Profit Answer Man: Implementing the Profit First System!
Hi, I'm the Profit Answer Man! The Profit Answer Man podcast is a weekly show hosted by Rocky Lalvani, a business coach and Certified Profit First Professional. In each episode, Rocky shares his expertise on how to increase profitability and cash flow for small businesses. Episode 1 is the why, 2 - is Mike Michalowicz, and 3-13 are Rocky's take on each chapter in the book. The Profit Answer Man podcast is designed for small business owners, entrepreneurs, and anyone else looking to improve their financial management skills. Rocky covers a wide range of topics, including how to prioritize profit, manage cash flow, and grow your business. One of the things that sets the Profit Answer Man podcast apart is Rocky's engaging and entertaining style. He uses anecdotes, humor, and relatable examples to make the concepts he's discussing easy to understand and apply. If you're a small business owner looking for practical advice on how to improve your financial management and increase profitability, the Profit Answer Man podcast is definitely worth a listen. Whether you're just starting out or have been in business for a while, you'll find plenty of valuable insights and tips that can help you take your business to the next level. Sign up to be notified when the next cohort of the Profit First Experience Course is available! http://bit.do/profitblueprint More about making profitability simple: http://profitcomesfirst.com/ Profit Answer Man Facebook group: https://www.facebook.com/groups/496018144624882/ My podcast about living a richer more meaningful life: http://richersoul.com/ Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.
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Ep 264 Profitable Exits How to Build and Sell For Maximum Value with Cameron Bishop
04/01/2025
Ep 264 Profitable Exits How to Build and Sell For Maximum Value with Cameron Bishop
Profitable Exits: How to Build and Sell For Maximum Value with Cameron Bishop Are you sitting on the edge of explosive business growth—but don’t know how to scale profitably or exit wisely? Want to know how the pros turn $7 million companies into $400 million powerhouses while pocketing $100 million in profit? In this episode of The Profit Answer Man, we sit down with Cameron Bishop, a serial acquirer, turnaround expert, and strategic advisor who’s bought, built, and exited dozens of businesses. From the front lines of private equity deals to the nitty-gritty of turnaround strategy, Cameron drops pure gold for any entrepreneur ready to grow smart, scale fast, and exit rich. Whether you're thinking about your first acquisition or preparing to sell your life's work, this conversation is your shortcut to clarity. In This Episode, You’ll Learn: Why acquiring a business isn’t just for private equity players (and how YOU can do it). How to assess if a business is worth buying—and what red flags to avoid. Why most deals die in due diligence, not over price (hint: it's all about the details). The biggest mistakes business owners make when trying to sell (and how to prepare YEARS in advance). Why having clean books, clear systems, and competent leadership make your company far more valuable than just revenue. How to de-risk your business before you scale—or sell. What it really takes to grow from $7M to $400M in revenue (and $100M in EBITDA!). Key Takeaways: Acquisitions are a strategic growth lever, not a gamble—if you understand what to look for. Culture and leadership matter more than you think when acquiring or exiting a business. You must plan your exit 3–5 years before you're ready to sell. Otherwise, you're leaving millions on the table. Profitability and simplicity beat growth for growth’s sake—especially in a sale. Most sellers are unprepared. Buyers will see through the fluff, so get your house in order. Who is Cameron Bishop? Cameron Bishop is a battle-tested CEO, investor, and M&A expert who scaled Intertec Publishing from $7M to $400M and $100M in EBITDA through 35+ strategic acquisitions. He’s led turnarounds, advised billion-dollar firms, and now helps business owners maximize value through strategic exits. As a partner at Raincatcher, he specializes in helping entrepreneurs navigate the complex world of mergers, acquisitions, and business transitions. Conclusion: Don’t Wait to Build a Sellable Business If you're serious about scaling or exiting, this episode is a masterclass. Whether you want to grow through acquisition, clean up your books, or understand what really drives value in a sale—Cameron brings decades of wisdom to help you get there faster and with less risk. Links: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 263 A Profitable Legal Strategy for Your Business with Jeff Holman
03/26/2025
Ep 263 A Profitable Legal Strategy for Your Business with Jeff Holman
A Profitable Legal Strategy with Jeff Holman Is your professional service firm just a glorified job? Are you stuck in the time-for-money trap, wondering where the profit is? In this eye-opening episode of the Profit Answer Man, we sit down with Jeff Holman, a serial entrepreneur and attorney who cracked the code on building true profitability into a law firm—without working 80 hours a week or billing by the hour. If you're running a service-based business, this episode is a masterclass in aligning cash flow, value creation, and scalable legal support. You’ll hear how Jeff transitioned from paycheck-chasing attorney to scalable business owner using a fractional legal team model—and how he implemented Profit First in an industry that often ignores profit altogether. In This Episode, You’ll Learn: Why most law firms (and professional services) operate at a financial loss—even when they look successful. How to escape the “next client, next invoice” cycle and start building enterprise value. The secret behind Jeff’s Fractional Legal Team model—and how you can apply the same thinking to your industry. Why implementing Profit First was a game-changer for Jeff’s firm—and how you can do it too. Why professional service providers MUST stop thinking like employees and start acting like business owners. Key Takeaways: Profit Isn’t Optional: Running a law firm—or any business—without a clear profit strategy is just self-employment in disguise. Jeff shares how he flipped the script and began designing profit into the business. The Time-for-Money Trap is Real: Many lawyers, consultants, and service professionals stay broke by chasing billable hours. Jeff explains how he stepped out of the "lawyer job" mindset and into the role of a true business owner. Build with the End in Mind: “If you’re going to run this business for 10–15 years, why not build something that’s actually worth something?” Jeff dives into how he intentionally built enterprise value instead of just cash flow. Fractional Legal is the Future: Jeff’s team model puts the right attorney with the right client at the right time—maximizing value while minimizing overhead. It’s not just smart law—it’s smart business. Profit First for Professionals: Learn how Jeff applied the Profit First system to create clarity, control, and cash flow in a notoriously chaotic industry—and why more professionals need to do the same. About Jeff Holman: Jeff Holman is the founder of Intellectual Strategies, a firm revolutionizing how startups and growth-stage businesses access legal help. His Fractional Legal Team approach gives companies the right legal expertise when they need it—without the cost of a full-time legal department. With a background in engineering, law, and business, Jeff bridges the gap between technical teams and legal strategy. He’s admitted to practice in California, Utah, and before the U.S. Patent and Trademark Office, and brings over two decades of experience tackling complex business and legal problems. Jeff’s mission is simple: help clients grow smarter, faster, and more profitably. Conclusion: You don’t need to be a lawyer to learn from this episode. Whether you're running a design agency, a coaching practice, or a consulting firm, Jeff Holman’s story is your wake-up call: your business should serve YOU—not the other way around. Stop building a job. Start building a business that pays you now and has value when you’re ready to step away. Links: Website: LinkedIn: YouTube: Instagram: Facebook: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 262 Turn Your Business into a Freedom Machine with Leslie Hassler
03/20/2025
Ep 262 Turn Your Business into a Freedom Machine with Leslie Hassler
Turn Your Business into a Freedom Machine with Leslie Hassler Scaling a business is the dream of many entrepreneurs, but for most, it turns into a nightmare filled with burnout, financial struggles, and inefficiencies. What if there was a way to grow and scale profitably without sacrificing your health, sanity, and freedom? On this episode of The Profit Answer Man, we sit down with Leslie Hassler, founder of Your Biz Rules, to discuss how entrepreneurs can create predictable profits, sustainable growth, and a thriving business—without the common pitfalls of burnout. Leslie shares her personal journey, key lessons from her Scaling Rich™ framework, and how business owners can shift their mindset to unlock real financial success. If you’ve ever felt stuck or overworked or wondered if scaling is really worth it, this episode is for you. In This Episode, You Will Learn: How to break free from the feast-and-famine cycle of business growth. The biggest mistake business owners make when trying to scale (and how to avoid it). Why most entrepreneurs get in their own way—and how to shift your mindset to unlock success. The importance of implementing systems and processes before you scale. How to build a business that supports your ideal lifestyle, not just revenue goals. Practical steps to start creating predictable profits today. Key Takeaways: Scaling Isn’t Just About Growth—It’s About Predictable, Sustainable Profits. Many business owners push for aggressive growth without ensuring their business can handle it. Leslie emphasizes that scaling profitably requires a strong financial foundation, repeatable processes, and a business model that doesn’t solely depend on the owner. Entrepreneurs Often Get in Their Own Way. Leslie explains that business owners tend to believe their business is “different” or “special,” which prevents them from learning proven strategies that work. The truth? Business growth follows predictable patterns, and entrepreneurs must be willing to adjust their approach. Systems and Processes Are Key to Freedom. A common reason businesses struggle to scale is the lack of documented systems. Leslie shares how implementing structure allows entrepreneurs to step out of the daily grind and focus on growth. Profit First: A Must-Have for Scaling. Without a clear cash management system, many businesses scale out of control—leading to financial chaos instead of success. Leslie highlights the importance of using Profit First principles to ensure that growth is both profitable and sustainable. Burnout Is a Symptom of Poor Business Design. Leslie’s approach emphasizes designing a business that supports the owner's life, rather than one that consumes it. She shares strategies to ensure scaling doesn’t lead to exhaustion, but rather to more freedom and profitability. About Leslie Hassler: Leslie Hassler is the founder of Your Biz Rules, a business strategist, and author of First This, Then That and the upcoming book Scaling Rich™. With over 17 years of entrepreneurial experience, she specializes in helping small business owners scale without burnout by creating predictable profits and sustainable business models. Her holistic approach blends financial strategy, leadership development, and systemization to help business owners reclaim their time, energy, and wealth. Conclusion: Scaling a business should lead to more profit, more freedom, and less stress—not the other way around. Leslie Hassler’s insights prove that with the right mindset, systems, and financial strategies in place, business owners can grow and scale without falling into the burnout trap. Links: Website: LinkedIn: X: Facebook: Instagram: YouTube: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 261 Increase Profit and Cash Flow with Paul Maskill
03/17/2025
Ep 261 Increase Profit and Cash Flow with Paul Maskill
