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Uncovering the Success Strategies and Mindset of the Top 1% so You can Amplify and Transform Your Life and Business.
Episodes
Saturday Jun 25, 2022
Saturday Jun 25, 2022
In this episode of the Making Bank podcast, Rylee Meek, the Founder, and CEO of The Social Dynamic Selling System, talks to us about money, God, and Sales. Rylee Meek is also the founder of King’s Council Coaching and a fellow podcaster hosting the King’s Council Podcast. Through King’s Council Coaching, Rylee has been able to empower individuals and families and help them create a proven framework of success. Rylee has also used his company Social Selling Dynamic to help eight companies reach 7 to 8 figures in just a year of their inception. Utilizing his proven methods and strategies, those companies have each generated over 150 million in sales over the last decade.
This week on the podcast, Rylee talks about the importance of having money, whether it’s for life, business, or your God-given purpose. Rylee believes that everything has its roots in sales. He explains that we live everyday life trying to sell products, services, ideas, thoughts, and even who we are as people.
Listen to Josh and Rylee discuss money, God, and sales:
- (2:22) Rylee’s Start As An Entrepreneur
Rylee’s start in entrepreneurship came when he was 15 years old. He realized he didn’t want to be working a typical ‘job’ for the rest of his life. He disliked the idea of an hourly rate being put on his time and set out to make money his own way. Rylee shares the concept of looking for the fruits in other people’s lives. He did whatever he could to surround himself with mentors and people whom he could learn from. The exposure to these mentors then provided him with opportunities that helped him make money and subsequently set him out on his entrepreneurial journey.
- (5:40) Money Is Not Evil
Many other Christians believe that money is the root of all evil. However, Rylee, who is a Christian himself, disagrees with that. He believes that God gives us the ability to create wealth. Evil doesn’t come from money; instead, money is just the tool that allows us to operate and live our lives the way we choose. Rylee believes the more money you have, the better you are at operating within your God-given calling.
- (9:15) Lessons For Entrepreneurs
Rylee talks about the top three things he learned on his entrepreneurial journey. First, there’s no truly passive income; you must put in the work and some type of effort to make things work. The second is to surround yourself with people that already have what you want and learn from them. Especially as a fresh entrepreneur, you need to do whatever you can to get with people you can learn from. Finally, following your passion doesn’t always work out because sometimes that leads to your passion turning into a chore. Instead, look for opportunities and bring your passion with you no matter what the opportunity is.
- (12:40) Shiny Object Syndrome
Shiny object syndrome refers to an entrepreneur jumping at every opportunity they get but never finishing or getting fully engaged in what they started. Rylee explains that no matter how great your product or service is, if nobody knows about it, then you can’t help anybody. That’s why he believes it’s so important to bring your passion to your opportunities. Use your passion as fuel to help you sell whatever you start. Starting without completion is pointless.
- (15:42) Ninja Sales Techniques
Rylee believes that whoever controls the customer controls everything. Being able to sell is key to you connecting with your customers. He explains that we all receive information differently; some connect better visually or auditorily while others want to feel or touch. Your job is to ensure that you can sell and convey information in whichever ‘language’ your customer connects to the most. When you talk to people, pick up on cues and pay attention to their language. Selling to a group of people is more challenging. You have to make sure that at some point in your presentation, each individual feels like they’ve connected with you because you were able to sprinkle in their ‘language’ at some point in your presentation.
Links mentioned:
Kingscouncilcoaching.com/podcast
Twitter: theryleemeek
Instagram: theryleemeek
LinkedIn: linkedin.com/in/ryleemeek
Sunday Jun 19, 2022
Sunday Jun 19, 2022
In this episode of the Making Bank podcast, Rylee Meek, the Founder, and CEO of The Social Dynamic Selling System, talks to us about money, God, and Sales. Rylee Meek is also the founder of King’s Council Coaching and a fellow podcaster hosting the King’s Council Podcast. Through King’s Council Coaching, Rylee has been able to empower individuals and families and help them create a proven framework of success. Rylee has also used his company Social Selling Dynamic to help eight companies reach 7 to 8 figures in just a year of their inception. Utilizing his proven methods and strategies, those companies have each generated over 150 million in sales over the last decade.
