

Safeer has spent decades building co-ops, studying cooperative economics, and helping communities create prosperity through shared ownership. This conversation is a practical and eye-opening introduction to a business structure built on people before profit.

In this episode you will learn:

What cooperative economics actually means and how it works in practice
How co-op business models differ from LLCs, S-Corps, and nonprofits
Why credit unions, IKEA, Sunkist, and Carpet One are all co-ops
How patronage refunds work and why they are the fairest profit-sharing system Safeer has found
What questions every entrepreneur should ask before choosing a business structure
How co-op business models create community prosperity by keeping money circulating locally
The history of co-ops from pre-colonial Africa to present day
How to get started with a co-op through organizations like the National Cooperative Bank and the National Cooperative Business Association

Cooperative economics offers a genuine alternative to the competition and extraction model that drives most traditional businesses. Co-op business models are democratically controlled, neutral in race, religion, politics, and gender, and designed to return profits back to the people who generate them.

Whether you are an entrepreneur exploring new business structures, a mission-driven business owner looking for more community aligned ways to operate, or simply curious about how cooperative economics could create more prosperity in your community, this episode is a valuable and thought-provoking listen.

Resources + Links * Connect with D.G. Safeer Hopton: LinkedIn * Global Village Cooperative * Get the book: Creating a Co-op Village: How Real-World Co-op Businesses Build Wealth and Thriving Communities on Amazon * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts * Newsletter Sign Up

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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More revenue does not automatically create financial security. In this episode, Brian Thompson explores why so many entrepreneurs still feel anxious even when business is going well, and what actually builds business stability over the long term.

Brian gets honest about the gap between revenue growth and emotional security, drawing from his own experience and years of working with entrepreneurs at every stage of business. If you have ever hit a goal and still felt like everything could fall apart, this episode will help you understand why, and what to do about it.

In this episode you will learn: * Why revenue growth alone does not create financial security * How scarcity mindset follows entrepreneurs into later stages of success * The five systems that actually build business stability over time * Why cash reserves, financial clarity, and consistent bookkeeping reduce anxiety * How to start building resilience now without waiting for a specific revenue number * Why business stability is about sustainable design, not just income growth

Financial security in entrepreneurship is less about hitting a number and more about building intentional systems that create resilience. Business stability comes from clarity, preparation, and the structures you put in place, not from revenue milestones alone.

Whether you are early in your business or well established, this episode offers a grounded and honest look at the emotional side of entrepreneurship and the practical steps that actually help entrepreneurs feel more secure.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Let's explore the real emotional and strategic cost of hiding parts of yourself as an entrepreneur, and why building a business rooted in authenticity creates stronger alignment, better marketing, and a more sustainable path forward.

Brian gets personal about his own journey navigating visibility as a Black, gay entrepreneur and financial planner, and what he has learned about the difference between protecting yourself and slowly erasing yourself. If you have ever felt exhausted by performing a version of yourself you thought people expected, this episode is for you.

In this episode you will learn:

Why authenticity is a leadership and marketing strategy, not just a personal value
How visibility fear shows up in your business and what to do about it
The difference between thoughtful self-protection and self-erasure
How authenticity creates better boundaries, clearer messaging, and stronger client relationships
Why building a business aligned with who you are leads to more sustainable entrepreneurship
What Brian changed about his own marketing when he leaned into authenticity

Authenticity and visibility go hand in hand. When you stop performing a version of yourself you think people want and start showing up as who you actually are, the right people find you faster, the work becomes more fulfilling, and the business becomes more sustainable.

This episode is in honor of Pride Month, and while the conversation celebrates the LGBTQ+ community, the lessons around authenticity, identity, and visibility apply to every entrepreneur who has ever wondered whether people would still want to work with them if they really saw who they were.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Most entrepreneurs reach a point where doing everything yourself stops working. In this episode, Brian Thompson gets honest about the emotional side of delegation, what he has learned since bringing on his first employee, and why sustainable leadership requires letting go of the need to carry everything alone.

Delegation is one of the most talked about business strategies, and one of the most misunderstood. Brian shares why delegation is not just an operational decision, it is an emotional one. Underneath the resistance to delegating are fear of mistakes, fear of losing control, and fear of being seen as imperfect. This episode unpacks all of it with honesty and practical insight.

In this episode you will learn:

Why delegation feels so hard for highly capable people
How sustainable leadership requires more than just offloading tasks
What the emotional cost of over-functioning actually looks like
How delegating changed the way Brian runs his business
Why sustainable leadership looks less like doing everything and more like intentional collaboration

If you have been putting off delegation because it feels vulnerable or uncomfortable, this episode will help you see it differently. Sustainable leadership is not about being less capable. It is about building something that can actually last.

Resources + Links * Episode 120: Why High Achievers Struggle to Feel Successful * Episode 121: What It Really Takes to Hire Your First Employee * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Hiring your first employee is one of the biggest leaps you'll take as a business owner, and most people don't talk openly about what it actually involves. In this episode, Brian Thompson sits down with his operations manager Jesica Berger to share the hiring strategies that shaped their journey, from both sides of the table.

Brian and Jesica worked together for nearly seven years before Brian launched his own financial planning firm. When the time came to bring on his first hire, the foundation of trust they had built over almost two decades made all the difference. In this honest conversation, they break down which hiring strategies actually worked, what was harder than expected, and what any entrepreneur can take away before making their first hire.

In this episode you'll learn: * Why trust is the most important hiring strategy for a successful first employee relationship * How to structure meetings, check-ins, and communication with a new team member * What hiring strategies to use when you don't have a decades-long friendship to draw from * What the transition from contractor to full-time employee actually looks like * How to stay grounded when the future feels uncertain

Whether you're thinking about your first hire or you're already in the thick of building a team, this conversation is full of real, honest insight from both the employer and the employee perspective. If you're looking for hiring strategies that go beyond standard interview advice, this episode is for you.

Resources + Links * Connect with Jesica Berger: LinkedIn * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts * Newsletter Sign Up

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Many entrepreneurs hit their goals, grow their revenue, and create real impact, and still somehow feel behind. In this episode, Brian Thompson unpacks why high achievers so often struggle to feel successful, how comparison and constant striving distort our sense of progress, and why mission-driven entrepreneurs are especially vulnerable to this pattern. It is a candid and reflective conversation that ends with a challenge to redefine what success actually means for you.

The Pattern Entrepreneurs Get Stuck In A pattern Brian sees in himself and many of his clients: Hit a goal, feel proud for about five minutes, and then immediately shift into what is next, what is still missing, what should be better. His business coach put it plainly: there is no there.

By constantly focusing on the next thing, it becomes easy to miss the life that is being built right now. Many high achievers learned early that achievement equals safety, approval, or worth, and that conditioning runs deep. For LGBTQ+ entrepreneurs in particular, external validation often became a survival strategy when other forms of belonging were denied. The result is a set of skills, performing, producing, solving, and goal-setting, that serve entrepreneurs well, but can also become a trap. Psychologists call it the hedonic treadmill: we adapt to our circumstances so quickly that what once felt exciting becomes the new normal, and then we start chasing the next thing.

How Comparison Makes It Worse Social media has fundamentally distorted the way entrepreneurs measure their own success. Intellectually, most people know they are seeing highlight reels. Emotionally, it still lands. A perfectly good day in the business can unravel the moment someone else appears to be doing more, growing faster, or hitting bigger milestones. Without realizing it, other people's timelines become the standard against which progress gets measured. Brian points out that this is especially difficult for mission-driven entrepreneurs, who tend to be deeply reflective and genuinely care about doing meaningful work. That same thoughtfulness can turn inward in unhealthy ways. There will always be someone further ahead in one area or another, but what is rarely visible is their anxiety, their trade-offs, their exhaustion, and their own version of this same struggle.

When Your Identity and Your Business Are Intertwined Mission-driven entrepreneurs face an additional layer of pressure because so many tie their self-worth to their impact. When a business is deeply connected to personal values and identity, it becomes harder to separate business performance from personal worth. A slow quarter can feel like a personal failure. Burnout can bring guilt instead of rest. And because many mission-driven entrepreneurs are naturally empathetic, overextension becomes a pattern. You cannot build a meaningful business if you are perpetually depleted.

Why Reflection Changes Everything One of the most important lessons Brian has taken from entrepreneurship is that success without reflection rarely feels like success at all. If there is no pause to acknowledge growth, resilience, lessons learned, and progress made, the brain simply moves on to the next problem, and entrepreneurship guarantees there will always be a next problem. This is why Brian starts every client meeting by asking about successes and challenges, a few minutes to look at what has actually happened before moving forward. High achievers tend to be excellent at documenting failures and poor at documenting progress. Making success visible, and emotionally real, is a practice that has to be built intentionally. Brian also encourages clients to take some of their quarterly profit and celebrate themselves, a dinner out, a massage, whatever feels good, rather than immediately reinvesting everything back into the business. Celebrating now, rather than waiting, is part of building something sustainable.

Redefining What Success Actually Means for Mission-Driven Entrepreneurs Ambition is not the problem. The problem is when achievement becomes the only measure of worth. Sustainable growth requires expanding the definition of success beyond revenue and output.

Success might look like a business that supports your mental health, flexibility and freedom in your schedule, stronger boundaries, clients you genuinely enjoy working with, decisions aligned with your values, or simply resting without guilt. None of those things show up in a public milestone post, but they are often what actually creates a meaningful life. Entrepreneurship is also not linear. There will be seasons of slower growth, lower energy, and shifting priorities. Sometimes success is simply continuing. Sometimes it is choosing sustainability over self-destruction. Sometimes it is deciding to stop building according to someone else's definition entirely.

Your Action Step What is one win you have not fully celebrated this year? Not minimized, not brushed past, not immediately followed with what could have been better. One thing that deserves real acknowledgement. Brian invites you to send him a DM on Instagram with your answer. If this episode resonated, share it with another entrepreneur who might be quietly carrying this same feeling.

Resources + Links * Episode 118: Why You'll Never Find Balance in Your Business * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Clutter has a way of building quietly, and before long it starts affecting more than just how your desk looks. In this episode, Brian Thompson takes an honest look at how small pockets of disorganization pile up during busy seasons and what they actually cost you, not just in time, but in decision-making, financial clarity, and the ability to move your business forward. Coming off tax season, Brian gets personal about his own clutter habits and offers a simple, practical approach to clearing the backlog without overhauling everything at once.

Clutter Is About Avoidance, Not Organization Brian opens with a candid admission. His desktop is full, his inboxes are sitting at over 600 emails each, and his physical mail has been piling up. For someone who considers himself organized and structured, it's a telling pattern. As a seasoned business owner, Brian has come to recognize that the buildup of clutter isn't because he's disorganized, it's avoidance. And avoidance has consequences.

The Real Cost of Clutter in Your Business Every pile is a decision that hasn't been made yet. The email sitting in the inbox, the document on the desktop, the piece of mail that hasn't been opened. Each one is waiting for something from you. When those decisions stack up, they don't just sit there quietly. They create background stress, a subtle but persistent feeling of being behind, even when other parts of the business are going well. Over time, that friction slows everything down.

The impact shows up in the numbers too. Disorganization can lead to missed deductions, late fees and penalties, invoices that don't get sent or paid, and a cash flow picture that feels unclear. When the financial picture isn't clear, decision-making slows down. Hesitation around hiring, marketing investment, or raising prices often has less to do with whether the move is right and more to do with not feeling confident in the information available. That hesitation has a real cost.

A Simple Approach to Clearing the Clutter Brian breaks the cleanup into three areas, each with a practical and low-pressure starting point.

Your digital space. A cluttered desktop and scattered files create friction every time you sit down to work. Brian's recommendation is to set up a small number of core folders: finances, clients, marketing, operations, and personal. Then start moving files into the right place. The goal is creating a system consistent enough that you can find what you need without thinking too hard about it.
Your email inbox. Every email is asking something from you, your time, your attention, or a response. When there are hundreds of them, it becomes easy to avoid the whole thing, and that's where things slip through the cracks. Brian's approach is simple: open each email and make one decision. Respond, archive, delete, or schedule it for later. This intentional step is enough to get started.
Your physical mail. Despite the mounds of junk mail, this is often where the most important things show up. IRS notices, bank statements, insurance renewals. Brian has seen it happen with clients too: a notice that's due tomorrow turns out to have been sitting on the desk for 30 days. Avoiding the mail doesn't make it go away. It usually makes it more expensive. Start by sorting into two piles, junk and important, work through the important pile first to make sure no deadlines have passed, then deal with the junk. Shred anything containing identifying information.

Your Action Step Block off 60 minutes this week for a CEO Cleanup Session. Twenty minutes for your desktop and files, twenty minutes for your inbox, and twenty minutes for your physical mail. Set a timer and start making decisions. The goal is not to eliminate clutter forever. It's to notice where you're avoiding something and take one step forward. You will feel more clear, more in control, and less behind on the other side. If this episode resonated, share it with another entrepreneur who might need a reset too.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Balance is one of the most talked about goals in entrepreneurship, and one of the most elusive. In this episode, Brian Thompson gets honest about why balance isn't something you achieve once and move on from, and why chasing that perfect equilibrium might be the wrong goal entirely. Coming off a particularly intense tax season, Brian shares what his own body was telling him, and what it made him realize about the way entrepreneurs expect themselves to show up all year long.

What Does Business Balance Actually Look Like? This year's tax season hit differently for Brian. For the first time, he experienced consistent sleep disruption throughout the season, something he had never dealt with before. Between the pressure of high-stakes returns, a new employee on the team, and pushing his workouts harder than his body could handle, something had to give. When his body started reacting in a new way, he took it as a signal that something was off. That signal led him back to a question he keeps returning to: what does balance actually mean for a business owner, and is it even something we should be chasing?

Businesses Are Never Truly In Balance Businesses tend to operate in seasons more than an overall balance like we've been told. There are sprint seasons: the launches, the deadlines, the tax seasons, the big projects. There are maintenance seasons marked by: steady work, consistent systems, and reliable routines. And there are recovery seasons: where rest, reflection, and reconnection take priority.

The mistake entrepreneurs make is expecting to show up the same way in all three - same energy, same output, same routines, regardless of what the season is actually asking for. When that doesn't happen, it's easy to feel like something is wrong. Most of the time, you're just in a different entrepreneurial season.

Questions Mission-Driven Businesses Should Be Asking These questions rarely come up in conversations about entrepreneurship. Brian suggests that you ask yourself:

Who are you when your business is asking more of you than you feel comfortable giving?
When the stakes are high and the pressure is constant and your body is pushing back, do you push harder?
Do you ignore the signals? Do you keep up the appearance that everything is fine?

That pattern of faking it is something Brian wants to change the conversation around.

Three Things to Consider When Looking for Balance Brian leaves listeners with three practical areas to reflect on when it comes to finding a version of balance that actually works.

Identify your entrepreneurial season and cycles

Ask yourself honestly, "Am I in a sprint, a maintenance phase, or a recovery season right now?" Your expectations and capacity should match the season you're actually in, not some idealized version of what balance is supposed to look like.

Build self-awareness around your warning signs

Start paying attention to the signals your body and mind are sending you. For Brian this year, the signal was sleep. For you it might be irritability, lack of focus, avoiding decisions, overworking, or underworking. Those signals tend to show up early, and the sooner you recognize them, the easier it is to adjust before they become bigger problems.

Create a reset ritual for self-care, mental health, and productivity

Brian's current reset is attending a financial planning conference in San Diego. A chance to step out of the day-to-day, reconnect with colleagues and friends, and work on the business rather than in it. A reset doesn't have to be elaborate. It just needs to bring you back to yourself with more energy and appreciation than you left with.

Your Action Step Take a moment to reflect on two questions: What season are you in right now, and where might you need to give yourself a little more flexibility and grace? Balance is something you come back to, adjust, and renegotiate based on what your life actually needs in the moment. If this episode resonated with you, share it with another entrepreneur who might need the reminder. And as always, keep building your mission-driven business.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Building a business around freedom is more than a financial decision, it's a deeply personal one. In this episode, Brian Thompson sits down with Kyra Mitchell Lewis, a brand strategist, marketer, podcast host, and founder of Studio Wonderwell and Glow Up, Gyrl, to talk about what it truly means to bet on yourself. Kyra shares how more than 20 years in corporate marketing led her to a pivotal moment of liberation, how she built a thriving consulting business in under a year, and why keeping an open mind has been one of her greatest entrepreneurial assets.

A Business Built Around Purpose Kyra defines a mission-driven business as one built around a deeper purpose that guides every decision and serves people meaningfully while still generating enough revenue to sustain the work. Her definition mirrors her own entrepreneurial journey.

After more than two decades in corporate marketing, managing large teams and climbing the ladder, Kyra found herself increasingly disconnected from the impact she wanted to have. The money was good, but it no longer felt like her. Then she was laid off. Rather than feeling devastated, she felt free.

Betting on Yourself Her husband, himself an entrepreneur, wasn't immediately convinced. He asked whether she was going to look for another corporate job. Her answer was firm: absolutely not. She gave herself six months to prove what she had always believed she was capable of. Before long she was earning more than she had in her corporate role and doing it on her own terms. The anxiety she had braced for never arrived. In its place was trust: in herself, in her skills, and in something bigger than the numbers.

The Power of Staying Open One of the most compelling threads of this conversation is Kyra's willingness to let her business evolve. She didn't launch with a perfectly defined business plan. Studio Wonderwell grew organically from the marketing expertise she had spent decades building, but she never forced herself into a single box. Along the way she discovered a love for facilitating group conversations around relationships and communication. As Brian puts it, following the spark matters. Knowing what lights you up and staying open to where it leads is one of the most important things an entrepreneur can do.

Practical Lessons for Building a Business Kyra distills her first six months into a handful of lessons that are as practical as they are grounding.

Start with a clear purpose statement at the core of everything you do, even if the work around it continues to shift.
Have lots of conversations and let people know what you do, because opportunities come from visibility.
Build repeatable systems and workflows early, using tools like AI to automate the administrative tasks that drain your time and focus.
Design offers that genuinely address a pain point.
Set boundaries, not just with clients but with yourself, because entrepreneurial energy and ideas are abundant and protecting your focus is what keeps the work sustainable.

Celebrate the Progress In six months of building, Kyra hadn't stopped to say to herself, "you did a good job". During the conversation, she reflected on the people who had reached out about corporate roles along the way, and on the fact that she had chosen, every time, to bet on herself instead. As Brian reminds her, there is no finish line to wait for. The business is being built right now, and real life is happening right now. Taking a moment to acknowledge how far you have come is part of the work.

Resources + Links * Connect with Kyra Mitchell Lewis + Studio Wonderwell, Glow Up Gyrl podcast, + Socials: Instagram, Facebook, LinkedIn, TikTok

Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes
Follow & review the podcast: on Spotify and Apple Podcasts
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About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Tax season doesn't have to be a scramble, but for most business owners, it is. In this episode, Brian Thompson offers a simple, practical system for taking the stress and surprise out of taxes by shifting from a once-a-year reaction to a year-round strategy. If last episode left you wondering whether you missed something, this one is your action plan.

Start With a Mindset Shift Before getting into tactics, Brian makes an important reframe: taxes are not a once-a-year event. They are a year-round strategy. This matters especially for mission-driven business owners who are growing quickly, navigating variable income, and making values-based decisions with their money. The goal is to build a system that supports your business all year long, not just get through the filing season.

A Simple Four-Step System to Prepare for Next Year's Taxes Once the mindset shift is in place, Brian walks through four focused areas that make the biggest difference in tax planning.

Know your numbers

If you don't know your revenue, expenses, or profit, everything else becomes a guess. Get your bookkeeping in order and review your numbers monthly, not just at tax time. Monthly profit and loss statements, balance sheets, and reconciliation reports give you the clarity to estimate taxes accurately, spot opportunities earlier, and make better decisions overall.

Build a tax habit

For self-employed business owners, making estimated tax payments is non-negotiable, and yet it's one of the biggest sources of stress. Brian's recommendation is to set aside a percentage of income every single month rather than scrambling quarterly to find the money. Start with 15% of gross revenue and adjust up or down based on your profit margin. The key is consistency, ideally in a separate account that's ready when you need it.

Plan around the big levers

A few tax strategies tend to move the needle most for small business owners. Brian highlights SALT deductions, which may now offer new planning opportunities with recent changes and could make itemizing worthwhile if you're paying state and local taxes, mortgage interest, or making charitable contributions. Retirement contributions through a solo 401k or SEP IRA are among the biggest benefits available to solo entrepreneurs, reducing taxable income while building wealth at the same time. Health insurance and HSA contributions deserve attention too. The HSA stands out as one of Brian's favorite savings vehicles, offering a triple tax benefit: a deduction on contributions, tax-free growth, and tax-free withdrawals for medical expenses.

Schedule a mid-year tax check-in

Schedule a check-in around June or July and ask three questions:

How is my income tracking?
Am I on pace with my tax payments?
Are there opportunities I should act on now?

Waiting until February, March, or April means there's very little you can do about the numbers at that point. One mid-year meeting can prevent surprises, penalties, and missed opportunities.

Your Action Step Pick one of these four areas to improve on this month, just one. Maybe it's cleaning up your books, opening a dedicated tax savings account, or putting a mid-year check-in on the calendar. Small, consistent improvements are what actually reduce stress over time and build a financial system that supports your business, your growth, and your life. If you found this episode helpful, share it with another business owner who's tired of feeling surprised at tax time.

Resources + Links * Mid-year check-in episodes: + How To Do A Mid-Year Money Check + Master Your Mid-Year Business Review In 3 Easy Steps + Guide for Your Midyear Business Review

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Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes
Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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In this episode, Brian Thompson discusses key insights from the recent tax season, highlighting trends, surprises, and strategic opportunities for business owners to optimize their tax planning and financial health. Your tax return is not something to file and forget. If you pay attention, your tax return gives you a roadmap for what to do better this coming year. Brian also gives real-life examples of two clients that stood out this tax season.

Understanding Unexpected Tax Outcomes One of the most significant stress points during tax season is the unexpected tax outcome. Many business owners were pleasantly surprised this year, either owing less than they anticipated or receiving larger refunds than expected. However, it's crucial to remember that a refund is not a reward and a tax bill is not a punishment. It simply reflects the reconciliation of what you owe versus what you've already paid.

Increased Interest and Dividend Income This year also saw a spike in interest and dividend income for many business owners due to significant investment gains and the movement of cash into higher-yield savings accounts. While these gains are beneficial, they can also lead to increased taxable income, resulting in a higher tax bill than anticipated. Many individuals fail to account for all forms of income when calculating their estimated taxes, leading to potential penalties. It's vital to consider every aspect of your income when planning your tax estimates.

Planning for Underpayment Penalties Self-employed individuals, in particular, have reported a rise in underpayment penalties. This situation can occur even if you make estimated payments but fail to do so on time or for the correct amount. If your income has increased but your estimated payments have not adjusted accordingly, the IRS will catch up with you. To avoid these pitfalls, ensure your estimated tax payments reflect your actual income. Regularly review and adjust your estimates as necessary to avoid surprises come tax season.

How to optimize your tax return next year Benefits of increased SALT deduction

This year, many clients experienced unexpected results due to changes in the state and local tax (SALT) deduction. For example, one high-income business owner noticed a significant drop in their tax bill, while another client could itemize deductions for the first time ever, despite having no mortgage interest. This is a huge shift for high-income earners in high-tax states. Since this is new, this is your opportunity to become proactive. Plan ahead and strategize around the timing of payment or entity-level tax elections.

Maximizing Retirement Contributions

One area where many business owners fall short is maximizing their retirement contributions. Many do not take full advantage of their solo 401(k)s or SEP IRAs, either out of lack of knowledge or because they think it's too late to contribute. Remember, these accounts can significantly reduce your taxable income while helping you build long-term wealth. Don't let procrastination or confusion keep you from maximizing your retirement contributions. You can still contribute until the filing deadline, so take advantage of this opportunity to lower your taxable income.

Self-employed health insurance

This is another area where proactive planning makes a huge difference. I've seen people miss these deductions or owe money unexpectedly. Make sure you review your Schedule 1 to ensure you are making the most of your deductions.

The Importance of Bookkeeping The state of your bookkeeping is foundational to your tax return. Messy records can lead to missed deductions and poor decision-making, turning tax season into a stressful experience. Clean and organized books not only simplify tax planning but also improve cash flow and strategic deductions.

If your books weren't well-maintained this year, take the time after tax season to ensure everything remains in order. Regular reviews will make tax time far less daunting in the future.

Your Action Step Your tax return is not just a document to file away. It's a roadmap that highlights where you can improve and where opportunities have been missed. Take 30 minutes and review your tax return with this question: "What surprised me and why?" Was it a higher tax bill, a missed deduction or something you didn't understand? Every surprise is something you can fix next year.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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The S-Corp question is one of the most common Brian hears from entrepreneurs, but the answer is almost never as simple as the internet makes it sound. In this episode, Brian Thompson breaks down what an S-Corp actually is, how the potential tax savings work, and the real-world trade-offs that often get left out of the conversation. Whether you're considering the election for the first time or revisiting the decision, this episode gives you the context you need to make an informed choice.

What is an S-Corp? First, an important clarification: an S-Corporation is not a business structure, it's a tax election. Your business might legally be an LLC or a partnership, but you elect to have the IRS tax it under Subchapter S of the tax code. That election allows business income to pass through to the owner's personal tax return rather than being taxed at the corporate level. The key difference for most small businesses comes down to how payroll and self-employment taxes are handled.

How Do S-Corps Save on Taxes? When you run a business as a sole proprietor or single-member LLC, your net profits are generally subject to self-employment tax of 15.3%, which covers Social Security and Medicare. With an S-Corp election, you pay yourself a reasonable salary (which is subject to payroll taxes) but any profits above that salary can be taken as distributions, which are generally not subject to self-employment tax.

A straightforward example: on $200,000 in net profit, splitting it evenly between salary and distributions could save roughly $15,000 in payroll taxes. That's the number people are chasing when they talk about S-Corps.

S-Corps Trade-offs The savings aren't guaranteed, and there are two major caveats. First, reasonable compensation. The IRS requires S-Corp owners who work in the business to pay themselves a reasonable salary before taking distributions. Reasonableness evaluation is based on your experience, role, time devoted to the business, and what comparable professionals earn. For service-based businesses where the owner is the primary revenue generator, this requirement can significantly limit how much income can realistically be treated as distributions.

Second, administrative costs. Running an S-Corp means running payroll for yourself, filing a separate S-Corp tax return, issuing a K-1, maintaining better corporate records, and typically paying more for accounting and tax preparation. For some businesses the extra steps are worth it. For others, the time and cost eat too much into the savings.

State and Local Tax Considerations for S-Corps For many entrepreneurs, particularly those in cities where a large share of LGBTQ business owners live, state and local taxes add another layer of complexity. Brian breaks down the specifics: Illinois S-Corps pay a 1.5% personal replacement tax; California S-Corps pay 1.5% on net income with an $800 minimum franchise tax; New York State imposes a fixed dollar minimum tax based on gross receipts; and New York City doesn't recognize the federal S-Corp election at all, meaning city-level corporate taxes of up to 8.85% can still apply. Washington DC has its own franchise tax currently at 8.25%. If you operate in Chicago, LA, San Francisco, New York, or DC, these rules need to be part of your analysis.

The PTET Opportunity Despite the complications, Brian is clear: he recommends S-Corps for many clients when the numbers make sense. And there's an additional tool worth knowing about — the pass-through entity tax, or PTET. Created in response to the federal SALT cap, which limited state and local tax deductions on individual returns to $10,000, the PTET election allows the business itself to pay state income tax at the entity level, where it can often be fully deductible for federal purposes. The SALT cap increased to $40,000 in 2025, which reduces the urgency of this workaround for some. But for higher income business owners, PTET can still create meaningful additional savings on top of the payroll tax benefits.

The Right Questions to Ask About S-Corps Instead of asking "should I become an S-Corp?", Brian reframes the question: Does an S-Corp make sense for my business? The considerations that matter include what type of business you run, how much profit you actually generate, whether revenue is produced primarily by you or a broader team, your willingness to handle the administrative requirements, the state and city tax rules where you operate, and how the decision fits into your broader tax and retirement planning. You also don't have to decide on day one. Many entrepreneurs start under simple tax treatment and elect S-Corp status once the business becomes profitable enough for it to make sense.

Your Action Step This week, take three steps: look at your most recent business profit, estimate what a reasonable salary might look like for your role, and have a conversation with your tax advisor or financial planner about whether the numbers actually work in your specific situation. Your tax strategy should support your business strategy, not the other way around. The S-Corp election can be a powerful tool for the right business, but like most things in tax planning, context is everything. If you have any questions about S-Corps, reach out to Brian to see what your options are.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Awareness and acceptance lay the groundwork, but nothing changes until you take action. In this final episode of the budgeting series, Brian Thompson brings the framework full circle by focusing on what to actually do with your numbers. Because understanding your finances and accepting where you are is only powerful if it leads somewhere. This episode is about making intentional, strategic decisions that move your mission-driven business forward.

Start With Vision, Not Spreadsheets Before diving into tactics, Brian starts with something that might surprise you in a budgeting conversation: vision. Your budget is more than a financial document. It's a reflection of the business and life you want to build. Do you want a lean lifestyle business with flexibility and freedom? A growing company with employees and systems? A business optimized for profit so you can invest, travel, or retire early? There's no wrong answer. But the budget you build should reflect your vision, directing your money toward what matters most to you.

The Three Financial Levers Once you know your numbers and your vision, the path forward becomes clearer. Brian outlines three levers every entrepreneur can pull.

The Income Lever. Sometimes the most straightforward way to improve your financial picture is to focus on revenue growth. That might mean raising your prices, adding new services, improving your marketing, or increasing your capacity to serve more clients.
The Expense Lever. Reducing expenses doesn't mean slashing everything or operating from a scarcity mindset. It means asking thoughtful questions: Are there subscriptions or tools you're no longer using? Services you could renegotiate? Expenses that don't actually move the business forward? As Brian noted in the first part of this series on awareness, sorting expenses from highest to lowest can reveal a lot. Sometimes one or two adjustments can significantly improve your financial flexibility.
A Combination of Both. Most of the time, the right answer lives somewhere in the middle. A small price increase combined with trimming a few unnecessary expenses can create a surprisingly big impact on both sides of the equation.

The Profit First Framework For clients looking for a practical system to manage cash flow, Brian recommends the Profit First model. Rather than treating profit as whatever is left over after expenses, Profit First flips the equation so you are allocating income intentionally across four key categories from the start: profit, owner's pay, taxes, and operating expenses. Setting percentages for each category and revisiting them quarterly creates guardrails that keep your business financially healthy and enforces a powerful mindset shift: profit is no longer an afterthought. It becomes a priority.

Give Yourself Permission to Have a "Building Year" For anyone feeling pressure to make every year better than the last, Brian offers a grounding reminder: business growth is not a straight line. Some years are building years. Maybe you hired your first employee, invested in new systems, launched a new service, or restructured your client roster. In those years, expenses often increase before revenue catches up. And that's okay. Sometimes investing now is exactly what creates something better later.

Your Action Step Look at the numbers you gathered during the awareness exercise and ask yourself one question: which lever do I need to pull right now? Do you need to focus on increasing income, reducing expenses, or a combination of both? Then identify one intentional change you can make this month. Just one. Small, consistent decisions are what ultimately build strong businesses.

Thank you for following along with this three-part budgeting series. If there's one takeaway from awareness, acceptance, and action, it's this: budgeting isn't about restriction. It's about clarity, compassion, and intentional decision making. When you know your numbers, accept where you are, and take thoughtful action, you give your mission-driven business the foundation it needs to thrive. If you found this series helpful, share it with a fellow entrepreneur — and as always, Brian welcomes your questions and insights on Instagram at @BTFinancial.

Resources + Links * Episode 110: Budgeting Series #1: A Guide to Financial Awareness * Episode 111: Budgeting Series #2: A Guide to Money Mindset Shifts * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Rooted in identity, community, and purpose is what it truly means to build a business with heart. Brian Thompson sits down with Kala Lacy, an EMDR-trained yoga psychotherapist and founder of The Well Healing, a holistic wellness practice centered on Black and queer people of color. Kala shares how she turned her own healing journey into a thriving private practice, why niching down with radical specificity was the key to her success, and what inspired her newest venture: the Wellspring Care Collective, a mentorship community for Black, queer, and trans clinicians building aligned private practices.

A Business With Heart Kala defines a mission-driven business as a business with heart. One that is striving to create a positive impact and isn't solely focused on profit. Her path into mental health began with her own early experiences and a curiosity about what healing could look like if it were created with someone like her in mind. She entered the field through yoga, which she found integrated naturally and powerfully with therapy, and The Well Healing grew from there, shaped by what her community asked of her.

The Power of Showing Up Authentically Kala's journey wasn't without self-doubt. In graduate school, she felt pressure to whitewash who she was in order to be taken seriously as a clinician. It was a professor who openly claimed a Black feminist lens in her work that gave Kala the permission she needed to believe there was space for her in this field. Brian connects this deeply to his own story, reflecting on how seeing a Black gay CFP early in his career gave him the confidence to pursue his own path. Representation, they agree, changes everything.

Niching Down and Finding Your People Kala is intentional about naming Black, queer, and trans clinicians as the specific community she serves, even when she had reservations. The result? Nine out of ten people who reach out to her are already aligned. Her private practice went from part-time to where she wanted to be in about a year and a half. As Brian puts it, the more specific you get, the easier it is to find your people and for your people to find you.

Introducing the Wellspring Care Collective Kala's newest endeavor is The Wellspring Care Collective, a monthly mentorship group for Black, queer, and trans mental health clinicians building private practices. The collective offers weekly connection, learning on topics specific to private practice, guest speakers, community support, and space to show up as their full selves. Kala is candid about why this matters: grad school teaches you how to be a therapist, not how to run a business. The collective bridges that gap by offering both practical entrepreneurial skills and an affirming community.

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The Wellspring Care Collective
Connect with Kala Lacy: Website, Instagram, Facebook, LinkedIn, TikTok
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes
Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Money isn't just math and for most entrepreneurs, it never has been. In this episode, Brian Thompson continues the budgeting series with part two: acceptance. Building on the awareness foundation laid in the first episode, Brian explores the emotional side of budgeting and why looking at your numbers without shame or judgment is just as important as looking at them at all.

Why Financial Acceptance Is the Missing Piece Once you have your numbers, you're naturally going to have feelings about them. Money is tied to your upbringing, your fears, your identity, and your sense of security. Brian sees it constantly in his client work: people come to meetings with shame, and leave relieved when they don't get one. So many entrepreneurs carry money baggage — internalized messages from family, society, and past financial mistakes. The inner critic says you should have started sooner, charged more, or be further along by now. Acceptance means pausing that voice and recognizing that wherever you're starting from is exactly the right place to begin.

Five Money Mindset Shifts to Practice Brian outlines five concrete shifts to help entrepreneurs face their finances with curiosity and compassion instead of guilt and defensiveness.

Replace judgment with curiosity. Instead of shaming yourself for a spending decision, ask what was going on in your life or business that made it feel necessary at the time.
Recognize your defensiveness. Money touches on security and identity, so defensiveness is normal, but it can keep you from learning. When you notice it, pause and breathe.
Know your money story. What did you learn about money growing up? What beliefs are you still carrying that may no longer serve you? Bringing them into the light is the first step to releasing them.
Practice self-compassion. Would you talk to a friend the way you talk to yourself about money? Probably not. Give yourself the same grace.
Remember that facing it doesn't require shame, just courage and kindness. You can't change what you don't face, but you don't have to face it harshly.

The Power of Finally Exhaling Some of Brian's most meaningful client moments happen in budget sessions. Not because the numbers are great, but because clients finally feel seen and understood. Some have broken down in tears, not from devastation, but from relief. The fear and avoidance they'd been carrying for years turns out to be heavier than the numbers themselves. As Brian puts it, you can't build something beautiful on a foundation of shame. But when you accept where you are, you give yourself a place to stand.

Your Action Step This week, set aside time to journal on one or more of these questions:

What emotions come up when I look at my finances?
What messages about money did I carry growing up?
What would it feel like to release judgment?

You don't have to have all the answers, you just need to be honest. If you want to share a reflection, Brian welcomes DMs on Instagram at @BTFinancial. Next episode, the series moves into action: taking your awareness and acceptance and turning them into intentional, strategic decisions.

Resources + Links * Episode 110: Budgeting Series #1: A Guide to Financial Awareness * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Budgeting doesn't have to be intimidating, but it does have to be intentional. In this episode, Brian Thompson kicks off a brand new solo series on budgeting for entrepreneurs, approaching the topic through three lenses: awareness, acceptance, and action. The episode is the first and most foundational step: Awareness. Whether you're a new business owner or a seasoned mission-driven entrepreneur, understanding where your money is actually going is the starting point for everything else.

Why Financial Awareness Comes First Every January, Brian's inbox fills up with clients asking to connect about their budgets. It's a ritual he takes seriously in his own life too. This time of year offers a rare advantage: a full year of real data and a fresh set of goals. Before you can make smart decisions about where you're headed, you need an honest look at where you've been.

A Three-Step Framework for Financial Awareness To get there, Brian walks through three concrete steps: tracking your income, reviewing your expenses, and understanding your cash flow.

Track Your Income

The foundation of financial awareness is tracking. You can't manage what you don't measure. Start by understanding exactly where your money is coming from. Break down income by client, look at the consistency of your monthly revenue, and identify any seasonal patterns. That data doesn't just inform your budget; it shapes your marketing, hiring, and service delivery decisions too.

Review Your Expenses

Next, take a deep dive into your expenses to gain clarity. Ask yourself which expenses align with your values, which help you grow, which are essential to serving clients, and which could be eliminated or renegotiated.

Understand Your Cash Flow

Cash flow keeps your business alive. Ask yourself: Are you regularly dipping into savings or credit cards to cover operations? Do you have a cash reserve for emergencies? Are you paying yourself a regular profit distribution? If cash flow feels tight, it may be time to revisit your pricing, your payment terms, or the consistency of your revenue streams.

Tools to Make Financial Awareness Easier QuickBooks, Xero, or Wave are great for automated tracking and categorization, or Excel and Google Sheets for a more hands-on approach. Tune in as Brian previews the Profit First Framework — a method of allocating funds into key buckets like profit, taxes, and owner's pay — which will get a deeper treatment in the action episode. His biggest tip? Hire a bookkeeper. Bookkeeping is too important to keep pushing to the back burner, and editing someone else's work is always easier than starting from scratch.

Your action step Set aside 60 minutes this week to review your income and expenses from last year. Use whatever tool works for you, and look for patterns, surprises, and opportunities. If you're feeling brave, share one insight with Brian on Instagram at @BTFinancial. In the next episode, the series continues with acceptance — letting go of shame and judgment around money so you can focus on what you can actually control.

Resources + Links * QuickBooks, Xero, Wave * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Julie Austin and Matthew Cain share their journey in leveraging their military backgrounds to assist veterans in transitioning to entrepreneurship through their podcast Dogtags to Ownership. We explore the definition of mission-driven businesses, the importance of community & networking, and the personal experiences that shaped their call to service. The discussion also touches on the significance of identity, the challenges faced during the Don't Ask, Don't Tell era and how their backgrounds influence their current endeavors. The episode concludes with insights on partnership dynamics and key takeaways for aspiring entrepreneurs.

The Essence of a Mission-Driven Business Julie defines a mission-driven business as one that embodies a deep sense of purpose and passion. It's not just about making profits; it's about waking up every day with a drive to make a difference. Both Julie and Matt share a commitment to helping veterans transition into fulfilling careers, which their podcast serves a vital role in. They help veterans find meaningful work instead of merely passing time in jobs that don't inspire them. A mission-driven business must not only fulfill its owner's passion but also create a positive impact in the community.

Lessons from Military Service Julie and Matt share their experiences in the military, which have profoundly influenced their understanding of leadership and community service. In this episode they discuss how the skills and values learned during their service translate effectively into the business environment. For instance, the ability to lead diverse teams and navigate complex situations is invaluable for entrepreneurs looking to make a difference.

