Episode 140: Facing your Profit First Fears with Scott Mulvaney

Also Available On

Available On Itunes Subscribe on Android Available On Stitcher Tu

Show Summary

What if you’re fearful of implementing Profit First? You’re so close to doing it, but just can’t do it. On this episode with Scott Mulvaney, an entrepreneur of three different business offerings, who’s almost on the brink of implementing Profit First, but has been sitting there for a long time.  Mike works one-on-one with Scott on getting him started and making sure his businesses are permanently profitable from today forward. Welcome to episode 140 of the Profit First Podcast!

Our Guest

Scott’s philosophy and brand is to #LIVETHEFUEL – FUEL your Health, Business, Lifestyle! He enjoys teaching you how to “Live The Fired Up Epic Life!”

Scott’s professional experience spans 20+ years having conquered roles in sales, marketing, coaching, training, leadership development and fitness. He is a techy, adrenaline junkie athlete, with a passion for self development and growing others success with his own.

His growth efforts are focused on public speaking, social media along with branding and online marketing. Scott has succeeded in multiple roles with major corporations including for example, T-Mobile USA and ADP Corporation. His limitless energy is fueled from coaching health and fitness in his free time, focusing on CrossFit, USSA Ski Racing and Cycling. Scott has strong beliefs in balancing life with philanthropic activities, having served as a board member, volunteer, and team builder with multiple 501(c)(3) organizations. His diverse background includes having served in public service as a Hotshot Wildland Firefighter with the US Forest Service.

Scott W. Mulvaney competes in all types of action sports, especially endurance and adventure. Some of his accolades include completing the Marine Corp People’s Marathon, half marathons, Ragnar 200 mile relay, Mountain Bike Races, and OCR Races including Tough Mudder, Spartan, and more. He is an avid cyclist having competed many 100-175 mile charity events over the years.

Guest Links

Corporate Partners

Receipt-Bank – Software and service to make the gathering, storage & processing of bills, receipts and invoices as easy and as cost effective as possible for businesses.

Nextiva – VOIP phone providers for small businesses.

Fundera – Single source online funding for entrepreneurs. Also offers an adviser program for CPAs, bookkeepers and business coaches.

Fundbox –  The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.

Xero– Accounting software with all the time-saving tools you need to grow your business. Xero is always secure and reliable and our experts are here to support you 24/7.

 

