Episode #135: A Longer Look at Inflation & Monetary Policy With Kirk Chisholm

In recent months we’ve seen the highest inflation rates in the United States since the 1980s. As a result, many people seem to be concerned about the ripple effects of inflation and what the Federal Reserve is doing to handle it. This week on Grow Money Business, we’re joined by Kirk Chisholm, an expert in inflation, monetary policy, self-directed IRAs, and 401K. Kirk is also the wealth manager & principal of Innovative Advisory Group, which reshapes the wealth management industry via innovation. In this episode, Grant and Kirk dive deep into inflation and the current state of the markets.

Show Notes

[02:27] Background - Kirk describes his background and his journey thus far.

[05:54] Risk Management - Kirk provides a thorough overview of risk management from a portfolio perspective and how he applies it in his firm.

[15:59] Inflation - Kirk offers comprehensive perspectives on the current state of the markets.

[24:31] Deep-dive Into Inflation – Kirk and Grant dive deep into how rising interest rates will impact the United States economy

[48:22] Banking Systems – Kirk discusses the impact inflation has on banking systems, as well as his unique approach to investing money.

[01:00:40] Federal Reserve – Kirk shares his opinions on the Federal Reserve.

Resources

Connect with Kirk:

LinkedIn: linkedin.com/in/kirkchisholm/

Website: innovativewealth.com/

Money Tree Investing Podcast: moneytreepodcast.com/

Episode #134: Crowdfunding Opportunities in Real Estate With Craig Cecilio

Historically, if you wanted to purchase a private investment, you had to qualify under the SEC’s standards as an accredited investor. After 2012, certain regulatory modifications made private investments accessible to non-accredited investors. This week our guest is Craig Cecilio - CEO and cofounder of DiversyFund Inc. DiversyFund is a crowdfunding platform that enables everyday investors to generate wealth by democratizing alternative asset investment.

Show Notes

[03:36] Background - Craig explains what caused the regulatory changes that opened up private investments to non-accredited investors. 

[11:37] More Opportunities – Craig shares his thoughts on why opening up investments makes the most sense.  

[15:16] Craig's Story – Craig describes how his real estate investing background led to the founding of DiversyFund, Inc.  

[27:28] Best Practices – Craig shares some important considerations when it comes holding or selling properties. 

[29:18] Communication Cycle – Craig describes what it's like to report to 30,000 investors and how he considers their needs when making decisions. 

[35:29] Communication Transparency – Craig stresses the significance of transparent communication. 

[39:26] Process – Craig outlines the steps required to acquire his company's services. 

[43:43] New Strategies – In addition to expanding geographically within the multifamily industry, Craig reveals his plans to offer new and alternative strategies.  

[46:19] Lifecycle of Funds – Craig shares when it makes sense to collect money from investors in relation to the lifecycle of the funds. 

[48:32] Challenges – Craig discusses the most challenging aspects of business expansion. 

Resources

Connect with Craig: 

LinkedIn: Linkedin.com/in/craigcecilio/ 

Website: craigcecilio.com 

DiversyFund, Inc: diversyfund.com/ 

Episode #133: Retirement Income Planning in 2022

Managing income after retirement is one of the most important things a retiree needs to plan to make the best of their savings, and with the rising interest rates and stock market volatility, there are many factors that need to be considered. This week on Grow Money Business, Grant dives into several key aspects of retirement income planning, including how to minimize tax impact, prioritizing different sources of income, planning for social security benefits, making strategic tax decisions, and more.

Show Notes

[02:36] Recent Developments – Grant shares his thoughts on some of the recent changes in the economy and policies that affect the way people should approach retirement planning. 

[05:24] 401k Plans – How to maximize tax benefits while utilizing a 401k. 

[11:33] Expenses After Retirement – Grant explains how to best manage your after-retirement expenses 

[16:11] IRAs & Tax – Grant explains the tax differences between traditional and Roth IRAs and what retirees should keep in mind when taking money from these accounts. 

[21:00] Strategic Tax Decisions – Grant shares a strategic move that allows retirees to minimize the tax impact on their retirement accounts while taking advantage of the gap years between the age of 65 and 72. 

[29:17] Deferring Tax – How to decide whether it is beneficial to defer tax based on life expectancy 

[32:46] Medicare Premiums – How to plan for minimizing Medicare premiums after retirement. 

[39:06] Social Security – Grant shares his take on maximizing the social security benefits after retirement. 

