The Retiring Entrepreneur Podcast: Recent Episodes
Brett Fellows, CFP®
It’s natural to be skeptical about paying for financial advice. Still, there are circumstances that warrant delegating to a professional. Here are six times small business owners may need a financial advisor.
[01:34] Retiring from your small business on your preferred terms.
[02:17] Facing a big financial decision.
[03:04] Diversifying your assets.
[03:44] Minimizing your tax bill.
[04:32] Navigating complex financial needs.
[05:08] Preserving your time and energy for what’s most important to you and your small business.
For more information and resources related to this episode, please visit the show notes.
Though seller financing has its advantages, there are potential risks involved. Understanding the pros and cons of seller financing your small business sale can help you determine if it’s the right exit path for you.
For more information and resources related to this episode, please visit the show notes.
Brett shares three financial best practices for small business owners--specifically, entrepreneurs who run a smaller business--to help you run a clean, efficient small business that is legal and well organized.
[03:15] How to pay yourself as the owner of a small business.
[08:08] Why having a proper accounting system is essential no matter the size of your business.
[11:00] The importance of making your quarterly estimated tax payments on time.
For more information and resources related to this episode, please visit the show notes.
Brett shares his insights into creating and interpreting your small business's profit and loss statement.
[03:10] What it means to expect what you inspect.
[06:28] Why you don’t want your profit and loss statement to fall more than 30 days behind.
[09:00] Why inventory purchases may skew your P&L for the month.
[11:46] What monthly P&L trends can tell you about your business.
[15:20] What it means when you see volatility in your profit margins, and why it’s not always cause for concern.
For more information and resources related to this episode, please visit the show notes.
Brett shares his thoughts on how to implement a profit-first mentality in your small business, so that you feel less overwhelmed and burned out and can ultimately help more people.
[02:25] What does “profit-first” mean?
[05:25] Why profit-first works.
[06:44] The five accounts you should consider opening to implement a basic profit-first system.
[11:26] Why mindset is so important when it comes to building and preserving wealth.
For more information and resources related to this episode, please visit the show notes.
In this episode, Brett shares why I-Bonds may be an effective investment opportunity for business owners who want to outpace inflation.
[02:46] The relationship between bond prices and inflation.
[04:30] What can business owners do about falling bond prices?
[06:58] What are I-Bonds?
[09:00] What are the characteristics of I-Bonds?
[11:34] The benefits of I-Bonds.
[16:06] How to use I-Bonds.
For more information and resources related to this episode, please visit the show notes.
In this episode, Brett shares his rules of thumb for determining how much retirement savings you need at any age based on your future lifestyle goals. He also provides strategies for closing the gap if you're behind on your savings targets.
[02:50] How much you should have saved at any age, starting with age 30.
[05:00] The power of compounding when it comes to your retirement savings
[06:48] Why a 15% savings rate is a great rule of thumb.
[08:51] Maximizing your Social Security benefits for additional retirement income.
[10:20] What to do if you’re really behind on your retirement savings.
[14:23] Three steps you can take right now to get your retirement savings on track.
For more information and resources related to this episode, please visit the show notes.
For a Roth conversion to make sense, the potential benefits must outweigh the cost. In this episode, Brett digs into what discounted Roth conversions involve, why a small business owner may want to consider a Roth conversion, and the potential pitfalls of this tax planning strategy.
[03:27] How do Roth conversions work?
[06:28] When does a Roth conversion make sense?
[14:57] What is a mega backdoor Roth?
[19:15] Why are discounted Roth conversions in a down market advantageous?
For more information and resources related to this episode, please visit the show notes.
Inflation is always happening, so entrepreneurs need to be prepared for it. Once you understand how inflation affects your business, you can come up with solutions to navigate it.
[01:32] What is inflation?
[02:42] How did we get here?
[05:00] Why small business owners need a strategy to navigate inflation.
