Don’t Go Broke Growing: Cash Flow Mike on How to Keep Your Business Alive and Thriving

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We are back and we're live. And I wish I had

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a lot of green because we're talking to money.

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So everyone, who is brave? Who is bold? Who is

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brilliant? Who's handsome? Oh, if you're listening

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and you can't run, run to a computer to look,

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he's handsome. This is Cash Flow Mike. I don't

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know anything about Cash Flow Mike, but I'm excited

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to hear his story and how he got his name. So

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Cash Flow Mike, you have to introduce yourself

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because I'm clueless on who you are. Hey, so

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live from San Antonio is cash flow mic, right?

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So here we go My name is Mike Mylon, you know

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how to pronounce the name you were the first

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person ever that came up with that right off

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the bat Like I'm boom. I got it, right? So if

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you want to know how to pronounce the last name

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Mylon Just remember the song right this land

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is your land this land is And it's a fun thing,

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but cash flow mic is the one that always gets

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me the attention, right? And I didn't come up

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with that, actually. I teach at the graduate

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school of banking at the University of Colorado.

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And one day I'm walking down the hallway and

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some bankers are sitting there because I teach

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bankers at the graduate level. And they said,

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hey, there goes cash flow mic. Hey, are you making

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fun of me? I said, no, he says, you're the first

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instructor we've ever seen that doesn't talk

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about profit all day long. You just talk about

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cash and how important that is in your business.

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And I don't know what it was, but that name stuck

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in my head. Oh my God, that's it. That's my new

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brand. Amazing. So first of all, so you are teaching

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bankers and then their goal is to work with their

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business customers on, you know, getting cash.

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for their business? Yeah, it's kind of something

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I do in the summers. I teach at the executive

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level in the summers at the Graduate School of

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Banking. So I teach small business bankers how

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to strengthen their relationships with businesses

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in their community, right? So that's basically

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what we're doing there. A full -time job is I

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teach accountants, advisors, business owners

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how to maximize cash in a business using a lot

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of the strategies that bankers use. So what I

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find is fascinating is first of all, I'm going

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to ask the question that everybody wants me to

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ask right now. I can tell what it is. Are they

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wearing like suits and ties on a Saturday and

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everyone's sitting there like? No, believe it

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or not, they'll be like 45 year old guys in here

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acting like college kids, right? They got their

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hat backwards, t -shirts, shorts, flip -flops,

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you know, bringing their little hydro flask in.

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It's more like a college environment. It's like

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they went right back to college. They even make

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them stay in the dorms, right? They're there

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for two weeks in the summer and then all the

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rest of it's online throughout the year. But

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they're there for two weeks, so they stay in

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the dorms they eat in the in the I almost said

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mess hall for my military days, but they eat

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in the whatever the dining hall And then yeah,

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yeah, it's a college atmosphere So this is so

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interesting. So you so tell us about your education

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Who are you really cash for like that? That seems

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very high level your teaching and I am now just

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like itching to just hear every you guys like

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take notes go let's give them a second go get

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your pad of paper because I have a feeling we're

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all going to learn and we need to understand

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this is so important so okay all right okay you

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got it you got your paper please start start

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from your five year no but like so you know like

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is this your first career path I have to know

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everything No, no, no. I'm probably like all

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of our listeners here. I'm messy, right? It's

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a messy life. It's a messy path to wherever we

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get, but it's a path. And, you know, believe

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it or not, I do have the piece of paper as an

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MBA from Baylor University here in Texas. So

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that is the formal part of the education, but

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that's not really where I think I learned the

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most, right? I've built 14 companies over the

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last 25 years, but my first job where everybody

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gets really confused is I was a state trooper

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in st. Louis for for seven years Yeah, right

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you're like always like your cash. Oh my god,

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you were a state trooper. Yeah, I thought when

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I came out of college All right, so my very first

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college experience I went to a military academy

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right so for an undergraduate And so I went and

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did a few years in the active and then transferred

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to the National Guard. So when I was in the National

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Guard for 16 years, I was also a state trooper.

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So you can do those at the same time. Here's

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what happens after seven years as a state trooper,

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right? And you're starting to grow a family.

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I had my third child, my third daughter, and

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I'm looking around like going, hey. We're going

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to have to start cutting positions here. From

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now on, every child position is performance based.

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So those people who don't clean their room, those

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type of things that we're going to have to, you

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know, lay some folks off, right? Because literally

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my family outgrew my income. That's basically

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what happened. So like, I'm writing a student

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loan check. And am I going, what the hell am

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I doing? So, uh, you know, I need to actually

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go use this degree, use this thing that I'm paying

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for on a regular basis and get into business.

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So I started a janitorial company and left the

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highway patrol. Wow. So let's just take a second,

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please. First of all, thank you for your sacrifice.

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And sorry for everyone and wherever you were

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located. I feel bad that they didn't have you

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on the force to protect them. You made that decision.

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Wow. But that goes with why I always think that

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I think the police and the military and first

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responders should be paid what we pay the sports.

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And I think the sports should not be paid as

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much because they're not running into buildings

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risking their lives. So anyway, sorry. Thank

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you for your service. You know what's interesting

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though is that I can look back now. I couldn't

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for a long time look back and see a common thread.

