Mission Driven Business
Diverse entrepreneurs share their experiences, strength, and hope to help mission-driven businesses thrive. In a series of intimate conversations, attorney and CFP Brian Thompson and his guests provide practical steps to create businesses with impact and profit.
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Close The Books, Open The New Year
12/23/2025
Close The Books, Open The New Year
In this solo episode, Brian breaks down one of the most overlooked but essential parts of running a mission-driven business: year-end bookkeeping. You’ll learn a simple, practical framework for cleaning up your books, organizing your finances, and setting up systems that actually support you and your business. If you’ve ever felt overwhelmed by accounting software, unclear categories, or messy receipts, this episode will help you start the new year with clarity and confidence. Episode Highlights Why year-end bookkeeping is a big deal The way you close this year directly affects how you start the next one. Clean books make tax season easier, help you avoid missed deductions, and give you a real-time view into how your business is doing. 3 steps to get your books in order There are three, key steps to get your books in order before the end of the year: Clean up the basics: Dig deeper into the fundamentals, including double checking your business and personal expenses are separate, removing overwhelm from your chart of accounts, reconciling your accounts, organizing your receipts and documentation, removing old or inactive accounts, and making payroll corrections. Review your financial reports: Analyze your Profit & Loss (Income Statement) report, Balance Sheet, and Reconciliation report for accuracy, red flags, and wins. Prep for tax season and next year: Review your accounting method, confirm expense categories, talk to your tax professional, plan upgrades, and schedule monthly processes. Take action now Don’t delay on getting your books in order. If you manage your own books, block 60-minutes on your calendar this week for a year-end bookkeeping session to work through the 3-step process, and if you work with a professional, schedule time for a year-end review. Even if you only complete one task, that’s progress. Resources + Links Accounting Software: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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How To Define Your Niche with Theresa Pablos
12/09/2025
How To Define Your Niche with Theresa Pablos
Brian Thompson chats with Theresa Pablos, CFP®, about the early-stage realities of building a business. A former journalist and freelance marketer, Theresa transitioned careers to financial planning in 2023 and ultimately earned the CFP® certification mark in 2025. She recently joined as an Associate Financial Advisor and is just starting to build her client base. In this episode, Theresa and Brian discuss the excitement, fear, and the uncomfortable but necessary work of defining a niche. You’ll get practical tips for finding your target audience, learn how to provide real value, and get reflection tools to help you grow and scale your own business. Episode Highlights Defining your niche starts with understanding your “why.” Choosing a niche allows business owners to serve clients more deeply, efficiently, and sustainably. Before you figure out who you want to serve, you need to identify why you want to build a business and what you like to do. Theresa knew she wanted a people-oriented career that made complex data easy to understand and improved people’s lives. After some deep reflection, she discovered values-based financial planning as a career that could help her and others use their resources to create more freedom in their lives. “I want to build my book of business because I want freedom and because I want to be an expert on a topic,” Theresa said. Identify your target customers and provide them with value. Once you’ve defined your why, you need to identify the type of person that you want to serve. While Theresa is still figuring it out, she’s thinking about focusing on being a financial planner for creative solopreneurs or a financial planner for tech employees and other professionals who earn equity compensation. However, knowing who you want to serve is only half of the equation. It’s equally important to ensure the services you offer solve a real pain point for your target audience. “A lot of my clients seems to fall into this creative solopreneur category, and something I’ve been reflecting on is that if you’re a creative solopreneur, you have a need for financial planning in a way that justifies you going out and actually hiring me or someone else,” Theresa said. “While I enjoy working with stock options, a lot of tech employees are DIYers and aren’t actively seeking advice unless something big happens to trigger the need.” Don’t let fear of making the wrong decision stop you. After you know how you want to serve your target customers, it’s time to test out your solutions. One way to do that is by having 100 conversations, as recommended by . And if you’re nervous, like Theresa, then you just have to do it scared. “My takeaway is that I just need to trust myself and that being nervous is part of the process,” she said. “Fortunately, my journalism background very well prepared me to get a lot of ‘Nos’ from people, and that’s okay because you have to get the ‘Nos’ to get the ‘Yeses.’” Resources + Links Equalis Financial: , , Theresa Pablos, CFP®: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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You Can’t Change What You Don’t Track
11/25/2025
You Can’t Change What You Don’t Track
Brian Thompson loves a good spreadsheet, and in this episode, he’s sharing some of his best tips for tracking metrics in a manageable, mission-aligned way. You’ll learn how intentional tracking can help mission-driven entrepreneurs gain clarity, celebrate progress, and make better decisions. Drawing inspiration from investor and writer Sahil Bloom’s Five Types of Wealth, Brian offers practical tools to help you track progress without it becoming a full-time job. Episode Highlights Tracking creates accountability Tracking transforms assumptions into awareness. If you’re not measuring something, it’s easy to tell yourself stories — I think I’m doing okay, or I feel behind. But those stories may or may not be true. Tracking brings reality into focus, creating accountability, strategy, and visible progress, shifting from emotional decision-making to data-informed clarity. Five types of wealth to track for mission-driven entrepreneurs Sahil Bloom is an investor, writer, and entrepreneur whose framework for thinking of wealth in five key domains — time, physical, mental, social, and financial wealth — can also be adapted for entrepreneurs building mission-driven businesses. Tracking across all areas of wealth can give you a holistic picture of your business and your life. Time Wealth: How intentionally do you use your time? Are you working on your business or just in it? Social Wealth: Who are you connecting with? Do your clients, colleagues, or communities energize you or make you cringe? Mental Wealth: Are your decisions aligned with your purpose? Do you set time aside for a regular check-in on your mental well-being? Physical Wealth: Are you prioritizing rest, nourishment, and movement? Are you moving throughout the day? Financial Wealth: Do your finances support your ability to stay mission-driven and resilient? Are you able to meet all of your obligations? Start small and make it yours Tracking doesn’t have to be complicated. To prevent overwhelm, pick one area to focus on first and use simple tools such as journaling, scorecards, spreadsheets, or apps to help you track your progress. Remember: The key is consistency, not perfection. Designate a specific day and time to review your data and choose a cadence you can stick to. Build your own Wealth Dashboard As a bonus, consider building a simple “Wealth Dashboard” to visualize your progress. Using tools like Google Sheets or Notion, log weekly or monthly metrics for each wealth category and spot imbalances before they become problems. Resources + Links by Sahil Bloom dashboards by Mike Michalowicz time tracker Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Building Businesses with Purpose and Profit with Rachel Bernier-Green
11/11/2025
Building Businesses with Purpose and Profit with Rachel Bernier-Green
Brian Thompson chats with Rachel Bernier-Green, founder and CEO of the Economic Justice Consortium, a Chicago-based firm that helps mission-driven businesses sustain and amplify their impact through financial and operational excellence. A recovering public accountant turned social entrepreneur, Rachel has dedicated her career to closing the racial wealth gap and redefining what it means to lead with purpose and profit. In this episode, Rachel shares her journey from climbing the corporate ladder in public accounting, to running a social enterprise bakery that partnered with Whole Foods and Starbucks, and now guiding other entrepreneurs in building sustainable, values-driven businesses. She opens up about burnout, courage, and the lessons learned from failure, as well as how she helps clients reject hustle culture and build wealth for their communities. Episode Highlights Mission-driven businesses focus on impact and income. Rachel defines a mission-driven business as one that “has a focus other than profit maximization.” Whether seeking to improve the environment, society, or treatment of employees, mission-driven businesses aim to make a positive net impact. “People think if they have a greater purpose, they also don’t need to focus on profit,” Rachel said. “If you lose that focus on profit, your mission ceases to exist.” Turn loss into leadership. Rachel’s first entrepreneurial endeavor came when she left a toxic corporate environment and turned to baking as a stress outlet. Her bakery partnered with regenerative farms and hired previously incarcerated individuals, creating jobs that reduced recidivism in her Chicago community. Nine years after starting her first company, a combination of a tragic ceiling collapse and the COVID-19 pandemic ultimately led to the business's closure. While it felt like a failure at the time, the experience led her to a bigger purpose — founding the Economic Justice Consortium to help other mission-driven businesses build sustainable success. “There are some things you can only learn by going through a business that ends,” she said. “I do think that business needed to come to an end for me to do the work that I’m doing now, which will have a much more significant impact on the world.” Track your Objectives and Key Results (OKRs). Economic Justice Consortium offers fractional CFO services and consulting services for operational systems and big-picture strategy. The firm also relies heavily on the Objectives and Key Results (OKRs) strategic framework, which breaks down specific objectives based on the larger company mission and vision. “We actually utilize our task management tool to track those objectives,” she said. “It incorporates a level of accountability. There’s an internal dashboard that the entire team has access to in real time, and they can see whether we’re on track or not on track with any of our OKRs.” Rebuke hustle culture. Rachel recommended the book “Laziness Does Not Exist” by Chicago professor Devin Price, which challenges the culture of overwork and redefines productivity. The book explores how the American work culture is misaligned with data science on productivity and has transformed how Rachel approaches her work and her expectations for her team. “Hustle culture is very damaging on so many levels,” she said. “The book challenged me so much I had to sit down and come back to it because I had always prided myself on my work ethic and putting in the hours.” Resources + Links accounting software by Mike Michalowicz by Jack Stack and Bo Burlingham by Devon Price Ph.D. Rachel Bernier-Green: Economic Justice Consortium: , , , , , The Purpose Profit Shift Podcast: , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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The Power of Clarity
