Independence by Design™

Most budgets don’t survive past Q1. They collapse because they aren’t built on cash flow, they don’t roll into the balance sheet, and they aren’t tied to owner goals. In other words, they’re not budgets — they’re wish lists. Watch on YouTube That’s why Part 2 of our Budget Season 2026 Series is all about the model itself. I sat down with Pat Hobby, who’s spent decades building financial models, to break down how owners can create a budget file that actually runs the business.  We dig into how to structure assumptions, link them to drivers, and roll everything into financials you can trust. We talk about Base, Upside, and Downside scenarios, how to keep the model simple but powerful, and how to set a monthly cadence so the budget stays alive all year.  This isn’t about Excel tricks. It’s about having one system that tells you when to hire, when to invest, when to pull back — and the confidence to make those calls from the boardroom.   In this episode, Pat and I screen-share and walk through an actual model. If you want to see the file in action, check out the video version on YouTube or Spotify.   What We Covered:  Why most budgets fail (and how to avoid building a wish list)  The structure of a usable model: assumptions → drivers → financials → outputs  How to build Base / Upside / Downside scenarios without breaking the file  The importance of linking P&L, cash flow, and balance sheet together  How to set a monthly cadence so budget vs. actuals drives real decisions  How to keep the model “living” without turning it into a science project  Pat Hobby is a seasoned CFO, CPA, and the founder of The CFO Advantage, a fractional CFO firm that helps business owners gain true financial clarity and use their numbers to drive long-term value. He was also the cofounder of Ryan Tansom’s former business, where they built a fractional CFO model serving dozens of clients across multiple industries. Pat has guided companies through ESOPs, private equity transactions, and complex financial transitions, always bringing an investor mindset and operational discipline to the finance function. He’s known for making complex financials simple, actionable, and aligned with ownership strategy.  Chapters:   (0:00) Introduction to budgeting fundamentals and three statement modeling approach  (4:59) Why budgeting starts with sales and revenue forecasting methodology  (21:04) Building the complete three statement model and end result overview  (26:32) Creating detailed monthly payroll budgets with full burden calculations  (38:55) Understanding cash flow statements and the owner operator bridge  (53:16) Forecasting balance sheet and working capital management levers  (1:09:35) Managing distributions, debt, and capital allocation decisions  (1:31:34) Implementing monthly budget reviews and ongoing financial management  Rate, comment, and share with the owner/operators you know!  Chapters (00:00:00) - What Good Budgeting Looks Like(00:02:56) - Budgeting With a Three-Step Model(00:06:47) - Budgeting for the Owner(00:13:31) - The Owner-Operator Process(00:17:46) - CFO Talk: The Cash Flow Statement(00:25:16) - The Income Statement and Balance Sheet(00:26:39) - Projecting Cash Flow From Operations(00:30:55) - Cash Flow from Operations and Capital Expenditure(00:38:24) - The Business of Budgeting(00:44:55) - Trump on the GOP(00:45:08) - Accelerating Budget Calculations(00:50:20) - Operations(00:52:14) - Income Statement, Fully burdened Tax Form 4(00:56:40) - Compensation and the Budget(01:03:28) - Cash is the Plug(01:10:22) - Cash Flow Forecasting, Lever Analysis(01:17:11) - normalized EBITDA and cash flow statement(01:22:18) - Return on Revenue(01:27:19) - Cash Flow and Forecasting(01:29:31) - CFO on the Monthly Budget and Owner's Review(01:34:02) - The Role of the CFO in an Acquisition(01:37:53) - How to Budget for Your Business

Budgeting season is here. But most owners build budgets in a vacuum — starting with last year’s numbers and layering on guesses. The result? Fantasy budgets that collapse by Q2. Watch on YouTubeThat’s why I’m kicking off a three-part Budget Season Series. Each episode will build on the last to give you a step-by-step process to create a budget you can actually run your company with.  We start with the big picture. I sat down with Alan Beaulieu and Kim Clark to talk about where the economy is heading, what the data says about demand, inflation, and interest rates, and how to translate those signals into real targets for your business. Alan (previously with ITR Economics) has spent decades forecasting with 94% accuracy. Kim works with owners every day on capital and operations. Together, they’ll help you orient before you open Excel.   This isn’t about predicting the future perfectly. It’s about setting guardrails, defining risks and opportunities, and making sure your budget starts with reality — not wishful thinking.   What We Covered  Why most budgets fail before they start (and how to avoid it)  Translating economic signals into volume, price, and capital targets  Building scenarios (Base, Upside, Downside) that actually matter  Creating a simple risk/opportunity register to carry into your plan  Why orientation first is the key to protecting margins and avoiding mid-year chaos  Kim Clark is a sales and marketing strategist who helped scale ITR Economics from a founder-led advisory firm to a professionally managed company that exited at eight figures. As head of sales and marketing, she built the firm’s first CRM, content strategy, and inbound engine—moving the company from personality-based selling to a system built on data, automation, and strategic execution. Today, she works with business owners to build marketing engines that align with their strategy, team, and long-term cash flow goals—so they can grow without chaos and delegate without losing visibility. Her frameworks are directly aligned with the "Maximize Growth" track inside the Build a Valuable Business module of the iBD™ Magic Model.   Alan Beaulieu is a globally recognized economist and partner at ITR Economics, a firm with 94.7% forecasting accuracy over 80 years. For more than three decades, Alan has guided executives worldwide through all economic cycles, providing clear, actionable insights on markets, strategy, and investment. A respected speaker, author, and advisor, his data-driven approach helps companies anticipate change, protect value, and maximize profitability.  Chapters:   (00:00) Introduction to Budget Season Series and why economic orientation comes first  (05:57) Why GDP headlines don't help and the data quality crisis  (10:05) Finding leading indicators and the three-cycle learning curve  (13:55) The train analogy for understanding where you are in business cycles  (20:04) Money supply expansion, inflation trap, and the 2026-2027 outlook  (24:07) Time, talent, and money: the only three resources that matter  Chapters (00:00:00) - Independence by Design: Budgeting(00:02:51) - Quarterly Budget Update With Kim and Alan(00:05:18) - Alan Greenspan on the Macroeconomic Environment(00:11:39) - The Business Cycle(00:15:38) - Macroeconomic Growth outlook(00:18:03) - Top 10% Spending(00:24:01) - Three Things in the World That Matter(00:25:14) - The Need for a Business Strategy(00:27:20) - Top Executives: The Need for Bottom-Up Forecasting(00:30:11) - Macro Focus: Manufacturing and Services(00:36:15) - Small Business Coach: The Business Cycle(00:40:44) - How To Find The Right People For Your Business(00:44:39) - Prosperity in the Age of Decline