[06:03] What to think about when raising prices for your customers.
[07:28] How to improve efficiencies and cut back on overhead costs.
[09:05] Strategies to maintain your profit margins as prices remain high.
[10:28] Why saving money isn’t enough on its own.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Heather Ryan, founder of HG Ryan Benefits, a South Carolina-based consulting firm focused on helping local businesses navigate their employee benefit options. For the last 30 years, Heather has partnered with businesses and their employees to help them gain maximum value from their benefits.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Craig Goldslager, financial advisor and founder of Utterly Financial in West Palm Beach Florida. Craig created Utterly Financial to help Speech Language Pathologists and Private Practice Owners plan for an exceptional retirement.
[06:58] Craig Goldslager shares why he chose to target and work with such a specific niche (SLPs).
[11:27] How Craig Goldslager works with new clients who want to begin the exit planning process.
[13:22] The three questions Craig says are 70-80% of the work of exit planning.
[16:02] Craig shares some of the advantages and disadvantages of various business exit strategies.
[19:46] Craig explains the best ways a business owner can determine how much their business is worth and boost its value before selling.
[29:28] The potential tax implications of selling your business, and what business owners need to consider when developing their exit plan.
[33:05] Brett and Craig Goldslager discuss the importance of having an estate plan as a business owner.
[37:42] Craig offers his best advice for business owners planning for retirement.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Neelma Pyfrom, a life coach, life strategist, and founder of Living Lotus Life Coaching, based in Mount Pleasant, South Carolina. As a life coach and strategist, Neelma works with clients to help them find peace, purpose, and authenticity.
[08:26] How Neelma Pyfrom addresses the topic of work-life balance with her clients.
[13:00] How to create good habits to achieve your goals.
[16:37] Where most people tend to go wrong when it comes to their goals, according to Neelma Pyfrom.
[19:54] How Neelma works with her clients to help them build confidence.
[28:12] The most important thing life coach Neelma Pyfrom tells her clients who are dealing with anxiety.
[36:07] The one thing Neelma wishes she had known when she started her business.
[38:18] The one book Neelma gifts the most that has inspired her in her own journey of self-development.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Dr. Troy Hall, an award-winning culture strategist, radio show host, speaker, author, and talent retention expert. With more than 40 years of practical leadership experience and a Ph.D. in Global Leadership & Entrepreneurship, Dr. Troy's passion is helping others succeed.
In this episode, you'll learn:
- Dr. Troy's approach to finding new talent
- How Dr. Troy teaches leaders to lean into discomfort
- What Dr. Troy means by “creating good agreements” with others
- How Dr. Troy counsels his clients on fear
- Why Dr. Troy believes personal development and business development are interdependent
For more information and resources related to this episode, please visit the show notes.
Brett interviews Stephanie McCullough, founder and CEO of Sofia Financial, an independent financial planning firm based in Berwyn, Pennsylvania. In this episode, Stephanie shares the steps she took to build her brand, develop her voice, and appeal to women who may be intimidated by the idea of having important conversations about money.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Geison Moura, former professional footballer and founder of Stimulus Athletic, a Minneapolis-based sportswear supplier offering custom-made uniforms at affordable prices.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Danielle Roberts, Medicare expert and co-founder of Boomer Benefits, a health insurance agency that helps baby boomers and seniors navigate Medicare in 48 states. Danielle is also author of the book 10 Costly Medicare Mistakes You Can't Afford to Make.
For more information and resources related to this episode, please visit the show notes.
In this episode, Brett interviews Matt Hudgins. As a financial business coach and co-founder of the ProfitabilityMD Podcast, Matt helps business owners grow revenue, increase cash flow, eliminate taxes, and prepare to “Retire IN” their business and free up more valuable time. Matt is also the founder of Mosaic Wealth Management, an investment advisory firm based in Atlanta, Georgia.
For more information and resources related to this episode, please visit the show notes.
