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/income107, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
David Lizerbram – If you’re buying a business, and you want to discuss the legal ins and outs, feel free to contact David!
3 Value Bombs
1) Never let the seller’s lawyer draft the documents for you.
2) When you team up with the right people, it just feels good.
3) The more conversations I have, the more I realize how rich the outcome truly is.
Sponsors
HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Roll by ADP: Roll is the first chat- based payroll app designed for small businesses. Ready to Roll? Check out RollByADP.com/fire to download the Roll by ADP app and get your first 3 months free!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:34] – Income review
- Gross Income for July: $269,939
- Total Expenses for July: $14,566
- Total Net Profit for July: $255,373
- Difference b/t July & June: +$94,071
- % of net profit to overall gross revenue: 95%
[02:19] – Ron’s July Tax Tip: The Prospective “Inflation Reduction Act”
- Two Key Tax Planning Areas
- Understanding IRS’ Ability to Look Back
- Taxation to Support $700 Billion Proposed Spending
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[08:35] – David Lizerbram’s July Legal Tip: What to Consider When You’re Buying a Business
- Questions to ask:
- What are you buying?
- What legal documents do you need?
- PSA: Never let the seller’s lawyer draft the documents for you.
- Is the business in compliance?
- The next question is whether the business has employees
- Does the business have a lease?
- David Lizerbram – If you’re buying a business, and you want to discuss the legal ins and outs, feel free to contact David!
[13:44] – Thanks to our sponsors!
- Roll by ADP: Roll is the first chat- based payroll app designed for small businesses. Ready to Roll? Check out RollByADP.com/fire to download the Roll by ADP app and get your first 3 months free!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
[13:44] – What Went Down In July: Interview of the Month
- Fund Anything at No Interest. Yes, Anything! with Curtis Nalley (Sorry! This link was active when this episode was first published in 2022. This resource is no longer available.)
- Lending America: See how Lending America can help you and/or your clients secure funding at 0%! (Sorry! This link was active when this episode was first published in 2022. This resource is no longer available.)
- 3 Value Bombs
- You need to obtain positive leverage to gain success.
- You can pay your initial debt for a short period to restructure at zero percent interest.
- Pursue your passions, study your successes, and learn from your failures.
[18:14] – The Limitless Challenge with Krista Mashore
- How to Achieve Limitless Prosperity in 2022 with Krista Mashore
- Krista and her team provided an incredible opportunity to their audience.
- KristaMashore.com – Learn more about Krista and her business!
[26:08] – July 2022 Income Breakdown
- Gross Income for July: $269,939
- Total Expenses for July: $14,566
- Total Net Profit for July: $255,373
- Difference b/t July & June: +$94,071
- % of net profit to overall gross revenue: 95%
[27:33] – Biggest Lesson Learned: How Conversations Create Perspective
- Nicole and Kate Can Relate Podcast
- Not all conversations begin and end with an agreement.
- The more conversations I have, the more I realize how rich the outcome truly is.
[29:49] – Thanks to our sponsor!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
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!
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