Keep What You Earn

In today's soul-stirring episode, we take a personal turn as I recount the influential role my father played in guiding me toward a path in accounting—a decision that spiraled into a career marked by highs, lows, and tough lessons learned.   I'll share with you the profound impact of his words, especially when faced with ethical dilemmas and personal conflict at a big four firm, leading up to the...

In this episode, we dive into the topic of taking money out of your business. Shannon breaks down the complexities of taking money out of different types of businesses - from single-member LLCs to S Corporations, Partnerships, and C Corporations. Shannon explains the implications of taking money out of your business, the importance of managing cash flow, and how to pay yourself in ways that minimi...

Today, we're immersing ourselves in the realm of business negotiation. Begin with meticulous research and preparation, understanding your counterpart's position. Shift your focus from fixating on price to embracing the overall value a deal can offer. Think long-term and assess the enduring impact of your agreements.   Navigate power dynamics astutely, recognizing who holds sway in the conversation...

On this episode, Shannon and guest Guillermo Salazar delve into the complexities of passing on a family business to the next generation. They explore the challenges of getting the next generation engaged in the business and discuss the importance of maintaining the value of the business through effective succession planning. Guillermo shares insights from his book, "A Road to Triumph in Family Bus...

In today's episode, we're getting into the intricacies of managing and navigating family businesses with special guest Guillermo Salazar. Guillermo, an experienced family business advisor, sheds light on the challenges and dynamics of family-owned enterprises, offering valuable insights and strategies. Listeners will gain a deeper understanding of the importance of setting clear rules, creating a...

Join Shannon and her husband, Jason, from the car on a trip visiting family as they chat about business and Jason shares some wisdom from his years of running his sales teams. Jason recently exited his business of 17 years and considers sales to be his biggest strength and key to success.   What you'll hear in this episode: 05:11 Consistent pitch leads to consistent results. 09:29 Starting with qu...

In this episode, Shannon breaks down the essential factors to consider before acquiring a business. She emphasizes the importance of evaluating the people, processes, and profit of a business, whether you're buying, starting, or even planning to sell a business. Through real-life examples and practical advice, Shannon provides valuable insights to help listeners make informed decisions and set the...

Is your business lacking excitement? Occasionally, you might find yourself back in the grind, dreading Mondays as if you're just working a job. It's not uncommon for even highly accomplished entrepreneurs to voice their boredom and discontent with their thriving businesses simply because they're feeling uninspired. In this episode, I delve into my insights on business boredom and offer strategies...

Today we are sitting down with the incredibly knowledgeable Jim Emerich, founder of Backbone CFO. From accidental guru to virtual financial maestro, Jim has carved a niche in helping businesses achieve exponential growth. Do you struggle with cash flow forecasting? Are the financial complexities of growth leaving you overwhelmed? Well, Jim's got the tools and insights that could unlock a 10X revol...

In this episode of "Keep What You Earn," Shannon is joined by Jim Emerich, CEO of Backbone CFO, as they delve into the secrets to finding a stellar CFO for your business. They discuss the importance of hiring a CFO at the right time, the qualities to look for in a fractional CFO, and the value of having a strong professional network to support your business growth. Jim shares practical tips for ev...

In this episode of Keep What You Earn, Shannon dives into the crucial elements of building trust with your customers. She breaks down the commonly known "know, like, trust" concept and introduces her own equation for trust: relationship plus reliability. Shannon emphasizes the importance of not just being likable, but also consistently demonstrating commitment and reliability to earn the trust of...

In this episode, Shannon delves into the crucial topic of separating business and personal finances. With her expert insight, she explores three concrete reasons why it's essential to maintain this division. From the impact on tax organization and IRS audits to potential legal ramifications, Shannon provides valuable advice on the far-reaching benefits of this practice for business owners.   What...

Prepare to journey through the world of fashion psychology, as we discuss the challenge of standing out and the empowerment in fashion individuality. We'll discuss staples for any entrepreneur's wardrobe and why it's essential for business owners to present themselves confidently.   Tannya will share tips on how to rediscover your style and elevate your professional appearance, all while ensuring...