This week on the podcast, Rylee talks about the importance of having money, whether it’s for life, business, or your God-given purpose. Rylee believes that everything has its roots in sales. He explains that we live everyday life trying to sell products, services, ideas, thoughts, and even who we are as people.
Listen to Josh and Rylee discuss money, God, and sales:
- (2:22) Rylee’s Start As An Entrepreneur
Rylee’s start in entrepreneurship came when he was 15 years old. He realized he didn’t want to be working a typical ‘job’ for the rest of his life. He disliked the idea of an hourly rate being put on his time and set out to make money his own way. Rylee shares the concept of looking for the fruits in other people’s lives. He did whatever he could to surround himself with mentors and people whom he could learn from. The exposure to these mentors then provided him with opportunities that helped him make money and subsequently set him out on his entrepreneurial journey.
- (5:40) Money Is Not Evil
Many other Christians believe that money is the root of all evil. However, Rylee, who is a Christian himself, disagrees with that. He believes that God gives us the ability to create wealth. Evil doesn’t come from money; instead, money is just the tool that allows us to operate and live our lives the way we choose. Rylee believes the more money you have, the better you are at operating within your God-given calling.
- (9:15) Lessons For Entrepreneurs
Rylee talks about the top three things he learned on his entrepreneurial journey. First, there’s no truly passive income; you must put in the work and some type of effort to make things work. The second is to surround yourself with people that already have what you want and learn from them. Especially as a fresh entrepreneur, you need to do whatever you can to get with people you can learn from. Finally, following your passion doesn’t always work out because sometimes that leads to your passion turning into a chore. Instead, look for opportunities and bring your passion with you no matter what the opportunity is.
- (12:40) Shiny Object Syndrome
Shiny object syndrome refers to an entrepreneur jumping at every opportunity they get but never finishing or getting fully engaged in what they started. Rylee explains that no matter how great your product or service is, if nobody knows about it, then you can’t help anybody. That’s why he believes it’s so important to bring your passion to your opportunities. Use your passion as fuel to help you sell whatever you start. Starting without completion is pointless.
- (15:42) Ninja Sales Techniques
Rylee believes that whoever controls the customer controls everything. Being able to sell is key to you connecting with your customers. He explains that we all receive information differently; some connect better visually or auditorily while others want to feel or touch. Your job is to ensure that you can sell and convey information in whichever ‘language’ your customer connects to the most. When you talk to people, pick up on cues and pay attention to their language. Selling to a group of people is more challenging. You have to make sure that at some point in your presentation, each individual feels like they’ve connected with you because you were able to sprinkle in their ‘language’ at some point in your presentation.
Links mentioned:
Kingscouncilcoaching.com/podcast
Twitter: theryleemeek
Instagram: theryleemeek
LinkedIn: linkedin.com/in/ryleemeek
Sunday Jun 19, 2022
Sunday Jun 19, 2022
In this episode of the Making Bank podcast, we welcome serial entrepreneur, partner at High Performance Institute, and New York Times bestselling author Randy Garn. Randy has been passionate about helping CEOs, companies, and experts grow and become high performers. He has founded or partnered with numerous companies such as Prosper, Hero Partners, Education Success Inc, High Performance Institute, and many others. Today Randy specializes in guiding leaders through personal and professional transformation.
On the podcast, Randy talks about business strategies and models that you can implement to take your business to the next level. Randy also explains the importance of people and what you can do to optimize the performance of your employees.
Listen to Josh and Randy discuss high performance:
- (3:48) How Did Randy Get Started
Randy talks about how his dad used to pay him to help out on their cattle ranch. Randy says that while growing up, it was through getting paid for helping out that he was able to get the things he wanted. He grew up with six other kids and developed the mentality of not wanting to be a burden to his family. So through his desire to be self-sufficient, he learned how to create his own income.
- (9:56) Driving Value
To Randy, people are the most important. He doesn't believe in being a solo entrepreneur; instead, he believes in growing people. When hiring people for his business, he picks people who can drive the maximum amount of value. At the end of the day, no matter their position, your employees are hired with the sole purpose of driving value, revenue, and profits for your business.
