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I made a decision this week that I am both proud of and a little sad about. I have been eyeing a new mountain bike for some time - not to replace my current bike but to compliment it. The bike I ride is actually great for where I live, but I find myself wanting something a little more aggressive when I travel. Last week, Katie and I were in Vermont to celebrate our 10th anniversary and I had the chance to demo the exact bike I have been eyeing, an Ibis Ripmo AF. It was absolutely everything I had expected it to be. Gobs of climbing traction, a slacker head tube with really excellent descending and a great fit for me. Just the bike I want for all-day rides in the mountains. Katie even gave me permission to buy one. So, or course, I looked online and regionally (no local Ibis dealers), found the one I want in the color I want, and decided not to buy it. Why? I looked back at my key values: Family, Integrity, Exercise, Faith, & Autonomy. I decided that NOT buying the bike would support my values of Autonomy & Family. How is that? I have a little bit of debt - a car payment - that I would rather pay down/off in order to increase my autonomy (I have fewer payments to make/less debt to service/less of a tether to the bank) which improves my family's situation by making us less income-dependent and, at least theoretically, less stressed about where our money "has" to go on a monthly basis. My belief is that if this bike is meant to be mine, and I have been a good steward of God's blessings, the opportunity to buy it will come back around and I will be in a better situation to snatch it up. If not, that's OK too - life goes on. a little sad? Yes. Proud of my decision? Yes. see thrivent.com/social for important disclosures.
National Nonprofit Day has me reflecting on some of the most inspiring people I get to work with. Over the years, I've had the privilege of sitting across the table from nonprofit and church leaders, board members, volunteers, and donors who are deeply committed to making their communities better. What often strikes me is that the people behind these organizations aren't focused on recognition. They're focused on people. They're feeding families, supporting students, caring for those in need, preserving community treasures, advancing causes they believe in, and creating opportunities for future generations. As a financial advisor, one of the most meaningful parts of my work is helping nonprofits think beyond today's needs and build a foundation for tomorrow. Whether it's establishing an endowment, developing a planned giving program, or helping donors leave a legacy, the goal is always the same: ensuring that the causes we believe in can continue after we're gone. These conversations are about values, purpose, and impact and creating something that outlives all of us, not about money. Today, on National Nonprofit Day, I'm grateful for the organizations that make our communities stronger and for the donors and volunteers who make that work possible. Thank you for everything you do, often behind the scenes, to improve the lives of others.
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This feels weird to say, but for the first time in nine years of having an office "in the city," I ran an errand on my bike. I walk a lot of places, but it's never occurred to me to ride my bike 🤷
Personal life planning never crosses your mind What the owner thinks: “I’ll play golf everyday and spend time with my grandkids.” Truth: About 95% of owners regret selling their business one year after the sale. • Former owners feel like they have lost their purpose • Family members have their own lives and can likely only spend so much time with you • A round of golf only takes 4-6 hours; that leaves a lot of unaccounted for time in the day Plan now for what comes next: • Find a community important to you and lean into it • Find a hobby where you build or grow something – same feedback as business building See thrivent.com/social for important disclosures
Personal financial planning is often neglected but is essential What clients think: “I’ll focus on my personal plan once the business settles down.” Truth: That moment almost never comes. A strong personal plan actually: • Improves decision-making within the business • Reduces pressure to take bad deals • Creates negotiating leverage during exits Run two parallel plans: • Business plan (growth, operations, exit) • Personal plan (cash flow, protection, independence) See thrivent.com/social for important disclosures
Thrivent Social Media Privacy Policy, Guidelines, Disclosures & Disclaimers
Thrivent Social Media Privacy Policy, Guidelines, Disclosures & DisclaimersExit planning should start years earlier than feels necessary What the owner thinks: “I’ll figure that out when I’m ready to sell.” Truth: The best exits are built slowly—not timed at the end. • Value is created through years of preparation • Buyers pay for systems, predictability, and independence from the owner • Tax efficiency requires advance structuring Think in terms of “exit readiness,” not exit timing: • Could your business run without you for 90 days? • Do you know what drives valuation in your industry? See thrivent.com/social for important disclosures
