Show Notes
Building a successful business takes more than passion and determination. Long-term growth requires financial clarity, strategic decision-making, and the ability to balance profitability with sustainability. For entrepreneurs, understanding key financial metrics, building the right support team, and protecting their own well-being are all essential components of lasting success. This week on Money Sense, Heather Deaton, Wealth Advisor at Ellenbecker Investment Group, welcomes Cheryl McMurtry, Founder and President of McMurtry Financial Services. Drawing on her experience helping small businesses and nonprofit organizations strengthen their financial foundations, Cheryl shares practical insights on the habits, strategies, and financial disciplines that help businesses thrive beyond the critical first few years. The conversation explores the importance of knowing your numbers, understanding cash flow, budgeting for growth, maintaining profitability, and building the right team of professional partners. Heather and Cheryl also discuss pricing strategies, business sustainability, succession planning, delegation, and the often-overlooked connection between entrepreneurial success and personal well-being. Episode Highlights: 1:31 | Cheryl shares her background and the mission behind McMurtry Financial Services 2:52 | Why most businesses fail within the first three to five years and the role financial health plays in long-term success 4:46 | The importance of knowing your numbers and running a business with financial clarity 6:27 | Understanding your break-even point and why every business owner should know it 7:28 | Profit margins, pricing strategies, and avoiding the trap of underselling your value 9:18 | Managing cash flow and understanding how money moves through a business 10:13 | Identifying seasonal trends and using historical data to make better business decisions 13:19 | How often business owners should review financial data and meet with trusted advisors 14:35 | Why waiting until tax season is often too late to make meaningful financial improvements 15:40 | Building reserves, emergency funds, and financial safeguards for businesses 16:54 | The value of lines of credit and planning for unexpected challenges 19:10 | Becoming an expert in your industry while relying on specialists for financial guidance 19:42 | Why budgeting serves as the roadmap for sustainable business growth 24:13 | Understanding your unique value proposition and pricing it appropriately 27:42 | The importance of managing expenses and evaluating the true cost of doing business 29:17 | Building a team of professional partners, from marketing specialists to HR experts 30:13 | Knowing where your time creates the most value and learning when to delegate 31:52 | Succession planning and developing future leaders within your organization 33:41 | Common financial pitfalls that prevent businesses from reaching long-term profitability 34:14 | Cheryl's “You Are Here” financial map analogy and why accurate bookkeeping matters 36:14 | Remaining compliant with taxes, regulations, and reporting requirements 38:12 | Protecting your well-being as a business owner and avoiding burnout 40:22 | Moving from the hustle mindset to building a scalable business with systems and processes 42:11 | Setting boundaries, defining your ideal clients, and learning to say no strategically 43:4...
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Retirement is often portrayed as the finish line after decades of work, but for many people, it's actually the beginning of an entirely new chapter. The challenge isn't simply having enough money to retire. It's knowing what you'll retire to. This week on Money Sense, Karen Ellenbecker sits down with Jim Smith, a retired executive, mentor, craftsman, and lifelong learner, to discuss what retirement has truly looked like beyond the financial plan. Jim shares the unexpected realities of leaving a long career, adjusting to a new daily routine, finding purpose outside of work, and discovering the importance of relationships, community, and meaningful projects. From mentoring young people and building woodworking projects to writing children's stories and embracing new technology, Jim's story is a powerful reminder that retirement doesn't have to be about slowing down. Instead, it can be an opportunity to learn, teach, create, give back, and invest your time in the things that matter most. Episode Highlights 0:00 | The biggest surprises Jim experienced after retiring 1:05 | Why purpose, relationships, and meaningful work matter in retirement 3:10 | How priorities shift as we age and why "bucket list" thinking changes over time 4:15 | The importance of relationships, community, and avoiding isolation 5:40 | Strengthening your relationship with your spouse after retirement 10:24 | Mentoring young people and finding purpose by sharing skills and experience 12:05 | The value of effort, community impact, and giving back 13:42 | Retiring early and turning an unexpected transition into an opportunity 15:37 | Why retirement became a new beginning rather than an ending 17:14 | Embracing new opportunities, lifelong learning, and second careers 20:27 | How curiosity and technology continue to open new doors in retirement 22:12 | Navigating the emotional transition and grief that can accompany retirement 23:59 | Why retirees should think of retirement as a new career, not a slowdown 24:08 | Lessons from a 98-year-old artist: it's never too late to learn something new 27:35 | Investing your time wisely and creating a life filled with purpose ELLENBECKER INVESTMENT GROUP Presenter of the Money Sense Podcast. Ellenbecker Investment Group (EIG), a registered investment advisor, provides comprehensive financial planning and fiduciary wealth management services for individuals, families, businesses, and charitable organizations. EIG's planning-first approach helps clients align their financial decisions with their values, goals, and long-term vision for the future. Website: ellenbecker.com This podcast is for educational purposes only and should not be considered legal, tax, or financial advice. Guest opinions represent the views of the individuals speaking and do not necessarily reflect the views of Ellenbecker Investment Group. Before making financial, tax, retirement, or investment decisions, consult with qualified professionals familiar with your individual circumstances.
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