In this episode of the Marketing Boost Solutions Podcast, Capt. Marco interviews CFP® and CFA, Grant Bledsoe, Founder and Senior Financial Planner of Three Oaks Wealth. Prior to founding it, he was a Senior Manager and Trader in the securities lending group at Charles Schwab & Co., Inc. and also held positions at both Smith Barney and American Express. He is frequently quoted in several publications, including Forbes, CNBC, The Huffington Post, and U.S. News.
Grant and his company have the passion for entrepreneurship, and specific expertise working with small business owners. From technical knowledge of retirement plans to understanding the roller coaster you face on a daily basis, they help squeeze the most from your resources & optimize your biggest asset.
Capt. Marco and Grant discuss the importance of setting up a business entity and having an operating agreement. Grant highlights common mistakes business owners make and offers advice on handling cash flow, paying oneself, and maintaining a working capital fund. They also discuss the necessity of insurance coverage and strategies to minimize tax payments. Grant emphasizes the importance of diversifying investments and setting up retirement plans. The episode concludes with a discussion on tax fairness and the role of risk-taking entrepreneurs in job creation.
Website: www.threeoakswealth.com
Facebook: https://www.facebook.com/threeoakswealth
Linkedin: https://www.linkedin.com/company/three-oaks-wealth
Twitter: https://twitter.com/GSBledsoe
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Timestamps:
The importance of entity selection [00:03:58] Grant discusses the importance of choosing the right entity for your business and when it is necessary to establish an LLC for asset protection.
The significance of an operating agreement [00:07:27] Grant explains the importance of having an operating agreement, especially for businesses with partners, and how it can prevent disputes and provide guidelines for various scenarios.
Comparison to prenuptial agreements [00:08:57] The conversation briefly touches on the similarity between operating agreements for businesses and prenuptial agreements for marriages, highlighting the importance of establishing rules and guidelines in advance.
The importance of a properly put together operating agreement [00:09:04] Discussing the potential issues that can arise in business partnerships without a well-drafted operating agreement.
The importance of cash flow for business survival [00:17:11] Discussion on the significance of having 3 to 6 months of cash flow to reduce expenses and stay open during unexpected events.
Insurance products for business owners [00:18:48] Recommendations for insurance coverage, including errors and omissions insurance, worker's compensation insurance, and life insurance for partners.
The importance of retirement planning [00:35:56] Grant discusses the benefits of setting up a retirement plan for business owners and the potential tax deductions associated with it.
The importance of setting up a business properly [00:45:24] Discussion on the first steps to follow in setting up a business properly and creating wealth.
The role of entrepreneurs in creating employment and growth [00:49:40] Conversation about how risk-taking entrepreneurs create employment and innovation, and the government's role in partnering with entrepreneurs and providing tax benefits.