10/27/2025
The Power of Clarity
Brian Thompson takes a deep dive into one of the most important tenets for mission-driven business owners: clarity. Clarity may sound simple, but it’s not easy. If done well, clarity can be the foundation for building a business that truly supports your mission and your life. Once you find clarity, everything else becomes easier, and this episode gives you tips on how to do just that. Episode Highlights Clarity enables mission-driven entrepreneurs to build their business around their life. Building a business — particularly a mission-driven one — is filled with ambiguity. There’s no single blueprint or one-size-fits-all formula. Without clarity, decisions feel overwhelming. But with clarity, decisions become faster and more intentional. You build a business that fits your life, instead of trying to fit your life around your business. The Discovery process cultivates clarity. In Brian’s financial planning business, the first phase is the Discovery process, which includes three key meetings: the Get Organized meeting, the Vision meeting, and the Knowledge meeting. Rather than creating a rigid five-year plan, entrepreneurs design a framework that allows for flexibility, growth, and evolution. Clarity isn’t a luxury. It’s a necessity. Without clarity, you’re stuck in reactive mode, chasing whatever opportunity lands in your inbox and making decisions based on fear. Intentional planning brings clarity, and clarity empowers action. If you’re feeling pulled in too many directions, ask yourself: Do I know what I want? Do I have a plan that aligns with my values? Am I building a business that supports your life, or one that consumes it. Resources + Links Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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101 Sketches To Start Meaningful Conversations with Carl Richards
10/14/2025
101 Sketches To Start Meaningful Conversations with Carl Richards
Brian Thompson chats with Carl Richards — Certified Financial Planner™, creator of The New York Times “Sketch Guy” column, and bestselling author of “” and “.” Carl’s simple Sharpie sketches have transformed how millions of people think and talk about money. In his latest book, “”, he shares 101 drawings and essays designed to spark deeper conversations about money, values, and what matters most. In this conversation, Brian and Carl dive into the emotional side of money and debate whether money actually can buy happiness. Episode Highlights A good sketch can start a conversation. Carl said the impetus behind his new book is simple: we’re not talking about money in the right way. Instead of focusing on financial “noise” like markets and TV pundits, he wanted to give people tools to have conversations that align money with their values. “Really good financial decisions happen when we make a little bit of meaning out of money,” Carl said. “We’re getting clear about our purpose.” Money = feelings. Carl’s first sketch in the book, and arguably the most powerful, is simply, “Money = Feelings.” He emphasized that money evokes an emotional response, whether that’s anxiety, freedom, or joy. “We’re not talking about spreadsheets and calculators,” Carl said. Order can be powerful. Bringing order to chaos can provide a sense of control when life feels overwhelming. Whether it’s finally sorting through a pile of unopened mail or cleaning the garage, creating a sense of order can help ease anxiety and overwhelm. “There are so many global things going on that are out of our control,” Carl said. “If you feel nervous or scared, go clean the garage, do the dishes, do something that gives you a sense of control and order.” Money can buy happiness — if you spend it right. Can money buy happiness? Carl believes the answer is yes — if you know how to spend it. Money spent on meaningful experiences with loved ones or exerting more freedom over your time is money well spent. “Nobody wants more money,” he said. “They want what they think money will give them, and if you don’t do the work to figure out the difference, then more money won’t buy you happiness.” Resources + Links Carl’s newest book: “” Bulk order “” and save an additional 5% by using the code YourMoney5 at checkout Carl’s other books: and Carl’s podcast: The online community of financial planners Carl’s Follow Carl Richards Online: , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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10 Conversations That Changed My Business And My Life
09/16/2025
10 Conversations That Changed My Business And My Life
Brian Thompson marks a major milestone with Episode 100 of the Mission Driven Business podcast! In this special retrospective, Brian reflects on 10 standout episodes that made a lasting impact and continue to resonate in his business and life. Whether you’re new to the podcast or a long-term listener, Episode 100 captures the heart of the conversations that Mission Driven Business is all about. Episode Highlights 1. Mike Michalowicz put profit first In , Mike Michalowicz flipped the traditional profit formula, redefining how business owners can approach cash flow. Mike’s episode gave language and structure for something many business owners struggle with. 2. Brian Thompson opened up on the mic In , Brian got personal about how and why he started his own firm, Brian Thompson Financial. It was the first time he allowed himself to really be open on the mic, talking about fear, imposter system, and the drive to create something meaningful. 3. George Kinder asked the right questions In , George Kinder’s thoughtful and grounded presence shone through as he advocated for life planning, which connects a financial plan to an individual’s most meaningful goals. His three Kinder Questions have helped many people get clear about what they want their lives to look like. 4. River Nice led with empathy In , River spoke so clearly about how marginalized communities -- especially the LGBTQ+ community -- experience guilt or shame around money. The episode is a powerful reminder that empathy can be a superpower. 5. Anjali Jariwala wrote a new entrepreneurial story In , Anjali Jariwala shared how she built a thriving financial planning firm, only to turn around and write a children’s book that broke sales records. It’s a powerful reminder you can build whatever business you want -- and that your business can evolve with your creativity. 6. Krish Himmatramka proposed using profit for good In , Shark Tank alum Krish Himmatramka proved you can build a business for-profit and for-impact. His ethical engagement ring company commits to its values every step of the way. 7. LaSean Smith talked to 100 customers In , LaSean Smith advised new entrepreneurs to have 100 conversations in order to build a business that people actually want to use. If you’re early in your business, LaSean’s advice is clear, tactical, and values-based. 8. Hugo E. Gomez looked before he leaped In , Hugo E. Gomez tested his business idea and built a proof of concept before making the leap to full-time entrepreneurship.Now his business is thriving by serving a market overlooked by mainstream brands. 9. Channyn Lynne Parker taught philosophy In , Channyn Lynne Parker got poetic, talking about purpose, letting your path unfold, and trusting yourself even when it’s hard. But Channyn really stands out for turning the children’s song “Row, row, row your boat,” into a life philosophy. 10. Masami Sato showed that small actions make a big impact In , Masami Sato shared how she started her company with a toddler in her kitchen and built it into a global force for good. Her company, B1G1, is built on the idea that small actions, done consistently, can change the world. Resources + Links Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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How To Do A Mid-Year Money Check
08/26/2025
How To Do A Mid-Year Money Check
Brian Thompson returns for a solo episode packed with practical advice to help entrepreneurs take charge of their numbers. In this mini masterclass, you’ll learn how to use your profit and loss, balance sheet, and reconciliation reports more effectively. Whether you love or loathe spreadsheets, this episode gives you the tools to pause, reflect, and make strategic financial decisions to set yourself up for success in the second half of the year. How To Conduct A Mid-Year Financial Review 1. Reconcile and clean up your books First, set aside at least 90 minutes to focus without distractions. Before analyzing anything, make sure your books are clean: Start with reconciliation: Check that your accounting software matches your actual bank transactions and credit card balances. Review your categories: Go through your chart of accounts to ensure expenses are correctly categorized. Review your balance sheet: Ensure your cash balances, accounts receivable, accounts payable, and other liabilities align with what you expect. If not, dig deeper to understand why. 2. Analyze your profit and loss statement Run a profit and loss (P&L) report for the period from January through June and analyze the data: Analyze your revenue: Compare your actual revenue to your goals and prior years. If you offer multiple types of service, break down which ones are driving your revenue and which ones may be underperforming. Analyze your expenses: Look for surprises, categories that you are over budget in, and for subscriptions or tools you no longer use. Calculate your gross and net profit: Ensure you are maintaining healthy margins, and if margins are shrinking, find out why. Look for trends: When looking at the big picture, make sure all the pieces fit together. For instance, if you’re spending more on marketing as an expense, you’d expect to have a corresponding higher revenue. 3. Examine your cash flow Cash flow is not just about what you earn -- it’s also about what you keep. Use the following steps to make sure cash is flowing into and out of your business strategically: Check your bucket allocations: If you use the bucket system, ensure you are still transferring funds consistently to your various business accounts and that your percentages are still realistic based on current revenue. Review your operating cash flow: Ensure cash is coming in faster than it’s going out and that you aren’t relying too heavily on credit to cover gaps. Check your accounts receivable: This step is one of the easiest ways to increase your cash flow quickly by following up on outstanding invoices and consistently enforcing your payment terms. Evaluate large expenses: Consider whether you should delay or accelerate spending based on your cash position. 4. Use your mid-year review to propel your business forward Once you understand your numbers in detail, it’s time to turn your insights into action: Set or reset financial goals: Use your findings to update your targets for the second half of the year. Make sure your goals are specific, measurable, and tied to your broader vision. Identify quick wins: Look for easy adjustments that make a big difference. Small changes now can have a significant impact on your year-end results. Improve your systems: Make a plan to fix systems that aren’t working. Good systems reduce mental load and improve accuracy. Communicate with stakeholders: Share your findings with your team, financial advisor, or coach. Reflect and celebrate: Take a moment to reflect on what is working, and celebrate the fact that you’re engaging in this process. Resources + Links Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Don’t Make These 4 Startup Mistakes With Amy Cosper
08/12/2025
Don’t Make These 4 Startup Mistakes With Amy Cosper
