Behind the Scenes: The Enrolled Agent’s Guide to Financial Success

July 25, 2023

Title: “Behind the Scenes: The Enrolled Agent’s Guide to Financial Success”

Episode: 190

We have our CFO Series for this episode of the Profit First for the REI podcast!

Alexis Sidney, a seasoned Chief Financial Officer, joined us in the show as she shared how she made an impact as a fractional CFO.

How CFOs make a difference? How did they make an impact? Listen as she answers these questions. Alexis also talks about the struggles that they see daily. Enjoy the show!

Key Takeaways:

[01:00] Introducing Alexis Sidney

[03:10] What does she do as an EA?

[06:37] Interesting part of the CFO Role

[08:15] Different types of struggle people encounter

[15:56] Benefits of Profit First for Alexis as CFO

[19:40] Pros of working with a CFO

[23:48] Alexis’ advice for real estate investors

[26:48] Connect with Alexis and Simple CFO

Quotes:

[06:52] “There was something more just behind a profit and loss report… those number means something.”

[12:55] “It does take time for people to trust you, and you can’t overwhelm them by forcing them… just assure them.”

[20:12] “Working with a CFO allows you to have that person on your shoulder.”

Connect with Alexis:

Website: https://simplecfo.com/

Tired of living deal to deal?

If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David

Transcript:

Speaker 1:

I introduced to Profit First when Covid first happened. And I was like, what is this profit first? What is it? So, you know, I got the book, I read it and I was like, okay, cool. So funny story is I tried to implement it on my own, just going off of the book and I was like, okay, I’m gonna do this, I’m gonna do this, I’m gonna do this,

Speaker 2:

This. If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for R e I podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.

Speaker 3:

This is a completely different episode than if you’ve listened to all the episodes so far, or most of them that we actually interview one of our CFOs. And I’m going to do that with a couple of the different CFOs that we have. But today’s Alexis, Cindy, she’s an incredible, she’s an enrolled agent. So she has tax work in her background, but now she’s making an impact as a fractional C F O. So we talk about how do we make a difference? How do you make an impact? Where do you come from? The struggles that we see on a daily basis. People that are, she talks about a lot of the emotional things that go, people go through with money. This is just a really good episode. If you wanna kick back and say, okay, what do I need to do? What are the first steps?

’cause She kind of outlined some of the first steps that you can take as well too. Thank you so much for listening. I know that this episode can be a benefit to you and put you on the right path. Thank you again, have a great rest of your day. Hey everyone, I am super excited about this episode ’cause it’s different than what you’ve heard before. We have had, I think over 180 people on the episode so far, but I haven’t introduced you to some of the team members that work with simple C F O and fractional CFOs in general. Like, what the heck is that? Why do we do what we do? Who are we? Like, all that type of stuff. But I have Alexis, Cindy in the studio today, which we’re just doing it on this recording device here. But that’s where I have Alexis, I’m super excited. She’s A C F O with us. She’s worked with several of our clients. She’s an amazing human being. Alexis, thank you for being on the podcast today.

Speaker 1:

Thank you for having me. David. What an opportunity to be here,

Speaker 3:

Right? And I want to, if you’re a listener from this episode, I want you to get why, not only why do we do what we do, but how does it make an impact on people? And then why do we do it? Like what is there, what’s the reasoning behind becoming a fractional C F O versus just a bookkeeper or C P a, or you’ll find out what an EA is too, ’cause Alexis has that in her and her history and then what she does as well too. So that’s where we’re gonna talk about some of that stuff. But I also wanna talk about working with clients and like some of the concerns on both sides, but then some of the wins and like what are we doing like to make sure that people are winning. So just a really interesting episode. I’m talking way too much. I usually don’t talk this much and just dive into questions. So Alexis, let’s get into it. What is your, your background is in the finance space, correct? You have the EA and can you tell people what EA is and like the acronym, what it’s for and what it stands for and like what that does? And just a little bit of your background so people can get to know you.

Speaker 1:

Sure, sure. So again, I’m Alexis Sydney and I am an ea, I’m an enrolled agent. I’m licensed to practice by the I R Ss. So I went through some rigorous exams, studying all of that great stuff to be able to hold that credential. And what it does allow me to do is to be able to represent clients if they have tax issues, troubles, you know, all of that stuff. I can go to war bat to bat with the i r s with you regarding nice. Anything I can also, you know, just get information on you without having to go through hoops and hurdles. So having that EA is really designated behind taxes and just all of the education that you can get. We have to stay up to date with continuous education hours to keep the credential. So I did that because of course I’ve been doing taxes for about 19 years now.

I know I look young. I started in college and you know, I started with it being a side hustle. I had a friend that had many offices all over and I was just like, I wanna make some money. So I got into taxes and I’m still in it. So I’ve went through, you know, many years of taxes and taxes and that’s pretty much all I focused on. But as I got older and started, you know, being in the industry a lot and dealing with small business owners, I saw that there was a need to be able to bring more value to the clients that I served. Yep. And really bring additional service in addition to tax prep. So that opened a door for me to be able to start offering accounting services or just doing things where I’m doing coaching.

I even in the game, I went and got my real estate license and insurance as well. So, you know, those are key components and things that all clients need regardless of what industry they’re in. Mm-Hmm. <affirmative>. But I just wanted myself to be that one-stop shop for my clients where even if I wasn’t, you know, doing a lot of insurance or things I knew enough where I can talk to them about it and not be in any kind of violation with the state of Georgia, which I’m in but just getting them to the right people, even if it’s through strategic partnerships or whatnot. Yeah. so, you know, that’s me. That’s what I do. Awesome. and I love it. <Laugh>.

Speaker 3:

No, that’s, that’s great stuff because a lot of people don’t <laugh>. This is why if you’re listening, like if you, you, you’ve listened to a lot of real estate investors in the entrepreneur side of that part, but now you get to hear from someone who’s actually taken the test has, you know, does the continuous things you don’t have to do so you can be doing the deals and that type of stuff. And then what I love what you said, Alexis was providing more value to people. Like it’s not just about the taxes, it’s about okay, how are they doing in their business? Which I feel like is a big part of the fractional C F O part. And if you’ve never heard of fractional C F O, that’s a part-time and for a fraction of the cost of a full-time chief financial officer. But Alexis on that side, why did you get into the C F O role and like why did you want to start down that path? ’cause It sounds like you’ve done a lot of stuff on the tax side. You’ve done some on the accounting side as well too, like the actual, you know, bookkeeping and that, you know, and stuff that comes with all of that. So what interested you about the C F O role?