In this episode, Brett shares a powerful retirement savings tool that can help you prepare for rising healthcare costs in retirement now.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Jordan Ilderton, founder of Ilderton Bookkeeping & Advisory based in Charleston, SC. In this episode, Jordan shares her entrepreneurial journey and how her traditional bookkeeping business evolved to provide a variety of services, including profitability coaching and one-on-one consulting.
For more information and resources related to this episode, please visit the show notes.
In Part 3 of this three-part series, Brett shares several tax planning opportunities and challenges business owners are likely to encounter throughout their lifetimes.
For more information and resources related to this episode, please visit the show notes.
In Part 2 of this three-part series, Brett shares best practices for tax-efficient investing.
For more information and resources related to this episode, please visit the show notes.
In Part 1 of this three-part series, Brett shares several tax planning tools small business owners can use to reduce their overall tax bill and reach their financial goals more efficiently.
For more information and resources related to this episode, please visit the show notes.
In this episode, Brett recaps the highs and lows of 2021 for financial markets and the U.S. economy.
For more information and show notes related to this episode, please visit the show notes.
For our first episode of 2022, we’re celebrating some of our best moments on The Retiring Entrepreneur Podcast over the last year—and remembering the wisdom and insights our guests have shared with our listeners.
[01:37] Parker Smith, Owner, Affordable Large Properties
[02:07] Rob Autry, Founder, Meeting Street Insights
[03:07] Jenny Whittle, Owner, College Planners of South Carolina
[04:10] Nikki Hinske, CPA, Co-Founder, Hinske & Clarey
[05:29] John Haas, Owner, Coastline Painting
[06:10] Andre Berenzon, Owner, Park West Fitness
[06:49] Torrey Glass, Owner, 60 Bull Cafe
For more information and resources related to this episode, please visit the show notes.
Brett interviews April Elaine Powell, founder of ID. +Collective in Portland, Maine, an organization that gives small to medium-sized businesses in the hospitality, retail, and wellness industries a one-stop solution for their design and business development needs. In this episode, Brett and April discuss how the members of ID +Collective benefit from shared resources and pooled talents while building a collaborative community.
For more information and resources related to this episode, check out the show notes.
Brett shares 12 potential ways to reduce your year-end tax bill and set yourself up for financial success in the new year.
For more information and resources related to this episode, visit the show notes.
Host Brett Fellows, CFP® shares a simple, three-step process anyone can follow to improve your chances of financial success in 2022 and beyond.
For more information and resources related to this episode, check out the show notes.
Brett interviews Stacey Brown Randall, an author and business coach who teaches small business owners, solopreneurs, and sales professionals how to generate referrals without asking, without manipulation or feeling inauthentic.
In this episode, Brett and Stacey talk in-depth about how Stacey always keeps an eye on scalability--specifically, how she transitioned from one-on-one training to 30 to 50-person workshops. Then, in 2015, Stacey created two online educational programs that allowed her to expand her business globally.
Through her Roadmap to Grow Your Business podcast and award-winning book, Generating Business Referrals Without Asking, Stacey has made her strategy available to an even larger audience of relationship-driven business owners.
For resources and information related to this episode, please visit the show notes.
If you're a business owner, you know how challenging cash flow planning can be. The last thing you want to do is overpay the IRS or not have enough free cash flow to pay your year-end tax bill. These tips can help you avoid costly mistakes and potentially reduce your 2021 tax bill.
For more information and resources related to this episode, check out the show notes.
Brett interviews Torrey Glass, owner of 60 Bull Cafe in Charleston, South Carolina. After a successful decades-long corporate career, Torrey shares how he transitioned to entrepreneurship and survived the five-year mark as a first-time restauranteur--even amid the Covid-19 pandemic.
For more information and resources related to this episode, check out the show notes.
Social Security beneficiaries are about to see the biggest increase in monthly benefits in 40 years. If you're 62 or older, you should know how this change impacts you.