Increase Profit and Cash Flow with Paul Maskill Are you a business owner looking to scale your operations without drowning in the chaos of daily management? Paul Maskill, a seasoned entrepreneur and financial expert, joins us on The Profit Answer Man podcast to reveal how systematizing your business can lead to sustainable growth and financial freedom. With years of experience in owning and selling service-based businesses, Paul now serves as an outsourced CFO, helping blue-collar businesses create predictable, positive cash flow. If you’re tired of feeling like your business owns you instead of the other way around, this episode is for you. Learn how to shift from technician to leader, attract the right talent, and implement the financial systems necessary for lasting success. In This Episode, You Will Learn: Why systems and processes are critical for freeing up your time and scaling your business efficiently. How treating employee recruitment like customer acquisition solves staffing challenges. Why most business owners struggle with cash flow management—and how to fix it. How Paul transitioned from corporate finance to building, scaling, and selling multiple businesses. The biggest financial mistakes business owners make and how to avoid them. Key Takeaways: You Must Systematize Your Business to Scale. Paul emphasizes that many business owners get trapped in the "technician mindset" (a concept from The E-Myth by Michael Gerber). Instead of focusing on high-level strategy, they’re consumed by daily operations. The solution? Implementing repeatable systems and processes. Recruiting Should Be a Constant Process. One of the biggest challenges business owners face is finding good employees. Paul flips the script and treats recruiting like business development. Cash Flow is King—Understand Your Numbers. Paul explains that many business owners don’t truly understand their financials. They mistake revenue for profit and fail to manage their cash flow effectively. The Power of Fractional CFOs for Small Businesses. Most small businesses can’t afford a full-time CFO, but they still need financial strategy and oversight. That’s where fractional CFOs like Paul come in. About Paul Maskill: Paul Maskill is an entrepreneur, financial strategist, and the founder of Blue Collar Business Advisors. After leaving corporate finance in 2010, he built and sold multiple service-based businesses, including an electrical service company that scaled by over 500% in three years. Now, he helps blue-collar business owners increase profitability, improve cash flow, and create businesses that don’t depend on them. Conclusion: Scaling a business doesn’t mean working harder—it means working smarter. By implementing systems, hiring strategically, and managing cash flow effectively, you can create a thriving business that runs without you. Paul Maskill’s insights are a game-changer for business owners who want to break free from the daily grind and achieve financial freedom. Links: Email: Website: LinkedIn: LinkedIn/paulmaskill Instagram: @paul_maskill BusinessFreedomFormula Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 260 From Startup to Multi-Million Dollar Brand with Matt McLean
03/10/2025
Ep 260 From Startup to Multi-Million Dollar Brand with Matt McLean
From Startup to Multi-Million Dollar Brand with Matt McLean What does it take to turn a backyard business into a nationwide brand? How do you scale profitably while staying true to your mission? And what are the biggest mistakes entrepreneurs make when growing their companies? This week on The Profit Answer Man, we dive deep with Matt McLean, founder and CEO of Uncle Matt’s Organic, America’s top-selling organic orange juice brand. With distribution in 20,000+ stores nationwide, including Walmart, Whole Foods, and Kroger, Matt has mastered the art of scaling a business while staying profitable. But it wasn’t always easy. Matt’s journey is one of resilience, adapting to economic downturns, market competition, and supply chain disruptions while keeping his company thriving. If you’re an entrepreneur looking for real-world lessons on business growth, financial discipline, and staying ahead in a competitive market, this episode is for you. In This Episode, You Will Learn: How Matt McLean grew Uncle Matt’s Organic from 3 acres to a national brand. The profit-first strategies he uses to maintain financial stability. The #1 mistake most businesses make when trying to scale. Why competition can destroy your margins—and how to fight back. How to stand out in an overcrowded industry and build a loyal customer base. Key Takeaways: Why Every Business Needs a “Day One” Mentality. Even after 25 years in business, Matt still thinks of Uncle Matt’s Organic as a startup. He believes that success comes from constantly innovating, staying lean, and never becoming complacent—a mindset Amazon’s Jeff Bezos also champions. The Hardest Part About Scaling? Profitability. Most entrepreneurs believe that more revenue = more profit. WRONG!. As Matt explains, when you create a highly profitable niche, competitors swarm in, driving down margins. The Biggest Mistake That Kills Businesses. Matt shares how many businesses fail because they don’t plan for market fluctuations. After surviving industry downturns and major economic shifts, his advice is clear: “Always have a financial cushion. If you don’t manage your cash flow, you won’t survive long enough to see the next big opportunity. The Secret to Standing Out in an Overcrowded Market. Organic food brands are everywhere. So how did Uncle Matt’s Organic dominate? Matt attributes their success to: Brand authenticity- Their commitment to real organic farming builds trust. Consistent quality- Cutting corners kills brands. Consistency wins, and Customer education- They don’t just sell juice; they educate consumers on health benefits. Want to Grow Faster? Master These Profit First Principles. Matt credits financial discipline as the key to staying profitable. About Matt McLean: Matt McLean is a pioneer in the organic food industry, an entrepreneur, and an advocate for sustainable farming. A 7th-generation Floridian, his citrus-growing heritage inspired him to launch Uncle Matt’s Organic in 1999—before the USDA even had an organic certification. Today, Uncle Matt’s Organic is the #1 selling organic orange juice brand in America, with products available in over 20,000 stores nationwide. Matt is passionate about organic farming, sustainability, and helping other entrepreneurs navigate the challenges of growing a business profitably. Conclusion: Matt McLean’s journey is a masterclass in resilience, smart growth, and financial discipline. If you’re looking to scale your business without losing sight of your bottom line, his Profit First approach is a game-changer. Links: Website: Media Kit: Instagram: Facebook: Twitter: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 259 Profitable Entity Structures with Alex Langan
03/03/2025
Ep 259 Profitable Entity Structures with Alex Langan
Profitable Entity Structures with Alex Langan In this episode of The Profit Answer Man, we sit down with Alexander Langan, an attorney and financial advisor who brings a unique perspective to wealth management and strategic financial planning. As the Chief Investment Officer of Langan Financial Group, Alex is well-versed in helping business owners build sustainable financial strategies. Our conversation covers the importance of aligning financial, tax, and legal strategies, the impact of business entity structures on profitability, and how business owners can adopt a Profit First mindset—even if they don’t realize they’re already doing it. If you're looking for ways to improve your business's financial health, ensure your advisors are working together effectively, and make smarter financial decisions, this episode is for you. In This Episode, You’ll Learn: Why business owners need a cohesive financial team consisting of a CPA, attorney, financial planner, and a business strategist. How entity structures impact tax savings and long-term financial growth. The hidden financial pitfalls that could be draining your profitability. Why a Profit First approach can simplify financial management—even if you don’t formally follow the system. How to set up multiple bank accounts to manage cash flow more effectively. How financial advisors and business strategists can work together to maximize your bottom line. Key Takeaways: Your Business Needs a Financial Dream Team. Alex emphasizes that business owners should have a CPA, attorney, financial planner, and profit coach who communicate regularly. Without alignment, owners can end up making costly decisions—like structuring their business in a way that benefits their CPA or attorney but hurts their long-term wealth. Entity Structures Can Make or Break Your Finances. Choosing the right business entity isn’t just a legal decision; it’s a profitability decision. Financial Planning Isn't Just About Investments. Most business owners think of a financial advisor as someone who just manages stocks and retirement funds. But Alex brings a broader perspective—financial planning should start at the business level. Optimizing tax strategies, structuring cash flow, and ensuring liquidity in business operations are just as important as planning for personal wealth. Profit First Is a Mindset, Not Just a System. While Alex wasn’t formally using Profit First, he realized he was already following many of its principles. Even if you’re not implementing Profit First exactly as written, adopting a cash flow allocation strategy ensures you’re setting aside money for taxes, profit, and future growth before spending. Simplicity Wins When Managing Finances. A complicated financial plan is one that doesn’t get followed. Whether it’s investing, tax strategies, or cash flow management, the simpler the system, the more effective it is. Guest Bio: Alex Langan is the Chief Investment Officer of Langan Financial Group, a leading financial planning and wealth management firm. As a second-generation leader in the family business, Alex specializes in strategic investments, business finance, and wealth-building strategies. Alex holds a Doctor of Law from Widener University and serves as an Adjunct Professor of Law. He has been featured in major media outlets, including MarketWatch, Yahoo Finance, and ABC 27. Beyond his work in financial planning, Alex is also a Board Member for multiple nonprofits and is passionate about helping business owners build long-term financial success. Conclusion: If you’re a business owner struggling to connect the dots between accounting, legal strategy, financial planning, and business growth, this episode is a must-listen. Aligning your advisors, choosing the right business structure, and adopting a Profit First mindset can transform your financial success. Links: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 258 Scaling Success: Transforming Your Business into a Powerhouse with Courtney De Ronde
02/25/2025
Ep 258 Scaling Success: Transforming Your Business into a Powerhouse with Courtney De Ronde
