031: Profit First (or Finish Last) with Mike Michalowicz

Background on Mike Michalowicz of Profit First:

Mike Michalowicz is the founder of Profit First Professionals. He's also the author of The Toilet Paper Entrepreneur, The Pumpkin Plan, Profit First, and Surge. His books have been translated into 10 languages.

Profit First Professionals is an organization designed to support accountants, bookkeepers and other financial professionals to substantially differentiate themselves in the market – so they can dictate a premium for their services and attract more clients. How do they do it? By introducing a significant service differentiator – the tools and techniques to maximize the profitability of your clients. If you own a bookkeeping or accounting business, and you want to distinguish yourself from your competitors… consider applying to be a Profit First Professional.

Time-Stamped Show Notes:

[1:31] Mike is a full-time author of popular business books such as Profit First
[2:23] Verne Harnish motivated him, an author and founder of Entrepreneurs’ Organization, to write a book during a conference
[4:15] “All my books, inevitably, had been written because it was a challenge I was facing or went through. So I really wrote this originally for myself to fix my own errors, my own mishaps..”
[4:44] In 2008, Mike lost his entire investments. He launched his first book later that year entitled “The Toilet Paper Entrepreneur”
[6:10] He got in entrepreneurship after college when he couldn’t get a good job
[11:25] Mike had a company that was in computer forensics and they investigated some major crimes in the US
[21:02] In 2006, he sold his company to Robert Half International
[21:55] “I thought I knew the answer to everything and that was a mistake”
[22:23] Right after he sold the company, Mike went into spending spree just to demonstrate his wealth
[23:02] Mike became an angel investor and it was a disaster
[25:35] In February 14, 2008, he told his family that all his money were gone
[27:38] His first book sold over 100,000 companies
[30:10] Mike launched Profit First Professionals, an assembly of accountants, bookkeepers and business coaches who helps companies by using the Profit First method
[33:31] “I don’t think you should pursue your passion…I think you should pursue your purpose”

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Influence: The Psychology of Persuasion by Robert Cialdini, Purple Cow: Transfor Your Business by Being Remarkable by Seth Godin, & How to Stop Worrying and Start Living by Dale Carnegie.
🙌😎 Favorite Amazon.com purchase? The Echo 2. I have about 7 of them now. I have them all linked. Amazing multi-room sound. Cool functions. I use for some smart home stuff.
🌱💸 Favorite Tool that's GROWN your Business? Best tool is my bank accounts. I look at them daily, and precategorize my money by putting them in different accounts. The impact has been massive. That is why I wrote Profit First.
💭💡 BIGGEST Challenge keeping your Business from GROWING? It is always my mind. Limiting beliefs are the only thing that stop me, and I have them all the time.