Finding Purpose Through Adversity The discussion also touches on the challenges veterans face during their transitions. Julie candidly shares her experience with the military's 'Don't Ask, Don't Tell' policy, which was a significant barrier for many LGBTQ service members. She reflects on the internal struggle of being true to oneself while serving in the military. However, the repeal of this policy allowed for greater openness and inclusion, fostering a more supportive environment for veterans today. This change parallels the mission-driven ethos of creating spaces where individuals can be authentic and contribute their best selves.

The Importance of Community and Connection Emphasis on the importance of community was a big theme in our discussion. Their mission is to connect veterans with valuable resources and mentorship opportunities that can help them thrive in the civilian world. By sharing experiences and knowledge, they create a supportive network that empowers veterans to pursue their passions and make meaningful contributions.

Resources + Links * Newsletter Sign Up * DogTags to Ownership: Website, Instagram, Facebook, TikTok * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Understanding your client relationships is more crucial than ever in today's fast-paced business environment. The Annual Client Audit is a powerful tool that can help you gain clarity on your client base, enhance your business relationships, and ultimately drive growth. In this episode, Brian Thompson focuses on how a thoughtful client audit can transform your business. He emphasizes that this process is not about hastily cutting ties with clients but rather about thoughtfully evaluating client relationships to enhance business growth and personal well-being with a simple three-step process.

The Importance of a Client Audit The concept of an Annual Client Audit may seem uncomfortable at first, but it can lead to significant positive changes in your business. Brian shares a compelling story about a client who went from burnout to a newfound clarity and joy in his work, and even an increase in revenue through higher charges to those valuable clients. Not all revenue is created equal. Some clients energize you, while others leave you questioning your business decisions.

Identifying your Ideal Clients Every client interaction teaches you something valuable. Brian encourages business owners to reflect on their client relationships by asking key questions: Who energizes you? Who pays on time? Who respects your boundaries? Conversely, who causes anxiety when they reach out? This reflection is crucial for defining your ideal client and shaping your marketing strategy.

A Simple Three-Step Process for Your Client Audit To conduct an effective Annual Client Audit, Brian outlines a straightforward three-step process:

Make a List: Document every client you've worked with over the past year.
Score: Rate each client on a scale from one to five based on criteria such as revenue, energy drain, alignment with your mission, ease of communication, enjoyment of the work, and whether they are worth the effort.
Categorize: Group clients into three categories - Core Clients (those you would clone), Neutral Clients (acceptable but not ideal), and Drain Clients (high maintenance and misaligned).

This structured approach allows you to make informed decisions about which clients to keep, develop, or let go, ultimately leading to a more fulfilling business.

Your action step to understanding your client base Set aside 30-60 minutes and go through the Annual Client Audit process. Use it to reset your client relationships and start the year with clarity and confidence. If you've already done your year-end financial review, this is your next step to align your time and energy with your vision.

Resources + Links * Free Client Audit Spreadsheet template * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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In this solo episode, Brian Thompson outlines practical steps for business owners to take back their time, including auditing their calendars, defining a 'hell yes' filter for opportunities, using scripts to say no gracefully, and starting small with boundary-setting. He stresses that reclaiming time is an ongoing practice that requires accountability, energy tracking, and celebrating small wins. By protecting their time, entrepreneurs can create space for joy, clarity, and purpose in their lives and businesses.

Why do boundaries around time management matter Time is your most valuable resource. You can always make more money, but you can't make more time. And when you waste your time or give it away without thinking, you're robbing yourself of energy, creativity, and alignment. Also, busy does not equal productive. Entrepreneurs often confuse packed schedules with being effective, but being intentional with your time is what leads to real impact.

In addition, burnout is real. When you say yes to everything, you eventually hit a wall. Your body knows, your creativity dries up, and your business suffers. Intentional time equals aligned action. When you reclaim your time, you make space for work that lights you up, moves your mission, and actually grows your business.

4 ways to take back your time as a business owner Here are four ways to start taking your time back, starting this week.

Audit your calendar.

Pull up last month's calendar and look at every meeting, task, or obligation. Highlight what you want more of and flag what needs to go.

Define your hell yes filter.

Hell yes may be easy to define in some circumstances, but with most things in life, there's a lot of gray. When a new opportunity comes in, check: does it support one of my values or goals? If not, it's a no, or at least a not right now.

Use scripts to say no.

You don't have to ghost people or be rude. You don't owe anyone an explanation, justification, or apology. Not wanting to is reason enough. You're allowed to protect your time because it matters to you, period. Scripts can be helpful training wheels, but over time, your no will stand on its own.

Start small.

If saying no feels scary, start with something low stakes, decline in casual coffee, shorten a meeting by 15 minutes, or block one morning a week to focus on work. Small wins build your boundary-setting muscle.

How to stay on track with protecting your time Making this commitment is nothing without accountability. Reclaiming your time isn't a one-and-done move. It's a practice.

Do a weekly time check. What drained me this week? What felt aligned and energizing? What do I want to do differently next week? Journaling or voice noting works wonders here.
Track energy, not just time. Rate how you feel after each meeting or task. Patterns will emerge and they'll guide your decisions.
Get an accountability buddy. Whether it's a business coach, friend, or mastermind group, share your hell yes commitment with somebody. Have them check in with you monthly.
Celebrate every win. Each time you say no to something that's not aligned, pause and celebrate. You protected your time and your peace.

I'll leave you with this. You are the steward of your time, not your clients, not your email box, not your calendar, you. The more you protect your time, the more space you create for joy, clarity, and purpose. Your mission deserves that, and you deserve that.

Your action step to setting boundaries and taking back your time Schedule a 30-minute calendar audit this week. Look at what's a hell yes and what's not, then make one change. That's all it takes to begin.

Resources + Links * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes * Follow & review the podcast: on Spotify and Apple Podcasts

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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In this solo episode, Brian breaks down one of the most overlooked but essential parts of running a mission-driven business: year-end bookkeeping. You'll learn a simple, practical framework for cleaning up your books, organizing your finances, and setting up systems that actually support you and your business. If you've ever felt overwhelmed by accounting software, unclear categories, or messy receipts, this episode will help you start the new year with clarity and confidence.

Episode Highlights Why year-end bookkeeping is a big deal The way you close this year directly affects how you start the next one. Clean books make tax season easier, help you avoid missed deductions, and give you a real-time view into how your business is doing.

3 steps to get your books in order There are three, key steps to get your books in order before the end of the year:

Clean up the basics: Dig deeper into the fundamentals, including double checking your business and personal expenses are separate, removing overwhelm from your chart of accounts, reconciling your accounts, organizing your receipts and documentation, removing old or inactive accounts, and making payroll corrections.
Review your financial reports: Analyze your Profit & Loss (Income Statement) report, Balance Sheet, and Reconciliation report for accuracy, red flags, and wins.
Prep for tax season and next year: Review your accounting method, confirm expense categories, talk to your tax professional, plan upgrades, and schedule monthly processes.

Take action now Don't delay on getting your books in order. If you manage your own books, block 60-minutes on your calendar this week for a year-end bookkeeping session to work through the 3-step process, and if you work with a professional, schedule time for a year-end review. Even if you only complete one task, that's progress.

Resources + Links * Accounting Software: QuickBooks, Xero, Wave * Newsletter Sign Up * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Theresa Pablos, CFP®, about the early-stage realities of building a business. A former journalist and freelance marketer, Theresa transitioned careers to financial planning in 2023 and ultimately earned the CFP® certification mark in 2025. She recently joined Equalis Financial as an Associate Financial Advisor and is just starting to build her client base. In this episode, Theresa and Brian discuss the excitement, fear, and the uncomfortable but necessary work of defining a niche. You'll get practical tips for finding your target audience, learn how to provide real value, and get reflection tools to help you grow and scale your own business.

Episode Highlights Defining your niche starts with understanding your "why." Choosing a niche allows business owners to serve clients more deeply, efficiently, and sustainably. Before you figure out who you want to serve, you need to identify why you want to build a business and what you like to do.

Theresa knew she wanted a people-oriented career that made complex data easy to understand and improved people's lives. After some deep reflection, she discovered values-based financial planning as a career that could help her and others use their resources to create more freedom in their lives.

"I want to build my book of business because I want freedom and because I want to be an expert on a topic," Theresa said.

Identify your target customers and provide them with value. Once you've defined your why, you need to identify the type of person that you want to serve. While Theresa is still figuring it out, she's thinking about focusing on being a financial planner for creative solopreneurs or a financial planner for tech employees and other professionals who earn equity compensation.

However, knowing who you want to serve is only half of the equation. It's equally important to ensure the services you offer solve a real pain point for your target audience.

"A lot of my clients seems to fall into this creative solopreneur category, and something I've been reflecting on is that if you're a creative solopreneur, you have a need for financial planning in a way that justifies you going out and actually hiring me or someone else," Theresa said. "While I enjoy working with stock options, a lot of tech employees are DIYers and aren't actively seeking advice unless something big happens to trigger the need."

Don't let fear of making the wrong decision stop you. After you know how you want to serve your target customers, it's time to test out your solutions. One way to do that is by having 100 conversations, as recommended by LeSean Smith in Episode 69. And if you're nervous, like Theresa, then you just have to do it scared.

"My takeaway is that I just need to trust myself and that being nervous is part of the process," she said. "Fortunately, my journalism background very well prepared me to get a lot of 'Nos' from people, and that's okay because you have to get the 'Nos' to get the 'Yeses.'"

Resources + Links * Episode 69: Building A Business For Financial Independence with LaSean Smith * Why Choose a CFP® Professional * Equalis Financial: Website, Instagram, Facebook * Theresa Pablos, CFP®: Website, LinkedIn, Instagram * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson loves a good spreadsheet, and in this episode, he's sharing some of his best tips for tracking metrics in a manageable, mission-aligned way. You'll learn how intentional tracking can help mission-driven entrepreneurs gain clarity, celebrate progress, and make better decisions. Drawing inspiration from investor and writer Sahil Bloom's Five Types of Wealth, Brian offers practical tools to help you track progress without it becoming a full-time job.

Episode Highlights Tracking creates accountability Tracking transforms assumptions into awareness. If you're not measuring something, it's easy to tell yourself stories — I think I'm doing okay, or I feel behind. But those stories may or may not be true. Tracking brings reality into focus, creating accountability, strategy, and visible progress, shifting from emotional decision-making to data-informed clarity.

Five types of wealth to track for mission-driven entrepreneurs Sahil Bloom is an investor, writer, and entrepreneur whose framework for thinking of wealth in five key domains — time, physical, mental, social, and financial wealth — can also be adapted for entrepreneurs building mission-driven businesses. Tracking across all areas of wealth can give you a holistic picture of your business and your life.

Time Wealth: How intentionally do you use your time? Are you working on your business or just in it?
Social Wealth: Who are you connecting with? Do your clients, colleagues, or communities energize you or make you cringe?
Mental Wealth: Are your decisions aligned with your purpose? Do you set time aside for a regular check-in on your mental well-being?
Physical Wealth: Are you prioritizing rest, nourishment, and movement? Are you moving throughout the day?
Financial Wealth: Do your finances support your ability to stay mission-driven and resilient? Are you able to meet all of your obligations?

Start small and make it yours Tracking doesn't have to be complicated. To prevent overwhelm, pick one area to focus on first and use simple tools such as journaling, scorecards, spreadsheets, or apps to help you track your progress.

Remember: The key is consistency, not perfection. Designate a specific day and time to review your data and choose a cadence you can stick to.

Build your own Wealth Dashboard As a bonus, consider building a simple "Wealth Dashboard" to visualize your progress. Using tools like Google Sheets or Notion, log weekly or monthly metrics for each wealth category and spot imbalances before they become problems.

Resources + Links * "The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life" by Sahil Bloom * Notion dashboards * "Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine" by Mike Michalowicz * Toggl time tracker * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

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Brian Thompson chats with Rachel Bernier-Green, founder and CEO of the Economic Justice Consortium, a Chicago-based firm that helps mission-driven businesses sustain and amplify their impact through financial and operational excellence. A recovering public accountant turned social entrepreneur, Rachel has dedicated her career to closing the racial wealth gap and redefining what it means to lead with purpose and profit.

In this episode, Rachel shares her journey from climbing the corporate ladder in public accounting, to running a social enterprise bakery that partnered with Whole Foods and Starbucks, and now guiding other entrepreneurs in building sustainable, values-driven businesses. She opens up about burnout, courage, and the lessons learned from failure, as well as how she helps clients reject hustle culture and build wealth for their communities.

Episode Highlights Mission-driven businesses focus on impact and income. Rachel defines a mission-driven business as one that "has a focus other than profit maximization." Whether seeking to improve the environment, society, or treatment of employees, mission-driven businesses aim to make a positive net impact.

"People think if they have a greater purpose, they also don't need to focus on profit," Rachel said. "If you lose that focus on profit, your mission ceases to exist."

Turn loss into leadership. Rachel's first entrepreneurial endeavor came when she left a toxic corporate environment and turned to baking as a stress outlet. Her bakery partnered with regenerative farms and hired previously incarcerated individuals, creating jobs that reduced recidivism in her Chicago community.

Nine years after starting her first company, a combination of a tragic ceiling collapse and the COVID-19 pandemic ultimately led to the business's closure. While it felt like a failure at the time, the experience led her to a bigger purpose — founding the Economic Justice Consortium to help other mission-driven businesses build sustainable success.

"There are some things you can only learn by going through a business that ends," she said. "I do think that business needed to come to an end for me to do the work that I'm doing now, which will have a much more significant impact on the world."

Track your Objectives and Key Results (OKRs). Economic Justice Consortium offers fractional CFO services and consulting services for operational systems and big-picture strategy. The firm also relies heavily on the Objectives and Key Results (OKRs) strategic framework, which breaks down specific objectives based on the larger company mission and vision.

"We actually utilize our task management tool to track those objectives," she said. "It incorporates a level of accountability. There's an internal dashboard that the entire team has access to in real time, and they can see whether we're on track or not on track with any of our OKRs."

Rebuke hustle culture. Rachel recommended the book "Laziness Does Not Exist" by Chicago professor Devin Price, which challenges the culture of overwork and redefines productivity. The book explores how the American work culture is misaligned with data science on productivity and has transformed how Rachel approaches her work and her expectations for her team.

"Hustle culture is very damaging on so many levels," she said. "The book challenged me so much I had to sit down and come back to it because I had always prided myself on my work ethic and putting in the hours."

Resources + Links * Xero accounting software * "Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine" by Mike Michalowicz * "The Great Game of Business, Expanded and Updated: The Only Sensible Way to Run a Company" by Jack Stack and Bo Burlingham * "Laziness Does Not Exist" by Devon Price Ph.D. * Rachel Bernier-Green: LinkedIn * Economic Justice Consortium: Website, Instagram, Facebook, LinkedIn, X, TikTok * The Purpose Profit Shift Podcast: Apple Podcasts, Spotify, RSS Feed * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

The Great Game of Business: The Only Sensible Way to Run a Company

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Brian Thompson takes a deep dive into one of the most important tenets for mission-driven business owners: clarity. Clarity may sound simple, but it's not easy. If done well, clarity can be the foundation for building a business that truly supports your mission and your life. Once you find clarity, everything else becomes easier, and this episode gives you tips on how to do just that.

Episode Highlights Clarity enables mission-driven entrepreneurs to build their business around their life. Building a business — particularly a mission-driven one — is filled with ambiguity. There's no single blueprint or one-size-fits-all formula. Without clarity, decisions feel overwhelming. But with clarity, decisions become faster and more intentional. You build a business that fits your life, instead of trying to fit your life around your business.

The Discovery process cultivates clarity. In Brian's financial planning business, the first phase is the Discovery process, which includes three key meetings: the Get Organized meeting, the Vision meeting, and the Knowledge meeting. Rather than creating a rigid five-year plan, entrepreneurs design a framework that allows for flexibility, growth, and evolution.

Clarity isn't a luxury. It's a necessity. Without clarity, you're stuck in reactive mode, chasing whatever opportunity lands in your inbox and making decisions based on fear. Intentional planning brings clarity, and clarity empowers action. If you're feeling pulled in too many directions, ask yourself: Do I know what I want? Do I have a plan that aligns with my values? Am I building a business that supports your life, or one that consumes it.

Resources + Links * Identifying Your Values exercise * Kinder Three Questions For Business Owners * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Carl Richards — Certified Financial Planner™, creator of The New York Times "Sketch Guy" column, and bestselling author of "The Behavior Gap" and "The One-Page Financial Plan." Carl's simple Sharpie sketches have transformed how millions of people think and talk about money. In his latest book, "Your Money: Reimagining Wealth in Simple Sketches", he shares 101 drawings and essays designed to spark deeper conversations about money, values, and what matters most.

In this conversation, Brian and Carl dive into the emotional side of money and debate whether money actually can buy happiness.

Episode Highlights A good sketch can start a conversation. Carl said the impetus behind his new book is simple: we're not talking about money in the right way. Instead of focusing on financial "noise" like markets and TV pundits, he wanted to give people tools to have conversations that align money with their values.

"Really good financial decisions happen when we make a little bit of meaning out of money," Carl said. "We're getting clear about our purpose."

Money = feelings. Carl's first sketch in the book, and arguably the most powerful, is simply, "Money = Feelings." He emphasized that money evokes an emotional response, whether that's anxiety, freedom, or joy.

"We're not talking about spreadsheets and calculators," Carl said.

Order can be powerful. Bringing order to chaos can provide a sense of control when life feels overwhelming. Whether it's finally sorting through a pile of unopened mail or cleaning the garage, creating a sense of order can help ease anxiety and overwhelm.

"There are so many global things going on that are out of our control," Carl said. "If you feel nervous or scared, go clean the garage, do the dishes, do something that gives you a sense of control and order."

Money can buy happiness — if you spend it right. Can money buy happiness? Carl believes the answer is yes — if you know how to spend it. Money spent on meaningful experiences with loved ones or exerting more freedom over your time is money well spent.

"Nobody wants more money," he said. "They want what they think money will give them, and if you don't do the work to figure out the difference, then more money won't buy you happiness."

Resources + Links * Carl's newest book: "Your Money: Reimagining Wealth in Simple Sketches" * Bulk order "Your Money: Reimagining Wealth in Simple Sketches" and save an additional 5% by using the code YourMoney5 at checkout * Carl's other books: The Behavior Gap and The One-Page Financial Plan * Episode 40: Making Complex Ideas Simple with Carl Richards * Carl's podcast: Behavior Gap Radio * The Society of Advice online community of financial planners * Carl's New York Times column * Follow Carl Richards Online: Website, Instagram, X, LinkedIn * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

The One-Page Financial Plan: A Simple Way to Be Smart About Your Money

The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money

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Brian Thompson marks a major milestone with Episode 100 of the Mission Driven Business podcast! In this special retrospective, Brian reflects on 10 standout episodes that made a lasting impact and continue to resonate in his business and life. Whether you’re new to the podcast or a long-term listener, Episode 100 captures the heart of the conversations that Mission Driven Business is all about.

Episode Highlights 1. Mike Michalowicz put profit first In Episode 7, Mike Michalowicz flipped the traditional profit formula, redefining how business owners can approach cash flow. Mike’s episode gave language and structure for something many business owners struggle with.

Brian Thompson opened up on the mic In Episode 8, Brian got personal about how and why he started his own firm, Brian Thompson Financial. It was the first time he allowed himself to really be open on the mic, talking about fear, imposter system, and the drive to create something meaningful.
George Kinder asked the right questions In Episode 14, George Kinder’s thoughtful and grounded presence shone through as he advocated for life planning, which connects a financial plan to an individual’s most meaningful goals. His three Kinder Questions have helped many people get clear about what they want their lives to look like.
River Nice led with empathy In Episode 20, River spoke so clearly about how marginalized communities -- especially the LGBTQ+ community -- experience guilt or shame around money. The episode is a powerful reminder that empathy can be a superpower.
Anjali Jariwala wrote a new entrepreneurial story In Episode 42, Anjali Jariwala shared how she built a thriving financial planning firm, only to turn around and write a children’s book that broke sales records. It’s a powerful reminder you can build whatever business you want -- and that your business can evolve with your creativity.
Krish Himmatramka proposed using profit for good In Episode 57, Shark Tank alum Krish Himmatramka proved you can build a business for-profit and for-impact. His ethical engagement ring company commits to its values every step of the way.
LaSean Smith talked to 100 customers In Episode 69, LaSean Smith advised new entrepreneurs to have 100 conversations in order to build a business that people actually want to use. If you’re early in your business, LaSean’s advice is clear, tactical, and values-based.
Hugo E. Gomez looked before he leaped In Episode 79, Hugo E. Gomez tested his business idea and built a proof of concept before making the leap to full-time entrepreneurship.Now his business is thriving by serving a market overlooked by mainstream brands.
Channyn Lynne Parker taught philosophy In Episode 83, Channyn Lynne Parker got poetic, talking about purpose, letting your path unfold, and trusting yourself even when it’s hard. But Channyn really stands out for turning the children’s song “Row, row, row your boat,” into a life philosophy.
Masami Sato showed that small actions make a big impact In Episode 93, Masami Sato shared how she started her company with a toddler in her kitchen and built it into a global force for good. Her company, B1G1, is built on the idea that small actions, done consistently, can change the world.

Resources + Links * Episode 7: Being Profit First with Mike Michalowicz * Episode 8: Why I Started My Mission-Driven Business * Episode 14: Living Your Passion with George Kinder * Episode 20: Defining Your Niche with River Nice * Episode 42: Creating The Products You Want with Anjali Jariwala * Episode 57: Going from Startup to Shark Tank with Krish Himmatramka * Episode 69: Building A Business For Financial Independence with LaSean Smith * Episode 79: Niching Down with Hugo E. Gomez * Episode 83: Braving Discomfort to Live Your Purpose with Channyn Lynne Parker * Episode 93: Harnessing The Power Of Small To Create Global Impact With Masami Sato * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson returns for a solo episode packed with practical advice to help entrepreneurs take charge of their numbers. In this mini masterclass, you’ll learn how to use your profit and loss, balance sheet, and reconciliation reports more effectively. Whether you love or loathe spreadsheets, this episode gives you the tools to pause, reflect, and make strategic financial decisions to set yourself up for success in the second half of the year.

How To Conduct A Mid-Year Financial Review 1. Reconcile and clean up your books First, set aside at least 90 minutes to focus without distractions. Before analyzing anything, make sure your books are clean:

Start with reconciliation: Check that your accounting software matches your actual bank transactions and credit card balances.
Review your categories: Go through your chart of accounts to ensure expenses are correctly categorized.
Review your balance sheet: Ensure your cash balances, accounts receivable, accounts payable, and other liabilities align with what you expect. If not, dig deeper to understand why.
Analyze your profit and loss statement Run a profit and loss (P&L) report for the period from January through June and analyze the data:
Analyze your revenue: Compare your actual revenue to your goals and prior years. If you offer multiple types of service, break down which ones are driving your revenue and which ones may be underperforming.
Analyze your expenses: Look for surprises, categories that you are over budget in, and for subscriptions or tools you no longer use.
Calculate your gross and net profit: Ensure you are maintaining healthy margins, and if margins are shrinking, find out why.
Look for trends: When looking at the big picture, make sure all the pieces fit together. For instance, if you’re spending more on marketing as an expense, you’d expect to have a corresponding higher revenue.
Examine your cash flow Cash flow is not just about what you earn -- it’s also about what you keep. Use the following steps to make sure cash is flowing into and out of your business strategically:
Check your bucket allocations: If you use the bucket system, ensure you are still transferring funds consistently to your various business accounts and that your percentages are still realistic based on current revenue.
Review your operating cash flow: Ensure cash is coming in faster than it’s going out and that you aren’t relying too heavily on credit to cover gaps.
Check your accounts receivable: This step is one of the easiest ways to increase your cash flow quickly by following up on outstanding invoices and consistently enforcing your payment terms.
Evaluate large expenses: Consider whether you should delay or accelerate spending based on your cash position.
Use your mid-year review to propel your business forward Once you understand your numbers in detail, it’s time to turn your insights into action:
Set or reset financial goals: Use your findings to update your targets for the second half of the year. Make sure your goals are specific, measurable, and tied to your broader vision.
Identify quick wins: Look for easy adjustments that make a big difference. Small changes now can have a significant impact on your year-end results.
Improve your systems: Make a plan to fix systems that aren’t working. Good systems reduce mental load and improve accuracy.
Communicate with stakeholders: Share your findings with your team, financial advisor, or coach.
Reflect and celebrate: Take a moment to reflect on what is working, and celebrate the fact that you’re engaging in this process.

Resources + Links * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Amy Cosper, former Editor-in-Chief of Entrepreneur Magazine, award-winning journalist, and author of the new book, “The Ultimate Guide to Startup Success.” In this episode, Amy brings fierce honesty, contagious energy, and deep wisdom about what it really takes to build a mission-driven business in uncertain times. You’ll also hear some of the biggest legal and financial mistakes founders make and be reminded why entrepreneurship can be a radical act of hope and defiance.

Episode Highlights Mission-driven businesses don’t have to be altruistic. Amy describes a mission-driven business as one fueled by a higher purpose, but she’s careful to clarify that purpose doesn’t have to be altruistic.

“Having a mission-driven or purpose-driven company is what you stand for,” she said. “It doesn’t have to be altruistic, but it is what you believe in.”

The mission should be the company’s soul that emanates out to the branding, business plan, and revenue streams. As a consultant to startup founders, Amy routinely sees that entrepreneurs struggle with finding clarity.

“If you don’t have clarity in what your company does, it’s going to be really hard to find your purpose,” she said.

Avoid common legal and accounting mistakes. Because entrepreneurs are visionary, they often overlook important, practical needs. Amy shared four, common mistakes she hopes future founders will avoid:

Not maintaining accurate books from the start: While you may not want to think about the numbers, it’s important to do accurate accounting as a business owner.
Not getting an IRS Employer Identification Number (EIN): Your EIN is like a Social Security number for your business and should be tied to your entity.
Giving your business short-sighted name: Naming your business after a fleeting trend or something specific to a geographic region becomes problematic when you want to grow.
Not understanding how to structure partnership and operating agreements: If you don’t plan for how a business will get split up or choose an appropriate business structure, you’re setting yourself up for headaches when it’s time to pivot.

“My hope for the book is that entrepreneurs and founders don’t make the same mistakes that I made,” Amy said. ”When you’re creating something new, or you’re disrupting a known way of thinking, you’re not thinking about how to structure an operating agreement or whether it’s better as an LLC or S Corp. My advice is to take a pause and do a little bit of research.”

Just start. Amy knows people who have been about to launch their business for 20 years. While it’s scary to take the first step, she encouraged want-to-be entrepreneurs to just start.

“You get to make your own destiny,” she said. “You’re in charge.”

Resources + Links * “The Ultimate Guide to Startup Success” * Amy Cosper: LinkedIn * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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In this special and timely episode, Brian Thompson calls on fellow mission-driven business owners to embrace their identities and own their values. Highlighting real messages from clients, Brian explores the challenges and uncertainties facing entrepreneurs, especially those from LGBTQ+ backgrounds and other marginalized groups. He challenges the myth that being neutral is the safest option in the current political environment and shares practical steps to get clear and bold about who you are and what you bring to the table.

Episode Highlights Your identity is an asset -- not a liability. Mission-driven businesses are facing very real and sometimes existential threats: the sudden loss of federal funding, the risk of becoming political targets, and being asked to remove terms like LGBTQ and racial equity from mission statements. When under pressure, it may feel like the safest option is to remain neutral, but neutrality actually erodes trust.

“When someone sees themselves in your language, branding, or leadership, it builds a bridge faster than any marketing funnel ever could.”

Your core community should never have to wonder where you stand. In a time of rising government hostility toward civil rights protections, customers, donors, and employees are noticing which companies are scaling back their offerings and which CEOs are saying less, not more. When companies backpedal from their commitment to equity and inclusion, they often lose the very people they claim to support.

“When we talk about staying visible, it’s not about being provocative -- it’s about staying anchored. It’s about making sure your core community never has to wonder where you stand.”

4 strategies to stay true and stay standing To navigate this moment with courage and conviction, consider these four steps to practically and proactively affirm your values without jeopardizing your sustainability:

Conduct a visibility audit: Review every touchpoint of your business and ask whether you have gone quiet out of fear and if your language needs to be updated for clarity or protection.
Update compliance protocols: Work with legal counsel to audit your DEI and HR policies, review whistleblower protocols, and ensure you’re accurately documenting civil rights compliance.
Strengthen your financial resilience: Prepare for the next financial crisis now by revisiting your income allocations, building an emergency reserve, and mapping out income diversification.
Communicate your values internally and externally: Create talking points that affirm your mission and explain any language shifts to reassure your community you still serve their needs.

Write your mission-rooted business affirmation.

When fear is loud, clarity must be louder. Open your notes app or a journal, write down the following sentence, and fill in the blanks with your truth.

I started this business to serve __________. I believe in __________. Even in this moment, I choose to stay rooted in values by __________. I will lead with clarity and courage.

You don’t have to disappear to survive. It’s exhausting to defend your humanity while running payroll, applying for grants, and trying to build a thriving business. But this moment isn’t just about defense, it’s about creating a legacy.

“Let your business be one of the lights that didn’t go out. Let your clarity be the thing that gives someone else permission to speak up. Let your strategy be what helps you survive and thrive without compromise.”

Resources + Links * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Faye Ziegeweid, founder and CEO of Queen Fayzel, a greeting card company for people who want to send messages that are unique, sassy, and sincere. Faye built her values-aligned greeting card company after realizing she couldn’t be her authentic self in her old career as a public health project manager. In this episode, Faye gets real about the personal side of entrepreneurship, including how self-discovery and personal growth are necessities for sustainable growth. She also shares how articulating your values clearly can attract the right clients and create a culture of accountability.

Episode Highlights Mission-driven businesses lead with their “why.” To Faye, mission-driven businesses infuse their “why” into everything the company does. From product design to customer communications, mission-driven businesses focus less on what they do and more on why they’re doing it.

“It’s less about what the business is providing and more about why it’s providing that thing,” she said. “Sometimes we’re afraid to stay what we stand for or are worried about alienating customers.”

State your values -- and show how you live them. Queen Fayzel’s website is unique because it not only states the company’s values but also shares how it puts those values into practice. For instance, the company lives its value to “Make Connections” by donating 3% of profits to organizations making an impact.

“I want people to know what this business is about, but I also want people to understand how I’m putting those values into practice in my business,” Faye said.

Personal growth is part of the process. When Faye left her job in public health project management to start Queen Fayzel, she not only changed careers but also started on a journey of personal growth. Founding a company forced her to learn essential business skills and how to navigate moving forward without the illusion of certainty.

“I thought I had a lot of things to learn about the business, but then I realized I had a lot to learn about myself and how I function,” she said.

Accountability makes the journey less lonely. Faye emphasized the importance of connecting with fellow entrepreneurs for community and accountability. Whether it’s checking in with a business owner friend or joining a more formal business group, it’s paramount to find ongoing support from people who understand exactly what you’re going through.

“Especially if you’re a solopreneur, it is so lonely sometimes, and it’s really hard to be your own motivator,” she said. “When you’re in a lower spot, having a group of people to be there is so important.”

Resources + Links * Queen Fayzel: Website, Instagram, Facebook, Pinterest * Faye Ziegeweid: LinkedIn * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Sean Ebony Coleman, founder and CEO of Destination Tomorrow, a grassroots agency and LGBTQ+ center in the Bronx borough of New York City. Destination Tomorrow empowers the most vulnerable LGBTQ+ community members through educational, financial, support-based, housing, and health programs. On the episode, Sean details how he and his organization are addressing some of the real challenges facing the LGBTQ+ community. He also shares how he starts his mornings to stay focused and touts the value of lived experience for organizations.

Episode Highlights Mission-driven businesses solve real problems. Sean defines a mission-driven business as one that aligns every decision to its core purpose to solve real problems. For him, that means creating a safe, affirming space for the Black and brown LGBTQ+ community through Destination Tomorrow and his consulting company.

“It’s about solving real problems, especially for marginalized people, and making a tangible impact,” he said. “I’m trying to meet the need where we find it.”

Let lived experience lead. Sean believes in breaking down gatekeeping and elevating community voices that are often overlooked. His nonprofit prioritizes hiring people with lived experience and offering holistic services -- from workforce development to financial literacy -- to build long-term self-sufficiency.

“Lived experience should count just as much as academic accomplishments,” he said.

Bet on yourself and don’t give up. Sean’s advice for entrepreneurs who are just getting started is to bet on yourself and don’t give up. To start Destination Tomorrow, he cashed out a 401(k). He then had to see the “nos” he encountered as opportunities for growth.

“Too many people give up on their dreams before they get to a yes,” he said. “A ‘no’ is just a ‘not right now.’”

Self-care is just as important as hustling. Black and brown communities, particularly in LGBTQ+ spaces, often don’t have a safety net. When you’re grinding to build your business, you also need to prioritize time to rest and recenter. For Sean, that means starting his morning with prayer and meditation and keeping a weekly therapy appointment on his calendar.

“Starting a business is stressful, so how are you managing that stress?” he asked. “Go in with a plan to make sure you’re prioritizing your self care.”

Resources + Links * Sean Ebony Coleman: Website, Instagram, Facebook, X * Destination Tomorrow: Website, Instagram, Facebook, X * Trans N Action: Website * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Erika Rodriguez, founder and CEO of Nadi Marketing and co-founder of Tidal Pages. Erika specializes in partnership marketing for sustainable and purpose-driven businesses. In this episode, she shares how being laid off led her to entrepreneurship, the power of niching down, and how authentic partnerships can amplify your impact. Erika also details why email should be a top marketing priority and how joy, connection, and community have shaped her businesses.

Episode Highlights Mission-driven businesses prioritize sustainability. Erika defines a mission-driven business as one that prioritizes sustainability throughout the entire product lifecycle -- from who makes the products to how they’re disposed of.

“They don’t create the product just to make profits,” she said. “They actually think about the whole lifecycle of their product and about more of the people in the planet that they serve.”

Niching down makes marketing easier. When Erika started Nadi Marketing in 2020, she offered a full suite of marketing services: websites, blog posts, social media, and events. But after deciding to follow what brings her joy, she niched down to specializing in partnership marketing for sustainable businesses. She’s now seen as an expert in her field and the work itself has become a lot easier for her.

“It made me target my marketing more, and it’s putting me as the expert,” she said. “The client work has been so much easier because I enjoy that work.”

Partnership marketing allows for mutual growth. Erika defines partnership marketing as collaborating with another business to create a marketing campaign, product, bundle, or other shared initiative. The goal is to build relationships that benefit both parties and align with shared values.

“If we can find businesses the right partners, then they can make partnerships specifically for impact,” she said. “We can do so much more together.”

Build your community. Building a business is not easy, which is why Erika hopes that all entrepreneurs have a community to support them during tough times. During the pandemic, Erika built her social media community by organically connecting with people on Instagram, which turned into IRL relationships. She encouraged other business owners to lean on the partners they have in their communities.

“Start with the connections and partners that you have,” she said. “Everyone has a network already, but maybe you’re not leveraging it.”

Resources + Links * “Start with Why” by Simon Sinek * Erika Rodriguez: LinkedIn * Nadi Marketing: Website, LinkedIn, Instagram, Facebook * Tidal Pages: Website, LinkedIn, Instagram, Facebook * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Masami Sato, founder and CEO of B1G1 (Buy1GIVE1), a Certified B Corporation that empowers businesses to make giving an inherent part of every business transaction. As an experienced social entrepreneur and speaker, Masami champions the "Power of Small" -- the belief that even the smallest acts of giving, when done consistently and collectively, can create meaningful change. In this episode, Masami shares how her entrepreneurial spirit drove her to create B1G1 and how staying rooted in her mission helped her build a business that supports more than 450 high-impact projects across 50 countries.

Episode Highlights Mission-driven businesses keep showing up for their purpose. Masami believes that every founder can start a business with an idea to solve a particular challenge or address an opportunity. However, mission-driven businesses stay committed to their original purpose over time.

“Mission-driven businesses continue to show up and make decisions based on that original mission, rather than getting sidetracked by all other things,” Masami said.

A strong mission can’t be replaced. Today’s entrepreneurs have a unique opportunity to lead with their mission, according to Masami, since it’s one part of the business that can’t be replicated or automated by AI. The mission is also what attracts aligned customers, team members, and partners to the company.

“Mission is the part that cannot be replaced by other things,” Masami said. “That’s where the greatest opportunity lies.”

Start small and build a consistent impact. Masami’s mission for B1G1 actually started as a question: What if every time business is done, something great happens to create a better world collectively? As the owner of a food company at the time, Masami’s answer was to donate one meal for every meal she sold. That small act grew into a much larger business idea and led Masami to create a platform of impact-driven business entrepreneurs who integrate impact and kindness into their everyday business actions.

“We realized that there is opportunity for other businesses like us,” Masami said. “Over the last nearly 18 years, businesses working with us have created more than 365 million impacts in the world.”

Letting go is different than giving up. Masami shared her powerful story of resilience, including starting a business while raising a newborn, navigating financial hardship, and even giving birth to her second child in her commercial kitchen sink. Her turning point came when she chose to let go of her growing food business in order to fully commit to B1G1.

“Letting go and giving up are different things,” she said. “I decided to sell our business and put everything into this idea to start the B1G1 enterprise.”

Resources + Links * Ashlee Sang: Website, LinkedIn, X * B1G1: Website, Instagram, Facebook, LinkedIn, X, YouTube * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Ashlee Sang, a values-aligned brand messaging strategist and consultant who equips visionaries to clarify and amplify their message. Drawing on her background in anthropology, Ashlee brings a values-centered approach to brand development, content creation, and marketing strategy. In this episode, she details common challenges faced by values-driven founders, shares her six pillars of successful brand messaging, and gives a few quick tips to get your brand’s story out of your head and into the world.

Episode Highlights Mission-driven businesses are “why”-driven businesses. Ashlee defines a mission-driven business as one deeply rooted in its reason for being, also known as its “why.”

“A mission-driven business is a group of people, or a solopreneur, who have a really, really clear reason for being -- a really clear why -- that is driving them toward every single decision,” Ashlee said.

If the mission is the “why” of the business, then Ashlee’s sweet spot is working with the “how” of the business: its values.

“Values-driven is the operating system; it’s the mechanism,” Ashlee said. “If I can always point back to core values, then I always know it’s in alignment.”

Businesses evolve through experimentation. Ashlee started her entrepreneurial career as a freelancer on the side while working in nonprofits and NGOs. Through years of experimentation, she discovered and refined her niche of values-aligned messaging and now encourages her entrepreneur clients to embrace their own trials.

“No matter how well prepared you are, no matter how much research you’ve done, no matter how firm your plan is, there are so many other factors at play,” she said. “One of my favorite things about business is we sort of get paid to experiment.”

Clear messaging builds clarity and confidence. After more than six years in the business, Ashlee has noticed her clients commonly struggle with feeling too scattered to find the common threads in their work or being too close to their work to articulate it clearly. Clear brand messaging can overcome these challenges because it creates a cohesive experience for clients, partners, and team members.

“We can all write an email,” Ashlee said. “We can all slap together something on a website. But are we really going in with intention, thinking about those tiny details and the big picture? … The idea is a lot less important than the experience we’re creating for people.”

Follow the six pillars for a successful brand messaging strategy. Ashlee defines brand messaging strategy as how a business wants to be known, and she’s narrowed a successful brand messaging strategy to six core components:

Brand statement
Mission statement
Values
Voice
Audience
Key differentiators

Together, these elements serve as the root system that informs all marketing, operations, and external communications for a business.

“I like to think of a brand as a tree, so the messaging strategy is the root system holding everything else up,” she said. “Brand messaging strategy is the focus and intention of the brand you are building.”

Resources + Links * Ashlee Sang: Website, Instagram, LinkedIn, Facebook * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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As an entrepreneur, you know that every dollar counts, so today we’re taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we’ll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you’ll have a clear picture of how to make the most of your expenses and keep your money in your business.

Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you deduct reduces your taxable income, directly lowering the amount of taxes you owe. However, in order to deduct a business expense, two key rules must be satisfied: the expense must be ordinary and necessary.

To be ordinary, the expense must be common and accepted in your industry, such as a yoga mat for a yoga instructor. To be necessary, the expense must be helpful and appropriate for your business operations.