- (15:29) Working With Your Best Friends
Randy talks about always trying to hire his best friends and explains that he can do that because there's clarity. When you're working with friends or family, an essential part is having clarity about each other — knowing each other's strengths and weaknesses and the value they bring. Another important thing is writing things down so that you can avoid misunderstandings. When something is in writing, it leaves no room for dispute. So if ideas or plans change, make sure you're always writing them down.
- (18:45) The Biggest Challenge
According to Randy, the biggest challenge for people is not learning. As entrepreneurs, one of the most crucial practices is continually learning. Things are constantly evolving and changing, and we must be ready for that. Continually learning is vital so that you can innovate and come up with new ideas. The need to be able to innovate constantly is so that you won't get left behind when change comes.
- (24:25) Creating Culture and Making Your Company Thrive
Randy explains that the most important aspect of your company is the people. You create culture through your employees; thriving as a company depends on their performance. It goes back to value — are you hiring high performers? Your team needs to be committed to excellence in order to thrive. Make sure you're hiring the right people for the job, not only in terms of the technical skill or service they provide but also their mentality and attitude.
- (29:07) A Good CEO Focuses On...
Throughout this episode, Randy has emphasized the importance of people. That's why he says a good CEO always focuses on bettering their team. A good CEO is concerned about their team's wellbeing. You want to be able to support your team whenever you can — always cheer for your team. A good CEO focuses on enabling his team to win. By caring about your team's wellbeing and growth, you're giving them a reason to feel valued and accepted. Your team is the backbone of your success, so it's vital to focus on their growth and improvement.
Links mentioned:
Twitter: randygarn
Instagram: randygarn
LinkedIn: linkedin.com/in/randygarn
Sunday Jun 12, 2022
Sunday Jun 12, 2022
In this episode of the Making Bank podcast, we welcome serial entrepreneur, partner at High Performance Institute, and New York Times bestselling author Randy Garn. Randy has been passionate about helping CEOs, companies, and experts grow and become high performers. He has founded or partnered with numerous companies such as Prosper, Hero Partners, Education Success Inc, High Performance Institute, and many others. Today Randy specializes in guiding leaders through personal and professional transformation.
On the podcast, Randy talks about business strategies and models that you can implement to take your business to the next level. Randy also explains the importance of people and what you can do to optimize the performance of your employees.
Listen to Josh and Randy discuss high performance:
- (3:48) How Did Randy Get Started
Randy talks about how his dad used to pay him to help out on their cattle ranch. Randy says that while growing up, it was through getting paid for helping out that he was able to get the things he wanted. He grew up with six other kids and developed the mentality of not wanting to be a burden to his family. So through his desire to be self-sufficient, he learned how to create his own income.
- (9:56) Driving Value
To Randy, people are the most important. He doesn't believe in being a solo entrepreneur; instead, he believes in growing people. When hiring people for his business, he picks people who can drive the maximum amount of value. At the end of the day, no matter their position, your employees are hired with the sole purpose of driving value, revenue, and profits for your business.
- (15:29) Working With Your Best Friends
Randy talks about always trying to hire his best friends and explains that he can do that because there's clarity. When you're working with friends or family, an essential part is having clarity about each other — knowing each other's strengths and weaknesses and the value they bring. Another important thing is writing things down so that you can avoid misunderstandings. When something is in writing, it leaves no room for dispute. So if ideas or plans change, make sure you're always writing them down.
- (18:45) The Biggest Challenge
According to Randy, the biggest challenge for people is not learning. As entrepreneurs, one of the most crucial practices is continually learning. Things are constantly evolving and changing, and we must be ready for that. Continually learning is vital so that you can innovate and come up with new ideas. The need to be able to innovate constantly is so that you won't get left behind when change comes.
- (24:25) Creating Culture and Making Your Company Thrive
Randy explains that the most important aspect of your company is the people. You create culture through your employees; thriving as a company depends on their performance. It goes back to value — are you hiring high performers? Your team needs to be committed to excellence in order to thrive. Make sure you're hiring the right people for the job, not only in terms of the technical skill or service they provide but also their mentality and attitude.
- (29:07) A Good CEO Focuses On...