Episode 140 – Transcription

Profit First Podcast – Scott Mulvaney

Scott: New York is full of very competitive culture, I mean there is a lot of people out there get enough truck.
Mike: I know may be it is New York, it can’t be a New York thing.
Scott: That’s true because in Chicago they might just trip you we don’t know right?
Mike: I know. We don’t know, in Texas I heard, in Houston I heard they shoot you.
Mike: I saw people walk with… really I mean Houston this is not a lie or maybe it’s Austin.
Scott: They roll strapped.
Mike: Does that mean the gun show?
Scott: No strapped just meaning you got a gun everyone’s got a gun out there in all its glory on the hip.
Mike: Oh yes I saw a guy wearing a gun on his hip, I was not going to walk pass him.
Scott: There is no concealed carry in Texas, you just let it out.
Kristina: You just let it out.
Scott: There’s no six shooters gloc.
Kristina: Speaking of shooting from the hip, you are listening to the Profit First Podcast
Mike: Episode 140, all the energy in studio.
Kristina: I can’t roll my tongue I wish I could.
Scott: He didn’t roll his tongue.
Kristina: It sounded like you did, welcome to the Profit First Podcast I am Kristina Bolduc the gatekeeper of Profit First.
Mike: That is right and I am Mike Michalowicz the author of Profit First and you my friends you are listening to the Profit First Podcast. This is the show where we explore every single element of profitability, I think Scott you’re our first guest in studio.
Scott: I like to break the rules.
Mike: We are going to talk about profit for your business and first of go crazy on profit.
Kristina: You can find us on iTunes, Stitchter, Tuning radio, Google play and of cause profitfirstpodcast.com in any podcast that you listen to us actually, we are there.
Mike: Okay you know there is a big shit going on here. did I shit? There is a big shit going on here or rather I meant to say there is a big shift, we’ve lost one of our good friends Chris Curran was a…
Kristina: He is alive by the way, we didn’t like lose him.
Scott: Oh yes I’m a regular listener of the show what’s happening?
Mike: So Chris moved on to bigger and better things, not too hard because there is a lot of bigger and better things on the show I get it and along with him, Barry is walking out if the door too,
Kristina: Oh Barry
Mike: A lot of you didn’t know Barry was a voice recording, he was not a real in studio person, actually no one believes that, everyone knew him as a voice…
Kristina: I know
Mike: So we wish Chris the best of luck in the future, continued success for the wonderful life things he is doing with the Pause Your Life program and we will surely miss him but, Kebby you’re stepping up sister.
Kristina: I am doing it.
Mike: Yes yes how you step up it’s like Weezy stepping up to the top.
Kristina: Yes, of course.
Scott: For the listeners there’s a nice little jig there.
Kristina: Exactly, what you’ve been up to Mike?
Mike: So I was obviously walking around, yesterday I was in New York and I went to this corporate meeting, I’m doing a big project for this cooperation I will not say who they are. I got to tell you the difference between a little office like this in the environment and a large corporate space. Like it is so square, it is so square, so sterile.
Scott: They do like square and rectangular edging, isn’t it common?
Mike: Yes it feels…
Scott: Round, no round
Mike: No personality, yes there was no personality and I don’t mean it negatively, I just felt quarantined in a way I just couldn’t be …
Kristina: well it’s a rats race, it’s a whole different world.
Scott: As a former corporate employee I can back that up.
Mike: Oh you were the corporate guy?
Scott: I was in corporate.
Mike: How long were you in corporate?
Scott: I don’t want to talk about that
Mike: Nice.
Kristina: Scarred for life.
Scott: I can never go back.
Mike: Because they might be listening right now, because you could get fired.
Scott: They’re always listening.
Mike: What have you been up to Kebster?
Kristina: I actually don’t know those of you out there who believe this, but I actually went for a psychic reading. I go like about once in a year, it is just kind of, it’s very healing experience for me and it helps me focus on what I should to be focusing my energy on as opposed to putting like 30% into everything when I should be putting 100% into what I believe I should be doing with my life. And it was very refreshing and it got me back in the game and back in kind of feeling good about myself and just help me get into the direction where I should be at 27.
Mike: What did they tell you, actually big reveal?
Kristina: She told me I am just focusing … I have been stressing myself so much emotionally and physically and I really just need to stop focusing so much on what is going on and what I can’t control and I put my energy onto my health and my singing and raise the bar personally, I mean she went it so much, but it was amazing.
Mike: She sounds like psychologist.
Kristina: It is, it kind of is, but it is what the universe wants to tell you.
Mike: Good for you.
Scott: It’s life balance.
Kristina: Yes it is life balance.
Mike: Yes life balances everything, hey before we kick off the show and officially welcome our guest Scott Mulvaney here, what do we have for community shout out if any?