Before you write off something, ask yourself whether a business like yours typically needs this type of expense and does it serve a legitimate business function? If the answer is yes, you may have a deduction on your hands.

Don’t forget unexpected deductions. While rent and office supplies may come to mind as deductible business expenses, consider whether these unexpected events apply to you:

Pet expenses -- If a dog protects your office or warehouse, the dog’s food, training, and vet bills may be deductible.
Coaching -- Hiring a business coach, taking leadership training, and even going to therapy for stress management related to business all might qualify as expenses needed to run and lead a company.
Your home office -- If you have a dedicated space in your home exclusively used for business, you can write off some of your rent, utilities, and internet costs.
Marketing and promotions -- Hosting an industry event, running a giveaway, collaborating with influencers, and paying for digital ads all count as deductible expenses as long as they are directly tied to promoting your business.
Work-related attire -- Buying branded uniforms or specialized attire for your business are legitimate business expenses.
Business retreats -- If you take your team on a business retreat to strategize and improve company culture, that expense could be deductible. Make sure you document the business purpose with an agenda and good notes.

Good bookkeeping is just as important as knowing the rules. Without solid record keeping, you might miss valuable deductions or struggle to justify an expense in the event of an audit. Here are some tips to keep your books in order:

Separate personal and business finances -- Keeping separate personal and business bank accounts and credit cards makes tracking deductible business expenses much more manageable.
Use accounting software -- Accounting software, such as Quickbooks or Wave, can help automate tracking, helping to ensure nothing gets overlooked when tax season rolls around.
Save your receipts -- The IRS requires proof of deductions, so keep digital or physical copies of receipts and invoices.
Work with a professional -- A professional bookkeeper or accountant can help you keep your financial records accurate and compliant.

Resources + Links * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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It’s tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you’re filing and hopefully catch mistakes before it’s too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes.

Episode Highlights

Part 1: Heading, Income, Deductions, Tax and Payments

Most of this information is drawn from your business’s Profit and Loss Statement. Here’s a breakdown of what’s on the first page:

Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates.
Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter.
Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year.
Item B: Your business activity code. This code shows the IRS exactly what you do.
Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked.
Item D: Put your EIN in Item D. Make sure to verify it’s correct before you file your form.
Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won’t change.
Item F: Total assets at the end of the year.
Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return.
Item H: These boxes should be self-explanatory. Check the boxes that apply.
Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners).
Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant.
Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K).
Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines:
Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you’ll need to attach Form 1125-E to explain what was paid to each officer.
Line 8: Salary and wages paid to employees (other than officers) of the corporation.
Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock.
Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance.
Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement.
Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank.
Signature: It’s important to sign the return only after verifying all of the information, including the following sections.

Part 2: Schedule B

This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to:

Box 1: This easy-to-miss box can change your entire return if you’re not careful, since it’s where you select whether you’re a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS.
Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31.

Part 3: Schedules K and K-1

Schedule K reports the pro rata share items in total for the Corporation. Schedule K-1, which you receive in your personal name, reports the percentage of pro rata share items allocable to each shareholder.

Lines 1-17 on Schedule K correspond to Boxes 1-17 on Schedule K-1. Most items on Schedules K and K-1 are self-explanatory and come from other parts of the return.

Part 4: Schedule L

This is where many taxpayers make a mistake. Schedule L matches your business’ balance sheet and should agree with your books and records. If it doesn’t, find out why before you file.

The first two columns match what your accounts were at the beginning of the year and should match what the accounts were at the end of last year. If this is your first year filing an 1120-S return, these two columns should be blank. The second two columns are for what the accounts had on December 31 of the previous year and will carry over to next year’s return.

Some of the most common assets on Schedule L are:

Line 1: Write the amount of cash in your bank account on the last day of the year.
Line 7: Loans to shareholders are loans from the corporation to the shareholder. Keep in mind, these loans need to be documented and should have a repayment schedule and interest rate.
Line 10a: Buildings and other depreciable assets are fixed assets that the business owns that have been depreciated, such as real estate, furniture, or machinery

Some of the most common liabilities on Schedule L are:

Line 18: Other current liabilities are expenses incurred at the end of the year but not paid until January of the next year. Current expenses often include wages, state taxes, federal taxes, and payroll taxes payable at the end of the year.
Line 19: Loans from shareholders are loans from the shareholder to the corporation. As with the other loans, these loans should be documented and include a repayment schedule and interest rate.
Line 22: The par value or stated value of the capital stock issued by the corporation. This amount stays the same each year unless the S-Corporation issues additional stock after incorporation. The corporate charter or minutes should identify the stock.
Line 23: Enter the beginning and ending balances of additional paid-in capital. This includes the amount contributed to the S-Corp by shareholders for which the corporation did not issue stock or amounts contributed in excess of the stated or par value.
Line 24: This section is especially tricky. You should base the retained earnings on the S-Corporation’s books and records. Most of the time, retained earnings should match the Accumulated Adjustments Account (AAA), other adjustments account (OAA), and previously taxed income (PTI) balances on Schedule M-2.
Line 27: This line represents the total liability and shareholders equity. This line must match line 15.

If you answered “yes” to question 11 on Schedule B that your total receipts were less than $250,000 and total assets were less than $250,000, then you aren’t required to file a Schedule L. However, it may be beneficial to file Schedule L anyway because it will be crucial for future balance sheets.

Part 5: Schedules M-1 and M-2

Schedule M-1 helps explain discrepancies between the books and your tax return. This section should explain any differences you notice.

Some common items reported on Schedule M-2 include:

Meal expenses (100% on books, 50% on taxes)
Entertainment (100% on books, 0% on taxes)
Life insurance premium expense (100% on books, 0% on taxes)
Certain fines and penalties (100% on books, 0% on taxes)
Political contributions (100% on books, 0% on taxes)
Book depreciation expense (100% on books, 0% on taxes)
Tax depreciation expense (%0 on books, 100% on taxes)
Tax-exempt income (100% on books, %0 on taxes)

Schedule M-2 tracks the income and losses and separately states items that the shareholder should report on their tax return.

Resources + Links

Bank Reconciliation 101
Lessons from the 1099-NEC deadline
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Ready to end the year with a gift to your future self? In this special episode, Brian guides you through a six-step process to close out 2024 and set yourself up for success in 2025. You’ll tidy your finances, get a jump start on thinking about taxes, evaluate your business performance, and set strategic goals.

Your Year-End Business Review Checklist

Step 1: Close Out Your Financials

Closing out your financials may sound dry, but it’s imperative to get right.

Review your books -- Review your profit and loss for the year for any discrepancies, outstanding invoices, or payments that need to be paid. Make sure you have the correct categories for your transactions to save you a headache when you prepare next year’s tax return.
Reconcile your accounts -- Every month, but especially at the end of the year, you should reconcile your financial accounts, including bank accounts, credit cards, and loans, to reveal unaccounted expenses or hidden fees.
Analyze your cash flow -- Review your cash flow to see what you owe and who owes you. You can also get a clear picture of whether you can defer income to next year or incur more expenses this year to save on taxes.
Review your payroll -- Ensure wags, taxes, and benefits are accurate and that Bonuses are accounted for with proper tax withholding.

Step 2: Evaluate Your Tax Position

Once your financials are in place, it’s time to shift to taxes.

Consider year-end tax deductions -- Incur expenses for purchases like office supplies, software, professional services, and equipment you will have in the coming year.
Review your retirement contributions -- Don’t miss your opportunity to make employee contributions to your Solo 401(k) before the December 31 deadline.
Plan for next year’s taxes -- Project what your tax liability might look like next year, plan for potential quarterly tax payments, and evaluate whether you might qualify for tax credits or deductions. Also, start gathering important information for tax forms, such as 1099 NECs and W2s.

Step 3: Reflect On Business Performance

Once the numbers are in order, it’s time to review the past year of business performance and make meaningful adjustments.

Review key metrics -- Identify the key metrics for your business, determine whether or not you hit them, and analyze why or why not.
Analyze client data -- Come up with your ideal client profile but remember that high paying isn’t the same as high value.
Employee performance reviews -- If you have a team, conduct an annual performance review to acknowledge achievements, identify areas for improvement, and set clear expectations for next year.

Step 4: Refine Your Vision, Mission, and Values

Let’s dig deeper into your mission, vision, and values, which are at the heart of mission-driven businesses.

Reassess your mission and vision -- Ask whether your mission or vision has evolved or shifted and update your mission and vision statements if necessary.
Clarify your core values -- Just like with your mission and vision, reflect on your core values and update them if necessary.

Step 5: Set Strategic Goals For 2025

After reflecting on the past, let’s look forward by setting achievable, flexible goals.

Set SMART goals -- Aim to set goals that are specific, measurable, achievable, relevant, and time-bound.
Break down goals into actionable steps -- Know the next, right step to make your goals less overwhelming and chart a clear path forward.
Build in flexibility - The market, economy, and client needs are always evolving. Build checkpoints into your plan and make course corrections as needed.

Step 6: Tidy Organizational Processes

Don’t overlook the operational side of your business to save yourself headaches and hours in 2025.

Audit your systems and tools -- Review the software, apps, and systems you are using, take note of the tools you aren’t using, and automate repetitive tasks.
Organize digital files -- Organize digital files in clearly labeled folders to easily find essential documents.
Review contracts and legal documents - Check that your contracts and legal documents with vendors, clients, and employees are up-to-date and compliant.

Resources + Links

Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Davey Shlasko, founder and CEO of Think Again Training and Consulting, a company that helps align business actions and values. With more than 20 years of experience in adult learning and organizational development, Davey specializes in driving systematic change with a focus on equity and inclusion. Davey shares practical tools for aligning internal practices with external values, discusses strategies for fostering accountability and transparency, and offers hope for navigating uncertainty in today’s climate.

Episode Highlights Mission-driven businesses put purpose before profit. Rather than benefiting the owners or leaders of a company, Davey says a mission-driven business benefits the broader world or a specific community. That means an organization’s mission must guide decision-making, even when it involves trade-offs.

“Mission has to sometimes come before profit,” Davey said. “Usually having a positive purpose can align very well with making a profit, but sometimes there are trade offs.”

Align your company’s internal and external values. Davey emphasized that a mission-driven business’s values should be reflected externally and internally. Through Think Again Training and Consulting, Davey works with mission-driven organizations to ensure their internal culture, operations, and systems align with the values they promote externally.

“It’s not always as obvious how those same values might apply to your own operations or internal culture, even if it’s clear how they should apply to the programs or services you provide,” Davey said.

Be accountable to your stakeholders, including your employees. It’s essential to identify who your organization is accountable to and ensure those stakeholders have a voice. If leaders of a mission-driven business don't hold the organization accountable to its values and core stakeholders, you can have mission drift.

“Part of my responsibility is to hold us accountable to our values that we’ve agreed on,” Davey said. “No matter what we hope our positive impact on the world will be, it’s likely that the greater impact we’ll have is on the people we’re working most closely with: each other.”

Transparency is non-negotiable. Part of the work of Think Again Training and Consulting is providing companies transparency, which Davey defines as opportunities for informed input. Being transparent balances mindfulness of individuals' privacy with honesty about feedback the organization needs to hear.

“In smaller organizations, anonymity might not be possible, so we have a conservation about what piece of information we could share that would not make you vulnerable,” Davey said.

Inclusiveness shouldn’t be overwhelming. While it’s great when leaders of a company want to make sure all voices are heard, sometimes they can take their intentions too far by trying to get a consensus for every decision. Asking employees to give too much input in the decision-making process can be overwhelming and ineffective

“You need to design a decision-making process where employees can give input without overburdening,” Davey said. “I want our decision making to be inclusive, but I also want it to work.”

Resources + Links * Davey Shlasko: LinkedIn * Think Again Training & Consulting: Website, Facebook, Instagram * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Conrad Ruiz, the founder and CEO of Well Aware, a company dedicated to helping business owners reclaim their time. With a background in biomedical engineering and consulting, Conrad blends technical insight with an entrepreneurial spirit to help business owners simplify complex operations and master time management. He shares his personal journey into entrepreneurship, which started with a medical crisis, and offers practical advice on creating efficient systems and finding balance in business.

Episode Highlights Mission-driven businesses start with why. For Conrad, a mission-driven business emphasizes the "why" behind the work. Once a business has a clear sense of its “why,” it can use its resources — time, money, and systems — toward fulfilling that mission.

“Being a mission-driven business is recognizing wholeheartedly why you’re doing what you’re doing and what that impact is for,” Conrad said.

Your why is your compass. Conrad explained that having a clear “why” is like having a compass to direct a business’s decisions and actions. By staying focused on the mission, entrepreneurs can avoid distractions and stay aligned on their goals.

“The why is the compass north,” Conrad said. “If you find yourself going in a million different directions, you’re ultimately going nowhere.”

Buy back your time. Conrad’s business, Well Aware, helps very busy people buy back their time. He encouraged business owners to invest in affordable solutions, such as virtual assistants or scalable systems, to free up time.

“We decide with them how they want to approach this mercantile equation of money versus time,” Conrad said. “Let’s go ahead and make the equations easy.”

Audit your time in 3 key areas. One of Conrad’s key recommendations is to perform a time audit to identify where your time is truly spent. He suggests looking at three key initiatives: time spent marketing, time spent selling, and time spent delivering services. Once you see those three, then you can look at how finance (money) and administration (time) unpin them.

“I love auditing on the basis of time,” Conrad said. “There’s a three-legged stool of marketing, sales, and service delivery, and from there, the underpinnings are finance and administration.”

Resources + Links * Conrad Ruiz: LinkedIn * Well Aware: Website, LinkedIn * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Lauren Tilden, host of the Making Good podcast and a marketing coach dedicated to helping creative small business owners who want to get out of their own way and start making an impact. After 8 years in corporate marketing, Lauren left her corporate career and began her winding journey to owning and supporting small businesses. She offers insights into defining one’s ideal customer, creating goal-oriented marketing plans, and staying consistent with your message.

Episode Highlights Mission-driven businesses are motivated by more than money. Growing up, Lauren felt she had to choose between making a living and doing meaningful work. But once she entered the small business world, she realized she could achieve both purpose and profit by being intentional and putting her values first.

“I always sort of felt like I had to choose between making money ... and doing something I cared about," Lauren said. “It wasn’t really until I got into the small business space that I realized you can do both at the same time.”

Get clear on your marketing goals. Impactful marketing starts with a well-defined goal. Lauren advised small business owners to pinpoint what they need from their marketing efforts, such as increasing brand awareness, generating sales, or expanding a specific client base. Knowing your goal can help you create a campaign that helps you achieve it.

“The first place that most people overlook is to get really, really clear on what your goal is,” Lauren said. “Marketing can do so many different things for us. If I didn't know my goal, I could end up spending my time all wrong.”

Don’t let a niche box you in. Instead of solely focusing on servicing a niche, Lauren encouraged entrepreneurs to understand their ideal customer’s motivations, challenges, and values. By getting clear on these psychological details, business owners can create messaging that resonates with target customers on a deeper level.

“What unites the people that buy from me and that are part of my community are their psychographics and what they care about,” Lauren said. “I know my ideal customer super well.”

Design a marketing plan that meets your time requirements. Small business owners are busy, which is why it’s especially important to realistically assess the time you have available to dedicate to marketing. Lauren advised entrepreneurs to create achievable marketing plans they can follow consistently, even if it means starting slow and with just one or two platforms.

“When you set yourself up for a plan you can’t actually stick to given your bandwidth, that is a recipe … for feeling bad about yourself and your ability to follow through,” Lauren said. “There is no upside to biting off more than you can chew, so create a marketing plan based on the time you have available each week.”

Resources + Links * Making Good Podcast with Lauren Tilden * Lauren Tilden: Website, Instagram, Pinterest, LinkedIn * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Adam Oh, founder of Adam Aligned, a business focused on helping people heal from emotional hardship, find direction, and realize their full potential. On the episode, Adam shares his journey from music artist and social media influencer to self-help entrepreneur. He emphasizes the importance of research and trial and error. He also discusses the significance of overcoming limiting beliefs and provides some actional tools to identify and address them.

Episode Highlights Mission-driven businesses operate with core values. Adam defined a mission-driven business as one that operates from the founder’s core values and strives to make a positive change in the world. For many founders, including Adam, the business is deeply personal and an extension of their purpose.

“In many cases, like for myself, the reason for starting the business is deeply personal,” Adam said. “For many people, the business itself is synonymous with their purpose.”

You can be self-taught. Adam’s path toward financial independence started when he went viral as a music artist on Vine in high school and again on TikTok in college. After college graduation, he had to choose between moving to Los Angeles and pursuing a music career or moving to Utah to explore entrepreneurship and life closer to his partner. He chose Utah and spent years deep in self-help research.

“If I want to get into this industry and make my voice heard and make an impact on people, I have to be about what I talk about,” Adam said. There’s just a plethora of knowledge out there and, from a young age, the music success taught me that you absolutely can be self-taught.”

Don’t be limited by limiting beliefs. Limiting beliefs can often prevent entrepreneurs from achieving their full potential. Adam’s “laundry list” of limiting beliefs he had to address when he started his business included fear of failure, fear of success, and money fears.

“I learned that there is a very, very strong link between your thoughts and your beliefs, especially your beliefs about yourself and what you are capable of,” Adam said. “One of the things I found from researching people who have succeeded in making their impact is that there is a very very strong link between your set of beliefs and your ability to go out in the world and accomplish that thing you want to achieve.”

Build, measure, learn, repeat. Adam admitted that his new business hasn’t had the level of success he had hoped for when he first launched. While he’s still aiming to grow his social media audience as a way to earn income, like he did for his music career, he’s also set up a donation page, sold digital guides and workbooks, and explored the idea of coaching.

“I launched my first product, and no, it didn’t hit my revenue goals,” Adam said. “It’s recognizing that the first thing not being a huge success doesn’t mean that it was a huge failure. It just means that you did the thing and now you have the opportunity to learn from it and try again and probably get better results next time. I’m willing to fail 100 times to make one work.”

Resources + Links * Adam’s Ideal Self Guide * Adam Aligned: Website, Instagram, TikTok, YouTube, Pinterest, X, Facebook, LinkedIn * Adam Aligned Podcast: Spotify, Apple Music, Amazon Music * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with nurse-turned-entrepreneur, Jumer Adalin. As a social media expert, Jumer helps fellow nurse entrepreneurs grow their businesses through social media to create both impact and income. On the episode, Jumer shares his journey from ICU nurse to social media superstar. He also offers valuable tips for Instagram marketing and creating content to grow and nurture your own online audience.

Episode Highlights Mission-driven businesses focus on solving problems. As a nurse-by-trade, Jumer likens a mission-driven business to a healthcare team whose common goal is to bring about positive patient outcomes. Similarly, a mission-driven business focuses on solving problems for a specific group of people. In Jumer’s case, that group of people is nurses using social media to grow a business.

“My mission in my business is to grow their online business without sacrificing their sanity, without burning out because I have been there,” Jumer said on the episode.

Don’t hide behind the current trend. With the rise of content created by artificial intelligence (AI) algorithms, it’s more important than ever to show up as your authentic self online. Jumer encouraged entrepreneurs to share their values, opinions, and personal stories to build genuine connections with the audience.

“The value of a personal brand has never been higher,” Jumer said. “Authentic content creation comes down to showing your values and telling your audience what you stand for, what you stand against, and that you have an opinion in the online space.”

Build your audience with a free but valuable resource. Offering a free, high-quality resource can provide immediate value to potential clients or customers, while also building your credibility with your audience, according to Jumer. He designed his free resource, the Instagram audit guide, to be an easily implementable checklist with quick wins to showcase his expertise and teaching style.

“Creating a really valuable education resource has been pivotal in growing my email list and really showcasing my experience,” he said.

Consistently communicate with your audience. Jumer emphasized the importance of consistently communicating with your audience on your platform of choice. While social media is a free, powerful tool to communicate with your audience, Jumer advised entrepreneurs to consider building their own email lists to reach their followers. Unlike social media, an email list is a direct line to your audience.

“You don’t own Instagram, but you do own your email list,” Jumer said. “Think about the power of directly getting into a person's inbox. That builds the connection right away, and you don’t have any other competition.”

Resources + Links * 28 Instant Content Remedies * Jumer Adalin: Website, Instagram * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Queer Money podcast hosts and Debt Free Guys founders David and John Auten-Schneider. David and John have more than a decade of experience helping the queer community thrive financially through their podcast, website, and emails. On the episode, they discuss the importance of being intentional with how you choose to grow and engage with your audience. They also open up about some setbacks they’ve experienced as entrepreneurs and tips they’ve learned in their decade-long entrepreneurial journey.

Episode Highlights Mission-driven businesses have a purpose beyond profit. David and John both define a mission-driven business as one that is focused on a greater purpose than just making a profit. Whether it’s using the income from the business to contribute to a cause or running the business itself to create an impact, mission-driven entrepreneurs know they are putting in the work for a reason higher than just financial success.

“What is the motivation behind getting up and putting in the 16-hour days or 60-hour weeks?” David asked. “Everyone should have the right to be able to achieve financial success and be able to have fulfillment with that, but when you have another mission that is contributing to the reason that you get up and do what you do, that is what makes your business a mission-driven business.”

For David and John, the mission of Queer Money is to try and improve the financial security of the LGBTQ+ community.

“The stronger we are as individuals, including our financial strength, the stronger we are as a community, and the more time, money, and resources we have to be able to protect and fight for our rights,” John said.

Build your audience before your product. Before David and John started their Debt Free Guys brand, they wanted to write a book but were told by agents that they first needed to build an audience. They launched the Debt Free Guys blog as a way to share smart debt management advice while also growing an audience. In doing so, they realized the need for LGBTQ+ voices in the personal finance community, which in turn led to the Queer Money podcast.

“‘Build it, and they will come’ only works in the movies,” David said. “You will not survive if you create a product and you don’t have a built-in audience who has a desire and need for it.”

Don’t forget to create an email list. In the fast-paced world of modern entrepreneurship, it’s easy to get distracted by new opportunities or social media trends as a way to grow a business. Unfortunately, success on most platforms is determined by the current algorithm and chasing success on every platform is a losing game.

“There are so many shiny disco balls to go at,” David said. “Find out what you can do to stay in the center of your world, or your business is going to look like a scribbly mess because you keep chasing after everybody else’s center of the world instead of your own.”

David and John recommend focusing on one or two platforms that connect with your mission and your audience. They also tout building a good, old-fashioned email list as a consistent and reliable way to reach your audience.

“What has consistently been a great money driver for most folks over the greatest duration has been growing your email list,” John added. “I would suggest that anybody who’s going to go down the virtual business path focus as much energy and attention on growing your email list. That’s your list. You can take that list anywhere.”

Resources + Links * Queer Money Podcast Episode 11: 4 Keys to Winning the Midlife Career Change * Queer Money Podcast Episode 31: 3 Surprises, 3 Ah-has, and an Awesome Money Quote * Queer Money Podcast: Website, Instagram, Apple Podcasts, Spotify, YouTube * Debt Free Guys: Website, Instagram, Facebook, LinkedIn, X, Pinterest * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with human rights advocate and Brave Space Alliance CEO Channyn Lynne Parker. Channyn is a public speaker whose accolades include the inaugural Trans100 award, Henrietta Lacks award, and Equality Illinois Freedom Award. As CEO of Brave Space Alliance, Channyn shepherds the first Black-led, trans-led TLGBQ+ center on the south side of Chicago.

On the episode, Channyn shares her journey to becoming the CEO of Brave Space Alliance and the significance of finding alignment in life. She also reveals why the nursery rhyme “Row, Row, Row Your Boat” is deeper than you might think.

Episode Highlights Mission-driven businesses are laser-focused. According to Channyn, a mission-driven business is focused on what it does best. For Brave Space Alliance, that means meeting the needs of Black TLGBQ+ individuals through the four pillars of dignity: health, housing, food, and identity.

“A mission-driven business is one that is laser-focused on what we do well: to provide our constituents the greatest impact in the area of their interests and needs,” Channyn said. “Above all, we give people a safe space to be in -- or a brave space to be in, if you will.”

Brave discomfort to live your purpose. When Channyn was tasked with the role of CEO of Brave Space Alliance, she initially felt like the lead of the 1980s film Gloria in which a cantankerous woman gets stuck with a young kid and has to unexpectedly take on the role of the mother. While she described the transition to CEO as “jolting” and “averse,” she has grown to love the job and the responsibility.

“I love comfort, and I believe that humans are comfort-seeking machines,” Channyn said. “None of us want to be jarred out of our comfort zones, but the reality is that unless we seek or welcome challenges, we will stagnate, we will atrophy, and we will not live out the thing that we are meant to contribute to the world.”

Profit can include time, talent, and treasure. Running a business, even a nonprofit like Brave Space Alliance, requires money. But Channyn reminded listeners that profit can come in non-monetary forms, too.

“When I think about the intangibles of profit, it is your stakeholder satisfaction and community impact,” Channyn said. “But also I think about the gifts of time, talent, and treasure, so all of your stakeholders who believe in your mission feel they’re able to contribute to the sustainability of the mission.”

Live life gently and authentically. Channyn believes there is a gap in the world that every one of us has been brought here to fill if we can become acutely and unapologetically aware of who we are and what it is we want to be. And if you don’t believe her, just listen to the song “Row, Row, Row Your Boat.”

“The deepest song ever is ‘Row, Row, Row Your Boat,’” Channyn said. “Rowing is living, right? The stream is life, and gently means you’re not fighting against who you are. We’re meant to live this vessel gently as we flow down the stream of life.”

Resources + Links * Brave Space Alliance: Website, Instagram, Facebook, X, TikTok * Channyn Lynne Parker: LinkedIn * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Shadé Akande, founder and CEO of ONE X LEAGUE, a private social league for Black and Afro-Latina women executives and founders. With more than 18 years of global HR experience at companies like Google and Walmart, Shadé shares her journey of creating a community during that pandemic that blossomed into ONE X LEAGUE. Tune in to hear how a series of brunches sparked the idea for a business all about building relationships and how the transformative power of feedback made ONE X LEAGUE the social network it is today.

Episode Highlights Mission-driven businesses prioritize purpose above all else. Shadé Akande describes a mission-driven business as one that prioritizes its purpose and values over everything else. The goal is to create a company that produces a long-term positive impact.

"A mission-driven business prioritizes its purpose and values over everything else,” Shadé said on the episode. “Its goal is to create impact and positive change."

Community is crucial for overcoming challenges. When people could start gathering together again after the pandemic lockdowns, Shadé recognized the need for a space where Black and Afro-Latina women could share their experiences and support each other. She started organizing brunches across the country to foster a sense of belonging and camaraderie. Since then, ONE X LEAGUE has organized numerous events to help members build meaningful connections and navigate workplace challenges.

"We would share what we're doing,” Shadé said. “We'd support each other and share examples of things we could take away and use in our workplace."

Kindness is key to building a strong community. Shadé stressed the importance of kindness as a core value for ONE X LEAGUE members. To maintain the community's quality and engagement, membership renewals are not automatic. Members must be invited to renew, helping to maintain a supportive and safe environment for all members.

"Our one value for members is kindness,” she said. “We take that really seriously as we invite people to become members of ONE X LEAGUE, so much so that even renewals are not automatic. You have to be invited to renew."

Feedback and continuous improvement are essential for growth. Regular feedback from members is vital for the continuous improvement of ONE X LEAGUE. Shadé conducts anonymous surveys to gather insights and ensure that the community's offerings remain relevant and impactful. This feedback loop helps in making necessary adjustments and keeps the community aligned with its mission and values.

"We do regular anonymous surveys, " she said. For instance, in a recent survey, Shadé asked members whether they agreed that they were having great experiences. “All of those who took the survey, 100%, agreed strongly.”

Resources + Links * ONE X LEAGUE: Website, Instagram, LinkedIn, YouTube * Shadé Akande: LinkedIn * Brian Thompson Financial: Website, Newsletter, Podcast * Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Instagram is more than just a social media platform. It has evolved into a visual storytelling hub where businesses can connect deeply with their audience among the more than 1 billion monthly active users on the platform. On this special episode, Brian delves into the intricacies of marketing on Instagram. Whether you’re just starting out looking to enhance your online presence, this episode will equip you with the knowledge and strategies to leverage Instagram effectively.

Episode Highlights

Outline your engagement strategy.

Instagram provides a unique platform for you to showcase your brand’s story through compelling visuals, videos, and stories, helping you craft narratives that resonate with your audience and strengthen your brand. You can also amplify your impact by utilizing Instagram’s community-building engagement tools, such as polls, Q&A sessions, and live videos.

Before you post on Instagram, you should know what you are trying to accomplish. Consider what you are trying to achieve with your marketing, who you are trying to reach, and whether you enjoy using the platform.

Create high-quality content.

Once you know your “why” for marketing on Instagram, it’s time to post. Your content strategy on Instagram should be diverse and purposeful, reflecting your brand’s mission, vision, and values. Post content that educates, informs, inspires, or entertains through a variety of post types, such as user-generated content, behind-the-scenes content, promotions, educational posts, seasonal posts, events, testimonials, and news.

Here are some specifics:

Optimize your profile: Your profile picture should be a clear, high-quality image representing your brand. Your bio should be concise and informative, including keywords, a call to action, and a link to your website or latest content.
Add visual appeal: Experiment with high-quality photos, engaging videos, informative infographics, and visually appealing product shots. Develop a consistent theme and color palette that aligns with your brand’s aesthetic.
Utilize captions and hashtags: Write engaging and informative captions to connect with the audience. Use relevant and trending hashtags to reach a wider audience.

Engage your audience.

Building meaningful connections with your audience is crucial for sustained growth and advocacy. Here are some ways to do that:

Respond to your audience: Promptly engage with comments, direct messages, and mentions to foster a sense of community and customer care.
Partner with influencers: Collaborate with influencers or brand advocates whose values align with yours to expand your reach and credibility.
Encourage user-generated content: Showcase your authenticity and social proof by encouraging customers to share their experiences with your products and services.

Also, know when and how often to post. For stories, post daily. For feed posts and Reels, aim to post three to five times per week. For IGTV, post one to two times per week. Tailor your posting schedule to your specific audience by using Instagram Insights, A/B testing, and considering time zones, especially if you have a global following.

Resources + Links

Episode 79: Niching Down with Hugo E. Gomez
Episode 23: How to Get Different with Mike Michalowicz
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with tech trailblazer and Sama CEO Wendy Gonzalez. Sama is a mission-driven Certified B Corp that seeks to raise the standards for both machine learning and global working conditions. The company’s innovative approach to ethically sourcing and training tech talent has lifted more than 68,000 people out of poverty since 2008.

On the episode, Wendy dives deep into Sama’s unique for-profit business structure, including reserving a Board of Directors seat for its non-profit on its non-profit roots. She also touts the importance of conviction and self-awareness when building and running a business.

Episode Highlights

Mission-driven businesses can have more than one mission.

Mission-driven businesses can have more than one mission, according to Wendy. For instance, Sama has a “triple bottom line” of bringing long-term value to people living in poverty, to the planet, and to the bottom line.

“We were really founded on this premise that talent is distributed equally but opportunity is not,” she said. “We started with the mission first, and the core mission is what we then built a business problem to solve for around.”

Hold earnings calls and learnings calls.

You’ve probably heard of a company's earnings calls when the executives share updates about the firm’s financial metrics. Sama applies the same concept to its mission by hosting “learning calls,” in which the company provides updates on its impact metrics.

“The idea from the very beginning is you have to track with rigor what our impact is,” Wendy said. “It’s no different than how you would track your financials.”

If you’re a big company, consider B Corp Certification.

Sama is a Certified B Corp, meaning it meets verified, high standards of social and environmental performance, has made a legal commitment to accountability, and transparently shares information. Wendy said the company pursued B Corp status once it transitioned from a non-profit financial structure to a for-profit structure because the B Corp Certification is the best and most recognized accreditation standard for impact-driven companies.

“We were big enough that we thought B Corp Certification is going to be important for us, so that nobody believes that our transition in financing means that anything has changed,” she said.

One downside to B Corp Certification is that it requires a lot of effort and expenses. If you’re a small company, you may not be able to afford the resources needed to comply with the reporting requirements, but if you’re an established impact-driven company, Wendy recommended looking into B Corp Certification.

“If you’re a customer looking for a recognized seal of approval, that’s recognizable,” she said.

Fire yourself annually.

About once per year, Wendy does a mental exercise in which she fires herself as CEO and evaluates whether she’d rehire herself for the job. The exercise is an opportunity to reflect on the kind of leader her company needs and also where her energy and convictions lie.

“If you’re the CEO, you’ve got to be not only the CEO your company needs today, but the one your company needs tomorrow,” Wendy said.

Resources + Links

Wendy Gonzales: LinkedIn
Sama: Website, Instagram, Facebook, LinkedIn, X, YouTube
B Corp Certification
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with entrepreneur and Hispanic marketing leader Hugo E. Gomez. As the founder of HispanicMarketing.com, Hugo helps U.S. businesses connect with the Hispanic market. On the episode, Hugo discusses the importance of niching down for marketing and creating personal branding on social media. He also shares the lessons learned on his journey from an employee to self-employed, including embracing uncertainty and trusting himself to figure things out.

Episode Highlights

Mission-driven businesses seek win-wins.

HispanicMarketing.com is composed of four sub-brands -- Abogados NOW, Doctores NOW, Gene NOW, and SpanishLeads.ai -- that all share a two-fold mission. The first is to help U.S.-based businesses connect with the U.S. Hispanic market, and the second is to ensure the U.S. Hispanic market has access to financial, healthcare, and legal resources.

“It’s a win-win for our mission because we’re giving our clients something new, and at the same time providing a lot of goodwill to the community,” Hugo said.

Niching down is the path of least resistance.

In marketing and entrepreneurship, niching down your market and services is a powerful tool for attracting customers. If you already understand your customers’ industries and challenges, it becomes much easier to get sales acceleration.

“I’d seen so many great use cases of niching down that I thought that’s probably the best way to build a company,” Hugo said. “If you tell someone in a sales funnel that you know where they come from and their challenges, it’s so much easier to have a call about the next steps.”

Start your business while you have another job.

Successful entrepreneurship requires smart risk management strategies, which is why Hugo advocates for aspiring business owners to start a new company while they still have a job. That’s the approach he followed when exploring whether HispanicMarketing.com could be a full-time business.

“You can have a job and your own business. That’s probably the safest and most respectful path for your own wellbeing,” Hugo said. “Building something and proving it out at the smallest level is a great proof of concept to see if you’re really interested in running a business.”

Don’t forget marketing.

When it comes to modern marketing techniques, Hugo is bullish on social videos, such as Instagram and Facebook Reels, because the social media companies do the work of matching your content to people who are interested in watching. He also recommends publicizing employees of companies rather than company pages.

“Most people right now don’t want to follow a company page,” he said. They want to follow people who work inside the company. The ones with the personal video brands are going to do the best.”

Resources + Links

Hugo Gomez: LinkedIn
HispanicMarketing.com
Abogados NOW: Website, Instagram, Facebook, LinkedIn, YouTube, TikTok
Doctores NOW: Website, Instagram, Facebook
Gente NOW: Website, Instagram, Facebook, LinkedIn, X
SpanishLeads.ai
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with entrepreneur and mobile app pioneer John Driscoll. As the co-founder and CEO of Naked Development, John and his team are rewriting the rules of mobile app development, raising the bar for innovation and creativity. John shares invaluable insights on the courage, patience, and perseverance needed to navigate the unpredictable to succeed in business. He also debunks the myth of overnight success.

Episode Highlights

Mission-driven businesses pick their fight.

John believes you shouldn’t start a business unless you have a mission because having a true mission is like picking a fight. To be successful, companies should have a point of view that influences how they see the world and, as a result, how they connect with their target audience.

“Your company, whatever it’s doing, is connected to that point of view,” John said. “You have to point whatever you’re doing at a group of people, and by definition if you’re pointing at a group, you’re not pointing at the rest of them. It’s exclusion on purpose.”

Have the courage to niche yourself out.

John often uses the expression “niche yourself out” as a way to convey the importance of having an authentic point of view that connects with your target audience. Niching yourself out as a company takes real courage because, by definition, not everyone is going to agree with your decisions.

“Whether it’s calling your company Naked, like I did, or something else, you are going to have people who disagree,” John said. “That might even be your family -- it was for me -- and you have to just be okay with it. You have to expect it.”

Fire bullets before cannonballs.

Many entrepreneurs struggle with when to move out of the research phase and into getting experience. After all, being an entrepreneur is all about managing risk, and while risk can be transferred, it cannot be eliminated, so it’s best to get real-world experience as quickly as you can.

“A lot of people think they can curb their risk by doing more research upfront,” John said. “I’m not anti-research, but I am anti-waiting. You don’t get the rewards without the risk.”

One strategy to prioritize gaining real-world experience is to fire bullets before cannonballs, an expression that John borrowed from John Collins. The phrase encapsulates trying something small first before you go all in on an idea.

“I’ve blown it many times, where I’ve gone in and done the whole thing,” John said. “When you do that, and you get it wrong, whatever mistake you had made is compounded. Normally, if something works small, it’ll work big.”

Real success requires patience.

A very common mistake that John sees among young founders is impatience. He says many young entrepreneurs have an idea in their head of what success looks like, which is often overnight success. However, he believes overnight success is a myth.

“Instagram is probably one of the biggest overnight successes you could mention,” John said. “The founders started Instagram, and a year or two later had a billion dollar exit. That’s incredible, intense growth, but people forget to mention the app, Burbn, that the founders had started before Instagram and completely trashed. Even that example of overnight success still took time.”

Resources + Links

“Fire Bullets, Then Cannonballs” by Jim Collins
The TB12 Method: How to Achieve a Lifetime of Sustained Peak Performance by Tom Brady
Buy Back Your Time: Get Unstuck, Reclaim Your Freedom, and Build Your Empire by Dan Martell
John Driscoll: Website, LinkedIn
Naked Development: Website, Instagram, LinkedIn, YouTube
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

The TB12 Method: How to Achieve a Lifetime of Sustained Peak Performance

Buy Back Your Time: Get Unstuck, Reclaim Your Freedom, and Build Your Empire

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On this special episode, Brian dives into the all-important mid-year business review. Whether you’re navigating the early stages of entrepreneurship or deep into running a medium-sized business, the mid-year business review is the perfect opportunity to take stock of your progress so you can stay on track toward your goals. Learn why the mid-year review is essential, what key areas to focus on, and three practical steps to conduct a thorough assessment.

Episode Highlights

Revisit your mission, vision, and values.

Your mission statement is the heartbeat of your business, articulating its core purpose for existing. To evaluate your mission, ask yourself the following questions:

Is your mission statement authentic? Does it reflect the values and aspirations that drive your business forward?
Is your mission statement still relevant in the current business, landscape, and societal context?
Is your mission statement clear and concise, communicating your business’s purpose in a compelling and easily understandable manner?
Does your mission statement align with the needs and aspirations of your target audience?

Your vision statement paints a compelling picture of where you aspire to be and serves as a beacon of inspiration and guidance for your business journey. To evaluate your vision, ask yourself the following questions:

Is your vision bold and ambitious enough to inspire action and innovation?
Is your vision adaptable to changing circumstances and evolving dynamics?
Does your vision align with your mission and core values? Is it in harmony with the overarching purpose and principles of your business identity and direction?
Does your vision inspire excitement, enthusiasm, and commitment among your team members and stakeholders?

Your core values are the ethical principles and beliefs that guide your behavior and decision-making as a business owner. To evaluate your values, ask yourself the following questions:

Are your core values rooted in honesty, transparency, and integrity?
Do your core values promote accountability and responsibility among your team members?
Are your core values inclusive and respectful of diversity?
Do your core values empower and inspire your team members to unleash their full potential?
Conduct a comprehensive financial review.

Your business’s financial health is not just about the bottom line -- it’s a reflection of your ability to create value, manage resources efficiently, and sustain growth for the long term. By conducting a mid-year review of your financial performance, you can gain insights into the health of the business, identify areas for improvement, and make informed decisions.

To conduct a mid-year financial review, take the following steps:

Analyze your revenue streams - Analyzing your revenue streams allows you to identify growth opportunities, optimize your product or service offerings, and prioritize resource allocation effectively.
Review your expenses - Conducting a thorough review of your expenses allows you to identify inefficiencies, streamline processes, and optimize cost structures.
Examine your cash flow - Managing cash flow effectively is essential for ensuring liquidity, stability, and resilience in the face of economic uncertainty.
Evaluate operations.