For more information and resources related to this episode, please visit the show notes.
Brett interviews Andre Berenzon, owner of Park West Fitness, a state-of-the-art, multi-sport facility headquartered in Mount Pleasant, South Carolina. In this episode, Brett and Andre discuss why Andre lets his mission--not money--drive his business decisions, and why his primary focus is bringing as much value as possible to his community.
You'll also hear from an entrepreneur whose definition of retirement doesn't necessarily involve not working, and why he'd be happy to achieve the same level of success over the next 10 years as he has over the last 10.
For more information and resources related to this episode, check out the show notes.
Brett interviews John Haas, owner of Coastline Painting, a full-service painting contractor headquartered in Charleston, South Carolina. In this episode, John shares the strategies he used to build a thriving lifestyle business designed to run without him.
For more information and resources related to this episode, check out the show notes.
Brett interviews Nikki Hinske, co-founder of Hinske & Clarey, a CPA firm based in Charleston, South Carolina. As a CPA and business owner, Nikki provides valuable advice and resources for small to mid-size businesses within a variety of industries.
In this episode, you'll hear how from education at start-up, consulting in growing stages and finally, retirement and selling of a business, Nikki looks well beyond simple tax minimization and preparation to create value for her clients.
For more information and resources related to this episode, check out the show notes.
Brett interviews Eric DeMoura, town administrator for Mount Pleasant, South Carolina. As town administrator, Eric manages nine departments, 877 employees, and a $115 million annual budget for the fourth-largest municipality in South Carolina.
In this episode of The Retiring Entrepreneur Podcast, Brett and Eric discuss how Eric balances the competing interests of residents and local businesses to cultivate a business-friendly community that benefits everyone, and how small business owners and local governments can work together for mutual success.
For more information and resources related to this episode, check out the show notes.
Brett interviews Erik Hilger, owner of The Glass Guru of Charleston. Brett and Erik discuss the importance of thorough due diligence when buying a franchise and the unique advantages and challenges of being a franchisee.
[06:37] How Erik’s business has evolved from a home office and storage unit to a nine-person operation.
[08:24] The importance of local marketing despite having the support of a national brand
[09:45] How Erik and his team handle the high demand caused by surging home repairs during the Covid-19 pandemic.
[12:13] Why Erik quickly learned that he couldn’t do everything himself and meet his growth targets.
[17:48] The one thing Erik Hilger wished he had known when he bought The Glass Guru of Charleston.
[19:58] Erik’s advice to anyone considering franchise ownership.
For more information and resources related to this episode, check out the show notes.
Brett interviews Jenny Whittle, owner of College Planners of South Carolina, an education consulting firm that specializes in helping students and families manage and navigate the college enrollment process. Find out how Jenny, a former school guidance counselor, saw an opportunity in the market and created a thriving consulting business with clients across the globe.
[06:34] The opportunity that catapulted Jenny financially and made her think more strategically about her time and money.
[09:50] How Jenny’s business has evolved to lengthen the consultant-client relationship and allow for repeat business.
[13:31] The reason Jenny focuses on attitude, not skillset, when hiring new consultants to join her team.
[16:10] Why Jenny says Covid was a blessing and a curse for her business.
[18:30] What Jenny sees the future of higher education looking like, and why she believes the current system needs to change.
[23:36] Why Jenny says becoming an entrepreneur was the best thing that ever happened to her, and her mission to empower other women to become more independent.
[27:57] Jenny’s advice for anyone starting their own business today.
[30:20] How Jenny envisions her exit strategy and the future of College Planners of South Carolina.
[35:25] The two biggest hurdles Jenny says she has had to overcome as a business owner.
[40:53] The tipping point that prompted Jenny to hire a financial consultant to help her take her business to the next level.
[44:30] Jenny shares her definition of success.
For more information and resources related to this podcast, please visit the show notes.