Throughout this episode, Randy has emphasized the importance of people. That's why he says a good CEO always focuses on bettering their team. A good CEO is concerned about their team's wellbeing. You want to be able to support your team whenever you can — always cheer for your team. A good CEO focuses on enabling his team to win. By caring about your team's wellbeing and growth, you're giving them a reason to feel valued and accepted. Your team is the backbone of your success, so it's vital to focus on their growth and improvement.
Links mentioned:
Twitter: randygarn
Instagram: randygarn
LinkedIn: linkedin.com/in/randygarn
Sunday Jun 05, 2022
Sunday Jun 05, 2022
On this episode of the Making Bank podcast, Tim Kennedy discusses his career in the military, the UFC, and Socratic education. Tim saw with his own kids how every child learns differently and set out to create an education that reflected that. His school, Apogee, seeks to help every child fulfill their potential.
Tim also chats about his time in the UFC fighting, as well as in Special Forces. He covers what inspired him to join the military and the lessons he now applies to his businesses. Listen to the episode to hear more about Apogee’s education model, boxing victories, and war stories.
Tim has also written a book titled Scars And Stripes that shares Tim’s story and the lessons he learned from his experiences. Tim is a Decorated Green Beret sniper, UFC headliner and a businessman who started two multimillion dollar companies. The book describes his failures and how he was able to learn from and embrace his failure to become the man he is today. The book is available for pre-order and will be released on June 7th.
Listen to Josh and Tim talk about the lessons Tim learned:
New Adventures (1:33)
Tim discusses the lessons he’s learned on pivoting from the military, as well as this past year—and is applying them to his entrepreneurship. He is launching 12 new companies, including a school.
Apogee: An Acton Academy (3:04)
Tim’s venture that he’s most proud of is his school Apogee. Having been homeschooled himself, Tim understands and follows the model that parents should facilitate the education of their children.
A Socratic School (8:45)
Tim explains how at Apogee, the students—otherwise known as “heroes”—are active participants in their own learning. They are the ones leading the classroom discussions and activities and with the guidance of the teachers, the students discover the answers themselves.
When accepting heroes into their studios, Apogee looks for parents and children who are both willing to try this new approach.
Different Learning Styles for Different Children (11:22)
No two children learn the same way. Tim’s seen it in his own children, and he’s seen it in the heroes at Apogee. Traditional schooling follows certain agendas—whether that be the teacher’s, the school’s, or the governments. At Apogee, the focus is on the children.
How Tim Manages Multiple Companies (14:36)
When it comes to managing multiple companies, Tim hires the right people and then allows them to do their jobs properly, without being micromanaged. Tim also follows a military approach that emphasizes training, as well as organization.
People, Purpose, and Plan (17:41)
Tim first makes sure that the person he’s looking to hire has the right attitude and culture to fit well into the organization. Next, he looks to see if his purpose aligns with their purpose. Finally, he looks to see what their plan is, how they will execute it, and if they even planned in the first place.
Discipline (22:49)
Without discipline, there is no success. For Tim, discipline is commitment to a plan that is executed in 30-minute blocks. If you have a plan, even when life gets in the way, you can go back to the plan. Tim also touches on how discipline can not only help your business but also your family life.
Tim’s Background (28:14)
For those who don’t know, Tim shares his background of homeschooling, sports, martial arts and more. After a career in UFC and watching 9/11 unfold, Tim joined the military and became a Green Beret.
The Camera’s Focus (37:11)
Zooming out, Tim and Josh discuss Special Forces and the state of the US right now.
Lessons from the Special Forces (46:46)
Tim explains the key lessons he’s learned from the Special Forces that he now implements in his businesses. He values qualities like communication, and more.
The UFC (49:37)
Tim talks about his time at the UFC and what he would’ve done differently.
Stopping Poverty Stops Trafficking (55:04)
Before the episode wraps up, Tim touches on SERE school, as well as ways you can help stop crimes such as drug and sex trafficking. He encourages those who can to open community centers, gyms, programs and more. If we can prevent poverty, then we can prevent other crimes as well.