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But now I can see the thread that it's always

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about serving others. I mean, even with what

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I do now, you know, teaching business owners

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and people how to do these things, it's all it's

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all been a lifetime of service. And I really

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appreciate that. So thank you. Wow. OK, so now

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so let's get back to the story. Yeah, so I started

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a janitorial company and because remember, as

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a state trooper and being in the military, the

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only skill you really come out of those jobs

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with is you can clean. You are so funny. I love

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you, Claire. You are so funny. But it's not like,

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oh, I'm going to start a janitorial business.

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Like how much time did you take to actually decide

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that that is where you were going to go? Like

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what made you even go to that path in that part

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of your time of your life? I don't know. It was

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the only idea I could come up with and I didn't

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have a lot of money to start a business with.

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And that didn't take a lot of money. All I had

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to do was go, you know, try to drum up some business

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and go in with cleaning materials and start cleaning.

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And it was going well, right? I did that for

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about three years until one of my clients was

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running and you remember we used to have to go

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to the cable office and pay your bill or get

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your equipment, those type of things. Well, One

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of my clients ran one of those offices and then

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became the general manager of a hotel And this

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is where everything changed was he says I can't

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hire your cleaning service But you never seem

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to have a problem hiring people like recruiting

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and getting people to work for you Can I just

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hire your people and all of a sudden that you

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know bells went off. I'm like, oh my gosh I don't

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have to clean. I just have to get people to work

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and your managers make them do all the work and

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I just, all they got to do is drop them off.

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So yeah, so we changed the janitorial company

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and morphed it into what's called a hotel staffing

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company. And that's when my whole life changed.

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And I ran into problems and learned all about

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cash flow because that company took off because

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nobody was niching down into just hotels and

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providing people. What year is this? This is

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2003. Okay, thank you 2003. Yes. I mean a long

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time ago But you know 2003 this is what I didn't

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realize that you can be so successful that you

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grow broke, right? I became a preferred vendor

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of of of Mary hat And all of a sudden every Marriott

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in st. Louis and then beyond was calling me to

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to provide them with staff, right? Because we

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became the accordion part so they could keep

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a smaller full -time staff and when they were

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full they would call me and when they weren't

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full, you know, they wouldn't need me. So we

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opened 27 offices in nine states in three years,

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right? Had a few hundred people working every

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day and that's when I ran out of money. You're

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like a what? You're like, yeah on paper I was

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Rich in the bank account. I was nothing because

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Barry I had this thing where they wouldn't to

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pay you every 60 or 90 days Well, I got to make

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payroll every two weeks So every dollar I had

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and home equity line and maxed out credit cards

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and savings accounts went to the employees until

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I could get paid from the hotels For the very

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first part. So there was a there was a thing

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called the financial gap. That's the difference

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between money coming in and money coming out.

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And your working capital, the amount of money

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you have should be able to cover that gap. Mine

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didn't. That's why I learned all about how to

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manage the levers that control cash flow. Okay,

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so then this is such great advice that so what

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was your only option? Did you have any options?

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What did you end up doing? Yeah, I actually went

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to the bank. This is 2004 or five somewhere in

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there and say, Hey listen, I haven't. Got all

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this work and I can't keep up with it. They go,

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oh, well, you don't have a line of credit. They

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go, what's the line of credit? You know, like

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we all were like, what do I use that for? They

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say, oh, that's what you use. You draw on it

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to make your payroll. And then as your customers

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pay you, you pay down the line of credit, right?

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You just pay back the payroll that you would

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already pay. I'm like, what? How come nobody

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told me this? I just thought I had to have all

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this money in the bank. trying to run it. So

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once I learned how to use a line of credit, which

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by the way, you can get into a lot of trouble

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with when you carry a balance because there's

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a rule on lines of credit. If you go out there

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and I want a line of credit, well, the rule in

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line of credit is you have to pay it down to

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zero at least one time per year and let it rest.

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And what they mean by letting it rest is don't

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draw any money on it for 30 days. So think about

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that. So and that's how you keep in the good

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graces of the bank because it's only used to

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Meet the demands of what you're selling so I

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you use it to buy your inventory And then once

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the inventory is sold you pay down the line of

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credit or you use it to meet your payroll in

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a service company and once Your customers pay

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you your clients pay you then you pay down the

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line of credit So if you get into that habit

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really early you don't get in trouble with the

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with the balances and where they take it away

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from you Interesting and that probably is happening

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a lot man. Maybe in today's economy Yeah, so

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it what's interesting is that? about 60 % of

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folks right now that have either lines of credit

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or they're using debt have used it the wrong

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way. Right? Because nobody really teaches you.

