Profit Answer Man: Implementing the Profit First System!

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 BreakoutValuation.com 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:

http://HillCapitalCorp.com

http://BreakoutValuation.com

https://www.linkedin.com/company/hill-capital/

https://www.linkedin.com/in/patrickedonohue/

X: @HillCapitalMN

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

YouTube: https://www.youtube.com/channel/UC1i0YR0FviOENu8b9ISDoUQ

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

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: https://goascend.biz/podcasts/

LinkedIn: https://www.linkedin.com/in/garywilbers/

Twitter: https://twitter.com/GaryWilbers

Facebook: https://www.facebook.com/garywilbers.speaker/

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

Youtube: https://www.youtube.com/channel/UCQsAByQnxkwkLlN6v7zhB2g

Website: https://goascend.biz/

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

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: facebook.com/joshuaghatter

Twitter:  twitter.com/joshuaghatter

Instagram: Instagram.com/hatterhat

LinkedIn:  https://www.linkedin.com/in/joshuahatter/

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

Creating a Profit Discipline with Chris Papin

In this episode, Chris Papin, Owner and Advisor at Papin CPA, joins us to share his expertise as a seasoned CPA, attorney and insurance producer. With a strong background in accounting and law, Chris offers invaluable advisory services to help businesses navigate complex financial and legal terrains, ensuring both growth and compliance. His innovative insights and client-centered approach make him a trusted guide for businesses aiming for a prosperous future. 

In this episode, you will learn the following:

• The importance of intentionality in business decisions, particularly in strategic planning and financial management.
• Insights from Chris Papin on assisting small business owners with complex financial and legal challenges. 
• Common pitfalls in business entity selection and the significance of choosing the right business structure.
• Real-life examples of the financial repercussions of business decisions, such as the purchase of a luxury pickup truck and the necessity of clear goal-setting and profitability adjustments.
• Balance between flexibility and sacrifice in business ownership.
• Value of maintaining sufficient capital reserves for unexpected disruptions.
• Lessons from sports coaching that can be applied to business management, including understanding boundaries, motivation and effective communication.
• Critical aspects of managing business decisions and their consequences, with a focus on professional guidance and intentionality.
• How to prioritize profit over revenue for achieving ultimate life and business success.

Links:

LinkedIn: https://www.linkedin.com/in/chrispapin/

Website: https://www.papincpa.com/

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

Using Profit First to Increase Business Value with Marty Fahncke

In this episode, we sit down with Marty M. Fahncke, a world-class marketer and seasoned expert in growing and scaling businesses. With over 30 years of experience, Marty has been instrumental in helping companies achieve over $1 billion in revenue. He also brings over two decades of expertise in Mergers and Acquisitions, having executed transactions worth more than $450 million. Marty shares insights from his vast experience in the business world, discussing the strategies behind scaling successful enterprises and navigating the complex landscape of M&A.

In this episode, you will learn the following:

• Acquisition can quickly double or even quadruple your revenue compared to organic sales growth.
• Importance of having organized and accurate financial records for maximizing the value of a business.
• Using a standardized business operating system, such as EOS or Scaling Up, can make your business more efficient and easier to sell.
• Transitioning to a subscription-based revenue model can significantly enhance the value of a business, as recurring revenue is more stable and predictable.
• Implementing effective systems and processes in reducing owner dependency.

Links:

https://www.westboundroad.com/

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

Using AI to Market with Lori Highby

In this episode of the Profit Answer Man, Lori Highby, a podcast host, speaker, educator and founder of Keystone Click, a strategic digital marketing agency, shares her vast multi-industry knowledge and experience. Lori’s unique ability to identify and harness the potential within businesses, from Fortune 500 companies like ABB and Syngenta to micro-businesses, has enabled her to help them achieve their marketing goals through strategic, actionable moves.

Lori’s passion for teaching and learning is evident in her professional engagements, where she empowers and educates fellow life-long learners. Outside of her professional life, Lori enjoys playing hockey, brewing beer with her husband Andy, and embarking on long bike rides to test her limits.

In this episode, you will learn the following:

• How to unlock customer insights and understand where your audience spends their time online.
• Identifying customer pain points and researching your competition for easy marketing opportunities.
• Insights into the Profit First system which simplifies financial management and improves cash flow.
• The transformative role of AI in marketing and its impact on workflows.
• Evolving landscape of SEO and the necessity of staying informed in a dynamic digital world.
• Significance of consumer research, brand awareness and effective use of social media in today’s marketing strategies.
• Various programs designed to boost business profitability, including DIY courses and personalized CFO services.

Links:

LinkedIn: https://www.linkedin.com/in/lorihighby/

Keystone Click website: https://keystoneclick.com/

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

Building a Financial Team with Tom Anderson

In this episode, we sit down with Tom, a seasoned business advisor with a career that spans over four decades. Starting in the 1980s at a Big Four international public accounting firm, Tom quickly rose through the ranks to establish his own firm, Anderson Business Advisory Services. His journey continued as he joined Tatum as a CFO Partner in Houston and later transitioned to O’Rourke Petroleum, where he excelled as CFO and eventually became President/COO.

Tom shares his belief that accounting is the language of business, emphasizing how mastering this language can significantly enhance understanding of a company's financial fundamentals. He also opens up about his passion for advising business owners and helping them achieve their visions. Tom's greatest strength lies in his ability to connect with people at all levels of an organization, making him an invaluable asset in any advisory role.

