In this episode of Intelligent Money Minute, Hans Blake, CFA, CPA, continues his conversation with Mat Hultquist, CPA and president of The Hultquist Firm, a Greenville-based tax strategy and advisory practice. Mat shares the most common tax planning opportunities business owners miss and how to turn a growing business into a long-term asset rather than just a job.
Small Habits That Add Up
Mat explains that every business owner, whether just starting out or already established, should understand the fundamentals of tracking income, expenses, and profitability. For startups, simple habits like logging mileage, keeping receipts, and accurately recording income and costs can have a big impact at tax time. Tools such as MileIQ or even a basic spreadsheet can help create that foundation. He emphasizes that understanding where your business makes and loses money—especially cost of goods sold—is critical for sustainability and smart decision-making.
As businesses grow, Mat often sees owners overlooking key opportunities like retirement planning. Many focus entirely on sales and operations but forget to save for their own future. Mat encourages setting up a simple IRA or 401(k) early, allowing business owners to take tax deductions while building long-term financial stability. Hans adds that this strategy is about transforming human capital into financial capital—ensuring that the energy and effort poured into building a business today support financial freedom tomorrow.
Build a Business That Works for You
Mat also reminds listeners to view their company as a true asset, not just employment. Building systems, delegating responsibility, and planning for eventual succession all increase the value of a business beyond its founder. Buyers want to purchase a company that runs independently—not a job that disappears when the owner retires.
Whether you’re a startup entrepreneur or a seasoned business owner, Mat’s message is clear: track everything, plan ahead, and remember that your business should work for you, not the other way around.
More From Mat Hultquist
Please be sure to subscribe to our podcasts as we will be interviewing Mat on upcoming podcasts where he shares valuable insights on how proactive tax planning, disciplined financial behavior, and long-term business strategy can create lasting success.
Mat Hultquist Bio
Mat Hultquist brings over 30 years of experience in tax and public accounting to his role as president of The Hultquist Firm. His career began with Arthur Andersen in Atlanta, where he served in the Tax Consulting Group and worked with individuals and businesses across industries to optimize tax strategies. In 2003, he founded The Hultquist Firm with a vision to go beyond simple tax preparation and to provide proactive planning, deeper business insight, and personalized advisory services.
He holds degrees from Auburn University and is committed to translating complex tax and financial matters into straightforward language that clients can understand and act on.