Brian Thompson chats with Amy Cosper, former Editor-in-Chief of Entrepreneur Magazine, award-winning journalist, and author of the new book, “The Ultimate Guide to Startup Success.” In this episode, Amy brings fierce honesty, contagious energy, and deep wisdom about what it really takes to build a mission-driven business in uncertain times. You’ll also hear some of the biggest legal and financial mistakes founders make and be reminded why entrepreneurship can be a radical act of hope and defiance. Episode Highlights Mission-driven businesses don’t have to be altruistic. Amy describes a mission-driven business as one fueled by a higher purpose, but she’s careful to clarify that purpose doesn’t have to be altruistic. “Having a mission-driven or purpose-driven company is what you stand for,” she said. “It doesn’t have to be altruistic, but it is what you believe in.” The mission should be the company’s soul that emanates out to the branding, business plan, and revenue streams. As a consultant to startup founders, Amy routinely sees that entrepreneurs struggle with finding clarity. “If you don’t have clarity in what your company does, it’s going to be really hard to find your purpose,” she said. Avoid common legal and accounting mistakes. Because entrepreneurs are visionary, they often overlook important, practical needs. Amy shared four, common mistakes she hopes future founders will avoid: Not maintaining accurate books from the start: While you may not want to think about the numbers, it’s important to do accurate accounting as a business owner. Not getting an IRS Employer Identification Number (EIN): Your EIN is like a Social Security number for your business and should be tied to your entity. Giving your business short-sighted name: Naming your business after a fleeting trend or something specific to a geographic region becomes problematic when you want to grow. Not understanding how to structure partnership and operating agreements: If you don’t plan for how a business will get split up or choose an appropriate business structure, you’re setting yourself up for headaches when it’s time to pivot. “My hope for the book is that entrepreneurs and founders don’t make the same mistakes that I made,” Amy said. ”When you’re creating something new, or you’re disrupting a known way of thinking, you’re not thinking about how to structure an operating agreement or whether it’s better as an LLC or S Corp. My advice is to take a pause and do a little bit of research.” Just start. Amy knows people who have been about to launch their business for 20 years. While it’s scary to take the first step, she encouraged want-to-be entrepreneurs to just start. “You get to make your own destiny,” she said. “You’re in charge.” Resources + Links “” Amy Cosper: Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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How To Stay Visible When It Feels Safer To Hide
07/22/2025
How To Stay Visible When It Feels Safer To Hide
In this special and timely episode, Brian Thompson calls on fellow mission-driven business owners to embrace their identities and own their values. Highlighting real messages from clients, Brian explores the challenges and uncertainties facing entrepreneurs, especially those from LGBTQ+ backgrounds and other marginalized groups. He challenges the myth that being neutral is the safest option in the current political environment and shares practical steps to get clear and bold about who you are and what you bring to the table. Episode Highlights Your identity is an asset -- not a liability. Mission-driven businesses are facing very real and sometimes existential threats: the sudden loss of federal funding, the risk of becoming political targets, and being asked to remove terms like LGBTQ and racial equity from mission statements. When under pressure, it may feel like the safest option is to remain neutral, but neutrality actually erodes trust. “When someone sees themselves in your language, branding, or leadership, it builds a bridge faster than any marketing funnel ever could.” Your core community should never have to wonder where you stand. In a time of rising government hostility toward civil rights protections, customers, donors, and employees are noticing which companies are scaling back their offerings and which CEOs are saying less, not more. When companies backpedal from their commitment to equity and inclusion, they often lose the very people they claim to support. “When we talk about staying visible, it’s not about being provocative -- it’s about staying anchored. It’s about making sure your core community never has to wonder where you stand.” 4 strategies to stay true and stay standing To navigate this moment with courage and conviction, consider these four steps to practically and proactively affirm your values without jeopardizing your sustainability: Conduct a visibility audit: Review every touchpoint of your business and ask whether you have gone quiet out of fear and if your language needs to be updated for clarity or protection. Update compliance protocols: Work with legal counsel to audit your DEI and HR policies, review whistleblower protocols, and ensure you’re accurately documenting civil rights compliance. Strengthen your financial resilience: Prepare for the next financial crisis now by revisiting your income allocations, building an emergency reserve, and mapping out income diversification. Communicate your values internally and externally: Create talking points that affirm your mission and explain any language shifts to reassure your community you still serve their needs. Write your mission-rooted business affirmation. When fear is loud, clarity must be louder. Open your notes app or a journal, write down the following sentence, and fill in the blanks with your truth. I started this business to serve __________. I believe in __________. Even in this moment, I choose to stay rooted in values by __________. I will lead with clarity and courage. You don’t have to disappear to survive. It’s exhausting to defend your humanity while running payroll, applying for grants, and trying to build a thriving business. But this moment isn’t just about defense, it’s about creating a legacy. “Let your business be one of the lights that didn’t go out. Let your clarity be the thing that gives someone else permission to speak up. Let your strategy be what helps you survive and thrive without compromise.” Resources + Links Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Writing Your Own Business Story With Faye Ziegeweid
07/08/2025
Writing Your Own Business Story With Faye Ziegeweid
Brian Thompson chats with Faye Ziegeweid, founder and CEO of Queen Fayzel, a greeting card company for people who want to send messages that are unique, sassy, and sincere. Faye built her values-aligned greeting card company after realizing she couldn’t be her authentic self in her old career as a public health project manager. In this episode, Faye gets real about the personal side of entrepreneurship, including how self-discovery and personal growth are necessities for sustainable growth. She also shares how articulating your values clearly can attract the right clients and create a culture of accountability. Episode Highlights Mission-driven businesses lead with their “why.” To Faye, mission-driven businesses infuse their “why” into everything the company does. From product design to customer communications, mission-driven businesses focus less on what they do and more on why they’re doing it. “It’s less about what the business is providing and more about why it’s providing that thing,” she said. “Sometimes we’re afraid to stay what we stand for or are worried about alienating customers.” State your values -- and show how you live them. Queen Fayzel’s website is unique because it not only states the company’s values but also shares how it puts those values into practice. For instance, the company lives its value to “Make Connections” by donating 3% of profits to organizations making an impact. “I want people to know what this business is about, but I also want people to understand how I’m putting those values into practice in my business,” Faye said. Personal growth is part of the process. When Faye left her job in public health project management to start Queen Fayzel, she not only changed careers but also started on a journey of personal growth. Founding a company forced her to learn essential business skills and how to navigate moving forward without the illusion of certainty. “I thought I had a lot of things to learn about the business, but then I realized I had a lot to learn about myself and how I function,” she said. Accountability makes the journey less lonely. Faye emphasized the importance of connecting with fellow entrepreneurs for community and accountability. Whether it’s checking in with a business owner friend or joining a more formal business group, it’s paramount to find ongoing support from people who understand exactly what you’re going through. “Especially if you’re a solopreneur, it is so lonely sometimes, and it’s really hard to be your own motivator,” she said. “When you’re in a lower spot, having a group of people to be there is so important.” Resources + Links Queen Fayzel: , , , Faye Ziegeweid: Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Empowering The LGBTQ+ Community With Sean Ebony Coleman
06/24/2025
Empowering The LGBTQ+ Community With Sean Ebony Coleman
Brian Thompson chats with Sean Ebony Coleman, founder and CEO of Destination Tomorrow, a grassroots agency and LGBTQ+ center in the Bronx borough of New York City. Destination Tomorrow empowers the most vulnerable LGBTQ+ community members through educational, financial, support-based, housing, and health programs. On the episode, Sean details how he and his organization are addressing some of the real challenges facing the LGBTQ+ community. He also shares how he starts his mornings to stay focused and touts the value of lived experience for organizations. Episode Highlights Mission-driven businesses solve real problems. Sean defines a mission-driven business as one that aligns every decision to its core purpose to solve real problems. For him, that means creating a safe, affirming space for the Black and brown LGBTQ+ community through Destination Tomorrow and his consulting company. “It’s about solving real problems, especially for marginalized people, and making a tangible impact,” he said. “I’m trying to meet the need where we find it.” Let lived experience lead. Sean believes in breaking down gatekeeping and elevating community voices that are often overlooked. His nonprofit prioritizes hiring people with lived experience and offering holistic services -- from workforce development to financial literacy -- to build long-term self-sufficiency. “Lived experience should count just as much as academic accomplishments,” he said. Bet on yourself and don’t give up. Sean’s advice for entrepreneurs who are just getting started is to bet on yourself and don’t give up. To start Destination Tomorrow, he cashed out a 401(k). He then had to see the “nos” he encountered as opportunities for growth. “Too many people give up on their dreams before they get to a yes,” he said. “A ‘no’ is just a ‘not right now.’” Self-care is just as important as hustling. Black and brown communities, particularly in LGBTQ+ spaces, often don’t have a safety net. When you’re grinding to build your business, you also need to prioritize time to rest and recenter. For Sean, that means starting his morning with prayer and meditation and keeping a weekly therapy appointment on his calendar. “Starting a business is stressful, so how are you managing that stress?” he asked. “Go in with a plan to make sure you’re prioritizing your self care.” Resources + Links Sean Ebony Coleman: , , , Destination Tomorrow: , , , Trans N Action: Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Marketing With Partners And Purpose With Erika Rodriguez
06/10/2025
Marketing With Partners And Purpose With Erika Rodriguez
