Summary
This episode focuses on the business takeaways from Alison and Phillip’s Smoothie King study.
A big takeaway from the study is to make sure you have a clear understanding of your “why” and then make the upfront investment necessary to be successful. It is also important to pay attention to the numbers and make sure you have a good professional to help you stay on top of those numbers to assist with your business growth. Additionally, look for trends that you can invest in and make sure to pick a business that you are passionate about. Pooling resources with friends and family is also an option, but it is important to make sure that everyone is equally as motivated and passionate about the business.
Emotional clarity is important when taking on a business partner, whether that partner is a friend or family member. Having a CPA, as well as a good attorney to draw up a buy-sell agreement to ensure that everyone is on the same page. If both parties are not equally passionate about the business venture then they may not be a good fit as investment partners.
Chapters
0:01:13: Conversation Summary: Smoothie King and the Benefits of Healthy Living
0:04:11: Discussion on Investing in a Smoothie King Franchise
0:09:40: Investing with Friends and Family: Tips for Success
Quotes
Powered by ReiffMartin CPA and Stone Hill Wealth Management
https://www.reiffmartincpa.com/
https://stonehillwealthmanagement.com/
Join the Wealth Building Made Simple Newsletter: https://www.wealthbuildingmadesimple.us
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
The Importance of Building a Business Treasury for Long-Term Success
Understanding the Changing Landscape of Finance and Investing
Mitigating the Unintended Consequences of Business Failure: Divorce, Death, Disability
Understanding Currency Trading and Investing in the Future Economy
Embracing Emotions for Successful Wealth Building
WBMS Docuseries: Healthy Mind, Body, and Spirit (Episode 4)
Exploring Alternative Payment Options and Mitigating Fraud Risks
Understanding the Core Building Blocks of Finance
Buy, Borrow, Die: A Wealth Building Strategy for the Rich
Understanding the Evolution and Flow of Money in Wealth Building
Building Financial Confidence: Navigating Thoughts, Actions, and Feelings
The Risks and Rewards of Surge Pricing in the Fast Food Industry
Understanding the Fundamentals of Money Management
Overcoming Negative Emotions About Money
Maximizing Retirement Savings and Tax Benefits for Business Owners
Sound Money Management: Principles for Individuals and Society
Building a Strong Business Foundation: The Business Planning Pyramid
Bitcoin Mining: A Lucrative Opportunity for Investors in the Crypto Space
WBMS Docuseries: Healthy Mind, Body, and Spirit (Episode 3)
Private Equity Trends for 2024: How to Attract Investors for Your Business
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Aligned Money Show
Dubai Property Podcast
IBKR Podcasts
The Ramsey Show
The Clark Howard Podcast