Latest / The Money Part / Ep 1 | Why I Started The Money Part (and Who It's For)

Transcript

Ep 1 | Why I Started The Money Part (and Who It's For) · The Money Part

• 0:00
  SPEAKER_00: So I'm Juliana.
• 0:01
  SPEAKER_00: I'll be joining Barb on the podcast.
• 0:03
  SPEAKER_00: Um, Barb, you and I have known each other for a while, uh, but you recently moved.
• 0:08
  SPEAKER_00: Tell us about where you live now.
• 0:10
  SPEAKER_01: I did.
• 0:11
  SPEAKER_01: I am embracing the empty nesting chapter that we I'm firmly in now.
• 0:16
  SPEAKER_01: And uh we moved to the beach.
• 0:18
  SPEAKER_01: So we had a second home at the beach that rented very poorly, and the kids are gone, and we decided to move west.
• 0:26
  SPEAKER_00: So we are now on the Oregon coast, and I love it.
• 0:28
  SPEAKER_00: I love it.
• 0:30
  SPEAKER_00: Beautiful.
• 0:30
  SPEAKER_00: And I know you've got a great view out your window, so we can all imagine you looking out at the bay.
• 0:35
  SPEAKER_00: My current view is sounds lovely.
• 0:37
  SPEAKER_00: Well, it's nice to be with you today.
• 0:39
  SPEAKER_00: Um, so you already run a busy bookkeeping firm.
• 0:43
  SPEAKER_00: Why did you choose now to start a podcast?
• 0:47
  SPEAKER_01: Uh that's a that's a it's a fair question.
• 0:49
  SPEAKER_01: I feel like you're my accountability partner asking it.
• 0:51
  SPEAKER_01: I've I've felt a bit of pressure to have a podcast for a number of years.
• 0:55
  SPEAKER_01: Of course, a lot of my peers or not even in my own industry, but people I've known have started podcasts with varying levels of success.
• 1:02
  SPEAKER_01: But what I've come to understand is it's just a convenient way a lot of us learn about things and get to know people.
• 1:08
  SPEAKER_01: And my goal is to um let people get to know us before they buy from us because it's uh we're we're in people's money, we're in a lot of people's uh really vulnerable place.
• 1:18
  SPEAKER_01: So I think a podcast lets people hear how I have a conversation, maybe hear how I think through things, figure out if I'm somebody they want to trust, um, with with low stakes, without their own, without them having to share their own money things.
• 1:32
  SPEAKER_01: So it seems logical to start a podcast about the money inside your business, the money part we're calling it, and see where it goes.
• 1:42
  SPEAKER_00: And you have a lot of experience.
• 1:43
  SPEAKER_00: So you've worked with a a variety of clients, and I'm sure you've got some great examples on how different businesses have done things differently, and you've got some pro tips that the audience might appreciate.
• 1:56
  SPEAKER_01: Um really fun thing to do in the podcast is as we talk about issues that come up, or you we get emails that we think would be good topics here.
• 2:03
  SPEAKER_01: Um, I look forward to sharing those pro tips.
• 2:05
  SPEAKER_01: You know, I do it a lot of times when I do um an advisory meeting or a profit-first coaching meeting, and I get a lot of feedback that people are like, oh, you know, like they're hacking it.
• 2:14
  SPEAKER_01: And they're not.
• 2:15
  SPEAKER_01: It's just an understanding of uh the basics about how the tax code works.
• 2:19
  SPEAKER_01: I don't um go into that too much um with tax strategy, because really the most of what I do is about cash flow strategy, making sure that owners are getting the most from this huge asset they have, which is the business, and that they understand the trade-offs they make with like, do you get more time off or more money, or can you do both?
• 2:38
  SPEAKER_01: Like we challenge that all the time in those financial coaching meetings.
• 2:41
  SPEAKER_01: So as I it'll be a this is a fun part about having the podcast is um as I get those and I get these nice reactions, we can bring it here and talk about it in these sessions and share it out.
• 2:52
  SPEAKER_00: Yeah.
• 2:53
  SPEAKER_00: So you mentioned owner compensation, and it's not just about money, but it's about time, it's about perks of owning a business, it's about creating the lifestyle that you want for yourself with the business.
• 3:04
  SPEAKER_00: And you've got a lot of good good examples for that.
• 3:08
  SPEAKER_00: Who is this show for?
• 3:09
  SPEAKER_00: Can you paint the picture of who your target um audience might be?
• 3:14
  SPEAKER_00: Sure.
• 3:15
  SPEAKER_01: I think it's for uh business owners and it's for folks who have, you know, I would say zero to a hundred employees or zero to fifty employees.
• 3:26
  SPEAKER_01: Um, most of our client base runs between people who do about a quarter million a year up to people who do about 10 million a year.
• 3:34
  SPEAKER_01: So anywhere between that a million a month is kind of our top end for the most part.
• 3:38
  SPEAKER_01: Um, so we're not in these giant enterprise companies that are shareholder-driven.
• 3:44
  SPEAKER_01: These are people who all care a lot about money getting paid each month and employees being happy and retaining them and making sure they understand their money, they're getting and understand their reports, that kind of stuff.
• 3:58
  SPEAKER_01: So that's those are my people.
• 4:01
  SPEAKER_00: What do you love about that demographic, that size of business?
• 4:07
  SPEAKER_01: Uh, I love a lot of things about that size of business.
• 4:10
  SPEAKER_01: I I really like the people who are inspired to uh buy a business or start a business or buy a business and build it from there, whether they bought it from someone in the family or a stranger that they don't know.
