If you’ve hung around these parts for long or spoken to me one on one, you’ve probably heard me say this before: Turning your passion into a business is one thing…but creating a business that endures? That’s an entirely different scenario. This difference separates the businesses that last from those that founder after a few years, turning into yet another statistic. So how exactly can you ensure that your business isn’t just another statistic? Make sure your business is sound at the foundational level.
My rule of thumb is that if something requires a professional license to practice, or carries a fiduciary duty by a governing body, I will defer to their judgment. So, I recommend that all business owners find a lawyer, accountant, and financial advisor who understands their business and can offer sound advice. A lawyer (for the obvious reasons, of course!); an accountant, because none of us need to try to decipher the tax code on our own; and a financial advisor, so that we can prepare for the future. Having these three pieces in place is the absolute best way that a business owner can mitigate risk in their business.
With that, I’m starting a new series that I’ve been excitedly working on behind the scenes: Meet The Expert. From time to time, I’ll be showcasing a different expert with specialized experience with small business owners. My hope is that this helps clarify an area of your business’ foundation other than just legal; because at the end of the day, the more information we have, the better business owner we can be.
Today, I’m excited to introduce you to my go-to financial advisor, Matt Hulse. Spoiler alert, yes, he is my husband. Matt works as a financial advisor in the very niche market of small business owners, which came in very handy to me when I started my business, and started asking awkward questions like “how much should I set aside for taxes”; “How much money should I leave in my account”; “how can I make the dollar I’m making today worth $5 in the future”? We both also realized that I probably wasn’t the only person asking these questions. So with that, Matt has generously offered to share some of his insight on what steps a creative business owner needs to take to get their financial house in order. But first? Let’s start with an introduction:
I wanted to take a quick second to introduce myself since you will start seeing my name pop up more
frequently in the upcoming months. My name is Matt Hulse AKA the guy that totally outkicked his
coverage by landing Paige and making her my bride. I find the term fitting because we met at The
University of Tulsa while I was a kicker on the Golden Hurricane football team. Not only is Paige a total
Rockstar attorney for creatives but she also convinced me to pick up the true love of my life, Koda…
you might know her as the trusty Pawalegal. Whenever I am not spending time with the ladies of my life
you can find me shanking golf balls, trying to perfect my own craft beer, or annoying Paige with my
classic rock and blues vinyl collection. BUT, my true passion is traveling the country working with people
like you. The ones that have taken the ultimate risk and cut away their safety nets. I am talking about
small business owners.
If I am being completely honest, it took me a little while to fully understand what a “Creative Business”
truly was, but after having many conversations with Paige I have discovered that your needs are not that
different to the other business owners I work with. Sure, you might not have a multi-generational cattle
ranch or a warehouse full of machinery being operated 24/7 but many of the landmines that can blow
up those businesses are the same ones that could damage yours.
Over the next several weeks I will be discussing some topics that are not that fun to talk about. My goal
is to make them light-hearted and enjoyable, but more importantly, give you some additional tools in
your toolbelt to help you continue building a successful business. I can’t wait to get to know y’all better
and be a resource for your growing creative business.
Matthew J. Hulse, RICP®