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Truth #2: Your business has hidden risks What the owner thinks: “My biggest risk is the market.” Truth: Your business faces any number of risks including: • Concentration risk, industry risk, political (regulation) risk, and owner knowledge risk • One disruption (disability, loss of a client, regulation change) can cause major problems De-risk in layers: • Income protection (disability, overhead expense, Key person) • Build out missing contingency plans • Identify and move to mitigate business risks See thrivent.com/social for important disclosures
This week: Five Truths about Transitioning a Business Truth #1 The business is just one asset What the owner thinks: “My business is my retirement plan.” Truth: Your business is an asset, not a guaranteed outcome. o Build wealth outside the business while positioning the business to keep your options open and have flexibility. • Most owners significantly overestimate or underestimate the future sale value • Many businesses are not transferable without the owner • Liquidity events are often delayed, discounted, or never happen See thrivent.com/social for important disclosures
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A few days ago, I saw a post from Eric Bostic that mentioned “Dollar Dribbling.” For an individual, dollar dribbling is the sort of small, unchecked & often untracked spending that adds up over time. To pick on coffee – which I drink a lot of – looking at $6/day every work day, that’s about $1,560 per year on coffee. Over 10 years, that’s $15,600. For a small business, that can be multiplied since we generally see more expense and more transactions. To find some of these little leaks or dribbles, you might think about: Payment processing fees (which can slowly creep up over time), unused software licenses, daily utilities, office supplies, and small service fees. In my business, I have a habit of signing up for things – courses, training, software - whatever, and not using them or at least not effectively. I found about $300 last month in subscriptions that I wasn’t using to their potential and opted to cancel the subscription since I wasn’t making enough time to use them. When you’re looking at improving your business value, tracking your spending regularly and taking a look at the little dollars can help uncover some lost cash flow and possibly some bigger spending problems. See thrivent.com/social for important disclosures
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Back on the BC days (before children) I was super involved in my local community... non-profit boards, coaching track & field, scoutmaster, working with my church's youth group, etc. Once our twins were born, I backed out of everything to build my business and raise two littles. Now they're bigger and I've been getting involved again, but with them and it's been AWESOME! I am super proud that this past Sunday I was able to organize our areas first all-ages family mountain bike group! We had experiences riders and first timers and options for everyone. We put in about 4 miles as a group and had tons of fun! Oh, and we got that dog, Jerome!
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Last Thursday was fantastic! I got to be on-site at a client business - auto salvage is a wild world to learn about - the I was able to hit some trails on the way home. Pretty good way to spend the day 😏 See Thrivent.com/social for important disclosures
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The cost of things I've looked at recently: $500,000 house, $150k down, 6.4% interest $2189/mo 30 yrs $73,985 6.4%, 5yrs $1,444/mo Camper $9,999 9.3% 5 yrs $209/mo. Things I've bought recently: SDG Tellis dropper seatpost, slightly used: $70 Moral: when the world seems insane, buy bike parts and go for a ride.
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Last week I got one of my favorite messages of all time (used with permission): Hey! Glad to have your number! I don’t really think I even know what I need to find out, but we have no real retirement plan, no life insurance, no real savings, no kind of will or succession plan or anything, got like $140k in federal tax credits that we might not ever earn enough to take advantage of, and maybe about $100k in a TIAA 401k. We're 40% owners of the farm, so there's equity in that but not really accessible, and I'll have to buy out my 60% partner sometime in the next 10-15 years and while there's sure to be some inheritance from my folks that can't be the Plan A for anything. I need someone that understands all this stuff to help me put a plan together for what I can/should do with this little bit to work with. Well and I need to be trying to save for six (or more) kids to go to college someday. Kind of a five loaves and two fish deal. I'm talking to Jesus about that but I need to be a better steward of this little bit in the meantime. These folks are absolutely ideal clients, not because they have tons of money (they don’t) but because they recognize that they: • Have more to balance than they can handle themselves • See that they have immediate gaps to fill • Recognize that there are future needs that need to be addressed now • Own a business (farm) • Are Christians • And my favorite, used the line: “Kind of a five loaves and two fish deal.” These are the types of folks that my team is best prepared to help – if this sounds at all like you, message me “Two loaves” and let’s get started! See thrivent.com/social for important disclosures
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I'm planning to ride after work today and didn't want to leave my bike on the rack. Not gonna lie...I kinda like the bike-in-the-office aesthetic!