Kristina: We have had an email come in from Tim Riley, he is the owner of Crestone Brewing Company out in Boulder Colorado. He is a new reader of Profit First, he says it’s a small town that both him and his wife love. They didn’t have much of an economy, so they decided to bring in their own jobs and open up a brew pub something which he has no experience in. He said that the dream is beautiful, until it became a nightmare. I love the analogy of Frankenstein and cash eating monster, which is something you reference in the book.
So he said he is committing to making his work and turning that monster into a happy pasteurized cash cow. Exactly, he says Profit First has been an inspiration and he is just, he hopes to meet you one day and keep things going…
Mike: And we’ll get wasted together.
Kristina: We are going to include pictures in the post, he sent us some pictures of the brewery go out there, grab a few drinks it’s gorgeous.
Mike: What is the website?
Kristina: I don’t think I have the website, but if you just Google Crestone Brewing Company out in Boulder Colorado it will bring you to it.
Scott: You will find it.
Kristina: And it will be on our website.
Mike: Okay before we get into today’s show, we are going do a profit first assessment Scott of your business and moving along. But first I do want to thank our corporate partners, these are people who are paying for this nonsense to go on.
Kristina: Very important
Mike: Do you know who they are? Do you know who they are Scott? Do you have an idea? You said you are a big listener, this is the big test.
Scott: I got distracted because on the way here I was listening to the new release of the book on audible.
Kristina: Good excuse, it’s a good one, I bought it.
Mike: That was good, just give me one.
Scott: Actually I just passed the part where you were talking about the Frankenstein as I was parking the car outside.
Mike: I’m not going to let you off the hook, we have four corporate partners, actually we think we have a fifth one but we can’t remember if they’re still active. Just name any corporation you think it can be a sponsor, let’s just try it out and see.
Scott: Oh God is it called, is it Cash Bank no, no sorry I got nothing, you got me on point, you got me on point
Mike: So it’s Fundera or you’re either talking about Fundbox. So Fundbox, Fundera, Nextiva, Receipt Bank and we think Xero is still a sponsor.
Kristina: Maybe.
Mike: Maybe so we don’t know, Xero is a hero anyway.
Kristina: Xero is a hero.
Mike: We’ll talk more about them at the end of the episode and also at the end we will show you the insights that will align to this discussion we are about to have together. One last thing, one last piece of business, any members you want to shout out to?
Kristina: Yes I want to shout out to Jason Spencer, he was actually on a couple of episodes here with us, but Jason sent us this beautiful bottle of bourbon which is a new tradition that we’re starting for profit con by the way. We’re having members send in a success story with some booze and we’re going to get wasted.
Mike: That’s pretty cool.
Kristina: Yes I know, but he said that he is so incredibly happy, one of his clients came in and said that they trust him that he is extraordinary, they barely know the guy. They’re about to drop $2400 on their wedding entertainment, which is a new for him and he says he is extremely happy about that. So congratulations Jason keep pushing the barriers.
Mike: That’s awesome, one handed clap there, yes two handed clap. So his name is Scott Mulvaney, he travels all the way from Allentown, Pennsylvania, is that where you grew up?
Scott: Pretty much, I was born in Jersey actually.
Mike: Oh were you, where in Jersey?
Scott: Flemington downtown, down at the Hunterdon Medical Center there was a dairy farm there once and that’s where I was born.
Mike: Were you born when it was a dairy farm?
Scott: Well now it’s a housing development.
Mike: The hospital is gone?
Scott: No the hospital is there, I’m saying my farm was down the road from the hospital and that is now a massive condominium development.
Mike: So here’s what I heard, I heard there was a farm there and then a hospital, you were born and they immediately knocked it down and put up condos, that the only baby born…
Scott: You seriously don’t need any more if it was that impactful.
Mike: This guy we’ve got him we did it close the doors. Scott’s philosophy is Live to fuel, you probably sense that from his energy to doing this. His an owner of multiple businesses, and we are going to explore what they are, including a nutrition business. You’re a half marathon runner?
Scott: I’ve done a full and a half and I’ve also done some 200 mile relays stuff for like club  I don’t know if you’ve heard of that?
Mike: No I have not.
Scott: So you do a team 200 miles and then you just keep exchanging over a 24 hour period.
Mike: Okay so you are like a super hero.
Scott: No I don’t know about that.
Mike: If you saw this guy he is fit, but your business wasn’t fit for awhile financially?
Scott: Still not perfectly fit.
Mike: So you’re here to do…
Scott: I’ve been putting in the reps and the reps aren’t really making me happy.
Mike: Let’s get right into it, tell us you’re unique because, maybe you’re not, that you’re an entrepreneur with not just one business, you have a mix of verticals right?
Scott: I’m a classic definition of a lot of entrepreneurs, where you have the shiny ball syndrome or the crazy squirrel syndrome whatever you want to call it, where it’s like hey, you know I have multiple interests in life and I believe in trying to create balance. It’s like why do I have to give up on all of them, I want o build a couple of businesses some are successful some are not, some are just limping along but I want a way to keep them going.
Mike: So walk us through the businesses that you have.