Resources

What is the income-related monthly adjusted amount (IRMAA)? 
https://www.medicareresources.org/medicare-eligibility-and-enrollment/what-is-the-income-related-monthly-adjusted-amount-irmaa/ 

The Ultimate Roth IRA Conversion Guide 
https://www.goodfinancialcents.com/roth-ira-conversion-tax-rules/ 

2021-2022 Capital Gains Tax Rates — and How to Calculate Your Bill 
www.nerdwallet.com/article/taxes/capital-gains-tax-rates 

Episode #132: From Tech Founder to Venture Capital & Real Estate Investor with Zain Jaffer

The world of real estate is full of opportunities for investors who strive to build wealth using innovative strategies. This week on Grow Money Business, we have a fascinating conversation with Zain Jaffer. Zain is a tech entrepreneur, a real estate investor, and the founder of Vungle, which was sold to Blackstone for $780 million in an all-cash transaction in 2019. Today, he invests in real estate and real estate technology businesses through both venture capital and private equity funds.  

Show Notes

[02:15] Zain's experience - Zain describes what he finds so appealing about real estate investing.

[09:58] Investment Opportunities - Zain shares what he looks for in new investment opportunities and how he assesses whether or not they are a suitable fit.

[16:54] Institutional Impacts on Real Estate - Zain and Grant discuss the argument that institutional interest in residential real estate is making it more challenging for individuals to purchase their own homes.

[22:15] PropTech Startups – Zain describes his future career goals and plans to continue investing in PropTech startups.

[26:33] More on Real Estate Investing - Zain shares some common themes he hears presented from startups seeking investments.

[34:09] Zain's Journey – Zain outlines his professional journey, starting with the founding of Vungle, to his eventual $780 million exit.

[41:05] Cryptocurrency – Zain shares his thoughts on cryptocurrency.

Resources

Connect with Zain

Website: proptechvc.com/

LinkedIn: linkedin.com/in/zainjaffer/

Episode #131: Everything You Need to Know About Digital Estate Planning With Hannah Shakin

Have you ever thought about what happens to your social media accounts when you pass away? Do you consider yourself familiar with the legal frameworks that need to be put in place to ensure your spouse has access to all of your online accounts? Our guest this week is Hannah Shakin, an attorney in Downey Brand’s estate planning department. Hannah is a qualified estate planning, probate, and trust administration specialist. Throughout the episode, Hannah shares her insight on the ins and outs of digital estate planning, as well as how you can protect yourself from making the common mistakes she sees regularly in her practice.  

Show Notes

[02:15] Hannah's Background – Hannah shares her background and describes what she does on a day-to-day basis at her practice. 

[04:42] Digital Estate Planning – Hannah describes both the evolution and the current state of digital estate planning.  

[15:33] RUFADAA - Hannah details the elements of The Revised Uniform Fiduciary Access to Digital Assets Act.  

[19:45] Facebook – Hannah discusses social media accounts, and what happens to them when you pass.  

[23:47] Digital Assets – Hannah defines what is considered a digital asset and explains why it is vital to establish a living trust to avoid probate.  

[35:49] More on Estate Planning – Hannah explains why individuals must modify their estate plans, and shares which assets will or will not be passed into a trust.  

[44:41] Contingency Planning – Hannah discusses the importance of your exit strategy aligning with your estate plan.  

[47:28] Common Mistakes – Hannah identifies the most common mistakes that she sees business owner’s make in her practice.  

[52:24] IRA and Trust – Hannah elaborates on various facets of individual retirement accounts and trusts. 

Resources

Connect with Hannah

LinkedIn: linkedin.com/in/hannah-shakin/

Website: downeybrand.com/

Episode #130: Innovation in Stock Market Structure: A 40 Year History Lesson With Kenny Polcari

With the widespread adoption of retail investing and the usage of handheld devices, investing and stock trading have become easier than ever. However, in the 1980s, it used to be an entirely different story. This week on Grow Money Business, we bring you an informative and entertaining conversation with a stock trading veteran who has been in the industry during many of the defining moments of the financial markets over the last four decades. Kenny Polcari, Managing Partner Kace Capital Advisors, joins us today to dive deep into how the stock market structure has evolved over the last few decades.

Show Notes

[02:54] Getting to Know Kenny – We start the conversation with Kenny’s long career in the financial sector and discuss what the New York Stock Exchange was like when Kenny began his career in the 80s.