Speaker 1:

Yeah, so I always knew like there is more and you know, as I continued to work with businesses and their level were increasing or they wanted to take their business to the next level, I knew that there was something more just behind a profit and loss report or doing categorization work. Like those numbers mean something. And you know, business owners, they have goals, they have dreams and all of that needs to be connected. The dots have to be connected for them. And I think that’s where the C F O, the fractional service allows you to do that with clients. It allows you to not only take, you know, the numbers ’cause you have to have the numbers, but make sense out of the numbers. Let the numbers tell a story. And if they’re not telling that story that you want to tell, how do we get there and incorporate your real dreams, your goals, your vision, your future, your, all of that stuff gets to play in it. So I love the C F O world because it allows you to do that. It allows you to take it to that next level so that you can have the business that you want and desire.

Speaker 3:

Yeah, I love that. It’s absolutely great. It’s that forward facing, where are we going instead of just like, okay, here’s the stuff that’s happened, which is you have to have both. But then it’s like, what do you do with that? I love how you said that. It’s, again, you gotta turn the numbers into something else. Okay. So then tell me this, since you’ve gone into that role, what struggles do you see that a lot of the business owners having on the financial side? Do you see some struggles that pop up that are pretty normal for a lot of people and maybe they just don’t know it’s normal? <Laugh>,

Speaker 1:

<Laugh>? I’m laughing. It depends. <Laugh>. Yeah. I see so many struggles. You know, and it depends on the level of business owner, like where they are. That makes sense. Like the struggles are so different. You know, I, I was speaking with the business owner I believe over the weekend and you know, their struggle was, they’re not even doing financials, but they have all these goals and dreams and you know, they wanna do this, they wanna do that. And for me, I’m like, will you just take advantage of this service? ’cause You will get all of that. You’ll get that clarity. I see that a lot of business owners are out there their own. They’re not connected to the right people. You know, they may be embarrassed about their financial situation. So they don’t have the inner level conversations with their friends.

You know, they’re ashamed with their finances, they’re embarrassed that they’re not doing what they’re supposed to be doing, but you know, they’re the business owner. They have this, you know, prestige that they have to follow. So I see a lot of that when I’m working with clients and you know, that’s where, you know, we can comment as CFOs and make a difference for them. But like I said, I see, you know, people and it’s like, okay, you are making all of this money. Like, gosh, I wish I, I’m making that kind of money. <Laugh> nice and I’m so impressed. But then it’s like, where is it <laugh>? And I see a lot of that also. So that’s where too, as CFOs we come in and we get clarity around where their money is going so that they have a plan and it’s not their money doing what it wants to do, but them telling where their money, where to go and having control over it.

Speaker 3:

No, that’s really good. And I feel like you hit the nail on the head there a lot, especially when you said embarrassed and ashamed. ’cause I feel like a lot of people think they should know. But I mean, have you seen this? I mean, a lot of people aren’t taught this stuff. No, there’s not really taught anywhere. Do you see a taught places

Speaker 1:

<Laugh>? We’re we’re teaching it, but <laugh>, right. We’re

Speaker 3:

Teaching it. There you go. That’s about it that I see. Oh man, awesome. So I love that. The embarrassed, the ashamed not connected. That was good. And then no financials, man, that’s a big one too. They have all these goals and dreams, but no financials to know, are we on track for that or does it just apply in the sky type thing? Ah, man, see that a ton. So I think that was really good. And then you obviously, where is all the money? Like you’re making all this money, where’d it go? Like we gotta dig in and find that. Now. I, I see that where a lot of people get to that level. They start doing six figures then into the seven figures and it’s like, oh shoot, more money has just escaped me. Where did it go? Right, <laugh>. So no, I, I a hundred percent agree. Those are some of the biggest struggles that I see as well too. Okay. Well then you’ve worked with clients like with your own and like with through simple C F O. How is it working with people? Like are people usually open to receiving what you’re trying to give them? Do they resist it? Is it their walk of life and like the role of A C F O being that type of leader? How is it actually working with people on this role?

Speaker 1:

Well, you know, it’s definitely, it’s a fun experience, I would say. Yeah. I think when they get to the level where they know like, okay, I’m gonna make this investment. Yeah. For me, I haven’t had any resistance with the clients. They’re like open, like, okay, I need your help. I know I’m at a place where I don’t wanna fail and I just need whatever you can give me to help me, you know, get to where I wanna be. So, luckily for me, I haven’t had any resistance when it comes to working with clients, especially on the simple C f O side. However, <laugh> some of my clients, when I try to work with them and implement, you know, some of the strategies or whatnot, I get a lot of resistance. Especially when it comes to implementing the Profit First model for some people, people because they’re like all these accounts, why do I need this <laugh>?

I can do this, you know, I understand what you’re saying, but I’m just gonna do it with my one account for now and I’ll tell you. And so it’s like, you know, for me just being the one that’s, you know, in control and not allowing the client, ’cause it’s like, you made the investment to work with me. You want me to be your C F O? So just building that trust. And you know, it, it’s okay. You may get a by with it a few times. Like, okay, I’m not gonna do it. Or push me off the next meeting, the next meeting, the next meeting. And then it’s like, did you get those accounts set up? And they’re like so, you know, for me being in that role, I, I do know that it does take time for people to trust you.

And you can’t overwhelm them by forcing them, like you’re gonna beat ’em up if they don’t do something. But just really assuring them like, every time that you don’t meet your goal, let’s bring this to the forefront. And understanding like what is the challenge behind you not doing what you need to do? Like what is the problem? Because it may be something, you know, small to me, but huge to them. But just understanding with them and working with them, you know, on that level and just building that trust and, you know, that friend, I don’t wanna say friendship, like we’re going to hang out, but you know, just that friendship and the time that we spend together, just knowing like, you know, I’m, I’m here to support you. I’m not trying to judge you. I, I want this to work. And just being that confidant with them to help them overcome, you know, whatever struggles they may be having.

