Topics Covered In This Episode
- Mercer and Jeff examine business profits, discussing gross, net, and gross margin, and the implications of effectively managing these profits.
- They emphasize the importance of reinvesting profits for business growth and stability, highlighting the balance between investment and cash optimization.
- Next Jeff and Mercer explore strategies for building a strong business team, including effective hiring and the benefits of outsourcing to increase productivity.
- Managing and separating finances is crucial, they share insights on setting aside profits for personal use and separating personal and business accounts.
- The duo then discuss diversifying investments across various assets like stocks, small businesses, and real estate as a strategy for long-term growth.
- Finally, they stress becoming an owner rather than just an operator, with advice on investing in startups and prioritizing ownership for long-term success and wealth.