Scaling Success: Transforming Your Business into a Powerhouse with Courtney De Ronde Welcome to another insightful episode of The Profit Answer Man! In this episode, we sit down with Courtney De Ronde, CEO of Forge Financial and Management Consulting, to discuss the crucial intersection of financial management and business growth. Many businesses struggle not with generating revenue but with understanding what their numbers mean and how to take action on them. That’s where Courtney and her Simple ScaleUp System™ come in, helping business owners move from financial confusion to confident decision-making. If you’re looking to scale your business while keeping financial clarity, this episode is a must-listen. In This Episode, You Will Learn: How your financials tell the story of your business and why most accountants stop short of helping you act on them. Why management consulting and financial expertise should go hand in hand for business success. The Simple ScaleUp System™ and how it helps entrepreneurs translate financial insights into action. How small businesses can bridge the gap between financial data and strategic decisions. The key factors that separate thriving companies from those that struggle financially. Key Takeaways: Financial Reports Are Just the Beginning. Most business owners get financial reports but struggle to act on them. Courtney highlights how her firm goes beyond the numbers, ensuring business owners understand the "why" behind their profit margins. The Missing Piece in Accounting – Business Strategy. Many accountants provide historical financial data but don’t connect the dots to operational decisions. Courtney’s firm helps entrepreneurs answer the big question: "Now that I know my financials, what should I do next?" This bridges the gap between data and strategy. Scaling Requires Systems, Not Just Growth. Scaling a business isn’t just about increasing revenue—it’s about ensuring your systems, leadership, and financial clarity grow alongside it. The Simple ScaleUp System™ provides a structured framework for making scaling intentional and profitable. Profitability Isn’t Just a Math Problem – It’s a Leadership Issue. Your profit and loss statement won’t explicitly tell you if you have poor leadership, a toxic culture, or inefficient systems—but it will show up in your bottom line. Courtney shares how business leaders can spot these inefficiencies early and take action before they eat away at profits. CFO Services Aren’t Just for Big Companies. Many small businesses think they can’t afford financial leadership, but outsourced CFO services provide big-business financial strategy on a small-business budget. Whether through bookkeeping, tax strategy, or high-level consulting, having a financial expert on your team is a game-changer. About Courtney De Ronde: Courtney De Ronde is the CEO of Forge Financial and Management Consulting and the creator of the Simple ScaleUp System™. With 20+ years as a CPA and 15 years in leadership, she helps business owners understand their numbers and take action toward growth. Her firm provides a mix of financial expertise and management consulting to help businesses and nonprofits scale successfully without financial blind spots. When she’s not helping businesses thrive, Courtney enjoys road-tripping with her husband and three kids from their home base in Des Moines, Iowa. Conclusion: Scaling a business isn’t just about making more money—it’s about making smart, sustainable financial decisions. Courtney De Ronde delivers a refreshing perspective on the power of financial clarity, showing how combining numbers with strategy is the ultimate formula for success. If you’ve ever felt like you’re drowning in financial reports but don’t know what to do next, this episode is for you. Links: Website: ForgeAhead.com LinkedIn: in/CourtneyDeRonde Facebook: /ForgeFMC Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 257 The Most Important Numbers and Drivers with Lee Benson
02/19/2025
Ep 257 The Most Important Numbers and Drivers with Lee Benson
The Most Important Numbers and Drivers with Lee Benson Welcome to another episode of The Profit Answer Man, where we dive deep into the strategies and mindsets that drive business profitability and sustainable growth. Today, we’re joined by Lee Benson, a serial entrepreneur who has successfully built and sold multiple businesses, including a nine-figure exit to Textron. Lee brings decades of experience in business strategy, leadership, and value creation. His passion for helping organizations increase their impact and profitability is evident in his work as the CEO of Execute to Win, a firm dedicated to enhancing organizational effectiveness. If you’re a business owner looking to scale profitably while navigating growth challenges, you won’t want to miss this episode! In this episode, you will learn: How Lee took a failing company, assumed its debt, and turned it into a highly profitable venture. The key lessons from scaling a business from $0 to a nine-figure exit. Why hitting plateaus in business growth is normal and how to break through them. The importance of aligning leadership with the needs of the company at different stages. How to develop a sustainable growth strategy that maintains profitability. The biggest mistakes entrepreneurs make when scaling and how to avoid them. Key Takeaways: Take Smart Risks and Own the Outcome – Lee turned a struggling company around by assuming its debt, securing customers, and focusing on value creation. Many entrepreneurs hesitate at the idea of taking on debt, but when done strategically, it can be a powerful tool for business growth. Growth is Not Linear – Scaling a business involves hitting revenue plateaus before making the next big leap. Lee experienced these plateaus, such as being stuck at $8 million for a few years before unlocking the next growth phase. Be the CEO Your Company Needs – One of the biggest lessons Lee shared is that business owners must evolve as leaders. Each stage of business growth requires different skills, mindsets, and strategies. Focus on Profitability Over Revenue – A mistake many business owners make is chasing top-line revenue without ensuring profitability. Lee emphasized the importance of maintaining strong profit margins while scaling. Execution is Everything – Scaling isn’t just about strategy; it’s about execution. Lee’s company maintained a 20%+ annual growth rate by continuously refining operations and executing with discipline. Guest Bio: Lee Benson is the founder and CEO of Execute to Win, a company dedicated to helping organizations maximize their value. He is a serial entrepreneur who has started and grown multiple businesses, including Able Aerospace, which he successfully sold to Textron in a nine-figure deal. Lee is also a sought-after speaker, author, and podcast host of Show Your Value. His expertise lies in value creation, leadership, and execution, and he has been featured in major publications like The Wall Street Journal, Forbes, and Inc. Conclusion: Scaling a business isn’t just about growth—it’s about profitable growth. Lee Benson’s journey demonstrates the importance of strategic risk-taking, leadership evolution, and disciplined execution. If you’re an entrepreneur looking to break through revenue plateaus and build a high-value business, start by implementing the key lessons from this episode. Links: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 256 Scaling Businesses Across Industries: Lessons from a Serial Entrepreneur with Philip Taylor
02/13/2025
Ep 256 Scaling Businesses Across Industries: Lessons from a Serial Entrepreneur with Philip Taylor
Scaling Businesses Across Industries: Lessons from a Serial Entrepreneur In this episode of The Profit Answer Man, we sit down with Philip Taylor (PT), a CPA turned entrepreneur, to discuss his journey in building multiple successful businesses. From launching a finance blog in 2007 to creating major conferences like FinCon and TravelCon, and now running a CPA firm for content creators, PT shares his insights on diversification, adapting to industry changes, and maintaining profitability. If you're an entrepreneur looking to build multiple income streams, navigate the shifting digital landscape, and optimize your financial strategies, this episode is packed with actionable insights! In this episode, you will learn: How Philip built and scaled multiple businesses in blogging, events, and accounting. The major shifts in blogging and digital content creation over the years. How AI and search engines have disrupted traditional content models. Strategies for running a profitable conference and event business. Key financial mistakes content creators make—and how to avoid them. The importance of tax planning, retirement strategies, and financial systems for entrepreneurs. Why building a financial war chest is crucial for long-term success. Key Takeaways: 1. Diversification is Key to Long-Term Success. Philip didn’t rely on just one business—he built multiple streams of income: PTMoney.com – A personal finance blog that started in 2007. FinCon – A major annual conference for personal finance content creators. TravelCon – A travel content creator event. The Creator CPA – A tax and accounting firm focused on digital entrepreneurs. Each of these businesses operates differently, but Philip has found ways to integrate them so they support each other. 2. The Changing Landscape of Blogging and AI's Impact. Blogging used to be a hub for conversations, but social media took that engagement away. AI-powered search engines now provide direct answers, reducing website traffic for independent bloggers. Google prioritizes big media brands over independent creators, making it harder for small content sites to rank. Many creators are shifting to email newsletters, YouTube, and social media platforms where they can directly engage audiences. 3. Running a Profitable Conference Business. Philip runs two major creator-focused events, but COVID and rising travel costs disrupted the event industry. His advice: Build financial reserves so you can weather downturns. Continuously evolve your model—smaller events, hybrid events, or alternative pricing strategies may be needed. Understand the true cost for attendees—it’s not just the ticket price; flights, hotels, and food add up significantly. 4. Financial Mistakes Entrepreneurs Make. Philip sees common financial pitfalls among entrepreneurs, especially content creators: Not setting aside 20% of income for taxes. Ignoring retirement planning (e.g., Solo 401(k)s, SEP IRAs). Mixing personal and business expenses. Failing to build a financial war chest to handle downturns. Solution: Work with a CPA, separate personal and business finances, and prioritize long-term financial stability over short-term spending. 5. Tax Planning vs. Tax Preparation. Most CPAs focus on tax prep (reactive) instead of tax planning (proactive). Strategic tax planning can help business owners reduce taxable income, plan for retirement, and optimize deductions. Meet with your CPA in September/October to plan before year-end. Tip: If your business revenue fluctuates, consider using Roth conversion strategies during low-income years to maximize tax advantages. About Philip Taylor: Philip Taylor (PT) is a CPA, entrepreneur, and founder of FinCon. He also runs The Creator CPA, a tax firm specializing in financial services for content creators. His insights have been featured in The New York Times, Forbes, The Washington Post, and other major media outlets. Conclusion: Philip Taylor’s journey proves that multiple revenue streams, financial planning, and adaptability are key to long-term entrepreneurial success. Whether you’re a content creator, business owner, or service provider, his advice on tax planning, cash flow management, and business diversification can help you increase profitability and protect against economic downturns. Links: LinkedIn: Twitter: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 255 The Psychology of Growing Profit with Matthew Stafford
02/03/2025
Ep 255 The Psychology of Growing Profit with Matthew Stafford
The Psychology of Growing Profit with Matthew Stafford Welcome back to The Profit Answer Man! In today’s episode, we sit down with Matthew Stafford, a self-made entrepreneur who went from pouring concrete to optimizing Shopify stores with data-driven strategies. Matt shares his journey of transformation, the power of mindset, and the tools and systems that have helped countless businesses scale. Prepare to gain actionable insights that will revolutionize how you approach e-commerce, profitability, and breaking through mental barriers. In this episode you will learn: Breaking Mental Barriers: How limiting beliefs cap your growth potential and the strategies to overcome them. The Science of Revenue Optimization: Tools and tactics to improve the customer journey and maximize Shopify profitability. Leveraging Mindset for Growth: The role of personal growth and coaching in scaling businesses. Key Lessons from a Concrete Entrepreneur Turned Data Scientist: The pivotal shifts that turned Matt’s story into a blueprint for success. Key Takeaways: Your Mindset Shapes Your Reality: Matt emphasizes that many entrepreneurs hit plateaus because of internalized limiting beliefs. Recognizing and rewriting these "scripts" can unlock new potential for growth. Focus on the Customer Journey: As the architect of BGS’s “Revenue Optimization” system, Matt stresses the importance of removing friction points in the customer experience to increase conversion rates and drive profits. The Role of Data in Decision-Making: Data isn’t just numbers—it’s the story of your business. Learning to read and react to what the data tells you can mean the difference between stagnation and scaling. Tools and Techniques for Scaling: From Shopify optimization to mindset coaching, Matt shares practical tips to help entrepreneurs succeed both personally and professionally. About Matthew Stafford: Matthew Stafford is a pioneer in the world of Shopify optimization and the mastermind behind Build Grow Scale’s "Revenue Optimization" system. With over 27 years of entrepreneurial experience, Matt has built a reputation for his no-nonsense, data-driven approach to scaling e-commerce businesses. His ability to spot and remove customer journey impediments is unmatched, making him a sought-after expert in the industry. When Matt isn’t turning e-commerce businesses into profit machines, he’s coaching entrepreneurs on overcoming limiting beliefs and achieving new heights in their personal and professional lives. Conclusion: This episode with Matthew Stafford is packed with lessons for entrepreneurs looking to scale their business while breaking free from self-imposed limits. Whether you're looking to optimize your Shopify store, shift your mindset, or understand the stories your business data is telling you, Matt’s insights are sure to inspire action. Be sure to connect with Matthew Stafford on social media and check out the tools offered at Build Grow Scale. As always, remember: more revenue does not equal more profit. Stay focused on the bottom line, and let’s make your business thrive! Links: Website: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 254 Living the Profit First Life with Eric Dingler