Optimizing workflow, effectively leveraging technology, and nurturing high-performing teams are essential for business innovation and growth. Conducting a mid-year review of your critical systems allows you to identify bottlenecks, inefficiencies, and opportunities to improve in the second half of the year.

Below are three key areas to review when assessing your operations:

Assess your workflow - Identify bottlenecks, streamline processes, leverage technology, and continuously improve to minimize waste and deliver value to your customers.
Review your technology stack - Evaluate current tools, identify new technologies, ensure integration and compatibility with existing systems, and provide training and support to improve collaboration and unlock new opportunities for innovation and growth.
Evaluate team performance - Assess the alignment of your team members with business goals, review individuals’ skills and competencies, review resource and support needs, and foster a culture of collaboration and communication to create a culture of excellence.

Resources + Links

Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with financial planner-turned-business coach Elizabeth Jetton, M.Ed., CFP. Elizabeth has made igniting passion a throughline of her career, evolving from the first female stockbroker in Atlanta to founding a financial planning firm and now working as a business coach and teacher. On the episode, Elizabeth gets to the heart of what makes a mission-driven business successful. She dives deep into how to identify your unique gifts and utilize them to create a business that serves your needs and makes an impact.

Episode Highlights

Mission-driven businesses reflect their owners’ golden threads.

Mission-driven businesses reflect what their owners deeply care about and the difference they want to make in the world. When that sense of purpose is then combined with the owners’ unique gifts and talents, Elizabeth says the result is “golden threads.”

“Golden threads are those sort of innate gifts we bring to our lives that we can bring to our work to make a difference,” Elizabeth said. “A mission-driven business is that beautiful intersection of what we are capable of doing, what we are skilled and competent at doing, and what we have the gifts to do.”

Think about what you don’t delegate.

If you’re stuck on finding your golden threads, Elizabeth recommends thinking about what you’re drawn to. It can also be helpful to reflect on the tasks that you don’t like to delegate.

“That’s the passion piece,” she said. “Sometimes we try to delegate something when in fact that’s the very thing we actually love to do easily, and then we’re frustrated because the people we delegate it to just don’t get it or because nobody’s going to get it like we do.”

Say no -- especially when you’re just starting.

As a business owner, it’s essential to escape the scarcity mentality that can lead you to take on work that doesn’t reflect your golden threads. Elizabeth emphasized the need to be selective in the projects you take on and to say no to things that don’t align with your mission. While many business owners struggle with saying no, she says the problem is especially prominent among novice business owners.

“When we’re novices, we don’t have the experience, so we don’t have the conviction and confidence,” she said. “When we’re in that state, that’s when we have a tendency to say yes too much because we think we have something to prove.”

Perfection is the enemy of good enough.

Elizabeth is a big believer in prototyping. Especially when you’re just starting a business, you can’t get too attached to what you think the business will be because it will change.

“Don’t wait until you think you’ve got it perfect,” she said. “You’re going to learn more from having a client and seeing what worked and what didn’t than anything else. Perfection is the enemy of good enough."

Resources + Links

The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Reis
Follow Elizabeth Jetton Online: LinkedIn
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

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Brian chats with marketing expert Cara Bedford. As the founder and CEO of Infinite Marketing, Cara leverages the global talent economy to drive impactful campaigns for mid-to-large-sized businesses, startups, and Fortune 500 companies. On the episode, Cara shares why having a clear vision for a business can create an authentic, cohesive brand narrative. She also stresses the importance of clear communication, effective delegation, and asking the right questions.

Episode Highlights

Mission-driven businesses are vision-driven businesses.

When Cara thinks about mission-driven businesses, she can’t help but associate the word mission with the day-to-day tactics of running a business. But what inspires her is the vision that a mission-driven business works to make a reality.

“When I think about why I get out of bed everyday, vision really resonates with me,” she said. “Mission is tactical, whereas vision is the future, the dream, the destination.”

At Infinite Marketing, Cara’s vision is to create a future where work is a source of joy and growth for everyone. She aspires to run a company that moves beyond work-life balance into work-life freedom.

“From the growth of our digital nomad culture that we’re seeing in the creative class, people are seeking not just employment but a journey of self-discovery and personal growth and purpose,” she said. “I want a world where work is a source of pride and fulfillment and gratification, not simply a means to an end.”

Create a brand guide.

Cara is a big believer in the power of brand guides, which can help inform the branding decisions for a business and identify gaps in business processes. The brand guides Infinite Marketing builds for clients are living documents that span 34 to 112 pages and detail the rules and processes of going to market.

“This booklet guides all of your branding decisions,” Cara explained. “People don’t understand how impactful that is to a business.”

Don’t be afraid to hire outside help.

Entrepreneurs can often benefit from outside expertise to help increase their chances of success. For instance, when working to redesign her logo Cara learned to trust the designer’s process, which resulted in a design more beautiful than she could have imagined.

She passes on that same advice to companies thinking about hiring a marketer. Once a business reaches a certain size, hiring someone to run marketing and sales efforts will further that business growth. For instance, a new business may not need a detailed brand guide, but Cara says investing in a brand guide is imperative for businesses with revenue in the $2 million - $5 million range.

“It’s a living document that grows with you,” she said. “You add pages to it as you grow, and you build frameworks as you grow.”

Resources + Links

The Big Leap: Conquer Your Hidden Fear and Take Life to the Next Level by Gay Hendricks
Cara Bedford: LinkedIn
Infinite Marketing: Website, LinkedIn
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

The Big Leap: Conquer Your Hidden Fear and Take Life to the Next Level

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Brian chats with diversity, equity, and inclusion trailblazer Ken Janssens. During his 25-year-long career at JPMorgan Chase, Ken co-founded and chaired the company’s LGBTQ+ Executive Council, championing diversity and inclusivity at the highest levels. He’s also the former Board Chair for leading LGBTQ+ Workplace Inclusion non-profit Out & Equal.

On the episode, Ken discusses his new venture, Windō, which aims to make corporate sustainability transparent and to connect young people with employers that share their values. He also shares his journey from activist leader to visionary entrepreneur and touts why establishing a clear mission and vision makes financial sense for companies.

Episode Highlights

Mission-driven businesses place purpose at their core.

Ken defines a mission-driven business as one that puts purpose at its core. He also pointed out that purpose is especially important to Gen Z employees, who are the first generation to place purpose over pay when finding an employer.

“Whilst a lot of companies have adopted purpose statements, there are many that still haven’t,” Ken said. “Purpose can rally an entire organization around something that is usually quite simple but very powerful.”

Keep it simple.

Ken co-founded Windō to connect young talent with value-aligned employers. Having such a simple mission statement has made it easy for him to recall and ensure his daily decisions are grounded in the company’s purpose.

“Our mission just rolls off the tongue, but obviously, you don’t just come up with that willy nilly,” he said. “You really think about it, but then it’s very clear. It grounds us and makes it easy to talk about what we’re about in one simple sentence.”

Use data to drive diversity.

While Windō’s data focuses on large companies, Ken says that small business owners can still take inspiration from some of the top performers. For instance, a company of any size can implement self-ID, which allows employees to disclose their demographic information to break down large data sets by diverse groups. Companies can then use the self-ID data to measure how employee satisfaction varies among different groups of people and, ideally, use the resulting awareness to improve year over year.

“I think every company is aiming for belonging, and that’s difficult to measure,“ Ken said. “This is a great way of doing that. You ask employees different kinds of questions and get the results by a diverse group, and you don’t guard the results as a secret when there’s work to do.”

Transparency builds trust.

The ultimate goal of sustainability reports is to build trust, according to Ken. However, you can’t have trust without transparency, commitment, and accountability. He also emphasized that potential employees know that increasing workplace diversity can be challenging and that progress isn’t always linear.

“Gen Z is okay with the numbers being low, but they want to see progress,” Ken said. “Moving the dial is hard, and sometimes you have a dip. It’s okay if they’re still in the grand scheme making progress.”

Resources + Links

The Big Leap: Conquer Your Hidden Fear and Take Life to the Next Level by Gay Hendricks
The Activist Leader: A New Mindset for Doing Business by Lucy Parker and Jon Miller
Ken Janssens: LinkedIn
Windō: Website, LinkedIn
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Amanda Wilson, the co-founder of #open, a dating app for ethically non-monogamous relationships. On the episode, Amanda opens up about the fear she faced pivoting from running political campaigns to launching a sex-positive tech business with her business and life partner. She also shares essential strategies and tactics for navigating the challenges of entrepreneurship and how she utilizes AI to fuel growth and innovation at #open.

Episode Highlights

Mission-driven businesses balance making money with benefiting society.

Amanda defines a mission-driven business as one that doesn’t just focus on finances as the number one goal. As part of making #open a mission-driven business, Amanda is setting up the company to become a Certified B Corporation, which requires balancing making money with the responsibility to benefit society.

“Our mission is to create safer spaces for marginalized and at-risk communities to form authentic connections,” Amanda said. “That’s exceptionally important to us because we are a dating app for people that are in ethically non-monogamous relationships, which is still a hard road for people who are doing that.”

Keep your customers safe.

One of the goals of #open is to build a safe space for the sex-positive community. To do that, the company makes it a point to listen to its user base, including by talking to customers through the #open support team and by reading app store reviews. Amanda also says the company prioritizes safety through data privacy.

“Your data is just an extension of you, so your data needs to be treated as respectfully as we would treat another person standing right here in front of us,” Amanda said. “#Open can always strive to be a safer place.”

Use AI to improve your human touch.

Amanda sees the use of artificial intelligence (AI) as a way to improve the personal touch of businesses and marketing strategies. For instance, #open reviews every picture that goes inside its app, and AI can help flag images that may break the company's content policies. Also, Amanda uses an AI transcription tool to review her podcast interviews and find points she can improve upon for next time.

“AI definitely helps us to be able to have that personal touch,” she said. “Building our community is one of the strategies and tactics we use.”

Hire your potential customers.

#Open emphasizes hiring people within the community they’re serving, so that the people creating the tools can better understand the dynamics around the software’s real-world use.

“We try and hire as many women and other marginalized people as we can,” Amanda said. “My one request is if we can get more women in tech, life would be so much better for so many people.”

Resources + Links

B Corp Certification
Otter.AI
Amanda Wilson: LinkedIn
open: Website, Instagram, Facebook, X, Tumblr, YouTube
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with serial entrepreneur and visionary leader Amanda Bauer-Frisch. As the CEO of Small Legacies, Amanda creates a way to give thoughtful, high-quality learning tools that enhance a child’s development. She also oversees several other small, legacy-driven businesses under the Enduring Legacy brand.

On the episode, Amanda opens up about how becoming a young widow and being open to the right, new opportunities shaped her entrepreneurial journey. She also provides a behind-the-scenes look at how she’s purchased several existing brands and shares tips for finding and acquiring businesses.

Episode Highlights

Mission-driven businesses exist for a reason deeper than profit.

Amanda defines a mission-driven business as one that exists for a reason deeper than profit. When she started Small Legacies, she created a hand-made wooden bank to teach her oldest son the basic financial literacy skills of saving, spending, and giving. But she also had a deeper meaning in mind.

“My first husband passed away in 2017 from a genetic heart condition at 30 years old,” she said. “So making this bank for my oldest was like helping to carry on my husband’s legacy and memory.”

Elevate and delegate.

When Amanda started Small Legacies, she built the company’s signature wooden bank boxes in her garage. Eventually, Small Legacies received so many orders that she needed to find a wood toy manufacturer to meet the demand, which in turn made it possible to acquire and take over the operations of another family-owned woodworking business. She wouldn’t have been able to grow if she hadn’t practiced the principle of “delegate and elevate.”

“That’s still a daily part of my journey -- trying to figure out where I can shine and what things bring me the most joy but also yield the most results for the business,” Amanda said. “And then how can I find the right people to support me in the business on the things that, frankly, bring me no joy or I’m not good at them.”

Hire and fire based on your values.

For Amanda, one of the hardest parts of running a mission-driven small business is knowing that she is responsible for the well-being of the employees on her payroll. Finding the right teammates that fit her company’s mission, vision, and values is already challenging, but gets even more complex when acquiring employees of another company.

Amanda experienced this challenge firsthand last year when an existing employee of a company she had acquired refused to comply with Enduring Legacy’s policy of being open and accepting to any employee. Although the employee had a lot of knowledge about the newly acquired brand and processes, Amanda decided to end the company’s relationship with him because he wouldn’t be a good fit for the company’s values. Even though the decision required Amanda to cash in her 401(k) to buy new equipment, she knew it was the right thing to do.

“It was an incredibly easy decision,” she said. “It was a difficult day, but at the same time, I went to bed and slept great that night because it was the right thing to do.”

Resources + Links

What the Heck is EOS? A Complete Guide for Employees in Companies Running on EOS by Gino Wickman and Tom Bouwer
Amanda Bauer-Frisch: LinkedIn
Small Legacies: Website, Instagram, Facebook, Pinterest, TikTok
Navy Paddles: Website, Instagram, Facebook, LinkedIn
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X (formerly known as Twitter), Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

What the Heck Is EOS?: A Complete Guide for Employees in Companies Running on EOS

View Details

Brian chats with Brian Moak, an entrepreneur, consultant, coach, and motivational speaker focused on service-based businesses and team engagement. As the owner and CEO of HEART Certified Auto Care, Brian used empathy to transform his family’s business into an industry-leading auto shop. He also owns one of the largest Shack Shine franchises in North America and is a partner in a digital marketing firm.

On the episode, Brian Moak details his rollercoaster entrepreneurial journey, riding the lows of losing $1.5 million in one year to growing his business to earn nearly $15 million in revenue. He also lists his Four Point Plan to help any business thrive and shares the most critical question to ask to change your business’s trajectory.

Episode Highlights

Mission-driven businesses are aligned.

When defining a mission-driven business, Brian takes a term from the auto shop world: alignment. At a mission-driven business, all parts of the operation are aligned toward the end goal or outcome to be achieved.

“Every person in the company should be facing the same way,” he said. “That has to come from the top. The top has to give that vision and sell that vision to the team, so they can feel engaged and make it happen.”

Create a 4-point plan.

Through the years, Brian has learned that for a plan to work it needs to be based on strategy, not just an idea. He’s since created and implemented a 4-point plan to help his company reach its goals.

Step 1: Build rapport

Rapport means understanding the connection between the owner and the employees as well as understanding the needs that your employees have. To build rapport, Brian makes it a point to talk with every one of his 75 employees every week.

“It’s not like I do a review,” Brian said. “It’s a casual stroll through the business to say hello and find out how their family is doing."

Step 2: Define “it”

To know where you want to go, you first have to define “it.” Rather than speaking in generalities, get clear on your vision, mission, and short- and long-term goals. Also, be specific when you tell employees what you need from them to achieve those goals.

Step 3: Share why

Not only is it important to clearly detail the plan, but it’s also critical to share why the broader goal matters.

“Sometimes it’s as simple as we have to do this so we can ensure job security,” Brian said. “Sometimes it’s as big as we have to do this, so you can get a huge raise.”

Step 4: Ask for commitment

A plan can’t succeed without the commitment of everyone to follow the process and achieve the outcome. At HEART Certified Auto Care, Brian makes sure everyone is aligned on the plan and then asks for a verbal commitment.

“If we don’t have their commitment, typically there’s a breakdown in communication somewhere,” Brian said. “Either their values don’t align, the ‘what’ wasn’t clear enough, or the ‘why’ wasn’t compelling enough.”

Live up to your standards.

As a gay man in a blue-collar industry, Brian felt he had to prove himself. Early in his career, he tended to overcompensate, which created a toxic work culture. The result was that he almost lost his business.

“I asked everyone else to succeed in an area that I was failing, and that’s the worst kind of leader,” he said. “I have really high standards, and if I was going to have those high standards, I better live up to them myself.”

After personal therapy and a forced business rebrand, Brian committed to putting heart at the center of his business and leading with empathy instead of tyranny. It didn’t take long for the business to start to grow.

“All of a sudden, people wanted my help,” he said. “We went from losing a million and a half dollars in one year to we’re going to do just shy of 15 million bucks this year.”

Resources + Links

Brian Moak: Website, Instagram, Facebook, LinkedIn, X
HEART Certified Auto Care: Website
Shack Shine: Website, Instagram, Facebook, LinkedIn
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X (formerly known as Twitter), Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

On this special episode, Brian dives deep into the art of crafting your business’s mission, vision, and value statements. These principles are the roadmap to success, and Brian gives a blueprint for creating powerful mission, vision, and values statements that shape the foundation of a successful company. This process is a fundamental topic for any budding entrepreneur or business owner.

Episode Highlights

How to write an effective mission statement

The mission statement is the heart of any business, encapsulating the “why” behind your company’s existence. To be effective, a mission statement must be clear, concise, and informative. It should also encapsulate your business’s identity.

Below are three helpful questions to ask yourself when creating a mission statement:

What is our purpose?
Who do we serve?
What impact do we want to make?

How to write an inspirational vision statement

A good vision statement is aspirational. At its best, the vision statement inspires not just the company’s founder and employees but everyone associated with a business.

Below are two helpful questions to ask yourself when creating a vision statement:

What problem are you solving?
What would your company look like 10 years from now if all your goals were met?

How to write an authentic value statement

Value statements are memorable, actionable, and timeliness principles that guide a company’s decision-making and culture. As the backbone of an organization, value statements are not just words on a page but the core beliefs that the company would be willing to go out of business to defend.

Resources + Links

The Mission Driven Business Podcast Episode 69: Building A Business For Financial Independence with LaSean Smith
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, X (formerly known as Twitter), Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with LaSean Smith, a software developer and business creator on a mission to help businesses and business owners succeed. LaSean spent more than a decade as a software executive at Amazon and Microsoft, where he uncovered patterns to use process as a tool to win in business more often. He now uses those insights to help entrepreneurs launch and sustain bootstrapped businesses.

On the episode, LaSean digs deep into what it means to have a values-based business and why owning a business is the most predictable way to achieve financial independence. He also outlines the three-step process that can help any business serving a healthy market to reach $2 million in revenue in five years.

Episode Highlights

Mission-driven businesses are values-based businesses.

LaSean believes that values are the foundation of a successful business. Mission-driven businesses don’t just identify their values, but they also live and breathe them even when times get tough.

“Increasingly, customers are seeking out companies that stand for something,” LaSean said. “If you really want to be a values-driven business, you have to be willing to go out of business to protect those values.”

Move fast or rescope.

How fast you iterate is requisite for building a business, according to LaSean. While big businesses move in months and medium-sized businesses move in weeks, a budding entrepreneur needs to move in a matter of hours. If you can’t break the process down and move that quickly, rescope and reconsider how you’re tackling your problems.

“You have to move that fast because you’re trying to compound faster than anyone else,” LaSean said. “Your doubling rate is critical when you’re starting a business.”

Find your audience first.

Rather than starting a business by building a product, LaSean first recommends focusing on your audience. By talking to 100 potential customers upfront, you can gain valuable insights from the people who will ultimately buy your product or service.

“A market requires that you have an audience of people who have a shared problem that is urgent, that is painful and reoccurring, and they have the willingness to find the means to financially pay to solve that problem,” he said.

Audit your life’s minutes.

For more than two years, LaSean has journaled his life through a calendar. Three times per day, he inputs what he’s done so far that day into his digital calendar as an exercise to be more intentional with his time. He challenges others to do the same exercise for 30 days.

“Challenge yourself for 30 days to journal and see how you are spending your time,” he said. “Audit the books of your life minutes and see if there’s a disconnect between where you say you want to go and how you’re actually spending those minutes.”

Resources + Links

Values-Based Business Design: Modern Product Development for High-Growth Companies
The Four Burners Theory: The Downside of Work-Life Balance by James Clear
“Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).” -- Naval Ravikant (@naval)
Louder Than Words by Todd Henry
The Life Map: The Predictable Path To Financial Independence
Follow LaSean Smith: Website, Instagram, LinkedIn, X (formerly known as Twitter)
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, X (formerly known as Twitter), Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

It’s hard to believe that 2023 is almost over. Before the New Year, it’s time to reflect on the past year and get ready for the next one. On this special episode, Brian lists off 10 business and 10 personal tasks that you should check off your list to end 2023 on the right note and start 2024 with a clean slate.

Episode Highlights

10 End-Of-Year Business Action Items

Review your goals

How did you do this year? What were you proud to accomplish? Anything you wish you could have done better? The end of the year is a great time to review the goals you made at the beginning of the year and set new ones for 2024.

Update your cash flow

If you use Profit First, look at each bucket’s allocations. If a bucket looks too full or scarce, update your percentages accordingly. Remember: Do not make adjustments of more than 3%, which can put you in a bind later.

Review your profit & loss

At this point in the year, you should have a good sense of your business’s gross income, which makes it an ideal time to review your profit & loss statement. Hopefully, it was a banner year for you!

Find your tax return

There’s nothing like some downtime during the holidays to organize and prepare for tax season. Take some time to find a return to help with some of the next tasks on this list.

Max out your Solo 401(k) or SEP IRA

If you have a little extra profit this year, retirement accounts are a great way to shelter income.

If you have a Solo 401(k), you can contribute $22,500 as an employee in 2023. Additionally, if you are age 50 or older, you can contribute $7,500 in employee catch-up contributions and up to $66,000 in employer contributions.

If you have a SEP IRA, you can contribute up to 25% of your adjusted net earnings or $66,000 in 2023, whichever is less.

Defer income and incur expenses

It’s an excellent time to defer income until 2024 and incur expenses you know you’ll have at the beginning of the year while it’s still 2023. However, remember two things before you take this approach:

The business expense must be ordinary and necessary, meaning it’s an expense that a business like yours would incur.
You don’t save money on an expense you wouldn’t otherwise buy.
Consider “out-of-the-box” expenses

When thinking about expenses, consider some that may be “out-of-the-box,” such as employee cell phone reimbursement, educational assistance, or dependent care assistance. Expenses can also include up to $25 per person gifts for clients or holiday parties and some forms of holiday travel if they include business reasons.

Update your asset list

Did you buy new assets during the year that will affect your tax return? It’s important to have an accurate list of assets associated with your business for tax purposes. Also, figure out what equipment you no longer use in the business and consider what equipment you can acquire if you’re trying to reduce your bottom line.

Review your business structure

Evaluate your business structure and the qualified business income deduction for any changes that you need to make, such as setting up a Solo 401(k) by the deadline of December 31.

Reflect before 2024

How do you feel about your business? Is it going in the direction you want? How can you bring more intention to what you’re doing? Reflecting on the past year and creating some attention for the new year is essential.

10 End-of-Year Personal Action Items

Review your goals

Just like you did with your business, review your goals for 2023 and take stock of where you succeeded and where you fell short. Either way, you’ll have some good information about the changes you can make in 2024.

Update your budget

Your money and your business are tools to live the life that you want, and the end of the year gives you a solid endpoint to assess whether you matched the goals you set at the outset of 2023. If you didn’t set financial goals for 2023, the start of the new year is a great time to use a budget that finally works for you.

Create a holiday bucket

Consider how much you want to spend this holiday season, which may look a lot different than in past years. Create a separate bucket for holiday spending, then stop spending when that money is gone. You’ll thank yourself come January when you don’t have huge credit card bills.

Spend benefits you’ll lose

Take stock of the benefits you have that won’t roll over to 2024. Whether that’s unused vacation days, medical dependent care benefits, or money in your flexible spending account, use your workplace benefits to your advantage.

Make any last charitable contributions

December 31 is the last day your donations can go on your 2023 tax return. If giving to charity is part of your spending plan, use these three questions to make the most out of your charitable giving.

Pump up your 529 account

More than 30 states allow for a tax deduction for your contributions to a 529 plan. However, to count for this tax year, contributions must be made by December 31.

Max out your 401(k)

If you have a spouse who works as a W2 employee, 401(k) contributions made through December 31 count for the 2023 tax year. If you have extra cash and want to boost your savings, consider adding your spouse’s last 2023 paycheck to their 401(k).

Find your tax return

Tax season is right around the corner, so prepare yourself now, while you have some space and mental energy. You can also use this time to assess whether a Roth conversion is best for you.

Review your will and trust

With end-of-year reflections, you’re keenly aware of all the changes in life. Remember, your estate plan is also affected by those changes and needs to match your current situation. Checking your estate documents is especially important if you’ve gotten married, gone through a divorce, or had children in the past year.

Review your insurance documents

Just like your estate documents, your insurance policies should also cover your current needs. Review your life and disability policies to ensure they protect your income and those dependent on you. Also, your renters and homeowners insurance should protect any additional big purchases you made during the year, and your health insurance policy should be reviewed for any upcoming changes.

Resources + Links

The bucket budget: How To Get Control Of Your Spending Without Tracking Every Penny
Questions for charitable giving: How To Make The Most Of Your Charitable Giving
States that offer a tax benefit for 529 plan contribution
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, X (formerly known as Twitter), Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with inclusive entrepreneurship expert Ebony Janelle. As an Empower by GoDaddy manager, Ebony drives GoDaddy’s corporate program that helps underserved entrepreneurs thrive. She manages the day-to-day operations that provide education, networking, and mentorship to small business owners from underfunded communities.

On the episode, Ebony discusses the challenges facing LGBTQ+ entrepreneurs, including a disparity in funding and resources. She also shares the three pillars that entrepreneurs of all kinds can use to uplevel their businesses and how the use of generative AI can give small business owners some of their precious time back.

Episode Highlights

Mission-driven businesses support positive change.

Ebony defines a mission-driven business as a company that seeks to solve or change social problems, demonstrating responsibility for supporting positive change in the world. She's proud that the company she works for, GoDaddy, meets that definition -- especially because the work she manages within GoDaddy’s signature Social Impact program and Empower by GoDaddy are crucial components of GoDaddy's mission to make opportunity more inclusive for all.

“The mission is actually what drives all aspects of the business,” she said. “Not only does it help local economies, it also helps build intergenerational wealth for families.”

Three pillars for success: Education, networking, and mentorship.

Empower by GoDaddy espouses three pillars to help business owners succeed: Education, networking, and mentorship. All three pillars are needed to “uplevel” entrepreneurs, according to Ebony.

“Without the education of how to run your business, you’re not going to have the opportunity to network or find a mentor,” she said. “If you don’t have the networking of like-minded individuals, you’re not going to be able to run ideas past them or improve your education. And without a mentor, you don’t have the necessary pathway to discuss areas of opportunity or talk through roadblocks.”

Use generative AI to get some time back.

Small business owners wear many different hats, and there’s never enough time to do all the tasks on the to-do list. Recently, Ebony has heard entrepreneurs using generative artificial intelligence (AI) tools, such as ChatGPT, to lessen the time it takes to do some of the more menial tasks. As a result, the business owner can focus on bigger, more important items.

“Using generative AI can really be helpful to your small business to automate some of the things that you may not have the time to do,” Ebony said.

Don’t do it alone.

Especially if you’re an entrepreneur from an underserved community, you may feel like there’s no one else who’s faced the hurdles you’re experiencing. That’s why it’s important to find a community of like-minded individuals.

“One of the things that a lot of small business owners don’t take into consideration is that there are others that have done it before you and can give you some practical advice to help you over the hurdle you may be facing,” Janelle said. “Don’t try to do it alone.”

Resources + Links

Ebony: LinkedIn, X (formerly known as Twitter)
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, X (formerly known as Twitter), Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with serial entrepreneur and SendGrid founder Isaac Saldana about his new venture Memo, which helps people build authentic and trustworthy personal brands. On the episode, Isaac opens up about how his introversion initially made it difficult for him to sell his expertise online, and how he's now using his experiences to help other entrepreneurs and creatives effectively showcase their talents. He also gives tips for being a leader with your natural personality and for using your values to navigate difficult business decisions.

Episode Highlights

Mission-driven businesses move mountains.

Mission-driven businesses share a motivation to make the world a little bit better. Issac says you know your level of motivation is right as a business owner when you have the passion to move mountains.

"If your motivation is big enough to move a mountain, then you've found the right motivation and the right mission," he said.

Personal brands build new connections.

Establishing a personal brand on social media can help convey trust and demonstrate your knowledge. While some people think the purpose of a personal brand is to be popular online, Isaac sees its true value as building connections.

"If your purpose is to connect with other people, specifically new people that you don't know, a personal brand could be influential," he said.

Establish your company values early.

One of the first things that Isaac did with his new company, Memo, was to establish a set of values, which spell out the word HAPPY: humility, adaptability, peers, passion, and you.

Issac prioritized creating values for Memo early on because being an entrepreneur requires making decisions even when there's no right answer. In those instances, he believes it can be helpful to lean on your values.

"You can't go to Google or ChatGPT and ask them to give you an answer," Isaac said. "You need something to help you make decisions, and values do that."

Build a culture around your values.

Establishing company values can help with more than just making decisions. Building values into a company's culture can lead to a more efficient and happy workplace, and conveying a company's values online can help build trust and credibility with an audience.

"I can talk about values for a long time because I truly believe they make a huge difference," Isaac said. "Many entrepreneurs don't focus on that early on."

Resources + Links

Isaac: LinkedIn, Crunchbase, X (formerly known as Twitter)
Memo: Website, Instagram, Facebook, LinkedIn, X (formerly known as Twitter)
SendGrid: Website, LinkedIn, X (formerly known as Twitter)
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, X (formerly known as Twitter), Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Elliot Greenberger, a new entrepreneur who recently pivoted from corporate leadership to business coaching. On the episode, Elliot opens up about how he felt stuck and drained before he started his business, even though he had a successful career and a fulfilling family life. He also shares the practical steps he took to launch his coaching firm and tips for creating an effective sales process that aligns with your business's mission.

Episode Highlights

Mission-driven businesses are born out of a sense of purpose.

Every business has a purpose, whether the leaders of a company know it or not. But what defines a mission-driven business is that the company is born out of that sense of purpose, according to Elliot.

"What sets a mission-driven business apart is that there's a specific kind of intentionality and specificity about the mission," Elliot said. "That mission literally drives the business."

For Elliot's coaching business, the mission has evolved into teaching his clients how to be courageous. He writes a weekly newsletter called "On Courage" and is thinking about teaching courses or doing speaking on the subject.

Align your sales process with your mission.

A company's mission can't go very far without a sales process to support turning that mission into a reality. That's why creating a sales process that aligns with your business's mission and vision is one of the most important steps you can take, according to Elliot.

"Having a process really allows me to keep my integrity as a coach," Elliot said. "It allows me to really focus on my mission and make sure I'm attracting clients and getting clients who support the work I want to do."

Carve out time for self care.

One of the benefits of being a business owner is being able to more easily carve out time in the day for self care. For Elliot, that sometimes looks like ending his day at 3 p.m. and going for a swim as a way to care for himself and do what's best for his business.

"The way I pace my day not only helps me become a better person to those around me, it also helps my business," he said. "It helps me as a coach, and there's something that can be transmitted about that to the people that I work with."

Resources + Links

Elliot: Website, LinkedIn
Elliot’s Substack and the “On Courage” Newsletter
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, Twitter, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Spider Perry, founder of the inclusive clothing company NerdyKeppie. Spider initially created the company as a side business to provide LGBTQ Judaica for their daughter and now runs NerdyKeppie full-time with the help of several part-time employees.

On the episode, Spider shares how the business has evolved throughout its growth. They also list their top tips for keeping a business afloat and emphasize the importance of delegation.

Episode Highlights

Mission-driven businesses create the world you want to live in.

Spider defines a mission-driven business as a company that actively tries to create the kind of world you want to live in. This definition of a mission-driven business extends beyond just the products a company makes to the working environment it provides for employees.

“It has to go both ways,” Spider said. “It would be hollow if it were only outward facing or only inward facing.”

Get organized from the beginning.

When Spider started NerdyKeppie, they were the only person who had to understand how files were named and organized. But as the company has grown, the system they created didn’t always make sense to the other people working at the company. They advise other business owners to strategically organize files from the start.

“Keep track of things better than you think, and do it from the beginning,” Spider said. “I still have a file on our server now that I still have to finish sorting.”

If you don’t trust a person, don’t work with them.

Delegation is a crucial part of running a business, so it’s important to trust the people that you work with. If you don’t trust a person, you shouldn’t be working with them, Spider advises.

“If you can’t hand off something to someone and trust that they’re going to get it done in the way that you need, maybe you need to reevaluate that relationship,” Spider said.

Spider has had to end a few business relationships because they couldn’t trust the end result. However, the people he does continue to work with are empowered to make decisions and do the job right.

“I have to pay our operations lead for the job that I want him to do,” he said. “I have to make sure that he has the tools that he needs. And then I need to stop, walk away, and let him do the job.”

Resources + Links

The Mission Driven Business Podcast Episode 59: Creating The Job You Want with Sarah Kendrick
Spider: Tumblr, Patreon, Twitter
NerdyKeppie: Website, Twitter, Facebook, Instagram
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, Twitter, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with serial entrepreneur, social innovator, and author Miki Agrawal. As the founder of disruptive ventures Tushy, Thinx, and Wild, Miki is known for challenging the status quo and driving cultural change. She is also the author of best-selling books Do Cool Sh*t and Disrupt-Her.

On the episode, Miki dives deep into her experience building multiple 100-million-dollar businesses. She also shares the questions she asks before starting a new business and opens up about how some of her hardest times have led to growth.

Episode Highlights

Mission-driven businesses do well and good.

Miki defines a mission-driven business as a company that does good and well at the same time. As a member of a board on conscious capitalism, she’s witnessed how companies that create socially conscious business models perform better financially, too.

“It’s a company that looks at the stakeholders versus just the shareholders,” Miki said. “Having not just a revenue-focused target but also an impact target is important.”

Three questions to ask before starting a business.

Before she starts a new business, Miki asks herself three questions:

What sucks in my world?
Does it suck for a lot of people?
Can I be passionate about it for a really long time?

“There’s a saying that it takes 10 years to be an overnight success,” Miki said. “When I think about starting Tushy or Thinx or Wild, they are all things I could be really passionate about for a really long time.”

90% of success is action.

Miki likes the saying that 90% of working out is putting on your running shoes and walking out the door. She attributes a similar action-first mindset to success in business, too. If you’re inspired and take action, you may end up somewhere miraculous.

“If you have an idea in your head, take the first step,” she said. “Talk is cheap. Action speaks louder than words.”

Question everything.

Miki attributes her success to her desire to creatively solve problems to the best of her ability. She also credits her culturally diverse upbringing in French Canada, where she grew up with a Japanese mother and Indian father in a Hindu-Buddhist household.

“We got a chance to not conform,” she said. “When you don’t conform, you get to really question everything. And when you get to question everything, you invent new possibilities.”

Resources + Links

Miki Agrawal: Website, Instagram, Facebook, Pinterest
Books: Disrupt-Her: A Manifesto for the Modern Woman, Do Cool Sh*t
Tushy: Website, Instagram, TikTok, Twitter, Threads, YouTube
Thinx: Website, Instagram, Facebook, TikTok, Twitter
Wild: Website, Instagram, Facebook
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, Twitter, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

Disrupt-Her: A Manifesto for the Modern Woman

Do Cool Sh*t: Quit Your Day Job, Start Your Own Business, and Live Happily Ever After

View Details

Brian Thompson Financial just celebrated its seventh birthday. In this inspirational special episode, Brian reflects on the lessons he’s learned as a mission-driven business owner over the past seven years. He also shares the moments that led him to starting his own company, critical turning points, and factors he attributes to his success.

Episode Highlights: 7 Lessons

Celebrate your success.

Starting a business is scary and involves a lot of risk. To stay grateful and humble, it’s important to celebrate what you’ve built.

“I’ve found taking moments to appreciate and celebrate things about my business has helped keep me present. And it’s really fun to celebrate and recognize the achievements of having somebody give you money for your services.”

You don’t have to be perfect.

Everyone will mess up when it comes to running to a business. The important thing is to recognize when you’ve made a mistake, learn from it, and then take a different action in the future.

“I’ve taken on too much, not served clients in the best way, or let the business consume too much of me. I’ve learned to accept that this is a growth process and will continue as long as I’m in business.”

Everything is an experiment.

Thinking of your business ideas as experiments can help you overcome paralysis from fear of change and seize new opportunities. Continuous experimentation that follows the principles of build, measure, and learn empowers you to create the business you want.

“It takes the pressure off by thinking that everything I do in the business is an experiment. I’ve had so many opportunities to try different things or take the business in a different direction.”

Follow your curiosity.

The good and bad thing about being a business owner? You can build whatever you want. To help you find focus and direction, follow your curiosity.

“What things do you really enjoy? What do you find yourself working on or researching when you ‘should’ be doing other things? The answers to those questions have helped me develop many new aspects of my business that I never initially considered.”

Delegate (even when you don’t want to).

It takes time to follow the things you’re curious about or take the business in a new direction, which means you’re going to have to give up doing some of the business tasks. If you’re a “control freak,” this can be difficult.

“It’s been very hard for me to hand off things to someone else, but I realize that in order to be able to focus and still do the things that I want to do, someone else has to take over things that maybe I don’t do the best.”

Marketing is hard but necessary.

You can have the best product or service in the world, but it’s useless if nobody knows about it. To grow your business, you have to put yourself out there, promote what you do, and show people why it’s important.

“With things like my podcast, I’ve learned how to promote myself more in the service of the business and to my potential clients. It’s still hard seeing myself on video or hearing my voice, but that imperfection and vulnerability helps me connect with people in ways that I didn’t expect.”

You are enough.

Chances are, there are many other business owners doing exactly what you do. If you're feeling insecure, it's important to remember that you are enough just as you are. Each business owner brings a unique and different perspective -- and that’s worth a lot.

“Insecurity and imposter syndrome were huge stumbling blocks for me, but they became stepping stones when I stopped comparing myself to other business owners and began focusing on my value. Whatever it takes for you to really internalize and accept your value as a person and what you bring to the world, the easier it is for you to create the thing that you do.”

Resources + Links

The Mission Driven Business Podcast Episode 8: Why I Started My Mission-Driven Business
Brian Thompson Financial: Website, Newsletter, Podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, Twitter, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with professional basketball player-turned-entrepreneur Jori Davis. Jori started her professional career in the WNBA with the Indiana Fever. Her decade-long global basketball career spanned six countries and sparked her desire to help other elite athletes own their legacy.

Jori’s new venture, Wevolv, builds on her passion for empowering global athletes by creating a decentralized platform for global athletes to manage their careers and lifestyles. On the episode, Jori chats about what keeps her motivated as an athlete and business owner. She also opens up about some of the barriers that modern athletes face and how her company is trying to overcome them.

Episode Highlights

Mission-driven businesses have soul.

A mission-driven business goes beyond just having a purpose but drives straight into the heart and soul of the founder, Jori said. By starting with the soul and a struggle, a founder and company get the energy and grit to do something most others wouldn’t or couldn’t.

“It’s impossible for you to just walk away from,” Jori said. “That’s when you find a mission-driven business.”

For Jori, that mission is to build a community of athletes that have an opportunity of ownership and force the industry to shift with the needs of athletes. However, that also puts her on the opposing side of powerful forces.

“Do I get a little nervous? Yes because I know what people are capable of when it comes to money, greed, and having power,” she said. “It scares me that I will lose touch or get blinded as I’m trying to navigate these waters.”

Stay humble but confident.

One of Jori’s greatest strengths is to find common ground with people from totally different backgrounds, while still staying true to herself. She attributes her ability to blend humility and confidence to her strong New Orleans roots. As she has traveled around the world, she has learned that not everyone knows the genuine, unconditional love of her hometown community, so she’s made a conscious effort to show that kindness to others even when it’s hard.

“I felt it was my duty, no matter where I go, to allow someone to experience that love despite it being hard,” she said. “I might not get it returned, but that’s okay because I have enough.”

Detach when you’re feeling overwhelmed.

When Jori was younger, her stepfather would help her try and see a new perspective by encouraging her to imagine her mind detaching from her body and looking down at herself from above. Now that she’s a business owner, she finds taking a similar 360-degree view helpful for finding clarity.

“Literally imagine the people involved,” she said. “Pay attention to what they’re paying attention to like the pieces on a chessboard. Really conceptualize the whole element, then come back to your vision and what you’re doing today.”

