The 3 Financial Statements

In this conversation, Kurtis Hanni and Harrison Bonner delve into the challenges and lessons learned in the real estate business. Harrison shares his journey from initial success in real estate investing to facing significant challenges due to mismanagement and changing market conditions. They discuss the importance of financial literacy, the impact of personal stress, and the need for resilience in entrepreneurship. The conversation highlights the pivoting strategies Harrison is implementing to stabilize his business and the lessons he has learned for future success.Harrison Bonner is a seasoned real estate entrepreneur known for his resilience and strategic thinking in the face of adversity. With over a decade of experience, Harrison has navigated the complexities of property development and investment, learning invaluable lessons from both successes and setbacks. His journey from door-to-door sales in Boston to managing multifamily portfolios highlights his commitment to growth and innovation. Harrison's story is a testament to the power of perseverance and financial literacy in transforming challenges into opportunities.03:17 Harrison Bonner's Real Estate Journey 06:18 The Value-Add Strategy and Initial Success 09:07 Challenges and Mismanagement in Growth 12:16 Market Conditions and Financial Realities 15:17 Pivoting Strategies and Fund Structure 18:12 Recognizing the First Signs of Trouble 20:58 Transitioning to Cash Flow Management 23:46 Exploring Solutions and Options for Recovery 29:08 Transforming Team Dynamics for Success 30:42 The Importance of Financial Literacy 35:18 Navigating Personal and Family Stress 38:42 The Reality of Entrepreneurship 39:33 Transitioning and Learning from Mistakes 44:08 Building Sustainable Revenue Streams 49:33 Lessons Learned for Future Success

In this conversation, Nick Anderson, CEO of One Accord, shares his journey in transforming the consulting firm, focusing on improving gross margins and redefining the business model. He discusses the challenges faced in the transition, the importance of data, and how technology plays a role in enhancing service delivery. Nick emphasizes the need for margin discipline and the value of involving the team in decision-making processes. The discussion also highlights real-world examples of how the new model adds value to clients and the overall impact on business operations and marketing strategies.Nick Anderson is the CEO and 50% owner of One Accord, a consulting firm specializing in strategic consulting and exit planning for small to medium businesses. With a background in banking spanning 25 years, Nick transitioned into consulting, eventually merging his independent consulting business with One Accord. Under his leadership, the firm has undergone significant transformation, focusing on enhancing gross margins and delivering exceptional value to clients. Nick is known for his strategic vision, commitment to data-driven decision-making, and innovative approach to business challenges. His leadership style emphasizes transparency, team involvement, and a relentless pursuit of excellence.Chapters00:00 Introduction to One Accord and Nick's Background05:12 Transitioning into Ownership and Initial Challenges08:16 Understanding Gross Margin and Business Model Changes11:11 The Importance of Gross Margin in Consulting14:12 Navigating Change Management and Consultant Relationships16:55 Value Addition and New Engagement Models20:07 Ensuring Client Satisfaction and Consultant Accountability29:29 The Team Structure and Client Engagement32:52 Continuity and Risk Management in Consulting35:57 The Importance of Gross Margin in Business38:34 Pricing Models and Managing Risk43:13 Simplicity in Business Transactions44:21 Collaboration with Investment Bankers47:12 Leveraging Technology for Value Creation49:33 Transforming Business Through Improved Margins52:53 Practical Advice for Margin Transformation

Most business owners overlook the one critical leverage point that can turn a struggling company into a profitable powerhouse, but not Nick Anderson. In this exclusive sneak peek, he reveals how he completely restructured his business model to boost gross margins from 20% to a level that finally works, for both clients and consultants. This isn’t theory; it’s real-world, behind-the-scenes strategy from a CEO who faced a near-collapse and came out stronger on the other side. You’ll discover why simply raising prices isn’t enough, and how to deliver more value that justifies higher margins. Plus, get a glimpse into the tough negotiations and bold decisions that transformed Nick’s business, including how he navigated losing some consultants and scaling his value proposition.Don’t miss out on the proven tactics that help companies thrive even under pressure.Join us next week for the full episode, where Nick dives deeper into the nuts and bolts of his transformation. Subscribe now on Apple Podcasts, Spotify, or YouTube, and start turning stormy challenges into your greatest opportunities.Our new podcast, 'Through the Storm,' focuses on the real struggles business owners face.Often we just hear the highlight reels, but it's importantwe share the honest conversations about financial pressures and the lessons learned from adversity too.The podcast aims to create a supportive community for business owners, sharing stories of challenges and triumphs to help others navigate their own journeys.Stay up to date at smbfinanceos.com.

Our new podcast, 'Through the Storm,' focuses on the real struggles business owners face.Often we just hear the highlight reels, but it's importantwe share the honest conversations about financial pressures and the lessons learned from adversity too.The podcast aims to create a supportive community for business owners, sharing stories of challenges and triumphs to help others navigate their own journeys.Stay up to date at smbfinanceos.com.

In this reintroduction of the podcast, Kurtis Hanni outlines the new direction of 'Through the Storm,' focusing on the real struggles business owners face.He emphasizes the importance of honest conversations about financial pressures and the lessons learned from adversity.The podcast aims to create a supportive community for business owners, sharing stories of challenges and triumphs to help others navigate their own journeys.Learn more at smbfinanceos.com.

For the month of December I'm taking a break from the podcast. When we start in January, I'll be changing the format and going back to WEEKLY episodes.See y'all in January!—Follow me on TwitterJoin 7k+ rethinking money every ThursdayAdvertising Inquiries: https://redcircle.com/brands

Have you ever seen people living just a little differently and wondered how they built that life for themselves?In today's interview, I talk to Brian Luebben, who has done just that.Brian runs a few different businesses but intentionally runs them in a way that creates more freedom for him.In this episode, we talk about his story, the 3 types of freedom, and why you should prioritize passionate income over passive income.Check out Brian's Podcast: Action Academy PodcastFollow him on social:Twitter: @theactionpodIG: @brianluebbenTiktok: @brianluebben—Follow me on TwitterSubscribe to my email newsletterAdvertising Inquiries: https://redcircle.com/brands

I talk a lot about the numbers of business, but what are the hidden costs?Today I break down opportunity cost and sunk cost and how to make decision-making models that account for these and help you avoid the biases that are all too common.To learn more about these biases, check out my newsletter editions on them:How to avoid sunk cost fallacy and save your business moneyFootball, Food, & Opportunity Cost—Follow me on TwitterSubscribe to my email newsletterAdvertising Inquiries: https://redcircle.com/brands

Jeff Rose is Certified Financial Planner that 3 years ago sold his wealth management to become a full-time online educator. He has a blog, book, and youtube channel that reaches 400,000 unique visitors to his website per month.Jeff currently writes for Forbes and Entrepreneur and has been featured in USA Today, Wall Street Journal and Fox Business where he talked personal finance, entrepreneurship and online business.In this episode, we talk about his journey and the lessons he learned along the way.Follow me on TwitterSubscribe to my email newsletterAdvertising Inquiries: https://redcircle.com/brands

What is the goal of running a business? I argue that everyone's goal is to create value. Ultimately for themselves, but also for their customers and those around them.I break this process into 4 elements and identify some ways you can measure the value you're creating.--Follow me on TwitterSubscribe to my email newsletterAdvertising Inquiries: https://redcircle.com/brands