"If you want to do something great and big and wonderful, if you want to change, your first course of action should be, who's coming with me? Who can help me? Who can show me?" -Kelsea Koenreich Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this episode as I interview the incredible Kelsea Koenreich. Kelsea's journey from nightly binge drinking and three arrests to becoming a successful entrepreneur, author, speaker, wife, and mom of three is truly inspiring. She brings a unique perspective to the table, helping women tap into their potential by building true freedom through emotional intelligence. Join us to learn the whole story! "I believe that none of us are self-made. And I think that I owe everything to what I've built, what I've created, anything that I've done, I have not done by myself." -Kelsea Koenreich Unveiling the Past: From Rocky Childhood to Rock Bottom In our conversation, Kelsea shares her personal transformation and how she overcame a self-destructive path. Born and raised in Texas, her rocky childhood set the stage for a decade of experimentation and arrests. However, the turning point came when she decided to live intentionally, leaving behind destructive behaviors and embracing a journey of self-discovery. The Road to Reinvention: Embracing Change and Purpose Now, as a consultant, Kelsea specializes in working with service-based mom founders, guiding them through a process of assessing their businesses and creating sustainable solutions. Her approach involves clearing the clutter, formulating sustainable strategies, and uncovering unseen potentials. Kelsea emphasizes the importance of aligning personal and professional goals to achieve true success. Data-Driven Growth: The Power of Strategy and Collaboration We discuss the power of combining data and strategy to drive business growth and personal fulfillment. Kelsea highlights the need for women entrepreneurs to create a path that aligns with their desired lifestyle and challenges the traditional notion of success. She also stresses the importance of seeking help and building a dream team, combining the expertise of a CFO with strategic mentorship. "There's so much power in knowing and truly understanding your financial situation and there's so much freedom of choice that comes when you know that." -Kelsea Koenreich Want to get in touch with Kelsea Koenreich? Website: https://www.kelseakoenreich.com/ Instagram: https://www.instagram.com/kelseakoenreich/ LinkedIn: https://www.linkedin.com/in/kelseakoenreich/ Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

“...I was baffled. I didn't understand why, despite all my accomplishments and going for my dreams and having a really good life at that point…I was still dealing with this little or sometimes big…dissatisfaction.” -Dr. Valerie Rein Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this episode as I interview Dr. Valerie Raine. Dr. Val is a psychologist who has pioneered the concept of Patriarchy Stress Disorder, a key factor in women's stress and trauma. She holds a master's degree in psychological counseling from Columbia University and a Ph.D. in psychology from the Institute of Transpersonal Psychology. Her bestselling book, "Patriarchy Stress Disorder: The Invisible Barrier to Women's  Join us to learn the whole story! "How do we stabilize this? How do we make this ceiling your new floor? How do we make this success your normal?" -Dr. Valerie Rein Dr. Val's Mission: Healing Intergenerational Trauma through the Thriving Method Dr. Val's mission is to create a thriving world by addressing intergenerational trauma through the Thriving Method. In our conversation, she shares her personal journey of self-discovery and healing. She emphasizes the importance of unpacking generational trauma to achieve true happiness and fulfillment. Exploring the Impact: Generational Trauma and Women's Relationship with Money Dr. Val also delves into the impact of such trauma on women's relationships with money, shedding light on inherited programming that affects financial behaviors. Innovative Healing: Equine Therapy and Immediate Feedback We explore Dr. Val's innovative approach to healing, including her use of equine therapy to provide immediate and clear feedback on how individuals show up in the present moment. Intersection of Personal Development and Entrepreneurship The conversation touches on the intersection of personal development and entrepreneurship, highlighting the need for both internal and external alignment for sustained success. "Stories or the experiences that happened to our grandparents, great-grandparents, etc. These are survival mechanisms and information that is passed down genetically." -Dr. Valerie Rein Want to get in touch with Dr. Valerie Rein? Website: www.drvalerie.com Instagram: http://instagram.com/drvalrein Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