01/23/2025
Ep 254 Living the Profit First Life with Eric Dingler
Living the Profit First Life with Eric Dingler In this episode of The Profit Answer Man, we welcome Eric Dingler, a seasoned digital marketing expert and entrepreneur who has successfully merged his love for travel with business. Eric has been living the dream of many business owners by becoming location-independent. For the past three years, he and his family have been traveling the world while scaling his digital marketing agency. In this inspiring episode, we explore how Eric leveraged the Profit First system to stabilize his business finances and enjoy the freedom many entrepreneurs strive for but rarely achieve. In this episode you will learn: How the Profit First system transformed Eric’s cash flow and business discipline. Practical strategies for running a location-independent business. Why having a clear framework and system in place can simplify financial management. The importance of integrating family and business goals for a fulfilling entrepreneurial journey. How automation tools can make managing multiple accounts and financial allocations easier than ever. Key Takeaways: The Power of Profit First: Eric credits Profit First for giving him the financial clarity and discipline he needed to scale his business. He highlights how the system helped him create a consistent cash flow while keeping operational expenses in check. Frameworks Matter: Being a self-proclaimed framework nerd, Eric emphasizes the importance of adopting systems that align with your thinking style. Profit First gave him a structured approach that didn’t require constant oversight but ensured results. Automation Makes It Easier: Eric shared how he automated his Profit First allocations using banking tools. This eliminated the friction of manual transfers and ensured consistent adherence to the system. Quarterly Profit Checks Are Motivating: A pivotal moment in Eric’s journey was when he brought home the first quarterly profit check—a milestone that motivated both him and his wife to stick with the system. Family Integration: By aligning his personal goals with his business operations, Eric managed to create a lifestyle that balances work, family, and exploration. About Eric Dingler: Eric Dingler has over 25 years of experience in marketing and is passionate about helping businesses develop cohesive strategies. He is the founder of a digital marketing agency and a digital nomad, traveling full-time with his wife and four children. His entrepreneurial journey is a testament to how intentional financial management and strategic planning can lead to the life of your dreams. Conclusion: Eric’s story is an inspiring example of how the right financial system can help you achieve both business growth and personal freedom. Whether you're looking to travel more, spend more time with family, or simply reduce the daily stress of managing your business finances, implementing Profit First can be a game-changer. Links: EricDingler.com Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 253 The 5 Numbers to Run Your Business Profitability with Edward Patton
01/14/2025
Ep 253 The 5 Numbers to Run Your Business Profitability with Edward Patton
The 5 Numbers to Run Your Business Profitability with Edward Patton Welcome to another episode of The Profit Answer Man podcast! Today, we dive into a fascinating conversation with Ed Patton, a finance expert dedicated to helping privately owned businesses gain financial clarity. Ed’s unique approach simplifies business financials down to just five critical numbers, empowering leaders to understand their financial health without the overwhelming jargon. Ed’s extensive experience, including roles in public accounting and investment banking, gives him a wealth of knowledge in improving financial performance for small and mid-sized businesses. If you've ever felt that understanding your financials is a daunting task, this episode is for you. In this episode you will learn: The Five Key Numbers for Financial Clarity: Ed explains his proprietary method for breaking down complex financial data into five essential numbers that every business owner can easily comprehend. Why GAAP Cash Flow Statements Fall Short: Discover Ed’s custom cash flow statement and why it provides a clearer picture of a company’s liquidity than traditional methods. How to Gauge Financial Health with a Simple Metric: Ed shares how to assess your company’s financial well-being in dollar terms, making it easier for owners to act quickly and confidently. The Importance of Borrowing Capacity and Business Valuation: Learn how understanding your borrowing potential can open doors to growth opportunities and ensure long-term sustainability. Key Takeaways: Simplicity is Power: By reducing financial reports to five key numbers—cash flow, operating earnings, financial health, value, and borrowing capacity—business owners can make informed decisions without getting bogged down in details. Custom Financial Reporting: Ed’s approach emphasizes actionable insights rather than traditional financial ratios, ensuring that business leaders can quickly grasp the financial state of their companies. Improving Borrowing Power: Knowing your exact borrowing capacity can give you leverage when negotiating with financial institutions or planning for growth. Focus on Value Creation: Understanding how your business creates value—and how to measure it—is essential for long-term success. About Ed Patton: Ed Patton is a seasoned finance professional with over 30 years of experience in accounting, investment banking, and financial advisory services. He has dedicated his career to helping small and mid-sized businesses improve profitability and increase their value. His firm offers a unique approach to financial management by simplifying complex financial data into easily digestible metrics. Through his tailored services, Ed enables business leaders to gain confidence in their financial decision-making, ensuring that they can scale effectively while maintaining financial health. You can learn more about Ed’s work and connect with him via his website, Patton Trender. Conclusion: Understanding your business’s financials doesn’t have to be intimidating or complex. With experts like Ed Patton offering clear, actionable frameworks, you can gain the confidence needed to drive profitability and growth. Remember, mastering cash flow, profitability, and financial health is key to building a resilient business. Links: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 252 Increase Profits while Working Less with Kyle Smith
01/06/2025
Ep 252 Increase Profits while Working Less with Kyle Smith
Increase Profits While Working Less with Kyle Smith This episode features a conversation with Kyle Smith, CPA, co-founder of Strata Cloud Accountants. With a unique journey from professional poker to strategic financial leadership, Kyle brings a wealth of insights into building scalable, profitable businesses. In this episode, you will learn: Decision-Making Through Numbers: Kyle's journey from poker to finance shows the importance of probabilities and financial forecasting in driving business success. Lessons from Onboarding Small Businesses: Insights from Kyle’s time at ScaleFactor, where he worked with a high volume of businesses and observed patterns of success and failure. The Evolution of Accounting Services: How Kyle and his partners created Strata Cloud Accountants to prioritize client service and small business empowerment. Profit First Applications: How Kyle integrates Profit First principles to improve financial clarity and profitability for clients. Key Takeaways: Align Goals with Financial Strategy: Understand how personal and company objectives can align to build a sustainable, fulfilling business. Probability-Based Decision Making: Use scenario analysis and financial forecasts to inform strategic decisions. Build Scalable Systems: Invest in systems and processes that grow with your business while keeping operations efficient. Empower Small Business Owners: Tailored accounting and CFO services can unlock new levels of profitability and ease operational burdens. About Kyle Smith: Kyle Smith, CPA, co-founder of Strata Cloud Accountants, transitioned from professional poker to becoming a financial leader. His early career included roles in consumer packaged goods and hospitality, giving him diverse experience. Kyle honed his expertise during his time at ScaleFactor, onboarding dozens of small businesses weekly and learning industry-wide best practices. Since 2020, Kyle has focused on empowering small businesses with high-touch financial services tailored to their unique needs. Conclusion: In today’s episode, Kyle Smith exemplifies how combining innovative strategies with financial principles like Profit First can lead to impactful results. Whether you're refining your business systems, aligning personal and professional goals, or learning how to scale effectively, there’s a wealth of actionable insights to implement. Links: LinkedIn: in/Kyle-Smith-CPA LinkedIn in/Strata-Cloud-Accountants Facebook: /StrataCloudAccountants Instagram @StrataCloudAccountants Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 251 Work Less Make More Profit with Eric Williams
01/06/2025
Ep 251 Work Less Make More Profit with Eric Williams
Work Less Make More Profit with Eric Williams In this episode of The Profit Answer Man, I had the pleasure of hosting Eric Williams, founder of Willity. Eric's passion lies in helping overworked and overwhelmed business owners regain control over their schedules, delegate effectively, and build businesses that create freedom, impact, and profitability. He shares his experiences and strategies on how entrepreneurs can break free from burnout cycles, focus on what truly matters, and intentionally design a profitable business aligned with their goals. In this episode, you will learn: Why the root cause of many business problems often lies with the entrepreneur and not the business itself. The importance of being intentional about finances and implementing systems like Profit First. How to transition from reactive decision-making to a proactive approach for better financial and time management. Practical steps to systematize, delegate, and automate your business for sustainable growth. Key Takeaways: Business Problems vs. Entrepreneur Problems: Eric highlights that most business issues are straightforward to solve compared to the personal challenges entrepreneurs face. By addressing personal growth and mindset, business owners can unlock the true potential of their companies. The Power of Profit First: Eric shares how the Profit First methodology has transformed his and his clients’ businesses. It’s not just about understanding revenue and expenses but allocating profit intentionally to align with business and personal goals. Intentionality in Business Design: Eric emphasizes designing a business that fits the life you want. This includes deliberate planning for time, finances, and processes to ensure your business serves your life rather than controls it. Delegation and Automation: A recurring theme is the need to step away from the day-to-day grind by delegating effectively and implementing systems to automate routine tasks. This enables entrepreneurs to focus on scaling their businesses without being bogged down by operational details. Guest Bio: Eric Williams is the founder of Willity, a consulting firm dedicated to helping business owners and leaders streamline their operations and regain control over their time and schedules. Through his work, Eric helps entrepreneurs reduce stress, achieve financial clarity, and create impactful businesses that align with their values. His expertise lies in guiding clients out of burnout and into a space where their businesses work for them—not the other way around. Conclusion: This episode with Eric Williams is packed with actionable insights and practical advice for any entrepreneur striving to build a more profitable and sustainable business. If you’ve ever felt overwhelmed by the demands of running your business, Eric’s strategies will inspire and guide you toward regaining control and focusing on what truly matters. Links: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 250 Profit & Process with Michael Straza