[08:16] Building a Career – Kenny reflects on a couple of stories from the early years of his career and how he progressed through the industry.

[15:23] Stock Trading in the 80s – Kenny talks about the way stock markets worked in the 80s and why that environment was exciting.

[22:50] Members of Stock Exchange – Kenny explains the role of a member of the New York Stock exchange.

[27:17] Technology – Kenny discusses early applications of computer-based analytics for financial markets and how relying too much on technology led to a meltdown in the financial markets across the globe.

[42:19] The Tech Boom – Kenny shares his thoughts on how the massive expansion of technology that took place in the 90s shaped the financial markets.

[48:36] The Evolution – How the stock markets and the technologies used for stock trading has evolved over the last few decades.

[54:06] Impact of 9/11 – Kenny reflects on how the September 11th attacks destroyed the infrastructure of the New York Stock Exchange and the process of recovering from that destruction.

[1:00:55] Modern Stock Trading – How the modern stock trading systems make use of the latest technology available in order to make stock trading more reliable and immune to threats.

Resources

Connect with Kenny

Website: www.kacecapitaladvisors.com
Twitter: twitter.com/KennyPolcari
LinkedIn: linkedin.com/in/kennypolcari

Episode #129: No, Index Investing Isn't Bad for the Markets

With recent developments in the financial markets, we’re seeing quite a bit of people who are concerned about index investing and the effects it may have on the economy. We dedicated today’s episode of Grow Money Business to addressing some of these concerns. Throughout the episode, Grant shares his thoughts on four of the biggest arguments against index investing and some studies that question the legitimacy of each.

Show Notes

[03:18] Recent Developments – How the recent developments in the financial markets reignited the discussion against index funds. 

[06:15] Competition – One of the major arguments against index investing is that it reduces competition within an industry. Grant shares his thoughts on why this notion is not valid. 

[13:11] Corporate Governance Standards – Grant explains how index funds allocate their resources in a way that’s beneficial to shareholders and why index investing won’t create corporate governance issues. 

[16:46] Price Discovery – Grant breaks down how the price discovery mechanism works and why index investing is unlikely to hurt price discovery. 

[28:20] Income Inequality – Grant shares his take on the argument that index investing exacerbates income inequality. 

Resources

Could Index Funds Be ‘Worse Than Marxism’? 
theatlantic.com/ideas/archive/2021/04/the-autopilot-economy/618497/ 

Why Index Investing Is Good for Markets 
ssga.com/investment-topics/environmental-social-governance/2019/10/why-index-investing-is-good-for-markets.pdf 

How to think about the unstoppable rise of index funds – The Economist 
economist.com/finance-and-economics/2021/10/16/how-to-think-about-the-unstoppable-rise-of-index-funds 

Episode #128: Using Technology to Drive Business Value With Chris Hood

We live in the era of tech giants, where technology-driven businesses keep innovating and newly emerging technologies are becoming a key factor in driving business value. Our guest today, Chris Hood, is the Head of Business Innovation and Strategy at Google Cloud. Throughout the conversation, Chris discusses how he assists enterprises in driving economic value through the smart application of technology.

Show Notes

[01:38] Chris’s Background – Chris shares his background, as well as some of his daily duties at Google.

[04:48] Digital Strategy – Chris describes how the process of deploying technology changes based on the desired customer experience and explains how difficult this can be to navigate in larger organizations.

[15:20] Frequent Technologies – Chris cites specific types of technology that he sees commonly employed and explains how they assist organizations in generating commercial value.

[22:56] API - Chris expresses his thoughts on API monetization.

[27:41] AI and Machine Learning – Chris describes common applications of AI and machine learning.

[39:12] The Future – Chris shares his predictions for the future.

[47:09] Business Owners in Transition – Chris provides some important considerations for business owners in transition.

[54:58] Twitter Deal – Chris comments on Elon Musk’s $44 billion offer to acquire Twitter.

Resources

Connect with Chris:

LinkedIn: linkedin.com/in/chrishood/

Website: chrishood.com/

YouTube: youtube.com/c/ChrisHood/featured

Podcast: thatdigitalshow.withgoogle.com/

Episode #127: Should You Adjust Your Bond Holdings Since Interest Rates Are Rising?

If you’ve been paying attention to the financial markets lately, you’ve probably noticed that interest rates have been increasing, resulting in a decrease in bond prices. Other recent developments, such as Elon Musk’s Twitter acquisition and the decreased performance of popular growth stocks, have a lot of people questioning if it is time to adjust their portfolios. In today’s episode, Grant reviews the relationship between interest rates and bonds, how investors should react to increasing interest rates, and some of the stock price behaviors related to acquisitions.