“I got to the point where I was like, I'm working really, really hard for 50% of product sales and 4 to 13% of my downline, right? I was like, if I'm going to work this hard, I want all the money.” - Dr. Darnyelle J. Harmon   Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this episode with Dr. Darnyelle Jervey Harmon, the award-winning CEO of Incredible One Enterprises. Darnyelle is a transformative business coach, bestselling author, and host of the MOVE To Millions Podcast. In our conversation, Darnyelle shares her inspiring journey from the challenges of her early twenties to becoming a top sales director at Mary Kay and eventually starting her own multimillion-dollar coaching and consulting brand.   Join us to learn the whole story!   “I struggled massively when I first started my own ground up business so bad that we ended up filing bankruptcy. I ended up going back to work. And while I went back to that job, I had committed to a two year contract. I made myself a promise that at the end of the two years I was going to be unemployable and I was going to come back into this business full time.” - Dr. Darnyelle J. Harmon   From Makeup to Millions: Darnyelle's Entrepreneurial Awakening Darnyelle dives into the importance of operational infrastructure, sales follow-up, and pricing strategies for scaling a business successfully. She emphasizes the significance of mindset, personal development, and aligning with your purpose in entrepreneurship. We explore the softer side of entrepreneurship, discussing topics like alignment, surrender, and forgiveness, crucial elements often overlooked in business books.   Lessons from the Trenches: Overcoming Early Business Struggles As Dr. Darnyelle presents her latest book, "Move to Millions: The Proven Framework to Become a $1,000,000 CEO with Grace and Ease Instead of Hustle and Grind," she shares her unique approach. The book blends memoirs with methodology, offers practical insights, and nests with accompanying worksheets and templates to guide readers on their journey to success.   The Multimillion-Dollar Blueprint: Scaling with Grace and Ease Darnyelle's mission is to shift the statistics for women and entrepreneurs, creating a path to financial stability and sustainable business growth. She emphasizes the need for a strong financial management team, including a CFO and advisors, to support businesses in reaching the million-dollar mark and beyond.   So Much Inspiration, but it’s Just the Start! Jump right into our insightful and motivating conversation, but don't forget to also check out Darnyelle's own podcast, her website, and her new book, "Move to Millions," for a comprehensive guide to building a million-dollar business with purpose and ease.   “One thing that's important about me and my body of work is I don't do any theory. Anything that I ever present to any client at any particular point in time; I know it's going to work with a predictable level of certainty because we've been there, done that, we've tried it, we've poked, we've prodded, we made the mistake, we react, we correct it, we did all the things in order to produce the result that we know is possible.” - Dr. Darnyelle J. Harmon   Want to get in touch with Darnyelle? Website: https://www.drdarnyelle.com LinkedIn: https://www.linkedin.com/in/darnyellejerveyharmon Instagram: https://www.instagram.com/darnyellejerveyharmon   Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo Facebook: https://www.facebook.com/thecashflowcfo Instagram: https://www.instagram.com/thecashflow.cfo YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ  

"Accept whatever the market says your business is worth and either grow it to a higher number so that that, you know, you get the market value and you can ride off into the sunset or explore a different transaction." - Kirk Michie Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this episode with Kirk Michie, founder of Candor Advisors, bringing over three decades of finance and capital markets experience, having raised and allocated over $1 billion in capital. Kirk's expertise spans transaction advisory services and mergers and acquisitions. In this episode, we dive into Kirk's journey and insights into the world of business and finance. Join us to learn the whole story! "Get clear on the why. Why are you selling the business?" - Kirk Michie Kirk's Evolution: From Stockbroker to Business Adviser  Kirk shares his path from being a retail stockbroker to running private client groups and eventually joining a private equity firm. He discusses the shift in focus from buying small businesses to advising sellers, highlighting the need for strategic planning when considering a business exit. Nuances of Selling: A Symphony of Economics and Professionalism  The conversation turns to the nuances of selling a business, emphasizing the importance of understanding transferable economics and professionalizing financials. Kirk breaks down the significance of EBITDA in valuation and stresses the need for sellers to be clear on their goals, emphasizing that the right buyer match goes beyond price and terms. Exploring Pitfall:  This conversation explores common pitfalls, including the challenge of dealing with predatory buyers and the importance of seeking professional advice. Kirk shares six secrets for a successful sale, starting with understanding the seller's "why" and ending with managing seller expectations to avoid deal-killing obstacles. Networking and Learning in the Business Arena As the discussion unfolds, Kirk offers practical advice for business owners, encouraging them to network and learn from others' experiences. The episode concludes with a powerful reminder for sellers to accept the market's valuation of their business and explore alternative strategies if needed. "The buyer of your business is a full-time predator, and you, as the seller, are part-time prey." - Kirk Michie Want to get in touch with Kirk Michie? Website: https://candor-advisors.com/ Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