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There's not even in the MBA program of Baylor,

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they say, here's how you structure debt in a

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small business. Nobody says that. You patch it

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together the best way you know how. I just need

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money from here, so I'm maxing out credit cards

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and those type of things. Well, there actually

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is a proper way that makes it easier to run your

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business. And about 60 % of people don't do it

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the right way. And it's costing them thousands

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of dollars probably per month in interest. I

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call it mismatch financing. And what that means

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is that you're using the wrong loan product to

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buy something. Oh, that's so interesting. So

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that's a key. So when I'm listening to you and

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also from some of my experience, I was a chairwoman

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for SCORE, S -C -O -R -E, and we noticed that

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a lot of our... the businesses that we were they

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didn't understand th having a relationship with

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t that that was something th statement, maybe

00:11:51.049 --> 00:11:54.830
they drive but that they, you know, maybe their

00:11:54.830 --> 00:12:00.730
teller and they, you know, but they really understand

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and that always struck me. Th can you go over

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like that? relationship and how to e Yeah, what's

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funny is that over the last 25 years, I've seen

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the evolution of banking, it seems like, because

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early on, we'll say early 2000s, the average

00:12:22.080 --> 00:12:24.279
business owner would go into the bank about 22

00:12:24.279 --> 00:12:27.500
times a month. They'd make deposits and stuff

00:12:27.500 --> 00:12:30.019
like that. Now, you're lucky if you go twice

00:12:30.019 --> 00:12:33.860
a year. So it's harder to build those relationships

00:12:33.860 --> 00:12:36.159
because you don't look at the bankers anything

00:12:36.159 --> 00:12:38.580
other than somebody that fills out your paperwork.

00:12:38.980 --> 00:12:41.429
That's really what you think. You got to remember

00:12:41.429 --> 00:12:44.370
in 2008 when the bankers burnt the world down.

00:12:44.669 --> 00:12:48.509
You remember that? Well, that's when people stopped

00:12:48.509 --> 00:12:50.970
listening to the banks. It used to be that when

00:12:50.970 --> 00:12:52.669
you started a business, you needed the help of

00:12:52.669 --> 00:12:54.210
three people, right? You needed an accountant,

00:12:54.549 --> 00:12:57.289
a lawyer and the banker. But 2008, the banker

00:12:57.289 --> 00:12:59.009
kind of fell off that pedestal with the business

00:12:59.009 --> 00:13:02.789
owner. And now bankers don't even rank in the

00:13:02.789 --> 00:13:06.169
top five. they're actually ranked seventh of

00:13:06.169 --> 00:13:09.710
people who I go to for advice. Seventh. Oh, that's

00:13:09.710 --> 00:13:11.629
so, oh my God. And I was always saying around

00:13:11.629 --> 00:13:14.129
your table, you have to have a banker with your

00:13:14.129 --> 00:13:17.389
accountant, with your attorney. Wow. Yeah. Yeah.

00:13:17.570 --> 00:13:19.470
It's actually, I mean, this is what banks are

00:13:19.470 --> 00:13:21.809
trying to get back into that community banking

00:13:21.809 --> 00:13:25.549
type of thing or style. What's interesting is

00:13:25.549 --> 00:13:27.330
you know who number six is and the survey that

00:13:27.330 --> 00:13:29.409
I've done, you know, because I teach and do seminars

00:13:29.409 --> 00:13:33.529
around the country. Other. People will choose

00:13:33.529 --> 00:13:35.210
other that they would rather go to the bar and

00:13:35.210 --> 00:13:36.990
ask the guy next to him at the bars Hey, let

00:13:36.990 --> 00:13:38.710
me ask you a question about my business then

00:13:38.710 --> 00:13:40.950
talk to the banker right so bankers ranked behind

00:13:40.950 --> 00:13:49.570
other on my survey So interesting so so we talked

00:13:49.570 --> 00:13:52.909
about the value of having that relationship Can

00:13:52.909 --> 00:13:55.370
I just I'm gonna just be like open and ask these

00:13:55.370 --> 00:13:59.370
questions our Banksy only like like in my mind

00:13:59.370 --> 00:14:01.590
banks are not the only place where you can get

00:14:01.899 --> 00:14:05.639
business funding. Am I correct or are there other,

00:14:05.899 --> 00:14:08.139
and I'm not talking like credit union or SBA

00:14:08.139 --> 00:14:10.919
banks, but are there other outlets out there

00:14:10.919 --> 00:14:14.179
for cash flow? Oh, of course, right? And it goes

00:14:14.179 --> 00:14:18.000
back to, you know, 2008 was the explosion of

00:14:18.000 --> 00:14:20.039
all these alternative or marketplace lenders,

00:14:20.259 --> 00:14:23.000
right? You've seen it cabbage and on deck, and

00:14:23.000 --> 00:14:25.399
you know, all these other bigger companies, they're

00:14:25.399 --> 00:14:28.480
bigger now. But in 2008, the banks had to leave

00:14:28.480 --> 00:14:31.769
the small business market and the small business

00:14:31.769 --> 00:14:34.429
lending market dried up for traditional banks

00:14:34.429 --> 00:14:39.070
because of what was it at Sarbanes -Oxley, the

00:14:39.070 --> 00:14:42.549
other one. One of the regulations, it slipped

00:14:42.549 --> 00:14:44.350
my mind right now, but one of the regulations

00:14:44.350 --> 00:14:47.350
made it just as expensive for a traditional bank

00:14:47.350 --> 00:14:50.690
to give a $5 million loan as a $50 ,000 loan.

00:14:50.789 --> 00:14:51.909
They had to do the same amount of paperwork.

00:14:52.570 --> 00:14:54.590
So big banks said, we're not going to do all

00:14:54.590 --> 00:14:56.570
that for that little money. And they moved upstream.