Brian chats with Erika Rodriguez, founder and CEO of Nadi Marketing and co-founder of Tidal Pages. Erika specializes in partnership marketing for sustainable and purpose-driven businesses. In this episode, she shares how being laid off led her to entrepreneurship, the power of niching down, and how authentic partnerships can amplify your impact. Erika also details why email should be a top marketing priority and how joy, connection, and community have shaped her businesses. Episode Highlights Mission-driven businesses prioritize sustainability. Erika defines a mission-driven business as one that prioritizes sustainability throughout the entire product lifecycle -- from who makes the products to how they’re disposed of. “They don’t create the product just to make profits,” she said. “They actually think about the whole lifecycle of their product and about more of the people in the planet that they serve.” Niching down makes marketing easier. When Erika started Nadi Marketing in 2020, she offered a full suite of marketing services: websites, blog posts, social media, and events. But after deciding to follow what brings her joy, she niched down to specializing in partnership marketing for sustainable businesses. She’s now seen as an expert in her field and the work itself has become a lot easier for her. “It made me target my marketing more, and it’s putting me as the expert,” she said. “The client work has been so much easier because I enjoy that work.” Partnership marketing allows for mutual growth. Erika defines partnership marketing as collaborating with another business to create a marketing campaign, product, bundle, or other shared initiative. The goal is to build relationships that benefit both parties and align with shared values. “If we can find businesses the right partners, then they can make partnerships specifically for impact,” she said. “We can do so much more together.” Build your community. Building a business is not easy, which is why Erika hopes that all entrepreneurs have a community to support them during tough times. During the pandemic, Erika built her social media community by organically connecting with people on Instagram, which turned into IRL relationships. She encouraged other business owners to lean on the partners they have in their communities. “Start with the connections and partners that you have,” she said. “Everyone has a network already, but maybe you’re not leveraging it.” Resources + Links “” by Simon Sinek Erika Rodriguez: Nadi Marketing: , , , Tidal Pages: , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Harnessing The Power Of Small To Create Global Impact With Masami Sato
05/22/2025
Harnessing The Power Of Small To Create Global Impact With Masami Sato
Brian chats with Masami Sato, founder and CEO of B1G1 (Buy1GIVE1), a Certified B Corporation that empowers businesses to make giving an inherent part of every business transaction. As an experienced social entrepreneur and speaker, Masami champions the "Power of Small" -- the belief that even the smallest acts of giving, when done consistently and collectively, can create meaningful change. In this episode, Masami shares how her entrepreneurial spirit drove her to create B1G1 and how staying rooted in her mission helped her build a business that supports more than 450 high-impact projects across 50 countries. Episode Highlights Mission-driven businesses keep showing up for their purpose. Masami believes that every founder can start a business with an idea to solve a particular challenge or address an opportunity. However, mission-driven businesses stay committed to their original purpose over time. “Mission-driven businesses continue to show up and make decisions based on that original mission, rather than getting sidetracked by all other things,” Masami said. A strong mission can’t be replaced. Today’s entrepreneurs have a unique opportunity to lead with their mission, according to Masami, since it’s one part of the business that can’t be replicated or automated by AI. The mission is also what attracts aligned customers, team members, and partners to the company. “Mission is the part that cannot be replaced by other things,” Masami said. “That’s where the greatest opportunity lies.” Start small and build a consistent impact. Masami’s mission for B1G1 actually started as a question: What if every time business is done, something great happens to create a better world collectively? As the owner of a food company at the time, Masami’s answer was to donate one meal for every meal she sold. That small act grew into a much larger business idea and led Masami to create a platform of impact-driven business entrepreneurs who integrate impact and kindness into their everyday business actions. “We realized that there is opportunity for other businesses like us,” Masami said. “Over the last nearly 18 years, businesses working with us have created more than 365 million impacts in the world.” Letting go is different than giving up. Masami shared her powerful story of resilience, including starting a business while raising a newborn, navigating financial hardship, and even giving birth to her second child in her commercial kitchen sink. Her turning point came when she chose to let go of her growing food business in order to fully commit to B1G1. “Letting go and giving up are different things,” she said. “I decided to sell our business and put everything into this idea to start the B1G1 enterprise.” Resources + Links Ashlee Sang: , , B1G1: , , , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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6 Pillars of Successful Brand Messaging with Ashlee Sang
05/13/2025
6 Pillars of Successful Brand Messaging with Ashlee Sang
Brian chats with Ashlee Sang, a values-aligned brand messaging strategist and consultant who equips visionaries to clarify and amplify their message. Drawing on her background in anthropology, Ashlee brings a values-centered approach to brand development, content creation, and marketing strategy. In this episode, she details common challenges faced by values-driven founders, shares her six pillars of successful brand messaging, and gives a few quick tips to get your brand’s story out of your head and into the world. Episode Highlights Mission-driven businesses are “why”-driven businesses. Ashlee defines a mission-driven business as one deeply rooted in its reason for being, also known as its “why.” “A mission-driven business is a group of people, or a solopreneur, who have a really, really clear reason for being -- a really clear why -- that is driving them toward every single decision,” Ashlee said. If the mission is the “why” of the business, then Ashlee’s sweet spot is working with the “how” of the business: its values. “Values-driven is the operating system; it’s the mechanism,” Ashlee said. “If I can always point back to core values, then I always know it’s in alignment.” Businesses evolve through experimentation. Ashlee started her entrepreneurial career as a freelancer on the side while working in nonprofits and NGOs. Through years of experimentation, she discovered and refined her niche of values-aligned messaging and now encourages her entrepreneur clients to embrace their own trials. “No matter how well prepared you are, no matter how much research you’ve done, no matter how firm your plan is, there are so many other factors at play,” she said. “One of my favorite things about business is we sort of get paid to experiment.” Clear messaging builds clarity and confidence. After more than six years in the business, Ashlee has noticed her clients commonly struggle with feeling too scattered to find the common threads in their work or being too close to their work to articulate it clearly. Clear brand messaging can overcome these challenges because it creates a cohesive experience for clients, partners, and team members. “We can all write an email,” Ashlee said. “We can all slap together something on a website. But are we really going in with intention, thinking about those tiny details and the big picture? … The idea is a lot less important than the experience we’re creating for people.” Follow the six pillars for a successful brand messaging strategy. Ashlee defines brand messaging strategy as how a business wants to be known, and she’s narrowed a successful brand messaging strategy to six core components: Brand statement Mission statement Values Voice Audience Key differentiators Together, these elements serve as the root system that informs all marketing, operations, and external communications for a business. “I like to think of a brand as a tree, so the messaging strategy is the root system holding everything else up,” she said. “Brand messaging strategy is the focus and intention of the brand you are building.” Resources + Links Ashlee Sang: , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Deductible Business Expenses That Can Save You Thousands
04/01/2025
Deductible Business Expenses That Can Save You Thousands
As an entrepreneur, you know that every dollar counts, so today we’re taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we’ll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you’ll have a clear picture of how to make the most of your expenses and keep your money in your business. Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you deduct reduces your taxable income, directly lowering the amount of taxes you owe. However, in order to deduct a business expense, two key rules must be satisfied: the expense must be ordinary and necessary. To be ordinary, the expense must be common and accepted in your industry, such as a yoga mat for a yoga instructor. To be necessary, the expense must be helpful and appropriate for your business operations. Before you write off something, ask yourself whether a business like yours typically needs this type of expense and does it serve a legitimate business function? If the answer is yes, you may have a deduction on your hands. Don’t forget unexpected deductions. While rent and office supplies may come to mind as deductible business expenses, consider whether these unexpected events apply to you: Pet expenses -- If a dog protects your office or warehouse, the dog’s food, training, and vet bills may be deductible. Coaching -- Hiring a business coach, taking leadership training, and even going to therapy for stress management related to business all might qualify as expenses needed to run and lead a company. Your home office -- If you have a dedicated space in your home exclusively used for business, you can write off some of your rent, utilities, and internet costs. Marketing and promotions -- Hosting an industry event, running a giveaway, collaborating with influencers, and paying for digital ads all count as deductible expenses as long as they are directly tied to promoting your business. Work-related attire -- Buying branded uniforms or specialized attire for your business are legitimate business expenses. Business retreats -- If you take your team on a business retreat to strategize and improve company culture, that expense could be deductible. Make sure you document the business purpose with an agenda and good notes. Good bookkeeping is just as important as knowing the rules. Without solid record keeping, you might miss valuable deductions or struggle to justify an expense in the event of an audit. Here are some tips to keep your books in order: Separate personal and business finances -- Keeping separate personal and business bank accounts and credit cards makes tracking deductible business expenses much more manageable. Use accounting software -- Accounting software, such as Quickbooks or Wave, can help automate tracking, helping to ensure nothing gets overlooked when tax season rolls around. Save your receipts -- The IRS requires proof of deductions, so keep digital or physical copies of receipts and invoices. Work with a professional -- A professional bookkeeper or accountant can help you keep your financial records accurate and compliant. Resources + Links Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form
03/11/2025
Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form