"It's important that there's some things happening on the financial side that are going to be setting you up for success as we move into the new year." -Andrea Jenson Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this solo episode as I share the crucial financial preparations that every business owner should be making as we approach the end of 2023 and look ahead to 2024. In this episode, I'll guide you through two key steps to set yourself up for success in the new year. Join us to learn the whole story! "A forecast and a budget should be considered kind of like an anchor in your financial plan." -Andrea Jenson Step 1 - Getting a Clear Picture of Your Current Financial Situation First and foremost, you need a clear picture of your current financial situation. This means ensuring your balance sheet is up to date and your profit and loss statement is cleaned up through the end of Q3. Having an accurate view of your financial position by December 31 is vital for strategic planning, profitability, and tax management. Collaborate with your bookkeeper to get everything in order and consult your tax strategist to make any necessary adjustments. Step 2 - Creating a Financial Forecast and Budget The second essential step is creating a financial forecast and budget for the upcoming year. Many business owners find this intimidating, but it's like an anchor for your financial plan. Your business should be an asset that grows in value. Think of your forecast and budget as strategic tools to achieve your goals. It's not just about crunching numbers; it's setting the direction for your business, allowing you to be proactive rather than reactive. Components of Your Financial Forecast and Budget Your financial forecast should consider your current financial health, industry trends, and economic indicators. Revenue forecasting involves both science and art, using historical data, market trends, and customer behavior to make realistic projections. Expense management is critical, focusing on fixed and variable costs, and looking for cost reduction opportunities. Planning for capital expenditures, risk assessment, flexibility, and regular monitoring and adjustments are also key components to consider. "Don't think of this as we're just crunching numbers. No, we're setting the strategic direction for your business." -Andrea Jenson Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

"Recurring revenue gives you that freedom, the ability to pursue other things, not constantly be in that sales hamster wheel."  - Andrea Sager Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this episode as I interview Andrea Sager, the co-founder of The Legalpreneur, a legal tech startup that supports small businesses. Andrea is a top-ranked trademark attorney in the United States and a serial entrepreneur. She shared her journey of transitioning from a high-paying legal job to launching her own business. Join us to learn the whole story! "Recurring revenue gives you that freedom, the ability to pursue other things, not constantly be in that sales hamster wheel." - Andrea Sager Andrea's Journey Andrea Sager: Andrea shared her journey from law school to starting a clothing boutique to becoming a top-ranked trademark attorney. She explained her transition from a high-paying law firm to launching her own business, driven by a desire to help small businesses establish a solid legal foundation. The Legalpreneur Andrea discussed the services provided by The Legalpreneur, including flat-fee legal services such as trademarks, LLC filings, and contracts. She highlighted their commitment to transparency, offering unlimited access to attorneys and eliminating unexpected bills. Balancing Life and Business Andrea emphasized the importance of finding a work-life balance and having fun in entrepreneurship. She shared her personal experiences and the value of recurring revenue for business stability and when selling a business. How to Learn More Listeners were encouraged to visit thelegalpreneur.com, website and access a free business owners' legal checklist to ensure their business is well-prepared for future growth or exit strategies. "Your business is an asset created to generate revenue, to support your lifestyle, to create passive income." - Andrea Sager  Want to get in touch with Andrea Sager ? Instagram: https://www.instagram.com/andreasagerlaw/ Website: thelegalpreneur.com Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

