In episode 41 of The Kitchen Table, Ken Baden is joined by Keith Gause, the Blue Collar Advisor. They discuss the similarities between business owners and salespeople when it comes to their ability to generate income. They also discuss the importance of having the right support and guidance in business, especially for sales professionals. Moreover, Ken and Keith touch on topics such as private equity and the role of a COO in growing a business.

Tune in for valuable insights and strategies to make smarter money moves. 

TIMESTAMPS

[00:04:09] Gift of entrepreneurship.

[00:09:07] The Current State of the Economy.

[00:11:22] Liquidity and Emergency Funds.

[00:19:38] Getting Smarter with Money.

[00:22:59] Scaling and Preparing for Sale.

[00:27:03] The Gap Between You and Your Leadership Group.

[00:30:58] Selling Assets for Business Growth.

[00:32:46] Responsible Business Ownership.

[00:35:10] Learning How to Handle Money.

[00:41:07] Business Scalability and Growth.

[00:42:57] Setting Ambitious Goals.

[00:46:01] Business Infrastructure for Growth.

[00:53:33] The Cost of Hiring the Wrong Employee.

[00:55:37] Finding the Right Person.

[00:59:06] Networking and Mentorship.

In this episode, Ken Baden and Keith Gause emphasize the importance of seeking guidance and making informed decisions in different situations. By having a trusted advisor, individuals can make smarter choices and potentially improve their financial outcomes.

Furthermore, Ken and Keith stress the importance of business owners having accessible cash reserves and being prepared for economic changes. They acknowledge that as business owners, individuals have a responsibility not only to themselves but also to their employees and families. Hence, Ken and Keith discuss the potential impact of government actions on the economy. They note that when the government increases the money supply and reduces interest rates, people tend to start spending money, leading to a rebound in the economy. However, they emphasize that it is not solely about predicting the direction of the economy but rather about how business owners and individuals can prepare for it.

QUOTES

• “There are really two seasons, there's lose money and tight money seasons. Right now, we're in a tight money season, meaning interest rates are high, inflation is high, and loans are not easy to get.” - Keith Gause
• “It's not about where the economy is heading. It's what we can do as business owners and individuals to prepare for it.” - Keith Gause
• “It's just finding liquidity where you can find it.” - Keith Gause
• “And just making sure that when the right opportunity presents itself, you have an at-bat. And to have an at-bat, you need cash.” - Keith Gause
• “The reality is like understanding the vision of the client to understand where, what, what direction their compass needs to be pointing. Because there are ultimately a few different ways of business that are lifestyle companies where ‘We don't really want to show a profit.’, ‘We don't really care to grow.’, ‘We just want it to pay for everything that we want to do.’” - Keith Gause
• “Look at some of these bigger companies that I have, and like the guys that they have that are in those rooms for leadership. They're leaders, they exude it, they look it, they walk it, they talk it. And finding that is just its own art.” - Ken Baden
• "Running a business, it's a game of chess. You got to put the right people in the right spots and have the right relationships and be able to call the right individuals in." - Keith Gause
• “It makes you a very smart businessman if you want to start learning what you can and can't do and how you can get a little bit more savvy.” - Ken Baden

SOCIAL MEDIA LINKS

Ken Baden

Facebook: https://www.facebook.com/TheKenBaden

Instagram: https://www.instagram.com/bluecollarcloser/

Keith Gause

Instagram: https://www.instagram.com/bluecollaradvisor/

Facebook: https://www.facebook.com/KeithHGause

LinkedIn: https://www.linkedin.com/in/keithgause-tidelandfinancial/

WEBSITE:

The Kitchen Table Podcast: https://thekitchentablepodcast.net/