Scott: It’s funny because in your book you also talk about the power of the subcontractor relationship, right so I have an LLC, Fuel Enterprises, Live the Fuel is a brand within that. And then what my primary income stream is actually through a friend of mine’s company, who I used to work for. She has a successful manufacture’s sales firm for like the HVAC industry, that is how I know your fellow podcasting buddy Aguilera. So the long story short, that is my primary income stream through subcontract. I handle and grow sales and marketing, business development for their company and their clients. She has like 12 clients and then I manage all that for her in like upstate New York and stuff like that.
Mike: What is the name of that? Is that the live to fuel business?
Scott: Well that is all done through the fuel enterprises our contract together, but it is her company so I am just a subcontractor. They only have like one or two employees and I don’t want to be an employee.
Mike: I got you, so you are a consultant to them?
Scott: Exactly.
Mike: And they sub you out for projects they have?
Scott: They have me on a retainer and we have a whole basically it’s a draw, once I blow the business out the business out which is what is happening about right now. There is going to be a whole commission structure on top of that. I have a good excuse to keep that going on with them.
Mike: So that’s business number one?
Scott: Primary number one, then I am a huge nutrition nut that obviously, so there is one of the successful companies built on network marketing as model is Isogonic Cyber Business, I know you have heard of them and they have been around for like 14 going to 15 years. I can actually thank that model for at least opening my brain up to this whole entrepreneurial pursuit and stuff like that.
Then I just have in my own independent contract by contract basis, like my Cross Fit Gym that I coach at they are one of my sales and marketing clients, right now am helping them with their websites and social media stuff, so that’s just a lot of side hustle stuff.
Mike: So the side hustle is web development?
Scott: No, basically my tagline is I help control how you exist online. So most people just want to exist, they forget the whole factor of controlling that and actually making sure they actually control how they exist, so people actually really understand who their brand is and what their company is.
Mike: I got you, so it’s like a …
Scott: So it is more of social media and brand development and stuff like that. I do not want to do website development, I outsource that, I am the puppeteer.
Mike: You’re the puppeteer, okay I got you, so you help with the web development, you direct them on social media from a management stand point? So are you the guy that’s also scheduling the …
Scott: Oh dude I use zoom.us, I do webinars, I design training videos content like all kinds of stuff. So I am the puppeteer, when stuff gets too complex like web development or they want somebody who just is going to build their Instagram brand, like chase likes, then great I have a guy for that
Mike: I got you, what’s the revenue breakdown, how much do you make consulting percentage wise versus like?
Scott: That all depends like literally like I basically have a standard basic rate of like 100 bucks an hour, but like I said that primary contract through my friend’s relationship with her company, that on the draw factor, I’m probably ranging between $40 – $60 a year on that.
Mike: You generate 40 – 60 grand a year?
Scott: Yes
Mike: Okay okay that’s even easier if we do I that way [crosstalk 00:13:15] I told you man we’re going a complete … I love it, I don’t give a crap I have a bath mark on my ass. I got this one thing it doesn’t go away it just keeps, it’s just there, that’s disgusting.
Scott: I heard you girls talk about everything.
Kristina: It is true.
Mike: Us guys we got nothing on you ladies, nothing, I never talk to my friends and say hey I have this weird ass zit or something, these ladies share it all, everything.
Kristina: Yes we talk about ass zits all the time.
Mike: Well I’m not talking about ass zits. So you make $40 – $60, and thank you again for your honesty, in the consulting business
Scott: That was like over the past year or two but it just keeps building. So I know I just looked at this year’s, I actually have last year’s tax returns right there, for transparency I don’t care. But obviously my accountant is the old school methodology not the Profit First methodology, like he is a younger guy in the firm we talked about this on my podcast. I was like dude, I want to get this dialed in, so when I get back to him, I’m like if you want to keep working with me, get on the team, get on Profit First professionals because I don’t like it this way.
Kristina: Do you think he is going to go for it, because there are some people who do resist?
Scott: I don’t know man, he is younger than me, not that doesn’t mean anything.
Mike: How old are you?
Scott: I’ll be 40 this year, I am at the end of my 30’s man, I am excited though. Life gets better, people are like I’m getting at the end of my 30’s, It is your life, it is what you make of it.
Mike: What was the darkest part of your life in your life’s journey so far?
Scott: Corporate
Mike: Okay how old were you then?
Scott: Late 20’s, your age,
Mike: I’m telling you Kristina you are at the shittiest part of life.
Kristina: I keep getting that when I turn 27, I’m like yes that is the shittiest year of my life.