Resources + Links

Wevolv: Website, Instagram, Twitter, LinkedIn, YouTube
Jori’s Social Media: Instagram, Facebook, Twitter, LinkedIn, YouTube
Unguarded with Jori Davis podcast
Follow Brian Online: Instagram, Facebook, LinkedIn, Twitter, Forbes

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with three-time tech founder and CEO Neha Sampat. Her latest venture, Contentstack, is a category-leading Composable Digital Experience Platform used by Mitsubishi Electric, Burberry, Icelandair, Leesa, and more. Neha has raised $169 million in capital for Contentstack over the past three years, including a recent $80 million Series C round.

On the episode, Neha provides a wealth of strategies and tactics for building multiple successful businesses, including the importance of aligning a mission with company values. She also shares why she is a relentless advocate for achieving equity in the workforce and how getting comfortable with rejection helped her to become one of the top women in tech for fundraising dollars.

Photos Credit: Courtesy of Austin Woman Magazine. Shot by Rudy Arocha.

Episode Highlights

Mission-driven businesses align with their values.

Neha describes a mission-driven business as one whose mission aligns with its values. Ideally, the business’s mission is to change lives, create impact, and do something meaningful. The company's values then inform how the business achieves its mission.

“It all boils down to what the company’s values are,” she said. “Values that are shared and understood and revisited often so that they're not just something on a board somewhere but something we’re actually living on a regular basis and rewarding people to live by.”

Get comfortable with rejection.

Raising millions of dollars takes a lot of rejection. When Neha was figuring out how to raise capital for her startups, she was routinely told no. To get to a yes, she learned to be resilient, ask for feedback, make changes, and try again.

“You do that 100 times before you get to the point where someone wants to write you a term sheet,” she said.

Find your champion.

Neha’s breakthrough came when she found her champion and, later, her first investor. By following her champion’s playbook, she reached an inflection point where her work started to come together. Now, Neha is one of the top women in tech for fundraising dollars -- a fact that makes her smile.

“There’s always somebody that becomes a champion for you, and when that happens, it’s so magical,” she says. “There aren’t a lot of female CEOs, and almost none in enterprise SAAS, that have raised this much capital. I want people to know that and see that it is possible if you stay on that course, build resilience, believe in yourself, and find champions.”

Everybody has a superpower.

As a woman of color tech founder without an engineering background, Neha didn’t have someone successful to look up to when she was a new tech entrepreneur. Her experience made her incredibly passionate about providing access and opportunities to more people in the tech industry.

For instance, when she created Contentstack, Neha partnered with community colleges to bring students into the organization. Now, some of those students have been with Contentstack for more than 15 years.

“Everybody has their own superpower, and sometimes the right access, opportunities, or education lets you unlock it,” she said. “I go out of my way to look for those opportunities.”

Resources + Links

Contentstack: Website, Twitter, Facebook, LinkedIn, YouTube, GitHub
Neha’s Social Media: Website, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with RHEA Services founder and “accidental business owner” Sarah Kendrick. Sarah started her career as a music therapist for children and adults with developmental disabilities but later realized the need for care and support in the bereavement process while helping her family after the death of her grandma. Bringing together the skills she developed during her years as a therapist, she founded RHEA Services to simplify the life transitions pre-planning and estate closure processes.

On the episode, Sarah walks listeners through her journey of becoming an entrepreneur, including the struggles that turned into stepping stones. She also shares how she’s iterated and developed RHEA Services by listening to the needs of her customers and reads a blessing for business owners.

Episode Highlights

Mission-driven businesses make the world better.

Sarah says mission-driven businesses do work that makes the world better than it is now. She started her mission-driven business, RHEA Services, in 2020 to help families and small business owners gather essential information in case something were to happen to them.

“You’re the only person who knows what’s in your head, which is usually a good thing, but it gets troublesome when you are the one person who knows all of your most important pieces of information.” she said. “I help people basically make a map of that information so that if something happens, somebody knows where to go and look and get what they need.”

She stumbled upon her line of work after reading an article about a woman in her 40s who struggled with the “business of death” after her husband died of cancer suddenly and unexpectedly. She immediately knew that helping families with the administrative pieces of losing a loved one was exactly what she wanted to be doing, but she couldn’t find another business doing that kind of work.

“I am very much an accidental business owner, and I think that’s sometimes how mission-driven businesses start,” she said. “They see a problem and what they can do to help that problem. That was my situation.”

Your customers will tell you what they need. Listen to them.

The type of administrative work that Sarah set out to do in 2020 is just a small portion of what RHEA Services offers today. While Sarah didn’t intentionally set out to grow her business, it has naturally evolved as Sarah uncovers her own needs and listens intently to customers’ needs.

“I am hearing what people need,” she said. “That doesn’t mean that I have to just do whatever people want me to do, but if it feels right to me, too, that’s a really lovely way to honor their faith in me.”

Being a business owner is exciting and terrifying.

Sarah describes herself as the type of person who prefers predictability and a schedule, which is not the life of a business owner. As she’s created and grown her business over the past three years, she’s learned to adjust her mindset about being an entrepreneur. She may never love the lack of predictability, but she’s grown to like the challenge of solving problems.

“Being a business owner is exciting, exhilarating, and terrifying, and I am far more open to it than I ever was before,” Sarah said. “I’m more capable than I thought I was, and I’ve developed this newfound confidence in myself.”

Resources + Links

RHEA Services: Website, Instagram, Facebook
Sarah’s Social Media: LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with long-time friend and fellow lawyer-turned-entrepreneur Jesmond Riggins. Jesmond founded Legislative Logistics, a legislative consulting company for small and medium-sized businesses. On the episode, Jesmond tells his inspiring story from graduating high school near the bottom of his class to graduating from law school and now starting his own business. He also provides insight into the motivational mindset that helps him to continue to achieve success.

Episode Highlights

Who you were does not determine who you will be.

By the time Jesmond reached high school, he was entirely disinterested in school except for playing football. In a pivotal conversation, his football coach convinced him to not quit the team, which he now attributes as a key factor for why he stayed in school and eventually graduated. However, he graduated with a GPA of 1.3 on a 4.0 scale and a rank of 443 out of 459 students.

“Graduating from high school I felt lost,” Jesmond said. “I remember thinking to myself, ‘I’m going nowhere. I’m left behind.’”

While his friends went off to college, Jesmond joined the military. After his time in the service, he worked full-time and attended community college while sleeping in the living room of his mother’s apartment. Because of his poor high school performance, he had a lot of catching up to do and took several remedial classes.

Despite the difficulty, Jesmond kept pushing and landed a scholarship to continue his education at St. John’s University in Queens, NY, where he decided to study government and politics. His professors saw a brilliance in him that they cultivated, which led him to attend Rutgers University law school and land a job after graduation in the Department of Justice.

“I was lucky enough to find myself in the Civil Rights Division,” he said. “I was the only Black male civil rights analyst who implemented and enforced section five of the Voting Rights Act.”

Outwork your imposter syndrome.

Even as Jesmond worked toward a future he wanted, he struggled with self-doubt and imposter syndrome. To overcome those feelings, he gave his studies his best effort and gained confidence as the effort he put in reflected in his grades.

“I was deathly afraid that people would find out that I was stupid, that I’m not supposed to be there,” he said. “So I worked hard. I studied every single day. And when I got my first report card back, it was straight As.”

Create a business that solves a problem.

Desmond’s law career spanned a variety of government and politics-related roles, where he noticed that many people from organizations didn’t know how the political system worked and how to best influence it.

“I had no idea that what I was observing would turn into a business idea," he said. "It was just something that I noticed and all of us complained about.”

Once he realized he could create a business to help small and midsize businesses that can't afford lobbyists, he came up with the dollar amount he needed to save to cover the essentials for himself and his family while he got his business off the ground. Then, he saved as if his life depended on it.

"If you wait for the right moment, you may never do something," he said.

Resources + Links

Jesmond’s Social Media: LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Krish Himmatramka, the founder of Do Amore, which sells ethically sourced engagement rings to further its mission of providing clean water to people in developing countries. On the episode, Krish shares his journey from mechanical engineer to mission-driven entrepreneur, including his experience on the hit TV show Shark Tank. He also provides insights into building a for-profit brand that makes an impact and details how he scaled his business from an $18,000 investment to netting $40 million in sales.

Episode Highlights

Mission-driven businesses change lives.

Krish defines a mission-driven business as one where you want to make money and use some of that money to improve a community -- whether that community is small and local or the entire world. His company, Do Amore, fulfills its mission by bringing clean water to a person in a developing country every time a customer buys an engagement or wedding ring.

“Do Amore is basically the most ethical engagement ring and wedding ring company in the world,” Krish said. “This way a couple can use their life-changing moment to actually change another life forever.”

Make an ethical case for a for-profit company.

Before Krish started Do Amore, he saw many nonprofit businesses trying to bring people clean water, but few that made a significant impact at fulfilling that mission. Rather than starting yet another nonprofit, he thought he could positively change more lives by funding nonprofit work with the sales from a for-profit business that sold something expensive at a large volume -- like engagement rings.

“I focused on making an ethical ring for my girlfriend that actually helped the world,” Krish said. “The best way to do this was to sell something expensive that was high volume and high profit margin, so that every time we sell something, we could make a massive difference.”

Keep a startup mentality.

Krish saved $18,000 to start his business, and it’s the only money he needed to invest. He largely credits the success to avoiding inventory costs by only making orders after receiving payment from a customer, but he also says putting his savings into the company forced him to make the business work.

“It was a very slow and steady process,” Krish said. “You start with selling one ring a month, then the next month selling three, then five.”

Advertise your mission -- especially on SharkTank.

After years of slow but steady growth, Krish says two decisions were crucial to building Do Amore’s momentum: (1) Migrating to a “real website” that he didn’t build himself and (2) paying for advertising.

Another great way to advertise? Being on the hit TV show Shark Tank, as Krish can attest since he was featured on Season 13 of the show.

“Having people like Mark Cuban and Kevin O’Leary talking to you on the screen adds some trust,” Krish said. “I think it added a trust component for us.”

Resources + Links

Watch Krish’s Shark Tank episode
Do Amore: Website, Twitter, Instagram, Facebook, Pinterest
Krish’s Social Media: Twitter, Instagram, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Paul Pastor, a media and tech entrepreneur who currently serves as Chief Business Officer and Co-Founder of Quickplay. In the episode, Paul shares his experience transitioning from media to the tech industry -- and how he immediately noticed and began to address a lack of diversity in the latter. He also discusses the business case for diversity and opens up about the lessons he learned from a previous failed business venture.

Episode Highlights

Mission-driven businesses follow personal motivations.

Mission-driven businesses take a step back and follow the personal motivations of their founders, according to Paul. When he created Quickplay, he had three big drivers and motivators behind the vision for the company:

Do you see a big idea and want to chase it?
Can you continue to drive impact in the industry that you have?
How do you make sure you keep a sense of responsibility that comes with being an entrepreneur?

Paul and his co-founders stayed true to their answers as they created a company that builds out the technology behind streaming services. Paul's also guided Quickplay to a broader LGBTQ+ ally-driven initiative, which gives the company an even greater sense of mission and purpose.

“I think about how do I, from a company perspective, not only make an impact on a specific technology or specific television show distribution, but also how do I step up as an individual and how do we step up as a company and say there’s other things that are important about the way we do business,” he said.

Make a business case for diversity.

When Paul moved into the tech industry, he immediately noticed the lack of diversity. Walking around a trade show, it was clear that the majority of attendees were white or Indian men. In response, he’s made it a focus for Quickplay to create space for LGBTQ+ individuals and allies in the tech industry -- and the result is a positive impact on the business.

“At the National Association of Broadcasters conferences, we had a co-sponsorship with Google Cloud, and what I loved was not only did we have a huge number of attendees but it became an event that people wanted to go to and co-sponsor,” Paul said. “Anil Jain from Google stood up and said, ‘This is the company that shares the values of how we like to operate, and that’s the type of company we want to do business with.’”

Culture always wins.

Not only can diversity lead to business opportunities, but it can also create a work culture that allows employees to do their best work alone and together. As a result, the company creates a strong, safe, and respectful culture that allows it to thrive. But Paul emphasizes that culture has to stop at the top.

“When a leader walks in the room, everybody else is looking at how that leader walks into the room,” Paul said. “Your presence, how you communicate, how you talk to others matters because it sets up how others mimic those behaviors and fundamentally take on the positive and negative aspects of the company.”

Find product-market fit quickly and cheaply.

The first gate for a business to cross on its way to success is product-market fit. Paul emphasized that it's important to find product-market fit as quickly and cheaply as possible because once you can show fit and market size, you can find capital to grow.

“It takes a lot of discipline to make sure you follow through those proper phases,” Paul said. “We’ve clearly agreed and defined our goals, so we’re not spending a lot of time debating the next step because we’ve already defined where we’re headed.”

Resources + Links

Quickplay: Website, Twitter, LinkedIn
Paul’s Social Media: LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Now that we’re past the tax deadline of April 18, you may be tempted to throw your tax return into a drawer or folder and not think about your taxable income or deductions until next year. But now is the best time to look over what you filed and think ahead. Brian walks listeners through the 1040 tax form, so you can catch mistakes before it’s too late and start planning for next tax year.

Episode Highlights

Part 1: Personal information

This is the place to make an excellent first impression. Missing your name, address, and social security number will get you rejected immediately. Make sure your filing status and dependents are correct. The definitions generally focus on your status as of the last day of the last year, and if multiple options apply, pick the one that’s best for you.

This section of the 1040 tax form also has two checkboxes. The first asks if you’d like to contribute $3 of your tax money to the presidential election campaign fund. The second asks about digital assets, such as cryptocurrency, and it’s important to not skip.

Part 2: Gross income

Gross income is pretty much anything and everything you’ve earned. Just some examples listed in IRS Code Section 61 include earnings from fees, commissions, fringe benefits, business gains and dealings, property interest, rent, royalties, dividends, alimony, annuities, and pensions.

Importantly, gross income doesn’t just include cash. For example, exchanging legal services or dental services is also part of your gross income.

Part 3: Above-the-line deductions

Once you have your gross income, it's time to make some adjustments, deductions, and allowances to figure out the final amount you owe the government. Figuring out your taxable income can be complicated -- after all, the tax code is 74,000 pages long. Use the income documents you receive, such as W-2s or NEC-1099s, and any tax software to guide you. Reading the form details can also be surprisingly helpful, and the IRS provides a guidebook called Publication 17.

In the tax world, there are two types of deductions: above-the-line deductions that reduce your total income and below-the-line deductions that reduce your taxable income. There are a lot of adjustments you can make, so take time to read through and figure out which ones apply to you.

Most people can access the above-the-line adjustments if they have a qualifying expense. You can find a list of your adjustments on Part 2 of your Schedule 1, the same document you use to identify additional income sources.

Part 4: Below-the-line deductions

Your gross income minus the above-the-line deductions becomes your adjusted gross income (AGI). Now it’s time to look at the below-the-line deductions to get to the final taxable income figure.

Take a look at the standard and itemized deductions. The standard deduction is the standard amount you can subtract from your AGI based on your filing status. Alternatively, you can deduct itemized deductions if the total adds up to more than the standard deduction. Itemized deductions appear on your Schedule A and include medical and dental expenses, interest paid on your mortgage or mortgage insurance, gifts to charity, casualty and theft losses, certain taxes, and more.

If you’re a business owner, the qualified business income deduction allows the owners of sole proprietorships, partnerships, S-corporations, and some trusts and estates to deduct up to 20% of their qualified business income (QBI).

Part 5: Other taxes

Once you’ve subtracted your below-the-line deductions from your AGI, you have your taxable income. From your taxable income, the IRS uses its tax tables to determine how much tax you need to pay on your income.

The 1040 also has a line for other taxes. Several additional taxes that may need to be paid, such as the alternative minimum tax, which is an alternative form of taxation that applies to some taxpayers.

Part 6: Credits and payments

The last way to reduce your tax involves taking tax credits. While a deduction reduces your taxable income, a tax credit has the advantage of deducing your tax liability dollar-for-dollar. Also, some tax credits are refundable, so even if your credit exceeds your tax liability, you get the excess back.

Credits include the foreign tax credit, the child and dependent care credit, education credits, retirement sayings credits, adoption credits, alternative motor vehicle credits, and residential energy credits. The Schedule 3 form provides more information about the qualifications and restrictions of credits.

Once you have your total tax, whether you get a refund from the government or owe tax money depends on payments made throughout the year through withholding from an employer and estimated tax payments.

Resources + Links

Form 1040
Form 1040X
Schedule 1
Schedule 2
Schedule 3
Qualified Business Income Deduction
“Can I deduct that as a business expense?”
An Expert Guide To Understanding The 1120-S Tax Form
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Yong-Soo Chung, a serial entrepreneur who founded three e-commerce companies in the span of seven years. With his latest venture, the podcast First Class Founders, Yong-Soo is on a mission to impact entrepreneurs by sharing his lessons on building sustainable businesses from bootstrap to earning more than $1 million in annual revenue.

On the episode, Yong-Soo shares his three pillars for a successful business and fulfilling life. He also discusses the importance of listening to your intuition and taking advantage of the opportunities that come your way.

Episode Highlights

Mission-driven businesses do more than make money.

Yong-Soo defines a mission-driven business as one that has an intention or purpose beyond making money. Whether it’s helping a community or donating a percentage of profits to a cause, mission-driven businesses do activities for a bigger purpose.

"The way I like to put it is when you're living, money is like oxygen, so you need money to survive,” Yong-Soo explained. “But it's not like you're living your life to breathe, right? That's the kind of way that I like to look at it."

Root yourself in a city that supports your growth.

Before becoming a serial entrepreneur, Yong-Soo worked in finance in New York City. Following his intuition, Yong-Soo decided to take his life in a new direction by moving to San Francisco and pursuing his own business.

“What I was doing didn’t feel like something that would fulfill me 5 or 10 years down the line,” Yong-Soo said. “I knew that it was like a bandage that just needed to be ripped off, and I just needed to essentially start over in a new area.”

The move was difficult but allowed him to meet people with similar goals and discover opportunities he would have never known existed. His personal values and vision for the future were key in deciding which city to live in and which opportunities to pursue.

“New York City is obviously a fantastic city for opportunities, but it didn’t serve what I wanted to do 5 to 10 years down the line,” Yong-Soo said “Being rooted in an area that you want to compound yourself in all areas of your life is really the key.”

Three steps to live your best life.

Yong-Soo lists three simple but impactful actions to live your best life:

Focus on what you can control.
Focus on what you do have.
Do not dwell on the past.

“The chances of an app succeeding in a big way was very small, but it’s more about the learning process and the lessons you’re going to learn along the way,” Song-Yoon said. “That’s where the gems and the valuable lessons come from.”

Resources + Links

First Class Founders: Website, Podcast
Spotted by Humphrey: Website, Instagram
Urban EDC: Website, Twitter, Instagram, Facebook, YouTube, TikTok
Growth Jet: Website, Instagram
Yong-Soo’s Social Media: Twitter, LinkedIn, Instagram, TikTok
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Tuesday P. Brooks, a business owner, educator, trusted tax and accounting advisor, and U.S. veteran. Her company, AJOY, champions profitability for women-led micro and small businesses. On the episode, Tuesday shares the power of being open to suggestions and how following where you’re led can lead to some incredible outcomes. She also breaks down how prioritizing profitability can help entrepreneurs better support their mission and create impact.

Episode Highlights

Revenue is a primary focus for mission-driven businesses.

Tuesday describes a mission-driven business as one in which the people running it understand that revenue and sales have to be a key focus. If you’re running a business with a good cause that doesn’t make any money, then you’re essentially volunteering.

“The only way you can support your mission is if you have the resources to do it,” Tuesday said. “And resources mean money.”

The need for revenue to support a mission is particularly impactful for Tuesday as her company AJOY teaches financial fluency to business owners. The company specializes in helping womxn-led businesses achieve profitability through three tiers of support: bookkeeping, cash management, and tax strategy.

“If they're employing all of these things, they have no choice to but to be profitable,” she said.

You can’t grow if nobody knows what you do.

Before AJOY existed as a financial management firm, Tuesday used the brand name to provide a wide variety of business services to clients. The problem was that the company didn’t grow because nobody quite knew what she did.

“If during that time you were to ask 10 people, ‘What does Tuesday do?,’ you would have gotten 10 different answers because I was capable of doing a lot of things,” she said.

Then, in 2009, she decided to focus on accounting and tax for small businesses. Once she claimed her niche, the business started to grow because people became very aware of her services and did not come to her for anything else.

“I have not wavered from what we do, and how we do it has only gotten better,” she said. “People started to understand they could rely on us.”

Follow where you’re led.

Before leaning into running a financial management firm for womxn-led businesses, Tuesday had a winding career path. She got her Master’s in Education based on a friend's suggestion and her Business Degree in Media Management because her Mom saw a flier for a program. She also discovered her niche because her mentor and business coach suggested she go to a boot camp. Her experiences have led her to espouse the power of being able to follow.

“Everybody talks about leadership, but there’s also power in being open to suggestions and doing things,” she said. “It led to so many wonderful experiences that brought me to where I am now, and it’s how we’re able to support our business because I tapped into so many industries.”

Resources + Links

AJOY: Website, LinkedIn, Twitter, Instagram, Facebook, YouTube
Tuesday’s Social Media: Website, LinkedIn, Instagram
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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It’s tax season crunch time. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you’re filing and hopefully catch mistakes before it’s too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes.

Episode Highlights

Part 1: Heading, Income, Deductions, Tax and Payments

Most of this information is drawn from your business’s Profit and Loss Statement. Here’s a breakdown of what’s on the first page:

Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates.
Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter.
Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year.
Item B: Your business activity code. This code shows the IRS exactly what you do.
Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked.
Item D: Put your EIN in Item D. Make sure to verify it’s correct before you file your form.
Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won’t change.
Item F: Total assets at the end of the year.
Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return.
Item H: These boxes should be self-explanatory. Check the boxes that apply.
Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners).
Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant.
Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K).
Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines:
Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you’ll need to attach Form 1125-E to explain what was paid to each officer.
Line 8: Salary and wages paid to employees (other than officers) of the corporation.
Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock.
Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance.
Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement.
Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank.
Signature: It’s important to sign the return only after verifying all of the information, including the following sections.

Part 2: Schedule B

This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to:

Box 1: This easy-to-miss box can change your entire return if you’re not careful, since it’s where you select whether you’re a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS.
Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31.

Part 3: Schedules K and K-1

Schedule K reports the pro rata share items in total for the Corporation. Schedule K-1, which you receive in your personal name, reports the percentage of pro rata share items allocable to each shareholder.

Lines 1-17 on Schedule K correspond to Boxes 1-17 on Schedule K-1. Most items on Schedules K and K-1 are self-explanatory and come from other parts of the return.

Part 4: Schedule L

This is where many taxpayers make a mistake. Schedule L matches your business’ balance sheet and should agree with your books and records. If it doesn’t, find out why before you file.

The first two columns match what your accounts were at the beginning of the year and should match what the accounts were at the end of last year. If this is your first year filing an 1120-S return, these two columns should be blank. The second two columns are for what the accounts had on December 31 of the previous year and will carry over to next year’s return.

Some of the most common assets on Schedule L are:

Line 1: Write the amount of cash in your bank account on the last day of the year.
Line 7: Loans to shareholders are loans from the corporation to the shareholder. Keep in mind, these loans need to be documented and should have a repayment schedule and interest rate.
Line 10a: Buildings and other depreciable assets are fixed assets that the business owns that have been depreciated, such as real estate, furniture, or machinery

Some of the most common liabilities on Schedule L are:

Line 18: Other current liabilities are expenses incurred at the end of the year but not paid until January of the next year. Current expenses often include wages, state taxes, federal taxes, and payroll taxes payable at the end of the year.
Line 19: Loans from shareholders are loans from the shareholder to the corporation. As with the other loans, these loans should be documented and include a repayment schedule and interest rate.
Line 22: The par value or stated value of the capital stock issued by the corporation. This amount stays the same each year unless the S-Corporation issues additional stock after incorporation. The corporate charter or minutes should identify the stock.
Line 23: Enter the beginning and ending balances of additional paid-in capital. This includes the amount contributed to the S-Corp by shareholders for which the corporation did not issue stock or amounts contributed in excess of the stated or par value.
Line 24: This section is especially tricky. You should base the retained earnings on the S-Corporation’s books and records. Most of the time, retained earnings should match the Accumulated Adjustments Account (AAA), other adjustments account (OAA), and previously taxed income (PTI) balances on Schedule M-2.
Line 27: This line represents the total liability and shareholders equity. This line must match line 15.

If you answered “yes” to question 11 on Schedule B that your total receipts were less than $250,000 and total assets were less than $250,000, then you aren’t required to file a Schedule L. However, it may be beneficial to file Schedule L anyway because it will be crucial for future balance sheets.

Part 5: Schedules M-1 and M-2

Schedule M-1 helps explain discrepancies between the books and your tax return. This section should explain any differences you notice.

Some common items reported on Schedule M-2 include:

Meal expenses (100% on books, 50% on taxes)
Entertainment (100% on books, 0% on taxes)
Life insurance premium expense (100% on books, 0% on taxes)
Certain fines and penalties (100% on books, 0% on taxes)
Political contributions (100% on books, 0% on taxes)
Book depreciation expense (100% on books, 0% on taxes)
Tax depreciation expense (%0 on books, 100% on taxes)
Tax-exempt income (100% on books, %0 on taxes)

Schedule M-2 tracks the income and losses and separately states items that the shareholder should report on their tax return.

Resources + Links

Bank Reconciliation 101
Lessons from the 1099-NEC deadline
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Tristan Shukraft, president and CEO of MISTR, a telehealth platform that offers discrete access to medication that can help prevent HIV. On the episode, Tristan shares how he started MISTR to help his friends, which led to a business fueled by passion. He also discusses the importance of knowing your market, staying true to your mission, and questioning how to make the status quo better.

Episode Highlights

Mission-driven businesses make a positive impact on communities.

Like other guests on the podcast, Tristan defines a mission-driven business as one that has a higher purpose and makes a positive impact on the world. But he goes one step further by saying mission-driven businesses even more specifically make a positive impact on the communities they’re designed to serve.

“The mission of any business is like the guiding North star,” Tristan said. “All business decisions that are made all circle back to the mission. It’s really important for entrepreneurs to understand what the mission is and stay focused on that.”

For MISTR, that mission is to help increase access and adherence to Pre-Exposure Prophylaxis (PrEP), a once-daily medicine that helps prevent HIV. While PrEP is “a huge change in the fight against HIV,” the number of people using it to prevent new HIV infections was limited. Tristan created MISTR to try and help.

“It was not necessarily a business at first, but more that I wanted to help my friends get on PreEP and help eliminate HIV infections,” Tristan said. “When you’re focused on making money, it doesn’t work out. And when you’re so passionate about what you’re doing, everything kind of comes together.”

Know your audience.

To be a successful entrepreneur, you not only need to be passionate about your work and your mission but you also have to know the audience you’re serving. For instance, Tristan was invited to join the HIV Commission in Los Angeles, which was made up of passionate people who lived through the AIDS crisis. But to get more young people to use and adhere to PreP, the commission’s plan involved calling people and using data that was years out of date.

“I quickly realized if you want adherence and access to increase, you have to move this online,” Tristan said. “Who are you trying to target? Young people. Young people don’t answer the phone. Young people don’t have voicemail.”

Stay focused to find success.

Tristan is full of energy and ideas, and he’s always looking for opportunities. So his brother gave him advice that has stuck with him: To be really successful, you have to stay focused. Tristan applied his brother’s advice to launch his first successful company and still uses it to focus on his business initiatives today.

“You can’t be everything to everyone,” Tristan said. “You have to really understand your market and stay true to your market.”

Staying focused is also something that Tristan tells the marketing team of MISTR. The company speaks to its target community in a non-medical and very sex-positive way, which resonates with its customers.

‘You’re going to offend some people, but that's okay, right?” Tristan said. “If you’re trying to please everybody, then you lose your authenticity.”

Resources + Links

Tristan’s Social Media: Instagram, LinkedIn
Mistr: Website, Twitter, Instagram, Facebook
The Tryst Beachfront Hotel
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Ciara Stockeland, a serial entrepreneur who has owned and operated businesses since she was a teenager. On the episode, Ciara shares her best tips as an inventory and cash flow expert that can help all types of entrepreneurs build better businesses. She also opens up about the lessons she learned the hard way after she built a seven-figure retail business that she felt trapped in.

Episode Highlights

Mission-driven businesses are bold.

Ciara defines a mission-driven business as one that takes initiative in the world. It also allows the people behind it to live intentionally, be bold, and be intentional.

“A mission-driven business really has a strong purpose behind every action and thought,” Ciara said.

Follow your gifts and talents.

Ciara started her first business when she was just a teenager, eventually growing her skillset to grow a retail franchise business and later a subscription box for retailers. Through the subscription box business, Ciara met many inventory-based business owners who had a lot of questions that she could answer. Initially, she was reluctant to coach other business owners, but realizing that it was her gift motivated her to become a coach and consultant.

“There’s a lot of different reasons that we fight what we’re called to do,” Ciara said. “But when we realize and give in and be intentional with our gifts and talents, it just leads to so much more joy and contentment, which produces revenue, funnily enough, because we’re not struggling anymore trying to create something that everyone else demands of us.”

Know your numbers.

Entrepreneurs and businesses must know their numbers and understand what those numbers mean. If you run an inventory-based business, Ciara recommends learning your numbers for sales, cost of goods, gross margin, expenses, and net profit.

“You need to understand what each of those mean and how they work together,” she said. “Once you understand that, you can make really good decisions, build a good foundation, and grow or not grow.”

Don’t be the smart person in the room.

Ciara advises surrounding yourself with people who are smarter than you. While you may be a little uncomfortable or nervous, you’ll grow from experiences that are just a little bit away from what you typically know or do.

“When you’re in a storm in your life or your business, you’ll have really good people that you can go to,” Ciara said. “If you’re the smartest person in the room, you’re going to be in a lot of trouble.”

You always have options.

Sometimes, running a business can feel like you’re at the extremes of having to go all in on something or quit something. If you’re feeling overwhelmed, Ciara wants you to remember that you always have options and try and simplify what you have to do by taking one thing out at a time.

“Get to the root of what the opportunity is,” she said. “In your business life, it’ll help to be able to look at the big picture and not be overwhelmed but to drill down.”

Resources + Links

Ciara’s Social Media: Website, Twitter, Instagram, Facebook, LinkedIn, Pinterest, YouTube
The Inventory Genius Podcast
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Matthew Hoffman, the founder of You Are Beautiful, a Chicago-based company that uses art to provide kindness, compassion, and community when it’s needed most. On the episode, Matthew shared how he became an accidental entrepreneur and some of the hard lessons he’s learned as a business owner and artist. He also digs deep into using feedback to grow and refine your business.

Episode Highlights

Mission-driven businesses have a message.

When Matthew started making his signature You Are Beautiful stickers that would eventually become a business, he had a clear message that he wanted to share with the world. He thinks the same kind of purposeful messaging separates mission-driven businesses from the rest.

“It’s all about having a clear mission or message and trying to share that with the world,” Matthew said.

You can be an “accidental” entrepreneur.

Some people start a business with the desire to be an entrepreneur. But other entrepreneurs, like Matthew, don’t originally dream of running their own businesses. In Matthew’s case, growing demand from his community was the catalyst to take his sticker business online and for profit.

“I say I am sort of an accidental business owner because for the first years, the stickers were absolutely free, then people were begging me to let them buy them,” Matthew said. “I finally began to offer them for sale on the website … and that began growing the community even bigger.”

Treat customers and employees well.

One tip that Matthew shared throughout the podcast is the importance of treating people the way you want to be treated. Recognizing that he can’t build a business alone, Matthew tries to cultivate a family-style company culture that is fun, drama-free, and supportive. He also prioritizes the customer experience with dedicated customer service and an online review system.

“To find those people that support you and help fill you up is critical,” he said.

Grow from your mistakes.

While Matthew always strove to overdeliver through his business, his track record hasn’t been perfect. After his stickers appeared on Oprah’s Super Soul Sunday program, You Are Beautiful got so many orders that he couldn’t fulfill them all and his payment system didn’t allow him to reach customers with updates. That experience led him to overhaul his approach to e-commerce in order to deliver the premium service he wanted to give customers.

“I didn’t want to disappoint or upset, and I always want to overdeliver,” Matthew said. “That allowed me to set up a really successful and rigorous system.”

Resources + Links

You Are Beautiful: Website, Instagram, Facebook
Matthew’s Social Media: Website, Twitter, Instagram, Facebook
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Adam Markowitz, the owner and operator of people-centric tax firm Luminary Tax Advisors. On the episode, Adam opens up about how he decided to lean into his calling to take over his father’s tax advisory firm and the hurdles he faced to buy the business. He also shares a treasure trove of tips to prepare for the upcoming tax season.

Episode Highlights

Mission-driven businesses have pillars to support the mission.

When Adam took over his father’s company, he rebooted the business, which included coming up with a new name, Luminary Tax Advisors, and a new mission statement, navigating the tax code to shed light on your personal, professional, and financial goals. Equally important to the mission statement are the three pillars that Adam created to support how the business operates internally and outwardly: humanity, accessibility, and humility.

“It’s not just about what you stand for outwardly, but what you stand for inwardly that’s really important,” Adam said.

Overcome imposter syndrome with confidence.

Though accounting runs in the family, Adam did his best to avoid the family business, from skipping business and finance classes in college to pursuing a career as a sports writer after graduation. Even when he eventually did join his father’s company, Adam experienced imposter syndrome. Only after an expert came to Adam for his opinion on a tax law did he realize that he was better at his job than he had first imagined.

“Don’t have imposter syndrome,” Adam told the business owners listening to the podcast. “Own it. Be it. That’s not to say there’s not somebody out there better than you. But, my God, if somebody’s paying you for what you’re doing, you must be pretty darn good at it.”

Keep learning and ask questions.

Adam encourages entrepreneurs to pay attention to the world around them to learn and gain inspiration for their business -- and that learning-oriented mindset can also come in handy at tax time. He recommends that his business owner clients ask or write down their money questions as soon as they think about them (or else they'll forget to ask at tax time).

“There is not a good tax preparer on the planet that does not want you to ask questions of them because that’s how we do our jobs better,” Adam said. ”We need to learn, we need to listen, and we need to better ourselves on a daily basis.”

Resources + Links

“Start with Why: How Great Leaders Inspire Everyone to Take Action,” Simon Sinek
Luminary Tax Advisors: Website, LinkedIn
Adam’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

Start with Why: How Great Leaders Inspire Everyone to Take Action

View Details

Brian chats with Sonya Dreizler and Liv Gagnon, the co-founders of Choir, a business dedicated to lifting the voices of people of color, women, and non-binary professionals in industries historically represented by white men. Sonya and Liv share why they started with a focus on the financial services industry. They also discuss how they’ve adapted to meet the needs of their customers while staying true to their company’s mission.

Episode Highlights

Mission-driven businesses look inward and outward.

Like other guests on the podcast, Liv defines a mission-driven business as one that balances doing good with making a financial impact for those involved with the business. Sonya expanded on that definition by noting that mission-driven businesses can also apply their mission within the company itself. At Choir, that means not only helping other companies diversify people speaking at conferences and in the media but also hiring internal professionals and contractors from diverse backgrounds.

“What’s the mission you’re accomplishing with the business, and what are you doing inside of the business as well?” Sonya asked.

“The financial impact is going to go back to people who have been underpaid, underserved,” Liv added.

Being aware of a problem is powerful.

Part of Choir’s mission is to use data to make organizers aware of how conferences lack diversity. A recent analysis by the company showed that men of color, in particular, are lacking in the financial services conference circuit. It’s a data point that may be surprising but is a good starting point for change.

“Just knowing and understanding the challenge makes next year a lot easier to increase representation — not just for representation’s sake but to make it a more interesting event and draw more people,” Sonya said.

Successful businesses adapt.

Liv and Sonya set out to connect professionals from underrepresented backgrounds with conference circuits and media. But how they’re achieving that aim has already changed a few times based on client needs. For instance, the platform they had initially wanted to build, Voices, got pushed back to launch the Choir certification first. They also iterated their pricing structure for Choir based on client feedback.

“You become so much more emotionally tied to your ideas and your business model, so it is a challenge every time you have to pivot because you’ve put so much heart into it,” Liv said.

“People have a lot of opinions about what we’re doing,” Sonya added. “We have changed things because of people’s suggestions and made what we offer better, and we’ve also looked at feedback and said, ‘It doesn’t fit with our mission.’”

Resources + Links

Choir: Website, Twitter, Instagram, LinkedIn, YouTube
Sony’s Social Media: Website, Twitter, Instagram, LinkedIn
Liv’s Social Media: Twitter, Instagram, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian kicks off 2023 with tactical tips to start the new year. Now that you’re hopefully relaxed and ready for a new year, Brian digs into the numbers to give you some targets to aim for over the next few months. He covers revenue, retirement, health savings accounts, and more.

Episode Highlights

Look for new revenue figures.

Because of inflation, many revenue and tax figures have increased quite a bit in 2023, meaning you can make more money and still pay less in total tax. For example, in 2023 single filers with a taxable income of $95,376 - $182,100 will have their last dollar taxed at 24%. Last year, that same tax bracket ended at $170,050.

Don’t forget the QBI deductions.

If you’re a business owner, don’t forget about the Qualified Business Income (QBI) deduction. QBI allows pass-through entities like partnerships and S-Corps to take a 20% deduction on their business income, saving some businesses thousands of dollars.

Importantly, you lose the QBI deduction if you exceed certain income thresholds. For instance, the QBI deduction begins to phase out at $182,100 in taxable income and goes away after $232,1000 in taxable income.

Use retirement accounts to shelter income from taxes.

Maximizing contributions to retirement accounts is one strategy to avoid taxes and save money for your future self. Here are some things to know about common retirement plans:

401(k)s and Solo 401(k)s: Employees can contribute up to $22,5000 plus an additional $7,5000 in catch-up contributions if you are 50 or older. Employers contribute another $43,500.
SEPs: You can contribute 25% of your net self-employment earnings or $66,000 -- whichever is less.
SIMPLE IRAs: Employees can contribute up to $15,500 with a catch-up contribution of $3,500 if you are 50 or older.
Traditional IRA or Roth IRA: You can contribute up to $6,500 with a catch-up contribution of $1,000. Importantly, Roth IRAs have income range phase-outs, starting at $138,000 for single filers and $218,000 for married filers.

Consider opening an HSA.

A Health Savings Account (HSA) is one of Brian’s favorite savings vehicles and one of your few options to save money on taxes up until April of the following year. An HSA offers triple tax savings:

The contributions are tax-deductible.
The money grows tax-free in your account.
Withdrawals are tax-free if the money is used to pay qualified medical expenses.

For 2023, you can contribute up to $3,850 for eligible individual plans and $7,750 for eligible family plans. You can also open and contribute to an HSA if you’re self-employed.

Resources + Links

2023 Important Tax Numbers PDF
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Can you believe it’s already the end of the year? Now is the time to celebrate with friends and family, reflect on the past 12 months, and plan for the new year. To help you out, Brian created a checklist you can use to review 2022 and start 2023 with a clean state. The checklist includes business and personal to-do items as well as links to resources sure to help you out.

Business Checklist

Review your goals.

The end of the year is the perfect time to review the goals you made at the beginning of 2022 and set new ones for 2023. Ask yourself:

How did I do this year?
What did I accomplish that I’m proud of?
What could I have done better?
Update your cash flow.

If you’re using the Profit First system, look at your buckets and see if one looks too full or too sparse, then adjust your allocations accordingly. Remember to not make any adjustments of more than 3% per quarter.

Review your profit and loss.

At this point in the year, you should have a good sense of your gross business income. If you have a little extra profit this year, look at ways to shelter some of that income so you’re not paying unnecessary income or self-employment tax.

Find your tax return.

December may seem a little early to think about taxes, but while you have some downtime, it can be worthwhile to organize and prepare for tax season. Finding your tax return will also help you out in your year-end review.

Max out your retirement savings.

If you’re a business owner and need to shelter some profit, retirement accounts like a Solo 401(k) or SEP IRA are great resources.

Defer income and incur expenses.

