This episode comes from a recent Horizon Advisor Network coaching call with Pete Bush, who addresses the difference in whether your practice is a stock or a bond? Learn the characteristics of stocks and bonds as they apply to a business, how the estimated value of your business effects you whether you are buying selling, or in a holding pattern, and how you should be balancing your total revenue between labor and expenses.    Show Notes:   0:43--- Whether your practice is a stock or bond effects your strategy 0:56--- Think of your business as a long-term investment 2:17--- Like any investment, your business should have a capital value 3:58— What are some of the characteristics of a bond 5:56--- What is the credit quality of the business's clients that are producing the income 7:44--- What are the characteristics of a stock 8:23--- Quality stocks mature companies that create earning pay dividends 9:45--- How do stocks and bonds differ 10:28--- How much should your total revenue go to labor and expenses 11:36--- Stocks should have a greater multiple of its liquidation value than bonds 13:50--- Wealth accumulation comes from owning not lending 15:28--- How can you get an initial value estimated for your practice 17:19--- Should you take clients based on your overall average client revenue 19:28--- How do evaluations metrics matter if you are in the holding pattern 20:45--- What should you do if your business is a bond and you want it to be a stock 22:34--- Where would you go to find good information on the Truelytics software     3 Key Points:   Are you building your business, liquidating your business, or looking to buy and absorb other companies? Bonds typically mature at a fixed known rate, pay yields, and normally are less volatile than stocks.  Stocks are often valued as a multiple of their earnings.   Tweetable Quotes: -        We started off as actually thinking about our business in terms of an investment, versus a job or a career." – Pete Bush -     "We certainly expect stocks to grow over time. We expect them to grow above and beyond any income they might produce." – Pete Bush -     "Your compensation for labor, that's your compensation as an advisor, should be about 40% of your total revenue."   Resources Mentioned:   The Confident Advisor Practice-- Discover more about the Podcast Horizon Advisor Network   Contact Information: [email protected]  

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