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

Episode #115: How to Keep You & Your Business Safe Online With Amir Tarighat

Protecting assets and data from digital threats is crucial for the integrity and reputation of any business. In today’s episode of Grow Money Business, we have a fascinating conversation with Amir Tarighat. Amir is the founder and CEO at Agency, a firm that provides enterprise-level cybersecurity solutions for growing companies. Throughout the episode, he delves deeper into enlightening aspects of cybersecurity, including why it is vital to have a plan in place for your business.  

Show Notes

[03:34] Background – Amir talks about his background, how he entered the field of cybersecurity, and why he decided to build his own company.

[05:16] Cybersecurity – Amir explains the necessity of cybersecurity as more firms migrate from on-premises to cloud-based services.

[07:38] Vulnerabilities – The list of online vulnerabilities is extensive and ever-changing. Amir discusses the vulnerabilities through applications such as Amazon and Google.

[10:12] Dark Web Monitoring – Amir explains how his company helps its clients through dark web monitoring.

[12:54] Malware - Amir describes types of malware, how malware can get into a business’s computer systems, and the consequences once that occurs.

[16:23] Remedies – Amir walks us through the process of recovering from a ransomware attack.

[19:43] Stay Safe – Amir highlights the procedures that must be taken to remain safe online, both as an individual and as a business.

[22:44] VPN – Amir discusses VPNs and their relevance to online safety.

[26:02] Password Managers – Amir emphasizes the need for password managers, as well as two-factor authentication, and shares his preferred password manager software.

[30:36] Mobile Applications – Amir explains why it is critical to be cautious about the apps downloaded onto phones.

[33:12] Updates – Amir discusses the importance of keeping all the devices and software up to date.

[35:36] More on Agency – Amir shares about his company and the numerous ways in which they assist people.

[40:47] Debit Card vs. Credit Card – Grant offers sound advice on the usage of debit and credit cards.

Resources

Connect with Amir:

Website: getagency.com

LinkedIn: linkedin.com/in/atarighat/

Twitter: twitter.com/atarighat

Episode #114: Behavioral Economics With Professor John Howe

When confronted with significant decisions, our thoughts frequently stand in the way of rational decision-making. Today's episode of Grow Money Business features John Howe, a finance professor at the University of Missouri. He is an award-winning educator and researcher with expertise in investments, behavioral economics, household finance, corporate finance, and corporate governance. He is also the author of the book The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions. Throughout this episode, he shares his expertise and wisdom on behavioral economics, focusing specifically on the behavioral biases we all have regarding investing.

Show Notes

[03:36] Behavioral Economics – Prof. Howe discusses his background, career, and current activities.

[07:23] Kahneman's Nobel Price - Behavioral economics is a field of study that lies at the nexus of economics and psychology. Prof. Howe discusses how the Nobel laureate's teaching of behavioral economics impacts his teachings.

[10:53] Diversified Portfolios – Prof. Howe highlights the importance of diversifying one's investments.

[15:00] Confirmation Bias – Confirmation bias is a term that refers to our natural predisposition to be receptive to new information that confirms our existing beliefs. Prof. Howe explains how confirmation bias affects the decisions we make on a day to day basis.

[20:19] Transitions – Individuals frequently undergo transitions, such as selling a business they have built over the years or acquiring another. Prof. Howe shares his insights on what should be considered during such a transition.

[26:43] More on Biases – Prof. Howe explains the reason behind biases by presenting examples from evolutionary psychology.

[30:00] Reproducibility – One of the trademarks of the scientific method is the ability to replicate an experiment and obtain the same results. Prof. Howe broadly discusses the reproducibility issue in psychological research.

[40:49] Better Decisions - Prof. Howe explains how being well informed on biases can help us making better decisions in the future.

[49:31] The Future - Prof. Howe discusses the current research going in the field, as well as the future of behavioral economics.

[57:59] Research - Prof. Howe shares the current scientific issues that pique his interest.

[01:02:29] Mental Health - Prof. Howe shares his observations concerning the state of mental health in the United States and the way it affects people's financial decisions.