Welcome to episode 470 of Keep What You Earn, the podcast where we break down complex financial concepts for entrepreneurs. In this episode, Shannon shares the ins and outs of 1099s. She covers everything from who needs to file them and who needs to receive them, to what to do if you receive a 1099 from a customer. Whether you're a seasoned business owner or just starting out, this episode has eve...

In today's can't-miss episode, we've got an exceptional conversation lined up with our esteemed guest, Ro Shah. Today, we're unlocking the secrets of sales as a wealth-building tool and why mastering it is non-negotiable for your business's growth.   Ro, known for her expertise in coaching women in the financial industry, will share her insights into how overcoming the fear of selling and choosing...

Today, Shannon discusses the importance of having a strong collaboration between tax and accounting professionals in order to maximize finances. She explains the distinctions between tax professionals and accountants, emphasizing the need for bookkeeping and financial statements to be properly managed and shared with the tax pro. Shannon highlights the value of consistent financial updates through...

Today I'll be diving into the world of playing in the gray areas of tax codes. I'll be sharing some valuable insights on how to navigate potential gray areas in taxes, along with offering examples and advice on making a solid business case for deductions. Throughout the episode, I'll provide practical strategies for entrepreneurs looking to maximize tax advantages while staying compliant. Tune in...

Today, we're diving in with the innovative Mike Abramowitz.   Prepare to be inspired as Mike walks us through his own transformation, embracing AI for unprecedented time and financial freedom. We'll learn creative AI uses, such as crafting customized grocery lists, and dissect the 10-80-10 approach that's reshaping task delegation.   As we navigate the potential of AI in simplifying and enhancing...

Navigating tax season may not be the highlight of your year, but fear not! In this episode, I unveil three invaluable tips that can transform this mundane task into a stress-free experience. Brace yourself for a spoiler – it's not about burdening yourself with additional tasks; rather, it's about smart strategies that alleviate the pressure without adding more to your plate.   What you'll hear in...

Join us as Ali illuminates the essential strategies for keeping your customers loyal and driving business growth. Discover why nurturing customer relationships extends well beyond the initial sale and learn how truly understanding your customer base can lead to unparalleled success.   From tackling the misconceptions of the "customer is always right" philosophy to defining and engaging with your m...

Hey there, on today's episode of Keep What You Earn, I'm excited to unpack how to set up for a successful 2024. I'll be diving into four key strategies to help you achieve your goals, from committing to your priorities and holding yourself accountable, to surrounding yourself with the right people and influences. Join me as we explore how to cultivate authentic relationships, seek valuable support...

Today I'm diving into the crucial steps entrepreneurs can take to eliminate tax season stress. As a CPA and business owner, I'm sharing practical tips to ensure a smoother tax preparation process. From the importance of proper bookkeeping to setting clear expectations with your accountant, these insights offer valuable guidance for business owners. You will also find a valuable tool for organizing...

Welcome to another exciting episode of Keep What You Earn! Today, I am bringing you all the insider insights into Health Savings Accounts (HSAs) and how they can be a game-changer for saving on taxes. Joining me is none other than Austin Preece, a certified financial planner and enrolled agent, who's here to share his wealth of knowledge on all things HSAs.   In this episode, Austin and I get down...

Ever been told you should charge more? Yeah, we all have! The pressure to hike up prices for better revenue is real. But guess what? It's not always the magic fix.      In this episode, I dive into why there's more to boosting your income than just jacking up prices and spill the beans on ways to tweak your revenue game for the long haul.     What you'll hear in this episode:   [1:13] How can I bo...

Today we're taking a look back at 2023, and setting the stage for 2024. I'm reflecting on the milestones and challenges of the past year, giving a shout-out to the amazing team behind the podcast and their successes, such as securing the Keep What You Earn trademark and expanding into a dedicated team. I am also sharing my personal theme for the year, "ownership," and revealing the new focus for 2...