Show Notes

[03:30] Market Updates – Grant recaps some of the interesting developments in the financial markets.

[05:26] Growth Stocks – In recent months, some of the popular growth stocks, such as Netflix and Amazon, have not been performing very well. Grant shares his thoughts on the implications of this trend.

[07:18] Bonds and Interest Rates – Grant dives into how the value of bonds fluctuates based on the interest rates and some of the methods used to evaluate bonds.

[13:31] Responding to Interest Rates – How investors should respond to increasing interest rates and why this is not a good reason to sell your bonds.

[20:25] Bond Funds – How bond funds work, differences between stock funds and bond funds, and how to evaluate bond funds.

[27:14] 60/40 Portfolios – Grant shares his thoughts on whether 60/40 portfolios are a good asset class to invest in.

[29:46] Twitter Share Prices – Grant discusses Elon Musk’s acquisition of Twitter, and what this means for investors.

Resources

The dynamics of bond duration and rising rates
investor.vanguard.com/investor-resources-education/news/the-dynamics-of-bond-duration-and-rising-rates

Rising rates don’t negate benefits of bonds
investor.vanguard.com/investor-resources-education/news/rising-rates-dont-negate-benefits-of-bonds

AARP Bulletin: Don’t Ditch Those Bonds
www.aarp.org/money/investing/info-09-2013/dont-ditch-those-bonds.html

Episode #126: Pulling the Wisdom From Jeff Bezos' Investor Letters With Steve Anderson

It’s an undeniable fact that Jeff Bezos did some exceptional work to develop Amazon into the e-commerce giant it is today. What if you could discover Amazon’s secrets and translate them into your business? Our guest today took on the task of analyzing every investor letter addressed by Jeff Bezos to Amazon shareholders dating back to 1997. Steve Anderson, Co-Founder & CEO at Catalyit™, and the author of the international bestseller, The Bezos Letters, joins us today to dive into the 14 principles that created the Amazon that we know today.

Show Notes

[02:52] Summary of Letters – Steve starts the conversation with a synopsis of the letters, as well as what we can take away from them as we manage our own businesses.

[05:08] Beginning of Amazon – Steve explains Jeff Bezos's background, how his childhood inspired him, and how he ended up launching Amazon.

[11:14] Becoming a Tech Giant – Steve dives into the growth of Amazon from its IPO in 1997 to current day.

[24:38] Four categories– Steve discusses the four categories mentioned in his book, and provides an excellent explanation of the 14 principles.

[31:44] High-Velocity Decisions – Steve explains how Jeff Bezos used a unique decision-making process to accelerate Amazon’s growth.

[45:56] Amazon's Culture – Steve expresses his thoughts on Amazon's culture.

[54:40] Steve's Background – Steve shares his background, his career as an entrepreneur, and how he came to produce his phenomenal work.

Resources

Connect with Steve:

Website: thebezosletters.com

LinkedIn: linkedin.com/in/stevetn/

Mentioned in the episode:

The Bezos Letters: 14 Principles to Grow Your Business Like Amazon: goodreads.com/en/book/show/51811688-the-bezos-letters

Episode #125: Estate Planning For Families With Special Needs Children With Tom Sannicandro

Estate Planning is crucial step in ensuring that your legacy is passed on in the way that you intended it to be. However, necessity often comes with complexity, and there are many unique circumstances that require a different course of action. Today’s guest, Tom Sannicandro, is a practicing attorney in the state of Massachusetts and an expert on Special Needs Trusts. For the last two decades, he has concentrated his legal practice on estate planning for families with disabilities or special needs children. Throughout the episode, Tom shares his wisdom and explains how he helps his clients in an underrepresented sector of estate planning.

Show Notes

[02:54] Tom's Journey – Tom shares why he switched his legal practice from corporate law to disability law.  

[11:48] Asset Protection - Tom shares his perspective on asset protection related to individuals with disabilities. 

[18:16] Finding a Trustee – Appointing a trustee for a special needs trust entails a great deal of confidence. Tom stresses the importance of selecting a suitable person to manage the trust. 

[21:40] Special Needs Trust – Tom shares how he assists his clients, and what the process for setting up a special needs trust through his website looks like.  

[36:08] ABLE Account – Tom discusses the functionality of a ABLE account.  