The end-of-the-year is an excellent time to defer income until 2023 or incur business expenses that you know you’ll have at the beginning of next year. This is an easy way to reduce your tax liability as long as the expenses are ordinary, helpful, and necessary.

Consider out-of-the-box expenses.

When considering expenses, don’t forget some out-of-the-box expenses, such as employee benefits, cell phone reimbursement, educational assistance, or dependent care assistance. You can also expense up to $25 per client for gifts as well as expenses for a holiday party for your staff.

Update your asset list.

Did you buy new assets in 2022? Review your list of assets associated with your business and make sure it’s up-to-date before the new year. You can also consider what equipment you no longer need and what you can acquire if you’re looking to reduce your bottom line.

Review your business structure.

When you evaluate your business structure and qualified business income (QBI) deduction, don’t forget to consider setting up a Solo 401(k) before the deadline of December 31.

Don’t forget pandemic programs.

We’re coming to the end of the government pandemic benefits for 2020 and 2021, so don’t forget to review whether you can receive any benefits from programs like the PPP and ERC.

Personal Checklist

Review your goals.

Review where you succeeded and where you fell short. Use that information to decide what changes you can make in 2023.

Update your budget.

The end of the year gives you a solid endpoint to assess whether you matched the goal you set at the outset of 2022. It’s also a great time to create a budget that finally works.

Create a holiday spending bucket.

Consider how much you want to spend this holiday season. Create a separate bucket just for the holidays and stop spending when the money's gone. You'll thank yourself when January comes and you don’t have a huge credit card bill.

Spend the benefits you’ll lose.

Whether it’s vacation days, a medical flexible spending account, or a dependent care flexible spending account, some workplace benefits don’t roll over to 2023. Take stock of your remaining benefits and use them to your advantage before January 1.

Make charitable contributions.

December 31 is the last day your donations can go on your 2022 tax return. If giving to charity is part of your spending plan, ask yourself these questions to make the most of your charitable giving.

Pump up your 529.

The tax deductions for your 529 will have to be made by December 31 for this tax year. Your state may be one of 30 that allows you to deduct your contributions.

Max out your 401(k).

If your spouse is a W-2 employee, they have until December 31 to contribute to a 401(k) plan for this tax year. However, they have until April to make contributions to a traditional IRA, Roth IRA, and HSA.

Find your tax return.

Tax season is just around the corner. Preparing now can save you mental energy in 2023. You can also review your tax return to assess whether something like a Roth conversion makes sense for you.

Review your will and trust.

At the end of the year, you’re likely to reflect on the year and all of the changes that have happened. Now is a great time to make sure your estate plan reflects those changes and that your needs match your current situation.

Review your insurance documents.

Your insurance documents should cover your current life situation. Review the following policies to make sure they meet your needs:

Life insurance
Disability insurance
Renters or homeowners insurance
Health insurance

Resources + Links

“How To Get Control Of Your Spending Without Tracking Every Penny,” Forbes
“How To Make The Most Out Of Your Charitable Giving,” Forbes
“How Much is you State’s 529 Tax Deduction Really Worth?” Saving For College
Being Profit First with Mike Michalowicz
Your 2022 Mid-Year Review
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Christopher Dale, CFP, the founder of Life After Grief Financial planning. Through his practice, Chris helps clients in grief navigate financial matters by providing objective, impartial, and confidential financial advice.

On the episode, Chris shares how his own life experiences, including the loss of a parent and a child, served as a catalyst for him narrowing in on the niche of his business. He also shares his strategies and tactics for keeping the business impactful and profitable as it grows.

Episode Highlights

A mission-driven business is a life passion.

Chris has a very specific definition of a mission-driven business: “I describe it as a life passion turned into a career where you never feel like you’re working.”

That definition certainly rings true for Chris, who started his financial planning firm to step away from his stressful corporate job and focus on his family. It also allows him to use his own life experiences to help others navigate death and illness.

“I had all of this grief life experience, and then you couple this with the financial experience, and I’m uniquely suited to help somebody that is exactly like me,” Chris said.

Owning a niche can lead to unexpected opportunities.

Chris knew he had found his perfect niche when he couldn’t find any other companies that provided financial expertise to clients experiencing grief. But while marketing his niche to clients, he also connected with financial advisers aspiring to learn more, which led to opportunities he didn’t imagine at the start.

“It evolved into me making an online training course, and the feedback that I got from it was wonderful,” Chris said.

Grow with the right clients.

At this point in his career, Chris doesn’t have to grow his business that fast. He’s instead prioritizing picking the right clients for his skills and services than picking clients he’ll have to stop serving in the future. By being picky with clients, Chris can have a unique relationship with each person.

“When I look at my client base, there’s not one individual that I would like to shed,” Chris said. “That’s a pretty good feeling.”

Even though Chris is holding capacity at the moment, he’s still laying the foundation to grow his business in the future by nurturing the marketing for his services. However, as a business owner, he appreciates that he doesn’t have to pick between growing his business and spending time with his family.

“If I have to choose between something to do with my boys or my wife or bringing in new clients, I am going to absolutely choose to impact my family,” Chris said.

Resources + Links

Life After Grief Financial Planning
Life After Grief Consulting
Chris’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Aimee Kandrac, the co-founder and CEO of WhatFriendsDo and the first female CEO in the state of Indiana to close a $500,000 funding round. The WhatFriendsDo platform offers a simple way to create organized, actionable support for families experiencing a crisis, and Aimee’s work is instrumental for bringing communities together during times of hardship.

On the episode, Aimee shares how a friend’s terminal cancer diagnosis at age 25 was the catalyst to create WhatFriendsDo. She also opens up about her struggle to raise venture funding as a female entrepreneur in the Midwest and how the business has pivoted to reach the right clients and stay profitable.

Episode Highlights

Most entrepreneurs run mission-driven businesses.

Aimee says that most entrepreneurs qualify as owners of mission-driven businesses because entrepreneurs wouldn’t have the passion and energy to build a business if they didn’t feel like they were fulfilling a personal mission. For Aimee, that mission is to connect and help people, which is a central tenet of WhatFriendsDo.

“I feel really lucky because the mission that I’m fulfilling fits really nicely with the passion that I have for helping other people and connecting other people,” Aimee said.

Pivoting can be tough but necessary.

When WhatFriendsDo started, it was a B2C business in which the customers were the same as the end-users: families in the midst of a life-changing event. However, about five years ago, the company pivoted to stay profitable, shifting to a B2B model in which the company licenses its program to organizations with the same end-users. The change was hard for Aimee.

“Businesses have different needs, want different ROI expectations than my end users, and I still struggle with it sometimes because I’m just so passionable about the end user,” she said.

The pivot came with the added challenge of identifying industries that not only could benefit from the WhatFriendsDo platform but also understood the technology behind it. While WhatFriendsDo is still refining its niche, the company is able to do value-based sales pricing better than before the change.

“We started out in healthcare and sold to hospital systems, so hospital systems have the opportunity to white label an app for their patients,” Aimee said. “This is a way for a hospital or healthcare provider to extend their reach beyond the doctor’s office, beyond the hospital walls.”

Get out there and try it.

Aimee knows first-hand the glass ceiling she faced when raising funds to build WhatFriendsDo. In 2016, she became the first female CEO in her home state of Indiana to close a half-million-dollar venture funding round. In at least one case, she was the first woman to pitch a venture capital group.

We still have a long way to go, and Aimee cited statistics that female founders and people of color are still getting less than 7% of venture funding. Which is all the more reason for Mission Driven Business podcast listeners to take charge and start their own businesses.

“Get out there and try it,” Aimee said. “If it fails, then fix it or now you know not to do it. But it’s better to go do it than to regret having not tried.”

Resources + Links

Aimee Kandrac: Website, Facebook, Twitter, LinkedIn
WhatFriendsDo: Website, Instagram, Facebook, Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Anjali Jariwala, CPA, CFP, an experienced investment manager and founder of FIT Advisors, a financial planning firm serving physicians and business owners. Anjali shares her newest passion project, Why We Eat with Our Hands, a children’s book that describes the rich beauty of Indian culture.

On the episode, Anjali highlights how the lessons she learned building her business have helped her to navigate the book writing process. She also shares what she wished she knew before starting her book and how the idea started as a gift for her daughter Nyla.

Episode Highlights

Mission-driven businesses make an impact on your well-being.

Anjali says a mission-driven business is one in which the primary goal is to have a bigger impact, either through the work the company is doing or through the work of the individuals behind the company. Anjali’s company FIT Advisors provided her with the resources to write Why We Eat With Our Hands, helping her to create something different and have an impact.

“FIT Advisors gave me surplus to be able to really fund this project and to fund it in a way in which I didn’t have to cut corners because I had the resources available to do so,” Anjali said. “That to me was such an eye opener because I can’t believe FIT me helped me in turning this passion into a reality.”

Build the right support team.

Through her work at FIT Advisors, Anjali deftly creates financial plans and puts a winning team into place. She used the same approach to writing a children's book, which was critical because she didn’t have any prior experience in publishing.

To create her winning team, Anjali found a group of professionals and consultants who “just got it” and could provide her with valuable advice as someone new to the industry. She also valued the input of her daughter Nyla, who was the inspiration for the project.

“It really stemmed from trying to build Nyla’s inclusive bookshelf and wanting her to have books that she could not only see herself in but also challenged preconceived notions,” Anjali said. “And I was really just coming up short on books that featured South Asian children, also written by South Asian authors.”

Don’t undersell your work.

Because Why We Eat With Our Hands is a true passion project for Anjali, she didn’t think about a pricing plan or the break-even point. Even so, she needed to set a selling price for her book. Her team gave her a recommended range but advised she didn’t undersell herself since women authors tend to underprice their books compared to men.

“I want to make sure we’re charging appropriately for the work that we’re doing because we do good work,” Anjali said. “We shouldn’t sell ourselves short with how we price our services.”

Anjali ended up pricing her book on the high end of the range. Why We Eat With Our Hands debuted on September 27, becoming a bestseller on Amazon New Releases and breaking one of her distributor’s records for first-day sales.

Resources + Links

Why We Eat with Our Hands: A Celebration of Indian Culture and Heritage by Anjali Jariwala (author) and Shelley Seguinot (illustrator)
Fit Advisors
Anjali’s Social Media: Twitter, LinkedIn, Facebook
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Anjali Jariwala, CPA, CFP, an experienced investment manager and founder of FIT Advisors, a financial planning firm serving physicians and business owners. Anjali shares her newest passion project, Why We Eat with Our Hands, a children’s book that describes the rich beauty of Indian culture.

On the episode, Anjali highlights how the lessons she learned building her business have helped her to navigate the book writing process. She also shares what she wished she knew before starting her book and how the idea started as a gift for her daughter Nyla.

Episode Highlights

Mission-driven businesses make an impact on your well-being.

Anjali says a mission-driven business is one in which the primary goal is to have a bigger impact, either through the work the company is doing or through the work of the individuals behind the company. Anjali’s company FIT Advisors provided her with the resources to write Why We Eat With Our Hands, helping her to create something different and have an impact.

“FIT Advisors gave me surplus to be able to really fund this project and to fund it in a way in which I didn’t have to cut corners because I had the resources available to do so,” Anjali said. “That to me was such an eye opener because I can’t believe FIT me helped me in turning this passion into a reality.”

Build the right support team.

Through her work at FIT Advisors, Anjali deftly creates financial plans and puts a winning team into place. She used the same approach to writing a children's book, which was critical because she didn’t have any prior experience in publishing.

To create her winning team, Anjali found a group of professionals and consultants who “just got it” and could provide her with valuable advice as someone new to the industry. She also valued the input of her daughter Nyla, who was the inspiration for the project.

“It really stemmed from trying to build Nyla’s inclusive bookshelf and wanting her to have books that she could not only see herself in but also challenged preconceived notions,” Anjali said. “And I was really just coming up short on books that featured South Asian children, also written by South Asian authors.”

Don’t undersell your work.

Because Why We Eat With Our Hands is a true passion project for Anjali, she didn’t think about a pricing plan or the break-even point. Even so, she needed to set a selling price for her book. Her team gave her a recommended range but advised she didn’t undersell herself since women authors tend to underprice their books compared to men.

“I want to make sure we’re charging appropriately for the work that we’re doing because we do good work,” Anjali said. “We shouldn’t sell ourselves short with how we price our services.”

Anjali ended up pricing her book on the high end of the range. Why We Eat With Our Hands debuted on September 27, becoming a bestseller on Amazon New Releases and breaking one of her distributor’s records for first-day sales.

Resources + Links

Why We Eat with Our Hands: A Celebration of Indian Culture and Heritage by Anjali Jariwala (author) and Shelley Seguinot (illustrator)
Fit Advisors
Anjali’s Social Media: Twitter, LinkedIn, Facebook
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Liz Szporn, an accomplished executive and entrepreneur and current Profit First Professionals Homebase Guide. Through her work with Profit First Professionals, Liz helps to eradicate entrepreneurial poverty by coaching members to build more profitable businesses for themselves and their clients.

On the episode, Liz opens up about her successes and struggles with founding a professional development organization for educators. She also digs deep into some of the strategies and tactics she shares with her clients for building a successful, profitable business, including the magic of value pricing.

Episode Highlights

Mission-driven businesses make the world better.

Mission-driven businesses make their slice of the world better in everything they do, according to Liz. At Profit First Professionals, that mission is to eradicate entrepreneurial poverty.

“Our decisions are based on this mission,” Liz said. “Our interactions are based on this mission. Our partnerships, opportunities, technology … is to make sure we’re hitting that mission.”

The mission of Profit First Professionals hits home for Liz, who knows entrepreneurial poverty firsthand. She and a few friends started a business but all the money they made went right back into operations. Then, the business went under during the COVID-19 pandemic. Although the experience was difficult, it has made Liz a more empathetic coach.

“I read the book and immediately was like ‘I get this,’” Liz said. “‘I get this because I lived it.’”

Mission-driven businesses require clarity.

In the Profit First model, every dollar has a specific job, and a mission or vision provides clarity on how to assign those dollars. One of the tools Liz uses to get clarity is a profit assessment, which involves reviewing a profit and loss statement to clarify how much a business made last year and analyze how to best divvy up those dollars going forward.

“This is where having a Brian Thompson to work with is so important because you provide clarity very early on,” Liz said. “Whether you’re helping them get clarity of what they actually want out of their business, or what is actually happening in their business currently.”

Earn what you’re worth with value pricing.

Liz has yet to meet a client who charges what they’re worth from the start. Value pricing is an alternative to hourly billing that helps entrepreneurs choose their fees. It takes into account what income they want to make, what they want to do, and which clients they want to serve.

“You start to see based on your total revenue and clients how much your average client is paying you,” Liz said. “Then we start playing with numbers.”

Ultimately, value pricing allows business owners to set different levels of pricing so that they can focus on what they enjoy and what they’re good at. It also provides validation that the entrepreneur is providing a valuable service.

“As soon as you stop saying I have to do this for $12 an hour, it’s so fun,” Liz said.”

Resources + Links

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
Episode 6: Eradicating Entrepreneurial Poverty with Ron Saharyan
Episode 7: Being Profit First with Mike Michalowicz
Liz Szporn: Supporting the Entrepreneur's Journey
Liz’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Carl Richards, CFP and creator of the Sketch Guy column in the New York Times. Carl shares how he became an accidental artist by using a Sharpie to help a client understand a complex idea with a simple sketch. He also tells how he landed his famous column by saying yes to an opportunity and figuring out the rest later.

On the episode, you’ll hear Carl’s driving concept of groundlessness and why he believes profit equals permission for entrepreneurs. He also shares the importance of more people doing “their thing” in the world -- and how he’s following suit by doing more of what he loves.

Episode Highlights

Mission-driven businesses forcibly insert opinions.

For Carl, a mission-driven business goes beyond making widgets for the sake of making widgets. Mission-driven businesses are tools to forcibly insert opinions into the world -- a metaphor he heard from someone else years ago and latched onto.

“What I’m interested in is how I can use the business as a tool to forcibly insert an opinion into the world, and I think that another word for that opinion could be mission,” he said.

Profit equals permission.

Beyond thinking of businesses as opinions, Carl also likes to think of them as art projects, in which businesses can be used to influence what exists in the world. In his case, Carl is always looking for his next art project, and he’s recently realized that his prime goal in business is to get permission to do the next project. And that permission shows up on an income statement as profit.

“All I want is enough profit to do the next art project,” Carl said. “That’s the goal. The goal of the current project is to earn permission to do the next.”

Aim for groundlessness.

Carl’s business operates using a set of principles called the code, one of which is called groundlessness. He named the concept after hearing Buddhist teacher Pema Chödrön describe trying to tie up all the loose ends but still the ground is shifting.

“I’m only interested in questions I don’t know the answers to,” Carl said. “I’m only interested in the path that there is no path. Because if not, it’s not me.”

For Carl, the concept of groundlessness has come to mean that if he does have ground beneath his feet, it’s not the kind of work he should be doing. Instead, he’s interested in what he calls the most intimate form of risk.

“You’re literally saying to someone, ‘Here’s a piece of me. Judge it through your dollars,’” Carl said. “That’s a very intimate form of risk, and to me, it’s the only form of risk I’m interested in because it means we’re doing the thing we were put here to do.”

Get clear about what you love to do.

Carl’s unique and zest-filled approach to business means he has no plan to retire -- at least in the conventional sense. He plans to keep working, while being more diligent in the projects he takes on and delegating or deleting everything that he doesn't love.

His approach to “retirement” came a few years ago when his teenage son asked what things he would stop doing when he retired. When Carl listed a few things, his son then asked if he would be more or less successful if he stopped doing those things today. The answer was yes.

“He goes, ‘I don’t mean to be silly here, but why are you still doing those things today?’” Carl recounted. “So I’ve been on this kick of asking how I can get more and more clear about what I want to do.”

Resources + Links

Carl’s weekly New York Times column
Carl’s Books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Things with Money
Living Beautifully with Uncertainty and Change by Pema Chödrön
Carl’s Social Media: Twitter, Instagram, Facebook, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

Living Beautifully: with Uncertainty and Change

View Details

Brian chats with Carl Richards, CFP and creator of the Sketch Guy column in the New York Times. Carl shares how he became an accidental artist by using a Sharpie to help a client understand a complex idea with a simple sketch. He also tells how he landed his famous column by saying yes to an opportunity and figuring out the rest later.

On the episode, you’ll hear Carl’s driving concept of groundlessness and why he believes profit equals permission for entrepreneurs. He also shares the importance of more people doing “their thing” in the world -- and how he’s following suit by doing more of what he loves.

Episode Highlights

Mission-driven businesses forcibly insert opinions.

For Carl, a mission-driven business goes beyond making widgets for the sake of making widgets. Mission-driven businesses are tools to forcibly insert opinions into the world -- a metaphor he heard from someone else years ago and latched onto.

“What I’m interested in is how I can use the business as a tool to forcibly insert an opinion into the world, and I think that another word for that opinion could be mission,” he said.

Profit equals permission.

Beyond thinking of businesses as opinions, Carl also likes to think of them as art projects, in which businesses can be used to influence what exists in the world. In his case, Carl is always looking for his next art project, and he’s recently realized that his prime goal in business is to get permission to do the next project. And that permission shows up on an income statement as profit.

“All I want is enough profit to do the next art project,” Carl said. “That’s the goal. The goal of the current project is to earn permission to do the next.”

Aim for groundlessness.

Carl’s business operates using a set of principles called the code, one of which is called groundlessness. He named the concept after hearing Buddhist teacher Pema Chödrön describe trying to tie up all the loose ends but still the ground is shifting.

“I’m only interested in questions I don’t know the answers to,” Carl said. “I’m only interested in the path that there is no path. Because if not, it’s not me.”

For Carl, the concept of groundlessness has come to mean that if he does have ground beneath his feet, it’s not the kind of work he should be doing. Instead, he’s interested in what he calls the most intimate form of risk.

“You’re literally saying to someone, ‘Here’s a piece of me. Judge it through your dollars,’” Carl said. “That’s a very intimate form of risk, and to me, it’s the only form of risk I’m interested in because it means we’re doing the thing we were put here to do.”

Get clear about what you love to do.

Carl’s unique and zest-filled approach to business means he has no plan to retire -- at least in the conventional sense. He plans to keep working, while being more diligent in the projects he takes on and delegating or deleting everything that he doesn't love.

His approach to “retirement” came a few years ago when his teenage son asked what things he would stop doing when he retired. When Carl listed a few things, his son then asked if he would be more or less successful if he stopped doing those things today. The answer was yes.

“He goes, ‘I don’t mean to be silly here, but why are you still doing those things today?’” Carl recounted. “So I’ve been on this kick of asking how I can get more and more clear about what I want to do.”

Resources + Links

Carl’s weekly New York Times column
Carl’s Books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Things with Money
Living Beautifully with Uncertainty and Change by Pema Chödrön
Carl’s Social Media: Twitter, Instagram, Facebook, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

In this special episode, host Brian Thompson shares how to build a proper foundation for your business to ensure it can support long-standing success. He outlines eight essential tasks to check off when starting a company that can help minimize risk and give you a solid foundation.

Episode Highlights

Starting a business can be daunting and setting up a solid foundation to grow from is critical for future success. Here are eight first steps to start your business on solid ground.

Step 1: Pick your company name.

As new parents know, picking a name isn’t as easy as it may sound. A business name can ultimately help -- or hinder -- your success.

A good business name not only communicates who you are and what you do but also drives branding and marketing efforts. When thinking of business names, it helps to clarify your vision and purpose, know your ideal clients, and how you’ll add value. Creating a one-page business plan can also help you think clearly.

“Remember that a name doesn’t have to be perfect. You can change it as you need to.”

Step 2: Pick a business structure.

Your business structure is the legal framework of the company you’re building. Common small business organizational structures include limited liability companies (LLC), partnerships, and S corporations. The type of business structure you choose will impact numerous aspects of your business, from the paperwork you need to file to how you pay taxes.

“While taxes shouldn’t be the only concern when picking a business structure, you’ll want to consult with a tax professional to make sure you’re making the best choice for your situation.”

Step 3: Register your business.

Once you have a business name and structure, it’s time to register your business. In most states, you can register with the Secretary of State’s office. However, if you want to protect your name on a national level, consider registering with the United States Patent and Trademark Office.

Also, don’t forget to make sure your company can be found on the web! Before registering, check website domain registrars like GoDaddy and Google Domains to ensure your domain is still available.

Step 4: Apply for your Employer Identification Number.

Similar to a Social Security number, your Employer Identification Number (EIN) is a federal tax number used to identify your business. You can use it to get a business license, open bank accounts, obtain credit lines, and pay taxes.

Technically, you don’t need an EIN unless you have employees or plan to form a partnership, LLC, or corporation. But even if you don’t need an EIN, it doesn’t hurt to have one. It can keep your personal Social Security number private.

“You can apply online in just a couple of minutes and reduce the chance of identity theft.”

Step 5: Get a business license and permits.

All sorts of complex rules exist with different licensures. Depending on what type of industry you’re in, a federal, state, or local agency may regulate your business. You’ll likely need a state, county, or city license, and you may need permits or state registrations to do business across state lines.

“Make sure to research your state, county, and city regarding regulations for your particular type of business.”

Step 6: Open bank accounts and set up a cash flow system.

With the regulatory hurdles out of the way, it’s time to look at the operational side of your business. It’s essential to get a business account and set up your cash flow system.

Opening separate bank accounts will keep your business and personal assets separate, which is critical for tax and legal purposes. It also establishes your company as a separate entity should you need a loan and allow you to set up merchant accounts for faster payment.

Having an account is one thing, but successfully managing your cash flow is another. Mike Michalowicz’s Profit First System is a great way to ensure that your business is profitable, that you’re ready for your quarterly tax bill, and that you’re paying yourself a reasonable wage.

Step 7: Get an accounting system.

While you’re addressing operations, it’s a great time to set up an accounting system like QuickBooks or Wave. These systems allow you to start tracking your business income and expenses right away. They also help you take advantage of tax deductions.

“As a tax attorney, I represented clients who didn’t keep good records before the IRS and it was brutal. It’s much easier to start the habit early.”

Step 8: Find the proper insurance.

Now that you have a business, you’re going to want to protect it. One way to do that is by getting the appropriate type of insurance. Common types of business insurance include general liability insurance, professional liability insurance, and home-based business insurance.

“While your business structure will protect you from personal lawsuits, you’ll want to make sure your business is protected as well.”

Resources + Links

Articles
“The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses.” Eric Ries.
“One-Page Business Plan Templates.” Susan Ward, The Balance Small Business.
Websites
Fizzle
U.S. Small Business Administration
United States Patent and Trademark Office
“Apply for an Employer Identification Number (EIN) Online.” IRS
Tools
The Profit First system by Mike Michalowicz
Relay
Quickbooks
Wave
More From Brian
“Purpose And Profit: 4 Keys To Creating A Profitable Mission-Driven Business.” Forbes.
“Can I Deduct That As A Business Expense?” Forbes.
“Should I make an S-Corp Election?” BT Financial.
Episode 7: Being Profit First with Mike Michalowcz
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

In this special episode, host Brian Thompson shares how to build a proper foundation for your business to ensure it can support long-standing success. He outlines eight essential tasks to check off when starting a company that can help minimize risk and give you a solid foundation.

Episode Highlights

Starting a business can be daunting and setting up a solid foundation to grow from is critical for future success. Here are eight first steps to start your business on solid ground.

Step 1: Pick your company name.

As new parents know, picking a name isn’t as easy as it may sound. A business name can ultimately help -- or hinder -- your success.

A good business name not only communicates who you are and what you do but also drives branding and marketing efforts. When thinking of business names, it helps to clarify your vision and purpose, know your ideal clients, and how you’ll add value. Creating a one-page business plan can also help you think clearly.

“Remember that a name doesn’t have to be perfect. You can change it as you need to.”

Step 2: Pick a business structure.

Your business structure is the legal framework of the company you’re building. Common small business organizational structures include limited liability companies (LLC), partnerships, and S corporations. The type of business structure you choose will impact numerous aspects of your business, from the paperwork you need to file to how you pay taxes.

“While taxes shouldn’t be the only concern when picking a business structure, you’ll want to consult with a tax professional to make sure you’re making the best choice for your situation.”

Step 3: Register your business.

Once you have a business name and structure, it’s time to register your business. In most states, you can register with the Secretary of State’s office. However, if you want to protect your name on a national level, consider registering with the United States Patent and Trademark Office.

Also, don’t forget to make sure your company can be found on the web! Before registering, check website domain registrars like GoDaddy and Google Domains to ensure your domain is still available.

Step 4: Apply for your Employer Identification Number.

Similar to a Social Security number, your Employer Identification Number (EIN) is a federal tax number used to identify your business. You can use it to get a business license, open bank accounts, obtain credit lines, and pay taxes.

Technically, you don’t need an EIN unless you have employees or plan to form a partnership, LLC, or corporation. But even if you don’t need an EIN, it doesn’t hurt to have one. It can keep your personal Social Security number private.

“You can apply online in just a couple of minutes and reduce the chance of identity theft.”

Step 5: Get a business license and permits.

All sorts of complex rules exist with different licensures. Depending on what type of industry you’re in, a federal, state, or local agency may regulate your business. You’ll likely need a state, county, or city license, and you may need permits or state registrations to do business across state lines.

“Make sure to research your state, county, and city regarding regulations for your particular type of business.”

Step 6: Open bank accounts and set up a cash flow system.

With the regulatory hurdles out of the way, it’s time to look at the operational side of your business. It’s essential to get a business account and set up your cash flow system.

Opening separate bank accounts will keep your business and personal assets separate, which is critical for tax and legal purposes. It also establishes your company as a separate entity should you need a loan and allow you to set up merchant accounts for faster payment.

Having an account is one thing, but successfully managing your cash flow is another. Mike Michalowicz’s Profit First System is a great way to ensure that your business is profitable, that you’re ready for your quarterly tax bill, and that you’re paying yourself a reasonable wage.

Step 7: Get an accounting system.

While you’re addressing operations, it’s a great time to set up an accounting system like QuickBooks or Wave. These systems allow you to start tracking your business income and expenses right away. They also help you take advantage of tax deductions.

“As a tax attorney, I represented clients who didn’t keep good records before the IRS and it was brutal. It’s much easier to start the habit early.”

Step 8: Find the proper insurance.

Now that you have a business, you’re going to want to protect it. One way to do that is by getting the appropriate type of insurance. Common types of business insurance include general liability insurance, professional liability insurance, and home-based business insurance.

“While your business structure will protect you from personal lawsuits, you’ll want to make sure your business is protected as well.”

Resources + Links

Articles
“The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses.” Eric Ries.
“One-Page Business Plan Templates.” Susan Ward, The Balance Small Business.
Websites
Fizzle
U.S. Small Business Administration
United States Patent and Trademark Office
“Apply for an Employer Identification Number (EIN) Online.” IRS
Tools
The Profit First system by Mike Michalowicz
Relay
Quickbooks
Wave
More From Brian
“Purpose And Profit: 4 Keys To Creating A Profitable Mission-Driven Business.” Forbes.
“Can I Deduct That As A Business Expense?” Forbes.
“Should I make an S-Corp Election?” BT Financial.
Episode 7: Being Profit First with Mike Michalowcz
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Elle Moxley, the executive director of the Marsha P. Johnson Institute. The institute seeks to better the lives of Black transgender people through organizing, advocacy, and community. Elle founded the nonprofit institute in response to the murders of transgender women of color.

On the episode, Elle shares how the Marsha P. Johnson Institute resulted from her vision for her own life and the wider world. She also discusses the racial tensions following the murder of George Floyd and how she combats exhaustion by pursuing joy daily.

Episode Highlights

Mission-driven businesses support the collective.

Elle defines a mission-driven business as one with an intention of more than just making money as well as a company that supports a collective rather than just an individual.

“It is one that is driven towards supporting people with the same rigor and regard as its enterprise endeavors,” Elle said. “Mission-driven businesses really account for the full experience that people are having.”

At the Marsha P. Johnson Institute, that mission is to illuminate the root cause of violence against transgender women of color, especially Black transgender women. The mission strongly aligns with Elle’s personal values.

“I really wanted to do my part, not only as a Black trans woman, but as a Black person in the world to interpret the reasons why murder takes place in communities that are already so intensely interrogated,” she said.

Use your vision to guide your business.

Like many entrepreneurs on the podcast, Elle didn’t set out to start a company, nor did she know whether she had the skills and leadership qualities for her current role. But Elle did have a big vision for her life and the world -- a vision that others didn’t always share.

Founding the Marsha P. Johnson Institute and her other ventures helped Elle realize that vision. It also helped her to become the best version of herself that she could be.

“The only way I could do that was to start my own businesses and to actually be the person behind the vehicle in which my dreams were presented to the world,” Elle said.

Combat exhaustion by cultivating joy.

Elle’s work can be emotionally exhausting, especially as murderers continue to target Black transgender women and some people attempt to minimize the impact of her work. To keep motivated, Elle looks for joy, which she defines as the opposite of constant frustration and fear.

“The joy is something that I never really get exhausted from,” she said. “That’s the real work I aspire to do daily: How can I create more joy for myself and the people that I love?”

Resources + Links

Marsha P. Johnson Institute: Website, Twitter, Instagram, Facebook, TikTok
Forever Free Productions / Black Beauty
Elle’s Social Media: Twitter, Instagram, Facebook
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Laura J. LaTourette, CFP, the founder of Family Wealth Management Group. As a self-made entrepreneur, Laura has prioritized building her fee-only financial planning firm while living fully as her authentic self. Her comprehensive planning and wealth management approach demands the same kind of determination, self-reflection, and bold spirit from clients.

On the episode, Laura shares strategies she’s used to build her successful, long-standing firm and the lessons she wishes she had learned a little sooner in her entrepreneurial journey. She also discusses why now is the time to build wealth for the LGBTQ+ community and how being vocal and visible can inspire compassion.

Episode Highlights

Mission-driven businesses come from the heart.

Laura defines a mission-driven business as one that comes from your heart and reflects who you are authentically as a person. Although she didn’t define her financial planning firm as a mission-driven business at first, when she came out as a lesbian in 1994, Laura knew she wanted to help people like her.

“I worked with women in transition -- women through divorce or being widowed,” Laura said. “Then I also found my LGBTQ community needed help with understanding the language of financial planning, so I just kind of took off from there on an organic basis.”

Keep a firm line between advising and therapy.

One of the benefits of being an entrepreneurial financial planner is the ability to show up authentically, which helps Laura build trust with clients and form real relationships. Laura is clear that working with her means a long-term commitment.

“It’s a long-term relationship,” she said. “It’s not a transactional situation.”

Having that type of client relationship requires both Laura and her clients to be vulnerable, and Laura will share part of her story to help her connect with clients. However, she is careful to make sure an appointment does not turn into a therapy session.

“If they go so far that it seems like they’re really giving me too much information, I do talk to them about financial therapists,” she said.

It’s time to build wealth for the LGBTQ+ community.

As a new wave of anti-LGBTQ+ legislation sweeps through the country, stoking fears that marriage equality might be the next right overruled by the Supreme Court, it’s now a priority to create a “rainbow network” that builds wealth and provides financial education for the LGBTQ+ community.

“We’ve got trans kids dying, and we’ve got LGBT elders not able to find a safe place to live during their ending days, so we’ve got trouble on both ends,” Laura said.

Laura called on the LGBTQ+ community and allies to become visible, vocal advocates on business boards and in places of power. Laura lives this advice by serving as an ambassador in the financial services industry and by sharing her perspective with clients who sometimes find it uncomfortable when she mentions her wife.

“The more you make them uncomfortable, at some point, then they start getting comfortable,” Laura said. “They may not be able to advocate for me yet, but I can at least bridge an opening of their heart.”

Resources + Links

Family Wealth Management Group
Laura’s financial industry leadership: CFP Board Ambassadors, FPA PridePlanners
Laura’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

In this special episode, host Brian Thompson shares practical steps for conducting a mid-year review that sets you and your business up to thrive in the second half of the year. You’ll learn how to clean up some of your central tasks to ensure the end of 2022 and the beginning of 2023 are as stress-free as possible. You’ll also hear why Brian advocates for small habits repeated over time and the benefits of taking a mid-year pause.

Episode Highlights

This year may feel especially stressful for fans of the Mission Driven Business, and one way to find calm in chaos is to focus on what you can control. For small business owners, that can mean tackling some of the big, end-of-the-year tasks now by conducting a mid-year review.

“Unfortunately, too many small business owners wait until the end of the year to clean up the different aspects of their business. By that point, it’s a numerous and overwhelming task, so let’s knock out some of these tasks now.”

Step 1: Take a break from the action.

Consider taking a break from the action as your first action in your mid-year review. Try to find a place where you can slow down and not be disturbed as you check in on your feelings.

“This process shouldn’t be a haphazard random day. Instead, block off one day or a few if you can, then go to a quiet place where you review.”

Step 2: Review your successes and challenges.

Once you’ve gotten clear on your emotions, it’s time to review your successes and challenges. This is a great time to celebrate your successes, appreciate your progress, and gain insight into what’s working and what areas could use improvement.

“Instead of thinking that things need to be perfect, or that you can’t change your mind, pick a direction and take the next right step.”

Step 3: Review your business cash flow.

Cash flow is the lifeblood of your business, and conquering cash flow takes thought and intentional systems. One good cash flow system is the Profit First system, which leverages entrepreneurs’ natural tendency to make decisions based on their bank account balance.

“Using this system allows you to continually monitor how close you are to your targets for revenue and profit, and lets you know in real time whether there’s a problem.”

Step 4: Review essential reports.

A new step on the mid-year review checklist is to review your essential reports, which include your balance sheet, reconciliation reports, and profit and loss statements:

Your balance sheet covers your assets, liabilities, and owner’s equity.
Your reconciliation report ensures what’s in your accounting software matches your bank statements.
Your profit and loss statement allows you to do a full review of the first half of the year.

Step 5: Make tax projections.

You’d probably rather not think about taxes, but the mid-way point in a year is an excellent opportunity to review your tax situation. You’ve already made two estimated tax payments and can track where you are and make projections.

“If you find that you’re behind on estimated tax payments, you still have the year to catch up, calculate how much you’re short, divide that by the six remaining months, and add that amount to your monthly tax bucket.”

Step 6: Analyze your expenses.

Now that you’ve reviewed your buckets and profit and loss statements, it’s an excellent time to analyze your expenses. To do this, print your expenses for the last six months and any recurring expenses. Add up all of your costs, multiply that number by 10%, and cut expenses by that number.

“Remember that just because you have a tax deduction for expenses, you still lose money if you’re purchasing something you don’t use.”

Step 7: Write down your next actions.

As you perform your own mid-year review, you’re likely to gain insight into the changes you want or need to make. It’s essential to write these changes down and develop an action plan with the steps you’ll take to accomplish your goals. Try limiting the changes you want to make to two or three goals.

“You’re more likely to find success taking little steps each day rather than trying to run several miles simultaneously.”

Resources + Links

Episode 7: Being Profit First with Mike Michalowicz
Episode 8: Eradicating Entrepreneurial Poverty with Ron Saharyan
Episode 14: Living Your Passion with George Kinder
Goals are only guesses, Behavior Gap / Carl Richards / The Sketch Guy
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Damian Pelliccione, CEO and co-founder of Revry, a global, LGBTQ-first streaming network with free live TV, movies, series, news, and more. Through Revry, Damian champions diversity and inclusion in the media and entertainment industry.

On the episode, Damian shares their journey to becoming a first-time CEO and the corresponding struggles with imposter syndrome. They also highlight the importance of working on yourself and setting good boundaries, and how being your authentic, unapologetic self gives your business the best chance of thriving.

Episode Highlights

Mission-driven businesses leave a legacy.

For Damian, Revry’s mission is to be the driving, positive force in media for queer culture. To meet that mission, Revry creates content reflective of the entire LGBTQ community, which is not homogenous by race, gender, sexual orientation, or language.

Revry also lives out its mission by having an incredibly diverse workforce that is reflective of the audience it wants to serve.

“We’ve attracted the most diverse, talented team on the planet, and I’m very proud of everyone who works for us,” Damian said.

But the mission of Revry goes beyond the workforce and content that it produces today. While Damian is proud of how far the company has come, they envision that Revry will ultimately be part of their legacy.

“You realize this is going to be bigger than me; this will live beyond me,” Damian said. “This legacy that hopefully we are building with this business will resonate well beyond my years, and that is the coolest thing I could ever do with my life.”

Fail big. Fail fast.

When Damian talks to young entrepreneurs, they emphasize the need to fail big and fail fast -- but also to learn from failures. While starting over or starting something new is part of the entrepreneurial process, it’s also important to build resilience.

“You may have to scrap the whole thing and start over and try something new, but that’s okay,” Damian said. “The difference is the resilience to never give up, to keep going.”

Learning from failure and adapting is part of Damian’s own entrepreneurial journey. Damian believes that their “false starts” before Revry were crucial to getting them to where they are today in both work and life.

“Had those not existed for me, had I not had those experiences, had I not taken the time to listen to them and evaluate what went wrong … there’s no way I’d be sitting here talking to you,” they said.

Be unafraid and unapologetic in business and life.

Damian was clear about their biggest takeaway for entrepreneurs: “Live out loud. Be unapologetic. Be vulnerable. And be unafraid.”

One way Damian lives their life in this manner is by dressing to impress themself. One way that they do that is by wearing heels on public stages, panels, and conferences.

“There’s something about putting on that shoe that gives me the vote of confidence,” they said. “I feel powerful, and I feel fabulous. That’s the energy that I want to exude when I’m doing something in a public forum.”

By not holding back from their true, authentic self, Damian believes they’re permitting others to also live as their authentic selves. But even more, that living authentically has made them even more respected professionally.

“Business is evolving to the point where that level of authenticity is going to be such a tenant to company cultures and will hopefully soon be equated in a datapoint to show this is how you really build a brand,” Damian said. “You are the brand.”

Resources + Links

Revry: Website, Twitter, Instagram, Facebook, LinkedIn
QueerXFest: Website, Twitter, Instagram, Facebook, LinkedIn
Damian’s Social Media: Twitter, Instagram, Facebook, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Yana Tallon-Hicks, a pleasure-positive sex therapist, educator, and writer. On the episode, Yana shares her unexpected journey to becoming a relationship therapist and business owner. She also gives tips for using a sliding scale fee model and offers insight into the process of writing her upcoming book, Hot and Unbothered: How to Think About, Talk About, and Have the Sex You Really Want.

