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The EntreLeadership Podcast
Rare Exceptions to Dave Ramsey’s “No-Debt” Policy
Mar 4, 2024
Topics include owing $200,000 to the IRS, scholarship fund for trades, securing assets when transferring ownership, providing financing on products, and ethical considerations in business practices.
40:29
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Quick takeaways
- Good tax planning is crucial for business success and growth, necessitating monthly savings for future tax obligations.
- Business owners should align their business practices with personal beliefs and values, even if it means not offering financing options.
Deep dives
Tax Planning and Financial Management for Business Growth
A small business owner running an electrical contracting business discusses the importance of tax planning and financial management with personal finance expert Dave Ramsey. The business reached $5.5 million in revenue in 2023 and is projected to hit $10 million. Lack of tax planning led to an unexpected $200,000 tax bill, emphasizing the necessity of setting money aside monthly for taxes. Ramsey advises the owner to hire a CFO or controller for better financial management and sophisticated software for a growing business.
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Discover
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