[11:25] Letter of Intent – Tom and Grant discuss the purpose of a Letter of Intent. 

[14:09] Medical Support vs. Financial Support – Tom shares his perspective on having an individual assisting with medical decisions simultaneously serving as the trustee.  

[16:57] Future Work – Tom shares his future goals, and how he intends to continue serving his clients. 

Resources

Connect with Tom

Website: specialneedstrustsonline.com 

LinkedIn: linkedin.com/in/tsannicandro/ 

Episode #124: Managing Burnout As An Entrepreneur With Bunny Young

As an entrepreneur, wearing too many hats can quickly lead to burnout. This week on Grow Money Business, we talk about how and why it is so important for entrepreneurs to monitor their mental health and wellbeing. Bunny Young, a business consultant, former therapist, and third-generation entrepreneur joins us today to discuss what burnout it, how to prevent it, and some valuable lessons she has learned along the way.

Show Notes

[02:40] Levels of Burnout – We start the conversation with different levels of burnout and how to cope.

[05:38] PTSD –Bunny shares some signs that suggest we might be experiencing post-traumatic stress disorder.

[10:17] Burnout & PTSD – Bunny compares the signs & symptoms of burnout against that of PTSD and shares how businesses can help their staff approach mental health in a positive way.

[14:00] Preventing Big Burnout – Bunny shares her thoughts on how we can prevent a small burnout from snowballing into a big burnout.

[18:00] Workweek Patterns – Bunny gives her thoughts on why our centuries-old 40-hour workweek is no longer efficient and how entrepreneurs can make it better.

[26:00] Making Good Decisions – Bunny shares her advice for making objective and logical decisions while experiencing burnout.

[31:28] Business Background – Bunny is a third-generation entrepreneur. We talk about the businesses her parents and grandparents developed.

[38:31] Bunny’s Journey – Bunny shares her own entrepreneurial journey, and some of the career pivots she made along the way.

[53:15] Consulting – Bunny talks about her consulting firm and how they help family-centric small business owners spend more time with their loved ones.

Resources

Connect with Bunny

Websites

www.bunnyyoung.com
www.abetterplaceconsulting.com
www.pawssible.org

LinkedIn: linkedin.com/in/bunnysumneryoung
Twitter: twitter.com/bunnyhas6legs
YouTube: youtube.com/channel/UCA0R6-q6BKrKXBgSEDaEFdg?
Facebook Group: facebook.com/groups/abpdifferencemakers

Episode #123: Tax Efficient Crypto Gifting With Pat Duffy

The world of cryptocurrency is innovative and ever-expanding. In today’s episode of Grow Money Business, we are joined by Pat Duffy, a cofounder of The Giving Block. The Giving Block is a platform that enables non-profit organizations to receive cryptocurrency donations. Throughout the episode, Pat and Grant dive deep into the tax benefits related to crypto donations, and discuss how The Giving Block is changing the future of charitable giving.

Show Notes

[03:14] The Giving Block – We start the conversation with a brief look at what The Giving Block does and how it helps donors and non-profit organizations. 

[07:10] The Process – Pat walks us through the process of what happens when someone interested in crypto gifting signs up with The Giving Block. 

[10:00] Donor Advised Funds – Pat explains the process of donating via a Donor Advised Fund. 

[16:33] Why Crypto? – Pat shares his take on some of the reasons why non-profit organizations may want to take crypto donations.  

[19:05] Barriers – Pat discusses some of the challenges non-profit organizations face when starting to accept crypto donations. 

[27:30] Getting Traction – Pat shares with us what it was like at the beginning of his service and what it took to get enough traction for the service. 

[31:30] Business Model – Pat shares with us how the business model of the Giving Block works and some of the areas the platform will be expanding into in the near future. 

[36:52] Managing Growth – Pat dives into their strategy of managing their growth. 

[42:54] Shift4 – The Giving Block was recently acquired by the payment processing solutions company, Shift4. Pat shares what opportunities and possibilities this acquisition will open up. 

[49:10] Tips for Donating – Pat shares some advice for those who own crypto assets and want to make a crypto donation. 

Resources

Connect with Pat 

LinkedIn: linkedin.com/in/thisispatduffy 
Website: thegivingblock.com 

Episode #122: How to Retain Top Employees Amid the Great Resignation With Jeff Kortes

In today’s day and age, it takes more than just money to keep top performing employees from moving on to better opportunities. Jeff Kortes joins us today to discuss employee retention amid the Great Resignation. Jeff possesses a wealth of experience in this subject, and spent ten years in human resources before resigning and establishing his consulting practice. Throughout the episode Jeff shares the importance of workplace culture, as well as tips for hiring and retaining the right people for your business.