Links mentioned:
Twitter: TimKennedyMMA
Instagram: timkennedymma
Friday Jun 03, 2022
Friday Jun 03, 2022
In this episode of the Making Bank podcast, we welcome Sean Kelly, the founder of the Chibi Dinos NFT project, which sold all 10000 of its PFPs in 18 minutes, generating around 2.4 million dollars in revenue. He is also the founder and CEO of Jersey Champs and the marketing agency NFT Gorillas which recently got acquired. Sean is currently working as the Vice President of Web3 Marketing at InfiniteWorld, a metaverse infrastructure company.
Sean talks about how he entered the NFT and dives into NFTs and what makes them valuable. He talks about his journey in the NFT space and answers some of the questions you may have as a newcomer.
Listen to Josh and Sean discuss NFTs:
- (2:22) Sean's Start As An Entrepreneur
Sean's entrepreneurial career started when he was in college. He founded Jersey Champs, where he would go on to sell custom throwback jerseys. Jersey Champs was his entry into the e-commerce world, and through drop shipping, he was able to make his first six figures. When COVID came around, Sean's e-commerce business took a hit. However, at the time, he saw Gary V and the buzz around NBA top shots, and he exposed himself to the NFT creators, and within a few months, he was able to understand the NFT space.
- (5:47) What Is An NFT
NFT stands for Non-Fungible Token. However, Sean explains that he sees NFTs as a proof of ownership. Whether a video snippet or a static image, you can prove your ownership to everyone as long as it's documented on the blockchain.
- (10:43) NFTs And Utility
The NFT space is continuing to evolve. What started out as static images and video snippets of cool art has now grown to a point where people ask what they get in return for buying an NFT. Sean talks about NFTs having a utility that allows them to reward their holders. For example, with his own NFT project, Chibi Dinos — there are in-person meetups, calls with NBA players, and they're also working on a game. So now, if an NFT project wants to be looked at as valuable, they need to think of creative ways to provide utility to their holders.
- (14:15) Minting NFTs
Sean talks about why people buy NFTs — some people are flippers who buy NFTs looking to sell them and make a profit, while some buy into established projects for the community. Sean explains NFT minting, which means a person pays a fee to mint, so an NFT project launches, and that person gets a randomly assigned NFT. Doing this opens the possibility of getting assigned a really rare NFT that could go for a lot of money. Essentially, that person is taking a chance on the NFT launch, but they are also helping the project owners execute their plan for that project by supporting them.
- (17:43) Sean On Selling His Marketing Agency
Sean had also founded a marketing agency known as NFT Gorilla that aimed to help and consult upcoming NFT Projects and Brands with their marketing. His marketing agency was recently acquired after just six months of its inception. InfiniteWorld was looking for someone to take over their Web3 marketing role and hired Sean as their VP of Web3 Marketing and Strategy.
- (19:19) Things To Know About Today's NFT Space
Today the NFT space is evolving, and more people are hopping on the NFT wave. So Sean advised newcomers to be wary of the NFT projects they support. The most important thing to do is research the team behind the project. It's also essential to see if there are only flippers since they're in it to profit from their investments. Sean also mentions being cautious of celebrity NFTs, a lot of them are just cash grabs, so it's crucial to stay away from the hype because hype can and usually will die out. So be careful, do your research and look for projects that have established team members. You might be able to make some money but, more importantly, be exposed to a valuable community of people.
Links mentioned:
Twitter: seankelly25
Instagram: seanmikekelly
LinkedIn: linkedin.com/in/sean-mike-kelly/
Sunday May 29, 2022
Sunday May 29, 2022
In this episode of the Making Bank podcast, we welcome Sean Kelly, the founder of the Chibi Dinos NFT project, which sold all 10000 of its PFPs in 18 minutes, generating around 2.4 million dollars in revenue. He is also the founder and CEO of Jersey Champs and the marketing agency NFT Gorillas which recently got acquired. Sean is currently working as the Vice President of Web3 Marketing at InfiniteWorld, a metaverse infrastructure company.
Sean talks about how he entered the NFT and dives into NFTs and what makes them valuable. He talks about his journey in the NFT space and answers some of the questions you may have as a newcomer.
