Sabitlenmiş Tweet
There's been a significant shift in my professional life lately. Two paths that are pushing me deeper into what I love: helping business owners make smart decisions. A quick update (for my legion of followers) 🧵
English
Travis Woods
1.2K posts
Travis Woods
@Tbwoods2
Financial pro & entrepreneur. Co-founded @maybe. Partner @bisoncfo. Focused on optimal financial decisions.
Katılım Ekim 2009
597 Takip Edilen419 Takipçiler
This makes a ton of sense if you’re using Stripe and QBO. More connections soon.
Josh Pigford@Shpigford
we just launched subscription metrics on @maybe! connect your @stripe account and then dig deep on any metric with AI chat. connect your @QuickBooks account and get even deeper insights!
English
Finally emptied my HSA account. What I saved in taxes I paid in headaches.
English
@michaelfiore I experienced a situation similar to this working for my dad one summer.
I showed up one morning eating my breakfast and clocked in.
He calmly walked up, took my breakfast out of my hand, and threw it away.
He said, “If you want breakfast, do it before you’re on my clock.”
English
I have a friend that owns a business but is getting close to retirement. His tolerance for BS from employees has reached levels near zero. Example:
First day of work for a new high school employee. Kid shows up right at opening time then pops his head into my friend’s office and says “Hey boss, just wanted to let you know I’m here, I’m clocked in, I’m just gonna eat my breakfast in the break room real quick.”
Boss immediately stands up, hands him $100 bill and says. “This isn’t gonna work out.” Fired. No coaching, no second chance. He just doesn’t want to deal with that anymore.
You think he made the right call?
English
@HarrisFanaroff I started trying to document the funny things my kids say. It can be fun to go back and read them.
English
Yesterday after daycare my toddler said he needed “the other mac n cheese” (while not currently having any mac n cheese) and I’m not sure there’s ever been a more toddler phrase in life.
English
@SteveWiesnerSMB Makes me think about Morgan Housel’s writing about knowing what game you’re playing.
English
25 y/o IB me: Lifestyle businesses are a joke.
55 y/o enlightened me: Man, I get it.
When I would read the growth opportunities section of a CIM, I’d laugh. If you could do those things, you would. What kind of moron wouldn’t want to double revenue?
What finance types don’t understand is that it isn’t just about maximizing EBITDA and multiple.
Building a business that fits your life and having the self-awareness and discipline to say “this is enough for me” is a blessing.
I once offered a guy $115mm for his business and he said no. I had gotten to know him well, so I asked him why he wouldn’t bite on generational wealth.
“I’m already rich.” And he was. He had made tens of millions over the years. He was more than happy with that, and didn’t need more.
So many business owners feel the same way with their ‘little’ business dropping $500k - $2mm a year. Could they double those businesses? Probably. Do they want to / need to? No. They’re perfectly content with what they have.
And that, my friends, is a gift.
English
A lack of curiosity in AI could be detrimental for a lot of knowledge workers.
English
@vrexec Thanks. It sucks for sure.
I share this story in hopes of helping those that take the leap fully aware of what they’re getting into.
English
@jjtejkl It’s so interesting how this can be one of the hardest concepts for a business owner to understand.
English
If you keep spending a dollar to save 30 cents, you eventually won’t have any dollars.
Also, don’t complain when you can’t sell or get financing.
Clint Fiore 🦬 DM for Biz Deals@ClintFiore
Too many business owners are buying trucks they don't need at the end of the year and paying their little kids through their business for 'modeling' or whatever in the name of trying to save on taxes when they should just be retiring their business debt, especially their revolving higher interest stuff, so they can get a massive interest expense out of their lives forever. Reminds me of the business version of champagne taste on a beer budget.
English
@0h_look And by this you mean *immediate* documentation.
Too often I look at an automation ~10 minutes later and have no clue how I pulled it off.
English
Documentation is important because sometimes I don't even remember how I built my own automations.
English
Two weeks ago, my partners and I experienced our biggest win as owners of the business we bought two years ago.
Three days later, we experienced the lowest point by far.