Speaker 3:

Yeah. Well that’s really good. ’cause That’s good. Especially on our side. We don’t take bonehead people. Like if we do, we kick ’em right out. Like for the, at least the client part. So it’s good there that you’re not getting a lot of resistance from that side, but it is a lot of like, okay, we know we need it at this point. Like they don’t wanna scale into oblivion, into bankruptcy, and they want, you know, the people that, that are helping them focus on what they’re actually good at. So, and I, I love that because I feel if, do you feel this way that you’re making an impact not just on their business but their life? Like, would you say that, that when you help them on the financial side, that that’s a byproduct?

Speaker 1:

Well, definitely it is because, you know, this is, they do business to, you know, generate the lifestyle they want, or at least most people do. And, you know, it can be a struggle, especially if the business isn’t going right and you gotta attitude walking around and then your family <laugh> has to deal with it or they’re not getting the best you. So we definitely have a, a impact on them and their lives and, you know, how can show up better for their families and be that person that they wanna be. So, you know, it’s so impactful to that level.

Speaker 3:

I love that. That’s, I mean, that’s why we do what we do. That’s why I wanted Alexis on here. That’s why I wanna do a mini series of just interviewing some of the CFOs because that’s what we’re really trying to do. We’re really trying to help, if you’re a listener, that’s why we do this podcast. <Laugh>, like I’ve given you what, 180 examples or something so far of like people in the Profit First world or just the importance of keeping the money you’re making now. It’s like, I wanna make sure you have some resources here too. These are some of the people that we work with that we wanna empower to make an impact on you and making sure that you’re getting to where you really want to be. So it’s like, I wanna make sure that we’re doing everything in our power here and that’s why we have Alexis on. And this has been awesome. I really like this. Like it’s been, this is a breath of fresh air talking with you, Alexis. So, okay. You talk about Profit First and some of the resistance opening up the accounts. What do you see the benefits of Profit First and working with people and what that system can help people do, especially since it’s the Profit First Aria podcast?

Speaker 1:

Oh yeah, definitely. So Profit First is amazing. I was, I introduced to Profit First when Covid first happened and I was like, what is this profit first? What is it? So, you know, I got the book, I read it and I was like, okay, cool. So funny story is I tried to implement it on my own, just going off of the book. And I was like, okay, I’m gonna do this, I’m gonna do this, I’m gonna do this. And then I was like, I knew there was more however I wanted to be able to provide the service. ’cause Again, I felt like there was something needed to be able to give someone something tangible as I was going into C F O services and giving clients advisory services and I’m that tangible person, like, you know, coming from Tax, it’s like I give you a tax return, you pay me, you get a return <laugh>, right?

Yeah. So with the cfo it’s like, well, what am I giving them? Like I just was like, okay, I can really talk to somebody and that’s giving them something and they’re gonna pay. And yes it is, but I still felt like there was some sort of framework or something that was needed to help bring clarity. And that’s what Profit First did. For me, it allowed me to learn the concept and the model to be able to bring financial clarity to people. And I always tell my clients like, you know, if you’re operating your business with one account, you know, how do you have clarity? Because I knew when <laugh>, you know, I was doing it, or even in my personal life, I had one checking account and you know, the young me would go out on the weekends and spend, spend, spend.

And then I’m like, oh crap, you know, when it’s Monday and I gotta sit down and pay bills, I’m like, whoa, maybe I should have moved my party money to another account. So I, I love the system because it’s almost like, you know, an envelope, an electronic envelope system that just really gives you the clarity you, so you can put your money where it needs to go. You can open your bank account at one time and say, Hey, I know what I have available to do what I need to do based on these buckets. So the system is awesome. I, I love it. And I feel like, you know, the clients that we work with and serve, they love it too because they’re wanting to know how to get clarity as well and how to organize their money so that they’re accounted for everything that’s going on within their business operations.

Speaker 3:

Yeah, no, that’s great because how many times does that word pop up, that clarity? You used it earlier, no financials, no clarity, same, same, it sounds like here too. One bank account, no clarity, right? And that’s where a lot of people struggle with that. So I feel like that is definitely a big solution to getting that clarity inside the business, especially around the cash. ’cause I, you see this, I’m sure the cash is one of the biggest things that entrepreneurs think about. Would you agree?

Speaker 1:

Yes, definitely. It, it, it’s the end all be all <laugh> side.

Speaker 3:

So that’s where it’s really where the rubber meets the road. That’s why I like this podcast. I like, we’re just trying to get that message out there that there’s a way to actually make sure the cash is working for you and not against you, especially in the real estate world. Do you find that, that a lot of real estate investors struggle with their cash and the cash position and especially if they’re rehabbing, doing things like that too?

Speaker 1:

Yeah, I, I do. Especially the real estate investors. ’cause What I’m finding is that, you know, they’re in these projects and their thing is, I gotta get this deal closed or exit out of it quickly. Yeah. And a lot of times you, you lose focus on the numbers or what you have to do ’cause you’re trying to get to that mark because okay, this is costing you, you know, you’re have holding costs, you know, all of this stuff that you have going on and you’re just trying to get to that number. So it’s like whatever I need to do to get there, you know? But that’s where we come in at because it’s like, we’re working with you through these processes and we’re like that behind the scenes eyes and ears on your numbers so that you can have that clarity to know like how to navigate through this. So like you’re not losing, but then you have that oversight as if you’re going down that wrong path. Like you have someone there on your side to be like, wait a minute, this may not be the best way to do this. Have you considered X, Y, and Z? Have you looked into this? Maybe this isn’t the proper exit strategy for you. So, you know, working with the C F O allows you to have that, that person on your shoulder <laugh>. Oh,

Speaker 3:

That’s great. That’s a great analogy there because so many people need that person and they don’t. I, it’s like you get a business coach, well, with you, even you have some of the tax background too. ’cause Not every CFO’s gonna have the ea you know designation or that type of stuff. So like with you, you, you even have some more oomph behind you. You’ve got that, you’ve got the business coaching, you’ve got the C F O role. It’s like you get this all in one with this person that’s on your shoulders saying, Hey, did you think about this? Did you not? So I love how you put it there because it’s more about you present them the options, but do they have the final say on what they do or do you tell them what to do <laugh>? What, what, what’s your approach?