Mike: I did not get to try weed until I turned 30, I’ve never done a drug in my life, I was in Colorado and I was like, alright dude it is legal here is I am going to try it. So we have a visitor, I don’t know if you saw her, Steph from South Africa. She was testing out her new equipment here, we brought her in and the conversation about weed comes up and she is in her mid 60’s, I’m not exactly sure, I say mid 60’s and we were talking about weed. And she says she has never done it, I’m like do you miss it and regret it? And she is like yes I kind of wish I did, I’m like well let’s do it, let’s get high now, let’s get, well didn’t she already pass the medicals? Somebody hurt their knee right now, call your doctor he’ll give you the card, and we get it done this afternoon. So okay, what kind of revenue do you generate through the Isogonics?
Scott: That was higher and then it goes up and down, here is the thing, I love it because of the residual income model. So like right now I might be doing maybe $500 a month that’s it because I haven’t spent any time consistently building the business. I was making more a couple of years ago.
Mike: What does more mean?
Scott: I was doing like $2000 a month, it was always a side hustle, I have always had that side hustle even when I had other jobs. I found that when I was doing well in firefighting and living in Arizona in 2010 – 2011 that’s how I left the corporate world. Growing up in a farm, chasing corporate dreams, screw the corporate dreams to I want to be a firefighter with the federal government for 2 years and then come back and then be considered a huge health nut and entrepreneur and figure out the whole entrepreneurial journey.
Mike: Unbelievable man.
Scott: I am all over the place man.
Mike: No that’s cool, that’s one of the riskiest jobs you can have.
Scott: Collins was one of my friends when I got back, he was happy to give me the statistics on that and I was like where was that before and he said that I was in too much of a hurry to leave so I never had time to look it up.
Mike: [Inaudible 00:16:57.09]
Scott: I don’t give a crap, I sky dive, I rock climb I do it all.
Mike: What kind of money are you making through the Cross Fit contractual work you are doing for them?
Scott: We just signed a contract, so like I just said this is first month, because they are my friends, it is a hard thing, I’m like throw me $500 we are going to put me on a retainer, they literally have the site they don’t do any blogging nothing and I am literally getting them going and they just had a huge.
Here is the thing Cross Fit Gyms are not profitable, they suck, I love Cross Fit I am a coach, my friends are in the gym, your fellow member Shannon can back this up, we had her on the show as well and she backs it up. She’s like it’s just not Cross Fit it’s all gyms, but they can’t afford me, they do not have enough profit to hire anybody to do sales and marketing. So they are just limping along and trapped. I am like guys I am going to throw you a bone, here is a retainer, let us see how much we can get done on the first 30 days, I will even extend it because you are just a client that I care about and I am not going to rake you over the coals.
Mike: But without you they don’t make any sales?
Scott: I will say they are making a lot of sales right now because luckily another gym closed down 10 minutes away, so we are soaking up the membership but that was like luck
Mike: Was there like a mysterious fire that broke out?
Scott: I do not know what you are talking about, I just stopped by to say hi, I like your gym, and it is very nice I got to go. There is something in the closet.
Mike: You get $500 a month from them that is $60,000, right here you have three primary functions for all the businesses you have, one is the sales and business development through a friend up to $60,000 a year. You have the nutrition business with Isogonics $6,000 a year, you have Cross Fit, do you have anything else going on for revenue generation or is that the primary?
Scott: Literally I have just started keeping the last piece, that Cross Fit example into gear. So right now, immediately I don’t know, there’s probably other stuff out there but because am so bad at that and not a whole book keeper…
Mike: Yes yes that’s cool.
Scott: This is why I am on here man, there is this money flying around, it’s like it goes in, the whole bank balance accounting methodology. It’s there cool, I need a new webcam I need to start shooting videos for the podcast, literally that happened last week and the prime is the worst, it is very addictive. Dude I have a new high end live tech webcam for like $90, it was a great price and I was like buy it now.
Mike: Let’s talk into why you started employing Profit First, how did you go about employing Profit First?
Scott: Because I am very passionate about loving to see entrepreneurs succeed. If I am going to try and chase these entrepreneur dreams, I need to be an example as well. And I am watching my friends with their businesses, and for example, my own client, my friend with the FSC industry stuff, I love her, I’m like she doesn’t pay herself a salary she just got…
Mike: Hold on the one who is paying you for consultancy and is paying you $60,000 is not paying herself?
Scott: No and I have had this discussion with her over and over about Profit First for a year and a half now, I have been talking about this, and she says I have an accountant and a bookkeeper that does not make any sense. And I’m like it is just like talking to a wall, but it’s okay she just bought herself a new leased, a very nice car, so that’s going to be her salary because she is leasing a brand new car and I’m like that’s not a salary. You can write it off I get it, but that is not a salary you’re not paying yourself cash and I feel that people need to have this connection.