Brett interviews Rob Autry, founder of Meeting Street Insights, a public opinion research firm that specializes in positioning companies, causes and candidates for better outcomes based on smarter research and insights. In this episode, you’ll find out why Rob believes investing in relationships and learning how to delegate are the two most important components of a successful business. And be certain to listen to the end, where Rob shares a practical tip any business owner can use to build a business that lasts.
[11:00] The one thing Rob wishes he knew when he started his career
[13:25] How Rob juggles the various aspects of being a business leader and balances working in his business with working on his business
[19:44] The surprising thing Rob learned about his research after going virtual during the pandemic
[25:56] What Rob believes is the biggest misconception of public opinion research
[31:09] The key resources that have helped Rob build a successful business
For more information and resources, check out the show notes.
Brett interviews Parker Smith, owner of Affordable Large Properties, a Myrtle Beach, South Carolina vacation and golf package agency that specializes in offering a superior guest experience by focusing on a smaller number of high-quality properties.
[08:26] How Parker was able to purchase ALP from his father-in-law so that he could retire ahead of schedule
[14:29] Why developing technology in-house allowed ALP to scale and outpace the competition
[16:46] How diversification into the real estate market transformed ALP’s business model
[22:16] Why Parker is still years from exiting his business despite ALP’s rapid growth
[27:12] The importance of understanding and managing cashflow, especially in the early stages of a business
[29:23] Parker’s advice for anyone considering entrepreneurship
For more information, check out the show notes.
Brett explains why obtaining a quality business valuation can improve your likelihood of exiting your business successfully—and why you may not want to wait until you’re ready to retire to get one. You’ll find out the two most common valuation methods and the advantages and disadvantages of each, so you can determine if a formal valuation is right for your business.
[03:09] Why any uncertainty about the value of your business can drastically increase the risk that you’ll exit with a gap between your sale proceeds and your financial needs post-sale.
[04:53] The most common valuation approach and why it may provide a biased estimate of your business’s worth
[07:36] A more precise approach to valuing your business that can help you improve your cash flow and increase business value prior to selling
[10:11] Final thoughts on why valuing your business is critical for a successful exit and financial future
For resources and show notes: https://oakcapitaladvisor.com/the-charleston-entrepreneur-podcast/
Brett takes a deep dive into the seven steps every business owner must take to successfully exit your business. Hint: start planning for your eventual exit long before you plan to retire.
[02:36] The three goals you need to set to successfully exit your business
[04:00] How to quantify your financial resources to prepare for your eventual retirement
[05:06] How to maximize your business’s value while minimizing risk
[07:17] The best way to reap top dollar for your business when you sell it
[08:24] The two conditions you must meet if you plan to transfer your business to an insider
[12:15] Why contingency planning is an integral part of your exit strategy
[14:22] The importance of proper estate planning as a business owner
For show notes and helpful resources, click here.
In this episode, Brett discusses how your choice of business structure affects the mechanics of how you’re paid as a small business owner--and the pros and cons of each scenario.
[02:52] How your business entity type affects how you’re paid
[04:15] Why you would choose one business structure (and payment type) over another
[05:10] Sole proprietorships
[06:59] Partnerships
[09:20] S-corporations
[12:15] C-corporations
[12:56] How to figure out which structure and payment method is best for your business
“Don’t get hung up on the semantics. Whether you receive a salary, a guaranteed payment, or take draws or distributions, the important thing is you have built a business that supports you.”
Please note this discussion today is a very high-level overview of complex subject matter and is for informational purposes only. You should consult your tax professional (CPA, EA, or tax attorney) about your particular situation.For more information and resources, please check out the show notes for this episode here.
Brett explains why structuring your business as a C-Corp can be a double-edged sword when it comes to paying taxes--and why you may want to weigh the pros and cons of converting to an S-Corp if you plan to sell your business one day.