It’s tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you’re filing and hopefully catch mistakes before it’s too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business’s Profit and Loss Statement. Here’s a breakdown of what’s on the first page: Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates. Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter. Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year. Item B: Your business activity code. This code shows the IRS exactly what you do. Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked. Item D: Put your EIN in Item D. Make sure to verify it’s correct before you file your form. Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won’t change. Item F: Total assets at the end of the year. Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return. Item H: These boxes should be self-explanatory. Check the boxes that apply. Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners). Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant. Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K). Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines: Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you’ll need to attach Form 1125-E to explain what was paid to each officer. Line 8: Salary and wages paid to employees (other than officers) of the corporation. Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock. Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance. Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement. Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank. Signature: It’s important to sign the return only after verifying all of the information, including the following sections. Part 2: Schedule B This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to: Box 1: This easy-to-miss box can change your entire return if you’re not careful, since it’s where you select whether you’re a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS. Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31. Part 3: Schedules K and K-1 Schedule K reports the pro rata share items in total for the Corporation. Schedule K-1, which you receive in your personal name, reports the percentage of pro rata share items allocable to each shareholder. Lines 1-17 on Schedule K correspond to Boxes 1-17 on Schedule K-1. Most items on Schedules K and K-1 are self-explanatory and come from other parts of the return. Part 4: Schedule L This is where many taxpayers make a mistake. Schedule L matches your business’ balance sheet and should agree with your books and records. If it doesn’t, find out why before you file. The first two columns match what your accounts were at the beginning of the year and should match what the accounts were at the end of last year. If this is your first year filing an 1120-S return, these two columns should be blank. The second two columns are for what the accounts had on December 31 of the previous year and will carry over to next year’s return. Some of the most common assets on Schedule L are: Line 1: Write the amount of cash in your bank account on the last day of the year. Line 7: Loans to shareholders are loans from the corporation to the shareholder. Keep in mind, these loans need to be documented and should have a repayment schedule and interest rate. Line 10a: Buildings and other depreciable assets are fixed assets that the business owns that have been depreciated, such as real estate, furniture, or machinery Some of the most common liabilities on Schedule L are: Line 18: Other current liabilities are expenses incurred at the end of the year but not paid until January of the next year. Current expenses often include wages, state taxes, federal taxes, and payroll taxes payable at the end of the year. Line 19: Loans from shareholders are loans from the shareholder to the corporation. As with the other loans, these loans should be documented and include a repayment schedule and interest rate. Line 22: The par value or stated value of the capital stock issued by the corporation. This amount stays the same each year unless the S-Corporation issues additional stock after incorporation. The corporate charter or minutes should identify the stock. Line 23: Enter the beginning and ending balances of additional paid-in capital. This includes the amount contributed to the S-Corp by shareholders for which the corporation did not issue stock or amounts contributed in excess of the stated or par value. Line 24: This section is especially tricky. You should base the retained earnings on the S-Corporation’s books and records. Most of the time, retained earnings should match the Accumulated Adjustments Account (AAA), other adjustments account (OAA), and previously taxed income (PTI) balances on Schedule M-2. Line 27: This line represents the total liability and shareholders equity. This line must match line 15. If you answered “yes” to question 11 on Schedule B that your total receipts were less than $250,000 and total assets were less than $250,000, then you aren’t required to file a Schedule L. However, it may be beneficial to file Schedule L anyway because it will be crucial for future balance sheets. Part 5: Schedules M-1 and M-2 Schedule M-1 helps explain discrepancies between the books and your tax return. This section should explain any differences you notice. Some common items reported on Schedule M-2 include: Meal expenses (100% on books, 50% on taxes) Entertainment (100% on books, 0% on taxes) Life insurance premium expense (100% on books, 0% on taxes) Certain fines and penalties (100% on books, 0% on taxes) Political contributions (100% on books, 0% on taxes) Book depreciation expense (100% on books, 0% on taxes) Tax depreciation expense (%0 on books, 100% on taxes) Tax-exempt income (100% on books, %0 on taxes) Schedule M-2 tracks the income and losses and separately states items that the shareholder should report on their tax return. Resources + Links Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Your 6-Step Checklist To Close The Books On 2024
12/24/2024
Your 6-Step Checklist To Close The Books On 2024
Ready to end the year with a gift to your future self? In this special episode, Brian guides you through a six-step process to close out 2024 and set yourself up for success in 2025. You’ll tidy your finances, get a jump start on thinking about taxes, evaluate your business performance, and set strategic goals. Your Year-End Business Review Checklist Step 1: Close Out Your Financials Closing out your financials may sound dry, but it’s imperative to get right. Review your books -- Review your profit and loss for the year for any discrepancies, outstanding invoices, or payments that need to be paid. Make sure you have the correct categories for your transactions to save you a headache when you prepare next year’s tax return. Reconcile your accounts -- Every month, but especially at the end of the year, you should reconcile your financial accounts, including bank accounts, credit cards, and loans, to reveal unaccounted expenses or hidden fees. Analyze your cash flow -- Review your cash flow to see what you owe and who owes you. You can also get a clear picture of whether you can defer income to next year or incur more expenses this year to save on taxes. Review your payroll -- Ensure wags, taxes, and benefits are accurate and that Bonuses are accounted for with proper tax withholding. Step 2: Evaluate Your Tax Position Once your financials are in place, it’s time to shift to taxes. Consider year-end tax deductions -- Incur expenses for purchases like office supplies, software, professional services, and equipment you will have in the coming year. Review your retirement contributions -- Don’t miss your opportunity to make employee contributions to your Solo 401(k) before the December 31 deadline. Plan for next year’s taxes -- Project what your tax liability might look like next year, plan for potential quarterly tax payments, and evaluate whether you might qualify for tax credits or deductions. Also, start gathering important information for tax forms, such as 1099 NECs and W2s. Step 3: Reflect On Business Performance Once the numbers are in order, it’s time to review the past year of business performance and make meaningful adjustments. Review key metrics -- Identify the key metrics for your business, determine whether or not you hit them, and analyze why or why not. Analyze client data -- Come up with your ideal client profile but remember that high paying isn’t the same as high value. Employee performance reviews -- If you have a team, conduct an annual performance review to acknowledge achievements, identify areas for improvement, and set clear expectations for next year. Step 4: Refine Your Vision, Mission, and Values Let’s dig deeper into your mission, vision, and values, which are at the heart of mission-driven businesses. Reassess your mission and vision -- Ask whether your mission or vision has evolved or shifted and update your mission and vision statements if necessary. Clarify your core values -- Just like with your mission and vision, reflect on your core values and update them if necessary. Step 5: Set Strategic Goals For 2025 After reflecting on the past, let’s look forward by setting achievable, flexible goals. Set SMART goals -- Aim to set goals that are specific, measurable, achievable, relevant, and time-bound. Break down goals into actionable steps -- Know the next, right step to make your goals less overwhelming and chart a clear path forward. Build in flexibility - The market, economy, and client needs are always evolving. Build checkpoints into your plan and make course corrections as needed. Step 6: Tidy Organizational Processes Don’t overlook the operational side of your business to save yourself headaches and hours in 2025. Audit your systems and tools -- Review the software, apps, and systems you are using, take note of the tools you aren’t using, and automate repetitive tasks. Organize digital files -- Organize digital files in clearly labeled folders to easily find essential documents. Review contracts and legal documents - Check that your contracts and legal documents with vendors, clients, and employees are up-to-date and compliant. Resources + Links Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Building Systems For Change with Davey Shlasko
12/10/2024
Building Systems For Change with Davey Shlasko
Brian Thompson chats with Davey Shlasko, founder and CEO of Think Again Training and Consulting, a company that helps align business actions and values. With more than 20 years of experience in adult learning and organizational development, Davey specializes in driving systematic change with a focus on equity and inclusion. Davey shares practical tools for aligning internal practices with external values, discusses strategies for fostering accountability and transparency, and offers hope for navigating uncertainty in today’s climate. Episode Highlights Mission-driven businesses put purpose before profit. Rather than benefiting the owners or leaders of a company, Davey says a mission-driven business benefits the broader world or a specific community. That means an organization’s mission must guide decision-making, even when it involves trade-offs. “Mission has to sometimes come before profit,” Davey said. “Usually having a positive purpose can align very well with making a profit, but sometimes there are trade offs.” Align your company’s internal and external values. Davey emphasized that a mission-driven business’s values should be reflected externally and internally. Through Think Again Training and Consulting, Davey works with mission-driven organizations to ensure their internal culture, operations, and systems align with the values they promote externally. “It’s not always as obvious how those same values might apply to your own operations or internal culture, even if it’s clear how they should apply to the programs or services you provide,” Davey said. Be accountable to your stakeholders, including your employees. It’s essential to identify who your organization is accountable to and ensure those stakeholders have a voice. If leaders of a mission-driven business don't hold the organization accountable to its values and core stakeholders, you can have mission drift. “Part of my responsibility is to hold us accountable to our values that we’ve agreed on,” Davey said. “No matter what we hope our positive impact on the world will be, it’s likely that the greater impact we’ll have is on the people we’re working most closely with: each other.” Transparency is non-negotiable. Part of the work of Think Again Training and Consulting is providing companies transparency, which Davey defines as opportunities for informed input. Being transparent balances mindfulness of individuals' privacy with honesty about feedback the organization needs to hear. “In smaller organizations, anonymity might not be possible, so we have a conservation about what piece of information we could share that would not make you vulnerable,” Davey said. Inclusiveness shouldn’t be overwhelming. While it’s great when leaders of a company want to make sure all voices are heard, sometimes they can take their intentions too far by trying to get a consensus for every decision. Asking employees to give too much input in the decision-making process can be overwhelming and ineffective “You need to design a decision-making process where employees can give input without overburdening,” Davey said. “I want our decision making to be inclusive, but I also want it to work.” Resources + Links Davey Shlasko: Think Again Training & Consulting: , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Reclaiming Your Time with Conrad Ruiz