Mike: Well let me ask you, what’s the turning, I mean it happened for you? Do you get so frustrated?
Scott: So I will get personal here, I was a self-proclaimed bachelor for years, seriously like you said I take care of myself, I’m not an unattractive dude, so I am going to come across a Jersey duchy because I was born here. But it’s like guys let’s think about this it’s not just about how you look and how you live, the money does help. When I first pulled my head out of my ass and stopped playing Mr. Jackass bachelor using firefighting as an excuse, because I’m going on the mountains for a month at a time, I don’t want to drag your heart through this.
Mike: Was that you line? Oh God.
Scott: So I just stayed single and I didn’t really date a lot anyway since moving back to the East Coast, I have finally build a more adult life the past few years, I live with my girlfriend, she bought the house off of her family’s estate, her great grandmother’s house. And just being surrounded by, like their family was a construction company and it was founded in the cinder block building behind my house that I have since gutted and monetized for her benefit. But there’s antique cars stored there and the guy pays us every single month, so now the garage …
Mike: It’s like storage?
Scott: Yes, I know how to generate money, I teach people all the time, like guys you can make more money especially if you have an entrepreneurial mind set. Like I gutted that, it’s like a 3000 sq. ft. garage, I have a little corner for bike tuning, because I’m a mountain biker and road cyclist, I’m going to build a little gym area because she is also a Cross Fitter and I still have room to store another for seven or eight cars, that’s stupid, it’s all monetized it is awesome.
Mike: So what triggered you though to go to Profit First, something is still missing?
Scott: It’s just I’m tired of not having money in the bank, she is super frugal and she has been a great influence on me because her mother was the controller of the family’s construction company, her father is a retired ex CFO of a very successful company, like the company that does all the laundry for all the major hospitals. And there’s a company by us Mill Memorial Blood Center where you go donate blood all the branches, he was all over all that. And I’m like okay dude, I didn’t grow up with a lot of money, I grew up on a farm, like we lived from paycheck to paycheck
Mike: Dude you were born in a hospital that was on a farm.
Scott: Exactly, so I was like I am just tired, I have tried listening to other people, I have tried figuring it on my own limping along. And then you just find excuses, almost like, you know what it’s been working and you just keep doing it. And then when it comes time for vacation and stuff like that and my girlfriend’s got her act together and she is ready to go and I’m finally at the frustration point. I’m like dude, you have so much going for you, why don’t you have your act together like she does and this is ridiculous. And I know I am not the only business entrepreneur or network marketer, whoever is outside there listening to this, these are some of the frustrations going on out there man.
Mike: So how did you make that mental shift? What was the day or the moment that you mind finally said, this was not working anymore?
Scott: Oh dude like literally when I listed to the first edition of your book. I have learned about your book because of Michael O’Neal, then I found the podcast, but then I had already bought the book and then I tried reading the book and I realized that I suck at reading books. Now I’d would rather listen to them because I travel so much for my clients, I do a lot of road travel. So I was like dude, I have a mobile library and university right in my car. So then I crushed your book in like literally a couple of days and I went back to listening to it again and I’m trying to go back to the book to make notes. And I was like, this makes so much sense and I tried to explain it to my girlfriend and she is just like, that doesn’t make any sense.
You are from the old school world and I am the guy who embraces the new age stuff, and I was like there is always room for change.
Mike: It sounds like she is rocking it out.
Scott: She is good, she is fine, but in order for us to succeed, and this is something that I have had to swallow my pride on and get transparent and show venerability on, and I think we need to do that in personal and professional life, you do not know everything. What is working for her isn’t going to work for me, she pays an office manager, she has her own office manager, does all the books, it’s automated for her vet business, so her and her business partner they’re good.
Mike: She owns a vet business?
Scott: She’s an entrepreneur too.
Mike: But she owns her own veterinary school?
Scott: Yes she’s a horse vet.
Mike: Are you effing me right now?
Scott: No dude.
Mike: So I’ve got to talk to you after this, my daughter is looking to intern, free intern.
Scott: She does interns all the time from Lehigh University and others around us, I promise you dude I’ll hook you up.
Mike: This is the best episode ever.
Scott: It is a female owned business, three female entrepreneurial veterinary doctors, two are owners one is the employee now, I will hook you up. My girlfriend she is a chiropractor as well, she is a doctor for chiropractic for animals as well and her new employee doctor is a doctor of acupuncture, so she will learn all the wellness stuff, oh yes I’ll hook you up.
