As an entrepreneur, you deserve to keep the money that you make. This is a core concept in my business but many other fractional CFOs and financial professionals agree. David Richter is a friend that I recently met at a conference that aligned closely with my business beliefs, so I asked him to come on the show and share his philosophy. David, like me, thinks that your business should allow you to do the things that you enjoy in life and that setting yourself up using the proper frameworks is the best way to achieve this.
David Richter is the author of Profit First for Real Estate Investing - a derivative of the original Profit First by Mike Michalowicz that is tailored specifically to Real Estate Investors. His goal is to completely transform the Real Estate Investing industry by helping real estate investors make and KEEP more money in their businesses. As the founder and owner of SimpleCFO Solutions, he wants to bring investors true financial clarity and freedom and help every investor stop living deal to deal.
This episode is a can't-miss for any entrepreneurs who are constantly feeling cash flow pressures or like their business isn't providing enough for them.
What you’ll hear in this episode:
[3:00] Who is David and how did he get into the Profit First framework?
[6:44] What are the fundamentals of the Profit First framework?
[17:15] How did David discover a passion for his CFO practice after not having any financial background?
[23:29] What are the initial steps to implement the Profit First framework into your life?
[31:15] What is the difference between the business profit and the owner's compensation account in the Profit First framework?
[34:15] How do you arrive at your “keep” number to determine what you need out of your business?
[37:35] How has David implemented these frameworks while growing his own CFO firm?
Give Relay Financial a Try: https://app.relayfi.com/register?referralcode=FitnancialSolutions
Connect with David:
IG: @richterscale91
* Related episodes:
Revenue Goals That Actually Move the Needle
Ways to Increase Revenue If You Hate Sales
Tactical Resources:
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash
Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide
CFO Power Session: Text POWER to 860-609-6374
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Additional Resources:
Find everything you need at https://www.keepwhatyouearn.com
Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
Hire us: https://www.fitnancialsolutions.com/accounting
Find me on IG https://www.instagram.com/shannonkweinstein/
Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.