01/02/2025
Ep 250 Profit & Process with Michael Straza
Profit & Process with Michael Straza In the world of business, profitability and efficiency often stand as the ultimate goals. Yet, many business owners struggle to harmonize their operational processes with financial clarity. In this episode of The Profit Answer Man, we dive deep into the strategic insights and transformative approaches offered by Michael Straza, a seasoned Fractional COO/CFO with over 25 years of diverse business experience. Michael’s unique ability to bridge the gap between operations and financial management offers a fresh perspective on how business leaders can optimize processes for long-term profitability. In this episode, you will learn: The Intersection of Operations and Finances: Discover why understanding both operational processes and financial numbers is crucial for business growth. Diagnosing Hidden Problems in Financial Statements: Learn how to identify process inefficiencies that impact profitability, often hidden behind the numbers. Labor Efficiency as a Key Metric: Explore strategies to measure and enhance labor efficiency for improved gross profit. Aligning Teams for Financial and Operational Success: Understand how to unify operational and financial goals for cohesive team performance. Key Takeaways: Operational Issues Often Mask Financial Problems: Michael shares how processes directly influence the P&L and why business leaders must dig deeper into their operations when the numbers don’t align with expectations. Bridging Communication Gaps: Operations and finance often speak different languages. Michael emphasizes the importance of translating these perspectives for better decision-making and alignment. Labor Efficiency as a Diagnostic Tool: Evaluate whether inefficiencies lie in people, processes, or pricing by calculating labor efficiency ratios and aligning team efforts. Empowering Leadership through Process Awareness: By understanding the operational story behind financial statements, leaders can make more informed and strategic decisions. About Michael Straza: Michael Straza is an accomplished Fractional COO/CFO, entrepreneur, and strategic thinker. Over his 25+ year career, Michael has operated in industries ranging from tech to healthcare, helping businesses streamline processes and achieve financial clarity. His focus lies in bridging the gap between operational systems and financial insights, ensuring businesses achieve sustainable growth and scalability. Learn more about Michael and his work at ConsultStraza.com. Conclusion: Aligning operational excellence with financial clarity is a game-changer for any business. As Michael Straza demonstrates, the key lies in digging deep into processes, bridging communication gaps between teams, and leveraging metrics like labor efficiency to drive profitability. Whether you're scaling your business or fine-tuning existing systems, integrating these principles can lead to significant, measurable results. Links: Website: LinkedIn: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 249 Profit Made Simple: The Tools to Work Less and Earn More- Solo Episode
12/17/2024
Ep 249 Profit Made Simple: The Tools to Work Less and Earn More- Solo Episode
Profit Made Simple: The Tools to Work Less and Earn More- Solo Episode Welcome back to The Profit Answer Man! In this episode, we're diving into actionable strategies to improve cash flow, boost profits, and create a sustainable business that supports your life goals. This solo episode by Rocky Lalvani provides insights into the Profit First methodology and the tools that empower business owners to work smarter, not harder. Whether you're new to the podcast or a long-time listener, this episode will help you streamline your financial strategy and get closer to the financial freedom you deserve. In this episode, you will learn: The essential steps to implement the Profit First methodology and make profitability a habit. How to structure your financial systems to support growth while maintaining simplicity. Techniques for setting realistic financial goals and tracking your progress effectively. The importance of managing cash flow and preparing for economic uncertainty. Key Takeaways: The Power of Profit First: Shift your financial approach by making profit your top priority. By allocating profit first and managing expenses from the remainder, you create a healthy cash flow and a more resilient business. Simplicity Drives Clarity: Complexity in financial management often leads to confusion and mistakes. Use tools and systems like multiple bank accounts for clearer allocation and tracking of funds. Cash Flow is King: Cash flow management is the lifeblood of any business. Develop a consistent habit of forecasting cash flow and identifying potential risks early to avoid pitfalls. Break Goals into Manageable Steps: Large financial goals can feel overwhelming. By breaking them into smaller, actionable steps, you’ll stay focused and motivated to achieve consistent progress. Track, Reflect, Adjust: Regularly review your financial metrics and adjust strategies as needed. This ensures your business remains agile and capable of weathering challenges. About Rocky Lalvani: Rocky Lalvani is a certified Profit First Professional dedicated to helping business owners achieve financial clarity and peace of mind. As the host of The Profit Answer Man, Rocky simplifies the journey to profitability with practical advice and proven systems. His mission is to empower entrepreneurs to prioritize profit, create financial stability, and build businesses that support their personal and professional goals. Learn more at profitcomesfirst.com. Conclusion: Profitability doesn’t happen by accident—it’s a deliberate choice and a discipline. By applying the principles discussed in this episode, you can take control of your finances, create a sustainable business, and enjoy the rewards of your hard work. Remember, focusing on the bottom line and prioritizing profit is the key to long-term success. Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Profit First Toolkit: Relay Bank (affiliate link): Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 248 Cash Flow Mastery with Anthony Nitsos
12/16/2024
Ep 248 Cash Flow Mastery with Anthony Nitsos
Cash Flow Mastery with Anthony Nitsos On this episode of The Profit Answer Man, we welcome Anthony Nitsos, the CEO and Founder of SaaS Gurus. Anthony shares his journey from medical school to mastering finance and becoming a trusted advisor to SaaS startups. His unique perspective focuses on addressing the root causes of financial and operational inefficiencies, bringing lessons from medicine and Japanese manufacturing to the business world. In this episode, you will learn: Why Anthony left medical school and how that shaped his approach to problem-solving in business. The importance of preventive measures in finance, akin to healthcare practices. How understanding and applying lean processes can enhance operational efficiency. Insights from Anthony’s experiences with Japanese business principles and their application in finance and accounting. Practical steps SaaS startups can take to streamline operations and achieve consistent profitability. Key Takeaways: Preventive Finance is Key: Much like in healthcare, treating symptoms without addressing the underlying cause can lead to recurring problems. Anthony emphasizes identifying and solving root issues in accounting and finance to prevent recurring operational challenges. Efficiency Through Standardization: Borrowing from Japanese manufacturing, Anthony underscores the value of creating standardized processes in repetitive tasks like invoicing, payroll, and sales order creation. This minimizes errors and saves time and resources. Cultural Lessons on Frugality and Value: Influenced by his Greek immigrant background and Japanese business culture, Anthony highlights the significance of being resourceful while delivering maximum impact—focusing on quality over quantity Understanding SaaS-Specific Challenges: SaaS companies face unique financial hurdles, from managing subscriptions to scaling operations. Addressing these challenges requires a tailored approach that includes proper financial forecasting, expense management, and strategic investment. About Anthony Nitsos: Anthony Nitsos is the founder of SaaS Gurus, a fractional CFO service dedicated to SaaS startups. With a rich background in medical training, lean manufacturing, and financial leadership, Anthony’s insights are rooted in finding efficient, value-driven solutions for businesses. He has been instrumental in the success of unicorn exits like Duo Security and LLamasoft, helping SaaS businesses scale with financial clarity. Conclusion: Anthony Nitsos demonstrates the power of applying lessons from diverse disciplines to business finance. By focusing on prevention, standardization, and cultural efficiency, SaaS startups can navigate complex financial landscapes with confidence. His journey is a testament to the importance of holistic thinking in achieving sustainable profitability. Links: LinkedIn: Website: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Relay Bank (affiliate link) – Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 247 Building the Right Business Model with Wes Barefoot
12/10/2024
Ep 247 Building the Right Business Model with Wes Barefoot
Building the Right Business Model with Wes Barefoot In this episode, we dive into the exciting and often misunderstood world of franchising with Wes Barefoot, entrepreneur, franchise expert, and host of the Path to Freedom podcast. Wes shares his journey from corporate employee to franchise owner and consultant, detailing how franchising can create financial and time freedom for aspiring entrepreneurs. In this episode, you will learn: What Makes Franchising a Unique Pathway: Explore how franchising offers a structured system that accelerates business success for individuals, even those without industry experience. The Blueprint for Franchise Success: Learn the steps to identify the right franchise opportunities based on personal goals, interests, and financial capabilities. Insights on Franchise Operations: Discover the nuances of owning and managing franchise businesses, including lessons from Wes’ personal ventures. How to Achieve Freedom Through Business Ownership: Wes shares actionable tips to transition from employee to entrepreneur while achieving financial independence. Key Takeaways: Franchising Benefits: Wes explains how the proven systems and support within franchise models can help entrepreneurs avoid the steep learning curve of starting a business from scratch. Learning from Experience: Through his own journey with two franchise businesses—one he continues to operate—Wes illustrates the potential of franchising to create sustainable and profitable business models. A Tailored Approach: The importance of aligning franchise selection with personal values, skills, and long-term goals is crucial to success. Freedom and Flexibility: Franchising isn’t just about business ownership; it’s about achieving a lifestyle where your business serves your life, not the other way around. About Wes Barefoot: Wes Barefoot is a seasoned entrepreneur with years of experience in the franchising space. As a franchise owner himself, Wes now uses his expertise to guide aspiring business owners through the process of identifying and securing franchise opportunities that align with their aspirations. He is also the host of the Path to Freedom podcast, where he shares insights on building freedom and success through business ownership. When not working, Wes enjoys life in Wilmington, NC, with his wife and two children. Links: Website: YouTube: @FRANCHISE2FREEDOM Instagram: @PATH2FRDM Facebook: PATH TO FREEDOM LinkedIn: Wesley Barefoot Conclusion: Franchising might not be the first option that comes to mind for aspiring entrepreneurs, but as Wes Barefoot demonstrates, it can be a powerful tool for creating financial independence and a fulfilling life. By leveraging systems and support, franchise owners can achieve their dreams faster and more effectively than going it alone. Tune in to this episode for a deep dive into the world of franchising and actionable insights to jumpstart your path to freedom. Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 246 Optimizing Your Business Finances with Miller Bradford