Show Notes

[02:51] Great Resignation – Jeff describes the Great Resignation and how the COVID-19 pandemic has affected the workforce.

[05:41] Shifts in the Workforce– Jeff explores the implications of younger workers seeking other opportunities or relocating within an industry.

[06:36] Give Your Employees C.R.A.P – Jeff discusses the correlation between workplace culture and employee retention, and shares a few ways that businesses can kill employee loyalty.

[13:33] Jeff's Work – Jeff describes how his practice helps companies diagnose the underlying cause of their issues.

[17:52] Employee Retention Problems-  Jeff describes how he determines whether a business has undetected or misdiagnosed staff retention issues.

[20:30] Strategy and Correction – Jeff shares their top strategies for correcting issues they find along the way.

[27:35] Finding the Right People – Jeff provides his perspective on how to know that you are hiring the right type of individual for your company.

[34:19] The Future of Work - Jeff discusses the recent shift in the workplace, and how this will affect future generations’ work habits.

[36:17] Virtual Connection – Jeff and Grant discuss how to develop and sustain culture in the day and age of remote work.

[44:04] Jeff's plans – Jeff shares his future plans and how people can connect with him.

Resources

Connect with Jeff:

LinkedIn: linkedin.com/in/jeffkortes/

Email: jeff@humanassetmgt.com

Website: jeffkortes.com

Tele: 414-421-9626

Episode #121: How & Why Your Index Funds No Longer Hold Russian Stocks

Russia’s recent invasion of Ukraine and the economic sanctions that were imposed sent shockwaves through the global financial markets. As a result, the Russian Ruble plummeted to a record low, Russian stock markets were shattered, and Russian equities were removed from emerging markets indices. This week on Grow Money Business, Grant discusses how this situation affects the investment accounts and portfolios of U.S. investors and the ramifications of these phenomena.

Show Notes

[04:04] Index Funds – Grant dives deep into index funds, explaining market capitalization, the roles of index providers and fund managers, and depository receipts.  

[12:54] Russia’s Present Condition - Russia has been obliterated from the list of index providers. As a result, Russian equities are no longer on the list. Grant provides his perspective on the background of what’s going on regarding index funds and Russian exposure.  

[16:00] Inflationary Problems - Grant highlights Russia’s inflationary difficulties, emphasizing the importance of currency.  

[23:36] Remedies - Grant outlines two alternatives available to a country if the value of its currency falls through the floor .  

[28:15] Greece – While noting that Russia is a growing market, Grant discusses the events Greece experienced a few years ago. 

Resources

Graphic: Russia stored large amounts of money with many countries. Hundreds of billions of it are now frozen 
nbcnews.com/data-graphics/russian-bank-foreign-reserve-billions-frozen-sanctions-n1292153 

Russia Interest Rate 
tradingeconomics.com/russia/interest-rate#:~:text=Interest%20Rate%20in%20Russia%20averaged,percent%20in%20July%20of%202020. 

Russia is no longer an option for investors. 
edition.cnn.com/2022/03/15/investing/brics-emerging-markets-russia/index.html 

What Happens to Indexes and Funds That Need to Dump Russia? 
bloomberg.com/news/articles/2022-03-04/how-dumping-russia-is-creating-chaos-for-index-funds-quicktake 

Episode #120: A CFO's Perspective on Managing Cash, M&A, ESOPs, & the Changing Business Environment

Have you ever heard the saying that revenue is vanity, profit is sanity, and cash is reality? Today’s guest, Robert E. Bendetti, is the CFO at Life Cycle Engineering. He holds a master's degree in accounting and financial management and an MBA specializing in small business management and entrepreneurship, as well as being a certified public accountant. Throughout the episode, we cover several key concepts that help business owners grow their businesses and adapt to ever changing markets.

Show Notes

[03:21] Background – Robert shares his background and the company's operations.

[05:20] Cash Flow Management - Robert emphasizes the importance of cash flow management and gives his perspective as a CFO on appropriate cash management for small enterprises.

[08:48] Cash Conversion Cycle – Robert discusses approaches to optimize the cash conversion cycle, emphasizing the importance of timely invoicing, collection challenges, and the smoothness of the payment process.