Speaker 1:

You know, I always give ’em the final say on what they need to do, but just present ’em with the facts. Do you want these numbers or you want these numbers? There you go. You make the decision. And that’s good. The time they go with what I say <laugh>.

Speaker 3:

Well, it’s good because a lot of people, like you said, especially when we’ve already talked about this, no financials or one bank account, they don’t have that clarity. You provide clarity, you provide that clarity to be able to say, do you want this or do you want this? And I like how you said earlier, it’s more about, you know, like why they started their business. So you could be like, you started for this and here’s the two options that you have and this one will get you closer to it, then this one won’t. Like which one do you want to do? But a lot of people don’t have that. That’s why they’re running around blind. So Yeah. I have you seen that with the people you’ve worked with? It’s almost like a breath of fresh air. Does it feel like, okay, someone’s in the trenches with me helping me know which way I should go because I can’t navigate this whole trench?

Speaker 1:

Yeah. I, I, it’s a beauty when people really buy into, you know, the model of what we’re doing. It’s beautiful because it allows them to kind of just, you know, put their feelings aside, you know, put their self aside and really focus on their dreams, their goals, and why they got into this and you know, let pride go out the door. Right? ’cause again, we all, we all need help. You know, if we knew how to do it without any help, we would’ve done it. And <laugh>, you know?

Speaker 3:

Yeah, exactly.

Speaker 1:

But it is beautiful when you see people really like taking charge, really, you know, moving the money, following the plan that you have in place for them. And that, that really excites me because it’s like, okay, they’re, they’re gonna make it <laugh>,

Speaker 3:

Right? Yeah. That’s good. It’s, see, it’s fun to see when it actually lines up and they’re like, yes, let’s run with it. And then they do and you see them more profitable and it’s like, okay, like finally, like someone’s actually listening here, so, right. No, that’s good because that’s what we talk about. Like that’s why, like I keep saying, we started this to make an impact and that’s the type of impact that you’re able to make. You’re able to see that, okay, they took this advice, they actually had the clarity, they were able to make a better, more informed decision and it got them a better outcome. There’s no feeling like that. So, which is great. I’m, this has been an awesome podcast, so I will, even if you’re listening to this, like, oh my gosh, what is this all about? Like, and you turned me off a long time ago.

I thank you for listening this far because this has been fun for me because this is why we do it. Like, I wanna also make sure we bring amazing people like Alexis Alan to say, okay, this is another person that wants to make an impact and how can I empower her to make an impact, you know, on you as a listener here and then if you work with us as well too. So Alexis, if you had any advice for a person listening to this podcast that wanted to implement Profit first, what in what advice would you give them?

Speaker 1:

<Laugh>? Well, I would definitely tell ’em to read the book depending on their niche. I know we’re talking with real estate investors but definitely read the Profit First for real estate investors. You know, that book was a game changer for me. I knew about the regular book, but then I was like, lemme read this one. And it was so capture and I remember I, I got it. I read it that whole Saturday. I, I couldn’t take my eyes off and I’m like, I know I read the regular one, but you know the story about the guy Dan in the book, you know, that was so real. <Laugh>. Yeah. Yeah, that’s real talk. It was so real and I’m sure that, you know, many real estate investors can probably relate to that story. So definitely first read the book you know, get you some support because again, it’s one thing to read the book and understand the concept and try to implement it yourself, like I say.

But when you get on the inside and you’re working with someone who’s trained and skilled in really implementing the model for you, you have better results, you have better numbers, you have better overview and then you have that accountability. Mm, yeah. So definitely take that leap and you know, get with someone that can help you really get it going and you know, help you stay accountable through the different timeframes of implementing it. And then also in addition to the profit first, because this is where my tax stuff comes in. Yeah. definitely, you know, partner, have the right people on your team as far as your accountant. ’cause Again, I always say with Profit first, yes we have that bucket for taxes, but do you have a tax plan? You know, <laugh>? Yep. That’s good. ’cause If you have one and you have the right one and you have strategies, you know that money you’re saving may be able to come back to you, you know? Yeah. so I always tell people that. So just make sure you have your money team, I’ll call ’em in place so that your system, your business model can flow smoothly. You have your bookkeeper, you have your tax person, you have your C F O and I think you’ll be good to go.

Speaker 3:

There you go. This is good stuff, but thank you so much for being on here, Alexis. This has been a lot of fun. And then if you’re listening to this and you’re like, you know what, this sounds good, David. You’ve talked enough and like we’ve talked, we, I’ve heard all your episodes and now this one was definitely awesome as another one. You could work with people like Alexis, you could work with Alexis. We maybe a requester if she has enough openings. But go to simple cfo.com if you wanna stop worrying about the money, if you wanna get profit first implemented, if you wanna learn how to win the money game and like making sure that you’re able to do what you want to do and get the deals in the door, but then actually keep more of what you’re making. That’s what we do.

We want to make that bottom line impact for you. Put more money in your pocket. That’s why this has been, I I’m, I’m just giddy with like, this has been a lot of fun talking with someone that is making an impact, like literally is making an impact with people just like you if you’re listening to this ’cause. So go to simple cfo.com. I, you know what, since this this, this is the first time we’ve done that. You can, you can request Alexis, see if she’s available and see if she could be your C F O as well too. But go there, schedule a call and if this sounds like something that works for you, great. If not, we can at least help you and guide you to the right money people too on your team. I love that what you said, that money team, because if you are not in the position for a part-time c F O, maybe we can get you to the right person. So there we go. Thank you so much for listening. And Alexis, thank you so much for being on the show.

Speaker 1:

Thank you for having me.

Speaker 2:

This episode of the Profit First for r e I podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call@simplecfo.com right now. We’ll see you next time on the Profit First for r e I podcast with David Richter.

Title: “Profit First Strategies with Jay Conner: The Power of Private Money”

Episode: 242

There are 15 reasons to love about borrowing private money over traditional money. One of them is making your own rules for your private money.

In this episode of Profit First for REI podcast, Jay Conner, a nationally renowned real estate investor and the king of private money. He talks about how private money works.

Jay helps you get your money from private lenders and will share with you the mindset that will get you money in the door without you ever having to worry about it.

Listen and enjoy the show!

