Exploring the challenges of different business models and the factors that make a business difficult to succeed in. Discussing the balance between maintaining a profitable business and avoiding unnecessary complexities. Delving into easy versus hard businesses, pricing power, barriers to entry, and navigating strategic growth opportunities. Exploring people's desires, challenges in HVAC and landscaping businesses, and technology innovations in aerial imaging. Emphasizing the importance of niche markets and specialized business models for sustainability and competitiveness.

Mitchell and Scott pick up today's episode in the middle of a conversation about whether "the kids are gonna be alright." As Gen Z enters the workforce en masse, they do so with very different expectations than the millenials before them. Zoomers are well aware of the long and ongoing slide in real middle class wages, as well as employment uncertainty. They have less of the entitlement and belief in institutions compared to millenials, and they exhibit no lack of work ethic. In spite of this, says Scott, many Zoomers lack creativity and ambition when it comes to building their lives, and, in turn, structuring their business activity around their life.   Mitchell and Scott discuss the concept of a "fifty year plan," developing a long-term plan (a liftetime view, for most Zoomers) for your life and business. Once you identify the things you want in life, it begs the question: is your business getting you there? Can it get you there? Because if it's not, or it can't, then it might be time to re-examine your priorities, or the way you do business. The years will pass you by whether you like it or not, as Mitchell points out, so you owe it to yourself to create a plan and set a course toward what you want in life. Of course things will change -- it's a fifty year plan, after all! -- but it gives you a framework to evaluate the actions you are taking, or not taking, on a day to day basis.   Settlers of Catan TikTok: https://www.tiktok.com/@justindarnellcomedy/video/7167012784339717418     Ask Mitchell and Scott a question: Email: show@stupidtaxpod.com   Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa.ck.page https://baldridgefinancial.com   Scott Hambrick Twitter: @hambrickscott IG: @ogscotthambrick https://onlinegreatbooks.com https://scotthambrick.com  

The podcast discusses the switch from cash to accrual accounting in a farming business, cautioning against unnecessary equipment purchases for tax savings. It highlights the importance of making sound financial decisions and the drawbacks of focusing solely on tax write-offs.

The podcast delves into the blurred lines between grifting and marketing in the internet age, discussing the importance of portraying company values. Topics include podcast sponsorships, transitioning small farms into media businesses, and the balance of financial gain and authenticity.

The podcast discusses the evolving customer experience in the 21st century shaped by online shopping giants like Amazon. Small businesses face challenges in meeting customer expectations due to lack of scale and personal touch. The hosts share their experiences dealing with difficult customers and emphasize the importance of setting boundaries and maintaining integrity in business dealings.

We're taking a short break for the week of Christmas and New Years. We'll be back on January 1st with more small biz talk. In the meantime, Merry Christmas and Happy New Year!     Ask Mitchell and Scott a question! Email: show@stupidtaxpod.com   Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa.ck.page https://baldridgefinancial.com   Scott Hambrick Twitter: @hambrickscott IG: @ogscotthambrick https://onlinegreatbooks.com https://scotthambrick.com    

Exploring the cost of hassle in business activities, focusing on the value of having the right clients. Discussing the benefits of profitable clients who are easy to work with. Emphasizing the importance of saying no to unprofitable projects for increased success. Reflecting on navigating client preferences and setting business boundaries.

Discussion on the life and legacy of Charlie Munger, work ethic, and wealth accumulation. Should Matt take over his mom's cleaning business? Insight on navigating business partnerships and challenges in service businesses. Understanding rewards for excellence and podcast sponsor strategies.

Experienced business advisor Mitchell and seasoned entrepreneur Scott offer advice on buying a business, specifically when it involves purchasing from a relative. They discuss the importance of trustworthiness, avoiding becoming a key employee, and having difficult conversations. They also emphasize the need to explore opportunities, treat the process seriously, and create a purchase sale agreement that aligns with both parties' confidence.

Learn how to do effective accounting that provides real-time insights into your business' financial health. Discover the importance of understanding metrics like customer acquisition, advertising effectiveness, and profitable activities. See how a good accounting system can steer your business in a profitable direction by offering critical information like sales levers and growth strategies.