00:14:57.029 --> 00:14:58.769
Well, that's when the alternative lenders came

00:14:58.769 --> 00:15:00.970
in and started giving out all these small business

00:15:00.970 --> 00:15:03.429
loans. And now what's happening is those have

00:15:03.429 --> 00:15:05.409
become big business, billions and billions of

00:15:05.409 --> 00:15:06.889
dollars per year. So the banks are trying to

00:15:06.889 --> 00:15:09.730
get back into the market. Oh, so yeah, that's

00:15:09.730 --> 00:15:12.250
good information because I I know what you're

00:15:12.250 --> 00:15:14.090
talking about but I didn't put two and two together

00:15:14.090 --> 00:15:16.730
and that the name of it is they are marketplace

00:15:16.730 --> 00:15:20.490
lenders Yeah, it's it's and sometimes they're

00:15:20.490 --> 00:15:23.429
even crowdfunded, right? I mean we're but marketplace

00:15:23.429 --> 00:15:27.809
lenders are just not banks, right? They don't

00:15:27.809 --> 00:15:31.769
really have a banking registration or a charter.

00:15:31.929 --> 00:15:34.490
I guess I think it's a charter they get But they

00:15:34.490 --> 00:15:39.049
can lend they can let out money So I want to

00:15:39.049 --> 00:15:41.110
go through your website, but can you explain

00:15:41.110 --> 00:15:45.570
do banks have where's the fast 50 offer from?

00:15:46.769 --> 00:15:48.710
I don't know. I don't think it's familiar with

00:15:48.710 --> 00:15:53.769
that. What is that? I'm not sure. I want to go

00:15:53.769 --> 00:15:55.750
through and I want to make sure that I understand

00:15:55.750 --> 00:15:59.870
because I want to I want to double check and

00:15:59.870 --> 00:16:03.250
know that I know so okay, so you so you clearly

00:16:03.250 --> 00:16:06.809
have all of the education, the experience and

00:16:06.809 --> 00:16:10.210
the wisdom to actually work with accountants

00:16:10.210 --> 00:16:12.990
and consultants. I love this. Why don't you have

00:16:12.990 --> 00:16:16.600
a podcast that's really more all your education,

00:16:16.720 --> 00:16:20.480
instead of your fun one. Well, it's a little

00:16:20.480 --> 00:16:22.779
bit of both, right? It's Mike and Blaine, Business

00:16:22.779 --> 00:16:27.840
Beer and BS, right? Yeah, so what we do is we

00:16:27.840 --> 00:16:30.820
pick a topic, a topic that's usually something

00:16:30.820 --> 00:16:33.039
that he or I are going through that week, right?

00:16:33.279 --> 00:16:35.000
Like the one we just did was a cost cutting.

00:16:35.179 --> 00:16:36.820
you know, expense control, those types of things.

00:16:37.120 --> 00:16:39.299
So it's always something about business is the

00:16:39.299 --> 00:16:42.120
main topic, but we introduced a local craft beer

00:16:42.120 --> 00:16:44.480
at the beginning. We had beer sponsors that buy

00:16:44.480 --> 00:16:48.419
us a beer and then BS just kind of comes in because

00:16:48.419 --> 00:16:52.460
sometimes our stories trail off. Okay, I love

00:16:52.460 --> 00:16:56.159
that. Oh, so you so okay, so tell us so I see

00:16:56.159 --> 00:16:59.000
here a membership subscription model or membership

00:16:59.000 --> 00:17:02.419
model, which I think is great Okay, so now let's

00:17:02.419 --> 00:17:05.940
talk because actually I do have In my LinkedIn

00:17:05.940 --> 00:17:09.619
feed a lot of exactly your your your target market

00:17:09.619 --> 00:17:11.680
the right the accountants the financial wealth

00:17:11.680 --> 00:17:15.900
advisors Even the attorneys who tell me about

00:17:15.900 --> 00:17:21.150
this program that you have Yeah, so I I've offered

00:17:21.150 --> 00:17:23.769
three books, right? The first book was don't

00:17:23.769 --> 00:17:26.250
be a dumb business owner. And dumb doesn't mean

00:17:26.250 --> 00:17:28.390
unintelligent. It means I don't understand my

00:17:28.390 --> 00:17:31.869
business. So I created this program called the

00:17:31.869 --> 00:17:34.170
Clear Path to Cash. And it's eight steps to maximize

00:17:34.170 --> 00:17:36.150
cash in a business, right? So it's eight different

00:17:36.150 --> 00:17:40.730
techniques that I teach. Now, I've built 14 companies.