[01:06:28] Gamblers – Prof. Howe outlines his view on gambling and how this relates to the human capacity for pattern recognition

[01:08:52] Books – Prof. Howe shares several books that are worth reading.

Resources

Connect with Professor John Howe:

LinkedIn: linkedin.com/in/john-howe-1013498/

Newsletter: johnhowe.substack.com/welcome

Mentioned in the episode: 

Your body language may shape who you are | Amy Cuddy:

youtube.com/watch?v=Ks-_Mh1QhMc

The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions:

amazon.com/Foolish-Corner-Avoiding-Financial-Decisions/dp/099851070X

Science Fictions: How Fraud, Bias, Negligence, and Hype Undermine the Search for Truth: amazon.com/Science-Fictions-Negligence-Undermine-Search/dp/1250222699

Rationality: What It Is, Why It Seems Scarce, Why It Matters:

amazon.com/Rationality-What-Seems-Scarce-Matters/dp/0525561994

Misbehaving: The Making of Behavioral Economics:

amazon.com/Misbehaving-Behavioral-Economics-Richard-Thaler/dp/039335279X

Thinking, Fast and Slow:

amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness:

amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

Episode #113: Leveraging Mindset to Build and Sell Businesses With Dominic Rubino

Regardless of what profession or industry we're in, our mindset is a crucial factor that defines growth. Today's podcast deviates slightly from the norm in terms of technical content and delves deeper into the philosophical domain. Our guest, Dominic Rubino, is an entrepreneur with a unique background. Dominic has worked in various enterprises and is now a coach, supporting employees in the construction industry in developing a positive attitude and increasing profits. Throughout the episode, he shares his expertise and experience on aligning your business activities with your personal life and creating the life you desire through your business operations.

Show Notes

[02:55] Dominic's Background – Dominic explains his background, his current endeavors, and how he got to where he is today.  

[05:58] Mindset - Dominic discusses how our success or failure is determined by unique perspective, and the lens through which we view the world.  

[10:35] Business Coach - Dominic discusses the importance and role of a business coach.  

[12:47] Success – Dominic shares his thoughts on defining success and suggests ways for individuals to plan strategically toward it.  

[17:49] Circle of Friends – Dominic emphasizes the importance of having a supportive community of friends. 

[20:42] Strategic Planning Process – Dominic discusses the strategic planning process, and highlights simple exercises and reading material to help you along the way.  

[26:21] Personal Experience – Dominic shares personal experience gained from his entrepreneurial endeavors. 

[38:21] Mindset in Coaching Business – Dominic discusses how he maintains his mindset as a coach. 

[41:28] Dominic's Podcast – Dominic talks about his podcasts and what inspired him to start them. 

Resources

Connect with Dominic: 

LinkedIn: linkedin.com/in/dominicrubino 

Website: profittoolbelt.com/ 

Mentioned in the episode: 

Traction:

goodreads.com/book/show/8549192-traction?from_search=true&from_srp=true&qid=L77ID7gyYk&rank=2 

Mastering the Rockefeller Habits: What You Must Do to Increase the Value of Your Growing Firm: 

goodreads.com/book/show/16120.Mastering_the_Rockefeller_Habits?from_search=true&from_srp=true&qid=wctFOxvrHH&rank=1 

The Ultimate Playbook On Building A Profitable Construction Business: 

constructionmillionairesecrets.com/ 

Episode #112: Deferring Taxes Using 1031 Exchanges & Delaware Statutory Trusts with Jamie & Patrick Furlong

1031 Exchanges and Delaware statutory trusts are both nifty instruments for financial planning. In today's episode, we explore more about the deferring taxes using 1031 Exchanges and Delaware statutory trusts with Jamie & Patrick Furlong. Jamie & Patrick specialize in 1031 Exchanges with DST's and other securitized real estate investments. They exclusively serve clients seeking to acquire replacement properties in a 1031 exchange, navigate the complexities and time restrictions in the ever-changing 1031 environment through their company, Legacy Investment Real Estate.

Show Notes

[04:05] Story of Jamie & Patrick – Patrick shares their origin story, what they do, and how they do it.

[11:32] Delaware Statutory Trust – Jamie and Patrick explain Delaware statutory trust in detail, sharing compressive real-life examples.