Listen to Josh and Sean discuss NFTs:
- (2:22) Sean's Start As An Entrepreneur
Sean's entrepreneurial career started when he was in college. He founded Jersey Champs, where he would go on to sell custom throwback jerseys. Jersey Champs was his entry into the e-commerce world, and through drop shipping, he was able to make his first six figures. When COVID came around, Sean's e-commerce business took a hit. However, at the time, he saw Gary V and the buzz around NBA top shots, and he exposed himself to the NFT creators, and within a few months, he was able to understand the NFT space.
- (5:47) What Is An NFT
NFT stands for Non-Fungible Token. However, Sean explains that he sees NFTs as a proof of ownership. Whether a video snippet or a static image, you can prove your ownership to everyone as long as it's documented on the blockchain.
- (10:43) NFTs And Utility
The NFT space is continuing to evolve. What started out as static images and video snippets of cool art has now grown to a point where people ask what they get in return for buying an NFT. Sean talks about NFTs having a utility that allows them to reward their holders. For example, with his own NFT project, Chibi Dinos — there are in-person meetups, calls with NBA players, and they're also working on a game. So now, if an NFT project wants to be looked at as valuable, they need to think of creative ways to provide utility to their holders.
- (14:15) Minting NFTs
Sean talks about why people buy NFTs — some people are flippers who buy NFTs looking to sell them and make a profit, while some buy into established projects for the community. Sean explains NFT minting, which means a person pays a fee to mint, so an NFT project launches, and that person gets a randomly assigned NFT. Doing this opens the possibility of getting assigned a really rare NFT that could go for a lot of money. Essentially, that person is taking a chance on the NFT launch, but they are also helping the project owners execute their plan for that project by supporting them.
- (17:43) Sean On Selling His Marketing Agency
Sean had also founded a marketing agency known as NFT Gorilla that aimed to help and consult upcoming NFT Projects and Brands with their marketing. His marketing agency was recently acquired after just six months of its inception. InfiniteWorld was looking for someone to take over their Web3 marketing role and hired Sean as their VP of Web3 Marketing and Strategy.
- (19:19) Things To Know About Today's NFT Space
Today the NFT space is evolving, and more people are hopping on the NFT wave. So Sean advised newcomers to be wary of the NFT projects they support. The most important thing to do is research the team behind the project. It's also essential to see if there are only flippers since they're in it to profit from their investments. Sean also mentions being cautious of celebrity NFTs, a lot of them are just cash grabs, so it's crucial to stay away from the hype because hype can and usually will die out. So be careful, do your research and look for projects that have established team members. You might be able to make some money but, more importantly, be exposed to a valuable community of people.
Links mentioned:
Twitter: seankelly25
Instagram: seanmikekelly
LinkedIn: linkedin.com/in/sean-mike-kelly/
Tuesday May 24, 2022
Tuesday May 24, 2022
In this episode of the Making Bank podcast, we welcome Ryan Tansom who started his entrepreneurial career in his family's business. They sold copiers, and Ryan worked as the executive vice president and grew the company to make 21 million dollars in revenue. Ryan is now the Co-Founder of Arkona; their mission is to help entrepreneurs develop the value of their companies through Value Growth Education and Strategic CFO Services. The idea is to help entrepreneurs shift their focus to long-term value creation rather than annual income.
Ryan talks about what it means to grow your business into a valuable asset. He dives into the difference between a lifestyle business and a valuable asset. He also explains how you can set up your business to be sold at maximum value in the future.
Listen to Josh and Ryan discuss growing long-term value:
- (2:12) Ryan's Background
Ryan first worked with his father selling copiers. When they first started, the company was losing almost a million dollars a day. They set their minds on growing the value of the business. Through rebranding, software automation, and managing their IT services, they managed to turn the company around in 6 years and make 21 million dollars in revenue. In 2014, they sold the company and paid off their debts and taxes, which set Ryan out on his entrepreneurial journey.
- (4:56) Creating A Valuable Asset
Many business owners only focus on growing their top line and, in turn, think they're growing the value of their company. Ryan breaks it down to shifting from a lifestyle business mindset to increasing your company's value as an asset. Rather than optimizing for annual revenue, you should be concerned about your long-term revenue. Your company's value is tied to how sustainable, predictable and transferable your cash flow is. However, it's also important to remember that cash flow isn't always directly correlated to revenue.
