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It's a Good Life

S2E266 How to Always Turn a Profit with Mike Michalowicz

It's a Good Life

Brian Buffini

Business, Entrepreneurship, Life, Good, Entrepreneur, Coaching

4.4 • 2.4K Ratings

🗓️ 4 February 2025

⏱️ 32 minutes

🧾️ Download transcript

Summary

Mike Michalowicz’s Profit First system is used by companies worldwide to drive permanent profit. In this episode, he shares how this strategy can transform your business from a cash eating monster to a moneymaking machine.  

 

YOU WILL LEARN:

·      The limitations of traditional accounting formula.

·      The advantages of the Profit First system.    

·      Practical advice for implementing Profit First in businesses of all sizes.

 

MENTIONED IN THIS EPISODE:

 

“Profit First,” by Mike Michalowicz

 

“The E Myth Revisited,” by Michael E. Gerber

 

“The Richest Man in Babylon,” by George S. Clason


“How to Stop Worrying and Start Living,” by Dale Carnegie

 

NOTEWORTHY QUOTES FROM THIS EPISODE:

 

“It is a responsibility to be profitable.” – Mike Michalowicz

 

“The ultimate greed is when you're not profitable, because what you're saying is you're willing to forego serving your customers.” – Mike Michalowicz

 

“You should be proud to be profitable.” – Mike Michalowicz

 

“Find the right size business for you.” – Mike Michalowicz


“Trust wallets over words.” – Mike Michalowicz


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Transcript

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0:00.0

Welcome to It's a Good Life, the podcast for entrepreneurs, where it's all about growing yourself and your business.

0:09.6

Here's your host, founder of America's largest business coaching company, Brian Bafini.

0:16.2

Well, at top of the morning tea and welcome to It's a Good Life.

0:19.0

Very, very excited to expose you to a man today.

0:23.0

I think you're going to get a lot from. His name is Mike McCallowitz. He's a son of New Jersey.

0:28.6

And he, like most of you listen out there today, he is an entrepreneur's entrepreneur.

0:34.8

And he's been there, done that. He's seen the highs, he's seen the lows,

0:38.5

sold several multi-million dollar businesses, had the bull by the horns on more than one

0:43.7

occasion and has also experienced the great entrepreneurial drop. And as they say, it's not how you

0:50.2

fire you fall. It's how high you bounce. And he's got a great personal story to share.

0:55.1

He has a fantastic new book. And we try to expose you guys on a limited basis to books. We know

1:00.4

you're a big book by an audience. But if you own a small business, I would say the first and

1:05.7

best small business book I've ever read was the E-Mith Revisited. And this one right here is now in very short orders

1:13.6

gotten into my top five. It's called profit first. And in a world we live in today, everybody's

1:19.1

talking about purpose and this and that, which, you know, missions were all big on that.

1:23.7

But this is about transforming your business from being a cash eating monster to a money-making machine.

1:29.7

And right now, you know, you can do all the purpose stuff.

1:32.4

You know, my mother used to say, the road to hell is paved with good intentions.

1:36.6

You know, if you want to do some good stuff with your business, do real well, make a boat, a lot of money, and then give your time and your money and energy.

1:43.4

And so this is Profit First.

1:45.2

Mike, delighted to have you join us today.

1:47.4

Thanks for making the time for us.

...

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