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/income129, and IGNITE!
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Guest Resources
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) Understanding when and how to plan your taxes throughout the year can save you money and headaches.
2) Letter of Intent is an essential tool for ensuring both the buyer and seller are aligned on the essential elements of the transaction.
3) Start scheduling time for the things that matter most.
Sponsors
HubSpot: Stop spending more time managing tools than connecting with prospects and customers. HubSpot’s customer platform is a smoother, more effective way to grow! Visit HubSpot.com to learn more!
BetterHelp: This episode is sponsored by BetterHelp. Give online therapy a try at BetterHelp.com/fire and get on your way to being your best self.
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:49] – Income review
- Gross Income for May: $194,452
- Total Expenses for May: $12,327
- Total Net Profit for May: $182,125
- Difference b/t May & April: +$64,207
- % of net profit to overall gross revenue: 94%
[01:34] – Ron’s May Tax Tip: Mapping Out Your Long-Term and Annual Tax Strategies
- Long-Term Strategy (3-5 years)
- Annual Tax Plan
- Regular Check-ins and Implementation
- Year-to-date Check-in
- Final Year-End Prep
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[7:50] – David Lizerbram’s Legal Tip: Letters of Intent – What Buyers and Sellers Need to Know
- Key elements to focus on when reviewing or drafting an LOI
- Business Purchase vs. Asset Purchase
- Purchase Price and Structure
- Contingencies and Conditions
- Exclusivity Period
- Confidentiality and Non-Compete Clauses
- Transition Assistance and Consulting
- Termination and Break-Up Fees
- Earnest Money Deposit
- David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
[13:51] – Thanks to our sponsors!
- HubSpot: Stop spending more time managing tools than connecting with prospects and customers. HubSpot’s customer platform is a smoother, more effective way to grow! Visit HubSpot.com to learn more!
- BetterHelp: This episode is sponsored by BetterHelp. Give online therapy a try at BetterHelp.com/fire and get on your way to being your best self.
[15:50] – What Went Down In May: Interview of the Month w/ Gary Vaynerchuk
- Serial Entrepreneur, Chairman of VaynerX and 5x New York Times Best Selling Author Gary Vaynerchuk
- 3 Value Bombs
- The key is not cash, the key is passion. Authenticity matters because if you’re doing something that is authentic to you, then the audience would know that it’s authentic to them.
- Nowadays, the content itself is the variable, not the number of followers, because the merit of the creative is the game and that level of underpriced attention where there is no cost for distribution.
- The world is selling so much negativity. You have a huge opportunity. If you’re passionate about anything, the opportunity to be great in organic social media to start the process of you living a happier and professional life is now more real.
- Day Trading Attention: How to Actually Build Brand and Sales in the New Social Media World. Check out GaryVee’s New book!
[17:12] – JM attends PodFest Asia!
- Sessions from Podfest Asia
- Top 10 AI Tools for Creators
- Optimizing Workflow
- Basics of Podcast Monetization (Turn Your Listeners into Paying Clients)
- Beyond Audio: The Power of Video Podcasting
- Southeast Asia Soundscapes: Diving Deep into the Podcasting Phenomenon
- How to Win in the Local Podcasting Scene in the Philippines / Charting the Course
- The Legal Landscape: Navigating IP and Trademarks for Podcasters
- Cracking the Code: YouTube Fundamentals for Content Creators
- Podcasting Without Borders: A Global Conversation / Overcoming the Odds with Wally Green
[22:00] – Checkout photos from PodFest Asia here
[29:10] – May 2024 Income Breakdown*
- Gross Income for May: $194,452
- Total Expenses for May: $12,327
- Total Net Profit for May: $182,125
- Difference b/t May & April: +$64,207
- % of net profit to overall gross revenue: 94%
[30:02] – Biggest Lesson Learned: Scheduling time
- Kate made a promise to herself that she would only say yes to things that were a complete HELL YES.
- She started scheduling time for the things that matter most to her.
- She learned from Amy Porterfield that in order to make something real, you have to schedule it.
[33:19] – Thank you to our Sponsors!
- HubSpot: Stop spending more time managing tools than connecting with prospects and customers. HubSpot’s customer platform is a smoother, more effective way to grow! Visit HubSpot.com to learn more!
- BetterHelp: This episode is sponsored by BetterHelp. Give online therapy a try at BetterHelp.com/fire and get on your way to being your best self.
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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