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Being Profit First with Mike Michalowicz

Mission Driven Business

Release Date: 05/11/2021

Success on the Second Try with Anna Murphy show art Success on the Second Try with Anna Murphy

Mission Driven Business

Brian chats with Anna Murphy, a Latina entrepreneur and CEO of Murphy and Associates Consulting. Anna shares the wisdom that led her to build a multiple six-figure business in a year and a half. She also discusses the importance of surrounding yourself with people who believe in you, and why hitting rock bottom is worth talking about. Episode Highlights Mission-driven businesses have a purpose. Starting a business is challenging in and of itself, Anna said. But having a mission-driven business allows the founder to be able to overcome the inevitable challenges and keep moving forward....

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Running a Successful Retail Business with Columbus Running Company show art Running a Successful Retail Business with Columbus Running Company

Mission Driven Business

Brian chats with Matt DeLeon and Eric Fruth, the founders of Columbus Running Company. As the first retail entrepreneurs on the show, Eric and Matt discuss how they turned their deep passion for running into a long-running mission-driven business. They also share why community is central to their work and how they have used kindness and determination to overcome obstacles and land major opportunities.   Episode Highlights A mission-driven business is like planet Earth. Matt used a distinctive analogy to define a mission-driven business. “A mission-driven business is like the Earth,”...

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Equitably Investing in Cannabis with Seke Ballard show art Equitably Investing in Cannabis with Seke Ballard

Mission Driven Business

Brian chats with Seke Ballard, the founder and CEO of Good Tree Capital, a financial services firm that uses a proprietary algorithm to balance available economic opportunities for people invested in cannabis companies. On the episode, Seke shares how removing biased data from the lending equation can make the playing field more equal. He also discusses his motivations for starting his firm, the company’s future plans, and why his ultimate dream is to create a banking model that works so well it puts the big, bad banks out of business.   Episode Highlights Mission-driven businesses...

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Living Your Passion with George Kinder show art Living Your Passion with George Kinder

Mission Driven Business

Brian chats with George Kinder, the father of the modern financial life planning movement. George is the founder of the Kinder Institute of Life Planning. He has more than 30 years of experience as a practicing financial planner and tax advisor and has trained more than 3,000 professionals in 30 countries. In the episode, George talks about the importance of passion, and how his passion for creating a strong training model fueled him to draft his famous three questions. He also discusses how his purpose continues to evolve as his life grows and changes. Episode Highlights Mission-driven...

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When the entrepreneur life chooses you with Nici Kersey show art When the entrepreneur life chooses you with Nici Kersey

Mission Driven Business

Brian chats with Nicole “Nici” Kersey, the founder of Kersey Immigration Compliance, a law firm specializing in employment-based immigration issues. Nici discusses how she created her firm out of necessity, then grew it into a company that provides opportunities for veterans and military families. She also opens up about how she uses expertise to her advantage and how becoming a baseball fan helped her let go of perfectionism.   Episode Highlights It can take time to get comfortable being a business owner. Running her own business was not something that Nici planned to do. But when...

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Guide for Your Midyear Business Review show art Guide for Your Midyear Business Review

Mission Driven Business

It’s hard to believe that 2021 is halfway over. Things have changed so much since the beginning of the year, and it’s the perfect time to take a step back and reflect. In this special episode, Brian provides insight and advice for conducting a midyear review for your business. You’ll learn steps to gain awareness, evaluate your business purpose, and take corrective action while there’s still time to change things.   Episode Highlights: How to Conduct A MidYear Business Review 1. Have a personal check-in Paradoxically, the first action item is to take a break from the action, as...

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Setting Boundaries with Lauren Klafke show art Setting Boundaries with Lauren Klafke

Mission Driven Business

Brian chats with Lauren Klafke, a small business owner all about supporting other business owners. Lauren’s firm, Willow Creek Financial Services, provides a space for business owners to ask questions and learn more about their financials. On the episode, Lauren shares how Instagram Reels helps her build her business and conduct market research. She also opens up about how she implemented boundaries to grow her business on her own terms all while raising a newborn and overseeing a house renovation.   Episode Highlights Your mission and your business’s mission don’t have to match....

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Mission Driven Business

Brian chats with Emlen Miles-Mattingly, the founder and CEO of Gen Next Wealth, a financial planning firm focused on helping minorities grow and retain generational wealth. In the episode, Emlen talks about his 20 years of experience in the financial services industry, including the challenges he overcame to pivot from banking to starting his own company. He also shares why small habits and daily systems help him to thrive in his business and personal life.   Episode Highlights Clients can define your mission. Before starting his firm, Emlen worked for an insurance company. Despite...

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Mission Driven Business

Brian interviews entrepreneurial couple Chantel Valentene and Brian Mackin. Chantel made a name for herself building brands in the fashion industry and is now the managing director of a socially conscious design studio, while Brian founded an artist residency and a creative agency. Now, they’ve joined forces to launch Start Today OmniMedia. On the podcast, Chantel and Brian discuss how building their business has created choice and freedom in their lives. They also share how they use their family values to pick the right opportunities and clients.   Episode Highlights The definition of...

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Why I Started My Mission-Driven Business show art Why I Started My Mission-Driven Business

Mission Driven Business

In this very special episode, host Brian Thompson opens up like never before. He shares why he started his own mission-driven business, and some of his highs and lows he encountered in the process. You’ll also learn the difference between strategy and tactics, and why entrepreneurship isn’t necessarily more risky than being a W-2 employee. If you’ve wanted to know more about Brian and his own story, this episode, hosted by Latarsha Stewart, is for you.

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More Episodes

Brian chats with Mike Michalowicz, the mastermind behind Profit First Professionals and author of books for entrepreneurs and small business owners. Mike shares his experience growing several multi-million dollar companies only to lose almost everything. He then details how hitting rock bottom became the foundation upon which he built the Profit First method, which has yielded him 14 years of profitable quarters and is now used by more than 500,000 small businesses.

 

Episode Highlights

Make profit a priority.

The Profit First method developed by Mike rewrites the classic accounting formula from Sales - Expenses = Profit to Sales - Profit = Expenses. Why? Because when something is a priority, it doesn’t come last, Mike noted.

“It’s human nature that when something comes first, it’s the priority. When something comes last, it’s the mañana syndrome,” he said. “That’s when I said, ‘I think the formula is flipped.’”

Profitability brings stability.

One of the problems with the original profitability formula is that increasing sales isn’t always the driver of sustainable growth, Mike said. More sales can translate to more stress, more dysfunction, and less organization.

“It starts actually causing a business to crumble because it doesn’t have runway,” Mike said.

Profit, on the other hand, can bring stability to an organization by buying a small business owner time. When small businesses have one to two months in cash reserves, they don’t have to take on stressful panic sales.

“When a business takes its profit first, they actually grow faster, profit-wise, than their contemporaries,” Mike said. “They are much more calculated in their growth.”

Don’t change yourself. Channel yourself.

Since flipping the formula, Mike has achieved 48 profitable quarters in a row. That’s because the revised formula is designed to manage human behavior. Or as Mike said in the episode, “We can’t change ourselves. We channel ourselves.”

Mike learned this lesson first for exercise. He put his gym shoes on top of the toilet seat as an intervention, so he would have to pick them up first thing in the morning. For business owners, the Profit First method sets up a similar intervention in the owner’s bank account.

“By pre-allocating business to these different accounts, or envelopes, now you know what money is intended for what purpose, and you behave within the confines of what’s available,” Mike said.

 

Resources + Links

 

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.