12/10/2024
Ep 246 Optimizing Your Business Finances with Miller Bradford
Optimizing Your Business Finances with Miller Bradford Welcome back to The Profit Answer Man Podcast! Today, we dive into the dynamic world of financial management for small businesses with our guest, Miller Bradford, founder of Up Accounting Inc. Miller specializes in providing innovative bookkeeping, payroll, and financial operations solutions for small businesses, with a particular focus on builders and Chick-fil-A franchises. Join us as we explore Miller's journey, his insights into financial systems, and how Profit First helps businesses achieve consistent profitability. In this episode, you will learn: The Challenges of Managing Builders and Franchise Finances: Miller shares how his team works with both builders and franchise owners, identifying similarities and unique challenges in these industries. The Impact of Profit First on Business Success: Discover how Miller’s clients leveraging Profit First are among the most profitable, organized, and cash-flow stable businesses. How to Build Scalable Financial Operations: Learn tips for managing financial workflows and scaling operations as a growing small business. Utilizing Technology for Financial Management: Miller highlights tools and practices that streamline financial processes for greater efficiency and accuracy. Key Takeaways: Profit First Drives Success: Miller confirms that his most successful clients embrace Profit First principles, creating disciplined cash management practices that prevent financial shortfalls and promote growth. The Importance of Systems: Having the right systems in place not only simplifies bookkeeping but also creates a foundation for scalability. Partner with Experts: Entrepreneurs excel when they focus on their core strengths and partner with professionals to handle accounting and payroll operations. About Miller Bradford: Miller Bradford is the founder of Up Accounting Inc., based in Birmingham, Alabama. Established in 2022, Up Accounting specializes in bookkeeping, payroll, and financial management services for small businesses. Over the past two years, Miller has grown his firm to serve over 45 clients across 15 states, supported by a team of three employees. With a focus on leveraging technology, Miller helps businesses streamline their financial operations, enabling owners to focus on growth and profitability. Links: LinkedIn: Instagram: upaccounting.com Conclusion: Miller Bradford’s insights underline the value of embracing systems like Profit First to achieve financial clarity and stability. Whether you're a builder, franchise owner, or small business entrepreneur, his strategies offer actionable steps to streamline operations, optimize cash flow, and drive profitability. Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 245 The Shatterproof Entrepreneur with Scott Reib
12/03/2024
Ep 245 The Shatterproof Entrepreneur with Scott Reib
The Shatterproof Entrepreneur with Scott Reib In this episode of The Profit Answer Man, Rocky Lalvani dives into the critical topic of protecting and growing your business with Scott Reib, known as "America's Legal Coach." With over two decades of experience in helping business owners secure their ventures, Scott shares strategies that are foundational for sustainable business growth and resilience. As a Zig Ziglar Legacy Certified Trainer and a thought leader in the legal field, Scott introduces practical ways to fortify your business against legal and operational vulnerabilities, ensuring it remains "shatterproof." In this episode, you will learn: Why Every Business Needs a Legal Foundation: Scott explains the importance of establishing legal protections early to avoid costly issues down the line. How to Shift Your Mindset on Legal Services: Discover how treating legal advice as a proactive resource, rather than a reactive one, can save you time and money. Strategies for Scaling with Confidence: Scott provides insights into building structures that support sustainable growth without exposing your business to unnecessary risks. The Power of the Profit First System in Business Stability: Learn how combining the Profit First system with solid legal foundations can improve financial health and longevity. Creating a Legacy Through Mindset and Leadership: With his Zig Ziglar background, Scott discusses how mindset is crucial for business growth and resilience, emphasizing the importance of continuous learning and self-improvement. Key Takeaways: Legal Structure is Essential for Growth: Scott shares why setting up your business with the right legal structures from the beginning protects it as it scales, reducing risks and safeguarding profitability. Proactive Legal Counsel: Scott challenges the typical view of lawyers as "emergency responders," presenting a model where legal advice is more akin to a primary care approach—an essential and ongoing part of your business planning. Mindset Drives Business Success: Embracing Zig Ziglar's principles, Scott highlights the "Be, Do, Have" philosophy, stressing that personal growth and mindset are foundational to achieving business goals. Practical Steps for Business Resilience: Scott’s "Shatterproof" approach includes strategies to address potential vulnerabilities in your operations, finances, and employee relationships. Profit First as a Business Backbone: Integrating Profit First principles ensures that businesses remain profitable, regardless of revenue fluctuations, providing a buffer during challenging times. Bio: Scott Reib, known as “America’s Legal Coach,” is the official Zig Ziglar Small Business Lawyer and a Ziglar Legacy Certified Trainer. For over 20 years, Scott has been instrumental in helping business owners, entrepreneurs, and coaches establish solid legal foundations through his firm, Reib Law, and his consulting platform, Shatterproof Solutions. Scott’s Access Plan, a subscription-based legal service, allows business owners to access affordable, proactive legal advice before crises arise. Scott is also the host of The Shatterproof Entrepreneur podcast and author of the upcoming book by the same title, aimed at helping business owners scale safely and sustainably. Links: LinkedIn: in/TheScottReib X: @TheScottReib Facebook: /TheScottReib Podcast: TheShatterproofEntrepreneur Conclusion: Creating a shatterproof business is about more than just having a great product or service. Scott Reib emphasizes the importance of building a strong legal foundation, prioritizing personal growth, and embedding financial discipline through the Profit First methodology. His practical advice is a must-listen for any business owner looking to protect their business from unforeseen challenges and scale with confidence. Don’t miss this valuable discussion on The Profit Answer Man, where business security, growth, and profitability take center stage. For entrepreneurs who are eager to build not just a profitable, but a resilient business, Scott’s insights offer a roadmap to success. Listen in to learn how to fortify your business and set it up for long-term growth. Hi, I’m the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 244 Making the Business of Home Building Profitable with Jose Berlanga
11/26/2024
Ep 244 Making the Business of Home Building Profitable with Jose Berlanga
Making the Business of Home Building Profitable with Jose Berlanga In this episode of The Profit Answer Man, we have a fantastic guest, José Berlanga, a seasoned real estate entrepreneur who has successfully ventured into land development, residential construction, and investment properties. José shares his incredible journey from a reluctant start in real estate to becoming deeply involved in an industry that shaped his career over several decades. He dives deep into the nature of the real estate business, the complexities of cash flow, and why timing is everything when making business decisions. In this episode, you will learn: The Realities of Cash-Intensive Businesses: José explains how the long cycles of real estate investments create both opportunities and challenges, with significant capital being tied up for extended periods. The Domino Effect in Real Estate Development: How one project often leads to another, creating a chain reaction that pulls entrepreneurs deeper into the industry. The Emotional Side of Business Timing: When business is booming, it’s hard to let go, but when it's struggling, it can be equally hard to exit. Why Real Estate is a Long-Term Game: José emphasizes that timing the market is challenging, and the cycles can be difficult to predict, but managing these cycles is essential to long-term success. Key Takeaways: Cash-Flow Management is Critical: Real estate development ties up large amounts of capital for long periods, which means managing cash flow effectively is vital to sustaining the business. Market Timing is Unpredictable: Whether the market is booming or busting, it’s difficult to know when to pull out. Staying in too long can cost you, but leaving too soon might mean missing out on the next peak. The Pull of the Business: Once you start, it’s hard to get out, especially if multiple projects are in motion. This creates a domino effect where one project leads to another, keeping you deeply entrenched. Embrace the Long Game: Real estate is not a short-term venture; it’s a commitment that requires patience, persistence, and careful financial planning. Bio José Miguel Berlanga, a successful entrepreneur from Mexico City, has spent over 35 years in various industries but made his mark in Houston's real estate sector. He co-founded Tricon Homes and is deeply involved in land development and property investment. Beyond real estate, José has an extensive background in business administration, economics, and philosophy, which has contributed to his success across multiple ventures. He is also a mentor and inspiration to budding entrepreneurs, sharing his vast experience and wisdom. You can learn more about José at his website here. Conclusion Real estate may not have been José Berlanga’s original goal, but through decades of experience, he found his footing in this capital-intensive, long-cycle industry. His insights on cash flow, business cycles, and the pull of staying in business offer invaluable lessons for entrepreneurs in any field. Whether you're in real estate or another industry, the principles of managing cash flow and understanding market timing remain universal. Links: Jose Berlanga LinkedIn: Amazon: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 243 Cash Is King with Peter W. Kingma
11/19/2024
Ep 243 Cash Is King with Peter W. Kingma