11/12/2024
Reclaiming Your Time with Conrad Ruiz
Brian Thompson chats with Conrad Ruiz, the founder and CEO of Well Aware, a company dedicated to helping business owners reclaim their time. With a background in biomedical engineering and consulting, Conrad blends technical insight with an entrepreneurial spirit to help business owners simplify complex operations and master time management. He shares his personal journey into entrepreneurship, which started with a medical crisis, and offers practical advice on creating efficient systems and finding balance in business. Episode Highlights Mission-driven businesses start with why. For Conrad, a mission-driven business emphasizes the "why" behind the work. Once a business has a clear sense of its “why,” it can use its resources — time, money, and systems — toward fulfilling that mission. “Being a mission-driven business is recognizing wholeheartedly why you’re doing what you’re doing and what that impact is for,” Conrad said. Your why is your compass. Conrad explained that having a clear “why” is like having a compass to direct a business’s decisions and actions. By staying focused on the mission, entrepreneurs can avoid distractions and stay aligned on their goals. “The why is the compass north,” Conrad said. “If you find yourself going in a million different directions, you’re ultimately going nowhere.” Buy back your time. Conrad’s business, Well Aware, helps very busy people buy back their time. He encouraged business owners to invest in affordable solutions, such as virtual assistants or scalable systems, to free up time. “We decide with them how they want to approach this mercantile equation of money versus time,” Conrad said. “Let’s go ahead and make the equations easy.” Audit your time in 3 key areas. One of Conrad’s key recommendations is to perform a time audit to identify where your time is truly spent. He suggests looking at three key initiatives: time spent marketing, time spent selling, and time spent delivering services. Once you see those three, then you can look at how finance (money) and administration (time) unpin them. “I love auditing on the basis of time,” Conrad said. “There’s a three-legged stool of marketing, sales, and service delivery, and from there, the underpinnings are finance and administration.” Resources + Links Conrad Ruiz: Well Aware: , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Creating Purposeful Marketing with Lauren Tilden
11/12/2024
Creating Purposeful Marketing with Lauren Tilden
Brian Thompson chats with Lauren Tilden, host of the Making Good podcast and a marketing coach dedicated to helping creative small business owners who want to get out of their own way and start making an impact. After 8 years in corporate marketing, Lauren left her corporate career and began her winding journey to owning and supporting small businesses. She offers insights into defining one’s ideal customer, creating goal-oriented marketing plans, and staying consistent with your message. Episode Highlights Mission-driven businesses are motivated by more than money. Growing up, Lauren felt she had to choose between making a living and doing meaningful work. But once she entered the small business world, she realized she could achieve both purpose and profit by being intentional and putting her values first. “I always sort of felt like I had to choose between making money ... and doing something I cared about," Lauren said. “It wasn’t really until I got into the small business space that I realized you can do both at the same time.” Get clear on your marketing goals. Impactful marketing starts with a well-defined goal. Lauren advised small business owners to pinpoint what they need from their marketing efforts, such as increasing brand awareness, generating sales, or expanding a specific client base. Knowing your goal can help you create a campaign that helps you achieve it. “The first place that most people overlook is to get really, really clear on what your goal is,” Lauren said. “Marketing can do so many different things for us. If I didn't know my goal, I could end up spending my time all wrong.” Don’t let a niche box you in. Instead of solely focusing on servicing a niche, Lauren encouraged entrepreneurs to understand their ideal customer’s motivations, challenges, and values. By getting clear on these psychological details, business owners can create messaging that resonates with target customers on a deeper level. “What unites the people that buy from me and that are part of my community are their psychographics and what they care about,” Lauren said. “I know my ideal customer super well.” Design a marketing plan that meets your time requirements. Small business owners are busy, which is why it’s especially important to realistically assess the time you have available to dedicate to marketing. Lauren advised entrepreneurs to create achievable marketing plans they can follow consistently, even if it means starting slow and with just one or two platforms. “When you set yourself up for a plan you can’t actually stick to given your bandwidth, that is a recipe … for feeling bad about yourself and your ability to follow through,” Lauren said. “There is no upside to biting off more than you can chew, so create a marketing plan based on the time you have available each week.” Resources + Links with Lauren Tilden Lauren Tilden: , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Building Your Ideal Business with Adam Oh
10/12/2024
Building Your Ideal Business with Adam Oh
Brian Thompson chats with Adam Oh, founder of Adam Aligned, a business focused on helping people heal from emotional hardship, find direction, and realize their full potential. On the episode, Adam shares his journey from music artist and social media influencer to self-help entrepreneur. He emphasizes the importance of research and trial and error. He also discusses the significance of overcoming limiting beliefs and provides some actional tools to identify and address them. Episode Highlights Mission-driven businesses operate with core values. Adam defined a mission-driven business as one that operates from the founder’s core values and strives to make a positive change in the world. For many founders, including Adam, the business is deeply personal and an extension of their purpose. “In many cases, like for myself, the reason for starting the business is deeply personal,” Adam said. “For many people, the business itself is synonymous with their purpose.” You can be self-taught. Adam’s path toward financial independence started when he went viral as a music artist on Vine in high school and again on TikTok in college. After college graduation, he had to choose between moving to Los Angeles and pursuing a music career or moving to Utah to explore entrepreneurship and life closer to his partner. He chose Utah and spent years deep in self-help research. “If I want to get into this industry and make my voice heard and make an impact on people, I have to be about what I talk about,” Adam said. There’s just a plethora of knowledge out there and, from a young age, the music success taught me that you absolutely can be self-taught.” Don’t be limited by limiting beliefs. Limiting beliefs can often prevent entrepreneurs from achieving their full potential. Adam’s “laundry list” of limiting beliefs he had to address when he started his business included fear of failure, fear of success, and money fears. “I learned that there is a very, very strong link between your thoughts and your beliefs, especially your beliefs about yourself and what you are capable of,” Adam said. “One of the things I found from researching people who have succeeded in making their impact is that there is a very very strong link between your set of beliefs and your ability to go out in the world and accomplish that thing you want to achieve.” Build, measure, learn, repeat. Adam admitted that his new business hasn’t had the level of success he had hoped for when he first launched. While he’s still aiming to grow his social media audience as a way to earn income, like he did for his music career, he’s also set up a donation page, sold , and explored the idea of coaching. “I launched my first product, and no, it didn’t hit my revenue goals,” Adam said. “It’s recognizing that the first thing not being a huge success doesn’t mean that it was a huge failure. It just means that you did the thing and now you have the opportunity to learn from it and try again and probably get better results next time. I’m willing to fail 100 times to make one work.” Resources + Links Adam Aligned: , , , , , , , Adam Aligned Podcast: , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Nursing Your Instagram Profile To Wealth with Jumer Adalin
10/06/2024
Nursing Your Instagram Profile To Wealth with Jumer Adalin
Brian Thompson chats with nurse-turned-entrepreneur, Jumer Adalin. As a social media expert, Jumer helps fellow nurse entrepreneurs grow their businesses through social media to create both impact and income. On the episode, Jumer shares his journey from ICU nurse to social media superstar. He also offers valuable tips for Instagram marketing and creating content to grow and nurture your own online audience. Episode Highlights Mission-driven businesses focus on solving problems. As a nurse-by-trade, Jumer likens a mission-driven business to a healthcare team whose common goal is to bring about positive patient outcomes. Similarly, a mission-driven business focuses on solving problems for a specific group of people. In Jumer’s case, that group of people is nurses using social media to grow a business. “My mission in my business is to grow their online business without sacrificing their sanity, without burning out because I have been there,” Jumer said on the episode. Don’t hide behind the current trend. With the rise of content created by artificial intelligence (AI) algorithms, it’s more important than ever to show up as your authentic self online. Jumer encouraged entrepreneurs to share their values, opinions, and personal stories to build genuine connections with the audience. “The value of a personal brand has never been higher,” Jumer said. “Authentic content creation comes down to showing your values and telling your audience what you stand for, what you stand against, and that you have an opinion in the online space.” Build your audience with a free but valuable resource. Offering a free, high-quality resource can provide immediate value to potential clients or customers, while also building your credibility with your audience, according to Jumer. He designed his free resource, the , to be an easily implementable checklist with quick wins to showcase his expertise and teaching style. “Creating a really valuable education resource has been pivotal in growing my email list and really showcasing my experience,” he said. Consistently communicate with your audience. Jumer emphasized the importance of consistently communicating with your audience on your platform of choice. While social media is a free, powerful tool to communicate with your audience, Jumer advised entrepreneurs to consider building their own email lists to reach their followers. Unlike social media, an email list is a direct line to your audience. “You don’t own Instagram, but you do own your email list,” Jumer said. “Think about the power of directly getting into a person's inbox. That builds the connection right away, and you don’t have any other competition.” Resources + Links Jumer Adalin: , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Improving Financial Security for the LGBTQ+ Community with Debt Free Guys David and John Auten-Schneider