[11:50] Tips – Robert shares an approach for reducing turnaround time and illustrates a simple mechanism to increase collection rates.

[20:29] Profitability – Robert points out how to convert cash to profit, describing what balance sheet and income statement items need to be monitored.

[23:25] Paying Yourself vs. Reinvesting – Robert outlines how to decide whether to invest additional funds to boost profitability and future growth or pay yourself.

[31:41] Transition – Robert addresses what individuals approaching retirement or transition should consider 18 months before leaving a firm.

[40:25] Employee Stock Ownership Plan – Robert dives deep into ESOP and related topics.

[51:31] Global CFO Council - As President and Founder of Global CFO Council, Robert mentions what he hopes to accomplish through the organization.

Resources

Connect with Robert:

LinkedIn: linkedin.com/in/robertbendetti/
Website: www.lce.com

Episode #119: Lessons on Fraud Prevention From the Former Iowa Lottery CEO

Ever wonder what it takes to scam the state lottery? Terry Rich joins us on the podcast this week to discuss fraud and how to prevent it in small businesses & other organizations. Terry is the former CEO of the Iowa lottery, and helped uncover a multi million dollar fraud before it was paid out.

Show Notes

[02:35] Terry's Story – Terry begins the conversation by sharing his backstory.

[09:46] Underlying Reason –Terry dives deep into three key reasons why people commit fraud.

[13:19] Remedies – Terry shares his thoughts on how to identify fraudulent activities and deal with scammers, and ultimately avoid becoming victims.

[17:02] Iowa Lottery Fraud - Terry tells the fascinating story of resolving the largest lottery fraud in the United States.

[38:48] Adjustments – Terry discusses the improvements made after the fraud was discovered and addressed.

[48:25] Entrepreneurial Spirit and Creativity – Terry explains how he preserves entrepreneurial spirit and creativity.

Resources

Connect with Terry:

Website: terryspeaks.com/

LinkedIn: linkedin.com/in/terich/

Mentioned in the Episode:

Ep #117 - A Top Economist's Take on Personal Finance With Dr. Laurence Kotlikoff: growmoneybusiness.libsyn.com/website/ep-117-a-top-economists-take-on-personal-finance-with-dr-laurence-kotlikoff

The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life: Before 8AM: goodreads.com/book/show/17166225-the-miracle-morning

Iowa Lottery Fraud: nytimes.com/interactive/2018/05/03/magazine/money-issue-iowa-lottery-fraud-mystery.html

Episode #118: DeFi State of Affairs With Matteo Binfarè

Decentralized finance (DeFi) is an emerging system of financial products and services built on blockchain technology. It utilizes secure distributed ledgers similar to those used by cryptocurrencies. In today's episode of Grow Money Business, we have an insightful conversation with Matteo Binfarè, a professor at the University of Missouri. He teaches his students about investments, pensions, endowments, and decentralized finance. Throughout the conversation, Matteo imparts his insight and years of experience in decentralized finance and cryptocurrency.

Show Notes

[02:33] Decentralized Finance – To kick off the conversation, Matteo defines decentralized finance and discusses its current state.

[07:13] Cryptocurrency – Matteo shares his thoughts on the impact of cryptocurrency.

[10:34] Asset Class – Matteo shares his thoughts on whether cryptocurrency deserves its own asset class.

[13:28] Web 3.0 – Web 3.0, the next avatar of the internet's world, is a technology capable of understanding and interpreting the concept of data on its own. Matteo explains Web 3.0 is and how it works.

[19:11] Governments and Bitcoin – Matteo discusses a variety of government viewpoints and regulations surrounding bitcoins.

[23:49] Smart Contracts - Matteo defines a smart contract and outlines its potential applications and benefits.

[26:25] Matteo's Story – Matteo shares his background and journey thus far.

[32:03] Asset Allocation – Matteo expresses his thoughts on whether or not cryptocurrency deserves a place in most people's portfolios, as well as how much an individual should consider allocating to it.

[43:47] Institutions - Matteo explores how institutions are approaching cryptocurrency and allocating resources.

[47:43] Research and Studies – Matteo discusses his research studies and plans to study cryptocurrencies and decentralized finance formally.

[24:59] Hazards - Matteo points out some key risks to consider while investing in cryptocurrencies.