Every owner’s journey is made up of inflection points, the moments where you have to make big, irreversible decisions.  Watch on YouTubeIn this episode, my friend Tom Nagler shares his full story arc as an owner. From growing up in a family business, to buying it from his dad, to juggling cash and growth pains, to considering a sale but choosing to acquire instead, to bringing on a partner, and finally making the hard decision to sell — Tom lived through the full journey of ownership.   What makes Tom’s story powerful is how openly he shares both the human side and the technical side of those decisions. He talks about family dynamics, cash pressure, risk, and identity — but also about valuations, deal structures, and what actually creates value in a company. He also reflects on how education, an ownership framework, and clarity gave him the confidence to understand his options and choose intentionally at each step.  If you’re an owner navigating the day-to-day grind, facing big decisions, or just wondering what the road ahead might look like, Tom’s story will give you a clear window into the full arc of ownership — and the lessons you can carry into your own journey.  What We Covered: Growing up in the family business and deciding to buy it from his dad The reality of juggling cash flow, debt, and growth pains The moment he considered selling — and why he chose to acquire instead Bringing on a partner and how it reshaped the business How he approached his valuation and learned to understand what really drives value The difficult decision to sell — and how he and his family worked through it What life and perspective look like after the business  Tom Nagler is a former business owner who grew up in a family company, later bought it from his father, and spent years navigating the challenges of cash flow, growth, acquisitions, and partnerships. Through a series of major inflection points, he gained a deep understanding of valuation and what truly drives company value. After ultimately selling his business, Tom now shares candid lessons from the full arc of ownership — from family handoff to life after the sale.  Chapters:   (00:00) Introduction of guest Tom Nagler  (05:22) Joining the family business, early career decision making process  (17:14) Father-son dynamics and building complementary business partnership skills  (27:06) Building company culture, values and hiring the right people  (41:15) Managing cash flow challenges and capital intensive business growth  (51:51) First acquisition offers and decision to decline early exit  (01:18:19) Strategic acquisition of supplier, vertical integration and lessons learned  (01:28:02) COVID impact on diagnostics business and final sale opportunity  (01:32:03) Working with Ryan on exit planning and decision framework  (01:44:24) Post-sale reflections, lessons learned and advice for business owners  Rate, comment, and share with the owner/operators you know!  Res... Chapters (00:00:00) - Independence by Design: The Full Story arc(00:02:37) - Tom Brokaw on His Personal(00:04:48) - Tom Flannery on Starting and Selling a Plastics Business(00:07:47) - Snowmobile Shield Making in the Twin Cities(00:09:21) - Going to Business School With My Dad(00:12:13) - Tom on the Importance of Family Business(00:14:34) - Multiple People Tell The Same Story(00:17:06) - On The Differance With His Dad(00:19:42) - On The Transition at YouTube(00:22:30) - Tom Walton on Going From Dad to Owner(00:27:31) - In the Elevator With My Business Partner(00:30:08) - The Secret Life Of Working At a Startup(00:31:39) - In the Elevator With Dave Ramsey(00:36:52) - Ryan on The Hard Decisions(00:40:49) - Expert Talk: Cash Flow(00:45:22) - How to Manage Your Own Psychology(00:49:10) - Tom Clancy on The Fear of Making a Decisive Decision(00:51:37) - How My Dad Passed Away In 2016(00:56:14) - In the Elevator With Tom Cruise(00:56:58) - Credible Offer for GE's CEO(00:57:35) - Decision Tree: Ownership Value(01:00:35) - Why I Didn't Sell My Company(01:03:09) - Tom Clancy on Why He Doesn't Regret the Sale(01:04:41) - How to Acquire a Tool Making Business(01:08:22) - Integrated Molding: The Hard Part(01:12:12) - Executive Compensation and the Leverage(01:17:03) - The Right to Behave(01:18:10) - Why we Bought Covid.(01:23:20) - In the Elevator With Tom Cruise(01:27:12) - On The Sell vs. Buy Decision(01:32:45) - The Importance of Regret(01:37:18) - In the Elevator With Warren Buffett(01:41:05) - Ryan on Financial Fear(01:42:51) - Post-Expiry Capital Decisions(01:48:33) - "To Trust Yourself"(01:49:28) - How to Manage Your Time(01:53:43) - What Your Dad Would Have Thought of The Dragon Project

