35: Pool Your Profits with Rocky Lalvani

25
Apr

Rocky Lalvani coaches businesses to leverage Mike Michalowicz’s Profit First System. We discuss the Profit First strategy, dissect what a healthy business looks like and contrast good and bad money behaviors.  

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Listen to the podcast here

 

Pool Your Profits with Rocky Lalvani

Our guest is Rocky Lalvani, who is a fractional Chief Profitability Officer (CPO). He is a Profit First professional certified by, or based on Michael Michalowicz’s book, Profit First, I guess he’s a certified professional with the system. He is also a partner, he’s a real estate investor and he focuses on rehabilitation type real estate investments. He is also the host of two podcasts, Profit Answer Man and The Richer Soul. That would definitely be good for me to enrich my soul. He holds a Bachelor of Science in Economics from Rutgers and an MBA from Penn State. Welcome to the show, Rocky. Great to have you here.

Thank you so much for having me, Steve. I’m excited to join you today.

So, let’s dive in. Rocky, I’d like to understand how does one become a real estate investor? I mean, what is your entrepreneurial journey to real estate investment? And then this whole profit source, how did that come into the picture? Tell us your story a little bit.

So, I have a horrible entrepreneurial journey.

Okay.

As a kid, I always made a buck. Like I would go into New York City, buy stuff wholesale, come back and sell it to all my friends for double what I was buying it for. So I was making money. Computers were just coming out and I bought my first Apple II. And back then they came out with the electronic spreadsheets. So the first one was VisiCalc. I was teaching accountants how to go from paper ledger to electronic spreadsheets.

And while I was in college, I was working in a bank, like helping them with spreadsheets. And the idea in the back of my head was always, I want to start a business and teach people how to, you know, I’ll create spreadsheets for you and make it work. In the meantime, I was also learning how to do real estate. So I was learning how to do all the repairs, because if we wanted repairs in our house, we couldn’t afford people, we had to do it ourselves. And I actually had my real estate license when I was in college. S

o I was selling real estate, got out of college, had no clue how to start a business, how to approach companies, got a good job that turned out to be pretty lucrative. And the evil of great is good. So for quite a long time, I had a good life and I didn’t invest in real estate. I didn’t do anything. I kind of like, it was hesitant always. I didn’t know what to do. And then probably 20 years later, right? After the last crash, real estate was cheap and we’re like, okay, let’s start playing around with real estate.

So I started buying rentals and then we started flipping because at that time it was kind of a no brainer business. I already had all the skills. I knew how to run the numbers and we finally got kicked off of the seat of waiting because that’s the biggest problem I think so many of us is the fear of starting. So that got me into real estate and once we got started and I figured it out, we just started running with that. I still had this thing with numbers. So by this whole time, I knew how to build wealth and essentially I became a multimillionaire.

I’m like, why aren’t there more people who are wealthy? Like, why is this so difficult for people to do? And I couldn’t figure it out. And then I realized we aren’t taught, like I have two degrees, as you mentioned, an MBA. You’re not taught how to build wealth. And then I realized when I was a kid, my parents taught me about money. Most people are not taught about money or what they’re taught about money is not appropriate. It’s bad money behavior, so to speak. And so they’re not taught good money behaviors, unfortunately.

Okay. So, what’s a bad money behavior and what’s a good money behavior?

Well, so if you grow up thinking rich people are evil, are you ever going to become rich? No, if you get money in your hand, you’ll get rid of it because you’re like, I don’t want to be evil. If you’re told that you can’t afford that, then you’ve got this attitude that’s very negative towards money. If you’re told you’ve got to work hard for money, you think you have to really work hard, which isn’t true. You don’t have to do all these things. There are easy ways to do this. It’s all money mindsets.

And so if you’ve got the right mindsets that money is a tool, you get rid of the emotions and you use it as a tool, then you have the ability to build wealth over time. And money is not the end all, right? You talked about my other podcast. Money is just a tool that allows you to do other things. It’s not going to provide happiness. So I think that’s one of the problems. People are always chasing the money and then they spend too much because they’re not taught how to save.

If you've got the right mindsets that money is a tool, you get rid of the emotions and you use it as a tool, then you have the ability to build wealth over time. Click To Tweet

Nobody talks about cutting costs and negotiating and being a little bit frugal. Frugal might be a bad word. And then along this whole journey of learning about people and money, I came across a shocking discovery. I thought business owners understood the business of business. And it turns out business owners hate accounting. They don’t want to be accountants and they’re not looking at their financial reports. They’re doing what they love in their business.