00:17:41.109 --> 00:17:43.190
Some of that was in software, right? So I've

00:17:43.190 --> 00:17:44.769
built some software products that are used by

00:17:44.769 --> 00:17:47.869
banks. Built the one of the products called cash

00:17:47.869 --> 00:17:50.269
flow tool, which is connects to quick book stuff

00:17:50.269 --> 00:17:53.289
like that But currently what I did was I built

00:17:53.289 --> 00:17:55.990
a product called the clear pat the cash And it's

00:17:55.990 --> 00:17:57.910
an app right the clear pat the cash is an app

00:17:57.910 --> 00:18:02.150
to do these things for you Well, here's what

00:18:02.150 --> 00:18:04.289
I noticed when I built the other products is

00:18:04.289 --> 00:18:08.269
that I had to change the way I approached software

00:18:08.269 --> 00:18:10.789
from the financial management aspect because

00:18:10.789 --> 00:18:13.130
there's a lot of people just it's so deep and

00:18:13.130 --> 00:18:16.230
it's so wide it's such a big Topic that people

00:18:16.230 --> 00:18:19.769
get lost in how to do it. How do I analyze my

00:18:19.769 --> 00:18:22.230
financial statements? How do I you know understand

00:18:22.230 --> 00:18:24.970
what these ratio means? So I couldn't just produce

00:18:24.970 --> 00:18:27.630
an app and say here by the app Because everybody

00:18:27.630 --> 00:18:29.230
would get lost ago. I don't know what that ratio

00:18:29.230 --> 00:18:32.289
is So I had built a membership because I have

00:18:32.289 --> 00:18:34.410
video courses that teach you what the app is

00:18:34.410 --> 00:18:37.869
doing and there's live coaching so about 15 times

00:18:37.869 --> 00:18:40.829
a month I have I'll call it open office hours

00:18:40.829 --> 00:18:43.690
like a professor, but I either help you through

00:18:43.690 --> 00:18:45.869
something that you're working on real time, right?

00:18:46.089 --> 00:18:47.450
Like, you have a client, you have a business

00:18:47.450 --> 00:18:49.789
problem or whatever it is. And if not, I teach,

00:18:49.970 --> 00:18:51.769
right? If nobody comes to the table with something,

00:18:51.930 --> 00:18:53.910
I'll go ahead and teach just the same way I do

00:18:53.910 --> 00:18:56.910
in the colleges. Amazing. I love this. Okay,

00:18:56.950 --> 00:18:58.950
you guys. So here's the clear path to cash. So

00:18:58.950 --> 00:19:01.809
you can look at it right here. Love it. Really.

00:19:02.029 --> 00:19:04.609
And so professional how you have this, of course.

00:19:04.849 --> 00:19:07.970
Oh, here we go. Don't be a dumb business owner.

00:19:08.549 --> 00:19:11.849
Is there, is DUMB mean it? What is that acronym

00:19:11.849 --> 00:19:14.519
for? Yeah, it's a don't understand my business.

00:19:16.000 --> 00:19:19.900
I can't. I just can't. I want to marry that word.

00:19:20.079 --> 00:19:24.299
I love that. I give you everyone write that down.

00:19:24.660 --> 00:19:28.500
I good for you. That is so awesome. I love that

00:19:28.500 --> 00:19:33.299
so much. Wow. Wow. Okay. So working one on one

00:19:33.299 --> 00:19:36.099
with you. I am so grateful. Thank you for your

00:19:36.099 --> 00:19:38.259
time today. I really appreciate it. You know,

00:19:38.740 --> 00:19:40.480
I mean, everyone is lovely all I guess, but you're

00:19:40.480 --> 00:19:43.390
like kind of like a wow wow. Wow, thank you very

00:19:43.390 --> 00:19:46.369
much. Appreciate it. This is really your prices

00:19:46.369 --> 00:19:53.930
are great. Wow. So you so you really will help

00:19:53.930 --> 00:19:57.930
the small or the business understand where they

00:19:57.930 --> 00:20:00.390
are with their cash flow, help them to create.

00:20:00.690 --> 00:20:02.869
Will you also help them with their relationship,

00:20:03.049 --> 00:20:05.529
their banking relationship? Yeah, there's one

00:20:05.529 --> 00:20:07.450
of the lessons in the course is called how to

00:20:07.450 --> 00:20:11.349
deal with your banker. So yeah, so that's actually

00:20:11.349 --> 00:20:13.829
one of them. So yeah, you got the one on one.

00:20:13.990 --> 00:20:15.930
Most people do the membership because they're

00:20:15.930 --> 00:20:18.829
not afraid to do the group coaching, which means

00:20:18.829 --> 00:20:21.869
you jump in when you need me. And it's all included

00:20:21.869 --> 00:20:23.529
in that price. And it's less than the one on

00:20:23.529 --> 00:20:26.630
one price. Plus you get the app and the courses

00:20:26.630 --> 00:20:28.690
for the membership cost. And I think the highest

00:20:28.690 --> 00:20:31.890
one is $2 .99 a month. Can't beat that. But there's

00:20:31.890 --> 00:20:34.309
also something with group coaching, because often

00:20:34.309 --> 00:20:37.029
there may be questions that someone else is asking

00:20:37.029 --> 00:20:39.440
that you didn't want to ask because you were

00:20:39.440 --> 00:20:41.720
uncomfortable or someone may just ask a question

00:20:41.720 --> 00:20:43.400
that you didn't even think of and you're like

00:20:43.400 --> 00:20:46.160
so grateful right so I find that group coaching

00:20:46.160 --> 00:20:49.039
that's like the beauty of it is that you've got

00:20:49.039 --> 00:20:50.920
other influences that are kind of making you

00:20:50.920 --> 00:20:54.839
think other ways so I that's amazing. I think

00:20:54.839 --> 00:20:57.700
my my program is as tight as it is because of

00:20:57.700 --> 00:20:59.440
the group coaching because there's always something

00:20:59.440 --> 00:21:01.460
if you're out there as an advisor or coach you're

00:21:01.460 --> 00:21:04.180
trying to do this Listen to the community because

00:21:04.180 --> 00:21:06.460
they will plug the gaps, you know, wherever you're

00:21:06.460 --> 00:21:08.480
missing, you know, the critical piece, they'll

00:21:08.480 --> 00:21:10.359
plug it. Yeah. And what you're looking at there

00:21:10.359 --> 00:21:12.519
is, is the counter of how often I'm available

00:21:12.519 --> 00:21:17.839
to the community. Wow. Oh my gosh. Wow. So yeah.

