David Richter

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.

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.

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.

What's up, Justin? It's good to be on here.

Yeah, big time.

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.

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.

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.

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?

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.

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.

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.