“Well, step three in preparing to sell is now you have to take action to find a solution to close that gap, right? So there's lots of ways you can do it. We're going to walk you…through some actions you can take right now in your business to be able to close that gap.” - Andrea Jenson Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this solo episode as I share valuable insights and a step-by-step guide on how to prepare your business for sale and maximize its profitability. Join us to learn the whole story! "Every dollar in revenue equals 100% to allocate in your business, right? So every dollar in revenue has to get allocated proportionately to your cost of goods sold, your general and administrative expenses, your marketing expenses, and your profit..." - Andrea Jenson Closing the Gap: Steps to Increase Business Valuation Let's kick things off by emphasizing the importance of taking action to find a solution to close the gap between your current business valuation and your desired selling price. I've seen many business owners overestimate what they can achieve in a year and underestimate their potential over a longer period. I want to highlight three crucial actions to help you on your journey toward a successful business sale: 1. Set Prices for Profitability: One of the fundamentals is setting the right prices for your products or services. Many business owners fail to understand the true cost of delivering their offerings, which can lead to suboptimal pricing. I strongly recommend conducting a pricing analysis to determine the actual cost of delivering each service or product and aligning your pricing strategy accordingly. This ensures profitability and efficient allocation of revenue. 2. Invest in Your Future: Rather than rushing to sell, consider ways to increase your business's value. I'm a big advocate of viewing your business as an asset. Instead of an immediate sale, I suggest using our "Predictable Profit Planner." It's a tool that helps you understand all the components that make a business profitable. By identifying the key levers that affect profitability, you can develop a strategy for consistent and predictable growth. 3. Focus on Key Performance Indicators (KPIs): In the last phase, I recommend building and tracking key performance indicators that offer insight into the health and performance of your business. KPIs provide a straightforward way to monitor your business's critical areas and make data-driven decisions to optimize operations. The Roadmap to a Successful Business Exit This comprehensive plan is divided into 12 months, with each stage focused on key aspects of your business, including pricing, marketing, and financial strategy. These steps lead to the ultimate goal: a successful exit strategy. By understanding your business's financial landscape and implementing the right strategies, you can make your business an attractive prospect for potential buyers. Your business exit can become a smooth and profitable process, with the experienced financial experts at the Cash Flow CFO team guiding you every step of the way. Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

“You're gonna put things through your come through the business that aren't necessarily an absolute have to so if somebody else were to pick up your company and start running it” -Andrea Jenson Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this solo episode as I discuss a crucial step for business owners: determining how much your business is currently worth. If you're planning to sell your business, understanding its value is paramount. To do that, you'll need to calculate two essential numbers: cash flow earnings and the industry multiple. Join us to learn the whole story! “ If you're a professionally managed company, and you're a professionally managed company, if your business you can take a month vacation and your business still grows and runs without you, you've got management in place, you've got all the pillars of your business are staffed and running the way that they're supposed to. “ -Andrea Jenson Step 1: Calculating Cash Flow Earnings First, let's focus on calculating your cash flow earnings, which will help you understand what your business is truly worth. There are two methods to consider: SDE (Seller Discretionary Earnings): This method is suitable if you're an owner-operator heavily involved in the day-to-day operations of your business. EBITA (Earnings Before Interest, Taxes, Depreciation, and Amortization): If your business is professionally managed, meaning it can operate smoothly without your direct involvement, this method is more appropriate. For the majority of owner-operators, SDE is the way to go. To calculate your SDE, start with your net income from your profit and loss statement. Then, identify and add back any expenses that aren't essential for the business to operate. These could include personal expenses, non-critical memberships, or even family members' salaries if they don't contribute significantly to the business. For instance, if your net income is $125,000 and you've identified $124,000 in add-backs, your total cash flow earnings become $249,000. This represents what the business would earn in someone else's hands. Step 2: Determining the Industry Multiple The next crucial component in valuing your business is the industry multiple. This figure varies based on your specific industry and the financial performance of businesses similar to yours that have been sold. Think of it like comparing house prices in real estate—the comparable sales in your neighborhood help set the price. Calculating Your Business's Value Once you have your cash flow earnings and the industry multiple, it's time to determine your business's current value. Simply multiply your cash flow earnings  Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