• 4:22
  SPEAKER_01: We have all sorts of those kinds of clients in here.
• 4:24
  SPEAKER_01: And it's just it, there is an amount of risk each of those people has taken, whether they've started it from nothing or they bought and they, you know, mortgaged their house to do it, or it's a level of risk that I just have this huge respect for.
• 4:37
  SPEAKER_01: And I I've done it also.
• 4:38
  SPEAKER_01: I took a risk starting this business um at a time of great change in my life.
• 4:43
  SPEAKER_01: So the risk didn't feel as enormous.
• 4:46
  SPEAKER_01: And as I've been doing this a long time and I watch people taking that risk in a fresh way, I just have this renewed respect for the amount of risk it takes to start a business.
• 4:55
  SPEAKER_01: And I want to help those people.
• 4:58
  SPEAKER_01: I have to remind them that they need to pay themselves properly.
• 5:01
  SPEAKER_01: They are very concerned about paying their employees properly, about having good benefits, uh, the retaining people, making sure they stay and giving them raises each year.
• 5:10
  SPEAKER_01: There's just these, there's a lot of demands on owners that uh and founders that I think are they just make me respect them more.
• 5:19
  SPEAKER_01: That it's it's just a group that deserves a lot of love.
• 5:24
  SPEAKER_01: They supply so many jobs in the nation and everybody in government knows it, and it's important.
• 5:31
  SPEAKER_01: And I I I love those people.
• 5:36
  SPEAKER_00: And who who would you say this podcast is not for?
• 5:41
  SPEAKER_01: Um, I think it's not a great fit for a general administrative person or even a bookkeeper.
• 5:47
  SPEAKER_01: It's I'm not gonna do bookkeeping lessons here.
• 5:49
  SPEAKER_01: That's not what our intention is at all.
• 5:51
  SPEAKER_01: So it's not really for that person.
• 5:52
  SPEAKER_01: Now, if you're a bookkeeper that wants to start your own business and you want to have some insight to how entrepreneurs think and work and what they need to know, great, but it's not gonna help you do a better job as an administrator or bookkeeper or marketer or human resources person.
• 6:07
  SPEAKER_01: It's not built for any of that support side.
• 6:09
  SPEAKER_01: It's really built for the owners to build a more profitable asset that can then pay themselves and their employees and be more gratifying generally, because it's such an important asset to them.
• 6:24
  SPEAKER_00: What can someone expect if they subscribe?
• 6:27
  SPEAKER_00: So tell us a little bit about what your intentions are for um the show going forward.
• 6:34
  SPEAKER_01: Sure.
• 6:34
  SPEAKER_01: Our our intent is to publish once a week.
• 6:38
  SPEAKER_01: We have some rough themes pointed out.
• 6:40
  SPEAKER_01: So guests or um unknown questions will come in once a month, once a quarter.
• 6:45
  SPEAKER_01: We're gonna go through some financials, but it's gonna be 15 to 20 minutes uh and then it's gonna get right into it.
• 6:52
  SPEAKER_01: And we're gonna talk about um the nuts and bolts of running a more profitable business from a bunch of different angles.
• 7:00
  SPEAKER_00: What would you tell someone if they were on the fence about subscribing?
• 7:04
  SPEAKER_00: What would be your value proposition for this podcast?
• 7:08
  SPEAKER_01: Well, as a person who has a bunch of podcasts that I subscribe to, um, obviously subscriptions cost nothing.
• 7:15
  SPEAKER_01: They take up a little space in your queue.
• 7:17
  SPEAKER_01: And you can look through the episodes to see if it's of use to you.
• 7:21
  SPEAKER_01: I mean, that's what I do in my own world is I think screen and figure it out.
• 7:25
  SPEAKER_01: Like some people might resonate with what I say and how I say it, and some people may not like that.
• 7:31
  SPEAKER_01: And I respect that.
• 7:32
  SPEAKER_01: That's fine.
• 7:34
  SPEAKER_01: So I'm I uh I'm not interested in uh persuading you per se to subscribe to it.
• 7:42
  SPEAKER_01: I'm not uh making my money through podcasting, I'm getting to know you through podcasting, sharing about us, helping build trust.
• 7:51
  SPEAKER_01: My goals are not to become uh somebody who sells advertising here.
• 7:55
  SPEAKER_01: That's not on our radar in any way.
• 7:58
  SPEAKER_01: So I think you know, you can let it take up a space in your feed and see if the topic resonates.
• 8:04
  SPEAKER_01: And if we don't resonate for a while, then unsubscribe.
• 8:08
  SPEAKER_01: I like to try new things.
• 8:09
  SPEAKER_01: And if they're not useful, I then I get rid of them.
• 8:13
  SPEAKER_00: Any last thoughts before we wrap up this first episode?
• 8:17
  SPEAKER_01: Oh, this is so good.
• 8:18
  SPEAKER_01: This went so fast.
• 8:19
  SPEAKER_01: No, I'm glad to have you.
• 8:20
  SPEAKER_01: I'm glad to be here.
• 8:21
  SPEAKER_01: And if people have questions, I'd really like to know.
• 8:23
  SPEAKER_01: They can send them to your or my email.
• 8:25
  SPEAKER_01: We're on the internet generally at Fisher Bookkeeping or DNC to Profit, or they can send it through comments through the feeds of the podcast systems themselves.
• 8:35
  SPEAKER_01: So that would be great.
• 8:37
  SPEAKER_01: Um and yeah, if it if it's useful to you, feel free to subscribe.
• 8:41
  SPEAKER_01: I look forward to getting to know you.
• 8:42
  SPEAKER_01: Great.
• 8:43
  SPEAKER_01: Well, thanks for your time.