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I am planning to ride my bike after work and didn't want to leave it on the rack - I kinda like the mountain bike-office aesthetic!
Thrivent Social Media Privacy Policy, Guidelines, Disclosures & Disclaimers
Thrivent Social Media Privacy Policy, Guidelines, Disclosures & DisclaimersWe all love sharing the wins: new clients, big deals, milestones…all of it. But the most important story to me personally isn’t a win—it’s my biggest failure so far. Early on, I worked with a business owner who looked like everything I wanted in a client: multiple companies, strong revenue, healthy profits. Around the same time, I had just earned my Certified Exit Planning Advisor credential, and I thought I was ready to take on everything. Tax strategy. Value acceleration. Key person planning. You name it. Some of it was in my wheelhouse. Some of it…definitely wasn’t. I overpromised. I underdelivered. The plan fell apart. The client was frustrated. The relationship didn’t make it. It was a gut punch that I carried around with me for years. But here’s the thing—I’ve talked about that case more than any other, because it taught me more than anything else I’ve done in this business. It forced me to get honest about what I know and what I don’t. It pushed me to build the right team around complex situations. It made me better for my clients and for myself. That experience is a big part of the value I bring today. Not because I got everything right, but because I’ve learned, adapted, and grown from getting it wrong. Everyone has a plan… until they get punched in the mouth. What matters is how you respond after. #exitplanning #financialplanning #smallbusiness See thrivent.com/social for important disclosures
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Think of your Independent Sales Organization like a house: the size matters, but the foundation and "curb appeal" determine the final sale price. If you want to fetch a premium multiple, you have to shift from being a salesperson to being an architect. Here is how you maximize your exit value without the fluff: Audit Your Data: Buyers hate "messy." If your contracts are scattered or your residual reports are unreadable, you look risky. Standardize your agreements and keep your data clean enough for a third-party audit. Clarity equals a higher multiple. Kill "Whale" Dependence: If one or two big merchants make up the bulk of your income, you don't own a business—you own a high-stakes gamble. Diversify your portfolio so that losing one client doesn't sink the ship. Automate the Machine: A business that requires the owner to be in every meeting isn't an asset; it's a job. Use AI to streamline your recruiting and CRM workflows. If the business can grow while you’re on vacation, it’s worth significantly more to an investor. Build your business as if you were going to sell it tomorrow, and you’ll find it’s much more profitable to keep today. #Payments #ISO #BusinessStrategy #Fintech #ExitStrategy
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Payment services pros (or anyone with variable income): Let's smooth your monthly cash flow & expenses. I like to think of it as having a place for your money to go each month rather than trying to just hang onto your money. In everything you do, be intentional, be exceptional.
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While traveling last week, I was the victim of debit card fraud ☹️ I noticed a $0.00 dollar Starbucks charge from St. Louis while in Arizona. The problem is, I always pay for SBUX through their app. The following day I found two more $0.00 charges from what appeared to be small tech companies. This is called card testing. Making sure a card number is valid before taking money from the account. Having had a similar experience many years ago, I called my bank and they shut down my card and issued a new one. Had i not be semi-obsessive about tracking my money, I probably would have had my account cleared out I'm short order. Remember, stay vigilant and be careful with your card numbers!
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I am in the office today but it's rough out there! If you need something, give me a call and stay safe! 🤙