- (8:22) Intrinsic Value and Strategic Transaction Value
When it comes to value, it's essential to understand the intrinsic value, which is your company's value based on the risk of cash flow, and then strategic transaction value, which is where a strategic buyer may pay a premium for the company. The intrinsic value of your company is vital because that's the value that you can track. You're able to measure your company's value while you're growing it based on the risk of cash flow.
- (11:29) Cash Flow And Growth
The most important thing for anyone buying or selling a company is the long-term value of that company. Ryan talks about three financial statements that matter — your income statement, balance sheet, and cash flow statement. While many entrepreneurs ignore their cash flow statement, Ryan emphasizes the importance of the net cash flow provided by operating activities. That's how much cash came into the business and how much is leftover. For anyone purchasing a company, the net operating cash flow is important because it allows them to figure out if the cash at the end of the month is growing or not.
- (18:14) Selling Your Business
Ryan brings up the importance of having options. While many entrepreneurs enjoy what they're doing and how they're running their business, often, they don't pay attention to giving themselves options for an exit. For business owners, it's crucial to make money, but it's even more important to grow the overall long-term value of your business. Think about the lifestyle you want and how your company is a part of that plan. You need to do things intentionally; you want to give yourself options that will help you achieve whatever your end goal may be.
- (21:34) Making The Right Choice
Many entrepreneurs are miserable after selling their company because they sold without other options. These entrepreneurs aren't happy because they haven't sat down and figured out what they want from their company. That's why long-term value creation is so important — rather than regretting what happens to your company later, decide what you want from your company, grow your company's long-term value, and give yourself options for the future.
Links mentioned:
Twitter: ryantansom
Instagram: ryan_tansom
LinkedIn: linkedin.com/in/ryan-tansom-4a440710/
Sunday May 22, 2022
Sunday May 22, 2022
In this episode of the Making Bank podcast, we welcome Ryan Tansom who started his entrepreneurial career in his family's business. They sold copiers, and Ryan worked as the executive vice president and grew the company to make 21 million dollars in revenue. Ryan is now the Co-Founder of Arkona; their mission is to help entrepreneurs develop the value of their companies through Value Growth Education and Strategic CFO Services. The idea is to help entrepreneurs shift their focus to long-term value creation rather than annual income.
Ryan talks about what it means to grow your business into a valuable asset. He dives into the difference between a lifestyle business and a valuable asset. He also explains how you can set up your business to be sold at maximum value in the future.
Listen to Josh and Ryan discuss growing long-term value:
- (2:12) Ryan's Background
Ryan first worked with his father selling copiers. When they first started, the company was losing almost a million dollars a day. They set their minds on growing the value of the business. Through rebranding, software automation, and managing their IT services, they managed to turn the company around in 6 years and make 21 million dollars in revenue. In 2014, they sold the company and paid off their debts and taxes, which set Ryan out on his entrepreneurial journey.
- (4:56) Creating A Valuable Asset
Many business owners only focus on growing their top line and, in turn, think they're growing the value of their company. Ryan breaks it down to shifting from a lifestyle business mindset to increasing your company's value as an asset. Rather than optimizing for annual revenue, you should be concerned about your long-term revenue. Your company's value is tied to how sustainable, predictable and transferable your cash flow is. However, it's also important to remember that cash flow isn't always directly correlated to revenue.
- (8:22) Intrinsic Value and Strategic Transaction Value
When it comes to value, it's essential to understand the intrinsic value, which is your company's value based on the risk of cash flow, and then strategic transaction value, which is where a strategic buyer may pay a premium for the company. The intrinsic value of your company is vital because that's the value that you can track. You're able to measure your company's value while you're growing it based on the risk of cash flow.
- (11:29) Cash Flow And Growth
The most important thing for anyone buying or selling a company is the long-term value of that company. Ryan talks about three financial statements that matter — your income statement, balance sheet, and cash flow statement. While many entrepreneurs ignore their cash flow statement, Ryan emphasizes the importance of the net cash flow provided by operating activities. That's how much cash came into the business and how much is leftover. For anyone purchasing a company, the net operating cash flow is important because it allows them to figure out if the cash at the end of the month is growing or not.
