In this podcast, Ryan announces the sale of his CPA firm to co-founder Matt Bontrager. They discuss the growth of the business, the decision to sell, and the importance of businesses having an ending. They also explore misaligned objectives, challenges faced, and the phenomenon of entrepreneurs returning to being employees. The podcast emphasizes the importance of confidence, clear communication, and clear roles and responsibilities in running a successful business.
Recognizing when it's time to move on and start a new venture is crucial in business.
Selling a company can be a strategic decision to focus on other ventures and support the growth of a co-founder.
Bookkeeping is the backbone of a successful business, and building a bookkeeping business can be highly rewarding.
Being a business owner requires continuously acquiring and honing various skills, such as sales, social media, teaching, and leadership.
Deep dives
Starting and Ending Businesses
The speaker reflects on the reality that businesses always have an end, whether they are sold or shutdown. They emphasize the importance of recognizing when it is time to move on to the next venture.
Selling the CPA Firm
The speaker announces that they are selling their CPA firm, TrueBooks, and discusses their reasons for selling, including the desire to focus on other ventures. They express excitement for their co-founder who will continue to lead the organization.
The Challenges and Rewards of Entrepreneurship
The speaker reflects on the challenges and rewards of being an entrepreneur. While business is exciting, it can also be stressful. They discuss the different components and aspects that come with running a business and how each venture is unique.
The Importance of Bookkeeping in Business
The speaker emphasizes the importance of bookkeeping in business success. They highlight that bookkeeping is the backbone of a business and the language of understanding its financial health. They recognize the need for skilled bookkeepers and the potential for building a successful bookkeeping business.
Importance of Learning New Skills as a Business Owner
As a business owner, it is crucial to recognize the need to learn new skills and adapt to different roles. The podcast episode highlights the experience of the speaker, who realized that their business partner lacked certain skill sets necessary for entrepreneurship. This realization led to the understanding that breaking through to different people requires different approaches. Whether it's sales, social media, teaching, or leadership, being a business owner involves acquiring and honing various skills for success and growth.
Different Perspectives on Success
The podcast delves into the concept of success and how it can vary from person to person. The speaker shares personal anecdotes to outline their evolving definition of success. Initially, they associated success with financial profitability and impressive numbers. However, as their business progressed, they realized that seeing others succeed and positively impact their lives became a more fulfilling measure of success. This shift in perspective highlights the transformation from a self-centered focus to one driven by purpose and impact.
The Importance of Clear Communication and Follow-Up
Effective communication and follow-up are essential elements in successful leadership. The podcast emphasizes the significance of clear and direct communication between leaders and team members. Lack of clear instructions and timely feedback can hinder progress and lead to misunderstandings. The speaker acknowledges their own shortcomings in providing clear directions and follow-up. They recognize the need to develop these skills to ensure alignment, accountability, and successful execution of tasks within the company.
Ryan announces that he's selling his CPA firm, TrueBooks, to his co-founder, Matt Bontrager, despite having grown the company significantly, with 500-600 clients over the last five years.
Need tax and accounting help? Contact TrueBooks! https://app.truebookscpa.com/ryanpineda
Chek out Matt's Bookkeeping Blueprint here - https://www.ghd56btr.com/8LJN31/31X75W/?source_id=podcast
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You can invest in my real estate deals! Go to https://pinedacapital.com --- Connect with matt! Instagram - https://www.instagram.com/mattbontrager/ https://www.instagram.com/bookkeeping_blueprint/ https://www.instagram.com/truebookscpa/ TikTok - https://www.tiktok.com/@mattbontrager_?is_from_webapp=1&sender_device=pc
The decision stems from Ryan's evolving priorities and numerous entrepreneurial ventures.
Truebooks was initially established out of necessity, but it saw exceptional growth, from $110,000 in the first year to $2.6 million just last year. This success arose through organic growth rather than ads, with the advantage of recurring revenue associated with tax services.
Ryan and Matt's professional relationship has been transformative, with Matt's role evolving from an initial bookkeeper to co-founder. However, as the business flourished, they encountered diverging preferences regarding the pace of expansion and risk tolerance.
Matt's affinity for stability contrasts Ryan's proclivity for risk-taking and rapid expansion. They acknowledge that these differing visions are leading them in opposite directions, which doesn't align well for business partners.
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About Ryan Pineda:
Ryan Pineda has been in the real estate industry since 2010 and has invested in over $100,000,000 of real estate. He has completed over 700 flips and wholesales, and he owns over 650 rental units. As an entrepreneur, he has founded seven different businesses that have generated 7-8 figures of revenue.
Ryan has amassed over 2 million followers on social media and has generat...
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