Before you can judge Patrick for his inability to explain Profit First, it's a better idea to ask the author. Mike Michalowicz gets his formal introduction to the pest control industry in this extended interview. Hear how Mike leverages human nature to establish predictable profit. Sales - Expenses = Profit. True, but Mike creates a cash management tool by flipping the traditional GAAP formula.
Pre-Profit First, Mike struck it rich in his early 30's. As a new angel investor with a nice ride, Mike hit rock bottom in more ways than one. With raw emotions, he recalls the events that inspired his best seller. Writing became therapeutic as he began his 'journey to eradicate entrepreneurial poverty'. Revisiting his experience with depression, Mike recommends mental therapy. He even gives a poor man's version to help recover.
Don't sit-back while Mike preaches on plowback pain and pleasure. Is there a better segue than hearing Mike advocating on profitability before selling? Paul counters by asking about ROI. What if your own business is the best vehicle to put capital to highest and best use? Hear how Profit First-adopted companies compare to the control.
Windup the clock. Paul pulls another Michalowicz book, Clockwork, off the shelf for the session's 1st OT. Swooping in and saving the day as a superhero manager leaves a wake of damage. What can an owner taking a four-week vacation do for the business? Do you find yourself carrying the burden to provide jobs as an entrepreneur? By working in the business, are you taking jobs from your employees?
The prolific author is releasing another book this year, Get Different. He gives an example of unique marketing as opposed to getting lost in the sea of industry best practices. Does Dad approve?
Paul inquires about Mike's habits to produce these books. Mike goes onto share income generated from writing and distribution breakdown. Mike gives input on mainstream publishers vs self-publishing vs hybrid options. Is that Dad whispering in your ear, or Mike narrating another book for Audible?
Dylan joins Paul and Patrick to recap the dynamic interview. The lines get blurred between private life and business life. Paul retells stories of those that have cashed out but hold onto regrets. Dylan opens up about his similar struggle with depression. He shares his success habits and the personal growth he's found through journaling. Dylan explores the subconscious mind, and how he utilized consistent habits as opposed to willpower.
Co-Produced, Edited, and Mixed by Dylan Seals of hdaudiopost.com