Key Takeaways:

[01:01] Introducing Jay Conner

[05:00] Introduction to private money

[08:30] The Great News Phone Call

[11:23] Why don’t you use your own money?

[13:18] Maintaining relationships with private lenders

[15:40] Private money vs traditional money

[22:05] Things that make them want to recommend you

[25:18] Advice for real estate investors

[29:01] Connect with Jay Conner

Quotes:

[07:34] “If you are talking about private money and raising private money with an individual and you got a deal for them to fund, you already sounded desperate.”

[12:07] “If you want to scale your business, private money is the way to go.”

[16:05] “In this world of private money, we make the rules. We set the interest rate, we sent the length and all of that.”

Connect with Jay:

Website: https://www.jayconner.com/book-details/

Tired of living deal to deal?

Transcript:

Speaker 1 (00:00):

I got 15 reasons I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing. Well, they are making the rules right? Like the lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the note and all that.

Speaker 2 (00:34):

If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for REI podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.

Speaker 3 (01:01):

We have Jay Connor back on the podcast. I love Jay Connor. He helps you get your money, the money from private lenders and that whole framework and process, but he does it from a passion and a place of heart. And servant Teachership. I feel like he goes out there and is a servant teacher of how private money works. Listen to this episode. He gives the magic question he tells about desperation and private lending, and I thought his perspective was so good, and then ultimately the mindset that will get you money in the door without you ever having to worry about it. So listen to this episode. Can’t wait for you to get value from it. Thank you for being a listener of the Profit First. RII podcast. Have a great episode. Hey, here’s the profit first RI podcast. Really excited to have Jay Connor back because he’s the came of private money. And this is where I love to go into this topic because I don’t care what kind of business you’re in, you probably need help with this, but especially if you’re in the real estate world, this comes up all the time at every event I’m at with every conversation I have. So we’re having the cane here talk about private money today. So Jay, thanks for being on the show.

Speaker 1 (02:07):

Hey David, thank you so much for having me come on here to talk about my most favorite topic. Of course, that being private money. And why is that? Because private money’s had a bigger impact on our real estate investing business than any other strategy that we’ve implemented in our business.

Speaker 3 (02:24):

Why did you go down that road though? I mean, you teach this all the time. You’re helping a ton of people, like anyone I’ve ever talked to that works with you is like he taught me how to do and I got money and it actually works. So I mean, how did you even go down that road where it made a difference on you and then you wanted to get it to others?

Speaker 1 (02:43):

Well, I actually backed into it. I didn’t do it on purpose. So here’s what happened. So my wife, Carol, joy and I, we’ve been investing in real estate, single family houses, other real estate full time here in eastern North Carolina since 2003. And here’s what happened. From 2003 until 2009, David, all I knew to do in my real estate investing business was rely on the local banks to fund my deals. I mean, all I knew to do was go to the bank, get on my hands and knees, put my hand underneath my chin, raise my skirt up so they could look at all my personal financial statements and stuff and actually beg to get my deals funded. That’s all I knew to do. And so I had a big wake up call in January of 2009 after being in this business here in Eastern North Carolina. I called up my banker.

(03:38):

I told him about these two deals I had under contract in Newport, these two single family houses. And David, I learned like that over the telephone that my line of credit had been shut down with no notice. My banker, his name was Steve, and the bank was bb and t at the time. I said, Steve, what in the world are you telling me? My line of credit is shut down. I got two deals under contract. You gave me no notice. Why is the bank closing my line of credit? He said, Jay, don’t. There’s a global financial crisis going on right now. I said, no, but now you just gave me a global financial crisis. Financial crisis, yeah, I ain’t got no way to fund my deals. And I got ’em under contract. So I hung up the phone and here’s what happened, David. I sat here and I asked myself a very important question.

(04:27):

And so I’m going to share this question with your audience right now. This question I’m going to share with you will help you solve any problem you’ve got. I don’t care if it’s business, financial, career, health, relationships. I don’t care what your problem is. By the way, David, these people going around and saying, any problem, you got some opportunity I want to throw up. I didn’t have no opportunity. I had a problem of not funding my deal. So here’s the question I asked myself. The question I asked myself was, Jay, who do you know that can help you with your problem? And when I asked myself that question, I immediately thought of my good friend Jeff, who lived in Greensboro, North Carolina at the time, and he was investing in real estate. And so I called him up and I told him what happened. And he said, well, Jay, welcome to the club.

(05:18):

I said, what club? He said, the club of the bank shutting you down and losing amount of credit. They shut me down last week. I said, well, how are you funding your deals, Jeff? He says, well, have you ever heard of private money? And I hadn’t. So Jeff told me about private money. He told me about self-directed IRAs and how people can use their retirement accounts and funds that they currently have and move them over to a self-directed IRA company and then loan that money out to us real estate investors, either tax deferred or tax free depending on the type of account they’ve got. Well, that just opened up my whole world. I’d never heard of that. And so what did I do? How did raise $2,150,000 in less than 90 days after being cut off from the bank? Well, here’s what I did, and here’s the secret sauce I put on my teacher hat.

(06:10):

So I put on my teacher cap, which is my private money teacher cap, and I just started teaching people in my own network what private money is, how they can earn high rates of returns safely and securely. And what’s interesting, Carol, joy and I, we got 47 private lenders right now. Not one of them had ever heard of private money and private lending. Not one of them had ever heard of self-directed IRA companies and what a third party custodian is. That’s important by the way, to establish a relationship with a self-directed IRA company because over half of my private lenders are using their retirement funds. And if I didn’t have that relationship to introduce them to move their retirement funds over, I’d be missing out on over half of my private money. So how did I go about raising all this money when I was cut off from the banks?

(07:02):

I led with a servant’s heart. I led with education. And here’s a really, really important point. I separated the activity. I separated the conversations of telling people what private money is and how they can earn high rates of return safely and securely and having a deal for them to fund. You see, desperation has got a smell to it. And when you talk about is that not true, David? Yeah, very true. So if you’re talking about private money and raising private money with an individual and you got a deal for them to fund, you’re already sounding desperate and you’re not even trying to sound desperate. So we don’t talk about deals and when we’re first exposing somebody to how they can earn high rates of return, we talk about private money. So how do we separate those conversations? Well, when someone has told me that they’ve got, let’s say they’ve got $150,000 they want to invest and get high rates of return conservatively, I’ll say, great, I’ll put your money to work for you just as soon as possible.