Mike: Okay now I’m done talking about me. Let’s get back to you, tell me about what you have done with Profit First in your business so far, the impact that it has had and what do we need to do next?
Scott: It’s called, pull the freaking trigger and get it fully implemented. I’ve been literally, say I have all my accounts with Wells Fargo, I am not worried about people hacking go ahead and take what I don’t have, take my nothing. For years I’ve had a secondary account sitting there and not being used with my old credit unit of my corporate days, I have always kept my credit union accounts. And I have always liked the big world and the small world and I have a line of credit though them and I just need to pay them. Because I used that to actually go back to college, finish the degree and everything else before the fire fighting.
I took on a nice chunk of debt to create my own freedom if that made any sense. Which now I realize that degree it didn’t really give me anything, except people think you are more impressive because you have a Bs behind your name.
Mike: There’s a lot of truth, Bs is often Bs.
Scott: Exactly, everything that I am using in my business right now to generate income I taught myself, I didn’t learn that in the university. I am not trying to bash colleges but they teach you to be a great employee.
Mike: I agree, what is your Bs in Kristina?
Inaudible: I can’t remember, recreation.
Mike: Thee you go.
Kristina: I think it’s recreation management.
Mike: There you go you get a punch for that one.
Scott: You probably went to school with a friend of mine here in New Jersey, she also has a degree in recreational management.
Kristina: Yes I went actually to East Shrewsbury in Pennsylvania.
Scott: Yes so did she. The girl by the name Loraine [Hetherway 00:27:10]?
Kristina: No.
Scott: She is from North Jersey up here too.
Mike: everyone know Loraine Hetherway, everybody knows Loraine.
Scott: Everybody knows Lorry.
Mike: You’ve got to get up on your game seriously.
Kristina: I ponder the same thing because you know I’m in so much student loan debt, and did my degree help me get my jobs? Yes was it worth what I am doing now?
Scott: At the highest level it shows that you can commit to a program and learn something. It shows that you have, and I’m doing air quotes for our listeners, it shows you have commitment and you have work ethic and you can actually study something that is really about it.
Mike: I agree, so you started Profit First, you’re with Wells Fargo, how many accounts do you have set up?
Scott: Right now I have four accounts with them, but they are not all being set up properly at all, I haven’t really implemented all the equations all that stuff. Here’s the thing, over the past year everything was in one place, so then when I finally I settled with LLC like two years ago and then I moved my contracts with my friends company over under the LLC name and my name and just for sanity from my standpoint.
And then I said okay and all the monies are still muddled, so let’s separate everything else from back, I actually relisted a business a check-in and a business savings to that LLC tax ID to separate it from my personal. Currently whenever I need money for personal expenditures, I have my personal and I did my business check-in and savings also with that bank and I just transfer and I label it owners draw. Whenever I need cash that’s not business related, everything stays in that business check-in, so it’s that the income account that that you talk about in your training.
So I have my income account and everything is going there, but all of my expenses are coming out from there too. I still have all the bills automated to that account, so I have all my personal bills automated to the personal check-in and my business bills automated to that same business check –in, I haven’t divided everything yet.
Mike: And so you have four accounts but you are basically not using the other accounts?
Scott: No and then I have accounts with the credit union that are just sitting there. Those I have decided that, there’s technically I have to remove the features that you teach us, like I don’t need all the benefits, I already cut the card up. I do not need the Visa debit card accounts because I do not use it, so now I already set up automated the transfer functionality from Wells Fargo to the credit union, so all that stuff is ready. I just haven’t implemented the new percentages properly down to move that stuff into the separate account that I only have to physically go into and touch, so that’s already in motion. Things are in motion they are just not fully executed in the way of Profit First.
Mike: So I will give you two approaches, then you can take off… First I will give you a recording I have on someone coaching on how to do Profit First.
Do it, so just do it.

Comments

1 thought on “Episode 140: Facing your Profit First Fears with Scott Mulvaney”

  1. Hi, your podcasts are always very intresting! Good work!
    I will like to know when you will realize an audiobook about the “profit first” new edition?

Leave a Reply

Your email address will not be published. Required fields are marked *

More of mike…

Have Mike Speak at your event

Read All of Mike’s amazing Books

Listen to Mike’s Podcast Right now

Join Profit First Professionals

…& Mike’s Books

Profit First

Surge

The Pumpkin Plan

The Toilet Paper Entrepreneur