Episode Highlights

Make money in a way that aligns with your values.

Yana defines a mission-driven business as one that pays attention to its values and goals so that it can make money in a way that aligns with those values and goals.

“It’s a business that pays attention to what their values and goals are every step of the way, to the best of their ability,” she said. “Because at the end of the day, a business needs to make money … and I think that it can still be done with their mission and your values.”

Be intentional about structuring your time.

Yana’s career spans her incorporated work as a relationship therapist, sex writing, and education projects. Juggling all of these responsibilities requires a lot of balance, and she blocks out time dedicated to specific projects, like writing her new book and general administrative tasks.

Yana is also a co-parent, which has prompted her to keep her schedule regimented to ensure she can be fully present for her child when she’s with him. While she felt busy before she had her child, she’s found being an entrepreneur and a parent has helped her unlock a new level of efficiency.

“Having a kid really helped me get into much better balance,” Yana said. “I actually think I’m doing more work, more efficiently, and better.”

Set clear expectations from the start.

Being part of the LGBT+ community, Yana knows that she’ll run into her therapy clients more often than some therapists might, so she lays out ground rules and expectations upfront. For instance, Yana asks current clients not to follow her on social media, and her intake form includes a paragraph that clients may see her while out in public.

She is also clear about her use of a sliding scale fee model and has prices listed on her website and intake form. Her clients have been very responsive to the model, and people who can pay the highest amount generally do.

“Business owners assume that if you do a sliding scale, people will always pay the bottom of your scale, and that is just not true,” Yana said. “The trick is you really do need to be truly okay with whatever people choose.”

Resources + Links

Yana’s Website
Hot and Unbothered: How to Think About, Talk About, and Have the Sex You Really Want
Yana’s Social Media: Twitter, Instagram, Facebook
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Coss Marte, a former inmate turned business magnate. Coss is the founder of CONBODY, the first fitness method developed in prison. Through CONBODY and his two other ventures, Coss is fulfilling his mission to aid and uplift the formerly incarcerated community.

On the episode, Coss shares how he found his passion for fitness after losing 70 pounds during his incarceration as well as his struggle to start a company as someone in and out of the prison system. He also discusses how his “figure it out and survive” motto has spurred him to create three ventures, including one in the legal cannabis industry.

Episode Highlights

Mission-driven businesses do good from front to back.

Coss defines a mission-driven business as one that doesn’t just say it's doing good upfront -- but also does something good on the back end.

“You want to make money and do good as well,” he said.

For Coss, the tripartite mission of CONBODY is to destigmatize the formerly incarcerated community, ease their transition back to society, and change the criminal justice system -- all barriers he’s faced as a formerly incarcerated person himself.

“I saw the pain I had to go through, and I really didn’t want people who were my friend or my people that were coming out of the system to go through that,” he said.

You don’t need a formal business plan.

Coss created his business plan for CONBODY while in solitary confinement. He didn’t have a formal mission, list of values, or vision statement. But he did write down the extensive workout he used to get fit while incarcerated and how he could turn that into an opportunity.

“I did what I wrote,” Coss said. “I came home and I started doing it in the local park where I grew up, and eventually, one person turned to two, to three, to five, to six, and my mission started evolving.”

If you don’t ask, you don’t eat.

Coss’s mother always told him: If you don’t ask, you don’t eat. It’s a strategy he took to heart when developing CONBODY.

“When I came home, I validated by getting one customer in the street, and just stopping them and talking to them and telling them what I’m doing,” Coss said. “I got a gazillion nos, but fortunately enough, I’ve had a few yeses.”

Coss eagerly shares his mother’s advice with fellow entrepreneurs who have smart but unvalidated business plans. That includes Ivy League MBA students who have incredible, technical business ideas but have yet to ask whether anybody wants their products.

“You gotta ask,” Coss said. “If you go to the market and nobody wants this shit you just lost a lot of time.”

Resources + Links

CONBODY: Website, Instagram, Facebook, Twitter, LinkedIn, YouTube
Second Chance Studios: Website, Instagram, Facebook, Twitter, LinkedIn
CONBUD: Instagram, Facebook, Forbes write up
Conbody the book
Coss’s Social Media: Twitter, Instagram, Facebook, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Hannah Olson, an advocate for people with disabilities and co-founder and CEO of Chronically Capable and Disclo. Through her companies, Hannah helps people with disabilities navigate their careers and companies manage employee health disclosures and accommodation requests.

On the episode, Hannah discusses why she chose entrepreneurship after her aggressive treatment schedule for Lyme disease resulted in her having to leave her dream job. She also shares advice she received while fundraising and why disabilities are something to be celebrated.

Episode Highlights

The mission is at the center of mission-driven businesses.

Hannah describes a mission-driven business as one that puts its mission at the center of everything it does. At her companies, she goes one step further by hiring people who are also centered around the mission of empowering and employing people with disabilities and chronic conditions.

“It’s less about the excitement of the business, but more so, at the end of the day, who are we helping? Who are we serving?” Hannah said.

One business idea can lead to another.

In May 2019, Hannah and her co-founder launched their first venture, Chronically Capable, to help people with disabilities and chronic conditions connect with inclusive employers. The company grew quickly, but as it did, Hannah learned about an unmet and unique need for HR professionals to manage employees’ health conditions and accommodation requests in safely and privately.

Hannah and her co-founder quickly realized they could turn that need into a business opportunity. They raised funding and launched their second venture, Disclo, in May 2022. Disclo takes the mission of Chronically Capable one step further by bringing compliance tools to HR managers.

“We initially thought the problem was just being able to find a job and an employer who cared, but we realized there was a much, much bigger problem because if you get the job, how are you going to keep the job?” Hannah said. “But when it comes to compliance, it’s not a nice-to-have anymore; it’s a must have.”

Sleep is a key business strategy.

The entrepreneur culture espouses the value of hustle, but Hannah pointed out that you can’t hustle hard without adequate sleep. That’s why she said sleep is the foremost business strategy she has to share with listeners.

“Sleep is so important for anyone, but especially for me as someone who has been recovering from a very, very bad illness and also as someone running a business,” Hannah said. “This hustle culture has this mentality that we have to be working, and the times you’re not working, you’re not doing anything. But if you don’t sleep, you’re not going to work well the next day.”

Learn from no.

When Hannah was raising funding for Disclo, she received about 120 rejections. After the first few, she took the advice of a friend to ask people who said no either to provide feedback she could use to adapt and change or to introduce her to three other people.

“I started adopting that practice and I learned so much in a very short time,” Hannah said. “I was able to fundraise very, very quickly. In a month we went from not having any luck to people knocking at the door.”

Resources + Links

Chronically Capable: Website, Instagram, Facebook, Twitter, LinkedIn
Disclo: Website, Instagram, Facebook, Twitter, LinkedIn,
Hannah’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Danika Waddell, founder of Xena Financial Planning. As a certified financial planner, registered life planner, and certified student loan professional, Danika focuses on helping women who are in tech or otherwise receive equity compensation.

On the episode, Danika shares her journey to starting her fee-only firm in 2020, including why she made the entrepreneurship leap and how she’s managed the extremely fast growth. She also discusses the importance of having difficult conversations with clients and how she defines success.

Episode Highlights

Mission-driven businesses are meaningful.

For Danika, the idea of a mission-driven business comes back to doing meaningful work. When she started in the finance industry nearly 10 years ago, that sort of meaning was missing from her job.

“When I got into this industry almost a decade ago, what I was doing previously was very transactional, and I just felt there was something very lacking,” she said.

Danika wanted to have more meaningful relationships with clients, leading her to pivot from accounting to starting her own financial planning firm. Now, she regularly gets the opportunity to have a deep connection with clients.

“There’s something just so satisfying about having the types of engagements with my clients in exactly the way I want to have them, and being able to show up for my clients in a way that I’m not restricted by my employer or anything like that,” she said.

Uncertainty can lead to growth.

Danika wasn’t expecting to start her business. After a crisis at her old firm, she decided very quickly to try entrepreneurship. She first defined the types of clients she wanted to serve and how she wanted to serve them, then she created a space for herself and her clients to be fully who they are at all times.

“I’m thrilled about what happened because I was comfortable enough that I probably would have never done this if I wasn’t forced to,” she said.

Define success by impact - not dollars.

Danika emphasized that making money is not the priority of her business. While she does take into account revenue and sustainability, she measures her success by impact - not dollars.

“I definitely do not define success by the numbers,” Danika said. “I do define success by the impact I’m having on clients.”

For instance, Danika felt great success in supporting a long-term client through a car purchase. As she thinks about growing her business further, she wants to help more people feel that kind of empowerment.

“I’m not done,” Danika said. “Success to me will look like reaching more people. I don’t know how that’s going to happen yet, but I know that it is going to happen.”

Resources + Links

Xena Financial Planning
Danika’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Lindsey Swanson, a certified financial planner and founder of Stripper Financial Planning. Lindsey started her fee-only financial planning firm after noticing a severe lack of financial advice for workers in adult entertainment. Through her company, she offers tailored advice in a supportive, kind environment. On the episode, Lindsey shares financial challenges that workers in the sex industry face, including restrictions from banking institutions, payment processors, social media companies, and website hosting firms. She also discusses the importance of choosing the right people to seek advice from, and why she’s thinking of changing her company name.

Episode Highlights

Mission-driven businesses have integrity that others can see.

It can be hard for people within an organization to self-diagnose a mission-driven business, according to Lindsey. She believes that others outside of a company may be better at recognizing whether a mission-driven business is truly accomplishing a higher goal.

“So many times, there’s a business that alleges they have a mission, but I don’t see any actions coming from that,” Lindsey said. “For me and my own business, it comes down to having a direct line between what I’m trying to accomplish and making a profit.”

Seek advice from supportive people.

Although Lindsey knew the sex work industry is stigmatized, she was surprised that some people wouldn’t give her good business advice if they didn’t believe in her business’s mission.

“One of the things that I realized not early enough is that I can’t ask for advice from people who don’t want the same things as me,” Lindsey said. “I could talk to whoever in marketing or branding or whatnot, and if they don’t think that what I’m doing is worthwhile, they don’t give me good advice.”

For instance, some marketers don’t want sex workers to be seen or heard, and Lindsey felt their advice was tainted by a belief that they didn’t actually want her to succeed. Now, Lindsey specifically seeks out advice from people who are supportive of sex workers.

“Otherwise, I’m not going to get people who are supporting me,” Lindsey said. “And that sounds obvious if you say it, but I thought anyone could give me good advice because everyone has something they can bring to the table.”

Not all industries are treated equally online.

One issue Lindsey faces is online censorship of the sex industry. She initially thought marketing and publicity would revolve around SEO and key terms, but she says the reality is more of a nightmare.

“A lot of my clients are starting to create their own websites and host them offshore not because it’s illegal but because there’s so much censorship that happens on Squarespace and Wix and Wordpress,” Lindsey said. “I built my site on Squarespace, but I’m anticipating that at some point it’s going to get taken down. … And it’s so much harder for people in the business.”

Help your audience find you again and again.

Website hosting is only one censorship-related challenge for Lindsey. One of the main words in her business name -- stripper -- gets censored on social media, which prompts the sex industry to use an evolving litany of alternative terms to outsmart the algorithms.

While Lindsey is leaning into her company name as she grows her publicity and brand recognition, once she’s successful, she’ll likely have to create a more veiled version of her business so she can stay on the internet. It’s a move she’s learned from her clients.

“It’s just amazing how good these individuals are at branding and recreating themselves and having an audience that’s so sticky that they are willing to find them again,” Lindsey said. “I have one client that has put up her TikTok 20 times. … She’s been taken down, and she's recreated that 20 times.”

Resources + Links

Stripper Financial Planning
Lindey’s Social Media: Twitter, LinkedIn, Instagram, Facebook
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Dr. Samantha Franklin, a school counselor, college professor, and founder of Intersection, LLC. Through Intersection, Samantha uses therapy and mediation to help people learn how to set boundaries and advocate for themselves. It's also the first company she's founded. On the episode, Samantha shares the values that led her to start her own mission-driven business and the areas she’s struggling with as a new entrepreneur. She also discusses how she balances working with three different types of clients and the tools she uses to charge what she’s worth.

Episode Highlights

Mission-driven businesses solve problems.

For Samantha, the definition of a mission-driven business is an easy one. It’s a company that comes into being to solve a problem.

“Maybe that person knows how to fill that gap in whatever industry it is,” Samantha said. “I’m on a mission. The mission is to solve a problem.”

Through Intersection, Samantha helps people who have a hard time advocating for themselves in their business or personal life. She works in three different types of markets: therapy for families, mediation for divorced or divorcing couples, and advocacy for school counselors.

“Some people don’t know how to use their voice, and some people just don’t know how to stand up for themselves,” Samantha said. “And so the overriding mission of my company is advocacy.”

Charge what you're worth.

One of the aspects of entrepreneurship that Samantha struggles with is charging clients appropriately. Part of that comes from her background as a teacher, which required her to work essentially for free at night. In the early days of her business, Samantha also doubted whether she should charge clients for some services she considered easy or straightforward.

To learn what to charge, Samantha asked for advice and guidance from people in the consulting and financial realms. Although she’s come a long way, she’s still adjusting how she charges as she takes on new experiences and continues to grow her business.

“It’s really figuring out how much jobs are going to cost,” Samantha said. “How much time is taking me away from my family, and deciding what it’s worth.”

It’s okay to say no to clients -- even if you’re just starting.

Saying no to the wrong clients is a theme that’s come up before on the podcast, and it’s a point echoed by Samantha. Even though her business is new, she emphasized the importance of setting boundaries.

“As we build businesses, a lot of times we feel that we should take all the business that comes our way, and that’s not always true,” Samantha said. “Know your boundaries and what you need as a person and for whatever unit you have around you. It’s okay to say no to business. It’s okay to refer out.”

Resources + Links

Samantha’s Social Media: Twitter, Instagram, Facebook, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Zach Teutsch and Ari Weisbard, the managing partners of Values Added Financial. Values Added Financial helps progressives build thoughtful, prosperous, and impactful financial lives. Through their business, Zach and Ari aid clients with balancing their own needs with the work they do in the world. On the episode, Zach and Ari share how running a feminist, LGBTQ-friendly, and antiracist company has helped them to attract more clients than they ever imagined. They also discuss the importance of articulating who you are and why saying no to the wrong clients makes room for the right ones.

Episode Highlights

Mission-driven businesses don’t just talk the talk.

Like other guests on the show, Ari describes a mission-driven business as one that cares about more than just profit. In practice, that means making decisions that balance the interest of the business with those of the broader mission.

“For us, at Values Added, we care about our teammates; we care about our clients; and we care about the world,” Ari said.

For Zach and Ari the definition of a mission-driven business goes a little deeper because they put their values into practice, too. As Zach explained, that means publicly campaigning for higher taxes and investing in organizations wanting to create a more just system.

“If we had a different business, there would be real business consequences that were negative, but because we’re so public about who we are, it means I can say things and not worry,” Zach said.

Socialist financial advisors are in demand.

Thanks to being unapologetic in his beliefs and actions, Zach has gained a reputation on and offline as a socialist financial advisor. Although the term sounds contradictory, that language has resonated with the right type of clients and has been a boon for business.

“There are way more socialists who need a financial advisor than there are socialist financial advisors,” Zach said. “That’s been one of the surprises to me is just how many amazing people need the exact thing we want to provide.”

In turn, the focus on wealthy progressives as clients has helped Valued Added Financial have an even greater social impact than he could have initially imagined, Ari said. There is enough space in this niche for other mission-driven entrepreneurs to be successful, although he didn’t fully believe it was possible until it happened, Zach added.

“I knew it is true that the more niche you are, the more people are excited,” Zach said. “I knew that in theory, but it was really hard to believe until it happened to us.”

Put your values up top.

True to its name, Values Added Financial prioritizes and celebrates its company values. Stating those values up top has helped Zach and Ari to not only attract the right clients -- but also to attract better job candidates, too.

“By putting a version of those values right at the top of our job application and using language that’s a little bit more colorful and full bodied than the typical Equal Opportunity statement, it really did help to get a very diverse candidate pool applying,” Ari said. “In the same way it helps us get the exact right clients to come to us, it was really helpful to get a really great, strong, diverse candidate pool.”

Resources + Links

Values Added Financial
Zach’s Social Media: Twitter, LinkedIn, Facebook
Ari’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Searah Desaych, the founder of feminist sex shop Early to Bed. For the past 20 years, Early to Bed has operated both as a retail store and as a safe place to explore sexuality. Searah founded the company to create the warm, women-oriented, queer and trans-positive environment she wished existed in the male-dominated sex shop industry.

On the episode, Searah shares some of the hurdles she’s faced in her two decades at the helm of Early to Bed. She also discusses how she’s managed her anxieties around running a business and praises the importance of networking and being kind.

Episode Highlights

Mission-driven businesses sometimes make unprofitable choices.

Early to Bed is a for-profit business, but it’s also a mission-driven one, Searah explained. Searah will make a decision most in-line with the mission of the store -- even if it isn’t profitable. In practice, that means Early to Bed holds raffles, donates products, and provides education to benefit the community.

“The business is about more than profit,” Searah said. “Sometimes I don’t make a profitable choice. Sometimes, I make the choice that’s best for my employees and for what I want to be in the world rather than making money.”

Follow a business plan -- when it makes sense.

After dropping out of graduate school, Searah had a business plan she now says had no basis in reality. She quickly learned she had to ditch the plan and be flexible to make the business work.

“If I had tried to use that plan to drive the business, I don’t know where I'd be,” Searah said.

At the same time, Searah needs to make smart business decisions even if they’re not what she had initially envisioned. For instance, she didn't like the idea of creating an online storefront for her business, but she realized it's a necessity in the modern era.

“I’m an idiot if I’m going to stop people from Texas buying my products,” she said. “So even though that wasn’t part of my mission in the beginning, I decided to do that.”

The anxiety is always going to be there.

About seven years into her entrepreneurial career, Searah asked a business owner when the worrying about running a business stops. The answer wasn’t what she had hoped for.

“She’s like, ‘Oh, honey, never,’” Searah said. “It doesn’t matter how long, you’re always going to have those worries.”

Now that she’s 20 years into running Early to Bed, Searah worries less than she used to. But she can confirm that the anxiety never fully subsides.

“I go to sleep pretty soundly every night, but it’s always in the back of your head forever,” Searah said.

Resources + Links

Early to Bed
Searah’s Social Media: Twitter, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson chats with Anna N'Jie-Konte, founder of fee-only financial planning firm Dare to Dream Financial Planning. Anna believes in empowering entrepreneurs and tailors her business to serve the needs of 30- and 40-something women of color who want to live boldly and make a lasting impact. On the episode, Anna shares why she left corporate America to give other women like her the blueprint for building successful businesses. She also breaks down how she navigates leading a business and a family and why it’s important to reverse engineer your pricing.

Episode Highlights

A mission-driven business is bigger than you.

Anna defines a mission-driven business as one that is bigger than you. That doesn’t mean the business has to be altruistic or charitable in nature, but it does mean the business has to have a purpose or driving force.

“That’s really the foundation of what you’re doing,” Anna said. “I find that my clients have something that’s really pushing them to work so hard and reach those next levels of success.”

Set your intention first.

Anna uses a three-part framework with her clients, and the first step is intentionality. She asks her clients to get intentional about what they want out of their businesses and personal lives, so they know they’re following their joy, having an impact, and not crossing any non-negotiable boundaries.

“There are millions of ways to build a successful business and to be successful financially,” Anna said. “There’s no box that everybody’s going to fit in, so we have to figure out what that is first, then get to the technical stuff.”

Reverse engineer your pricing.

Pricing is a huge hang-up for entrepreneurs, according to Anna. Many business owners don’t set their prices high enough to account for taxes, operating expenses, and a quality personal life.

“What I usually do for clients is have them set themselves a salary that accounts for whatever personal goals they have and make sure they have take home pay to match that,” Anna said. “Maybe the profitability is not there on the business side, so we’ll try and work towards that. But I want to start with what they need and what they want to be doing.”

One way that business owners undersell themselves is by setting an hourly rate -- especially one that doesn’t fully account for their skillset and business needs. For instance, Anna argues that business owners are actually providing more value if they can do something in one hour when it used to take them three.

“Hourly pricing is oftentimes a disservice for folks if they start out that way,” Anna said. “If I need $100 for every hour that I work for me personally, the business needs $40, and profit is another $10. Then you just build the pricing from there.”

Resources + Links

Anna’s Website
Dare To Dream Financial Planning
The Financial Powerhouse Podcast
Anna’s Social Media: Twitter, Instagram, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Jeremy Ryan Slate, founder of the Create Your Own Life Podcast, which studies the highest performers in the world. He specializes in using podcasting and new media to create thought leaders, and his podcast was ranked No. 1 on the iTunes business category and No. 78 on the top 100. On the episode, Jeremy shares his journey from getting a master’s degree in ancient history to becoming a brand expert. The episode is also filled with practical advice for building successful businesses, including how to maximize the link between public relations, marketing, and sales.

Episode Highlights

Mission-driven businesses ask: What is the impact?

Although Jeremy knows businesses must make money, he says mission-driven businesses think more about the impact they can have on their communities and the world.

“What is the impact we’re trying to make?” Jeremy said. “I look at it as a ripple effect. I can only help so many people, but the more people they help -- that’s what impact looks like.”

Getting what you want takes effort.

One of the biggest lessons that Jeremy learned as an entrepreneur is the amount of effort it takes to reach success. When Jeremy started creating podcasts, that meant learning new skills and getting good at phone calls. It also meant outworking his competition.

“Early on, I realized I may not have the best training; I may not have the most money; I may not have the most opportunities; but I can outwork anybody,” Jeremy said. “So that was the thing I did early on. How can I outwork people until I learn how to build a team?”

Podcasts are not marketing -- they’re public relations.

One common misconception that Jeremy has brushed up against in his years of podcasting experience is that podcasts are a marketing tool. Instead, he makes a compelling case that podcasts instead fall under the scope of public relations.

“Going on a podcast … you’re communicating to people,” he said. “You could be getting 500 sales leads, but if they don’t know you, like you, and trust you, they’re never going to convert.”

Jeremy believes so strongly in the value of podcasting as public relations that he and his wife started podcast public relations firm Command Your Brand. Through the company, Jeremy helps entrepreneurs get their message out by appearing as guests on other podcasts.

“The media landscape moves so fast,” Jeremy said. “There’s so much content out there. If you do not tell your own story, you’re going to get drowned out; you’re not going to be found.”

Resources + Links

Jeremy’s Website
Command Your Brand
The Create Your Own Life Podcast
Jeremy’s Social Media: Twitter, Facebook, Instagram, LinkedIn
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian Thompson chats with Braxton Fleming, founder and CEO of Stealth Bros & Co. Stealth Bros & Co. provides stylish luxury medical storage products and Dopp kits. Braxton started the company as a solution for the transgender community, but he has since expanded to meet the needs of people with diabetes and undergoing in vitro fertilization treatments. On the episode, Braxton tells how his passion for Stealth Bros and Co.’s mission keeps the company rooted and fuels its growth. He also shares why consistency yields results and explains how he came up with the idea for his company after following his father’s advice to find a void.

Episode Highlights

Mission-driven businesses are born from your passion.

Braxton describes Stealth Bros & Co. as his life’s passion. As a result, he sees his business and its mission to help the transgender community as directly related to who he is as a person.

“I am really on a mission,” he said. “I’m on a mission to build a legacy for me and my family. And I feel like my life’s path and my passion for my community has really pushed me to be on this mission.”

The simplest ideas will make you rich.

Both of Braxton’s parents are entrepreneurs, and his Dad would give him business advice in the car on the way to school. He recalls his Dad saying that the simplest ideas will make him rich.

“He would always say that you need to find the void and fill the need,” Braxton said. “That stuck with me for a really long time.”

Braxton had his father’s advice in the back of his mind when he was thinking of business ideas to fund his top surgery. He noticed transgender men did not have good options to store all of their injectable medications in a way that was safe and convenient.

“This idea really stemmed from the need of transgender men to place their hormone replacement therapy medication somwhere,” he said. “I pretty much ran with that, and I realized that it was more than just a want. It was a really big need within our community.”

Bring your people with you.

In the years after Braxton first launched his products, he realized that other communities also need discreet and stylish medical storage kits. His products have especially resonated with people in the diabetic and IVF communities.

“It’s been a really exciting mission for me to push my own life’s path forward, but help so many other communities that are impacted as well,” he said.

Although the product has expanded beyond the female-to-male transgender community, Braxton still keeps the people he founded Stealth Bros & Co. at the heart of his company. He plans to keep his initial mission in mind no matter how big the company gets.

“Because at the end of the day, the people that are working for my company will be LGBT, and I will bring my people with me,” he said. “I will make sure no matter how far my business goes, that they understand the foundation of the business.”

Resources + Links

Stealth Bros & Co.: website, Twitter, Instagram, Facebook
Braxton’s Social Media: Instagram
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian Thompson welcomes Mike Michalowicz back on the podcast. Mike is the mastermind behind Profit First Professionals and the author of books for entrepreneurs and small business owners. In episode seven, Mike talked about his Profit First system and his experience growing several multi-million dollar companies.

Now Mike is back to talk about his latest book, Get Different: Marketing That Can’t Be Ignored! Mike shares the research and insights he learned when writing the book, and he offers his tips for creating an effective and radically different marketing system.

Episode Highlights

Small businesses have a responsibility to market.

Mike researched the concepts behind Get Different for a decade. In that time, he learned that while small business owners provide products and services that are better than the competition, many are afraid to market themselves.

“We have a responsibility to market,” Mike said. “If our prospects can’t find us, they’re going to find something that’s perhaps inferior. That’s their problem, but it’s our fault.”

Mike recommends that small business owners speak to their community with integrity and honesty because their voices need to be heard.

“We have to step up and become noticed,” he said.

Use the DAD framework for effective marketing.

Mike created a catchy acronym that gets down to the essence of effective marketing: DAD. The acronym stands for the following:

Differentiate -- Reach your community by doing something unexpected
Attract -- Create marketing that speaks to your audience
Direct -- Give specific, safe, and reasonable instructions

“Simply ask, does DAD approve?” Mike said. “It has a little bit of a creep factor, but that helps make it memorable.”

Many small business owners already incorporate one or two of the DAD elements into their marketing but not all three. As a result, they think their marketing is a failure.

“All three have to be present,” Mike said. “It’s like a checklist.”

Launch many marketing experiments but few plans.

Marketing plans are important, but many small business owners prematurely go into launching a plan.

“We prematurely go into a plan, but we don’t know if it’s going to work,” Mike said. “So the plan is to throw everything against the wall and see what sticks. That is a horrible plan.”

Instead, a marketing plan should aim to amplify what already works. Mike recommended running many marketing experiments to figure out what works and what does not.

“We should be constantly experimenting, but we should be very selectively and carefully planning,” Mike said.

Target 100 prospective clients.

No one can serve everybody, Mike said. That means it’s important for small business owners to find their target audience. Mike recommended doing this by identifying the clients who love you the most and finding out where their connection points are.

Then, Mike suggested testing marketing with a sample size of at least 100 people in your target community. He chose that number after looking at the work of experts, including probability specialists.

“While that may not be a perfect indicator, that will be far more adequate than a random sample of one or two,” Mike said.

Resources + Links

Episode seven: Being Profit First with Mike Michalowicz
Get Different: Marketing That Can’t Be Ignored!
More of Mike’s books: Profit First, Clockwork, The Pumpkin Plan, Fix This Next, The Toilet Paper Entrepreneur, Surge
Profit First Professionals
https://mikemichalowicz.com
Mike’s Twitter: https://twitter.com/MikeMichalowicz
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

It’s almost the New Year, which means it’s the perfect time to reflect on the first year of the Mission Driven Business podcast. In this special Year in Reflection episode, Brian re-lives some of the best moments from the first 21 episodes of the podcast.

You'll hear some of the insights, strengths, and hope shared by the diverse podcast guests on their respective episodes. Brian also shares some of his favorite nuggets of wisdom, and he recounts how each guests’ story ties into the larger podcast theme -- that you can make money and serve a purpose.

Episode Highlights

There is no one definition of mission-driven business.

If you’ve listened to the podcast, you know that the first thing Brian asks his guests is to describe what a mission-driven business means to them. That’s because mission-driven businesses are distinct, and everyone has a different answer.

One of Brian’s favorite answers came from Phuong Luong, who shared a quote she heard in grad school.

“Don’t ask yourself what the world needs,” she said. “Instead, ask yourself what makes you come alive and go do that. Because what the world needs is for more people to come alive.”

Regardless of their definition, Brian makes sure listeners know that your business can make money and serve a purpose. It’s a point echoed by many of the guests on the podcast.

In the very first episode, Dawn Hancock summarized the principle by saying, “Profit does matter. It just doesn’t have to be the only thing.” But Brian Floriani may have said it most succinctly in episode 18: “No margin. No mission.”

Everyone has a different journey.

Every entrepreneur on the show has had a different path to their career. Brian highlighted how in episode two, Bill Bynum credited his childhood experiences as fundamental to him later running one of the largest community development financial institutions (CDFIs) in the U.S.

Other entrepreneurs had numerous twists on their paths running companies with purpose and profit. In episode 13, attorney Nici Kersey shared how running her own businesses wasn’t something she planned, but came after her company let her go because of a military move.

Nothing is perfect.

Unforeseen circumstances are a given with entrepreneurial life. In episode 11, Lauren Klafke opened up about how her work and home life adjusted when her business started booming at the same time she was caring for a newborn and overseeing a house remodel.

One way to navigate unforeseen circumstances is to know your values. Perhaps the best example yet of letting your values guide you is financial planner River Nice.

In episode 20, River shared how their values first guided them to leave the corporate world and try their hand at entrepreneurship, then again when defining their niche. The result is that River's day-to-day work is aligned with their strengths and values.

“I’m just so happy on a day-to-day basis,” River said. “Who knew life could be this good? It feels like bragging, but that’s the point, right? The point of this podcast is that life can be this good, and you can do it, too.”

Learn from the experts’ experiences.

While it’s nice to hear about purpose and values, podcast listeners have most enjoyed learning the strategies and tactics guests rely upon to run their home and work lives.

In episode 16, the owners of Columbus Running Company played up the importance of community, while in episode 3, Jacob Padrón praised the merits of asking for help. But Brian particularly appreciated the insights of Nici Kersey on how to let go of perfectionism: watch baseball.

“Watching baseball made me really focus more on the fact that you don’t have to be perfect,” Nici said. “These players are the best in the world at being a baseball player, and they mess up all the time, right?”

Self-care isn’t selfish.

Brian always ends the episode by asking each guest to share anything surprising they’ve learned on their journey. One of the most commented lines ever on the podcast came from Pamela Capalad’s answer to this very question.

“Running a business mostly sucks,” she said in episode 5.

While running a mission-driven can suck at times, all entrepreneurs on the podcast say the freedom and fulfillment are well worth pushing the uncertainty and overcoming the inevitable obstacles. But the grit needed to do that can be hard to learn, said Mark Suh in episode 21.

“That belief in yourself has to be strong enough that you don’t quit,” he said.

While the year has been filled with wisdom, Brian’s favorite piece of advice also came from the answer to this last question when Emlen praised the importance of self-care. In episode 10, Emlen explained how incorporating self-care into his regimented schedule has helped him ultimately have a more productive day.

“It was the aspect of tracking over time that made me realize, when I do this, I was a better husband, I was a better dad, I was more patient with the kids,” he said.

Resources + Links

Brian’s Social Media: Twitter, Instagram, Facebook
Episode 1: Socially Conscious Design with Dawn Hancock
Episode 2: Advancing Opportunity in the Deep South with Bill Bynum
Episode 3: Values-Based Leadership with Jacob Padrón
Episode 4: Taking the Entrepreneurship Leap with Phuong Luong
Episode 5: Building Brunch & Budget with Pamela Capalad
Episode 6: Eradicating Entrepreneurial Poverty with Ron Saharyan
Episode 7: Being Profit First with Mike Michalowicz
Episode 9: Launching a Family-Run Business with Chantel Valentene and Brian Mackin
Episode 10: Systems and Self-Care with Emlen Miles-Mattingly
Episode 11: Setting Boundaries with Lauren Klafke
Episode 13: When the Entrepreneur Life Chooses You with Nici Kersey
Episode 14: Living Your Passion with George Kinder
Episode 15: Equitably Investing in Cannabis with Seke Ballard
Episode 16: Running a Successful Retail Business with Columbus Running Company
Episode 17: Success on the Second Try with Anna Murphy
Episode 18: Social Enterprise for Literacy with Brian Floriani
Episode 19: Humane Marketing with Sarah Santacroce
Episode 20: Defining Your Niche with River Nice
Episode 21: Developing an Entrepreneurial Mindset with Mark Suh

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Mark Suh, a serial entrepreneur and founder and CEO of Everwell, an Orange County, CA-based wellness clinic. On the episode, Mark shares how a series of health trials led to a wellness journey that transformed his life and sparked his passion for Everwell, his first mission-driven venture.

Mark also opens up about why mindset is the most challenging but essential aspect to develop as an entrepreneur. And he touts the importance of flexibility, a skill he used after opening the doors to Everwell just months into the COVID-19 pandemic.

Episode Highlights

Mission-driven entrepreneurs never work another day.

Although it’s cliche, Mark believes that mission-driven entrepreneurs never have to work another day of their life. That’s because their passion underlies everything they do for the business.

“I don’t really feel like I’m coming to work,” Mark said. “Mondays are exciting. Mondays are not a drag.”

For Mark, that mission is to help people become the best version of themselves one client at a time. It’s a mission that’s personal to him because when he was in his 30s he went through a series of health challenges, including two back surgeries. He attributed the health trials to sacrificing his health to build prior businesses.

“In my 20s and 30s, I thought all you gotta do is sacrifice your body to make ends meet and make money and that’s all that mattered. ... Then I found my passion,” Mark said. “I love being able to help and being able to have the solutions and answers, especially since I’ve lived through it.”

Mindset is the hardest part.

Mark believes that developing an entrepreneurial mindset is the hardest part of starting your own business and a key reason why more people don’t make that entrepreneurial leap. Being an entrepreneur means having a belief in yourself that is stronger than fear of instability, risk, and uncertainty.

“That belief in yourself has to be strong enough so that you don’t quit,” Mark said. “Everything else you can figure out. … But the emotional part, it’s hard to teach. It’s very difficult.”

Be able to pivot quickly.

Mark advises mission-driven business owners to be fluid and be able to pivot quickly depending on the situation. That’s a skill he has employed after opening his clinic in the early months of the COVID-19 pandemic.

“The business right now that we have is not the business that we set out to do,” Mark said. “We’ve had to add different products; we had to push different things; we had to shift our branding a little bit.”

It’s also important to balance nimbleness with a long-term vision, Mark said. He’s always projecting where he wants his business to be in a few years and has an exit strategy in mind.

“Climates change, and nothing lasts forever,” Mark said. “During the financial crisis … when I saw humongous corporations go under that have been around for decades, I came to the realization that nothing lasts forever, so we’ve got to have an exit strategy.”

Resources + Links

Everwell’s website
Mark’s Instagram
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with River Nice, the owner and financial planner of Be Intentional Financial. River’s company seeks to reduce the harm done by capitalism to transgender and queer individuals and families by providing education, tools, advice, and a place to talk about money.

Known as the anticapitalist financial planner, River shares how they found their niche by playing to their strengths and reaching out to their community. They also discuss how running a mission-driven business can serve both your community and yourself.

Episode Highlights

Mission-Driven Businesses serve your community and yourself.

River describes a mission-driven business as a company that can project the founder into success but isn’t ultimately about making money. River attributes the quick success of their own mission-driven business, Be Intentional Financial, to following their values and being honest.

“It is both doing something that’s not just about making money but also trying to make money,” River said. “My mission is to serve primarily the trans community, and that includes me, so it’s serving my clients and my community. But it’s also making sure that I can have my best life.”

Successful businesses play to your strengths.

River started their career in the tech industry but felt disenchanted with the industry after the election of President Trump. At the same time, they had a partner who was in debt from her gender transition. River sat down with their partner to help her create a budget, understand her credit card interest rates, and put together a timeline, which gave her partner an immediate sense of relief.

“She was like, ‘River, this is your thing. You need to help trans people with money,’” River said.

River had never thought they could have inherent strengths that others do not have, so they told anybody who would listen: “I’m going to help trans people with their money.”

River got their start in financial services at Ameriprise Financial. Then, in 2019, they quit their job, came out as transgender, and launched Be Intentional Financial. River said it’s been an amazing journey.

“I am just so happy on a day-to-day basis. Who knew life could be this good?” River said. “It feels a little like bragging, but that’s the point, right? The point of this podcast is that life can be this good, and you can do it, too.”

Define your niche. Then cater to it.

Even with the intent to primarily serve the transgender community, River recognized that still included an incredibly diverse group of people. They knew they had to get even more specific to reach an audience tailored to their own skills and knowledge.

River’s niche typically includes people in their 20s and 30s who have come into money for the first time, whether that’s having a job that provides an income more than what they need to just survive or getting an unexpected chunk of money through inheritance or divorce.

Once River defined their niche, they adapted their services to meet their target client’s needs. One of those needs is making people in the transgender community feel empowered by their newfound financial prosperity, rather than “almost a survivor’s guilt,” River said.

“For people who come from marginalized backgrounds to suddenly have more than they need to survive, they feel so bad that they are okay now even though the rest of the community is struggling,” River said. “So being able to just to talk about that and say, ‘Do not cut yourself off. Do not sabotage yourself.’”

Resources + Links

Be Intentional Financial website
Mission Driven Business Episode with Pamela Capalad
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Sarah Santacroce, a LinkedIn guru turned humane marketing revolutionary. Sarah opens up about the breakdowns and breakthroughs that led to her living her passion for bringing empathy and kindness to business and marketing.

On the episode, Sarah discusses how to succeed in online marketing by finding your purpose and being your true, authentic self. She also shares the pitfalls of buzzy marketing phrases, and how using softer words can bring compassion to current and future clients.

Episode Highlights

Mission-driven entrepreneurs focus on their why.

To Sarah, mission-driven business owners start by reflecting on what they care about before they jump in and execute on an idea. These savvy entrepreneurs think about their values and ideal clients just as much as their business opportunities.

“What is your big question that you want to answer by helping others,” Sarah said on the episode. “Reflecting on the things that you made your why.”

Marketing doesn’t have to be slimy.

Online marketing can sometimes feel pushy, aggressive, and slimy, Sarah said. In fact, Sarah once contemplated leaving the industry because she felt she had too much empathy for modern marketing. Only after having a breakdown, did she have a breakthrough that humane marketing with an emphasis on human connection could work in the modern era, too.

“Because we focused so much on the technology -- the scaling, the always bigger, always more -- we lost touch with the actual relationship that we have with other people that are humans,” Sarah said.

Passion first. Clients later.

One of Sarah’s seven humane marketing principles is that passion and purpose come first, and clients come later. This type of thinking reverses the conventional marketing paradigm of a scarcity mindset -- there are only so many clients. Instead, it emphasizes finding the right clients.

“If you bring more of you to your marketing, that will resonate with the right clients,” Sarah said.

One shred of evidence this is working in the real world is with the “Great Resignation,” a term coined as record numbers of American workers quit their jobs. Sarah says a similar trend is happening with customers, who are now willing to pay a little bit more to buy a service from a business or brand that aligns with their values.

“That matters for entrepreneurs to say, ‘I have an opinion, and I have these values.’ They matter,” Sarah said.

Resources + Links

The One Page Marketing Plan
Sarah's website
Humane Marketing Podcast
Marketing Like We’re Human
Sarah’s Social Media: Twitter, LinkedIn, Facebook
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Brian Floriani, a golf professional turned literacy advocate and entrepreneur who has founded two companies dedicated to improving literacy in the U.S. Brian’s latest enterprise, Freadom, was founded in late 2020 as a purpose-driven lifestyle brand that uses 100% of its proceeds for literacy initiatives.