Margins are under pressure, and scaling isn’t about throwing more people at the problem. Owners have to leverage technology to increase throughput per employee — but that only works if your data is clean and your processes are digitized.Watch on YouTubeThis isn’t an AI-hype conversation. It’s about putting best practices in place so you can actually use automation and AI as accelerants. If your company is still running on paper, PDFs, or messy file shares, you’ll never have the information flow you need to make fast, accurate decisions from the boardroom.That’s why I brought on Bob Muller, an expert in document and data management, to talk about how owners can digitize processes, manage change, and align their information flow with their financial and operational goals. Bob has lived this world for decades, and for me it was a full-circle moment — since I started my career in document management before building and selling our family business. We get into what it really takes to prepare your company to scale: not just buying new tech, but organizing your processes, cleaning your data, and creating the link from operations → financials → owner goals.  What We Cover:⇒Why digitizing processes and cleaning data is the foundation for scaling — and how it protects margins under pressure.⇒How analog → digital → clean data → automation creates throughput and frees owners from bottlenecks. ⇒Why AI is only an accelerant — it works if the inputs are good, but it’s useless without clean data. ⇒The real challenge of change management: how culture, leadership, and buy-in make or break tech adoption.⇒How to connect operations → financials → owner goals so technology actually drives valuation, not just efficiency. ⇒Practical steps to start: mapping processes, prioritizing wins, and aligning tech projects with business outcomes.Bob Muller is a veteran in document and data management with decades of experience helping companies digitize processes, clean data, and unlock efficiency. He specializes in guiding organizations through change management and building the foundation for automation and AI. Bob’s work equips owners to protect margins, scale operations, and tie information flow directly to financial performance and strategic goals. Chapters:  (00:00) Bob Muller's background in document management evolution (03:04) From copier sales to understanding business operations (05:12) Learning company processes through document management projects Chapters (00:00:00) - Independence by Design: Process Management(00:01:43) - Bob Dubay on Software Automation (podcast)(00:03:50) - Bob Wilcox on his Career Path(00:06:06) - Robbie Copier on the Future of Paper(00:08:29) - Understanding Operations Through Coding(00:11:33) - Employee Outcomes and the Process(00:13:22) - Bob Ley on Data-Driven Business(00:15:25) - Single pane of glass financial decision management(00:19:30) - Favorite Stories From Your Childhood(00:19:52) - Multiple Locations, One Finance Department(00:22:02) - In the Elevator With Change Management(00:24:31) - Mapping the IT Transformation Process(00:32:06) - Bob Ley on the Need for AI in the Business(00:35:28) - The Clean Data Needed for AI(00:42:17) - How To Maintain a Continuous Flow of Revenue Through OCR?(00:48:00) - What's the biggest resistance to automation in the IT process?(00:50:56) - Gross Profit per Employee(00:54:09) - Beyond the Integration: What's the Future of Business Processes?(00:57:41) - Five Things to Know Before Shopping Around for a PC Implementation Company(01:00:31) - Top IT Executives: How Do You Map Out Scopes(01:07:26) - Bob Costas on The Culture of Image One

The business advice system is completely broken. Tax, estate, and wealth must be one plan — and you can’t trust the system to build it for you. Watch on YouTube Advisors sell products, optimize for their own fees, and stay in their silos. Taxes here. Estate there. Wealth over in another corner. Nobody owns the whole. And owners are the ones who pay the price.If you don’t take ownership of the plan, you’ll be the one left holding the bag when taxes hit, valuations disappoint, or estate plans fall apart. It’s just like the healthcare system. Specialists cut and prescribe. Nobody’s responsible for keeping you healthy. In business, nobody’s responsible for making sure your entire plan actually works together.  In this conversation with my friend Brandon Henry, who works inside the family-office world of the 0.1%, we tell the truth about how advice really works — and why middle-market owners can’t afford to buy the orchestration back. If you don’t step up as the general contractor of your own plan, you’ll drown in noise, propaganda, and bad advice.  We don’t hold back. We lay out what good looks like, how to spot misaligned incentives, and what it takes to design a plan that actually serves you.  What We Cover: –Why the business advice system is designed to serve advisors, not owners.  –The healthcare analogy: why the parallels are too obvious to ignore.  –Why there’s no such thing as “three plans” — tax, estate, and wealth are one system.  –The general contractor role every owner must play until you can buy back orchestration.  –How to filter propaganda, spot misalignment, and hold advisors accountable. –What “good” advice actually looks like — and why it’s so rare.  Who This Is For: If you’re a business owner tired of piecemeal advice and sales pitches disguised as planning — and you want to finally understand how the game really works so you can take control — this episode is for you.  Chapters:   (00:00) Introduction and the broken business advice ecosystem  (04:22) Brandon Henry joins, defining the core pain point  (09:42) General contractor role, advisor complexity, and misaligned incentives  (18:15) Income tax compliance versus strategic tax planning  (26:59) Estate planning versus estate tax planning distinctions  (40:02) Wealth management industry evolution and fee compression  (56:58) Being your own general contractor until escape velocity  (1:08:01) Business structuring and preparing for transactions proactively  (1:19:31) Transaction readiness, avoiding vultures, and maintaining optionality  (1:36:40) What the ideal family office experience looks like  Rate, comment, and share with the owner/operators you know!  Resources: Mosaic Advisors https://mosaicadvisors.com/ IBD Newsletter on Valuations https://newsletter.ryantansom.com/  P... Chapters (00:00:00) - What Good Looks Like in Wealth Planning?(00:03:10) - How to Sit Down and Think Through Business Valuations(00:04:20) - The Owner's Group Talk(00:05:14) - What's The Core Pain Point For Business Owners?(00:06:57) - Priorities and the advisor landscape(00:11:11) - What Challenges Do Entrepreneurs Have With Their Advisors?(00:13:39) - CPA Incentives vs. Tax Planning(00:19:38) - CPA Talk: Income Tax Planning(00:20:28) - Tax Planning: Goals vs Pre-Decisions(00:21:26) - The Importance of Income Tax Planning(00:26:21) - In the Elevator: Estate Tax Planning(00:32:00) - Estate Tax Planning: How to Assist Your Clients(00:37:07) - Private Wealth Management and Tax Strategy(00:41:06) - Incentives in the Financial Services Industry(00:46:29) - Will Wealth Management Margin Defend?(00:50:37) - CPA Perspective: Wealth Management and Investment Advice(00:56:09) - Being the General Contractor for Your Family Office(01:04:13) - The 3-Step Process on a Strategic Deal(01:08:33) - How To Sell Your Company to a Private Equity Firm(01:14:38) - Estate Tax Planning and Investment Bankers(01:19:57) - Is Estate Tax Planning Too Complex for Business?(01:23:38) - The End of the Middle Market(01:28:29) - A Taste of Productivity