00:21:18.660 --> 00:21:20.920
So interesting. So along with all the cash, you

00:21:20.920 --> 00:21:22.819
know how to market your business too. I love

00:21:22.819 --> 00:21:25.779
this. This is amazing. I'm like so blown away.

00:21:26.019 --> 00:21:27.880
And I know everyone's all jealous. They're like,

00:21:27.960 --> 00:21:30.660
wait. Are you saying he's only got four tabs

00:21:30.660 --> 00:21:32.700
up there? Yeah, he does. He's kept it tight.

00:21:32.880 --> 00:21:35.240
So when you talk about being tight, like that,

00:21:35.279 --> 00:21:37.700
this is exactly what you get with the website

00:21:37.700 --> 00:21:41.259
too. Let's check out the community. So there's

00:21:41.259 --> 00:21:45.039
literally four. So it's cashflowmic .com. And

00:21:45.039 --> 00:21:48.039
then I love it. And then there's a wall. So in

00:21:48.039 --> 00:21:51.000
order to go log in. Well, you just got to create,

00:21:51.400 --> 00:21:53.259
because you got to create the profile, right?

00:21:53.400 --> 00:21:55.500
If you go in there, it looks like a Facebook

00:21:55.500 --> 00:21:57.420
feed, but it's just us. It's just our stuff,

00:21:57.859 --> 00:22:02.319
right? I just think you are so amazing. So what

00:22:02.319 --> 00:22:06.559
is your goal, actually, to going on podcasts?

00:22:06.920 --> 00:22:09.200
What are your thoughts on why you're doing this

00:22:09.200 --> 00:22:12.099
to teach us, to have a share? Have small businesses

00:22:12.099 --> 00:22:15.039
have options? Every company should have a mission.

00:22:15.220 --> 00:22:17.339
My mission is to eliminate cash flows, the reason

00:22:17.339 --> 00:22:19.720
that businesses fail. Right. So I mean, I, I,

00:22:19.720 --> 00:22:22.039
I want you to fail because the product doesn't

00:22:22.039 --> 00:22:24.259
work. If the market doesn't want it or you and

00:22:24.259 --> 00:22:25.539
your partner are getting a fight, I don't want

00:22:25.539 --> 00:22:27.380
you to fail because you run out of money. Right.

00:22:27.460 --> 00:22:29.579
And the only way to do that is to connect through

00:22:29.579 --> 00:22:32.339
accountants, advisors and podcast, right? To

00:22:32.339 --> 00:22:34.940
get the word out to as many people as I can that,

00:22:35.079 --> 00:22:37.500
uh, of course it, I'm here to actually solve

00:22:37.500 --> 00:22:39.839
the cashflow problem for small businesses. And

00:22:39.839 --> 00:22:41.140
books guys, remember the book. We're not going

00:22:41.140 --> 00:22:42.779
to forget that book because we love the title.

00:22:45.230 --> 00:22:47.549
So this has been a really wonderful conversation.

00:22:47.910 --> 00:22:50.210
I also think I don't know like my parents started

00:22:50.210 --> 00:22:53.809
their business in 1955 and growing up all I heard

00:22:53.809 --> 00:22:56.430
was you know, like the credit rating had to be

00:22:56.430 --> 00:22:58.450
was three three a one I think it's done in Brat

00:22:58.450 --> 00:23:00.170
Street back of the day the best credit rating

00:23:00.170 --> 00:23:02.089
in it. And you know my mom was always like you

00:23:02.089 --> 00:23:04.369
always pay your vendors first you never pay yourself

00:23:04.369 --> 00:23:07.369
first that and you know even you know, in the

00:23:07.369 --> 00:23:09.509
business, it was always like our accounting department

00:23:09.509 --> 00:23:12.210
was the most important department because that's

00:23:12.210 --> 00:23:14.130
where that's where you need everything to happen

00:23:14.130 --> 00:23:16.130
before you can even make a sale. So a lot of

00:23:16.130 --> 00:23:18.009
times I'll say, well, what do you think the most

00:23:18.009 --> 00:23:20.289
important business most important department

00:23:20.289 --> 00:23:23.089
and people will say, oh, definitely sales. And

00:23:23.089 --> 00:23:24.630
I'm always like, I don't know. I think it's your

00:23:24.630 --> 00:23:27.470
accounting department. I don't have one. Like,

00:23:27.609 --> 00:23:31.549
yeah, that's why. Yeah. Yeah, with that. Well,

00:23:32.170 --> 00:23:33.829
you know, you mentioned the credit scores and

00:23:33.829 --> 00:23:36.430
things like that. I mean, I reached a milestone

00:23:36.430 --> 00:23:39.690
I've been trying for 40 years to hit, right?

