Business by Day
About This Show
Business by Day’s 5-Minute Podcast is for entrepreneurs, business owners, managers, and leaders. We save you time by presenting short, valuable episodes of lessons learned in over 25 years of entrepreneurial business success. We’ll talk about getting started, building an organization, finance, sales, values, leadership, exit strategies — how to build a performance organization. These lessons are real, proven, and I’m still using them today. Subscribe, stick around, and let’s grow YOUR business!
Most Recent Episode
They All Think You’re Rich
Jun 15 15
You know, it can be really lonely at the top. When you’re the business owner and the CEO, one of the constant things that you’re going to run into is…
THEY ALL THINK YOU'RE RICH.
Who’s they? Everybody from bankers, to lawyers, to your own CPA firm, to employees that want loans, to sales people that want you to upgrade different systems. Even family members will kind of expect you to pick up the tab because you’re the business owner. It’s really, really a tough thing.
- Bankers - I have had bankers to whom I’ve said “you know, we’ve had a 12-year relationship but I’m still going to shop your rates every single year or every other year just to make sure that you’re giving me good, competitive rates on my loans.”
- Attorneys - There are ton of attorneys out there and they also have competition. Don’t be afraid to shop your attorney and just let them know “I’ve got to check other rates to make sure you’re competitive.”
- CPA Firms - I once had a CPA firm for my telecom company and our annual reviewed financial statements got up to about $22,000 just for the annual review which I thought was crazy. When I shopped around, I found two other CPA firms that were willing to do the same thing. They were smaller firms, and although they didn’t have the long-term relationship with me that the other one did, one was at $8,000 and one was at $12,000, so I saved myself $10,000 just by shopping around.
- Employees - I had an employee, a sales person, and we had a disagreement over a commission structure. He then decided to file a complaint with the labor board after he had quit the company. I had to go into the labor board, he told his side and I told my side. It turned out that the labor board sided with him saying I was wrong and I ended up having to pay a fine of $10,000 to him for this commission dispute. It was very interesting because when I came back to the office, my HR person at that time said “well, you’ve gotta feel really good about paying only $10,000 it could have been a lot more than that.” And I told this person “don’t ever tell me that again. I’d feel much better if you were paying the $10,000.”
The perception is that when you’re a company owner, you must be rich. A friend of mine who owns his own company had a judge in a U.S. court of law tell him , “well,