On the episode, Brian Floriani talks about how he is using a social enterprise model to turn the traditional approach to social giving on its head. He also discusses how values can help Freadom’s direction and shares numerous adages to aid aspiring social entrepreneurs.

Episode Highlights

Mission-driven businesses strive for more than success.

Brian Floriani differentiates between success and significance, noting success is about personal accomplishments and significance is about the accomplishments of other people. He sees a similar distinction when defining a mission-driven business versus an ordinary one.

“A mission-driven business is driven mostly by purpose, and the purpose of something that’s greater than being successful in a business that’s usually driven by and measured by money,” he said. “It’s a business that is focused on significance, not success.”

No margin. No mission.

For Freadom, being a mission-driven business means scaling a business that will give 100% of its net profits to literacy programs. But to get there, Brian Floriani had to think outside of the box of what a charitable company can be. It’s something he learned while running his first business, a successful literary nonprofit called Bernie’s Book Bank.

“When you’re running a nonprofit, you’re running a business where your productivity is directly related to revenue,” Brian Floriani said. “That’s a tough way to run a business.”

Brian Floriani felt strongly that he needed a business where revenue can be scaled. He saw a social enterprise model, like one employed by Newman’s Own, as a viable solution. As he once heard a mentor say: ‘No margin. No mission.’

“Money is a reality,” Brian Floriani said. “And if you’re not profitable, especially for us, you’re not properly going to get it right.”

Know and espouse your values.

Freadom lists its values on a “We believe” page on its website. This declaration helps visitors get a clear understanding of what Freadom is and what motivates the team, but it also serves as guideposts for the company.

“That’s important because you need guideposts to fall back on when you need to make important decisions,” Brian Floriani said. “Does it reflect what we believe?”

Brian Floriani developed those values first as a stream of consciousness exercise that turned into a full brand narrative. He performed a similar routine two years into running Bernie’s Book Bank.

“We operate like a business, and we think like a brand,” he said.

Resources + Links

Brian Floriani’s Social Media: Twitter
Freadom website and declaration page
Bernie’s Book Bank website
Brian Thompson’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Anna Murphy, a Latina entrepreneur and CEO of Murphy and Associates Consulting. Anna shares the wisdom that led her to build a multiple six-figure business in a year and a half. She also discusses the importance of surrounding yourself with people who believe in you, and why hitting rock bottom is worth talking about.

Episode Highlights

Mission-driven businesses have a purpose.

Starting a business is challenging in and of itself, Anna said. But having a mission-driven business allows the founder to be able to overcome the inevitable challenges and keep moving forward.

“There’s things that come up and if you don’t have a purpose everyday for why you’re doing something, then it becomes kind of empty,” Anna said. “Yeah, there’s money. But there has to be more than that, right?”

For Anna, she sees this purpose come alive when she talks to clients and a lightbulb goes off in their heads. She knows they understand the financial information that will help them make better decisions moving forward.

Surround yourself with people who believe in you.

Like many guests on the podcast, Anna didn’t originally set out to be an entrepreneur. She described herself as a quiet, creative person who “fell into the financial industry.”

Anna started her career as a graphic designer but pivoted to corporate finance after the economic crash in 2008. After completing her master’s degree, she realized corporate life just was not working for her. At the same time, she surrounded herself with other entrepreneurs.

“I started seeing them building businesses and growing and doing different things, and I was like, ‘I can do this,” she said. “You start hanging around those people believing in you, and they motivate you, and they’re like, ‘Yes you can do it.’”

Failure is worth talking about.

Anna is open about the struggles she faced in her first year of entrepreneurship. When she left her full-time job, she expected that all the time and energy she could dedicate to her own business would automatically translate to growth. But that didn’t happen.

“I completely failed,” she said. “Completely ran out of savings.”

The experience humbled her, and she went back to work with a part-time job. After getting fired from that job a few years later, she took what she learned from her first attempt at entrepreneurship to make her second attempt successful.

“Don’t look down. Focus. Just get to work,” she said. “That was in July 2019, and within a year and half, I hit multiple six figures.”

While Anna used to be ashamed to share how she hit rock bottom, she’s since realized that it’s part of her story, and that by sharing her own experiences, she can also empower other business owners.

“You’re going to empower someone else by actually saying that,” she said. “There’s someone right now who’s probably broke, completely ran out of money, and doesn’t even know what they’re going to do, right?”

Resources + Links

Murphy & Associates Consulting
Girl, Let’s Talk Money
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Matt DeLeon and Eric Fruth, the founders of Columbus Running Company. As the first retail entrepreneurs on the show, Eric and Matt discuss how they turned their deep passion for running into a long-running mission-driven business. They also share why community is central to their work and how they have used kindness and determination to overcome obstacles and land major opportunities.

Episode Highlights

A mission-driven business is like planet Earth.

Matt used a distinctive analogy to define a mission-driven business.

“A mission-driven business is like the Earth,” he said on the episode.

Like the core of the Earth, a mission-driven business starts with an inner layer of dense, fiery passion. In Matt and Eric’s case, that passion is a love for running and what running can bring to someone’s life.

The fiery core then creates gravity and attracts things to it, Matt said. On Earth, that means the creation of mountains, deserts, and glaciers. For a mission-driven business, it means resources and people who are attracted to the passion.

“It’s our job to take things that are attracted to that passion … and build with it,” Matt said.

A mission-driven business relies on community.

Eric was a little blunter in his definition of a mission-driven business. He said that, at least for Columbus Running Company, it all goes back to the community.

“We tried to build a business that had, at its core, sort of this moral, ethical belief system that we’ve followed,” he said. “And at the end of the day, it’s all built on a community.”

Columbus Running Company lives this mission by leading a youth running club, timing charity road races, and training people for their first 5K or marathon. Their work has made a real impact on the lives of their customers and the greater community.

“At the end of the day, yes, it’s a profit-driven business. But our goal is to reach out to the community and find ways like that to just improve the world around us,” Eric said.

Kill them with kindness.

Columbus Running Company’s community focus is one of the reasons that Matt and Eric have succeeded for so long, including earning the accolade of the best running store in the U.S. Matt attributes their success to a culture of kindness, which he learned from Eric.

“Eric would sit there and be on the phone and have a smile on his face with kindness,” Matt said. “That’s literally what he did.”

While their kindness may not have always been rewarded immediately, it helped the company to build crucial relationships — some of which are just coming to fruition now. It also helped the duo build a loyal customer base in the competitive retail space.

“If you can win over a difficult customer, you’ve got them for life because no one’s trying to win them over,” Eric said. “It’s all about relationship building and being part of the community.”

Obstacles can be catalysts for growth.

When Matt and Eric opened Columbus Running Company in 2004, they planned to run just one location as a “Mom and Pop” store. But as soon as they opened their doors, a national franchise came into the market that wouldn’t let Columbus Running Company buy their product. This became a problem when consumers came to their store and didn’t understand why certain products weren’t in stock.

To show the public they were serious, Matt and Eric decided to open a second retail location. It proved to be a catalyst for growth, and Columbus Running Company now operates five locations throughout the Columbus area.

“I actually wonder what would have happened if we didn’t have that initial obstacle,” Matt said.

Matt and Eric also overcame obstacles by creating their own events, which is now a hallmark of their business. More recently, they’ve learned how to deliver products in 10 minutes to compete with Amazon.

“At this point we have a fully evolved event management company with its own staff that’s separate from our retail operation,” Eric said. “It’s a wild evolution that the two of us in 2004 would have no idea how to operate the business that we have 17 years later.”

Resources + Links

Columbus Running Company: Website, Twitter, Instagram
Matt’s Social Media: Twitter
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Seke Ballard, the founder and CEO of Good Tree Capital, a financial services firm that uses a proprietary algorithm to balance available economic opportunities for people invested in cannabis companies. On the episode, Seke shares how removing biased data from the lending equation can make the playing field more equal. He also discusses his motivations for starting his firm, the company’s future plans, and why his ultimate dream is to create a banking model that works so well it puts the big, bad banks out of business.

Episode Highlights

Mission-driven businesses create wealth with purpose.

All businesses are profit-seeking entities, but Seke said mission-driven businesses build on that by creating wealth for a purpose. Seke’s firm, Good Tree Capital, is no exception. The company uses a proprietary algorithm to create economic opportunities for people invested in the cannabis industry.

“We want to build wealth with purpose,” he said. “And that purpose is very much around providing fair access to capital to capital to entrepreneurs who are trying to thrive in this emerging industry.”

When faced with inequities, get creative.

One of Seke’s motivations for starting Good Tree Capital was a conversation he had with his father. When he was younger, his father owned a successful logging company. He wanted to get a loan to expand to other states, but he was denied from every bank he applied to.

“All things being equal -- if our balance sheet looks the exact same, if our credit risk profile is the exact same -- I have a harder time getting loans,” Seke said. “And if I succeed in getting them, they’re going to be more expensive for me.”

His father’s experience helped motivate Seke to rally a team of data scientists and developers to create a lending algorithm that assesses credit risk without using factors that typically bias credit decisioning factors. The resulting algorithm can assess the risk of defaulting on a loan with 98.2% accuracy.

But despite the algorithm’s success, Seke has also run into his own problems raising capital.

“I’ve always thought to myself, I’ve got to be clear eyed about this,” he said. “The truth of the matter is that the overwhelming majority of venture capital -- the kind of capital that we’re seeking -- goes to white men. And so if I want to thrive, given that reality, then I have to figure out creative ways to remove that as a barrier for our ability to deploy the lending model.”

Dream big. Even if it’s taking on Wells Fargo.

One way Seke is getting creative and dreaming big is by building a bank around Good Tree Capital’s lending technology. His vision? To take on Wells Fargo, a company he described as the “archetype for everything that’s wrong with banking.”

“It is a personal mission to create a better model,” Seke said. “And to use that model to drive them out of business.”

Seke also encouraged other entrepreneurs to dream big. He advocated for finding your big idea and narrowing in on what really motivates you.

“Once you find that, if you’re a hard working person with a lot of tenacity, then you’ll forge your way there,” he said. “It starts with having that vision that really motivates you.”

Resources + Links

“Meet The Man Revolutionizing Marijuana Investing,” Forbes
Good Tree Capital
Seke’s Social Media: Instagram
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with George Kinder, the father of the modern financial life planning movement. George is the founder of the Kinder Institute of Life Planning. He has more than 30 years of experience as a practicing financial planner and tax advisor and has trained more than 3,000 professionals in 30 countries.

In the episode, George talks about the importance of passion, and how his passion for creating a strong training model fueled him to draft his famous three questions. He also discusses how his purpose continues to evolve as his life grows and changes.

Episode Highlights

Mission-driven businesses are driven to a higher purpose.

George defines a mission-driven business as one that is driven toward a larger purpose.

“It’s a business that is dedicated to a higher purpose, one way or another,” he said.

But it’s not just the business itself that can be oriented toward a bigger cause, George said. The people who run the business, the community, the staff, and the consumers can all be part of that larger purpose.

“If they are going to be mission-driven, businesses also have to be really personal and really connected with who we are,” George said.

Passion comes before precision.

George Kinder is perhaps best known for his three Kinder questions:

Imagine you are financially secure, that you have enough money to take care of your needs, now and in the future. How would you live your life? Would you change anything? Let yourself go. Don't hold back on your dreams. Describe a life that is complete and richly yours.
Now imagine that you visit your doctor, who tells you that you have only 5-10 years to live. You won't ever feel sick, but you will have no notice of the moment of your death. What will you do in the time you have remaining? Will you change your life and how will you do it? (Note that this question does not assume unlimited funds.)
Finally, imagine that your doctor shocks you with the news that you only have 24 hours to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What did you miss? Who did you not get to be? What did you not get to do?

In the interview, George stressed that he didn’t arrive at those questions overnight. He established his passion for training and life planning well before the three questions were set in stone.

“The precision of that model took a while,” he said. “You got the passion for it, and little things get tweaked.”

Passion can fuel you to do great things.

When developing the questions, George noticed what brought his clients alive during their meetings. It led to a central question: “What brings them into a passionate relationship with their life that they’re feeling like they can make a difference? That they can be who they want to be? And that they can make a real difference to the world around them?”

For George, that passion was training life planners. Although he started his work as a financial planner and tax advisor as a way to earn money, his passion for helping clients craft a vision of their life -- and then ultimately step into that life -- fueled him to develop the three questions.

“I became passionate about creating the strongest model for training that I could possibly imagine that would deliver advisors into being mission-driven advisors, having their own mission-driven businesses, and then delivering all of their clients into living mission-driven lives,” he said.

One thing that still amazes both Brian and George is watching clients find their spark and come alive. Once clients find their passions -- and know someone believes in them -- they turn into problem solvers.

“What astonished me was that when you lit somebody’s fire, when you got them passionable about their lives, they went at it,” George said. “Suddenly, they solved a lot of the obstacles that stood in their way.”

Resources + Links

Kinder Institute of Life Planning
George’s books: The Seven Stages of Money Maturity: Understanding the Spirit and Value of Money in Your Life, Life Planning for You: How to Design & Deliver the Life of Your Dreams, Transforming Suffering into Wisdom:: Mindfulness and The Art of Inner Listening, A Golden Civilization and The Map of Mindfulness, Lighting the Torch: The Kinder Method(TM) of Life Planning, A Song for Hana & the Spirit of Leho'ula
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Nicole “Nici” Kersey, the founder of Kersey Immigration Compliance, a law firm specializing in employment-based immigration issues. Nici discusses how she created her firm out of necessity, then grew it into a company that provides opportunities for veterans and military families. She also opens up about how she uses expertise to her advantage and how becoming a baseball fan helped her let go of perfectionism.

Episode Highlights

It can take time to get comfortable being a business owner.

Running her own business was not something that Nici planned to do. But when the military assigned her spouse to a new location out of state, the big law firm she worked for let her go.

“I got the greatest push out the door of the airplane,” Nici said. “It’s scary to start your own business, but I was told we can’t employ you anymore.”

While Nici could no longer work full-time for her former law firm, the company still wanted to hire her as a contractor because of her expertise in immigration law. So she set up her own business, and in the ensuing years, grew her client roster to include more law firms and other businesses. Still, it took her years to feel confident in her new role as a business owner.

“It took seven years probably before I stopped thinking that I was being fired by my clients,” she said. “It took seven years for me to feel confident that it’s not failing.”

Mission-driven businesses use profit to serve a purpose.

At first, Nici didn’t believe her law firm was a mission-driven business. But conversations with Brian and listening to this podcast changed her definition of what a mission-driven business can be.

“I would say that a mission-driven business is a business that makes a profit, but the profit serves a purpose,” she said. “So it’s not a business that’s only driven by profit.”

Like other entrepreneurs on the podcast, Nici’s business purpose has evolved over time. Right now, her purpose is two-fold: (1) Making sure people get quality immigration advice and services and (2) providing opportunities for military spouses or people in similar situations.

“When my business started, my mission was to not be unemployed. To pay my student loans and my mortgage,” she said. “It shifted in that I was able to help both military spouses and really focus on some smaller law firms.”

Use expertise to your advantage.

One of the things Nici has learned in her career is the benefit of expertise. While she didn’t set out to focus on a specific type of immigration law, her niche has allowed her to connect with clients and thrive as a business owner.

That expertise comes with other perks, too. For instance, in 10 years, she went from attending a conference on immigration law to leading the event.

“I still remember the first time I trained a client on I-9 stuff and how terrified I was,” Nici said. “Now I could do that in my sleep.”

Want to let go of perfectionism? Watch baseball.

When Nici moved to Florida, she moved into a house just three miles from the stadium where the Tampa Bay Rays play. Living so close to a Major League Baseball team has turned her into a fan -- and taught her important lessons about perfectionism.

“Watching baseball made me really focus more on the fact that you don’t have to be perfect,” she said. “These players are the best in the world at being a baseball player, and they mess up all the time, right?”

Nici takes those lessons from the baseball diamond to her work as a business owner. For instance, she strives for excellence rather than perfection. She also tries to accept mistakes and move forward.

“When you make a mistake, you can learn from it if it’s something that you can learn from, but a lot of times, all you learn is don’t do that again,” she said. “Also, be graceful about your mistakes. Admit them, apologize for them, and fix them to the extent that you can.”

Resources + Links

Kersey Immigration Compliance
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

It’s hard to believe that 2021 is halfway over. Things have changed so much since the beginning of the year, and it’s the perfect time to take a step back and reflect. In this special episode, Brian provides insight and advice for conducting a midyear review for your business. You’ll learn steps to gain awareness, evaluate your business purpose, and take corrective action while there’s still time to change things.

Episode Highlights: How to Conduct A MidYear Business Review

1. Have a personal check-in

Paradoxically, the first action item is to take a break from the action, as Brian says in the episode. The midyear review is the perfect time to take a pause and check-in with yourself about your feelings, successes, challenges, and goals.

Here are just a few questions to get you started:

Are you living up to the company’s purpose and vision?
Are you accomplishing your goals?
Are you working the number of hours you want to work?
Are you feeling overwhelmed or anxious about the future of your business?
Do you feel satisfied and fulfilled in the work that you’re doing?

“I’ve seen so many entrepreneurs use their passion and energy to accomplish things they never thought they could,” Brian said. “So don’t fight your emotions, let them drive you.”

2. Assess your cash flow

Cash flow is the lifeblood of your business, and proper cash flow management requires systems. Brian advocates for putting your money into buckets like with the Profit First system, which he covered in Episode 6 and Episode 7.

3. Review your tax payments

Halfway through the year is a good time to think about taxes. By this point in time, you should have made two tax payments on April 15 and June 15.

“Mid-year is an excellent point to check in with your accountant and see if you’re on track with your projections,” Brian said.

An account or tax professionals can make sure you’re on track and help you correct your estimated tax payments if you’re behind. You can also review your payments with an online program, like Quickbooks, Brian said.

4. Conduct an expense analysis

Now is also an excellent opportunity to review your expenses. To conduct an expense analysis, you need two things:

Expenses for the past six months
Recurring expenses (e.g. rent, subscriptions, training, classes, etc.)

Brian recommends adding up the costs of your expenses and multiplying that number by 10%. Then, cut your costs by that number. One place to start is with items you’ve justified as a business expense for tax purposes.

“Just because you get a tax deduction for an expense, you’re still losing money if you still purchase something you don’t use,” Brian said.

5. Write down 2 - 3 action steps for the second half of the year

Now that you’ve reflected and reviewed, it’s essential to write down two or three action steps to get you started for the second half of the year, Brian said.

Here are some questions to help you do that:

What is it that I can do about the obstacle that I’m facing?
How am I going to do it?
When am I going to do it?
Who can keep me accountable?
How do I feel about it?

After you’ve set action steps, give yourself some downtime to relax, so you can go into the second half of the year full of passion and energy. And remember: you don’t have to accomplish everything right at the start.

“You’re more likely to find success taking several steps each day rather than trying to run several miles at once,” Brian said.

Resources + Links

Episode 6: Eradicating Entrepreneurial Poverty with Ron Saharyan
Episode 7: Being Profit First with Mike Michalowicz
Contact Brian: hello@btfinancial.com
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Lauren Klafke, a small business owner all about supporting other business owners. Lauren’s firm, Willow Creek Financial Services, provides a space for business owners to ask questions and learn more about their financials.

On the episode, Lauren shares how Instagram Reels helps her build her business and conduct market research. She also opens up about how she implemented boundaries to grow her business on her own terms all while raising a newborn and overseeing a house renovation.

Episode Highlights

Your mission and your business’s mission don’t have to match.

Lauren defines a mission-driven business as a business that exists for a specific purpose. But the purpose of your business doesn’t have to be the same as your personal reason for running a company.

“What is your mission as the business owner? Is it to retire early? Is it to have more time with your family? Is it to serve everyone? Or is it all three?” Lauren said. “I just think about that.”

That definition is especially true for Lauren, who started her business as a way to spend more time with her husband and son. Before she took the entrepreneurial leap, she worked in the corporate world and realized her career path was incompatible with her ideal lifestyle.

“What powers me to continue to build my business is all the time I am going to have with my family,” Lauren said.

Adjust until your business works for you.

2020 was a rollercoaster year for Lauren. The pandemic kickstarted a year of full-speed business growth -- at the same time she had a newborn and a house remodel. Suddenly, Lauren had to find ways to schedule calls around construction and newborn sleep times

“Something was always happening at the same time,” Lauren said. “First world problems, but it was really a struggle.”

In some ways, running a business would have been easier if she hadn’t been building her business from home. So Lauren made an adjustment -- hiring a nanny -- to give her the time and space to focus on her business. She then set work hours, so that she stops working with clients after the nanny leaves.

“It came to this point where I had to realize you have to set boundaries with your clients,” Lauren said. “You can't always be available, or you're gonna drive yourself crazy.”

Customer service is important.

Lauren describes herself as a straightforward, type-A person. But her straight-to-the-point answers don’t always go over smoothly with clients and prospective clients. Over time, she realized she had to work on her customer service skills.

“Customer service is such a huge, huge deal,” she said. “You could have the exact same services as somebody else and customer service would change anybody's mind.”

Good customer service doesn’t mean saying yes to everything, Lauren said. Instead, it means optimizing how she talks to people on calls and consultations, how she sends emails, and how she engages with clients who text her at inopportune times.

“People want the coddling, and they want the hand holding,” Lauren said. “So I’ve had to develop that in a way that doesn’t seem condescending.”

Resources + Links

Willow Creek Financial Services: website, LinkedIn
Lauren’s Social Media: Instagram
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Emlen Miles-Mattingly, the founder and CEO of Gen Next Wealth, a financial planning firm focused on helping minorities grow and retain generational wealth. In the episode, Emlen talks about his 20 years of experience in the financial services industry, including the challenges he overcame to pivot from banking to starting his own company. He also shares why small habits and daily systems help him to thrive in his business and personal life.

Episode Highlights

Clients can define your mission.

Before starting his firm, Emlen worked for an insurance company. Despite helping people grow wealth, the job didn’t quite feel right, which was how he knew it wasn’t mission-driven.

“It just didn’t sit right because I couldn’t do it the way I wanted to do it until I started my own business,” he said.

Even after Emlen started Next Gen Wealth, it was the clients who ultimately defined his company’s mission. That’s because Emlen kept encountering similar clients and answering the same questions about fundamental financial topics.

“People just kept coming to talk to me, and they were all the same,” Emlen said. “So that’s how I got my mission/vision/purpose based on the people who were coming to me.”

Systems can give you freedom.

There’s at least one thing that Emlen has in common with Tom Brady: They both love schedules. That’s because schedules allow them to block time in their day for the activities that are most important to them, Emlen said.

“When I look at the time, at any given time, I know exactly what I’m supposed to be doing,” Emlen said.

Emlen credits the systems and processes he deliberately created with providing him free time for his personal life and wellbeing. In fact, the freedom to be an active part of his children’s lives is one of the things he says he most enjoys about running his own business.

“I’m the drop off, pick up guy,” Emlen said. “The reason I can do that is because we have a tight process.”

Self-care isn’t selfish.

Part of Emlen’s tight scheduling includes time for self-care — an act that he stresses is not selfish. In fact, when Emlen first started scheduling time for self-care, he found that blocking out time for exercise, meditation, and reading helped him to ultimately have a more productive day.

“I could look through my planner, and I could see I was way more productive in terms of revenue,” he said.

Since noticing that productivity uptick, Emlen has continued to track his daily self-care habits and tweak his routine using a Full Focus Planner. The result is a better business and home life.

“It was the aspect of tracking over time that made me realize, when I do this, I was a better husband, I was a better dad, I was more patient with the kids,” he said. “It did all these other things, and it freed up a ton of time.”

Resources + Links

Gen Next Wealth
Minority Money podcast
Atomic Habits by James Clear
Full Focus Planner
Emlen’s Social Media: Twitter, Instagram
Brian’s Social Media: Twitter, Instagram, Facebook

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian interviews entrepreneurial couple Chantel Valentene and Brian Mackin. Chantel made a name for herself building brands in the fashion industry and is now the managing director of a socially conscious design studio, while Brian founded an artist residency and a creative agency. Now, they’ve joined forces to launch Start Today OmniMedia.

On the podcast, Chantel and Brian discuss how building their business has created choice and freedom in their lives. They also share how they use their family values to pick the right opportunities and clients.

Episode Highlights

The definition of mission-driven can be broad.

For Brian, a mission-driven business is one where you commit to actualizing a vision without profit being the central motivator. He likes that definition because it’s a little broader, allowing entrepreneurs to define their mission beyond just social or environmental justice causes.

“It’s really important to allow people to define what mission driven means for them individually,” he said.

Chantel agreed with that definition, cautioning that some businesses may abuse the idea of being socially responsible without following through. She also said it can be helpful to think of a mission-driven business as a values-driven one -- something that she and Brian aspire to do with their own company.

“As a family-run business, the mission that we have is maybe more internal,” she said. “Does this business serve who we are as a family? Does it serve our intentions? Does it serve our values in our life as we’re looking to move forward?”

Not solely focusing on profit can give you freedom.

Both Brian and Chantel describe some of their early entrepreneurial efforts as self-serving. But as their careers have grown, they’ve found passion and purpose in using their jobs to also make an impact. As a result, they have naturally evolved towards running mission-driven businesses that serve them and the greater good.

“The purpose drives what the company is doing and what I’m doing,” Chantel said. “The profit is there to serve us, not for us to be enveloped in making money for no reason.”

Brian expanded on that idea, saying that focusing on a mission has provided him and Chantel the freedom to bring to life the vision and ideas of other business owners they believe in.

“If everything that we were focusing on was the bottom line, it would have been much harder to migrate and evolve into those spaces,” he said.

You don’t always have to know the destination.

Brian and Chantel didn’t intentionally set out to start Start Today OmniMedia. But when the pandemic hit, they saw an opportunity to use their complementary talents to meet interesting people and do interesting things.

“It was a level of self awareness that we both have and open mindedness to what’s in front of you,” Brian said.

Chantel agreed, adding, “You don’t always have to know the end of where you’re going.”

That mindset ultimately led to the creation of the Start Today podcast, which in turn led to the joint business venture. It also contributed to the podcast’s tagline: The best things in life are on the other side of fear.

“I think it’s obvious that we took that to heart,” Brian said. “How do we not live this? Because this opportunity is right in front of us, and we don’t know when it’s going to turn out to be.”

Resources + Links

Start Today OmniMedia
Farewell.NYC
Firebelly
Connect with Chantel Valentene: Twitter, Instagram
Connect with Brian Mackin: Instagram
Brian Thompson’s Twitter: https://twitter.com/BrianFinancial

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

In this very special episode, host Brian Thompson opens up like never before. He shares why he started his own mission-driven business, and some of his highs and lows he encountered in the process. You’ll also learn the difference between strategy and tactics, and why entrepreneurship isn’t necessarily more risky than being a W-2 employee. If you’ve wanted to know more about Brian and his own story, this episode, hosted by Latarsha Stewart, is for you.

Episode Highlights

Mission-driven businesses serve.

For Brian, mission-driven businesses have both a purpose motive and a profit motive. Brian wants clients and listeners to know that you don’t have to run a non-profit in order to run a business that does good and makes an impact.

“The underlying current of all this is that mission-driven businesses serve. And you can make money and make a good living by serving,” he said. “That's been my focus and why I try to meld these two together. Because you don't have to do one or the other. You can do both.”

Things happen at the right time.

Brian had been working at a tax law firm when everything in his personal and professional life shifted. The partners of the law firm split up; his long-term relationship ended; and marriage equality was making huge strides. Brian ended up using the uncertainty to forge the future he wanted.

“So you have this moment in time to say — What do you actually want to do? What do you want to do with your life?” he said. “Having the support of my friends and my ex-husband and all that just came together at the right time.”

Find your niche.

During this time of uncertainty, Brian decided to start a financial planning firm focusing on LGBTQ couples. But he soon learned that his core audience was a target market and not a niche.

When looking at his client base, Brian realized his roster included a lot of business owners who were coming to him because of his background in tax law — and he enjoyed the complexity of meeting their needs. So he redefined his business focus as helping LGBT business owners who run mission-driven businesses.

At the same time, Brian is passionate about closing the racial wealth gap, which is 3:1 for people of color who are entrepreneurs versus 11:1 for non-business owners. He sees his niche and business as an opportunity to fulfill that motivation as well.

“You have to serve a specific amount of people, so you should make sure that those people are the people that you want to serve and the people that you want to hang out with and the people that you want to talk to,” Brian said. “It's a very significant mind shift that really freed me up and allowed me to really enjoy the process.”

Let go of perfectionism.

One of the hardest lessons Brian had to learn on his entrepreneurial journey was to let go of his perfectionism and live in the moment.

"I had to do it out of necessity because nothing was perfect. And nothing was exactly the way that I wanted,” Brian said. “I learned how to adjust and pivot and navigate. I had to be okay and get okay with things not being perfect, and things needing to just go.”

Now, Brian is used to constantly trying things out and learning from them. He resonates with the metaphor that running a business is like building an airplane while trying to fly it.

“You just don't either have enough time or energy or space to try to do everything perfectly,” he said. “Which is actually a huge relief for me to realize it actually doesn't need to be perfect, and things still happen, and things still go.”

Resources + Links

BT Financial
The Lean Startup
Profit First
Mission Driven Business episodes with Mike Michalowicz and Ron Saharyan of Profit First Professionals
Brian’s Twitter: https://twitter.com/BrianFinancial

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

View Details

Brian chats with Mike Michalowicz, the mastermind behind Profit First Professionals and author of books for entrepreneurs and small business owners. Mike shares his experience growing several multi-million dollar companies only to lose almost everything. He then details how hitting rock bottom became the foundation upon which he built the Profit First method, which has yielded him 14 years of profitable quarters and is now used by more than 500,000 small businesses.

Episode Highlights

Make profit a priority.

The Profit First method developed by Mike rewrites the classic accounting formula from Sales - Expenses = Profit to Sales - Profit = Expenses. Why? Because when something is a priority, it doesn’t come last, Mike noted.

“It’s human nature that when something comes first, it’s the priority. When something comes last, it’s the mañana syndrome,” he said. “That’s when I said, ‘I think the formula is flipped.’”

Profitability brings stability.

One of the problems with the original profitability formula is that increasing sales isn’t always the driver of sustainable growth, Mike said. More sales can translate to more stress, more dysfunction, and less organization.

“It starts actually causing a business to crumble because it doesn’t have runway,” Mike said.

Profit, on the other hand, can bring stability to an organization by buying a small business owner time. When small businesses have one to two months in cash reserves, they don’t have to take on stressful panic sales.

“When a business takes its profit first, they actually grow faster, profit-wise, than their contemporaries,” Mike said. “They are much more calculated in their growth.”

Don’t change yourself. Channel yourself.

Since flipping the formula, Mike has achieved 48 profitable quarters in a row. That’s because the revised formula is designed to manage human behavior. Or as Mike said in the episode, “We can’t change ourselves. We channel ourselves.”

Mike learned this lesson first for exercise. He put his gym shoes on top of the toilet seat as an intervention, so he would have to pick them up first thing in the morning. For business owners, the Profit First method sets up a similar intervention in the owner’s bank account.

“By pre-allocating business to these different accounts, or envelopes, now you know what money is intended for what purpose, and you behave within the confines of what’s available,” Mike said.

Resources + Links

Mike’s books: Profit First, Clockwork, The Pumpkin Plan, Fix This Next, The Toilet Paper Entrepreneur, Surge, Get Different: Marketing That Can’t Be Ignored!
Profit First Professionals
https://mikemichalowicz.com
Mike’s Twitter: https://twitter.com/MikeMichalowicz
Brian’s Twitter: https://twitter.com/BrianFinancial

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian chats with Ron Saharyan, co-founder and managing partner of Profit First Professionals, an exclusive community of accounts, bookkeepers, and business coaches who help their clients build profitable businesses. Ron discusses the merits of using an envelope-based budget system for business. He also preaches the strengths of running a profitable business and breaking the entrepreneurial doctrine of sacrifice in the process.

Episode Highlights

Mission-driven businesses solve problems.

Mission-driven businesses look to solve or eliminate societal problems and inconsistencies, Ron said in the episode. All the business decisions then fall in line with that mission moving forward.

But Ron also emphasized that running a mission-driven company is not incompatible with making a profit. In fact, he argued that having a profitable company is the best way to ensure a mission stays strong through difficulties.

“If you don’t have the proper foundation and charitable contributions go, you can’t succeed on that mission,” Ron said.

Sometimes finding your calling takes time.

While some people know their life’s mission early on, it took Ron years to find his calling. He was initially only focused on making money and chose a career as a suit-wearing, profit-making New York City businessman.

When Ron chose to step away from that lifestyle and become the co-founder of Profit First Professionals, he had a huge adjustment. And even after leaving the suit-and-tie world, he still hadn’t found his calling.

That changed when he attended a keynote speech by Oprah at a Quickbooks conference. Ron said he felt like Oprah was talking just to him.

“I had an epiphany where it really hit me that, ‘Oh my gosh. This is it. This is my calling,’” Ron said. “I am on this mission to eradicate entrepreneurial poverty.’”

You don’t have to live in poverty to be an entrepreneur.

The entrepreneurial narrative is often one of sacrifice -- living in poverty as a sacrifice at the altar of creating a successful business. But Ron said that narrative is a lie. That’s why the mission of Profit First Professionals is to eradicate entrepreneurial poverty.

“We started off by breaking the doctrine of sacrifice,” Ron said. “There’s a lot of BS out there, and that’s all it is.”

As part of the Profit First Professionals mindset, Ron advocates for ensuring the entrepreneur’s needs can be taken care of by implementing an envelope-based budgeting system for businesses. By using this model, an entrepreneur is encouraged to use sales to meet their needs first, then adjust the remaining expenses of a business accordingly.

“It’s not profit that is bad. It’s the dirtbags with a lot of money that do bad things that are bad,” Ron said. “With profit, you can really do more good than without it.”

Resources + Links

Profit First the book
Profit First Professionals
Ron’s Twitter: https://twitter.com/RonSaharyan
Brian’s Twitter: https://twitter.com/BrianFinancial

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Brian talks with Pamela Capalad, a CFP, Accredited Financial Counselor (AFC), and the founder of Brunch & Budget. Through Brunch & Budget, Pam helps people who feel ashamed or embarrassed about money have a safe and friendly place to talk about it and make real financial progress. Pam shares why it’s important to tackle both the technical and emotional sides of money and why running a business mostly sucks.

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Brain talks with Phuong Luong, CFP, an educator, financial planner, and investment strategist focused on economic justice. In the episode, Phuong shares her winding path to founding Just Wealth, a financial planning firm for individuals and families. You’ll also learn the best piece of advice she received when starting her business and why she believes education about structural barriers to wealth can be empowering.

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Brian talks with Jacob Padrón, an artistic director working to create a more inclusive American theater. In this episode, Jacob praises the merits of values-based leadership and a practice-what-you-preach organizational culture. You’ll also hear why Jacob admires leaders who can ask for help -- a strategy he tries to employ in his role as artistic director of the Tony-award-winning Long Wharf Theater in New Haven, CT.

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In this episode, Brian chats with Bill Bynum, the founder and CEO of HOPE, a family of financial institutions serving economically distressed areas of the Deep South. You’ll learn Bill’s definition of a mission-driven business, what motivated him to found HOPE, and the unique challenges he faces working in the Deep South as opposed to in Silicon Valley or New York City. Bill also shares why institutions like HOPE are part of the solution to closing racial wealth gaps.

Episode Highlights

Mission-driven businesses focus on the greater good.

While most businesses are looking to maximize profits for shareholders, individuals, or investors, Bill defines a mission-driven business as one that is primarily focused on making the world a better place.

“Mission-driven businesses, while we are businesses -- we have to pay the bills -- our primary motivation is making the world a better place,” he said. “At the end of the day, it’s not about individuals, it’s about the greater good.”

For Bill, it’s personal.

Since Bill was a child, he’s seen how financial resources can help support families and aid individuals in being productive citizens. But he’s also witnessed how too often people don’t have adequate access to financial resources for reasons beyond their control, such as their skin color or gender.

“I’ve seen how pooling your resources together to help your neighbor makes a difference,” Bill said. “Personally, I’ve seen the value of access to capital, particularly, through a credit union where neighbors help neighbors.”

CDFIs can help close wealth gaps.

In America, there are staggering gaps along racial lines in key areas of life, including health, education, and, yes, wealth. In the episode, Bill pointed to data showing a 10-to-1 gap in wealth between white and Black American households. For households with children, that gap is 100-to-1, Bill said.

“Clearly, we are facing a crisis of historic proportions in this country and that is forcing people to step back and hopefully examine some of the reasons we are in this position,” he said.

To Bill, community development financial institutions (CDFIs) are a crucial part of the solution to overcoming decades of entrenched, institutional poverty. These institutions can offer the poorest communities, which are often communities of color, affordable access to the resources necessary for economic mobility -- housing, businesses, healthcare, and schools.

“This isn’t rocket science,” Bill said. “What we really need to do is double down and support those institutions that are providing those basic resources that we know are necessary for economic mobility. In many cases, those require financial services.”

Resources/Links

"Netflix Invests $10 Million in HOPE to Build Economic Opportunity in Black Communities"
“White families have nearly 10 times the net worth of black families. And the gap is growing.”
“Racial wealth gap growing for families with children”
https://hopecu.org
Bill’s Twitter: https://twitter.com/hopecubill?lang=en
Brian’s Twitter: https://twitter.com/BrianFinancial

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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On the very first episode of the Mission Driven Business Podcast, Brian chats with Dawn Hancock, the founder of socially conscious creative studio Firebelly Design. Dawn shares how she built the studio from the ground up, while maintaining a focus on creating “Good Design For Good Reason.”

In this episode, you'll learn the life event that compelled Dawn to create her company at age 25, the grit that led to the studio's two-decade-long winning streak, and Dawn's plans for the future.

Episode Highlights

Put people first

Dawn defines a mission-driven business as an organization that puts people first, and her studio Firebelly Design has been doing fulfilling that mantra since its founding in 1999. When making decisions, Dawn considers the impact of her business on people -- whether that's the work the studio produces or the clients that Firebelly takes on.

“For me, it’s not to say that profits don’t matter, but it means putting people first,” Dawn said.

She later added, “Profit does matter. It just doesn’t have to be the only thing.”

Starting young can be an advantage

Driven by a desire to create meaningful work and the loss of her father, Dawn founded Firebelly age 25. At the time, she figured she could always get another job if starting her own business didn’t work out. She also had the advantage of few fixed responsibilities, such as a mortgage.

“I had that young naivety,” Dawn said. “I didn’t know what I didn’t know, which ultimately was a huge plus to me.”

Initially, Dawn wanted to make enough to cover her bills, while still being able to be selective in the studio’s clients. More than 20 years later, her focus has expanded to include the wellbeing of more than a dozen people who work with her to create good design for good reason.

Know when to delegate

Dawn had to learn the importance of delegation the hard way. About seven years into running Firebelly, Dawn took on all of the work herself for a big, high paying project. But when Dawn got stretched too thin, Firebelly ultimately got fired from the job. It was at that moment that Dawn learned the importance of relying on her team.

“I have a team for a reason, and I trust them, so why am I not … just focusing on the clients, which is what I’m ultimately really good at?” she said. “That was a big ‘Aha’ moment.”

Since that key learning, Dawn’s role at Firebelly has continued to evolve, and she is now in the process of planning her transition away from the company she founded. Dawn had already been trying to envision the future both for her personal life and for Firebelly, and when 2020 hit, her answer became clear.

“I just had this moment where I realized I can hire somebody to replace myself,” she said.

While Dawn hasn’t found the right person to run Firebelly as of the podcast recording, she is excited about the prospect of delegating her latest role.

“They can see and do things that I probably wouldn’t have," she said.

Resources/Links

https://www.firebellydesign.com
Dawn’s Twitter: https://twitter.com/dawnhancock
Brian’s Twitter: https://twitter.com/BrianFinancial

About Brian and the Mission Driven Business Podcast

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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You can create a business with impact and profit. The Mission Driven Business podcast is designed to show you how. In this introduction, host Brian Thompson, JD/CFP, outlines the five principles for creating successful mission-driven businesses. You'll also hear his goals for the podcast, and what you can expect to learn in each episode.

Mission Driven Business: Recent Episodes

Brian Thompson

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