If you’re a business owner trying to make sense of Bitcoin, this conversation is your entry point.  Watch on YouTube Over two episodes combined into one, I sat down with Kim Clark and her father Alan Beaulieu—a partner at the world-renowned forecasting firm ITR Economics, known for its 94.7% accuracy over the last 80 years. Alan has spent his career helping owners understand what’s coming in the economy. In this conversation, he turned the tables and asked me to explain Bitcoin.  Across our discussion, we unpack what Bitcoin really is, how it compares to money as we’ve known it, and why it matters for owners thinking about value, valuations, and the future. Alan came in skeptical but open, and the questions he asked are the same ones every thoughtful owner has on their mind: Is Bitcoin safe? Is it different from other cryptocurrencies? Could it actually protect my wealth in the decades ahead?  I don’t claim to have all the answers. I’m still a student on this journey. But I’ve spent thousands of hours studying economics, money, and the history of financial systems—and I’ve come to believe Bitcoin is one of the most important developments of our time. It’s sound money for a world that desperately needs it.  In this episode we cover:  What Bitcoin actually is—and how it differs from cryptocurrency in general  Why money itself is just an open ledger of time and value  How Bitcoin solves the trust problem through scarcity and decentralization  Why fixed supply, proof-of-work, and network effects make it unique  The difference between Bitcoin and “shitcoins”  How demographics, debt, and fiat debasement are shaping the future of money  Why Bitcoin could redefine valuations and serve as a store of value for owners  How to think about Bitcoin as both a hedge and a design choice for your business and life  This isn’t financial advice, and it’s not a get-rich-quick pitch. It’s a real conversation—between an economist who’s spent decades forecasting the future, and me, an owner who’s spent a decade wrestling with how money, time, and business truly work.  Kim Clark is a sales and marketing strategist who helped scale ITR Economics from a founder-led advisory firm to a professionally managed company that exited at eight figures. As head of sales and marketing, she built the firm’s first CRM, content strategy, and inbound engine—moving the company from personality-based selling to a system built on data, automation, and strategic execution. Today, she works with business owners to build marketing engines that align with their strategy, team, and long-term cash flow goals—so they can grow without chaos and delegate without losing visibility. Her frameworks are directly aligned with the "Maximize Growth" track inside the Build a Valuable Business module of the iBD™ Magic Model.  Alan Beaulieu is a globally recognized economist and partner at ITR Economics, a firm with 94.7% forecasting accuracy over 80 years. For more than three decades, Alan has guided executives worldwide through all economic cycles, providing clear, actionable insig... Chapters (00:00:00) - Dissecting Bitcoin Valuations(00:06:10) - Bitcoin vs. All Other Cryptocurrencies(00:09:35) - Alan Greenspan on a Great Depression Coming in the 2030s(00:10:31) - Do We Let the Market Crash?(00:15:54) - Fed's Yield Curve Control(00:20:06) - correlation between M2 Money Supply and Bitcoin(00:25:12) - What Happens If Countries Turn Away From Bitcoin?(00:31:18) - Dividend Strategy: Is Bitcoin Riskier Than Bonds?(00:33:13) - What About the Risk of Fraud in Bitcoin?(00:35:34) - Robinhood CEO on Buying Bitcoin(00:37:46) - Would You Advise A Friend To Buy Bitcoin?(00:40:23) - Should the Fed Be Changed to a Cryptocurrency?(00:42:34) - Is Bitcoin a Revolution or an Economic Evolution?(00:46:33) - What Could Be Next for Bitcoin?(00:48:32) - The Countdown Clock to My Retirement(00:49:08) - What are the Most Promising Uses for Bitcoin?(00:50:12) - Bitcoin: Medium of Exchange vs. Store of Value(00:56:24) - U.S. Bank Won't Shut Down Coinbase or Robinhood(01:01:26) - Fooled by Capital: Can They Take Your Money?(01:06:15) - Is Coinbase a Money Laundering Site?(01:11:37) - Bitcoin: Three Layer Safeguard(01:14:28) - Is All Crypto Money Bad? (Answer)(01:19:39) - Stable Coins: How They Affect Bitcoin(01:23:02) - Dollar vs. Stock: The Emotion(01:26:55) - A Few Minutes in the Life of Bitcoin