- (18:14) Selling Your Business
Ryan brings up the importance of having options. While many entrepreneurs enjoy what they're doing and how they're running their business, often, they don't pay attention to giving themselves options for an exit. For business owners, it's crucial to make money, but it's even more important to grow the overall long-term value of your business. Think about the lifestyle you want and how your company is a part of that plan. You need to do things intentionally; you want to give yourself options that will help you achieve whatever your end goal may be.
- (21:34) Making The Right Choice
Many entrepreneurs are miserable after selling their company because they sold without other options. These entrepreneurs aren't happy because they haven't sat down and figured out what they want from their company. That's why long-term value creation is so important — rather than regretting what happens to your company later, decide what you want from your company, grow your company's long-term value, and give yourself options for the future.
Links mentioned:
Twitter: ryantansom
Instagram: ryan_tansom
LinkedIn: linkedin.com/in/ryan-tansom-4a440710/
Sunday May 15, 2022
Sunday May 15, 2022
In this episode of the Making Bank podcast, Tony Bradshaw talks about how you can create a plan that will make you a millionaire. Tony Bradshaw was the first millionaire in his family. He was broke and living in debt, but he had what he calls a financial awakening. He realized he had been mismanaging his money and set out to learn how to handle his money better. He figured out how to manage his finances and, at the age of 25, his first millionaire choice and created his millionaire plan. By the age of 40, Tony became a millionaire, and now he's helping others take the first step to being a millionaire by teaching them how to make their millionaire plans.
Tony talks about what it means to have a financial awakening and how you can change from a scarcity mindset to an abundance mindset and lifestyle. He also discusses what you need to do to create your own millionaire plan.
Listen to Josh and Tony discuss what it takes to be a millionaire:
- (2:47) Why Tony Decided To Be A Millionaire
Tony grew up in a low-income household, so he was never surrounded by wealth. It was around his twenties, he was working but was still living with his parents, and he had around 16 grand in debt. That's when Tony had his financial awakening and decided to change his life for the better. He started reading and figured that money was about making the right lifestyle choices, and from then he set out to be a millionaire.
- (6:19) Tony's Awakening Moment
Tony talks about having a scarcity mindset, when you work, earn money, spend your money, and then repeat the whole process. Tony's awakening moment was when he realized he had no vision — he was living in the scarcity loop, and rather than continue to live like that for the next 60 years, he chose to break the loop. He changed his mindset and started earning to have abundant money rather than just enough to get by.
- (10:59) Changing A Scarcity Mindset To An Abundance Mindset
The people you're surrounded by are the ones that will either lift you up or drag you down. Tony mentions that he spent most of his time with his parents, so his parents were poor, and that's why he was poor. So if you want to be wealthy and successful — find and surround yourself with rich and successful people. The people influencing you are vital to changing your mindset.
- (16:09) Financial Literacy For Kids
Tony is a first-generation millionaire, so he had to figure most of the process out on his own. He's got six kids, and his goal now is to transfer the principles that he learned while becoming a millionaire. For parents, it's important not to shy away from talking about money with their kids. Introduce financial responsibility to your kids early on, and you'll help them develop their financial literacy at a young age rather than them growing older and having to figure everything out then.
- (20:44) Unplugging Your Job Mindset
Tony had two goals when he was 25, the first was to become a millionaire by 40, and the second was to live off his investments after. Tony successfully became a millionaire by 40, but he forgot about his second goal. He still hadn't got over the job mindset — you have to spend the rest of your life working for your money. Find other ways to earn money that don't involve you working.
- (22:55) The Three Things You Need For Your Millionaire Plan
The first thing is to never stop learning about money. There's a lot to learn, and you need to keep educating yourself if you want to be a millionaire. The second thing is having an income plan — you don't want to become income stagnant. Think about how much you earn and how you can increase your income while covering your costs and not being in debt. The last thing you need is a multiplying plan. Today there are multiple ways you can earn more — look for opportunities where you can get the highest return rather than just investing your money in the hopes of multiplying it.
- (26:44) Purpose of Wealth
Tony encourages you to have a purpose for your wealth. If you're making money, give your money a purpose. Find a way to use your money to help other people, and Tony believes that you'll be inspired to build wealth because your money has a purpose.
Links mentioned:
Instagram: tonybradshaw.millionairechoice