Join Richard Walsh and Marcia Riner as they explore the intersection of family and business. They discuss how missed opportunities affect family dynamics and outline key elements for business success. Learn about managing money for profitability, planning, and financial strategies to boost profits. The conversation highlights the importance of external perspectives, critical thinking, and evaluating an owner's time. Richard shares his advisor experiences and emphasizes strengthening businesses for freedom and economic resilience. Discover the necessity of continuous growth, expert help, and role transitions. The episode concludes with insights on optimizing economic engines and the power of small, consistent changes.
(0:00) Introduction and the importance of family in business
(1:15) Guest introduction: Marcia Reiner
(2:59) Missed opportunities and family impacts
(5:59) Key elements for business success
(8:42) Managing money for profitability
(10:03) Strategies for financial management
(14:25) Planning and strategy for growth
(18:00) Incremental changes for profit
(19:29) External perspective and critical thinking
(22:37) Richard's experience with advisors
(24:15) Evaluating an owner's time worth
(27:12) Business attractiveness to buyers
(29:58) Strengthening company for freedom
(30:08) Preparing for economic downturns
(32:41) Business growth analogy
(35:26) Continuous growth necessity
(37:36) Seeking help for business problems
(39:18) Value of experts and advisors
(41:38) Transitioning roles in business
(43:02) Optimizing your economic engine
(45:14) Benefits of small changes
(48:19) Consistency in business practices
(51:00) Defining business goals
(52:14) Connecting with Marcia Riner
(53:24) Sponsor: Profit Booster Audit
(54:03) Learning stages and coaching
(55:01) Closing remarks
(55:28) Sponsor: Sharpen The Spear Coaching