(08:11):

I don’t talk about a deal upfront. If they’ve got retirement funds that they want to get higher rates of return on, I’ll introduce ’em to the self-directed IRA company that I recommend. They’ll get their funds moved over. And so here’s what happens and here’s the magic sauce, David, I give ’em and I call ’em up with what I call the great news phone call. What in the world is the great news phone call? Well, the great news phone call is not a pitch. I’ve never pitched a deal in my life ever since I started raising private money in 2009. I pick up my handset with my cord attached to it here in North Carolina and I call some of your, don’t even know what that is. And let’s say, David, let’s say you’re one of my private lenders. So I’ll put my phone right up here and you’ll answer the phone and we’ll have a little chitchat and I’ll say, Dave, I got great news for you.

(09:06):

I can now put your money to work. I got a house in Newport with an after repaired value of $200,000. The funding requires 150. Closing is next Tuesday. You’ll need to have your funds wired to my real estate attorney next Monday. I’m going to have my real estate attorney email you the wiring instructions end of conversation. Notice I didn’t ask If you want to fund the deal, of course you want to fund the deal. You’ve been waiting for the phone call. I’ve told you the program. I’ve taught you the program, you know what kind of rate you get, what the maximum loan to value is, the program that I’ve taught you. And so now you’re waiting for the good news phone call, which I just gave you. And in addition to that, if you as my private lender, if you’ve moved your retirement funds over to a self-directed IRA company, you ain’t earning any money until I put your money to work.

(10:04):

You moved it at my recommendation. Now I’m ethically bound to put your money to work. You ain’t earning any money until you actually put her to work. So again, we separate conversations, we leave with a servant’s heart, we educate, and by the way, David, these people going around saying don’t just get the deal under contract. The money is show up. I want to throw up where is the money going to show up? Is it just going to rain out of clouds or something? No, get the money lined up and you can get it lined up fast. Just like me. There’s always going to be deals.

Speaker 3 (10:38):

Yeah. Oh man, that’s really good stuff. I love how you went down that road and it helped you personally. Now you’re just teaching a lot of people. I love that magic question. Who do you know that can help me with my problem? It’s that who, it’s not always the how. It’s the who did I know, and in that point it really helped you. I also run into a lot of times, I don’t know if you see this, where there’s someone who’s like, I could save a couple interest points if I just use my own money versus a private lender’s funds. What are your thoughts on that of always taking down your own deals versus going out there and putting the work into getting a private lender?

Speaker 1 (11:17):

Sure, I get that question all the time. They say, Jay, you making all that money? Why don’t you use your own money to invest in real estate? Why are you still borrowing private money? Well, here’s the answer. If you’re just going to do one deal, that’s a great use of your money. That’s a fantastic use of your money. But do you want to scale your business? I mean, right now we’ve got seven different projects going on, single family houses simultaneously. Well, I don’t want my money buried in seven houses or projects simultaneously, which here in our local market can easily be over 3 million with the prices of our homes. So if you want to scale and really, I mean most people have got a bottom of the bucket in their checkbook. So if you want to scale your business, then private money is the way to go. Another answer to that question is, do I want to pay myself 8% or do I want to use my money for something else,

Speaker 3 (12:22):

Right? Yep.

Speaker 1 (12:24):

So that’s a couple of answers to why I use private lending and why I’m still using 47 private lenders,

Speaker 3 (12:33):

Which is great. I love what you said. If you want to scale, it can run out of cash real quick. If you just keep using your own money where a lot of people have to choose between, okay, paying some percentage points or sleeping at night, and it’s like, I think I like your option a whole lot better, especially if you’re looking to grow. But I like how you said that one deal. That’s okay, but if you are looking to be a real estate investor, this is something you’re going to have to go down that road. Now, last time I asked you some questions about the private lending process. I don’t think I asked this one though, is how do you maintain a relationship with that many private lenders? You’ve got 47 people in your network that you call up with the good news call. So is it like how do you maintain a relationship with all those people?

Speaker 1 (13:22):

I mail ’em checks.

Speaker 3 (13:25):

I love that. That’s a great answer. Oh man. No better way to keep a relationship there.

Speaker 1 (13:33):

I mean, they love getting money in the mail, right? Yeah. They love mailbox money, so I mail ’em checks.

Speaker 3 (13:41):

So you mail ’em checks. So you’ve built a good enough business where you can keep 47 lenders busy and their money active.

Speaker 1 (13:50):

Well, to be totally transparent, I mean, it is a juggling act to tell you the truth. I mean, there’s more money than there is deals.

Speaker 3 (14:00):

Yep.

Speaker 1 (14:01):

There’s more money than there is deals. And so we got 47 private lenders. Some of them have got $30,000 with us, some of ’em have got a million dollars with us. I can’t buy a house for 30,000, but I can use 30,000 for rehab money. You can use private money, borrow private money in a junior position, you’ve got to disclose that. But I can put private money in a junior lien. But what comes into play there is what we call total loan to value. So I’m not going to be borrowing more than 75% of the after repaired value. I didn’t say the purchase price 75% of the after repaired value. But let’s say back to that example that we just talked about, David, where if I’ve got a after repaired value on a home of 200,000 for easy figuring, I can borrow up to 150,000. That’s 75% of the after repaired value. But if I buy it for a hundred thousand, which I do all the time, 50% of the after repaired value, I can have a private lender in first position at a hundred grand. I could have another private lender in second position at 50 grand. So add a hundred to the 50, now one 50 divided by 200,000 after repaired value, I got a total loan to value of still 75%.

Speaker 3 (15:27):

Yeah, I love that. And it seems like private money gives you flexibility and

Speaker 1 (15:32):

Options. Does that make sense?

Speaker 3 (15:34):

Yeah, that makes sense. A hundred percent.

Speaker 1 (15:37):

Oh, absolutely. Flexibility is where it’s all at. I got 15 reasons. I love private money over traditional money. I won’t share all 15, but the biggest one is it puts you in the driver’s seat. The traditional way to borrow money is you go to the bank and get on your hands and knees and you’re begging and chasing, well, they are making the rules, right? The lender is making the rules. But in this world of private money, we make the rules, we set the interest rate, we set the length of the node and all that.

