In 'Profit First', Mike Michalowicz introduces a behavioral approach to accounting that flips the conventional formula from 'Sales - Expenses = Profit' to 'Sales - Profit = Expenses'. This system involves taking a predetermined percentage of sales as profit first and then allocating the remainder for expenses. The book provides practical, step-by-step advice and case studies to help entrepreneurs manage their businesses more effectively, ensuring early and sustained profitability and long-term growth.
In 'Built to Sell', John Warrillow provides practical advice on creating a business that can operate independently of its owner. The book is structured around a story where a business owner, Alex, is guided by his mentor Ted to transform his marketing agency into a sellable business. Key lessons include running the company as if it will last forever but being ready to sell at any moment, focusing on a specific, non-customizable product or service, creating a positive cash flow cycle, and hiring a sales team to remove the owner from the sales process. The book emphasizes the importance of making the business repeatable, valuable, and teachable to attract potential buyers.
“If somebody else can't operate your business and you can't transfer the value that you currently have in your business to that other person and allow them to operate it, your business is not ready. And so succession planning should be something that every business owner does every day because if they don't do it every day, you're not ready. You're going to miss something along the way.” -Doreen Binkiewicz
Doreen Binkiewicz, owner of DGL Business Solutions, shares her journey of growing a thriving bookkeeping business while balancing the demands of family life. She delves into the power of systems, effective hiring strategies, and succession planning to build a business that is both scalable and transferable.
In this interview, you’ll learn:
- Strategies for building a client base through referrals
- The critical role of succession planning in ensuring business continuity
- The importance of implementing systems to enhance business value and readiness for transition
To learn more about Doreen and DGL Bookkeeping Solutions, click here.
Connect with her on LinkedIn.
To explore Pure Bookkeeping, visit this link.
Time Stamp 01:09 - Doreen’s introduction to ProfitCon and her journey 02:48 - Building a family-focused bookkeeping business with time-blocking 04:50 - Adopting Pure Bookkeeping and Profit First systems 07:28 - Enhancing hiring practices and recovering post-COVID 09:16 - Gaining clients through referrals and building a strong team 13:32 - Diving into succession planning and business transitions 15:40 - The four pillars of effective succession planning 20:44 - Importance of early succession planning for sustainability 28:31 - Transitioning business segments through succession planning 35:20 - Expanding into advisory services alongside bookkeeping
The Successful Bookkeeper Podcast 
