Every month we put together an income report to share a behind-the-scenes look at the ups and downs of running a 7-figure business. In full transparency, it’s not easy – but it IS possible. Through hearing about our mistakes, lessons learned, and our wins, we hope to inspire and motivate you to take action in your business with just one step forward every single day. For our full income report, visit EOFire.com/income133, and IGNITE!

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Guest Resources

INBOUND – Build your future at INBOUND.

Morning Brew – Delivers quick and insightful updates about the business world every day of the week from Wall St. to Silicon Valley.

CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.

David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!

3 Value Bombs

1) Debt can be a powerful tool if used correctly.

2) Whether you’re buying or selling, a well-crafted term sheet can save time, reduce misunderstandings, and pave the way for a successful transaction.

3) Being able to turn off is an incredibly valuable skill that will save you a lot of stress and frustration.

Sponsor

HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

[1:30] – Income review

Gross Income for September: $110,362
Total Expenses for September: $11,677
Total Net Profit for September: $98,685
Difference b/t September & August: -$35,373
% of net profit to overall gross revenue: 89%

[2:10] – Ron’s September Tax Tip: The Difference Between Good and Bad Debt

What is Good Debt?
- Good debt is strategic.
- It’s an investment that helps expand your business in a measurable and predictable way.
Recognizing Bad Debt
- It is risky and often unplanned.
- Bad debt is often the result of impulse decisions, and it can put unnecessary strain on your cash flow.
The Importance of Strategic Planning: Always ask yourself
- Will this investment lead to future growth?
- Do I have a plan to manage and repay the debt?
- What is the expected return on this investment?
Debt can be a powerful tool if used correctly.
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs

[8:28] – David Lizerbram’s September Legal Tip – All About Term Sheets – For Buyers and Sellers of Businesses

A term sheet is a non-binding document that outlines the key terms and conditions of a proposed business deal.
Key elements typically found in a term sheet include:
- Valuation and Purchase Price
- Deal Structure
- Payment Terms
- Financing
- Due Diligence
- Exclusivity
- Conditions to Closing
- Representations and Warranties
- Indemnification
- Confidentiality
- Employee Matters
- Governing Law
Whether you’re buying or selling, a well-crafted term sheet can save time, reduce misunderstandings, and pave the way for a successful transaction.
David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!

[15:21] – Thanks to our sponsors!

HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!

[16:24] – What Went Down In September: Interview of the Month w/ Clay Clark

How to Scale Your Online or Offline Business with Clay Clark
3 Value Bombs
- “Without vision people perish”.
- Growing a business is like building a symphony, and when you build all these things together, you can create a beautiful sound, a beautiful success.
- “You Must Measure What You Treasure, and You Will Slack Where You Do Not Track”.
Give A Derm – A luxurious, all natural and toxin-free skincare that actually works!
ThriveTime Show – Attend the world’s highest rated and most reviewed business growth workshop taught personally by Clay Clark & football great Tim Tebow.

[17:36] – Our Month in San Diego!

JLD, Kate, and Bo headed to San Diego.
They dove straight into life on the West coast frequenting parks, doing twice-daily walks around the bay, visiting The New Children’s Museum, hitting up the pumpkin patch, and crushing the San Diego Zoo and SeaWorld!
Bo was such a champ when it came to traveling across multiple time zones and changing spaces.
Checkout photos here.

[21:30] – INBOUND 2024 by HubSpot in Boston

This was JLD and Kate’s third year in a row attending INBOUND by HubSpot (John has spoken all three years, too!)
This year John rocked the stage with Alex Lieberman, Founder of Morning Brew, a daily newsletter that delivers quick and insightful updates about the business world.
They each shared insights about how AI is impacting creators today, why newsletters are still incredibly powerful as a form of engagement and connection with your audience, and the top takeaway: the higher the barrier, the lower the competition.
You can tune in to John and Alex’s full chat right here on Entrepreneurs On Fire!

[25:11] – September 2024 Income Breakdown*

Gross Income for September: $110,362
Total Expenses for September: $11,677
Total Net Profit for September: $98,685
Difference b/t September & August: -$35,373
% of net profit to overall gross revenue: 89%

[26:39]– Biggest Lesson Learned: The Skill of Being Able to “Turn Off”

Kate never done well under a lot of stress, and so over the past twelve plus years she has been very intentional about practicing the skill of turning off.
This is not only important on a day to day basis so you can focus on other things like yourself, your family, and your household, but it’s also important when it comes to having energy to create new things in your business.
Being able to turn off is an incredibly valuable skill that will save you a lot of stress and frustration.

[30:47] – Thank you to our Sponsors!

HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!