08/26/2024
Improving Financial Security for the LGBTQ+ Community with Debt Free Guys David and John Auten-Schneider
Brian Thompson chats with Queer Money podcast hosts and Debt Free Guys founders David and John Auten-Schneider. David and John have more than a decade of experience helping the queer community thrive financially through their podcast, website, and emails. On the episode, they discuss the importance of being intentional with how you choose to grow and engage with your audience. They also open up about some setbacks they’ve experienced as entrepreneurs and tips they’ve learned in their decade-long entrepreneurial journey. Episode Highlights Mission-driven businesses have a purpose beyond profit. David and John both define a mission-driven business as one that is focused on a greater purpose than just making a profit. Whether it’s using the income from the business to contribute to a cause or running the business itself to create an impact, mission-driven entrepreneurs know they are putting in the work for a reason higher than just financial success. “What is the motivation behind getting up and putting in the 16-hour days or 60-hour weeks?” David asked. “Everyone should have the right to be able to achieve financial success and be able to have fulfillment with that, but when you have another mission that is contributing to the reason that you get up and do what you do, that is what makes your business a mission-driven business.” For David and John, the mission of Queer Money is to try and improve the financial security of the LGBTQ+ community. “The stronger we are as individuals, including our financial strength, the stronger we are as a community, and the more time, money, and resources we have to be able to protect and fight for our rights,” John said. Build your audience before your product. Before David and John started their Debt Free Guys brand, they wanted to write a book but were told by agents that they first needed to build an audience. They launched the Debt Free Guys blog as a way to share smart debt management advice while also growing an audience. In doing so, they realized the need for LGBTQ+ voices in the personal finance community, which in turn led to the Queer Money podcast. “‘Build it, and they will come’ only works in the movies,” David said. “You will not survive if you create a product and you don’t have a built-in audience who has a desire and need for it.” Don’t forget to create an email list. In the fast-paced world of modern entrepreneurship, it’s easy to get distracted by new opportunities or social media trends as a way to grow a business. Unfortunately, success on most platforms is determined by the current algorithm and chasing success on every platform is a losing game. “There are so many shiny disco balls to go at,” David said. “Find out what you can do to stay in the center of your world, or your business is going to look like a scribbly mess because you keep chasing after everybody else’s center of the world instead of your own.” David and John recommend focusing on one or two platforms that connect with your mission and your audience. They also tout building a good, old-fashioned email list as a consistent and reliable way to reach your audience. “What has consistently been a great money driver for most folks over the greatest duration has been growing your email list,” John added. “I would suggest that anybody who’s going to go down the virtual business path focus as much energy and attention on growing your email list. That’s your list. You can take that list anywhere.” Resources + Links Queer Money Podcast Episode 11: Queer Money Podcast Episode 31: Queer Money Podcast: , , , , Debt Free Guys: , , , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Braving Discomfort to Live Your Purpose with Channyn Lynne Parker
08/26/2024
Braving Discomfort to Live Your Purpose with Channyn Lynne Parker
Brian Thompson chats with human rights advocate and Brave Space Alliance CEO Channyn Lynne Parker. Channyn is a public speaker whose accolades include the inaugural Trans100 award, Henrietta Lacks award, and Equality Illinois Freedom Award. As CEO of Brave Space Alliance, Channyn shepherds the first Black-led, trans-led TLGBQ+ center on the south side of Chicago. On the episode, Channyn shares her journey to becoming the CEO of Brave Space Alliance and the significance of finding alignment in life. She also reveals why the nursery rhyme “Row, Row, Row Your Boat” is deeper than you might think. Episode Highlights Mission-driven businesses are laser-focused. According to Channyn, a mission-driven business is focused on what it does best. For Brave Space Alliance, that means meeting the needs of Black TLGBQ+ individuals through the four pillars of dignity: health, housing, food, and identity. “A mission-driven business is one that is laser-focused on what we do well: to provide our constituents the greatest impact in the area of their interests and needs,” Channyn said. “Above all, we give people a safe space to be in -- or a brave space to be in, if you will.” Brave discomfort to live your purpose. When Channyn was tasked with the role of CEO of Brave Space Alliance, she initially felt like the lead of the 1980s film Gloria in which a cantankerous woman gets stuck with a young kid and has to unexpectedly take on the role of the mother. While she described the transition to CEO as “jolting” and “averse,” she has grown to love the job and the responsibility. “I love comfort, and I believe that humans are comfort-seeking machines,” Channyn said. “None of us want to be jarred out of our comfort zones, but the reality is that unless we seek or welcome challenges, we will stagnate, we will atrophy, and we will not live out the thing that we are meant to contribute to the world.” Profit can include time, talent, and treasure. Running a business, even a nonprofit like Brave Space Alliance, requires money. But Channyn reminded listeners that profit can come in non-monetary forms, too. “When I think about the intangibles of profit, it is your stakeholder satisfaction and community impact,” Channyn said. “But also I think about the gifts of time, talent, and treasure, so all of your stakeholders who believe in your mission feel they’re able to contribute to the sustainability of the mission.” Live life gently and authentically. Channyn believes there is a gap in the world that every one of us has been brought here to fill if we can become acutely and unapologetically aware of who we are and what it is we want to be. And if you don’t believe her, just listen to the song “Row, Row, Row Your Boat.” “The deepest song ever is ‘Row, Row, Row Your Boat,’” Channyn said. “Rowing is living, right? The stream is life, and gently means you’re not fighting against who you are. We’re meant to live this vessel gently as we flow down the stream of life.” Resources + Links Brave Space Alliance: , , , , Channyn Lynne Parker: Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Creating a Thriving Private Social Network with Shadé Akande
08/26/2024
Creating a Thriving Private Social Network with Shadé Akande
Brian Thompson chats with Shadé Akande, founder and CEO of ONE X LEAGUE, a private social league for Black and Afro-Latina women executives and founders. With more than 18 years of global HR experience at companies like Google and Walmart, Shadé shares her journey of creating a community during that pandemic that blossomed into ONE X LEAGUE. Tune in to hear how a series of brunches sparked the idea for a business all about building relationships and how the transformative power of feedback made ONE X LEAGUE the social network it is today. Episode Highlights Mission-driven businesses prioritize purpose above all else. Shadé Akande describes a mission-driven business as one that prioritizes its purpose and values over everything else. The goal is to create a company that produces a long-term positive impact. "A mission-driven business prioritizes its purpose and values over everything else,” Shadé said on the episode. “Its goal is to create impact and positive change." Community is crucial for overcoming challenges. When people could start gathering together again after the pandemic lockdowns, Shadé recognized the need for a space where Black and Afro-Latina women could share their experiences and support each other. She started organizing brunches across the country to foster a sense of belonging and camaraderie. Since then, ONE X LEAGUE has organized numerous events to help members build meaningful connections and navigate workplace challenges. "We would share what we're doing,” Shadé said. “We'd support each other and share examples of things we could take away and use in our workplace." Kindness is key to building a strong community. Shadé stressed the importance of kindness as a core value for ONE X LEAGUE members. To maintain the community's quality and engagement, membership renewals are not automatic. Members must be invited to renew, helping to maintain a supportive and safe environment for all members. "Our one value for members is kindness,” she said. “We take that really seriously as we invite people to become members of ONE X LEAGUE, so much so that even renewals are not automatic. You have to be invited to renew." Feedback and continuous improvement are essential for growth. Regular feedback from members is vital for the continuous improvement of ONE X LEAGUE. Shadé conducts anonymous surveys to gather insights and ensure that the community's offerings remain relevant and impactful. This feedback loop helps in making necessary adjustments and keeps the community aligned with its mission and values. "We do regular anonymous surveys, " she said. For instance, in a recent survey, Shadé asked members whether they agreed that they were having great experiences. “All of those who took the survey, 100%, agreed strongly.” Resources + Links ONE X LEAGUE: , , , Shadé Akande: Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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How To Use Instagram to Amplify Your Mission and Engage Your Audience
08/12/2024
How To Use Instagram to Amplify Your Mission and Engage Your Audience
