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In this podcast, they discuss the income report for July of 2023, tax and accounting tips for entrepreneurs, determining the fair market value of a small business, their experience at the Montana mastermind retreat, and the importance of being intentional and taking action in our lives.
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Quick takeaways
- Perform a mid-year financial check-in to evaluate budget to actual performance and consider revising budgets for the remaining months of the year.
- When determining the fair market value (FMV) of a small business, different methods can be employed, such as asset-based valuation, income valuation, market-based valuation, and earnings multiplier methodology.
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Take Control of Your Finances
Entrepreneurs and business owners should perform a mid-year financial check-in to evaluate budget to actual performance and consider revising budgets for the remaining months of the year. It is also important to review tax plans, ensure cash availability for upcoming tax payments, and assess any reimbursements or deductions that need to be accounted for. Additionally, entrepreneurs should adopt a mindset where their business serves them, rather than the other way around, and prioritize building personal wealth through their businesses.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode