Fall is here and a lot of people are starting to get worried about last year’s or next year’s taxes. These are usually the business owners who make a lot of money but don’t get to keep a lot of it because they don’t know how to do it. If this is something that’s very familiar to you, you don’t want to miss this episode!

Today on the show, we have David Richter, the CEO of Simple CFO Solutions. Simple CFO Solutions helps business owners, especially real estate investors, make sure that they know their numbers and that they are keeping profit.

David is an active real estate investor and through his years in the industry, he learned to understand the business side of it too. Coming from around 5 deals a month to over 25 deals a month, David is now close to about 850 deals as an investor.

He is helping real estate investors keep their businesses profitable by getting into the right mindset and providing a roadmap, support, and the tools that they need to achieve it. Listen now to learn more about the importance of keeping profit!

Key Talking Points of the Episode:

[00:00] Intro

[02:30] How did David get started in real estate?

[03:37] What opened David’s eyes to the financial side of business

[04:15] Working with another investor after understanding finances more

[05:00] How Simple CFO Solutions was born

[06:00] What is the difference between a CFO and a bookkeeper?

[07:28] What is David’s predictive index?

[07:55] Communicating about finances in business

[08:46] What’s the Fractional CFO concept?

[10:30] Benefits of having a Fractional CFO

[11:25] Is a CFO also a CPA or a bookkeeper?

[12:20] David’s experience sitting in all the seats of the business

[13:17] What kind of businesses does Simple CFO Solutions help?

[13:57] The most common and the biggest pitfalls that people have

[16:05] Mike Michalowicz and the importance of profit in business

[16:47] Are you in a rat race with your business too?

[17:53] Getting out of the rat race

[18:52] Get in touch with David!

Quotables:

“There’s a difference between creating a lot of money and creating a lot of profit.”

“Fractional CFO is basically just less cost and just part-time.”

“Money is so emotional to everyone and it’s not very comfortable for everyone to talk about it on the phone.”

“The bookkeeper is like a nurse, they’re taking your temperature and checking your chart everyday to make sure everything is up to date so when the doctor comes in he can check your overall health. When you need surgery, you’ll get referred to a specialist. The doctor in this case is the CFO, and the specialist is the CPA.”

“There’s two different specific skill sets - creating the wealth and keeping the wealth. You have to have people in your corner that can help you keep your wealth.”

Chris Miles, the "Cash Flow Expert and Anti-Financial Advisor," is a leading authority on how to quickly free up and create cash flow for thousands of his clients, entrepreneurs, and others internationally! He’s an author, speaker, and radio host that has been featured in US News, CNN Money, Bankrate, Entrepreneur on Fire, and spoken to thousands getting them fast financial results.