Our lead technician died in a non-work-related freak accident. This was an absolute nightmare scenario on multiple levels.
A wife lost her husband.
Children lost their dad.
We lost someone we trusted implicitly and relied on every day. We were heartbroken, scared, and unsure, still are, about what the future looked like. We were thrown into making decisions for which there is no education.
When do you go pick up the work vehicle from their home?
What do you do with tools that might be theirs?
How do you help a grieving spouse and children, all while you have obligations to your own family and significant debts to pay?
How do you communicate this to your customers without scaring them off because they don’t think you can service them?
What do you say when your kids ask your spouse, “Why does Dad seem so sad?”
There’s a lot of romanticization of owning a small business.
Be your own boss.
Passive income.
Just slap some technology on it and watch it grow.
While none of those are accurate, there are seasons in which reality couldn’t be any more opposite. There are seasons of choosing to wake up and walk into the meat grinder with no clear end.
We entered one of these seasons a week ago. We’ve made insane progress in a week, but it’s hard.
Owning a small business requires the ability to think clearly in chaos and keep moving, even when you have no clue where the next step leads.
English
The latest version of @maybe is blowing my mind. Particularly the speed at which it happened.
English
@KurtisHanni These sessions are a lot of fun. We get really deep with businesses quickly, but the clarity that comes from it is always fun to watch.
English
Don't have financial clarity in your business?
Shoot me a DM and I'd love to chat.
We recently released a one-time engagement, where in less than 5 hours of your time, you get:
1. Accounting & Financial Health Review
2. Business Model Assessment
3. Key Business Drivers & KPI Mapping
4. Custom Report with Recommendations
If our recommendations don't save you more money than you pay for the review, you get your money back.
English
@PEoperator @JoshuaClemans Living Fearless is great. Have you listened to Chris Powers’s episode with Jamie?
English
@JoshuaClemans Living Fearless
Alchemy
Unreasonable Hospitality
The Outsiders
Cheated
English
@KHendersonCo This is great.
I think a lot about allowing non-catastrophic failure happen in my kids’ life, rather than “rescuing” them, so they can hopefully learn and become more resilient.
English
I’ll never forget one of the best parenting lessons my wife and I received, shortly after moving to San Diego in 2012.
Our oldest had just started first grade and a couple weeks into the school year, as my wife said goodbye to him at the classroom door, he realized he had forgotten an assignment he had to turn in.
My wife, on instinct, said she’d run home and bring it back to drop off at the office so he didn’t receive a 0 on the assignment.
A very smart and well meaning parent, overhearing this, pulled her aside and, somewhat sheepishly - no doubt worried about overstepping - strongly encouraged my wife not to do that.
Her reasoning was simple:
💡Teach him what the consequences of failure feel like when the stakes are ultimately meaningless (it was first grade, after all…). Otherwise you’ll be doing the same thing when they’re a junior in High School.
So she didn’t.
He got a 0 and his first and only “red” card of the year.
He was super upset. Then he got over it.
That’s happened a handful of times with all of our kids. Mostly when they were smaller. Occasionally as teens.
And it’s the one parenting lesson that ALWAYS comes to kind when friends with younger kids ask say “You guys are so lucky to have such responsible teenagers.”
Thanks, Karen, but it’s not luck.
Stop. Saving. Your. Kids. From. Failure. (physical safety excepted…)
Thanks for coming to my TED Talk.
christina 🥀@abarefootmomma
unpopular opinion esp in conservative Christian circles: I think it is very beneficial for adult children to live independently at some point before marriage. Not only does it teach them how to save and be cost efficient but it also makes them clean after themselves without mommy there to pick up after them. I don’t think people realize how much mothers will pick up the slack. It’s ridiculous for full adults to go from their parent’s house to their marital home still having mom do their laundry, cooking and cleaning. Now, don’t blow me out of the water. I think staying home is great. But I’ve seen grown up men (and women but less so) think that it is not their job to clean up after THEMSELVES. I think it’s stupid. Sure couples can compliment each other but the absolute lack of men understanding that it is also their home and they should also be expected to take care of it - it’s embarrassing.
English