Byron Moore, CFP® and Mike Jones

Business owners

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.

How to build value into your business

By Byron Moore, posted April 17, 2017
Originally published in the News Star and the Shreveport Times on Sunday, April 16, 2017.
 

Plumbing business_sm.jpgQ: I am just starting out owning my own business. We’re doing fine, but I’d like to grow over time and create something of value that I might sell one day. How do I do that?

A: Do you own a business or simply own your job?

There is a big difference between being self-employed (a.k.a., owning your job) and owning a business that has value apart from your direct involvement. One is not superior to the other, but they are very different creatures.

Succession plan – work till I die, then leave it to the kids

By Byron Moore, posted November 14, 2016
Originally published in the News Star and the Shreveport Times on Sunday, November 13, 2016.
 

Time management is a myth, pt. 2

By Byron Moore, posted September 12, 2016
Originally published in the News Star and the Shreveport Times on Sunday, September 11, 2016.
 

time management_sm.jpgQuestion: My business is going well – better than I ever thought it would. My problem is that it’s just eating up more and more of my time…and my life. I’m missing kids’ ball games I know I’ll never be able to get back and I really don’t want to miss out on this time in their lives. What time management tips do you have for getting more things done in less time?

Answer: Last week I said time management is a myth.

That’s because time is a totally inflexible commodity.  We all have access to an equal amount each day.

Time management is a myth, pt. 1

By Byron Moore, posted September 6, 2016
Originally published in the News Star and the Shreveport Times on Sunday, September 4, 2016.
 

time management_sm.jpgQuestion: My business is going well – better than I ever thought it would. My problem is that it’s just eating up more and more of my time…and my life. I’m missing kids’ ball games I know I’ll never be able to get back and I really don’t want to miss out on this time in their lives. What time management tips do you have for getting more things done in less time?

Answer: Time management is a myth.

You obviously can’t add more time to your day, though I suspect you’ve given that a shot (“sure, I’m fine on four hours of sleep a night…”). So now, you’re working on the other end of the equation – packing more “doing” into each day.

Think you’ve got a “can’t miss” idea? Keep thinking…

By Byron Moore, posted August 29, 2016
Originally published in the News Star and the Shreveport Times on Sunday, August 28, 2016.
 

Opportunity_sm.jpegQuestion: A friend of mine approached me about investing in a start-up business he’s involved in. I am not at liberty to divulge any details, but I think the idea is brilliant. I really don’t see how it can miss. My question is, what is the best way for me to make this investment – personally, through my IRA or with an LLC I set up?

Answer: Whoa boy. You’re about 100 steps ahead of the parade and it might not even be going your way.

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