Real Estate Wealth: The Profit First Approach with David Richter
Nov 09, 2023Hey there, fellow entrepreneurs! We all know that when you work hard for your money, you should get to keep it. It's a fundamental principle in my business, and it resonates with numerous fractional CFOs and financial experts out there. Enter David Richter, a newfound friend I connected with at a recent conference, who shares this core belief. I've invited him to join us on the show today to delve into his perspective. David, much like myself, believes that your business should empower you to savor the things you love in life, and he's here to shed light on how the right frameworks can make this dream a reality.
David Richter is the author of Profit First for Real Estate Investing - a derivative of the original Profit First by Mike Michalowicz that is tailored specifically to Real Estate Investors. His goal is to completely transform the Real Estate Investing industry by helping real estate investors make and KEEP more money in their businesses. As the founder and owner of SimpleCFO Solutions, he wants to bring investors true financial clarity and freedom and help every investor stop living deal to deal.
This episode is a can't-miss for any entrepreneurs who are constantly feeling cash flow pressures or like their business isn't providing enough for them.
Give Relay Financial a Try: https://app.relayfi.com/register?referralcode=FitnancialSolutions
Connect with David: simplecfo.com/gift
IG: @richterscale91
What you’ll hear in this episode:
[3:00] So, who's David, and how did he stumble upon the Profit First framework?
[6:44] Let's dive into the nitty-gritty of the Profit First framework's essentials.
[17:15] How did David find his CFO calling when he didn't have a financial background?
[23:29] Ready for the first steps to integrate Profit First into your life?
[31:15] Unpacking the distinction between the business profit and owner's compensation accounts in Profit First.
[34:15] Discovering your "keep" number for what you need from your business - how's it done?
[37:35] Witness how David's weaved these strategies into the fabric of his growing CFO firm.
If you like this episode, check out:
The Benefits of Creating a Sellable Business
Ways to Increase Revenue If You Hate Sales
Coaching Alone Can't Resolve Your Cash Flow Problem
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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
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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.