Cash Is King with Peter W. Kingma In this episode of The Profit Answer Man, we sit down with Peter W. Kingma, author of CASH IS KING and leader of Ernst & Young LLP’s working capital practice in the Americas. With over 30 years of experience advising global companies on all things cash management, Peter joins us to discuss why cash flow is the true backbone of business success and how business owners can shift their focus from profit-and-loss statements to developing a “cash culture.” Peter provides actionable strategies for managing the five steps from order-to-cash, improving collections, and boosting cash flow through better customer management. We also dive into the importance of supply chain management and discuss how creating a “Cash Leadership Office” can transform the financial health of any organization. In this episode, you will learn: Why Building a Cash Culture is Essential: Peter explains why focusing solely on profit-and-loss statements can lead businesses astray, and how a cash-centered approach ensures long-term financial stability. The Order-to-Cash Process: Learn the five key steps in the order-to-cash process that businesses must optimize to maintain healthy cash flow and avoid liquidity crunches. Strategies for Effective Collections: Peter shares five tips for managing customer relationships and disputes to improve collections and cash conversion cycles. Supply Chain Management for Cash Flow: Discover how better supply chain management can keep your cash flowing smoothly, even during challenging economic times. Creating a Cash Leadership Office: How establishing a dedicated leadership team to focus on cash flow can enhance your bottom line and allow for sustainable business growth. Key Takeaways: Cash Over Profits: Even large companies struggle to manage cash effectively. Business owners must understand that cash flow is more critical than simply showing a profit. Sales ≠ Profit, and Profit ≠ Cash: Peter emphasizes that even profitable sales can be harmful if cash isn't collected on time. Businesses must prioritize cash flow management alongside sales and profit. Avoiding Cash Flow Pitfalls: Common mistakes, such as offering long payment terms or failing to consider the financial impact of customer service agreements, can cripple cash flow. Aligning Teams with Cash Goals: Often, sales teams are incentivized based on revenue, not cash collection. Aligning incentives with cash goals can prevent cash shortfalls and improve business sustainability. Bio: Peter W. Kingma is the author of CASH IS KING and leads the working capital practice for Ernst & Young LLP in the Americas. With over 30 years of experience advising global companies, Peter specializes in cash management and working capital strategies across industries such as manufacturing, consumer products, aerospace, and defense. He has contributed to publications like CFO Magazine and CNBC, and is passionate about helping businesses build a cash-centric culture. Conclusion: Cash is the lifeblood of any business, and without careful management, even the most successful organizations can run into trouble. In this episode, Peter Kingma provides valuable insights into how business owners, large or small, can develop a cash-focused mindset and manage their operations for long-term financial health. By implementing the strategies Peter outlines, you can ensure your business not only survives but thrives, no matter what economic challenges you face. Links: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 242 Getting PR for Pennies with Mickie Kennedy
11/12/2024
Ep 242 Getting PR for Pennies with Mickie Kennedy
Getting PR for Pennies with Mickie Kennedy In today’s episode of The Profit Answer Man, we are joined by Mickie Kennedy, the founder of eReleases. Mickie brings over 25 years of experience helping small businesses and entrepreneurs increase their visibility and gain access to national media outlets through affordable press release services. From creative writing to mastering the art of the press release, Mickie shares how his journey led him to become an expert in public relations and how businesses can use press releases to grow their brand effectively. In this episode, you will learn: The evolution of press releases over the last 25 years and how media consumption has changed. How small businesses can use press releases to gain national attention at a fraction of the cost. The importance of telling compelling stories that capture media interest. How new media, like bloggers and influencers, play a pivotal role in today’s PR landscape. Key Takeaways: The Power of Storytelling in PR: Mickie explains how journalists are not just interested in raw data, but in the stories behind that data. A well-crafted narrative is what gets picked up by the media, helping businesses gain the exposure they seek. Affordability for Small Businesses: Mickie’s eReleases service was created with small businesses in mind, offering them the opportunity to get national distribution through PR Newswire without the exorbitant cost. He emphasizes the importance of making press release services accessible to businesses of all sizes. The Changing Media Landscape: Mickie highlights the shift from traditional journalists to new influencers, such as bloggers and Instagram personalities, showing how businesses can leverage these platforms for PR. Best Practices for Press Releases: According to Mickie, a successful press release is one that tells a unique story, resonates with the intended audience, and aligns with the brand’s goals. He also stresses the importance of targeting the right journalists and publications. About Mickie Kennedy: Mickie Kennedy is the founder of eReleases, a company that provides affordable press release services for small businesses, authors, and startups. With over 25 years in the industry, Mickie has helped countless businesses gain media exposure in major outlets such as The Wall Street Journal, CNN, and Bloomberg. He holds an MFA in Creative Writing from George Mason University and has a deep passion for storytelling. When he’s not crafting press releases, Mickie enjoys British science fiction and has a Monday night poetry group. He lives in Baltimore County with his family and two feuding cats. Conclusion: Whether you're a startup looking to gain media attention or a small business aiming to boost your brand, Mickie Kennedy’s insights into the world of press releases offer invaluable advice. By focusing on storytelling, targeting the right media, and understanding the modern PR landscape, you can harness the power of press releases to elevate your business. Be sure to tune in to the full episode to get all the expert strategies from Mickie Kennedy himself! Links: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 241 Creating an Efficient Profit Monitoring System with Jason Kruger
11/05/2024
Ep 241 Creating an Efficient Profit Monitoring System with Jason Kruger
Creating an Efficient Profit Monitoring System with Jason Kruger In today's episode of the Profit Answer Man, we are thrilled to have Jason Kruger, the founder and CEO of Signature Analytics, join us. With over 20 years of experience in accounting and business advisory, Jason shares valuable insights into how outsourced accounting and CFO advisory services can help business owners optimize profitability, improve financial processes, and make smarter decisions. In this episode, you will learn: Why understanding cash flow is critical for small and mid-sized businesses. How to assess the efficiency of your current accounting processes. Key strategies to ensure accurate financial reporting. The benefits of outsourcing accounting to achieve scalability and operational efficiency. Key Takeaways Cash Flow Clarity: Jason emphasizes the importance of cash flow management, especially for small and mid-sized businesses. "Cash flow is often the first pain point," he says. Without proper cash flow forecasting and management, businesses struggle, no matter how much revenue they generate. Efficient Accounting Processes: Business owners often don’t know if their accounting processes are efficient until they experience issues, such as poor cash flow or inaccurate reporting. Jason recommends creating a process that ensures monthly book closing and timely, accurate financial reporting. Outsourcing Accounting Services: For companies lacking the resources for a full in-house accounting team, outsourcing can provide the expertise needed without the costs of full-time employees. Jason explains how outsourced solutions can provide next-level financial insights at a fraction of the cost, allowing business owners to focus on growth. Focus on Reporting: Accurate financial reports are the foundation for strategic decision-making. Jason explains that outsourcing accounting services can ensure timely and consistent reporting, which is essential for tracking profitability and making informed decisions. Bio Jason Kruger, founder of Signature Analytics, is an expert in helping businesses make smarter financial decisions. With a background in public accounting, including nearly a decade at Deloitte, Jason brings a wealth of experience to his clients. Signature Analytics, under his leadership, offers outsourced accounting and CFO advisory services to small and mid-sized businesses, providing them with the tools and expertise typically reserved for larger companies. His mission is to help businesses improve their financial health and increase profitability by offering tailored accounting services. Signature Analytics has been recognized on the Inc. 5000 list for five consecutive years. Conclusion Whether you're struggling with cash flow management or simply looking to streamline your accounting processes, Jason Kruger provides practical strategies that can transform your business. By outsourcing accounting tasks and focusing on accurate financial reporting, business owners can not only save money but also drive profitability and scalability. Links: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 240 Buying VS Starting A Small Business with David Barnett
10/29/2024
Ep 240 Buying VS Starting A Small Business with David Barnett
Buying VS Starting A Small Business with David Barnett In this episode of The Profit Answer Man, David C. Barnett, a seasoned expert in buying and selling small businesses shares his insights into the world of business acquisition versus starting a new business. We dive into what makes a business "sell-ready" and explore how preparing your business for sale can improve not only its value but also its profitability and enjoyment. If you're considering growth, David offers invaluable advice on leveraging acquisitions as a path to expansion. In this episode, you will learn: The key differences between buying an existing business and starting a new one. Why having a "sell-ready" business can make it more profitable—even if you don't sell it. Strategies for preparing your business to attract the right buyer. How to use acquisitions to grow and scale your business quickly and effectively. Key Takeaways: Sell-Ready Businesses are More Fun David emphasizes that businesses designed with a potential sale in mind often run smoother, making them more enjoyable to operate. Owners of sell-ready businesses tend to focus on systems, profitability, and efficiency, which naturally lead to better financial outcomes and less day-to-day stress. Buy vs. Start: Understanding the Mindset of a Buyer If you're planning to sell, understanding the buyer's mindset is crucial. Buyers are looking for businesses that are stable, profitable, and well-documented. By focusing on what potential buyers want, you can make your business more attractive and profitable. Growth Through Acquisition For business owners looking to expand, acquiring similar businesses can be a faster and often less risky way to grow. By purchasing businesses in other markets or regions, you can take advantage of your existing knowledge and systems, mitigating the risk that comes with starting from scratch. Make It Sell-Ready, Even if You Don’t Sell Preparing your business as if you were going to sell it can have surprising benefits. When systems are in place and the business runs efficiently, owners often find themselves less eager to sell because the business is more fun and profitable to run. Bio: David C. Barnett is a former business broker who sold dozens of businesses before transitioning into consulting. His consulting practice helps business buyers and sellers navigate transactions without the chaos of the traditional commission-based brokerage model. He’s the author of multiple books, including Buying Versus Starting a Small Business, and hosts a popular YouTube channel offering advice on business transactions and management. Although based in Canada, David works with clients worldwide, with a majority located in the U.S. Learn more about David at . Conclusion: David’s expertise offers invaluable insights for entrepreneurs, whether you're looking to sell, buy, or grow your business. Focusing on making your business sell-ready, even if you're not planning to sell, can lead to higher profitability, more enjoyment, and a business that’s more attractive to potential buyers. If you’re considering growth through acquisition, this episode provides a roadmap for scaling without the risks of starting from scratch. Links: Blog: Linkedin: FaceBook: YouTube: Soundcloud: Instagram: Twitter: Email List Signup: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 239 The 7 Financial Questions You Need to Answer with Richard Bond
