E105: Flipping Businesses Through the Profit First Principle with Rocky Lalvani

<p><strong>Rocky Lalvani is the owner of Profit Comes First. He is the host of two podcasts: </strong><a href="http://richersoul.com/richer-soul-podcast-begins-today/"><u><strong>Richer Soul</strong></u></a><strong> and </strong><a href="https://podcasts.apple.com/us/podcast/profit-answer-man/id1508245322"><u><strong>The Profit Answer Man Podcast</strong></u></a></p> <p><strong>Rocky has found that most business owners rarely look at their financial statements. He has also observed a pattern where if they don't have a dedicated finance person focusing on the health of your company, they usually end up with financial struggles.</strong></p> <p><strong>Rocky is a certified Profit First advisor. He helps business owners focus on profit first, using a system created by Mike Michalowicz that has helped thousands of companies realize their maximum profit potential.</strong></p> <p><strong>Here are some power takeaways from today’s conversation:</strong></p> <ul> <li>Rocky’s sales and business journey with a mindset that the enemy of great is good<br> </li> <li>The power of finding a partner who’s the yin to your yang<br> </li> <li>The only market that doesn’t inflate and how the value of pay has decreased over the years<br> </li> <li>The difference between a businessman and an entrepreneur<br> </li> <li>The concept of flipping businesses<br> </li> <li>Where profit first comes in<br> </li> <li>Flipping the sales equation<br> </li> <li>How long does it take for you to become profitable?<br> </li> <li>Understanding the ever-changing cycles of disruption in business (i.e. real estate, education)<br> </li> </ul> <p><strong>Episode Highlights:</strong></p> <p><strong>The Concept of Flipping Businesses</strong></p> <p>Instead of building a company from scratch, buy a poorly run business and start to inject systems, processes, and teams. With good marketing, you can grow the revenue in two years by 50% and the business is no longer selling at a one-time mark. If the business could sell at a three-time multiple,