The Business Coach

Explore Maui Mastermind's unique approach to **coaching** and **business strategy**, designed to empower **entrepreneurship**.

Learn how their expert **business coach** helps clients achieve **financial freedom** and implement effective **business tips** for sustainable growth in their **coaching business**.

---- LinksWebsite: mauimastermind.com/Facebook: facebook.com/MauiMastermind/Instagram: instagram.com/mauimastermind/LinkedIn: linkedin.com/company/maui-mastermind

Join host David Finkel in this week's episode of the Business Coach podcast as he welcomes back Kevin Bassett, owner of Bassett CPA firm, to explore the damaging financial mistakes business owners make both inside and outside their companies. Learn how to avoid these pitfalls and enhance your business's profitability and your personal wealth. This episode offers actionable insights on strategic expense management, allocation of capital, and the importance of having a financial plan. Kevin also shares personal anecdotes about his experiences in music and surfing, adding a personal touch to the business advice. Don't miss this deep dive into optimizing your financial decisions and safeguarding your business's future.

00:00 Introduction to Strategic Expenses
01:05 Meet Kevin Bassett: CPA and Entrepreneur
01:41 Damaging Financial Mistakes in Business
02:58 Avoiding Common Financial Pitfalls
03:40 Personal Insights and Stories
05:02 The Importance of Financial Fitness
06:36 Misuse of Cash Flow and Capital Allocation
14:22 The Role of Assistants in Business Success
17:52 Chasing Squirrels: The Dangers of Unfocused Investments
19:44 The Importance of Capital Allocation
20:43 Building Wealth Outside Your Business
22:32 Learning from Investment Mistakes
26:17 The Role of Financial Advisors
33:34 Timing the Sale of Your Business
36:26 Leadership and Team Retention
38:14 Final Takeaways and Conclusion
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of The Business Coach Podcast, host David Finkel sits down with Rich Wood, the Coaching Director for Maui Mastermind. They dive deep into recognizing when you have the wrong team member and making necessary adjustments. Topics include preempting bad hires through better hiring practices, tools for spotting performance issues early, having tough conversations, and effective employee check-in strategies. Rich also shares client success stories and practical advice for business owners to create a better, stronger, and more profitable business.

00:00 Introduction and Opening Thoughts
00:27 Welcome to The Business Coach Podcast
00:56 Meet Rich Wood: Coaching Director for Maui Mastermind
01:18 Identifying the Wrong Team Member
02:31 Client Success Stories
04:11 Accountability and Team Member Evaluation
08:26 The Hiring Process: Best Practices
10:05 Handling Difficult Conversations
14:14 Performance Improvement Plans
19:39 Formal Check-ins and Employee Development
32:41 Concluding Thoughts and Takeaways
35:16 Closing Remarks and Call to Action
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of the Business Coach podcast, host David Finkel discusses the critical aspects of hiring the right people for your business. Through real-life examples from coaching clients Susan and Carlos, David highlights common mistakes such as rushing the hiring process and not having a structured approach. He explains the importance of taking the time to define the role clearly and selecting candidates with essential must-have qualities. David also offers practical tips for assessing recent hires' performance and making necessary adjustments to ensure your team and business thrive. Tune in to learn how to make better hiring decisions and build a stronger, more resilient company.

00:00 Introduction: The Importance of Hiring Right
00:36 Welcome to the Business Coach Podcast
01:24 A Tale of Two Clients: Susan and Carlos
02:39 Common Hiring Mistakes
05:35 The Gold Standard of Hiring
11:32 Evaluating Your Hires
14:42 Dealing with Tough Decisions
20:54 Conclusion and Final Thoughts
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of the Business Coach Podcast, host David Finkel discusses the various options for exiting your business, including selling, scaling, transitioning to a passive role, or passing it on to heirs. He shares insights into factors to consider, such as personal enjoyment, the future sustainability of the business, and its growth rate, to help you make the best decision. Using real-life examples and client stories, Finkel emphasizes the importance of optionality and making informed choices for your unique situation and goals.

00:00 Introduction to Exit Strategies
01:06 Understanding Optionality for Business Owners
02:39 Client Success Story: Scott's Journey
05:43 Exploring Exit Options
08:38 Decision Tree for Selling Your Business
10:39 The Value of Holding a Growing Business
13:53 Optionality and Personal Fulfillment
22:37 Final Thoughts and Takeaways
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of the Business Coach podcast, host David Finkel sits down with seasoned CPA and entrepreneur, Kevin Bassett. Together, they explore the nuances of selling a company, especially to private equity firms. Kevin shares invaluable insights from his experience advising over 300 successful business exits, delving into the importance of always being sale-ready, understanding private equity strategies, and preparing for the due diligence process. Listen in to learn how to navigate common negotiation pitfalls and ensure you sell your business for top dollar.