“If they've got a lot to choose from, it becomes that much more important that your business is set up correctly, and you have all the components in place to increase the valuation that you're going to receive when you go to sell your business.” -Andrea Jenson Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me on this solo episode as I discuss a comprehensive agenda that covers crucial aspects of selling your business. By the end of this episode, you'll have a clear understanding of how to determine the value you need to sell your business for to secure your retirement and how to assess and increase the current value of your business. So, let's dive right in! Join us to learn the whole story! “when somebody says, Hey, I like your business, I want to buy it, let me come in and look under the hood, I need to see how everything is structured. So that's the structure of your entity.” -Andrea Jenson The Growing Competition: Before we delve into the nitty-gritty of preparing your business for sale, it's important to understand the landscape. There's a massive wave of business owners, particularly baby boomers, looking to exit their businesses in the coming years. This flood of sellers means that competition is fierce, and this can drive down the prices of businesses. To stand out in this competitive market, you need to ensure your business is not just profitable but structured for a successful transition of ownership. Why Many Businesses Don't Sell: Unfortunately, not all businesses that go up for sale actually find buyers. The sad truth is that only 30 to 40% of listed businesses end up selling. There are several reasons for this, and understanding them can help you avoid common pitfalls. Many businesses lack professional management, meaning they can't function without the owner. Additionally, they often lack proper documentation and a clear recipe for generating profit. But one of the biggest roadblocks is the lack of readiness for due diligence. The Importance of Due Diligence: Due diligence is the process where potential buyers examine every aspect of your business before committing to a purchase. This includes examining the structure of your entity, the accuracy of your financial statements, tax compliance, and legal matters. When businesses aren't adequately prepared for due diligence, buyers start deducting from the purchase price, leading to disappointment for sellers who initially had high hopes. “if you determine that, okay, I need $15,000 per month to live off of perfect, multiply that by 12 180,000 A year is your annual income that you need to generate off of the interest of where you invest those proceeds from the sale. So 180,000 divided by 4% Your number is drumroll please. $4,500,000. So that is your exit number. “ -Andrea Jenson Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com/ Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo/ Facebook: https://www.facebook.com/thecashflowcfo/ Instagram: https://www.instagram.com/cashflowcfo/ YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ

“I was that young, hungry, ambitious, CPA, and I made it my mission to like, climb the proverbial ladder. Right. Little did I know that at the top of the ladder, or golden handcuffs. That looked good, but they didn't feel good. So, I look back sometimes at my old school timesheets, because I don't look it but I'm kind of old. So we had to put it on the green ledger sheet, get a sign off, then it's stupid. But those weeks were still like 70 hour weeks.” -Robert Whittley Welcome to a brand new episode of the Cash Flow CFO Podcast. Joining me today is Robert L. Whittley. Robert is the founder and CEO of Healthy Coin, a boutique CPA firm that works exclusively with mental health professionals. Robert is a licensed CPA and the creator of the "Know Your Numbers Blueprint" that's helped over 70 private practices scale from five and six-figure businesses to seven-figure enterprises. Since 2019, he has been featured on many podcasts for private practice owners and as a frequent speaker at industry conferences Join us to learn the whole story! “At the end of the day, that number is very, very different. Because they're not set up correctly, and they're not prepared to go through that process.” -Andrea Jenson Key Considerations for Sellers: Robert highlighted several critical considerations for practice owners contemplating a sale: Succession Planning: It's essential to determine whether you have a succession plan in place. Are you looking to retire, sell, or pass the practice on to a family member or employee? Your goals will significantly impact your approach to the sale. Valuation and Due Diligence: Don't fixate solely on the initial offer (Letter of Intent or LOI). The final purchase agreement (Asset Purchase Agreement or APA) often differs from the LOI. Be prepared for a more detailed due diligence process, which may affect the final sale price. Ownership Structure: Understand your practice's ownership structure and whether there are other stakeholders or partners involved. Ownership complexities can impact the sale process. Transaction Structure: Decide on the transaction structure—whether it's an asset purchase or equity sale. Each approach has tax implications that require careful consideration. “you're gonna have it for 20 years, 30 years, take distributions, do whatever you need to do, that's a different lane, that I'm building this asset to sell it, you're not taking those distributions or those dividends or you're letting it sit in the business because you're building up that basis.” -Andrea Jenson Want to get in touch with Robert Whittley? Instagram: https://www.instagram.com/aredubtre/ Website: https://www.healthycoin.net/