Most advice treats all owners the same. The reality? There are two different games.Watch on YouTube For the 98% (smaller, tightly owner‑dependent companies), the job and the asset are commingled. Generic “exit planning” advice often creates noise: the math, buyers, and timelines rarely line up. For the 2% (true middle‑market owners with durable EBITDA and a management team), the game shifts to the boardroom. It’s about capital allocation—protecting value, preserving options, and making decisions across time, cash flow, and wealth. That’s the conversation in this panel debate with Mike Finger (Exit Oasis), moderated by Graham Stephen and Kyle McCulloch. Mike advocates for pragmatic guidance that helps the 98% make real progress. I argue for a clear line between the two games—and for ownership thinking when you’ve crossed into the 2%. We dig into: How the U.S. company landscape actually breaks down—and why that matters more than slogans What’s signal vs. noise for the 98% (cash flow, role/asset separation, transferable systems, realistic debt math) What’s signal for the 2% (board governance, valuation lenses, optionality, capital allocation) Where demographics, debt costs, and normalized EBITDA distort decision‑making Why many “exits” below the middle market don’t pencil—and what to optimize instead How to decide whether to design a great job (time + cash flow) or build a true asset—and what each path demands Where I think Bitcoin fits as long‑term store of time/value for owners—and where it doesn’t help Bottom line: Know which game you’re in. Filter the advice accordingly. If you’re in the 98%, focus on cash flow, dependability, and de‑risking. If you’re in the 2%, think like an allocator and run from the boardroom.Graham Stephen is a former banker and chartered accountant turned entrepreneurial strategist. After witnessing firsthand how the traditional financial system fails owner-operators, he co-founded Bizval to bring clarity, simplicity, and first-principles thinking to the messy world of valuation. His work helps owners understand their true worth—not just on paper, but in cash terms they can act on.  Kyle McCulloch brings a ra... Chapters (00:00:00) - Independence by Design: Business Valuation(00:03:41) - The State of SMB Businesses in the US(00:04:49) - How to Get More Out of Your Business(00:06:15) - In the Elevator With Carl McCulloch(00:07:01) - Small Business Owners: The 100 Million Club(00:12:47) - Small Business Owners: The 1% Truth(00:21:12) - SBA vs MSBA: Ownership Trap(00:24:03) - What Would Be the Options to Get Out of the Trap?(00:25:24) - Small Business Valuation(00:30:13) - Michael Glassman on the Exit Planning Environment(00:33:11) - Small Business Exit: Life-Changing(00:38:47) - Ryan Munroe on the Independence Flywheel(00:44:27) - Reasons to Retire Early vs. Investing in the Business(00:49:56) - Small Business: Is it futile for the 97%?(00:51:25) - Small Business Owners: How to Change Their Life(00:57:05) - 7 Steps to a Profitable Business(00:57:46) - No Owner Knows What the Advice Is Regarding 2%(00:58:43) - Is Exit Planning Necessary for Business Owners?(01:01:27) - The Challenges of Quantifying Your Market(01:04:25) - Small Business Owners: How to Make Their Business More Sustainable(01:10:09) - Coaching for the 98%(01:12:24) - How To Get From 170 to 350 Revenue(01:14:02) - What is a realistic expectation for what the market is going to require(01:15:02) - How Much Money Do You Need to Have to Win?(01:20:00) - Small Business Owners: The ESOP Misconceptions(01:22:25) - How to Get the 97% to Listen to the Right Message(01:30:28) - How to Get the Message Out About Eating Right and Exercise(01:31:27) - Eating Right and Exercise of Small Business Sales of Business Value(01:35:02) - Incentives for Business Advice(01:38:29) - Graham: Small Business Owners Need to Get Real(01:42:23) - Ownership and Exit Planning For The 2%(01:47:11) - Ryan on Cash Flow and the Business Cycle(01:48:42) - The Real Business Owners: Where Do You Sit?(01:52:28) - The 98% and their problems(01:56:36) - Biz Validate

If your goal is to run your company from the boardroom, the real work isn’t just stepping out of day-to-day operations. It’s making sure the business—and your wealth—are protected no matter what happens. In this conversation with attorney and deal advisor Jim Carlisle. Jim has guided hundreds of owners through sales, ESOPs, continuity crises, and legacy planning—and he’s seen what works, what destroys value, and what keeps owners up at night. We unpack how to think like a capital allocator while protecting your operating asset.  Watch on YouTubeThat means three things: 1. Estate readiness – ensuring your ownership transfers the way you want without value lost to taxes, infighting, or missed planning windows. 2. Business operations continuity – having a contingent operational plan so the company runs at full value if you’re suddenly out of the picture. 3. Market readiness – knowing your valuation through multiple lenses so you can seize a premium-price moment in the market without scrambling.  Jim shares real-world stories of owners who preserved 100% of their company’s value in a crisis—and others who watched it evaporate in weeks. We get into why continuity planning is different from estate planning, how to stress test your org chart, the role of fiduciary or advisory boards, and how to balance legacy, culture, and net proceeds when offers come in. If you want to keep control, protect what you’ve built, and be ready to move when your goals change or the market says “now,” this episode is your blueprint.  Jim Carlisle is a corporate attorney and entrepreneur with 34+ years of experience helping business owners achieve growth, succession, and exit goals. Chair of Dinsmore’s National Growth & Exit Planning and ESOP Transactional Services groups, he guides owners through M&A, ESOPs, estate planning, and business continuity. Drawing on his own ownership experience, he blends legal expertise with practical insight to protect value and preserve legacy.   Chapters:   (00:00) Newsletter launch, three lenses of business valuations overview, reconnecting with Jim Carlisle after shared consulting partnership  (04:34) Jim's practice focus on growth, exit planning and ESOP work  (08:25) Boardroom leadership versus selling and preparing for unexpected events  (13:50) Estate planning versus business continuity planning key differences  (18:15) Stress testing organizational structure and identifying critical leadership gaps  (25:00) Capital allocation mindset and three valuation lenses framework  (34:00) Real world story of engineering firm succession disaster  (42:06) Advisory boards versus fiduciary boards for succession readiness  (50:52) ESOP transactions and tax advantages for business owners  (1:00:28) Advisory fee inflation and serving mid market companies  (1:06:32) Deal structure gotchas and representation and warranty insurance  (1:13:26) Listening to clients versus telling them what you know Chapters (00:00:00) - Independence by Design(00:02:15) - Re reconnecting with Jim Wallis(00:04:23) - What Drives You?(00:08:57) - How to Help Your Client Plan Their(00:16:48) - How to Prevent(00:21:36) - Is a fiduciary Board Necessary for Business Owners?(00:23:36) - Should I Sell the Family Business?(00:29:59) - Are You Ready to Sell Your Company?(00:35:22) - Have Investment Bankers Got the Right Stuff For Companies?(00:38:49) - The Best Price for a Business Deal(00:40:48) - Exploring the Deal Structures(00:41:52) - How To Sell Your Business?(00:45:53) - ESOPs: Valuation(00:49:36) - EOSOPs and Private Equity(00:51:39) - ESOP vs. Non-ESOPs(00:56:46) - Advisory Fees: The Cost of Doing Business(01:01:29) - Bradley: On ESOPs and Qualifying Advisors(01:06:34) - SBA Loan: Decreasing the Fear(01:12:41) - Reputation and Warranty Disclosure Schedules(01:15:49) - Jim Dinsmoor on Meeting Business Owners