Speaker 3 (16:14):

I love that. Flexibility is the ultimate play in real estate. You want to have flexibility and you want to be able to have that. So I love what you teach. Who is the person that you’re trying to teach out there? Is it the person that’s done one deal a thousand deals? Who are you trying to help the most with your business?

Speaker 1 (16:33):

Yeah, that’s interesting. At my live events, which is called the private money conference, and my live events, we have about 60% or so have already done deals. They’ve already done deals. They want to scale their business. They are real estate investors wanting to scale their business, and about 40% are looking to get their very first deal. So I’m helping everybody. I mean Stu and Harriet Baldwin from New York State, they enrolled and joined my mastermind membership community and they already had a portfolio of a hundred houses. They’d already raised over $2 million in private money, but they wanted to see how I went about it. Well, just one webinar that I recorded with them brought in 1.2 million in additional private private money. So I’ve worked with real estate investors that are brand new and those that are also seasoned to help them get more private money ready to go for their business.

Speaker 3 (17:33):

I love that. It sounds like a lot of people out there need private money, and even if you’re just getting started, if you don’t have the funds to do that first deal, like you mentioned, you do that first deal, that one deal at a time, it might be okay, but this sounds like a great spot where if you’re getting into it or if you’ve got lots of stuff going on, this could be another way to make sure your company can keep running without what you ran into with the banks back in 2007, eight or oh nine. Would you say that’s true as well?

Speaker 1 (18:04):

Absolutely. Absolutely. I mean, I’ve met very, very few people. In fact, I can’t even think of one. I haven’t met any real estate investor that says, I got enough money.

Speaker 3 (18:20):

Yeah, me either.

Speaker 1 (18:22):

I can’t use any more private money. However, David, you are looking at one right now. I got about almost $2 million right now, what I call sitting on the shelf waiting to be deployed. And I tell you what, I’ve had new private lenders come into my world that want to invest and just to prove to them that I can perform. I’ll take the new private lender’s money and pay off a current private lender, refinance the deal so I can get their money to work for ’em, right?

Speaker 3 (18:53):

Ah, yep, that makes sense. I like that. As you grow and scale, you might run into that issue and you make one lender a little bit happy. I mean, at least they’re getting paid off, but then they probably come back to you and say, I want you to put my money to work again. Do you have that come up a lot?

Speaker 1 (19:12):

Quite frankly, when I pay ’em off, they’re not happy.

Speaker 3 (19:17):

That’s why I said just a little happy, maybe a little bit.

Speaker 1 (19:20):

But when I pay ’em off, they’re not making any money on that money. In fact, with a new private lender, I’ll get ready to pay ’em off cashing out on a deal and I’ll call ’em up and say, Hey, just want you to know that you’re going to have a check coming in the mail from a real estate attorney’s trust account. We’re paying off this house. And they’ll say, Jay, can’t you just keep the money? And I’ll go, no, I can’t keep the money unless I’ve got your money secured by a property because we do not borrow unsecured funds. Now, here’s maybe a little advanced strategy for some folks, but I do substitutions of collateral or loan modifications all the time. If it’s a small amount of money that a private lender’s invested 30, 40, $50,000, and we use it for rehabbing a property. So when I’ve got another property I’m getting ready to start on, I’ll substitute the collateral and keep that 30 or $50,000 note in play. So they keep earning money on that money, but we will substitute the collateral just to a different project that we’re moving to.

Speaker 3 (20:25):

That’s awesome. So then sounds like you have a good problem. It’s like, I want that. Well, I think a lot of real estate investors would rather the problem, I have too much money versus I’ve got these deals and I can’t fund them. So I really like how you teach people that and where it could snowball into this, where it’s like, I’ve got 47 private lenders, I’ve got to go out there and get the deals for ’em. Absolutely. And I really like that. And

Speaker 1 (20:50):

For goodness sakes, you don’t start out with 47 private lenders. I started out with one, right? I started out with one and then that quickly became two and three and four and five because private lenders tell other people what’s going on. So I haven’t actively attracted private money for years because our current private lenders just keep sending us people. In fact, day before yesterday, day before yesterday, I got a phone call from the mother of a good friend of mine, his name’s Craig, lives in Newburg, North Carolina. Craig had told his mother about this investment thing that I got going on and she had never heard of it, which is really funny. I’ve been doing it now private money since 2009. So she calls me up and she says, Hey, my son’s been telling me about this investment thing you got going on. Tell me about it. So word of mouth gets around very, very quickly when you start doing business with private lenders the way I do.

Speaker 3 (21:53):

Yeah, I like that a lot. So in order to get people to talk like that, what are the biggest things that you do for your current private lenders that makes them want to recommend you?

Speaker 1 (22:07):

Well pay ’em on time.

Speaker 3 (22:08):

There you go. That’s a big one. Sounds like that would be a really great place to start.

Speaker 1 (22:12):

Pay ’em on time. But I also have three times a year I put on a party for our private lenders at the Dunes Club. So we have three times a year a VIP reception over at the Dunes Club on the beach, and it’s just an evening of private lenders getting together and we have a good old time and I feed them and give them all the soft shell crabs they want, and I tell ’em to bring their friends with them.

Speaker 3 (22:42):

Yeah, that’s awesome. So number one though, that anyone can do at any stage is pay people on time. So actually pay, would you say, what about communication? I hear that come up sometimes too. How do you do a good job on the communication with your private lenders as well?

Speaker 1 (23:03):

Well, it must be good enough. They never go away,

Speaker 3 (23:06):

Right? Yeah, that’s the big things I hear.

Speaker 1 (23:10):

Here’s one thing I have not delegated as far as communication. I personally, I mean my relationships with my private lenders are very, very important. So I personally pick up the phone, pick up the phone, and call my private lenders when I have got a deal for them to fund. I do not delegate that out. I could

(23:37):

Delegate that out, but I don’t, when I got a deal for them to fund, I’m the person on the phone keeping that relationship When I’m getting ready to pay them off. I don’t have a check just show up in the mail. Of course they got to sign a payoff instruction letter if a different closing agent is closing it for a buyer. But before any of that happens, I personally call ’em up and I tell ’em that we’ve got that property sold. We’re getting ready to pay you off. Or I’ll call ’em up and I’ll say, Hey, we’re getting ready to pay this property off, but I will keep your note open so you can keep earning money. I’m just going to substitute the collateral. We got some documents we’re going to email to you for you to sign and send back the communication. I’m personally involved in putting their money to work and letting them know when we’re cashing out and where they are on the deal.