00:00 Introduction to Business Negotiations
00:34 Welcome to the Business Coach Podcast
01:01 Meet Kevin Bassett: CPA and Entrepreneur
01:34 The Trend of Selling to Private Equity
02:10 Understanding Private Equity Playbooks
02:29 Heart-to-Heart on Private Equity Games
03:15 The Importance of Multiple Offers
08:40 Common Mistakes in Selling Your Business
12:11 The Readiness of Business Owners and Companies
16:37 The Pitfalls of Casual Conversations
18:06 Navigating Due Diligence
18:51 Introduction to Due Diligence
19:16 Financial Due Diligence
19:45 Quality of Earnings Reports
20:46 Tax and Legal Due Diligence
21:07 Negotiation Tactics in Private Equity
21:39 Understanding EBITDA and Adjusted EBIT
24:37 The Fatigue Game in Private Equity
29:39 Working Capital Adjustments
34:52 Final Thoughts and Key Takeaways
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

Join host David Finkel on The Business Coach Podcast for an insightful conversation with serial entrepreneur and philanthropist Jeff Hoffman. Learn how to achieve rapid and exponential growth in your business, the importance of spending time with your customers, and how to overcome growing pains as you scale. Jeff shares his inspiring journey from founding a company in college to co-founding Priceline.com and his ongoing nonprofit endeavors. Don't miss this valuable episode packed with actionable insights on focusing your efforts, understanding your market, and creating significant value.

00:00 Introduction: The Key to Understanding Your Customer
00:32 Welcome to the Business Coach Podcast
01:01 Meet Jeff Hoffman: A Journey of Success
04:49 Jeff's First Business Venture
07:16 The Secret to Hypergrowth
09:44 The Importance of Customer Interaction
16:43 Balancing Existing Business with New Opportunities
22:22 Identifying the Gold Medal Product
23:09 The Power of Going Narrow
25:46 Overcoming Fear and Habit
28:58 Managing Rapid Growth
29:50 Preparing for International Expansion
35:07 Empowering Your Team
37:43 The Vacation Catalyst Exercise
39:48 The Importance of Contribution
44:01 Final Takeaways on Rapid Growth

----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of the Business Coach podcast, host David Finkel addresses the critical issue of inconsistent information storage within organizations. David shares real-life examples of communication challenges faced by a company with over 250 employees and underscores the necessity of standardizing data storage to avoid operational inefficiencies. With practical advice and actionable steps, he explains how companies can ensure that intellectual property and valuable work products remain accessible and secure as they scale. Tune in to learn why conducting an audit of your information systems is essential and how to implement a centralized platform strategy for your business.

00:00 Introduction: The Importance of Logging Communications
01:07 Case Study: Communication Challenges in a Growing Company
03:30 The Consequences of Poor Data Management
04:54 Practical Solutions for Centralizing Information
08:38 Action Steps: Conducting an Information Audit
12:59 Conclusion: Ensuring Company-wide Data Integrity
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of The Business Coach Podcast, host David Finkel delves into the intricacies of pricing strategies with Rich Wood, the coaching director for Maui Mastermind. They discuss how to intelligently set prices using three key strategies: pricing from the inside out, the outside in, and value-based pricing. They also address the common fears businesses have around raising prices and share actionable insights on how to handle price increases without losing customers. Additionally, they explore how business owners can identify their best clients and manage their least profitable ones through strategic pricing adjustments. Tune in to discover practical tips for achieving better profitability and efficiency in your business. #BusinessCoach #PricingStrategies #Profitability

00:00 Introduction: The Importance of Pricing
00:36 Welcome to The Business Coach Podcast
01:17 Meet Rich Wood: Expert in Business Coaching
01:38 Three Key Pricing Formulas
02:22 Casual Conversation: Hiking and Gadgets
04:20 Case Study: Pricing Challenges in a Data Analytics Company
06:24 The Art and Science of Pricing
10:36 Value-Based Pricing and Sales Skills
16:39 Commodity vs. Differentiated Business Models
22:19 Handling Fear of Price Increases
27:15 Final Thoughts and Takeaways
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of The Business Coach Podcast, host David Finkel explores the significance of internal controls in businesses and how they provide essential guardrails for success. He defines internal controls as specialized business systems that protect and inform leaders and doers, allowing for efficient and effective operations without micromanagement. Finkel categorizes internal controls into procedural, visual, and embedded types and provides real-world examples of each. He emphasizes how these controls can reduce stress, provide clarity, and enable more strategic focus for business owners. Key takeaways include understanding how to implement controls that notify you of issues in time to act, thus preserving both peace of mind and business integrity. David encourages listeners to identify one area in their business where an internal control could be beneficial and outlines specific examples in operations, marketing, finance, and HR to get started. Join David Finkel in uncovering actionable insights that build a better, stronger, and more profitable business.

00:00 Introduction to Internal Controls
00:55 Welcome to The Business Coach Podcast
01:22 Understanding Internal Controls
01:56 Types of Internal Controls
05:00 Benefits of Internal Controls
10:18 Operational and Financial Controls
14:38 Implementing Internal Controls
15:43 Conclusion and Action Steps
----- 
Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind