Brian Basinger, a certified public accountant and author of Bottom-Line Profits. Brian's book dives into the philosophies and strategies that empower small business owners to go beyond profit to find real, meaningful growth. In this episode and in some future episodes, we'll explore not only how to maximize profits, but also how to build a life and business you're genuinely proud of. Join us as we unpack insights into personal growth, business challenges, and the journey to Bottom line success.

Chapter 6: Help From Experts

1. You emphasize the importance of sales in transitioning from being a contractor to a full-fledged entrepreneur. Can you elaborate on the specific skills or strategies that entrepreneurs should develop to effectively generate sales and set growth targets?
2. As businesses grow, the need for delegation and building a capable team becomes crucial. What are some key traits or skills you look for when selecting team members or experts to help scale a business, and how can entrepreneurs ensure they maintain accountability and communication with their team?

Chapter 7: You

1. You discuss the importance of personal growth and the challenge of aligning on growth content with your partner. Can you share some specific voices or resources that have significantly influenced your journey, and how can individuals navigate differing perspectives on personal development within their relationships?
2. You mention the idea that entrepreneurship can provide meaning through personal and professional growth, despite the inherent uncertainties of business. How can entrepreneurs find a balance between the pursuit of success and the need for personal fulfillment, especially when faced with the pressures of achieving financial goals?

In this episode, Brian discusses:

• Transitioning from contractor to entrepreneur through sales growth and team building
• Selling predictable cash flow businesses to create wealth opportunities
• Personal growth and overcoming challenges inherent in entrepreneurship
• Importance of expert advice and hiring specialized talent
• Draw inspiration from influential figures to push beyond comfort zones

Bottom-Line Profits BOOK: https://www.amazon.com/dp/B0DHCM9B6C/

Connect with Brian:

Website: https://www.contigoadvisors.com/

LinkedIn: https://www.linkedin.com/in/brian-basinger-cpa/

YouTube: https://www.youtube.com/channel/UCp0f3OMiQOpPtz9wIiIPBJw

Facebook: https://www.facebook.com/brianbasingercpa

Show notes by Podcastologist: Angelo Paul Tagama

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Brian Basinger, a certified public accountant and author of Bottom-Line Profits. Brian's book dives into the philosophies and strategies that empower small business owners to go beyond profit to find real, meaningful growth. In this episode and in some future episodes, we'll explore not only how to maximize profits, but also how to build a life and business you're genuinely proud of. Join us as we unpack insights into personal growth, business challenges, and the journey to Bottom line success.

1. Understanding Tax Strategy: You mentioned that many entrepreneurs overlook the importance of tax strategy, often resulting in significant overpayment. What are some common misconceptions or mistakes you see entrepreneurs making when it comes to managing their tax obligations, and how can they start to shift their mindset?
2. Proactive Planning: You emphasize the necessity of being proactive rather than reactive in tax planning. Can you elaborate on some specific steps or strategies that business owners can implement to proactively manage their tax situations, especially as they approach key financial milestones?
3. What are some common misconceptions entrepreneurs have about tax deductions, and how can they shift their mindset from simply asking, 'Can I deduct this?' to proactively strategizing 'How can I deduct this?' to maximize their savings?

In this episode, Brian discusses:

• Strategic tax planning reduces expenses and maximizes savings for entrepreneurs
• CPAs focus on retrospective preparation; proactive tax planning is essential
• Planning financial events and leveraging deductions minimize tax liability
• Shifting expenses to family management companies enables additional savings
• Tax strategy pillars: deductions, entity structures, and investment incentives

Bottom-Line Profits BOOK: https://www.amazon.com/dp/B0DHCM9B6C/

Connect with Brian:

Website: https://www.contigoadvisors.com/

LinkedIn: https://www.linkedin.com/in/brian-basinger-cpa/

YouTube: https://www.youtube.com/channel/UCp0f3OMiQOpPtz9wIiIPBJw

Facebook: https://www.facebook.com/brianbasingercpa

Show notes by Podcastologist: Angelo Paul Tagama

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Brian Basinger, a certified public accountant and author of Bottom-Line Profits. Brian's book dives into the philosophies and strategies that empower small business owners to go beyond profit to find real, meaningful growth. In this episode and in some future episodes, we'll explore not only how to maximize profits, but also how to build a life and business you're genuinely proud of. Join us as we unpack insights into personal growth, business challenges, and the journey to Bottom line success.

1. In your story about using leverage to move the pool without draining it, you describe how applying leverage makes the impossible achievable. How does this idea of leverage apply to entrepreneurs, and what would you say is the most overlooked form of leverage in business?
2. You've highlighted the distinction between personal debt and investment debt, emphasizing how each can impact financial freedom differently. Can you share how entrepreneurs can best assess when taking on debt could serve as leverage rather than a burden?
3. Alex Hormozi emphasizes the value of deep, repeated study of a single great book over skimming multiple mediocre ones. Can you share an example from your own experience where focusing on one resource or method led to a significant breakthrough in your expertise or business growth?

In this episode, Brian discusses:

• Strategies for leveraging debt and investments for income-generating assets
• Importance of effective delegation to maximize entrepreneurial efficiency
• Focused efforts versus scattered tactics for sustained success
• Value of deep, repeated study of impactful books over superficial reading
• Distinction between consulting expertise and business ownership leveraging others' time

Bottom-Line Profits BOOK: https://www.amazon.com/dp/B0DHCM9B6C/

Connect with Brian:

Website: https://www.contigoadvisors.com/

LinkedIn: https://www.linkedin.com/in/brian-basinger-cpa/

YouTube: https://www.youtube.com/channel/UCp0f3OMiQOpPtz9wIiIPBJw

Facebook: https://www.facebook.com/brianbasingercpa

Show notes by Podcastologist: Angelo Paul Tagama

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Brian Basinger, a certified public accountant and author of Bottom-Line Profits. Brian's book dives into the philosophies and strategies that empower small business owners to go beyond profit to find real, meaningful growth. In this episode and in some future episodes, we'll explore not only how to maximize profits, but also how to build a life and business you're genuinely proud of. Join us as we unpack insights into personal growth, business challenges, and the journey to Bottom line success.

1. You mentioned that despite having a formal education in accounting, you were initially unprepared for real-world business accounting. What do you think academic programs could do differently to better equip graduates for practical challenges?
2. In the book, you talk about how financial statements give an 'unbiased outside perspective' on a business's health. Can you explain how even a successful entrepreneur might miss critical insights without using these statements effectively?
3. Many business owners often delegate the task of reviewing financial statements to their bookkeeper or accountant, viewing these documents as merely historical records. How would you advise business owners to shift this mindset, and what key insights might they gain from regularly reviewing their cash flow statements, especially the cash flow from financing activities?

In this episode, Brian discusses:

• Practical skills in accounting education for real-world business demands
• Importance of reviewing all financial statements regularly for business health
• Addressing profit and loss issues by investigating costs, revenue, and overhead
• Staying engaged with financial reviews to control costs and improve results
• Achieving growth, maximizing profits, and building a fulfilling business life

Bottom-Line Profits BOOK: https://www.amazon.com/dp/B0DHCM9B6C/

Connect with Brian:

Website: https://www.contigoadvisors.com/

LinkedIn: https://www.linkedin.com/in/brian-basinger-cpa/

YouTube: https://www.youtube.com/channel/UCp0f3OMiQOpPtz9wIiIPBJw

Facebook: https://www.facebook.com/brianbasingercpa

Show notes by Podcastologist: Angelo Paul Tagama

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Brian Basinger, a certified public accountant and author of Bottom-Line Profits. Brian's book dives into the philosophies and strategies that empower small business owners to go beyond profit to find real, meaningful growth. In this episode and in some future episodes, we'll explore not only how to maximize profits, but also how to build a life and business you're genuinely proud of. Join us as we unpack insights into personal growth, business challenges, and the journey to Bottom line success.

1. You mentioned a turning point when you faced a $10,000 tax bill that nearly wiped out your account. How did that experience reshape your approach to efficiency, and what initial steps did you take to prevent future financial crises in your business?
2. You highlight the importance of weekly financial reviews and the concept that 'what gets measured gets improved.' For entrepreneurs just starting this habit, what are some key metrics or numbers they should focus on first to see immediate impact?
3. You describe numbers as 'silent storytellers' that reveal hidden truths about a business. Can you share an example of how tracking a specific number transformed your perspective or approach as an entrepreneur?

In this episode, Brian discusses:

• Shifting from reactive to proactive financial planning through forecasting and strategy
• Importance of cash flow projections for managing business finances effectively
• Tracking key numbers like labor costs to understand profit margins and revenue generation
• Leveraging key performance indicators to measure and improve business efficiency
• Addressing the complexity of business transactions with data-driven insights

Bottom-Line Profits BOOK: https://www.amazon.com/dp/B0DHCM9B6C/

Connect with Brian:

Website: https://www.contigoadvisors.com/

LinkedIn: https://www.linkedin.com/in/brian-basinger-cpa/

YouTube: https://www.youtube.com/channel/UCp0f3OMiQOpPtz9wIiIPBJw

Facebook: https://www.facebook.com/brianbasingercpa

Show notes by Podcastologist: Angelo Paul Tagama

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Brian Basinger, a certified public accountant and author of Bottom-Line Profits. Brian's book dives into the philosophies and strategies that empower small business owners to go beyond profit to find real, meaningful growth. In this episode and in some future episodes, we'll explore not only how to maximize profits, but also how to build a life and business you're genuinely proud of. Join us as we unpack insights into personal growth, business challenges, and the journey to Bottom line success.

Introduction Question:

1. You begin by describing entrepreneurship as a journey through the wilderness, with obstacles along the way. What inspired you to use this metaphor, and how does it shape the approach you recommend to entrepreneurs?

Chapter 1: The Profitable Mindset:

1. In Chapter 1, you explore the concept of a "drifter vs. driven" mindset. Can you share some key characteristics of each mindset and explain how shifting from one to the other can impact a business's success?
2. You discuss the importance of defining concrete goals instead of abstract desires. Why is this clarity so essential, and what practical steps can an entrepreneur take to establish these specific, meaningful goals?

In this episode Brian discusses:

• Navigating entrepreneurship as an unpredictable wilderness requiring adaptability and perseverance
• Importance of shifting from a drifter mindset with vague ideas to a driven mindset with specific goals
• Role of clear vision, quantifiable targets, and goal mapping in driving business and personal progress
• Strategies for maximizing profits while aligning business growth with personal lifestyle goals
• Building a meaningful and sustainable business by balancing purpose and profitability

Bottom-Line Profits BOOK: https://www.amazon.com/dp/B0DHCM9B6C/

Connect with Brian:

Website: https://www.contigoadvisors.com/

LinkedIn: https://www.linkedin.com/in/brian-basinger-cpa/

YouTube: https://www.youtube.com/channel/UCp0f3OMiQOpPtz9wIiIPBJw

Facebook: https://www.facebook.com/brianbasingercpa

Show notes by Podcastologist: Angelo Paul Tagama

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.