If you want to design a business that works for your life — not the other way around — you need to understand the actual game you’re playing. Watch on YouTube In this episode, I sit down with Candice Bradley, a business owner, investor, former banker, and strategic advisor who’s lived through nearly every ownership structure in the capitalist playbook: banking, investment banking, private equity, public markets, venture capital, and now private business ownership.  Candice doesn’t just know the rules of finance and business ownership — she’s played in every field. And in this conversation, she unpacks what most owners miss: the game isn’t just about money. It’s about the structure you choose, the bets you make, and whether those bets are actually worth your time.  We go deep into:  Why understanding valuation, risk, and cash flow is foundational to making good decisions as an owner  How different forms of ownership — from PE to VC to private — come with built-in expectations that shape your life  What happens when you finally see the system for what it is… and choose to design your own rules  And toward the end, we cut through the jargon and speak plain English: the fiat system is broken. Time is scarce. And if we’re not choosing our game and constraints consciously, they’ll be chosen for us.  This is a conversation for owners who are ready to lead with clarity — and design a business that gives them options, not just obligations.  Key Themes:  The connection between valuation and decision clarity  Why private owners must define their own timelines and targets  Tradeoffs between financial engineering and operational cash flow  Escaping fiat-based illusions and designing a game that actually works for your life    Who This Is For:  If you're an owner-operator who:  Is tired of gut-based decisions and wants a clear strategy  Feels the weight of every tradeoff between time, cash, and equity  Wants to understand how different financial models and ownership structures actually affect your freedom  ...this episode is for you.  Candice’s journey will help you see the full landscape — and start placing your bets with intention.  Candice Bradley is a 3x founder and seasoned operator with 20+ years across investment banking, private equity, venture, and entrepreneurship. She’s built and scaled businesses from both sides of the table — as investor and owner — and now helps founders navigate the tradeoffs of growth, cash flow, and exit. Her current focus: acquiring and operating a $15M+ company with intention and impact.   Chapters: <... Chapters (00:00:00) - Independence by Design Podcast(00:02:14) - Jumping In at Level 10(00:04:28) - How Did Your Parents Get Interest in Finance?(00:10:39) - Finance vs. Health: The Difference(00:13:46) - Cashing Out on Your Career(00:18:07) - Raymond James' Private Equity and Investment Banking Jobs(00:21:03) - George Conway on Financial Engineering vs Macro(00:25:51) - Private Equity and the Rest of Business(00:31:17) - On Gross Profit and VC Exporters(00:36:10) - Open Doors: The Business of Homebuying(00:37:43) - How to Make Money as a Public Company(00:40:35) - Private Equity vs. VC: Cash Flow(00:43:28) - In the Elevator With VCs(00:45:06) - Having Freedom Over My Time(00:47:22) - How To Change the Game(00:52:03) - Ideas for Starting a Business on a Mat Leave(00:55:38) - On the Time-based Wealth(00:57:43) - Ways of Betting on Growth(01:00:34) - On The Covid Rate Case(01:06:32) - Acquisition Entrepreneurs: The Market(01:09:01) - Dancing With the Market(01:09:24) - Talking To Kyle on the NFL(01:09:49) - The Job vs. Wealth Challenge(01:13:54) - Private Equity CEO on SBA vs. Financing(01:15:19) - SBA and Seller Financing(01:17:32) - Private Equity + ESOP: An ESOP(01:24:49) - Michael Saylor: The Bitcoin Investment Model(01:29:04) - Capital Returns and the Rationally Speaking(01:32:33) - On Candace's Freedom(01:34:43) - Re-thinking the Foundation(01:40:25) - In the Elevator With Elon Musk

