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Sound Financial Group - Bothell, Washington

 

SFB070 Making the Jump into Small Business Ownership

| July 11, 2017
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Episode Summary

David is the co-founder and CEO of Guidant Financial, a fellow Washington based company that helps small business secure financing. In this conversation with Paul, they discuss the important topics new entrepreneurs need to be thinking about so they set themselves up in the best way to succeed. Paul and David work some commonly held beliefs and review a few of the best investment vehicles.

What Was Covered

  • 02:25 - David’s introduction
  • 03:55 - How does Guidant help its clients?
  • 05:10 - The importance of guiding companies through their gaps in knowledge
  • 07:05 - They hybrid role Guidant plays
  • 07:30 - What are the risks and why are they important?
  • 08:50 - The Dry Fly Distilling story
  • 12:55 - The importance of strategic bank funding
  • 14:30 - The problem with liability chasing you through time.
  • 16:40 - Understanding the IRS rules for your benefit
  • 18:30 - Going deep with how to handle your 401K
  • 20:50 - The Salt and Straw origin story
  • 23:00 - The overlooked benefits of franchising
  • 24:45 - The two types of buyers
  • 26:00 - What Guidant does to help it’s clients succeed
  • 28:45 - Avoiding the trap most businesses fall into
  • 33:10 - The key folks new entrepreneurs should be looking to meet
  • 34:40 - What is a ‘cognitive thermostat’ and why is it important?
  • 38:20 - Why just working with an ‘Investment Manager’ is not enough
  • 41:15 - Where you can invest your retirement assets
  • 43:00 - The one question to ask yourself before making the entrepreneurial jump

Tweetables

"When you’re actually the owner, you don’t get to bake all day long."

"If you don’t do it from the beginning, that time and money trap will always be there."

"Regardless of the scale, you still need to build that support team."

"One of the greatest skill sets that an entrepreneur can have…is self-awareness. Know what you don’t know."

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