Speaker 3 (24:31):

That’s awesome. Then since it’s the profit first I podcast here, I love this concept of the private money because you need your cash in your accounts. So to be able to run your business, do those things, and then setting up a separate account just for your private money lenders, so it makes it easier to do what Jay just told you to pay them back, to pay them back on time to be in good communication with them. So now this has been really good. Do you have any other advice before I ask you? How could they work with you? How can they get in touch with, because I know this is something that is needed desperately, that I send people your way all the time. I know I trust you to help people, but any other last minute advice here that you would give to the real estate investors listening to the podcast?

Speaker 1 (25:18):

Sure. I appreciate you asking that question. It’s going to be very hard to own a lot of real estate

(25:26):

Until you own the real estate between your ears. So what do I mean by that? People ask me, how do I start? How do I start raising money? I can tell you how you start raising private money. You get your heart right, you get your mindset right. So what do I mean by that? Well, what do you do? You lead with a servant’s heart, you lead with education, you put your private lender money hat on, you private lender, teacher hat on, and you leave with education, don’t pitch deals, and you really, really are concerned about the other person and realize, part of this mindset is realize you’ve got an opportunity to change people’s lives, right?

Speaker 3 (26:11):

That’s so good.

Speaker 1 (26:13):

We’ve got countless people that are particularly in their retirement years, that have thanked me and Carol Joy for making a difference in their retirement years to where they can, I mean, they don’t want to touch their principal. They want to live off of their principal investment. So they’ve been able to travel, go see grandkids, do all this stuff that they couldn’t do otherwise until they got involved in our program. So just know that you’ve got a way to really make an impact on other people’s lives. And lemme tell you another part of mindset. It ain’t about reaping. It’s not about reaping. It’s all about sowing. It’s all about sowing. I can’t be reaping all that private money and deals until I have sown and given and led with value first. So how you sow is how you’re going to reap.

Speaker 3 (27:08):

Yeah. Oh man, this is so good. I’m glad I asked that question because I hear the passion in your voice and I hear that you really care about the people you work with, the people that have private money lenders out there, you care about that relationship. I love what you said. Get your heart right, get your head right. I also think, like you said too, that if they don’t have that desperation has a smell. So if you’re out there, you’re desperate and you’re just going out there, then you won’t have people like you have that want to keep coming back, that want to continuously invest in you. So that was, I think, the best advice that you could give right there. Get it between your ears and get your heart right. I absolutely love that. And just to recap too, I love your magic question.

(27:55):

Who do you know that can help me with my problem? Then one day you’re going to wake up and you’re going to be like Jay, and you’re going to be helping other people with their problem. I’ve got money. I want to put it somewhere, and you’re the able to get them to where they can be. Desperation has a smell. I love that. And then honestly, I love that pivot. You are like, it’s not about the reaping, it’s not about the interest that I’m making or the profit I’m making for the deal. It’s more about sowing those seeds and ultimately you’re changing lives. That’s why you get private money, and it’s like that interest that you’re paying them is twofold. It’s like you get to sleep at night, you’re not using all your money and you’re getting to help someone else get a return that they wouldn’t be able to get anywhere else or in someone that they trust as well too, and that’s a little bit more tangible than the stock markets or all this other Bitcoin, some of that stuff that’s floating around out there. So this has been awesome. So how do people then, Jay, take that next step with you? Do you have a book? You talked about an event. What can people do?

Speaker 1 (29:01):

Absolutely. Well for your audience, David, I’ve got two gifts. First of all, I finished writing my book Where to Get the Money. Now, this is not a ebook. This is a book book that we actually send in the mail Autographic where to get the money. Now the subtitle is How and Where to Get Money for Your Real Estate Deals Without Relying on Hard Money Lenders or Traditional Lenders. It’ll walk you through step by step how to get all the private money you would want. Very, very easy to read. It’s $20 on Amazon, but you can get it for free. Being David’s audience, just cover shipping. You can go to www dot j Connor, J-A-Y-C-O-N-N-E r.com/book. So I’m an er, not an or. So that’s j Connor, J-A-Y-C-O-N-N-E r.com/book, and we’ll three day priority mail it out to you. Now, in addition to that, I’ve got an upcoming $3,000 per ticket live event right around the corner. But for your audience, Dave, I’m going to let everybody come for free with a measly $97 registration fee. This private money event. You can check it out at www.theprivatemoneyconference.com. The private money conference.com. That’s coming up right around the corner in June. Get on over there. Registrations are open, and I’d love to meet you in person at the private money conference.com.

Speaker 3 (30:31):

Awesome. I’m excited about that too. I love what you’re doing and you’re solving a big need that we hear all the time. Just like all people always needing to sharpen their acts when it comes to private money, you graciously have also invited me there to speak about Profit First. So I’m excited to get to tell people about that so they can get more private money and be more confident and not be desperate when they go and ask for people. So I’m really excited about that as well. So make sure we’re going to put those links there, but make sure either get his book or go to that event. I cannot endorse Jay Moore because I know how many people he helps, but then he also has the heart. You heard it right here. That’s how he wants to help you too. It’s very much a heart and a mission and a passion for him.

(31:13):

So Jay, thank you for coming on, for sharing your wisdom, your knowledge today. If you are listening to this episode and you feel stuck like, what the heck is going on? Where is my money? I don’t know what to do. I’m a little bit nervous to go out there and get private money. I can’t keep my own house in order. That’s where you could go to simple cfo.com where we can help you walk you through that process. We’ll link you up to Jay too. If you need private money or need to learn about private money, this is who we recommend. I recommend Jay to many people, so make sure that if you need that help you go to simple cfo.com. But Jay, again, thank you for being on the show and sharing your wisdom here today.

Speaker 1 (31:51):

David, thank you so much for having me. God bless you.

Speaker 2 (31:54):

This episode of the Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call@simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.