[01:54] Why the best entity for conducting business isn't always the best entity for selling your business
[03:55] Selling your business as a C-Corp vs. an S-Corp by the numbers
[08:56] Understanding the IRS's "built-in gains rule"
[10:04] Three options for selling your business to a third-party as an S-Corp
[11:26] Seven options for selling your business to a third-party as a C-Corp
[14:47] Why the advantages of an S-Corp are even greater if you plan to transfer your business to your children or key employees
For show notes and other helpful resources, visit https://oakcapitaladvisor.com/the-charleston-entrepreneur-podcast/.
Brett discusses the importance of designing and implementing an exit plan for your business and shares his seven-step process for exit planning.
[02:50] The risks of not designing and implementing an exit strategy
[04:51] The signature characteristics of an effective exit plan
[05:43] The seven steps of exit planning
[08:15] Why many business owners fail to set their exit planning objectives
“When a man does not know which harbor he is headed for, no wind is the right wind.” -Seneca
Show notes and additional resources available at: https://oakcapitaladvisor.com/the-charleston-entrepreneur-podcast/
Brett shares the seven exit paths entrepreneurs have when it comes to stepping away from your business in preparation for retirement:
- Transferring your family-run business to a family member
- Selling your business to one or more key employees
- Implementing an Employee Stock Ownership Program (ESOP)
- Selling your share of a partnership to another partner(s)
- Selling to a third party
- Retaining ownership but becoming a passive owner
- Closing up shop and liquidating
You'll also learn the pros and cons of the most common exit paths, as well as a process you can use to identify the best exit strategy for yourself one day.
For a full transcript and show notes for this episode, visit: https://oakcapitaladvisor.com/the-charleston-entrepreneur-podcast/
In this episode, Brett discusses why developing the simple habit of tracking your spending is one of the most important things you can do to prepare for retirement. In addition, you’ll find out what to track (and what not to track) when it comes to personal spending, how long you need to track your spending to see a reliable trend, and how to get started if you’ve never tracked your spending before.
[02:15] Why the simple habit of tracking your spending has such a meaningful impact on your retirement success
[04:18] The Atomic Habits story that got Brett thinking about how business owners might make consistent, incremental improvements in their personal financial habits for big results
[7:42] How misestimating your average spending can significantly impact your ability to retire comfortably
[8:42] How long it generally takes to start seeing a reliable trend in your spending
[09:27] What to track, what not to track, and why business owners tend to have more difficulty tracking their spending
[12:47] How to start building the habit
[14:08] Key takeaways from this episode
“The most significant things in life aren't standalone events, but rather the sum of all the moments when we choose to do things just a little bit better.”
For show notes, visit: https://oakcapitaladvisor.com/2021/03/02/episode-3-tracking-your-spending-for-a-successful-retirement/
Brett explores the key difference between business owners who are capable of building real wealth and those who struggle to meet their goals. Be sure to listen all the way through to the end as he shares a step-by-step process you can follow to improve your money mindset.
Episode Highlights
- [2:34] Brett shares the primary distinction he sees between business owners who are capable of building real wealth and those who struggle.
- [4:41] Find out the first step towards shifting your money mindset.
- [05:29] Hear why Brett believes values are the bedrock of sound financial planning.
- [06:49] Brett outlines the step-by-step process he uses with clients to help them identify their core values.
- [08:03] Hear some examples of core values that real business owners have shared with Brett.
Click here for show notes and additional resources.
In the inaugural episode of The Charleston Entrepreneur Podcast, host Brett Fellows shares how his experience as an entrepreneur in the golf industry completely changed his perspective on the relationship between business and money and why it inspired him to become a CERTIFIED FINANCIAL PLANNER™ focused on helping other small business owners achieve financial success. Be sure to stay tuned until the end for actionable insights you can use right away to begin redefining your relationship with money.
For show notes, follow this link: https://oakcapitaladvisor.com/2021/02/01/redefining-your-relationship-with-money/