Byron Moore, CFP® and Mike Jones

Business owners

What Were You Thinking?

By Byron Moore, posted June 25, 2018
Originally published in the News Star and the Shreveport Times on Sunday, June 24, 2018.

 

She had promised herself she wouldn’t cry in my office.Will and Testament_small.jpg

“What was he thinking?” she asked, taking a deep breath and pausing to hold back the tears.

It wasn’t supposed to end this way. Her husband had started his business from scratch, striking out on his own when he was just 32. They worked as a team to raise a family and start a business. It was so tight in those early years, but all she could remember were the good times.

Within ten years he was hiring more staff and opening a second location to serve the needs to a growing clientele. He was a supplier to a specialty niche in his industry and he became known for his responsiveness and customer service.

For years the business had been successful, as far as she knew. There was always enough money and even though his travel schedule was at times demanding, he seemed to strike a balance between hard work and time with her.

Why You Can't Cram for the Harvest

By Byron Moore, posted June 18, 2018
Originally published in the News Star and the Shreveport Times on Sunday, June 17, 2018.

Harvest_small.jpg

Most important things in life cannot be crammed.

You remember cramming. It was a skill I learned well in high school.

I would ignore learning any relevant material outside of what was required for day to day academic survival, until an appropriate interval prior to a big test. The interval may be 30 minutes to 24 hours prior to a big test, depending on the teacher. Having procrastinated as long as possible, I would read the high points of the material, perhaps including some Cliff Notes if it was a big test. Usually the items I was seeking to cram into my short-term memory were factoids I had identified by that time-honored method of academic inquiry…asking the teacher, “Is this going to be on the test?”

So cramming works…in some situations, most of which are not very important or beneficial over the long-term.

In fact, cramming is usually a short-term solution that simply delays or anesthetizes a long-term problem.

Elder Abuse - Friends and Family

By Byron Moore, posted June 11, 2018
Originally published in the News Star and the Shreveport Times on Sunday, June 10, 2018.Elderly Credit Card_small.jpg
 

Vladimir smirks at a computer screen, furiously typing as he chain-smokes one cigarette after another.

He is hacking into your bank account.

Green numbers flash across his screen, indicating the systematic draining of your bank account into his off-shore account, all accomplished from his dingy apartment building somewhere in upper Siberia.

From a hot and humid internet cafe in Cameroon, dozens of teen-aged online scammers send out email after email, each pretending to be a long-lost Nigerian prince, heir to a tanker of oil if he can just get a $10,000 bank account open…with your money. And…wonders!...he promises to split the money with you once he sells the oil!

Leave a Path to Follow

By Byron Moore, posted June 11, 2018
Originally published in the News Star and the Shreveport Times on Sunday, June 3, 2018.
 

Joe D Burns.jpg

We buried my father-in-law last week.

Ninety-four years is a long time to live.

In so many ways he was an American success story. Born into a family of ten children, he was raised in northern Webster Parish during the depression. Milk and eggs were taken to market weekly on a horse and wagon, and when he got old enough to attend LSU, he had to walk ten miles to Springhill to begin the hitchhiking journey to Baton Rouge.

He earned a forestry degree from LSU, fought his way across Europe with the U.S. Army during World War II, started a family in the 50s, a forestry business in the 60s and all along the way bought as many tracts of land and LSU season tickets as his budget and his bankers would allow.

Debt Brings the Future into the Present...At a Cost

By Byron Moore, posted May 22, 2018
Originally published in the News Star and the Shreveport Times on Sunday, May 20, 2018.
 

Debt.jpeg

Just the other day, one of my son’s friends, Grant, called me with a business question. I got to know Grant during his undergrad years, and quickly saw that he would make a sharp businessman. Not too long after graduation, Grant went into business with his father. He was excited about the prospect of building a family business and optimistic about their success.

However, he soon realized that he and his father had different views on debt. On the one hand, Grant’s father was totally against it. But on the other hand, Grant believed there was nothing wrong with debt if they could afford it.

“So where does debt fit into business?” Grant asked me, struggling to choose the next right step.

Motivating the all-star players on your business team

By Byron Moore, posted October 17, 2017
Originally published in the News Star and the Shreveport Times on Sunday, October 15, 2017.
 

Talent_sm.jpgQ: I have an employee that is key to the success of my business. I pay him very well so that he doesn’t have any incentive to leave. But if we lost him, we would be up a creek. Beyond just more money, what other things can I do to tie him to us?

A: In George Orwell’s political satire Animal Farm, one of the characters quips, “All animals are equal, but some animals are more equal than others.”

Cash is oxygen

By Byron Moore, posted October 9, 2017
Originally published in the News Star and the Shreveport Times on Sunday, October 8, 2017.
 

drowning_sm.jpgQ: I was always taught to pay my bills on time and avoid debt like the plague. As a business owner I try to practice these values. When I started my own business, I took out a large loan amortized over 15 years, but I am trying to pay it down as fast as I can – maybe a soon as five years. The business is profitable, but sometimes the rate at which I am paying down debt can create cash flow issues for me. What’s the balance?

A: How long could you last without oxygen? When it comes to breathing, do you think in terms of balance or unlimited access?

In business, cash is oxygen. Other than that, it’s no big deal.

Stages of an entrepreneur’s life

By Byron Moore, posted September 25, 2017
Originally published in the News Star and the Shreveport Times on Sunday, September 24, 2017.
 

Open_neon sign_sm.jpgQ: We started a business a few years ago. It was rough at first, but we finally got our act together. We’re making plenty of money now, but I’m feeling restless. I can’t imagine walking away from what I’ve built, but frankly I’m a little bored. What have you seen others do in this situation?

A: Sometimes I’ve seen them to some really stupid things. Other times, I’ve seen them just continue to do the same things.

But I’ve seen a few do some significant things, and I think they are the happiest with their choices.

Owner’s exit – good plan or “good grief!”

By Byron Moore, posted September 18, 2017
Originally published in the News Star and the Shreveport Times on Sunday, September 17, 2017.
 

Q: My business partner and I bought insurance on each other years ago in case something happens to one of us. Somebody told me we need a buy-sell agreement to go along with that. If it’s just the two of us, do we have to get that formal?

A: When was the last time your sister-in-law had access to your bank account?

If the answer is “never,” you might want to re-think your affinity for informality in this instance.

Talent is overrated

By Byron Moore, posted May 10, 2017
Originally published in the News Star and the Shreveport Times on Sunday, May 7, 2017.
 

Talent_sm.jpgQ: The most difficult thing in my business is finding talented people. Everybody’s a superstar on their resume, but when they come in for an interview it’s a different story. How do you find talented people?

A: Unicorns and all-stars are often hard to come by. In fact, I wouldn’t waste my time looking for either.

Have you met our team?

We have a wealth of experience
in the financial services industry.

Meet the team

Syndicate content

Please review Important Disclosure Information set forth in the last section of this web site.

Website Design For Financial Services Professionals | Copyright 2018 AdvisorWebsites.com. All rights reserved