Keep Your Eyes on the Enterprize2

Keep Your Eyes on the EnterprizeYour Money. Your People. Your Prize

Memphis Consulting Group, LLC

Sponsored By:

Tri – State Bank of Memphis

Keep Your Eyes on the Enterprize 2

Introductions

Name

Company


Agenda1. Your Call To Entrepreneurship (Your Prize)2. Your Journey Thus Far3. Why This Collaboration?4. Critical Success Factors

a. Your Moneyb. Your Peoplec. Your Prize (Recap)

5. Questions and Answers6. Upcoming Events7. Discussion by Tri-State Bank


Your Call To Entrepreneurship (Your Prize)


Quotable Quotes

“There are two important days of your life: the day you are born and the day you figure out why.”

-Mark Twain


•Cover Costs of Living

•Legacy

•Freedom

•Flexibility


Your Journey Thus Far

Why This Collaboration?


Quotable Quotes“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”

-Abraham Lincoln“As iron sharpens iron, so one person sharpens another.”

-Proverbs 27:17


To identify and engage elite businesses to achieve:

Increased growth and profitability

Scale

To help business set and achieve some audacious

goals

To help you monitor the health of your business


Critical Success Factors

Keep Your Eyes on the Enterprize12

Keep Your Eyes on:Your Money

Your People

Your Prize


Your Money


Keeping Track of Your Money

Keeping More of Your Money

Keeping Your Money Working

For You


Take charge of your money and control it

Employ financial discipline early

Build a financial war chest for strategic

advantage


Tax Strategy


Effective and Marginal Tax Rate


Average Rate at which an individual or corporation

is taxed.

Marginal Rate is your upper marginal tax bracket.


Lessons from the Big Players (2010-2014)


Company Federal Income Tax (Millions)

Federal Tax Rate

General Electric (GE) -$1,434 -4.3%

Mattel -$8 -0.4%

Priceline -$32 -6.8%

Source: Citizens for Tax Justice

•Create ReservesReinvestments

Investments

Retirement


Your People


• Internal Resources

• External Resources

Business Advisor/CPA

Banker

Attorney

Risk Management

Professional


Internal Resources


Am I looking for and hiring great people?

Am I developing my employees?

Am I engaging my employees?

Am I affectively monitoring performance?

Am I being too lenient and overlooking obvious

red flags?

Keep Your Eyes on the Enterprize 25Source: LinkedIn

External Resources


Tips for interacting with external advisors:

Develop a relationship

Be interested in your business

Ask questions

Don’t be scared of financial statements and the numbers. They are key to

your insight into your business performance.

Meet with them often

Seek advice and don’t be intimidated by your advisors. You sign their check.


Your Prize


What do business owners consider as the end prize for their

business success?

Return on/of Investment

Longevity

Financial Freedom and Retirement


Long Lived Businesses:

5. Citigroup – Est. 1812

4. Colgate – Est. 1806

3. DuPont – Est. 1802

2. Jim Beam – Est. 1795

1. Cigna – Est. 1792Keep Your Eyes on the Enterprize 30

Retirement Plans


Simplified Employee Pension Plan (SEPs)

Defined Contribution Plans (Keough Plans)

SIMPLE IRA (Savings Incentive Match Plan for Employees)


Don’t invest it and forget it

Invest for growth

Allocate assets


Questions


Date Type of Event TitleSeptember 29, 2016 Workshop Working For Yourself

November 9, 2016 Presentation Tax Compliance and Tax Planning

January 12, 2017 Presentation Wealth Creation


Books, Talks, and BeyondPurpose: To help business owners increase their knowledge of

pertinent topics by reading a selected book and meeting to discuss

it.

Frequency: Once a month or as appropriate


Thank you to Our SponsorTri-State Bank of Memphis180 North Main St.Memphis, TN, 38103


Memphis Consulting Group, LLC5118 Park Ave, STE 212

Memphis, TN, [email protected]

www.memphisconsultinggroup.com


Keep Your Eyes on the Enterprize2

Documents

Transcript of Keep Your Eyes on the Enterprize2