In this episode, you will learn the following:

• Importance of understanding the specific financial needs of the business.
• Comparison to purchasing assets like trucks or machinery (starting at a fraction of capacity and growing to full capacity).
• Benefits of having an in-house financial role versus renting/outsourcing.
•   Long-term asset suitability versus short-term rental compromises.
• Building confidence and reassurance with bankers through frequent updates.
• Proactively addressing potential banker concerns before they arise.

Links:

ferguson-alliance.com

Ferguson Alliance - Family Business Consultants & Advisors | Houston (ferguson-alliance.com)

[email protected]

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

Is Your Business Exit Ready with Pete Mohr

In this episode, we're thrilled to have Pete Mohr, an expert dedicated to helping business owners turn their frustrations into freedoms. With over 29 years of experience as a business owner, Pete has honed a range of frameworks designed to cut through the chaos and overwhelm of running a business.

Pete's focus is on helping leaders transition from being operators of their business to becoming true owners. Drawing from his extensive background in service and retail, he shares refined tips, tools, and techniques that enable business owners to implement turnkey solutions and achieve the freedom they deserve.

In this episode, you will learn the following:

• Ensuring clarity in all aspects of your business, including processes, people, clients, culture, and financials.
• Prepare your business to be exit ready, enhancing operational efficiency and future planning, whether or not you plan to sell.
• Maintaining clean books and documented processes to improve business efficiency and appeal to potential buyers.
•   Building a diversified client list, recurring revenue models, and a strong company culture to enhance business value and attractiveness.
• Implementing checklists and documented processes to streamline operations, boost efficiency, and prepare for potential sale.
• Engaging with your community to build a positive reputation and contribute positively as a business owner.

Links: 

Email: [email protected]

Linkedin: https://www.linkedin.com/in/petemohr/

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

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

Youtube: https://www.youtube.com/@simplifyingentrepreneurship

Website: https://simplifyingentrepreneurship.com/

Other Links if needed:

Twitter: https://twitter.com/SimplifyingE

Website for Shoetopia: https://www.shoetopia.ca/

Business Owner Breakthrough Podcast Links:

Apple: https://podcasts.apple.com/us/podcast/business-owner-breakthrough-podcast/id1567456933

Spotify: https://open.spotify.com/show/6Ptf6BD1wrGWRdf9dlnA9W

Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5idXp6c3Byb3V0LmNvbS8xNzgwODg2LnJzcw==

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

3 Profit Levers with Danielle Hendon

In this episode, we're excited to welcome Danielle Hendon, the founder and owner of 4 Corners CFO, a firm dedicated to providing financial advisory services tailored to the needs and budgets of small business owners. With a decade of experience in corporate finance and accounting, Danielle combines her expertise with a passion for helping people, bringing the benefits of "big business" financial analysis to entrepreneurs.

Join us as Danielle shares her journey from the corporate world to founding 4 Corners CFO, and how she now helps business owners increase their personal livelihoods, leave a legacy, and make a lasting impact on their communities. Tune in for valuable insights and practical strategies to elevate your business finances and achieve your entrepreneurial goals.

In this episode, you will learn the following:

• Business owners must be willing to make changes to achieve growth.
• Understanding and mastering finances is crucial for business success.
• Utilizing systems like Profit First can help manage finances effectively.
• Increase profit by raising rates, understanding profit margins, and managing operating expenses effectively.
• A cash flow forecast is essential to predict and manage financial challenges.
• Build efficient systems, monitor balance sheets, and optimize cash flow for business success.
• Seek help from financial experts to improve profitability and financial management.

Links: 

Listeners can connect with Danielle and download a free resource by visiting the following link: https://4cornerscfo.com/profitanswerman

Website: https://4cornerscfo.com/ Facebook: https://www.facebook.com/4CornersCFO Instagram: https://www.instagram.com/4cornerscfo/ LinkedIn: https://www.linkedin.com/in/danielle-hendon/ Link to Danielle's One Sheet: https://thepodwizegroup.com/danielle-hendon

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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

Escaping the Owner Prison with Richard Walsh

In this episode, we welcome Richard Walsh, a seasoned entrepreneur with over 30 years of experience. As the best-selling author of "Escape the Owner Prison," Richard introduces a groundbreaking approach for contractors to scale their businesses, regain control, and fast-track growth while enjoying life. A multifaceted individual, Richard is also a speaker, podcast host, husband, father of six, US Marine, champion boxer, black belt, and internationally recognized steel sculptor.

Richard's unique expertise lies in blending strategic insights with tactical solutions. He delivers immediate problem-solving results while implementing long-term strategies for systemization and scalability. Throughout his entrepreneurial journey, Richard has mastered the art of time compression, sharing secrets and strategies that bring rapid and lasting results to the companies he collaborates with.

In this episode, you will learn the following:

• Balancing immediate problem-solving with long-term strategic planning.
• Techniques for achieving rapid and lasting results in business.
• Tips on maintaining a healthy work-life balance while scaling a business.
• Insights into achieving rapid growth without sacrificing personal life.
• Identify and eliminate redundancies and inefficiencies within the business processes to streamline operations.

Links: 

LinkedIn: https://www.linkedin.com/in/richard-walsh-866ab237

Website: https://sharpenthespearcoaching.com/

Book: https://www.amazon.com/Escape-Owner-Prison-Contractors-control/dp/1089318901

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 Profit First Experience Course is available! Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up 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