I’m like, oh my God, these people need help. I know how to help them. I now have the point in my life where I have the freedom to choose what I really want to do. And I finally figured out what I really wanted to do. Like what do you want to be when you grow up? It took me a long time to figure that out. Now I work with business owners. I look at their finances and I help them make better decisions. You’re a systems guy too, right? You’re part of EOS?

Yeah, I am.

So, from that, you understand systems and processes and if you can build systems and processes into your business, things work. What I do is I teach systems and processes around finances and cash flow. There are levers and when we learn to use the levers and learn what they do, the business to business becomes easy. But if you don’t understand the money of business, business becomes hard.

Let me understand this a little bit better. You became a millionaire in real estate investing, is it really worth your time to work with the business owners and be a coach to them on their money things rather than investing your time on real estate deals and let capital leverage your time?

I do this because I love it, because I have fun, because it’s part of giving back. Real estate can make me money, but it doesn’t thrill me. There are parts of the deal that I love. There are parts of the deal I don’t love. And honestly, I just don’t want to build this big real estate team. I don’t want to go through like it’s just it’s nice I can do it, but it doesn’t light me up. Like I don’t wake up going, can I find the next deal? Can I do this? That’s just not exciting to me anymore.

Helping people figure out their lives and their businesses and being able to see them have that dramatic change in life. That’s fun and like I coached when my kids were growing up I coached a lot in sports and in robotics when you can watch a kid for the first time. Like accomplish something they never thought was possible it’s exciting. We can help business owners who have been struggling for years even when they’ve got seven figures in revenue see that they can actually turn this business around, they can hire people. At the end of the day, our country is in trouble right now. The way out is small business. So if we can help these guys hire people, build a strong economy, it’s got much more value than just doing some other house.

Ok, I buy that. So I invited you both because of your profile, but also because I like these frameworks that business owners can use and they can implement in their business. I call them management blueprints, but there are other names to it, business operating system or frameworks. And Profit First is one of these. And I love it that you are an expert in that. So tell me a little bit about what is profit first? What does it mean profit first? Of course, we all want profit, but are there people out there who want profit last?

Yeah, there are. Believe it or not, they are. And it’s going to be the most surprising person that you can imagine. Profit first is nothing new. It’s the system that I’ve been using my whole life to build wealth, which is essentially something that everyone has heard but no one does, which is pay yourself first. So your accountant has a formula for profit. Sales minus expenses equals profit. Where’s profit in that?

That’s the result.

It’s the result. It’s the leftover. It’s the last, right? So there’s the person who’s putting profit last. Mike changed the equation. He said this is not the way to do things. He goes, entrepreneurs need to put profit first. So let’s do sales minus profit equals expenses. Even when I do a real estate deal, we figure out this is our profit on this deal. We add it in up front to say, this is what we expect to make. It’s built into the model. For business owners, it’s the same thing. You pay yourself first, you take your profit first, not last. You don’t do it as a leftover.

Most business owners do not know if they’re profitable until they go to tax time. The accountant says, congratulations, you’re profitable, you lost money, here’s what you owe in taxes. The first question the business owner asks is, where is that profit? The accountant laughs at him and says, you spent it and that’s the problem. If you look at a big corporation, every quarter what do they do? They hand out a dividend check. They’re giving profit to the owners of those companies. Why can’t small business owners do that?

So let me ask you this. I understand for real estate at first really well because you have a 15-year or 20-year loan or whatever, 30-year loan and you know what your rent is going to be, because you have tenants who commit to multiple years, and you know what your expense is going to be because all your vendors, you contract them with them for multiple years, and then you can basically engineer it. You can say, okay, this is how much I want to make.

This is how much I’m willing to pay for this real estate given my expenses, and if I cannot buy the real estate for that price, I’m not going to buy this deal, and this is what private equity fund managers do as well. They figure out what is the return they have to give to their investors and what is their fee that has to be paid for and then they look for the deals. I get that.

But for a small business, especially for someone like a contractor, where they don’t have long-term recurring revenue, it’s fluctuating, sometimes it’s feast or famine kind of business. How do you do that? I have a bad month, then I basically fire all my vendors and my contractors and I basically switch off the electricity and the gas and now I’m saving money. How does that work?

So first of all, that small guy can do the same thing that the real estate investor and the hedge fund guy do. They can sit down and run their numbers. They can say, hey, here’s what I need to keep the business running. This is how much lights cost. This is what my rent is. This is my insurance. This is how much my person costs that I need to hire. What’s my base minimum that I need to run this business? Next, how much revenue do I need to generate to maintain that base cost? Right, and then appropriately pricing your services to cover that.

Now, you said I go through feast and famine. When you go through feast, what do you do with all the extra money? If you’re like most people, you spend it. Oh, there’s money in the thing. We can buy a new pickup truck. No, you can’t. Next month is famine. So what we do in profit first is for businesses like that, we set a line which says, okay, these are all my expenses. This is what I need on a monthly basis. This is my homebound expenses. This is what I need to do to keep my family happy.

So just for argument’s sake, let’s just say that’s $10,000 a month. That covers my home, my business, everything else. Every time we bring in more than $10,000 a month, we scrape the money off the top, we put it in a separate account, and we leave there so that three months from now when I have $3,000 in revenue, I can go to that account and say I need $7,000 so that I can smooth out my revenue.

Profit First is not just a system; it's a mindset shift. It's about making profitability a priority from the very start. Click To Tweet

So, what about growing the business? What about investing in it, expanding, investing in marketing, hiring for the business? Basically, what you’re saying is that you only invest after the event and you have cash, you’re not taking risks and you’re not going to go into debt just to accelerate your growth.

Everything needs to be done appropriately. If you’re going to go into debt to grow your business, what does that look like? I think the biggest thing people don’t realize is a growing business needs to have a very good amount of cash up front to finance their growth. Most people think they can finance their growth on cash flow and if they have one hiccup the whole thing blows up. So starting from a strong foundation is very good.

Now you can start with a strong foundation with a loan if that’s what you do, but let’s segregate that money. Let’s keep it separate. Let’s not just spend it. People see a big pile of money, they spend it. I need a new truck, I need a fancy office, I need a big website. No, what you need are customers, paying customers. Everything else is irrelevant. And that’s where we get it wrong. I think we waste too much money because all these people come in and say, you need this, you need that, you need this, and we go spend all this money on that.

Nobody is buying your labor because you have a fancy pickup truck, right? They’re buying your labor because they need what you can fix for them, whatever that is. They need a new roof because their roof is leaking. You think they’re looking at all the pickup trucks coming by, judging their roofer? Who’s going to fix my roof? Who do I trust? Who comes with good recommendations? That all comes from doing good work, not from spending money.

Okay, well, sometimes you have to spend money to make money, right? You have to have good equipment because if you are sloppy, if you show up with a broken car, then you’re not going to endanger, engender too much trust and confidence. So it’s a fine line. Now, I hear you. I hear you.

It’s a fine line, but even when it comes to tools, these guys will go out, Oh I need this tool for this one thing. They’ll buy a $1,000 tool for a $200 job that they may never use again. Go rent the tool for $50. Go rent the tool for $100. Don’t go just buy everything because you need it and you want the next greatest tool. Photographers do that all the time. I need a new camera. No, you don’t.

So basically, what you’re advocating is that, I mean the way big companies do that is they have budgets and then they basically restrict themselves to the budget, they’re disciplined, there’s no imposed buying. It’s in the budget, you can spend it. If it’s not in the budget, you cannot spend it. Is this what you’re advocating that small businesses do?

Absolutely.

But it takes all the fun out of it, doesn’t it? Because people go and become entrepreneurs because, you know, they want to be able to do these impulse things. They want to have the freedom that if I had a good month, I want to buy a new truck because I want to feel successful and I want to, you know, improve my business. So doesn’t that take out all the fun of entrepreneurship?

Usually, the word fun and entrepreneurship don’t go in the same sentence. Usually it’s fear, anxiety, frustration, roller coaster ride. Look, I’m not telling you not to buy these things. I’m telling you to buy them when you’re on a strong foundation. You build your business up strong, you build up cash reserves. Like I can teach you how to buy that pickup truck for cash.

Then it doesn’t matter if next month goes down, right? The truck is paid for. And you’ve done it at the appropriate time when you’re growing a business and you’re growing a reputation. The new guy who’s scrappy, who’s just trying to get business, that’s not going to help them get business.

Okay, well, I hear you, I hear you. So tell me more about this profit first. So how do I set up my business to be a profit first business? What do I need to do?

Basically, we start with five bank accounts. People have heard of Dave Ramsey maybe, they’ve heard of the envelope system. It’s the way your grandparents used to spend money. They get their paycheck, they’d have an envelope that said food, an envelope that said rent, an envelope that said utility, they would split their money up and they would spend it with a purpose. We do the same exact thing. In the business, we have an income account.

Now, most business owners are not looking at their financial statements, they’re looking at their bank balance. When you look at your income account, you’ll know exactly how much money came in this month, because you can see it there. Then we allocate our money. So we pay ourselves profit first. So we take a percentage aside. You said when you built this business that you were going to have a 5% profit margin, 10% profit margin. We’ll take that five or 10%, put it in your profit account. Next, you need to pay yourself the owner.

Most owners pay themselves last, not first. You’re the business owner. You took the risk. You did the work. Why don’t you deserve to get paid first? So put your paycheck, your owner’s pay account. Then it’s time for taxes because it’s not your money. It’s the government’s. So put your money in the tax account. The biggest thing that people who use Profit First talk to me about is tax time. Tax time is no longer scary.

They feel confident. They’re ready for tax time. So here’s what happens at tax time, right? Take Mike, Mike’s business exploded one year. Most accountants do not talk to their business owners throughout the year. They just go, here are your quarterlies for next year based on what you did this year. So the end of the year comes by, Mike’s sales were dramatically higher. The accountant, of course, dreads this call because no accountant wants to call their client and say, you owe a bunch of money in taxes because they’re going to get yelled at.

She makes the call. I’ve been dreading talking to you for three weeks. Mike’s like, what’s wrong? She’s like, you owe a bunch in taxes. He goes, I know business has been good. He’s like, how much? She goes, it’s almost six figures. He goes, no problem. I’ll drop off checks tomorrow. That is not the normal response, right? She looked at him and said, in my 23 years doing this, nobody has ever said that to me. Usually this is where the screaming and the cursing and the down roller coaster, how am I going to get the money to do this come from?

Because he had a tax account, he stroked the check and he actually had more money in his tax account than he needed, so he got a bonus for himself. We all hate tax time, but when you can face tax time with confidence and know that you have the money, you sleep at night. So the tax account and then what’s left goes into your operating expense account. That’s what you truly have to spend. What it means is you’re not spending your pay, you’re not spending your profit, and you’re not spending the government’s money.

You’re spending what’s truly there and you’re having real-time understanding of “Hey this is how much money I have in my account.” Now some businesses will set up more accounts. So let’s take the guy that you’re talking about. I have a business that requires every few years I need a new truck, I use a lot of tools so I need to constantly replace my tools. Well, what’s your budget for your tools and truck every year? Maybe they’re 10% of operations.

Well, as you get your money in, let’s take 10% aside and let’s put it in a special account for capital equipment. And then when the time comes, you go, I need new equipment. It’s not, how am I going to pay for this? It’s like, OK, let’s check the account. We have the money. We’ve set it aside. I can buy the new tool, I can buy the new truck and the roller coaster goes away and the anxiety goes away and you can sleep at night and you have the freedom to say to bad customers, bye, I don’t need your money, see yah.

Okay, well, definitely there’s something to be said about this layaway of life. On the other hand, is business credit a bad thing? I mean, business credit helps businesses grow faster. It’s basically a capital that funds the growth of businesses. Big companies, they couldn’t grow if they couldn’t tap the stock market to fuel their growth. So aren’t we starving our business of the capital of credit if we do that?

I’m not telling you not to borrow. I’m telling you to borrow responsibly and to sit down and actually do a spreadsheet. You said that earlier. You go, you real estate people, you figure out your numbers. These hedge fund investors and these guys, they’re all figuring out the numbers. Are you the small business owner figuring out the numbers? Did you calculate out what’s your monthly minimum that you need to bring in?

If I’m going to borrow a million dollars to grow my business, how am I measuring that? How do I know I can grow it? Do I have the team in place to grow that business? If I put my team in place, have we put our systems and processes in place to allow for us to grow? When you grow your business, if your core systems are not operationally very good, all you’re going to do is magnify your problem. Growth is what destroys most businesses because they didn’t do the job up front to make sure that they are ready for growth.

So I’m not telling you not to borrow. I’m not telling you not to grow. I had somebody on my show who their goal was to sell to Costco. And we actually went through and we ran the numbers. So if I want to sell to Costco, it’s going to take me four months to get my product ready to deliver to Costco. So for four months, I’m putting money out, building this first order.

So I need that money up front. Then I ship it to Costco. Costco doesn’t send me a check. It takes them another two, three months once the stuff sells, then they send me a check. But before the 90 day mark, 60 days in, they’re like, hey, we need more. I still haven’t seen a penny and now I need to deliver another entire order to Costco and start paying for that.

It’s not a great business model.

It is if you have the cash, right? Because if you have the cash, you have the sales, you have to get the funnel rolling. Within a year, the money starts flowing and it’s not a big deal. But you’ve got to get through that hump. You’ve got to plan for it. You’ve got to put pen to paper. Can we do this? Yes, we can. But how do we do it?

So basically, it’s loss of discipline. To be a profit first company, you have to be super disciplined, you have to be very systematic. I get it.

You don’t necessarily need to be disciplined because the system forces discipline. So it takes a lot of the willpower off of you and the system creates the discipline for you. And you don’t even need to do it. You can have your bookkeeper do it for you. And so most business owners are looking at their bank account. With this system, when they go look at their bank account, they’ve covered a lot of the things they need to cover and they’re getting a true picture so they can still be undisciplined.

With the 5% or the 10%, they’re profit, right?

Well, but yeah, but at least they’ve covered their bases and so they’ve got a good foundation going.

Yeah, I think it’s smart. When you talk about a healthy business, then is this what you’re talking about, having these buckets and putting money in the buckets? What else do you see as part of the healthy business and how do you assess whether the business is healthy or not?

There’s the financial health of the business, which is at the core, can you handle your expenses? How many months of expenses can you handle? COVID came around, you might have had to shut down for 90 days. Can you survive the 90 days? So that’s your financial health. And then it goes back to a lot of things that are more in your space, which is, do you have the right culture? Do you teach the culture? Do you have systems and processes in place? Do you have your values down? Is your company running in line with your values? Do your employees, are they in line with your values? Did you hire the right people? Did you put them in the right seat? This is that like that’s not what I do. I just know to tell you need to do that. And if you need help, go find somebody who helps you with that. My job is to make sure you have the money to pay for it all.

How do you work with a company? Let’s say they say, okay, we are very undisciplined, we are cash flows like this, we are feast and famine, come Rocky and help us. What do you do?

What do you do for them? How do you approach them? The first thing we do is, and I don’t even charge for this. I look at where you are and I will give you a picture of where you are today. And then based on where you are today, I will give you an assessment to show you where Mike says you should be. Now, I will be honest. Not everyone can get to where Mike says you can be. Which is a, you know, at that point, it’s the come to Jesus moment. Is this the business we want to be in or is there some way we can change our business model to get to where Mike says we want to be? And then what I do is I help them set up the accounts. I get them their initial allocation. So Mike tells you this is where you want to be, but this is where you are. Well, we got to get from here to here.

So, Mike Michalowicz who is the author of profits first?

Yes.

Just for those listeners that might not connect the dots.

Yeah, he’s got targets in the book of where you should be and you can look at them. And so what I do is I help people get from where they are to where they want to be. And what I do is I help them find ways to reduce expenses, increase not only sales, but make sure your product is appropriately priced. So we talk about pools of profit. In a given company you might have five or six services. One or two of those services might be super profitable and you’re ignoring it. Why not shift your business to the areas that are super profitable so you can work half as much and make twice the money.

But you’ve got to figure out where those are and most companies, even large companies, have no idea where their pools of profit are. And there are so many obstacles and human emotion that prevent them from finding them. And you’ve really got to put pen to paper to say what are truly my costs, my time, my investment to truly sell this product. And most companies can’t tell you what their true costs are. So that’s a big part of what I help them do is figure all of that out.

What are the advanced techniques? So there are also the advanced profit first techniques you mentioned on your web page. What are they?

So advanced profit first is generally it’s about setting up more accounts. So it’s handling the rollercoaster ride for businesses that are up and down and dealing with them. Some businesses are seasonal. Some businesses, if you look at the realtors, realtors get paid when a house sells. They might sell three houses one month, no houses the next month. How do we deal for that? You need large capital investments over time. How do we deal with large capital investments over time? Those are some of the more advanced types of things.

If you don’t have a traditional, easy to predict business model, how do we handle those specific areas? And then part of that also is helping you to pay down debt, so teaching you how to get out of debt, how to use your profits to pay off your debts so that you can be on stronger financial footing.

How long does it take for a company to really ingrain this, to make this a habit? And how sticky is the program? So, let’s say you work with them for a year, you teach them the techniques, what are the chances that they’re not going to lose it when you leave, that they can maintain the habit?

