564: Mike Michalowicz, "Profit First" Author
So Money with Farnoosh Torabi
Farnoosh Torabi
4.7 • 2K Ratings
🗓️ 24 April 2017
⏱️ 28 minutes
🧾️ Download transcript
Summary
Imagine selling two multi-million dollar companies, becoming an angel investor and then losing it ALL. That's exactly what happened to serial entrepreneur and our So Money guest today, Mike Michalowicz. Determined to figure out how to grow a healthy and strong company he started all over again which led to the "Profit First Formula," a way for businesses to ensure profitability. Now, Mike is running his third multi-million dollar venture. He's a former small business columnist for The Wall Street Journal and author of the new book, Profit First: Transform Your Business from a Cash Eating Monster to a Money-Making Machine.
In our conversation we discuss the WRONG way many businesses crunch their numbers. And Mike's simple yet profound switch that can help you generate money. Hitting financial rock bottom, having to confess it to his family..and the unforgettable move his then 9-year-old daughter made that inspired Mike to turn his finances and life around.
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Transcript
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| 0:00.0 | So Money |
| 0:00.5 | Episode 564, Mike McAllowitz, author of Prophet First. |
| 0:05.0 | You're listening to So Money, |
| 0:08.0 | with award-winning Money Guru Farnu Farnu Shkorabi. |
| 0:11.0 | Each day, get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers, and from Farnuus herself. |
| 0:20.0 | Looking for ways to save on gas or double your double coupons? |
| 0:24.0 | Sorry, you're in the wrong place. |
| 0:27.0 | Seeking profound ways to live a richer, happier life. |
| 0:30.0 | Welcome to So Money. |
| 0:32.0 | You're listening to So Money, |
| 0:35.6 | You're listening to So Money, everyone. Welcome back. |
| 0:36.3 | I'm your host, Farnish Terabi. |
| 0:38.4 | Hope you're doing well. |
| 0:40.3 | Imagine selling two multi-illion dollar companies becoming an angel investor. |
| 0:46.3 | I mean you're pretty much early retirement here, right? |
| 0:50.2 | But losing it all, losing every single penny. That's exactly what happened to our |
| 0:55.0 | guest today. He's a serial entrepreneur, determined to figure out how to grow a |
| 0:59.2 | healthy and strong company. He started all over again, which led to his famous profit first formula. |
| 1:06.7 | It's a way for businesses to ensure that they're going to be cash flow positive |
| 1:11.3 | and that they're going to have money to survive. |
| 1:13.8 | And now Mike is running his third multimillion dollar venture. |
| 1:17.1 | He's a former small business columnist for the Wall Street Journal and author of the new book |
... |
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