00:23:39.910 --> 00:23:43.450
You know, I'm just now 55 years old and maybe

00:23:43.450 --> 00:23:46.309
it's the age that did it, but I got the perfect

00:23:46.309 --> 00:23:49.730
FICO score, right? An age 50, am I going, and

00:23:49.730 --> 00:23:51.109
guess what happened after you get the perfect

00:23:51.109 --> 00:23:54.349
FICO score? You get like a hundred pieces of

00:23:54.349 --> 00:23:57.869
mail like every hour now you get nothing happens

00:23:57.869 --> 00:24:06.750
nothing changes And now what's happening is that

00:24:06.750 --> 00:24:10.049
you know, I heard it you've heard of Dave Ramsey,

00:24:10.089 --> 00:24:13.849
right? I heard a little yeah a little snippet

00:24:13.849 --> 00:24:16.349
from him the other day it was on Instagram or

00:24:16.349 --> 00:24:18.130
something like that and he was talking about

00:24:18.130 --> 00:24:23.059
how His goal and what he has now is a zero credit

00:24:23.059 --> 00:24:26.619
score Right, I'm like oh, maybe that's my new

00:24:26.619 --> 00:24:29.039
new thing because he just doesn't he uses cash,

00:24:29.119 --> 00:24:30.940
right? So he uses cash for everything. He doesn't

00:24:30.940 --> 00:24:34.079
use credit at all So he has a zero credit score

00:24:34.079 --> 00:24:36.619
because after after while it degrades, you know,

00:24:36.619 --> 00:24:38.420
because then he started closing accounts and

00:24:38.420 --> 00:24:40.519
those type of things Here's what happened to

00:24:40.519 --> 00:24:43.000
him though. He tried to rent an apartment for

00:24:43.000 --> 00:24:45.440
his daughter and couldn't he got turned down

00:24:45.440 --> 00:24:48.740
to rent an apartment Because he had a zero credit

00:24:48.740 --> 00:24:56.039
score It's crazy yet he had enough money to buy

00:24:56.039 --> 00:25:03.000
the apartment complex So interesting and like

00:25:03.000 --> 00:25:05.660
I so I belong on this app called chatter social

00:25:05.660 --> 00:25:08.420
and I love the app and a Grant Cardone I don't

00:25:08.420 --> 00:25:10.299
know if you know who Grant Cardone is but he

00:25:10.299 --> 00:25:12.839
comes in a lot with wonderful advice and so does

00:25:12.839 --> 00:25:16.079
Cindy Stumpo an amazing woman out of Boston,

00:25:16.299 --> 00:25:20.059
Mass just, I mean, I'm so impressed by her. She

00:25:20.059 --> 00:25:23.259
is like the number one woman, female developer.

00:25:23.819 --> 00:25:26.019
So if you look up Cindy Stumpo and she's beautiful,

00:25:26.559 --> 00:25:28.920
but when they come in, they give such amazing

00:25:28.920 --> 00:25:32.240
advice. So I know we'd love to have you on the

00:25:32.240 --> 00:25:37.079
app to give your advice too. So besides the coaching,

00:25:37.559 --> 00:25:39.940
do you have any other, like besides your book

00:25:39.940 --> 00:25:43.960
and your podcast, any other advice if someone

00:25:43.960 --> 00:25:47.230
feels like I'm doing everything correctly. I

00:25:47.230 --> 00:25:49.609
really don't need to be told who can come in

00:25:49.609 --> 00:25:51.930
and like double check that when you feel like

00:25:51.930 --> 00:25:57.430
I'm good. I'm good. Who's that checker? Who's

00:25:57.430 --> 00:25:59.509
that checker? I mean, you can actually do it

00:25:59.509 --> 00:26:02.390
yourself, right? I mean, we all kind of need

00:26:02.390 --> 00:26:04.549
a coach to kind of make sure we're on the right

00:26:04.549 --> 00:26:07.670
path. But I'll give you a rule. The one rule

00:26:07.670 --> 00:26:10.549
I say is the most important rule of any business

00:26:10.549 --> 00:26:13.400
and I call it just expense control. right and

00:26:13.400 --> 00:26:15.339
what expense control is is that first of all

00:26:15.339 --> 00:26:17.480
I mean when I look at somebody's income statement

00:26:17.480 --> 00:26:20.420
their profit and loss statement sales doesn't

00:26:20.420 --> 00:26:22.480
matter to me you can make money at any sales

00:26:22.480 --> 00:26:24.960
level right so sales is only a measurement of

00:26:24.960 --> 00:26:26.819
how much work you did I just tell you how much

00:26:26.819 --> 00:26:29.900
you did gross profit is the most important number

00:26:29.900 --> 00:26:31.960
on the income statement that is the only place

00:26:31.960 --> 00:26:34.180
you can get cash to pay for your expenses and

00:26:34.180 --> 00:26:36.180
put in your pocket so manage your gross profit

00:26:36.180 --> 00:26:39.440
so here's the rule gross profit is the amount

00:26:39.440 --> 00:26:42.400
of money you have to spend right Operating expenses

00:26:42.400 --> 00:26:45.400
how you spend it if you have less money to spend

00:26:45.400 --> 00:26:50.119
you should Spend less money Right spend less

00:26:50.119 --> 00:26:53.380
money. So the rule is this when gross profit

00:26:53.380 --> 00:26:56.960
decreases Reduce operating expenses by the same

00:26:56.960 --> 00:26:59.660
amount. So if gross profit comes down by $10

00:26:59.660 --> 00:27:02.460
,000 reduce your operating expenses by $10 ,000

00:27:02.460 --> 00:27:05.000
and your net profit will be the same no matter

00:27:05.000 --> 00:27:07.779
the sales level So that's one way to do it if

00:27:07.779 --> 00:27:10.089
you violate that you're just paying to go to

00:27:10.089 --> 00:27:12.029
work, right? You're actually taking money out

00:27:12.029 --> 00:27:14.349
of your profit to keep this business afloat.