If you’re trying to grow your business without creating a mess of misaligned incentives, resentment, or comp plans that backfire—this episode is for you. I brought Jennifer Davis back on because she built one of the most intentional compensation systems I’ve ever seen. We walk through how she tied her company’s mission and KPIs directly to each person’s comp—and connected it all the way down to their personal goals. We talk about cleaning up old promises, removing politics, and building a system that creates momentum instead of confusion. It’s tactical, practical, and deeply aligned with what we talk about in Independence by Design™—because comp is strategy. And when you get it right, everything gets easier. Watch on YouTube Jennifer Davis is the co-founder and former CEO of Davisware, a bootstrapped ERP platform scaled to over $20M in revenue and sold to private equity. She’s a tech entrepreneur, mom of 10, and author of two books including Living Exponentially. Now through her new venture BExponential, she helps growth-minded women lead with clarity and purpose. Her story blends grit, systems thinking, and a deep commitment to impact. Chapters:   (00:00) Introduction- guest Jennifer Davis  (04:19) The three assets that matter: brand, culture, customers  (26:31) The gap between expectations and reality  (30:24) Using a fake sale to rethink structure  (32:31) From firefighting to structure  (39:27) The pyramid: from brand to bonus  (53:47) The 80/20 bonus plan  (1:06:24) The timeline: clarity in two years  (1:26:48) Tying comp to life goals  (1:30:17) 100% KPI transparency  Rate, comment, and share with the owner/operators you know!    Resources: Jennifer's site: jenniferleedavis.com (consulting/retreats/book).  BExponential: bexponential.com (women's leadership).  Davisware: davisware.com (former ERP company).  Ryan Tansom Website https://ryantansom.com/

What if the success you're chasing isn't the final destination, but the beginning of something more? Watch on YouTube Most business owners I talk to know AI matters—but many are still stuck thinking it’s just for writing emails or something their IT team should handle. That’s not the game we’re playing.   In this episode, I sat down with Geoff Woods to talk about what it really means to become an AI-driven leader. We’re not talking about automation—we’re talking about thinking. Geoff and I break down how AI becomes your most powerful thought partner once you’re clear on your goals, your constraints, and your role as the owner. If you’ve been wondering how to actually integrate AI into your business at a strategic level, this conversation is for you.  We covered everything from the CRIT prompting framework to building executive-level AI boards, why most people struggle to think clearly, and how the education system trained creativity out of us. I also share how I’m using AI with my clients to build strategic plans, model out deals, and clarify ownership goals faster than ever before.  This episode is for the owner who wants to stay ahead—who’s ready to think bigger, make better decisions, and design a business that works without them.  Geoff Woods is the author of The AI-Driven Leader and the founder of AI Leadership. He previously co-founded the company behind The ONE Thing and served as Chief Growth Officer at Jindal Steel, where he helped grow its market cap from $750M to over $12B. Geoff teaches CEOs how to use AI as a strategic thought partner—not a task robot—so they can lead more effectively, make smarter decisions, and build companies that thrive in an AI-driven future. His frameworks, including CRIT and the AI Empowerment Curve, are helping leaders around the world operationalize AI from the boardroom to the frontlines.   Chapters:   (00:00) Geoff's career journey from CEO advice to AI leadership  (03:53) The One Thing company partnership and strategic questioning expertise  (06:50) December 2022 ChatGPT discovery and initial limiting beliefs  (08:35) CRIT framework development context role interview task methodology  (13:50) Strategic thinking as competitive advantage versus tactical approaches  (24:39) Industrial revolution education system and modern workforce implications  (34:47) Growth mindset versus fixed mindset in AI adoption  (38:39) Custom AI board creation for strategic business decisions  (44:41) Enterprise value focus versus tactical AI use cases  (54:34) AI-assisted book writing process and content creation  (1:06:02) Data privacy security and enterprise AI implementation  (1:13:26) Future of work and maintaining humanity in technology  (1:17:12) Zero to one implementation daily AI usage habits  Rate, comment, and share with the owner/operators you know!    Resources: 

What if the success you're chasing isn't the final destination, but the beginning of something more? Watch on YouTube This episode is the natural continuation of last week's conversation with Jean Moncrieff, the new leader of the Small Giants Community. But today, we go back to the source to get the full origin story of the Small Giants Community. I sit down with Paul Spiegelman, co-founder of Small Giants Community, to trace the full arc of a founder's journey: from building and selling BerylHealth to scaling a culture-first company within a public firm, to co-creating the Small Giants movement that has helped thousands of values-driven leaders build something that lasts.  What ties all of Paul's chapters together, from Beryl to Small Giants to Kintsugi Village, is a deep commitment to clarity, purpose, and process.  This isn't just a conversation about business, it's about designing a life that means something.  We talk about how values in a company often show up before we have the words for them, how the discipline of reflection creates repeatability, and how purpose, when acted on over time, turns into legacy.  Paul Spiegelman is the co-founder of Kintsugi Village and the Small Giants Community, and the former founder and CEO of BerylHealth. He also served as Chief Culture Officer at Stericycle, where he brought his people-first approach to a publicly traded company.  Paul is a New York Times best-selling author, Ernst & Young Entrepreneur of the Year, and a recognized voice on leadership, corporate culture, and values-driven business. His insights have been featured in the Wall Street Journal, Forbes, and Inc. Magazine. What sets Paul apart is his ability to live out what most leaders only talk about—building companies that align with values, operationalize culture, and last beyond the founder. Today, through Small Giants and Kintsugi Village, he helps steward a new generation of entrepreneurs who want to build with purpose—and chase something more than just growth. Chapters:   (00:00) Paul's path from law to entrepreneurship  (00:06) Building BerylHealth with brothers, bootstrapping without capital or business experience  (00:14) Meeting Bo Burlingham and discovering Small Giants philosophy  (00:26) Chasing purpose and the transition from BerylHealth to community building  (00:33) Selling to Stericycle and becoming Chief Culture Officer  (00:42) Defining culture as discipline, not fuzzy feelings  (00:52) Values-driven decision making and the circle of growth  (01:03) Transitioning leadership and passing the torch to next generation  (01:16) Kintsugi Village nonprofit and early childhood education mission  (01:25) Legacy, impact and what comes next in Detroit  Rate, comment, and share with the owner/operators you know!  Resources: Small Giants Community https://www.smallgiants.org Small Giants by Bo Burlingham

