The Business Owner's Guide to Financial Freedom: What Wall Street Isn't Telling You

by Mark J. Kohler, Randall Luebke (Contributor)

The Business Owner's Guide to Financial Freedom is a financial planning strategy book tailored to the small business owner. Long-term financial planning and retirement are worlds different for small business owners. Wall Street advisors interested in selling financial products such as insurance, mutual funds and annuities don t understand the small business owners objectives; need for retirement, asset management, and what they value most their businesses. This book changes the playing field for small business owners. This playbook spins a new story one of financial independence when business owner s assets provide the income they need so that work is no longer a requirement. This book will help small business owners reach financial independence sooner through a four-step plan focusing on four elements of the entrepreneurial financial journey with a focus on the following issues: Exit strategies for the business Business succession plans to family members Using real estate AND financial products to diversify long-term asset management Self-directing retirement accounts Aggressive tax planning Asset protection"

Genres: Business, Personal Finance, Nonfiction

288 pages, Paperback

First published November 14, 2017

Reviews

[john · Rating 4 out of 5]

Excellent resource.

[taner · Rating 5 out of 5]

Easy to read and understand with many useful tips

The book is a great tool to everyone who is already or plan to become an entrepreneur with many key elements of information.

[Leila · Rating 5 out of 5]

I loved this book. I recommend it to everyone even if you never intend to own a business. The first part of the book teaches you how to take control of your financial future as an individual first and foremost, and then as a prospective business owner. I read most of the book with the exception of Part IV (chp. 18-22) and Part V (chp. 23-25).

The following is a general outline of what you will learn from the book:
- Understand good and bad debt and how to leverage the good debt
- Use 4x4 Financial independence plan to achieve your long-term financial goals
- Know attributes of an advisor working in your best interest
-Investment strategies Wall Street will never tell you
- Why you need insurance and how to leverage it
- Common real estate investment mistakes and how to avoid them
- How to supercharge your retirement accounts
- Various unique financial planning tools for entrepreneurs and SMOs

The FIVE parts and chapters are as follows:

Part I. Perspective
chp. 1 the entrepreneur mindset
chp 2 a reality check - the true value of your business
chp 3 the truth about your financial advisor
chp 4 what wall street isn't telling you

Part II. Forge a Better, Smarter, and Safer Way
chp 5 the lifetime paradigm and the 4x4 financial independence plan
chp 6 optimize what you already have
chp 7 dealing with debt as an entrepreneur
chp 8 maintaining proper cash reserves
chp 9 investing your profits and building buckets

Part III. Deploying Your Assets Strategically
chp 10 understanding the limitations and potential power of social security
chp 11 the role of your personal residence
chp 12 health care - the hidden time bomb
chp 13 self-directing and strategic use of the IRA, SEP, and 401(k)
chp 14 why rental real estate, and how to do it right
chp 15 vacation property and timeshares: strategies and pitfalls
chp 16 the proper role of insurance in your plan
chp 17 what you should be buying from wall street

Part IV. Exit Strategies for Your Business
chp 18 preparing to sell your business
chp 19 pricing your business and increasing its value
chp 20 helping your partners or employees buy the business
chp 21 how to find and sell to a third-party buyer
chp 22 selling to your family

Part V. Protecting Your Hard-Earned Assets
chp 23 asset protection: inside and outside
chp 24 cyber security risks
chp 25 where estate planning fits into the equation

[Raul Valdez · Rating 5 out of 5]

Mark Kohler’s The Business Owner’s Guide to Financial Freedom is a highly practical and eye-opening read for anyone considering entrepreneurship. The amount of information packed into this book is impressive—it serves as a great primer on the often-overlooked legal, tax, and financial implications of running a business. Kohler breaks down complex concepts in an accessible way, helping readers understand how to structure their business, protect assets, and minimize tax liabilities legally and efficiently. Anyone thinking of starting a business—or even current owners looking to tighten up their strategy—should read or at least explore this guide. It’s one of those books that could save you thousands just by pointing you in the right direction.

[MADHUKAR DAYAL · Rating 5 out of 5]

Easy to read and understand, targeted primarily at US citizens, the book explains how to organize and take care of your finances if you are a small business owner (entrepreneur). It explains, in short, different ways of valuing your business, presents a financial independence achievement plan, pitfalls likely to be faced in running a small business, selling it or transferring to the next generation, dealing with real estate, insurance, and protecting your assets. Although the book will not make you an expert in it, but it will definitely make you see the need of consulting an expert, as there are so many pitfalls in doing it yourself. Anyone, who is or expects to become a (USD) millionaire should definitely read this book.

[Barbara · Rating 5 out of 5]

I will be buying a copy of this book to refer back to, as well as a few to give away.

[T · Rating 4 out of 5]

As a CPA myself who works with small business owners, I recommend this book as a good overview of the various strategies business owners should be considering.

[Darren Sapp · Rating 4 out of 5]

A great book to walk through and plan accordingly. It's more than a checklist, but a practical guide.

[Ronald J. Pauleus · Rating 4 out of 5]

Quality stuff and material, gets into the nitty-gritty of making sure you have a great tax strategy plan.

[Viraj · Rating 4 out of 5]

Some items in some chapters have great directions for implementation. Otherwise the book is about 30% more wordy than needed. I should convert important items to specific actions for myself.