00:27:14.549 --> 00:27:15.970
So it's one of those things where you got to

00:27:15.970 --> 00:27:18.589
learn to live without some stuff. But if you

00:27:18.589 --> 00:27:20.809
can do that on a regular basis, you'll make money

00:27:20.809 --> 00:27:23.230
and your life will be a lot easier, no matter

00:27:23.230 --> 00:27:24.950
what happens to your sales and what happens to

00:27:24.950 --> 00:27:28.369
the economy. Great advice. I mean, that is a

00:27:28.369 --> 00:27:31.710
great close. I thank you so much for your time.

00:27:31.910 --> 00:27:34.589
You have been so helpful. One last question.

00:27:35.069 --> 00:27:38.079
Do banks when you're starting out in a business,

00:27:38.339 --> 00:27:40.180
and I know how difficult it is if you're a new

00:27:40.180 --> 00:27:44.640
business owner, but how important is the having

00:27:44.640 --> 00:27:47.859
your, my God, I just went out of my head, help

00:27:47.859 --> 00:27:50.980
me here. Your business plan, what, like, like,

00:27:51.279 --> 00:27:53.339
do they look at that? Because with score, we've

00:27:53.339 --> 00:27:56.059
always been told I'm no longer a, you know, chairwoman

00:27:56.059 --> 00:27:58.299
or mentor with score, but that was always something

00:27:58.299 --> 00:28:00.319
that we would say, well, you know, you don't

00:28:00.319 --> 00:28:03.500
need a business plan, but if you, want one but

00:28:03.500 --> 00:28:06.259
if you if you're going to go to the bank they

00:28:06.259 --> 00:28:08.500
want a business plan but is that still the case?

00:28:09.400 --> 00:28:13.019
Yeah I think the only real use for we'll say

00:28:13.019 --> 00:28:15.579
the 40 to 80 page business plan that people think

00:28:15.579 --> 00:28:18.359
about is really if you need to get money or you

00:28:18.359 --> 00:28:20.779
need to you know you're trying to you know attract

00:28:20.779 --> 00:28:23.740
investors or work with a bank or a venture capital

00:28:23.740 --> 00:28:26.299
firm That's the need for it. They need to be

00:28:26.299 --> 00:28:28.579
able to look and see, does this make sense? Does

00:28:28.579 --> 00:28:31.220
the idea make sense? And the business plan kind

00:28:31.220 --> 00:28:33.619
of backs that up. For most of us, we don't need

00:28:33.619 --> 00:28:35.420
a business plan. What we need is this thing called

00:28:35.420 --> 00:28:38.079
the Lean Business Model Canvas. It's a one page,

00:28:38.440 --> 00:28:41.839
right? So one page saying it identifies the two

00:28:41.839 --> 00:28:44.240
most important things on there for me is key

00:28:44.240 --> 00:28:46.559
resources and key activities because that tells

00:28:46.559 --> 00:28:49.019
you, if I don't have these things and do these

00:28:49.019 --> 00:28:52.200
things, I don't have a business. So a one page.

00:28:52.670 --> 00:28:55.269
Lean Business Model Canvas actually gets you

00:28:55.269 --> 00:28:59.390
off and running in any business. I hope you guys

00:28:59.390 --> 00:29:01.829
took these notes. I am jealous of your students.

00:29:02.190 --> 00:29:05.569
I'm jealous of your numbers that they have access

00:29:05.569 --> 00:29:09.509
to you. I think you are amazing. And just thank

00:29:09.509 --> 00:29:11.470
you so much for being here today. Is there anything

00:29:11.470 --> 00:29:13.650
I didn't ask that I should have asked? I don't

00:29:13.650 --> 00:29:16.490
know, but you got crazy energy, man. I just feed

00:29:16.490 --> 00:29:19.690
off of it, man. If people are not getting on

00:29:19.690 --> 00:29:22.049
this podcast, they should. i mean i'm telling

00:29:22.049 --> 00:29:24.210
you i mean just it's a great banter it's great

00:29:24.210 --> 00:29:26.730
energy really enjoyed it so thank you very much

00:29:26.730 --> 00:29:29.109
oh thank you i know it's weird i it's weird i'm

00:29:29.109 --> 00:29:32.150
63 but i really don't feel it at all and mostly

00:29:32.150 --> 00:29:34.410
don't explain things to me like i'm nine so you

00:29:34.410 --> 00:29:39.710
know but thank you i appreciate it and i'm up

00:29:39.710 --> 00:29:42.710
late at night doing true crime so wow i just

00:29:42.710 --> 00:29:44.670
love it all i think if you love life right then

00:29:44.670 --> 00:29:46.829
you're you're happy so thank you this was great

00:29:46.829 --> 00:29:49.839
i'm gonna end the stream you guys get on the

00:29:49.839 --> 00:29:53.279
website cashflow mic. Thank you so much. Well,

00:29:53.680 --> 00:29:55.940
okay, I will, you know what?