David Richter
speaker
79 appearances
1 recordings
1 series
first heard Jan 2025
last heard Jan 2025
David Richter’s voice in public audio — every appearance, attributed to the second.
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Appearances
If you're running a for-profit business, you need to be thinking about profitability. You should be making money because without it, you won't be able to grow, scale, or have people on the team or give or travel or whatever you want to do with your business. And so he's just like, here, here's a system. That's what I loved about Profit First.
I went a step further than all those other books and said, here's a system to actually do that. And that's what Justin was alluding to with the bank account set up a couple minutes ago. It literally revolves around you being intentional with every dollar.
What's up, Justin? It's good to be on here.
Yeah, big time.
True. It definitely came from pain. I was a part of a real estate company in my early 20s where I jumped right from college into real estate investing. And with this company, they were doing about five wholesale deals a month when I first started there. So they were doing a pretty good amount of business outside of Chicago.
But then we grew it over the next four or five years to about 25 deals a month between wholesaling, flipping, you know, turnkeys. We were doing rentals, lease options, like all, all this stuff. And we were doing 25 deals a month, but spending 26 worth out the door. So it's like, Who cares? They were doing 300 deals. I remember we did 100 deals in 100 days once.
Over a quarter, we wanted to do something cool like that, which was like, oh, yeah, it's so cool to say, but then it's like our bank account is like cobwebs. It's like, what the heck is going on here? That's what opened my eyes because I was young. I was in my early to mid-20s at that time, but I was learning fast. From that business, I was like in a bunch of different seats.
So I got like a crash course in just small business and the different roles and everything, which was awesome. But then from there, I sat in what the finance seat was one of the last seats I sat in, which gave me some of the knowledge just to know what I'm looking at. How do I read a profit and loss?
Like I remember asking, like people are wondering, like, oh, I'm a business owner and I don't know this. I remember asking, what's the N stand for in PNL? And the CPA is like, that's an and I was like, oh, he's like, it's profit and loss. I was like, oh, dang it. So, yeah, that's how I started.
So, yeah, I didn't know I wasn't the sharpest tool in the shed when it came to money in that business until I learned and sat down and figured out, like, how do you read the profit and loss, the balance sheet, everything? That helped me tell the business story. So I hadn't known really the story up to that point.
And then I saw like, we're doing 25 deals a month, spending 26 worth, like this story can't end well, like not the way that it's going. Unfortunately, I wish I had a great ending to that story. I wish I did, but I don't. That company kind of blew apart. People went their separate ways, did different things. That forced me into other areas.
I was going to other masterminds at that time and like everyone else was saying the same thing. So like this was not just us. It was an epidemic. And I wish I would have had a great I wish I would have had profit first back then. I think that story would have ended a little bit differently. I can go from there.
But like that's what got me kicked off, even of knowing like, OK, it doesn't matter how many deals we do. If you're not keeping any of the money at the end of the day.
Yeah, I did. So you can actually download the ebook or audio version at simplecfo.com forward slash JC, like Justin Colby here. So that's where you can go and download the book. It also has like a little profit first cheat sheet. So if you like listen to this whole episode and you're like, what do I do first? I just point you there too. So that way you can at least get started.
So that's where simplecfo.com forward slash JC.
So I want to touch on what you said, too. If you're going to make money as an entrepreneur, you need to actually keep it as well. And there are two different skill sets. And it's like that's where I don't need you to become a like financial wizard or like a bookkeeper or CPA yourself or a CFO yourself.
But I will say, knowing some of those fundamentals, like you were saying, Justin, like right here, I want to give you some of the fundamentals that you can know as a business owner without being this financial guru, wizard, you know, even bookkeeper, QBO, QuickBooks Online expert or whatever. We're dealing with cash.
Because everyone that's listening to this, you are dealing with cash on a daily basis, whether your personal life, your business, whatever it might be, like money flows through your fingers. And it's like, what do I do with those dollars? It comes in, it goes right out. I'm making money. Where's it all going?
You know, especially if you're flipping, you know, I hear that lots from flippers like, man, I've got 14 deals on the docket. And it's like, it's eating me alive. You know, it's like, I've heard all the stories. So I want to help you with the just fundamentals of profit first, but good money management. Like it's just good business habits to have when money comes in. What do I do with it?
And a lot of people just aren't teaching that. So fundamentally, honestly, if you're, if you're listening to this and you've never heard of profit first, you probably have in some
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