In this episode of Business Lunch, we walk you through the ins and outs of managing business finances. We explain the potential pitfalls of keeping more than a month's worth of operating expenses in the account. We explain how that can lead to complacency and unnecessary spending. We also explain how business can cover unexpected events and tricky payroll situations, like those pesky months with three payroll cycles or prepaying for holidays. We go beyond the glamor of being an entrepreneur to the real details behind the scenes.

Highlights:

"We're very big on lifestyle and freedom and all those kinds of things. But it's also important to acknowledge that it's not a perfect situation very often."

"There are times when things are absolutely amazing. And there's times when things could frankly be a hell of a lot better. And I think that's called life. I think that's called entrepreneurship"

"If we're buying a business, I hate the agreement part. I love negotiation and strategy. But when it comes to reading a 75-page document, I just absolutely can't stand it."