63: Financial Planning and Business Insurance Protection
Today’s topic is going to be about financial planning, and our guest today is John Stoj, whose career in finance began on Wall Street nearly 25 years ago. He learned that the financial services industry is full of people interested in taking advantage of their clients. He watched the financial industry meltdown in 2008 and came to realization that working for the best interest of his customers is worth every penny of his fees.
- After it became apparent to John that the Wall Street that he knew and loved wasn’t as lovable as he first thought, he just wanted to do a complete 180 and decided to open a food business.
- His business was in food manufacturing because he knew the high failure rate of restaurants. He might still be doing this today if it wasn’t for the birth of his son meaning he had to ditch the late nights working.
- One of the most important things when building a business and eventually preparing to sell it is keeping a book of business that exists even after you walk out the door. It’s the paperwork and the proof of cash flow, showing your contracts and clients, proving to buyers that you are worth buying.
- The second thing that John has learned and would recommend to you is to document everything. Make everything a process and record those processes. That way anyone can continue to use those processes to create the same quality output.
‘What’s the instruction book to run the company? And so if you provide that to them, they’re going to be a heck of a lot more comfortable’
‘It’s not just financial documentation that should be complete, but also the systems documentation for your business processes’
‘There’s always pressures on your price’
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ABOUT THE GUEST
John Stoj’s career in finance began on Wall Street nearly 25 years ago and traveled from banks to money management to a hedge fund before landing at a sushi kitchen. This experience taught him that the financial services industry is full of people interested in taking advantage of their clients first and foremost. After stepping away from business to raise a child, he watched the financial industry meltdown in 2008 and came to a realization; that a financial advisory working for the best interests of its customers would be worth every penny of its fees.
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
Productize, Small Business, Growth, Diversification, Concentration, exit strategy, efficiency,(c) 2021, Build Value By Choice: https://infhorizons.com/
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