020 Achieving Financial Independence with Paul Adams

01:01 – Michael introduces today’s guest, Paul Adams

02:17 – Paul talks about his upcoming book, Your Business Your Wealth

03:55 – Michael speaks to his experience working with CEOs who take a salary that is lower than the market rate

09:15 – Two common mistakes entrepreneurs make when it comes to valuing their business

11:49 – The danger of not thinking about an exit strategy

16:45 – Michael talks about the ever-expanding role of today’s CEO

18:27 – Paul speaks to interviews he’s done with various financial publications

20:50 – Paul poses an interesting thought experiment to determine financial independence

24:40 – How Sound Financial Group identifies and works with their ideal client

28:41 – The architect example

34:13 – Paul speaks to the purpose of his podcast entitled, Your Business, Your Wealth

37:35 – Paul provides a special offer to listeners of CEO Brain Food

38:04 – Michael thanks Paul for joining the show and praises the work he’s done

40:54 – Michael encourages the audience to visit Paul’s website

41:30 – Where to find Michael’s Functional Team Scorecard

TWEETABLE QUOTES

“All too often, business owners spend most of their time focused on just growing their business. And the more successful their business is, they assume it’s just gonna work out on their personal balance sheet.” (03:43)

“It’s not a competition between what assets you can buy outside your business and how good the return is inside your business. Everybody will agree, the best rate of return you have is in your business just right up until it’s not. And, when it’s not is when you need to be in a position to have financial independence.” (20:01)

“You cannot have financial independence, you cannot retire on the business balance sheet. You have to transmit money from the business’ balance sheet to your personal balance sheet by more than the sale.” (22:07)

“When we make a client an offer, we charge a fee like an architecture does. We build the design. We help you build the blueprints based upon the future that you want. And then, you have the blueprints. You can go implement that yourself.” (28:41)

“Because what we [Sound Financial Group] want to be able to do is have people that are wildly satisfied with us. And what we don’t wanna do is charge a fee to anybody that we didn’t provide significant value in return.” (34:00)

RESOURCE LINKS

Michael’s LinkedIn

Michael’s Website

The Functional Team Scorecard

Sound Financial Group’s Website for a Financial Inquiry Call - [e-mail] (Inquiry in the subject)

Sound Financial Group on Facebook

Sound Financial Group on LinkedIn

Paul’s LinkedIn

Paul’s Website

BOOKS MENTIONED

Sound Financial Advice (Paul’s Book) – Sound Financial Advice: How to Recapture the Money you are Losing and Add it to Your Family's Wealth