Instagram is more than just a social media platform. It has evolved into a visual storytelling hub where businesses can connect deeply with their audience among the more than 1 billion monthly active users on the platform. On this special episode, Brian delves into the intricacies of marketing on Instagram. Whether you’re just starting out looking to enhance your online presence, this episode will equip you with the knowledge and strategies to leverage Instagram effectively. Episode Highlights Outline your engagement strategy. Instagram provides a unique platform for you to showcase your brand’s story through compelling visuals, videos, and stories, helping you craft narratives that resonate with your audience and strengthen your brand. You can also amplify your impact by utilizing Instagram’s community-building engagement tools, such as polls, Q&A sessions, and live videos. Before you post on Instagram, you should know what you are trying to accomplish. Consider what you are trying to achieve with your marketing, who you are trying to reach, and whether you enjoy using the platform. Create high-quality content. Once you know your “why” for marketing on Instagram, it’s time to post. Your content strategy on Instagram should be diverse and purposeful, reflecting your brand’s mission, vision, and values. Post content that educates, informs, inspires, or entertains through a variety of post types, such as user-generated content, behind-the-scenes content, promotions, educational posts, seasonal posts, events, testimonials, and news. Here are some specifics: Optimize your profile: Your profile picture should be a clear, high-quality image representing your brand. Your bio should be concise and informative, including keywords, a call to action, and a link to your website or latest content. Add visual appeal: Experiment with high-quality photos, engaging videos, informative infographics, and visually appealing product shots. Develop a consistent theme and color palette that aligns with your brand’s aesthetic. Utilize captions and hashtags: Write engaging and informative captions to connect with the audience. Use relevant and trending hashtags to reach a wider audience. Engage your audience. Building meaningful connections with your audience is crucial for sustained growth and advocacy. Here are some ways to do that: Respond to your audience: Promptly engage with comments, direct messages, and mentions to foster a sense of community and customer care. Partner with influencers: Collaborate with influencers or brand advocates whose values align with yours to expand your reach and credibility. Encourage user-generated content: Showcase your authenticity and social proof by encouraging customers to share their experiences with your products and services. Also, know when and how often to post. For stories, post daily. For feed posts and Reels, aim to post three to five times per week. For IGTV, post one to two times per week. Tailor your posting schedule to your specific audience by using Instagram Insights, A/B testing, and considering time zones, especially if you have a global following. Resources + Links Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Transforming Lives and AI with Wendy Gonzalez
07/23/2024
Transforming Lives and AI with Wendy Gonzalez
Brian chats with tech trailblazer and Sama CEO Wendy Gonzalez. Sama is a mission-driven Certified B Corp that seeks to raise the standards for both machine learning and global working conditions. The company’s innovative approach to ethically sourcing and training tech talent has lifted more than 68,000 people out of poverty since 2008. On the episode, Wendy dives deep into Sama’s unique for-profit business structure, including reserving a Board of Directors seat for its non-profit on its non-profit roots. She also touts the importance of conviction and self-awareness when building and running a business. Episode Highlights Mission-driven businesses can have more than one mission. Mission-driven businesses can have more than one mission, according to Wendy. For instance, Sama has a “triple bottom line” of bringing long-term value to people living in poverty, to the planet, and to the bottom line. “We were really founded on this premise that talent is distributed equally but opportunity is not,” she said. “We started with the mission first, and the core mission is what we then built a business problem to solve for around.” Hold earnings calls and learnings calls. You’ve probably heard of a company's earnings calls when the executives share updates about the firm’s financial metrics. Sama applies the same concept to its mission by hosting “learning calls,” in which the company provides updates on its impact metrics. “The idea from the very beginning is you have to track with rigor what our impact is,” Wendy said. “It’s no different than how you would track your financials.” If you’re a big company, consider B Corp Certification. Sama is a , meaning it meets verified, high standards of social and environmental performance, has made a legal commitment to accountability, and transparently shares information. Wendy said the company pursued B Corp status once it transitioned from a non-profit financial structure to a for-profit structure because the B Corp Certification is the best and most recognized accreditation standard for impact-driven companies. “We were big enough that we thought B Corp Certification is going to be important for us, so that nobody believes that our transition in financing means that anything has changed,” she said. One downside to B Corp Certification is that it requires a lot of effort and expenses. If you’re a small company, you may not be able to afford the resources needed to comply with the reporting requirements, but if you’re an established impact-driven company, Wendy recommended looking into B Corp Certification. “If you’re a customer looking for a recognized seal of approval, that’s recognizable,” she said. Fire yourself annually. About once per year, Wendy does a mental exercise in which she fires herself as CEO and evaluates whether she’d rehire herself for the job. The exercise is an opportunity to reflect on the kind of leader her company needs and also where her energy and convictions lie. “If you’re the CEO, you’ve got to be not only the CEO your company needs today, but the one your company needs tomorrow,” Wendy said. Resources + Links Wendy Gonzales: Sama: , , , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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Niching Down with Hugo E. Gomez
07/09/2024
Niching Down with Hugo E. Gomez
Brian chats with entrepreneur and Hispanic marketing leader Hugo E. Gomez. As the founder of HispanicMarketing.com, Hugo helps U.S. businesses connect with the Hispanic market. On the episode, Hugo discusses the importance of niching down for marketing and creating personal branding on social media. He also shares the lessons learned on his journey from an employee to self-employed, including embracing uncertainty and trusting himself to figure things out. Episode Highlights Mission-driven businesses seek win-wins. HispanicMarketing.com is composed of four sub-brands -- Abogados NOW, Doctores NOW, Gene NOW, and SpanishLeads.ai -- that all share a two-fold mission. The first is to help U.S.-based businesses connect with the U.S. Hispanic market, and the second is to ensure the U.S. Hispanic market has access to financial, healthcare, and legal resources. “It’s a win-win for our mission because we’re giving our clients something new, and at the same time providing a lot of goodwill to the community,” Hugo said. Niching down is the path of least resistance. In marketing and entrepreneurship, niching down your market and services is a powerful tool for attracting customers. If you already understand your customers’ industries and challenges, it becomes much easier to get sales acceleration. “I’d seen so many great use cases of niching down that I thought that’s probably the best way to build a company,” Hugo said. “If you tell someone in a sales funnel that you know where they come from and their challenges, it’s so much easier to have a call about the next steps.” Start your business while you have another job. Successful entrepreneurship requires smart risk management strategies, which is why Hugo advocates for aspiring business owners to start a new company while they still have a job. That’s the approach he followed when exploring whether HispanicMarketing.com could be a full-time business. “You can have a job and your own business. That’s probably the safest and most respectful path for your own wellbeing,” Hugo said. “Building something and proving it out at the smallest level is a great proof of concept to see if you’re really interested in running a business.” Don’t forget marketing. When it comes to modern marketing techniques, Hugo is bullish on social videos, such as Instagram and Facebook Reels, because the social media companies do the work of matching your content to people who are interested in watching. He also recommends publicizing employees of companies rather than company pages. “Most people right now don’t want to follow a company page,” he said. They want to follow people who work inside the company. The ones with the personal video brands are going to do the best.” Resources + Links Hugo Gomez: Abogados NOW: , , , , , Doctores NOW: , , Gente NOW: , , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
/episode/index/show/missiondrivenbusiness/id/32059147
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Debunking Overnight Success with John Driscoll
06/24/2024
Debunking Overnight Success with John Driscoll
Brian chats with entrepreneur and mobile app pioneer John Driscoll. As the co-founder and CEO of Naked Development, John and his team are rewriting the rules of mobile app development, raising the bar for innovation and creativity. John shares invaluable insights on the courage, patience, and perseverance needed to navigate the unpredictable to succeed in business. He also debunks the myth of overnight success. Episode Highlights Mission-driven businesses pick their fight. John believes you shouldn’t start a business unless you have a mission because having a true mission is like picking a fight. To be successful, companies should have a point of view that influences how they see the world and, as a result, how they connect with their target audience. “Your company, whatever it’s doing, is connected to that point of view,” John said. “You have to point whatever you’re doing at a group of people, and by definition if you’re pointing at a group, you’re not pointing at the rest of them. It’s exclusion on purpose.” Have the courage to niche yourself out. John often uses the expression “niche yourself out” as a way to convey the importance of having an authentic point of view that connects with your target audience. Niching yourself out as a company takes real courage because, by definition, not everyone is going to agree with your decisions. “Whether it’s calling your company Naked, like I did, or something else, you are going to have people who disagree,” John said. “That might even be your family -- it was for me -- and you have to just be okay with it. You have to expect it.” Fire bullets before cannonballs. Many entrepreneurs struggle with when to move out of the research phase and into getting experience. After all, being an entrepreneur is all about managing risk, and while risk can be transferred, it cannot be eliminated, so it’s best to get real-world experience as quickly as you can. “A lot of people think they can curb their risk by doing more research upfront,” John said. “I’m not anti-research, but I am anti-waiting. You don’t get the rewards without the risk.” One strategy to prioritize gaining real-world experience is to fire bullets before cannonballs, an expression that John borrowed from John Collins. The phrase encapsulates trying something small first before you go all in on an idea. “I’ve blown it many times, where I’ve gone in and done the whole thing,” John said. “When you do that, and you get it wrong, whatever mistake you had made is compounded. Normally, if something works small, it’ll work big.” Real success requires patience. A very common mistake that John sees among young founders is impatience. He says many young entrepreneurs have an idea in their head of what success looks like, which is often overnight success. However, he believes overnight success is a myth. “Instagram is probably one of the biggest overnight successes you could mention,” John said. “The founders started Instagram, and a year or two later had a billion dollar exit. That’s incredible, intense growth, but people forget to mention the app, Burbn, that the founders had started before Instagram and completely trashed. Even that example of overnight success still took time.” Resources + Links by Jim Collins by Tom Brady by Dan Martell John Driscoll: , Naked Development: , , , Brian Thompson Financial: , , Follow Brian Thompson Online: , , , , About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
/episode/index/show/missiondrivenbusiness/id/31861262