[19:37] Importance of DST - Jamie talks about the significance of Delaware statutory trust and why someone should invest a property into a Delaware statutory trust in the first place.

[33:15] Holding Period - Non-traded real estate investment trusts can bring you a vast misfortune. Jamie discusses the holding time you should consider when contemplating real estate investment trusts.

[37:46] Role of the Manager – Patrick talks about the manager's role in Delaware statutory trusts.

[46:49] 1031 Exchange Tax Code – Jamie and Patrick talk about the predictable changes in the 1031 Exchange tax code.

Information provided today is for educational purposes only, does not constitute as individual investment advice, and should not be relied upon as tax or legal advice.

Please consult the appropriate professional regarding your individual circumstance.

DST 1031 properties are only available to accredited investors (typically defined as having a $1 million net worth excluding primary residence or $200,000 income individually/$300,000 jointly of the last three years; or have an active Series 7, Series 82, or Series 65. Individuals holding a Series 66 do not fall under this definition) and accredited entities only. If you are unsure if you are an accredited investor and/or an accredited entity, please verify with your CPA and Attorney.

There are material risks associated with investing in DST properties and real estate securities including liquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal.

Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Legacy Investment Real Estate is independent of CIS.

Resources

Connect with Jamie and Patrick:

Website: legacyire.com/

Jamie

LinkedIn: linkedin.com/in/jamie-furlong-927b9658/

Email: jamie@legacy1031exchange.com

 Patrick

LinkedIn: linkedin.com/in/farmranch1031exchangennn/

Email: patrick@legacy1031exchange.com

Episode #111: Diving into Crypto with Tim Picciott

Cryptocurrency has been one of the most popular topics in the financial media in the last few years. It is a transferable digital asset or digital form of money exclusively available online based on blockchain technology. My guest today, Timothy Picciott CFP® CRPC®, Wealth Advisor in Innovative Advisory Group, is a pioneer in cryptocurrency wealth management solutions. He works with Bitcoin and cryptocurrency early adopters to give innovative financial planning solutions, enabling them to pay a minimum tax on their highly appreciated asset as legally possible, while also educating crypto fans on investing in "Crypto IRAs" through self-directed IRAs and 401(K)s.

Show Notes

[03:19] Tim's story – Tim shares details about his career and how he came to be in his current position. 

[10.48] Fiat Currency - Tim expresses his thoughts about the evolution of fiat currency. 

[14:41] Bitcoin and Blockchain – Tim elaborates on his views on Bitcoin and blockchain technology.  

[16:57] Opinions – Tim discusses the significance of studying Bitcoins properly and thoroughly. 

[22:11] Double-Spend Problem – Tim explains Bitcoin’s potential of solving the double-spend problem. 

[27:58] Tech Aspects – Tim goes into greater detail on the technical aspects and benefits of Bitcoin. 

[31:00] Electricity - Another objection leveled with Bitcoin is the electricity required to mine them. Tim evaluates the effect of power on bitcoin mining and the resulting implications.  

[34:43] Smart Contracts – Tim discusses how smart contracts enabled by blockchain technology have the potential to transform lives.  

[36:00] Geopolitical Implications – Tim shares his insights on current world trends along with his take on the US and China's movements on Bitcoin.  

[46:59] Future of Bitcoins – Tim goes to great length on his predictions for Bitcoin's future. 

Resources

Connect with Tim: 

Website: thelibertyadvisor.com/ 

Website: innovativewealth.com/ 

LinkedIn: linkedin.com/in/timothy-t-picciott-cfp%C2%AE-crpc%C2%AE-547b0b8/ 

Instagram: @the_liberty_advisor 

Podcast: The Liberty Advisor Show W/ Tim Picciott: podcasts.apple.com/us/podcast/the-liberty-advisor-show-w-tim-picciott/id1238430499 

Mentioned in the episode: 

Ep #107 - Central Bank Digital Currency: Dangers & Possibilities with J Scott Christianson: growmoneybusiness.libsyn.com/website/ep-107-central-bank-digital-currency-dangers-possibilities-with-j-scott-christianson