Franchise Euphoria Simplifying The Cares Act with Denai Wolfe of The Chic CFO
Denai Wolfe is a Virtual CFO, Financial Clarity Coach and Profit Strategist. She works with big thinking entrepreneurs to help them increase their profits by designing and implementing financial structure and systems. Denai understands entrepreneurs because she is one. In a past life she owned a photography business and two restaurant franchises. Running these businesses was where she learned the power of knowing your numbers. She became so passionate about empowering entrepreneurs to take control of their numbers that she volunteered at her local women’s business center to educate female entrepreneurs on financial literacy. The more students she got in front of them more requests she received for consults and so The Chic CFO was born.
Denai believes that bigger profits equal a better life not just for you and your family but for your team and customers as well. She follows one golden rule when it comes to business – of it doesn’t make money it doesn’t make sense. Her mission is to help entrepreneurs understand their financials and utilize the data to make operational improvements that will scale their company to the next level!
Key Takeaways:
[0:18] Today’s episode of Franchise Euphoria is brought to you by IndyFranchiseLaw.com, a leading resource in the franchise space. Head over to IndyFranchiseLaw.com learn more!
[0:59] Josh introduces today’s guest, Denai Wolfe, who Josh heard speak recently on the topic of the Cares Act.
[2:15] Josh welcomes Denai Wolfe to Franchise Euphoria.
[3:05] Denai shares what her involvement in franchising had been and how it led her to develop the Chic CFO.
[14:09] One of Denai’s biggest missions with empowering entrepreneurs has been to deliver the information to them in a way that makes sense. That’s when she saw how overwhelming the Cares Act was and she decided to simplify it.
[19:58] Denai gives an overview of what the Paycheck Protection Program is and what the intent behind it is.
[26:25] Josh addresses that there is some confusion surrounding how owners who don’t have standard paychecks get paid.
[33:15] While the Cares Act explicitly states what 75% of the funds you obtain should go towards, there is about 25% of gray area, so Josh suggests talking with your business professional to address what expenses qualify to avoid fraudulence.
[36:37] Denai has noticed that small banks are able to assist people applying for this program better than larger banks simply because the bigger banks are inundated and are struggling to keep up with the amount of applications they receive.
[38:33] The Paycheck Protection Program explicitly states that professionals cannot charge applicants to assist with the application process, but Denai has seen people doing this anyways, which is in poor taste in her opinion.
[41:48] Josh shares that technical difficulties interrupted the recording process for this interview, so they are back a few days later, and there’s actually been an update to the program which Denai explains.
[46:40] Denai’s Facebook group called the Profit Factor is constantly active with information about the Cares Act and Denai regularly does Facebook lives to discuss updates.
[48:16] If you want to learn more about Denai or her services, visit their website listed below.
[49:09] Thanks for listening, and please, reach out to Josh anytime through email at josh@franchiseeuphoria.com. If you enjoyed this interview, please leave us a review on iTunes.
Mentioned in This Episode:
https://thechiccfo.com/
https://www.facebook.com/groups/theprofitfactor/