Profit First for Real Estate Investors with David RichterAug 03, 2023
As an entrepreneur, you deserve to keep the money that you make. This is a core concept in my business and many other fractional CFOs and financial professionals agree. David Richter is a friend that I recently met at a conference whose business beliefs align closely with mine so I asked him to come on the show and share his philosophy. David, like me, believes that your business should allow you to do the things that you enjoy in life and that setting yourself up using the proper framework is the best way to achieve this.
David Richter is the author of Profit First for Real Estate Investing - a derivative of the original Profit First by Mike Michalowicz that is tailored specifically to Real Estate Investors. His goal is to completely transform the Real Estate Investing industry by helping real estate investors make and KEEP more money in their businesses. As the founder and owner of SimpleCFO Solutions, he wants to bring investors true financial clarity and freedom and help every investor stop living deal to deal.
This episode is a can't-miss for any entrepreneurs who are constantly feeling cash flow pressures or like their business isn't quite providing enough for them.
The key takeaways from this episode are:
1. The core concept is to help entrepreneurs keep the money they make, and the Profit First framework is a key tool to achieve this goal.
2. David Richter's mission is to transform the Real Estate Investing industry by guiding investors to make and retain more money in their businesses.
3. Entrepreneurs experiencing cash flow pressures should not miss this episode, as it offers valuable insights into implementing the Profit First framework for financial clarity and freedom.
What you’ll hear in this episode:
[3:00] Who is David and how did he get into the Profit First framework?
[6:44] What are the fundamentals of the Profit First framework?
[17:15] How did David discover a passion for his CFO practice after not having any financial background?
[23:29] What are the initial steps to implement the Profit First framework into your life?
[31:15] What is the difference between the business profit and the owner's compensation account in the Profit First framework?
[34:15] How do you arrive at your “keep” number to determine what you need out of your business?
[37:35] How has David implemented these frameworks while growing his own CFO firm?
Give Relay Financial a Try: https://app.relayfi.com/register?referralcode=FitnancialSolutions
Connect with David:
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash
Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide
CFO Power Session: Text POWER to 860-609-6374
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Additional Resources & Connect with Shannon:
Find everything you need at https://www.keepwhatyouearn.com
Questions about this episode? Text me! https://my.community.com/shannonweinsteincpa
Find me on IG: https://www.instagram.com/shannonkweinstein/
Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.