10/22/2024
Ep 239 The 7 Financial Questions You Need to Answer with Richard Bond
The 7 Financial Questions You Need to Answer with Richard Bond Welcome to another insightful episode of The Profit Answer Man! Today, we are joined by Richard Bond, founder of Bond & Company, a boutique financial recruiting firm specializing in treasury finance and pricing. With over 35 years of experience, Richard has worked with major corporations and small businesses alike, offering invaluable insights into the challenges and strategies around recruiting the right financial talent. In this episode, Richard shares his unique perspective on how finance professionals can have a transformative impact on businesses, especially small to mid-sized companies that are often under-resourced in their finance departments. In this episode, you will learn: The Importance of Hiring the Right Finance Person: Richard explains why having the right financial professional can make or break a business. He also discusses how to identify whether your business needs to upgrade its finance team. Overcoming the Fear of Finance: Many business owners shy away from diving into their financials, but Richard offers simple strategies to help them conquer this fear and gain more control over their financial outcomes. 7 Key Questions to Ask Yourself: Learn about the seven critical questions Richard developed to help business owners assess their financial health quickly and effectively. Answering these will give you immediate insights into whether your business needs a stronger financial foundation. Key Takeaways: Small Companies, Big Impact: Richard emphasizes that small businesses can see dramatic improvements by hiring the right financial professionals, who can help streamline operations, reduce costs, and increase profitability. Fear of Firing the Controller: Many business owners are hesitant to make changes in their finance department out of fear, but Richard reassures that with proper guidance, these transitions can be smooth and lead to better financial stability. Finance as a Business Driver: Rather than seeing finance as just a back-office function, Richard advocates for making it a core part of strategic decision-making in your business. Bio: Richard Bond founded Bond & Company in 1986, and over the last 35 years, the firm has specialized in recruiting for treasury finance and pricing roles. Initially working with large entities like PepsiCo and PwC, Bond has recently focused on smaller companies, providing them with the financial expertise they need to grow. He holds an undergraduate degree from Lehigh University and an MBA from Wharton. Before transitioning into recruiting, he successfully doubled sales and profits in his family business. Richard currently resides in Pennsylvania and volunteers with The Acceleration Project, assisting small businesses with their financial strategies. Conclusion: If you're a business owner looking to take control of your finances, this episode offers valuable insights into the power of having the right financial talent on your team. Richard Bond's experience and practical advice provide actionable steps that can help you hire smarter, strengthen your financial position, and ultimately, improve your business's bottom line. Tune in, take notes, and see how these tips can transform your approach to financial management. Links: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 238 How to Build a SmoothScaling™ Business So You Can Maximize Life Profit™ with Brad Martineau
10/15/2024
Ep 238 How to Build a SmoothScaling™ Business So You Can Maximize Life Profit™ with Brad Martineau
How to Build a SmoothScaling™ Business So You Can Maximize Life Profit™ with Brad Martineau In today's episode of The Profit Answer Man, we’re joined by Brad Martineau, the CEO of SixthDivision and Co-Founder of PlusThis, who shares his incredible journey and insights into how entrepreneurs can successfully scale their businesses without sacrificing their lives in the process. With over 70,000 hours spent in the trenches working with businesses at every stage, Brad has refined a step-by-step process for achieving smooth, sustainable growth. Whether you're a six-figure entrepreneur looking to scale up or a business owner wanting to streamline your operations, this episode will provide actionable advice to help you build a business that supports your lifestyle, not consumes it. In this episode, you will learn: Smooth Scaling Strategies: Brad discusses his experience in helping entrepreneurs build businesses that scale smoothly. He shares techniques for getting the results you want from your business without overwhelming yourself with the complexities of technology and growth. The Key to Automation Success: Brad explains how business automation can become a daunting task for many entrepreneurs and provides a clear process for simplifying and organizing automation efforts, so they work for you—not against you. Navigating the Scaling Dip: We talk about the challenging "dip" that many businesses face when growing from mid-six figures to early seven figures. Brad shares how to manage this phase effectively and avoid the common pitfall of massive profit dips. Creating a Life-Changing Business: Brad emphasizes his passion for helping businesses that are on the verge of breaking through into higher revenue but still struggle with growth pains. He talks about his sweet spot—entrepreneurs striving to move from six to seven figures—and the changes that lead to life-changing results. Key Takeaways: Prepare for the Growth Dip: Every business faces a dip in profitability when scaling. However, this doesn’t need to be a deep trough. With proper planning and awareness, you can minimize this phase. Don’t Over-Build Before You’re Ready: Many entrepreneurs mistakenly build infrastructure and hire too quickly, leading to an unnecessary dip. Brad’s advice? Build just-in-time rather than too far ahead of the curve. Tech That Works for You: Automation is powerful, but only if it's done correctly. Brad shares how to corral your tech tools to keep them from adding complexity and frustration to your business. About Brad Martineau: Brad Martineau is the CEO of SixthDivision and Co-Founder of PlusThis. He has spent over a decade helping entrepreneurs navigate the complexities of business automation. With a personal mission to help business owners create smoother paths to success, Brad and his team have worked with big names like Daymond John’s Shark Group, DigitalMarketer, Dave Ramsey’s EntreLeadership group, and many more. Brad is also a co-founder of several SaaS businesses, including TagGenie and Slottable, and continues to develop tools that help entrepreneurs streamline their operations and reach new levels of success. Outside of business, Brad is a basketball enthusiast, a lover of flat-brimmed hats, and a family man with five kids and a grandchild on the way. He’s dedicated to helping entrepreneurs find balance—achieving business success without sacrificing their personal lives. Connect with Brad Martineau: Website: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 237 Breakout Valuation with Patrick Donohue
10/08/2024
Ep 237 Breakout Valuation with Patrick Donohue
Breakout Valuation with Patrick Donohue In this episode, we dive into the remarkable journey of Patrick E. Donohue, an entrepreneur and valuation expert, embarked on his financial journey with a lemonade stand at age four and invested in Coca-Cola shares by age ten. Equipped with a Chartered Financial Analyst (CFA) designation, Patrick has emerged as a reliable investor, adept stock analyst, and valuable advisor to various entrepreneurial endeavors. As the visionary founder of Hill Capital Corporation, a private investment fund supporting emerging growth companies, he brings a wealth of unique insights into the intricacies of finance and business dynamics. Patrick’s dedication extends to serving on the boards of the Entrepreneurs’ Organization of Minnesota and the CFA Society of Minnesota, and he’s the driving force behind the creation of 1 Million Cups Eden Prairie. Connect with Patrick at to tap into his wealth of experience and expertise. In this episode, you will learn the following: Significance of maintaining cash reserves for business stability. Concept of the cash balance trifecta (current cash, accounts receivable, accounts payable). Common misconceptions about business growth and revenue. Economic challenges affecting small businesses and cash flow. Value of a cash cushion as a strategic asset. Importance of pricing strategies and identifying profit pools. Role of external advisors in enhancing financial decision-making and vision clarity. Links: X: @HillCapitalMN Facebook: YouTube: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 236 The Profit-First Approach to Business Scaling with Gary Wilbers
10/01/2024
Ep 236 The Profit-First Approach to Business Scaling with Gary Wilbers
The Profit-First Approach to Business Scaling with Gary Wilbers In this episode, we sit down with Gary Wilbers, the founder of The Ascend Mastermind and a seasoned entrepreneur with over 30 years of experience. Gary’s passion lies in helping small business owners find success, balance, and significance through his peer advisory groups. He’s been featured in over 200 podcasts, authored best-selling books, and hosts The Small Business Answer Man podcast. Beyond his professional achievements, Gary is deeply involved in his community, dedicating his time and resources to Special Olympics Missouri. He served as Past Chairman of the Board and led the capital campaign for a $16.5 million facility for Missouri athletes. One of his favorite pastimes is playing unified golf with Special Olympics athlete Keith Lueckenhoff. Gary and his wife Dana are proud parents to Chris, Adam, and Elle. In this episode, you will learn the following: Understanding finances and maintaining cash flow to prevent business failures. Adapt recruitment strategies to attract and keep Generation Z by promoting a positive culture and offering growth opportunities. Continuous communication of the company's vision and purpose to engage employees and reduce turnover. Aligning business goals with personal life objectives to ensure fulfillment and prevent burnout. Implement structured hiring with behavioral interviews and clear job descriptions to avoid emotional and ineffective decisions. Links: Podcast Website: LinkedIn: Twitter: Facebook: Instagram: Youtube: Website: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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Ep 235 Growing to 8 Figures with Josh Hatter
09/24/2024
Ep 235 Growing to 8 Figures with Josh Hatter
Growing to 8 Figures with Josh Hatter In this episode, we sit down with Josh, a real estate powerhouse who transformed a modest $30k 401k loan into a $10M+ empire through strategic short-term rental investments. With a background in business administration and an MBA from the Moore School of Business, Josh's journey from corporate America to building a $75M+ management portfolio is nothing short of inspiring. We'll dive into his strategic insights, the pivotal moment that led him to real estate, and his mission to empower aspiring investors to build their own legacy and wealth. In this episode, you will learn the following: Transition from corporate career to entrepreneurship in real estate and property management. Success in the short-term rental industry and achieving eight-figure revenue. Financial management systems, specifically Profit First and the Entrepreneurial Operating System (EOS). Data-driven decision-making and its role in business growth. Challenges faced during the COVID-19 pandemic and strategies for adaptation. The significance of mentorship and community support in business development. Establishing a nonprofit focused on mentorship in the short-term rental space. The impact of regulations on the short-term rental market. Strategies for maintaining cash flow and financial stability in business. The importance of continuous learning and adapting to market changes. Links: Facebook: Twitter: Instagram: LinkedIn: Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
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