Resources

Connect with Matteo:

Website: matteobinfare.com

LinkedIn: linkedin.com/in/matteo-binfarè-6375724b/

Episode #117: A Top Economist's Take on Personal Finance With Dr. Laurence Kotlikoff

Economics applies to every industry at the individual, national, and global level. In this week’s episode, we have a distinguished guest who is on a mission to make economics useful at all levels. Dr. Laurence Kotlikoff is an economics professor at Boston University. He is also the author of Money Magic, a personal finance book written from an economist's standpoint. Today's podcast examines his book and financial outlook, which frequently counters conventional economic theories. Throughout the podcast, he shares his experience in handling personal financial decisions while also discussing some insightful observations about the state of our country.

Show Notes

[03:38] Introduction – Laurence introduces himself and discusses his current career emphasis.

[06:22] Personal Financial Decision Making - We must see individual financial decisions through the prism of consumption smoothing. Laurence explains what this is and why it is essential.

[12:42] IRA and Mortgage - Laurence outlines why under certain circumstances, it makes sense to withdraw funds from the IRA to pay off the mortgage.

[18:43] Investments – Laurence discusses investments, stocks, and the importance of making sound investment decisions. Furthermore, he evaluates the risk associated with each sort of investment.

[32:06] Social Security – Laurence discusses how individuals can navigate the complex social security web.

[34:10] Viability - Laurence discusses the Social Security system's viability and what individuals may do to prop it up.

[42:54] Massive Deficits - Whether it is the aggregate federal deficit, unfunded liabilities, or Social Security, taxing one's way out of some deficits is politically unappealing. Laurence discusses his approach to enormous deficits.

[48:28] Politics and Economics – Laurence discusses the causes of present crises, relating them to a lack of synergy between politics and economics.

[51:33] Campaign Trail – Laurence reflects on his 2016 presidential campaign experience, and shares what he would do differently in 2024 if he was running with an unlimited campaign budget.

Resources

Connect with Laurence:

Website: kotlikoff.net/

LinkedIn: linkedin.com/in/laurencekotlikoff/

Mentioned in the episode:

Maxifi: maxifiplanner.com/

Economic Security Planning: economicsecurityplanning.com/

Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life: goodreads.com/book/show/56620849-money-magic

Episode #116: A Top M&A Advisor's Perspective on Growing & Selling Your Business

An exit strategy is a key aspect in a business owner’s journey. However, the majority of business owners do not consider their exit strategy until it is too late. On today's episode of Grow Money Business, our guest is Michelle Seiler Tucker, a mergers and acquisitions specialist. She has over two decades of experience in the industry, and in that time, has assisted in selling over 500 businesses. Michelle not only aids business owners in the sale of their companies but also helps entrepreneurs and investors in acquiring businesses. Throughout the episode, Michelle imparts some of her wisdom she has accumulated over the years on growing and selling businesses.

Show Notes

[02:34] Introduction – Michelle introduces herself and discusses her career.  

[07:18] Exiting a Business – Michelle shares key points and considerations when exiting a business.  

[19:34] EBIT – Michelle explains why technology trades on multiple sales rather than EBIT.  

[20:51] Additional Key Points - Michelle continues to provide her perspectives on a number of crucial elements that influence the sale of a business.  

[31:48] Databases - Michelle describes the challenges and concerns regarding databases. 

[34:08] Exit Rich – Michelle presents an overview of why she wrote her book, what it is about, and its target demographic.  

[37:20] Interest Rates – Michelle shares her views on how interest rates affect the market for business acquisitions and sales.  

[43:11] Biggest Mistakes – Michelle covers several of the most common errors she sees sellers make throughout the process.  

[45:01] Confidentiality – Michelle emphasizes the importance of maintaining confidentiality when selling your business. 

[50:19] Private Equity – Michelle outlines when it makes sense to start a private equity firm. 

[56:15] Network of The Professional – Michelle describes the value of a professional network and how that impacts locating future opportunities.  

[56:55] More on Mistakes – Michelle shares more insight on common mistakes people make when selling their business. 

Resources

Connect with Michelle: 

Website: seilertucker.com/ 

LinkedIn: linkedin.com/in/michelleseiler/ 

Mentioned in the episode: 

Exit Rich – Website: exitrichbook.com/ 

Exit Rich: The 6 P Method to Sell Your Business for Huge Profit:

amazon.com/Exit-Rich-Method-Business-Profit/dp/1732510288 

The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results: goodreads.com/book/show/the-one-thing

Behavioral Economics With Professor John Howe:

growmoneybusiness.com/podcast/behavioral-economics-with-professor-john-howe