What does it actually mean to build a company that lasts? Watch on YouTube Not just one that grows. Not just one that sells. But one that thrives beyond the founder—because it was built with values at the core.  In this episode, I’m joined by Jean Moncrieff, an entrepreneur, coach, and the new leader of the Small Giants Community, for a conversation about identity, legacy, and the tension every owner eventually faces: when and how to let go.  We unpack the deeper reason Small Giants exists: to support leaders who want to build purpose-driven companies where people thrive, cultures endure, and success isn’t just measured by size. We also talk about what it means to scale values, not just revenue—and why Jean is uniquely positioned to carry this movement forward.  Whether you’re in the thick of operations or starting to imagine your next chapter, this episode will help you re-anchor to what matters most—and show you that you’re not alone in the process.  Jean Moncrieff is an entrepreneur, coach, and the current leader of the Small Giants Community—a global network of values-driven founders committed to building purpose-first businesses that prioritize people, culture, and long-term impact. Jean’s own journey includes founding, scaling, and exiting multiple 7- and 8-figure companies across Europe and South Africa. But what defines his work today is helping leaders clarify their vision, let go with intention, and grow companies that outlast them—not just operationally, but culturally and philosophically. Based in Zurich, Jean splits his time between Europe, the U.S., and South Africa, where he continues to coach CEOs, foster authentic community, and guide the next chapter of Small Giants with the same values that made it what it is.   Chapters:   (00:00) Introduction and Jean's journey from business owner to Small Giants leader  (01:14) What is Small Giants and the rebellious philosophy behind it  (07:25) The vulnerability and mojo that defines the Small Giants community  (14:20) The founder's dilemma: letting go without losing identity  (25:50) Scaling culture with intention and putting people first  (32:36) Why employee ownership correlates strongly with Small Giants values  (41:15) Why Jean stepped into the leadership role at Small Giants  (52:30) What it really means to build a company that lasts  (58:58) The future of Small Giants: global expansion and leadership development  (01:07:38) How to engage with Small Giants and join the community  Rate, comment, and share with the owner/operators you know!  Resources: Small Giants Community https://www.smallgiants.org/ Small Giants by Bo Burlingham https://www.amazon.com/Small-Giants-Companies-Instead-10th-Anniversary/dp/014310960X Jean Moncrieff on LinkedIn

This episode is different. No guest. No business mechanics. Just me, reading from my journal and unpacking the questions that have been driving my work, my life, and everything behind Independence by Design™. Watch on YouTube A few questions have been front and center for me since my first memories. Why are we here? What’s the point of all this work? And how do money, time, biology, and spirituality all fit together? If you’ve ever wondered why I care so much about alignment, ownership, and how we spend our time, this is the foundation. This is the throughline behind the Playbook, the coaching, the podcast… all of it. I talk about:  Why constraints make life meaningful How dopamine, purpose, and sacrifice tie into love, fear, and fulfillment What sin actually means (and why it’s about missing the highest aim) Why money is just stored time—and how corrupt money corrupts life And how the ultimate game is to turn chaos into clarity, and help the most people we can, for the longest time we can If you’re on your own journey of trying to make your life and business make sense, this episode is for you. It’s not doctrine. It’s not advice. It’s a flashlight into the questions I’ve been living through.  Chapters:   (00:00) Why this episode exists and intention behind journal reading   (05:30) The game of life: constraints, relativity, and physical world   (13:15) Love, fear, and the aim of life   (22:00) The role of sacrifice and work in creating meaning  (29:00) What money really represents and inflation's spiritual impact   (36:45) Designing a life that works and final reflections  Rate, comment, and share with the owner/operators you know!    Resources:  Ryan Tansom Website: https://ryantansom.com/

Jennifer Davis is the co-founder and former CEO of Davisware, a vertical ERP platform she and her husband started at 17. Over two decades, they scaled it to $20M+ in revenue, built a team of over 200, and sold to private equity. She’s also the mother of ten kids and the author of two books, including Living Exponentially. Watch on YouTube In this conversation, Jennifer walks us through the full arc of building, leading, and eventually stepping away from a company she built from the ground up. We talk about the early growth years, the identity shift from founder to CEO, what she learned inside private equity, and how she’s now designing her next chapter with clarity and intention.  Jennifer Davis is the co-founder and former CEO of Davisware, a bootstrapped ERP platform scaled to over $20M in revenue and sold to private equity. She’s a tech entrepreneur, mom of 10, and author of two books, including Living Exponentially. Now, through her new venture BExponential, she helps growth-minded women lead with clarity and purpose. Her story blends grit, systems thinking, and a deep commitment to impact.  Chapters:   (00:00) Introduction and Jennifer's "Gen 2.0" mission statement at age 50  (07:10) Starting Davisware at 17, meeting husband on Grapevine Lake boat  (14:19) Family farm background, sixth of nine kids, entrepreneurial roots  (19:31) India outsourcing journey, Dan spending 200 days there  (24:03) First major acquisition in 2007, saving competitor with cash bag  (27:48) Selling to private equity in 2019, COVID leadership as portfolio CEO  (34:09) Land development disaster, 80-acre subdivision bankruptcy and banking crisis  (41:08) Bank president meeting, driving three hours for personal negotiation  (52:44) Separation of business and personal finances, ownership mindset lessons  (74:30) Life integration philosophy, writing book and exponential mindset framework  Rate, comment, and share with the owner/operators you know!    Resources: Jennifer Davis: https://www.itsjenniferdavis.com/ Davisware: https://www.davisware.com Ryan Tansom Website: https://ryantansom.com/