I really think that depends on the business owner. You have some business owners who just don’t want to, looking at their financials is like oil and water. Somebody has to sit in that seat, right? Every business has a variety of seats and you need a person in that seat. So either it’s you, maybe if you’ve got a great bookkeeper, then that bookkeeper can sit in that seat. Maybe there’s somebody else in your company who happens to be good with money. It is the finance seat.

It is the person who essentially is your financial officer and we take it a step further to say it should be your profitability officer because at the end of the day, the job is to be profitable. People do what you tell somebody, I want good cash flow, they’ll give you great cash flow, but that doesn’t mean you’re profitable. You say someone, I want to be highly profitable, and you focus on that, you’ll get high profitability because that’s what you’ve put in that seat. And so I think everyone needs somebody focused on profit, whether it’s the business owner, the bookkeeper, somebody, and they truly need to know how to figure that out. And you have to have the right person in every right seat.

You have to have the right person in every right seat. Click To Tweet

No, I couldn’t agree more with that. So if someone would like to introduce the system, where can they reach you? How can they get more information? There is the book, Mike Michalowicz, Profit First. There are other books that Michalowicz wrote, which I read. There’s one with the big cards. I think it’s called Clockwork, and there are other books out there. So what should they consult? Is this the profit first, they should delete first, or do they reach out to you or is the website where they can find information?

So here’s the first thing I want to tell everybody. Everything that I share, I share completely. There are no hidden secrets behind the door that you have to pay for. If you like to read, go buy the Profit First book. Wherever you buy books, I don’t make a penny off of it. It’s Mike’s book. Read the book. Everything you need to implement is in the book. If you like to listen, you can get the book on Audible or my podcast, Profit Answer Man. I go through every chapter of the book.

I explain my take on those chapters and kind of get you through the friction points. So you can do that. My website is profit comes first. If you want to test out the book, you don’t want to spend on the book. You can get the first two chapters for free on my website. Plus I will give you all the tools. So I will send you and show you all the steps I’ll send you. Here’s all the steps you need to do. I’ll send you, here are your targets for your business based on your revenue. I’ll send it all to you for free.

So why do they need you then? Can they not implement it?

They don’t. Go do it. You can listen and learn everything I’m doing and you can go do it. Here’s the thing. 98% of people won’t.

Why?

Why don’t people go and do diet and exercise? Some do. A small percentage do. Most people want to do what they love. And for whatever reason, the financial seat is usually not the seat of love. It isn’t. Most business owners want to go do what they love in their business. If I own a restaurant, I want to cook. I don’t want to be sitting in the back looking at numbers. If I’m in the landscaping business, it’s because I like to be outside. I like to see how I can change the landscape. A plumber might love to plumb. A doctor wants to practice medicine. He doesn’t want to be an accountant. If he wanted to be an accountant, he would have gone and been an accountant. An attorney wants to go do his thing.

So, you are kind of a coach to them or you hold them accountable? What do you do? What is your role?

I sit in the seat where I dive into their numbers and I look for issues and trends and then I help them work on their business instead of in their business. So I come in as a high-level advisor. I teach, I advise, I consult, I coach, I do a little psychotherapy occasionally. Here’s the problem for most entrepreneurs. They don’t have anyone to talk to about their business. They’re alone. And so a lot of times just having somebody to talk to about your business, who understands your business and is not going to judge you, who’s going to help you and do that. It’s a big part of what I do as well.

Sometimes slap your wrist, which you will try to spend too much money, right?

Yeah. And I honestly, a lot of times, these business owners need permission to say no. They’ve got shiny object syndrome. They need somebody to reign them in. And so it, I create that stopgap of, hey, Rocky said I can’t do it, sorry. It takes all the emotions off of them.

You’re the bad guy.

I’m the bad guy. So everybody needs a bad guy in their business. I’m the bad guy for the finances, and I help them with that. Again, like I said, I don’t hide anything. Read the book. Listen to the podcast. Go implement. If you have a question because you’re stuck, email me and go, hey, I did everything. I did this, but this is the one question I have. I will answer your question. I won’t send you a bill.

Ok, so if you would like to learn more of the profit questions, then you can ask them from the Profit Answer Man on the Profit Answer Man podcast. So definitely tune in and check out Rocky Lalvani. He has a LinkedIn page as well. You can find him through there as well. Thank you for coming on the show.

Thank you so much for having me, Steve. It was fun to be here today.

Thanks for having you. And for those of us listening, if you like the show, please like us on YouTube and write a review on iTunes or wherever you get your podcasts so that most people get to see this podcast and tune in next week because we’ll have another entrepreneur coming on the show and sharing their wisdom. Thank you.

 

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