Taking Your Business to the Next Level: A Compilation of Insights

Pat Mancuso is the CEO of Mancuso Consulting Group and a highly recognized thought leader dedicated to helping CEOs, business owners, and entrepreneurs maximize their potential through coaching and consulting. Having spent over 30 years working with company owners, leaders, and sales teams, Pat has over 25,000 hours of coaching and consulting experience. As a serial entrepreneur who has launched multiple successful companies, Pat understands how to sustainably scale a business. He helps businesses improve their leadership and performance through a proprietary system, RSTMM® — Recruit, Select, Train, Manage, and Motivate, which enables companies to select, train, manage, and motivate the right people in the right positions.

Here’s a glimpse of what you’ll learn:

[1:41] Five steps for creating a profitable podcast for your business
[3:09] Obtaining capital by building a relationship with the bank
[4:12] The importance of business partner due diligence
[5:30] How to become a real estate investor
[6:34] Cash flow management tips

In this episode…

Many entrepreneurs launch their businesses with the end goal of creating wealth and gaining financial freedom. Generating wealth from your business requires strategic planning and calculated operational management. What strategies can you leverage to propel yourself and your business to freedom?

Five business builders in various disciplines have created proprietary methods for scaling your company to the next level. B2B podcaster Dr. Jeremy Weisz maintains that by creating a comprehensive referral partner list, reaching out to them, and producing a podcast and other content with them, you can generate substantial ROI. When requesting capital or a business loan, Marc Cove suggests building prior relationships with bankers so you can remain top of mind, while Ryan Deiss highlights setting aside funds to pay taxes and other expenses to maintain long-term sustainability. Business consultant Pat Mancuso emphasizes the importance of conducting due diligence on your future business partners, ensuring skill compatibility and goal alignment. Real estate professional Chris Prefontaine says that the real estate market is ripe for investing, so he recommends developing strategies that can adapt to a changing market.

In this special episode of Destination Business Freedom, Pat Mancuso reflects on his most notable podcast episodes. Featuring memorable guests like Ryan Deiss and Chris Prefontaine, these professionals delve into cash flow management, navigating relationships with bankers and business partners, and preparing your business for market fluctuations.

Resources Mentioned in this episode

Quotable Moments:

"The best thing you can do with a bank is to build the relationship long before you need them."
"There’s a distinctive difference between personality and behavior. I need to understand their track record and what they learned."
"Whenever there's chaos, like interest rates going up, creative real estate is at a peak. It's never been a better time."
"Understand that when cash comes in, that's not all yours. Set aside a percentage for taxes immediately."
"It's basic personal finance stuff; have a month's worth of cash sitting around, so you're spending yesterday's dollar today."

Action Steps:

Develop a strategic partner list: Create a comprehensive list of strategic partners, including clients, potential clients, and industry authorities, to expand your network. This helps build strong relationships that can provide mutual benefits and increase opportunities for collaboration and referrals.
Build relationships with financial institutions: Establish relationships with banks and bankers before you request financial assistance. This proactive approach ensures that when you present new business ideas, you have an existing level of trust and understanding with financial partners, facilitating easier access to necessary resources.
Understand behavioral strengths in partnerships: Conduct due diligence on potential business partners by exploring their behavioral strengths and track records. This knowledge helps ensure compatibility and alignment in business ventures, reducing risks associated with personality clashes or mismatches in business philosophies.
Embrace creative real estate opportunities: Explore creative real estate strategies, especially during market fluctuations and chaos. This approach allows you to leverage market conditions to your advantage, leading to innovative solutions and investments that can thrive in changing environments.
Implement cash flow management practices: Prioritize understanding and managing cash flow by setting aside funds for taxes and paying yourself a consistent salary. Effective cash flow management ensures financial stability, prepares you for unexpected expenses, and helps maintain long-term business sustainability.

Sponsor for this episode...

This episode is brought to you by the Mancuso Consulting Group, a small business consulting company for entrepreneurs, CEOs, and business owners dedicated to personal and business growth.

Business tax consultant Pat Mancuso, creator of The Mancuso Method, offers innovative insights and solutions for securing massive wealth through taxes, estate planning, sales, and acquisitions.

Our team of expert tax consultants have coached, consulted, and trained over 15,000 entrepreneurs, C-suite leaders, and business owners, providing small business tax advice and coaching in sales, leadership, organizational development, and personal growth. Additionally, Pat Mancuso has launched multiple multimillion-dollar business ventures, giving him a firsthand understanding of entrepreneurs' daily challenges.

At the Mancuso Consulting Group, we are committed to exploring innovative ways to help businesses and leaders grow their people and improve their bottom lines.

To learn how the Mancuso Consulting Group’s bookkeeping and tax services can help you unlock your full potential, visit www.themancusomethod.com, email us at pat@themancusomethod.com, or call 651-503-7355.

Episode Transcript

Intro 0:00

Welcome to Destination Business Freedom, hosted by Pat Mancuso. Join us as we explore success strategies and hacks from leading entrepreneurs, helping you bridge the gap between financial success and personal freedom. Your journey starts here.

Pat Mancuso 0:21

Pat Mancuso, here I am the host of Destination Business Freedom, where I interview leaders in real estate, commercial construction, mortgage marketing and more. Thanks for tuning in to this special edition of the podcast where we take a look back at some of our favorite conversations from previous episodes. It's brought to you by The Mancuso Consulting Group, a go to resource for entrepreneurs, CEOs and business owners dedicated to personal and business growth. Our team of experts has coached, consulted and trained over 15,000 entrepreneurs C suite leaders and business owners in areas of sales, leadership, organizational development and personal growth. Additionally, Pat Mancuso has successfully launched multiple, multi million dollar business ventures, giving him a first hand understanding of entrepreneurs daily challenges at The Mancuso Consulting Group, we are committed to exploring innovative ways to help businesses and leaders grow their people and improve their bottom lines. To learn how The Mancuso Consulting Group can help you unlock your full potential, visit theMancusomethod.com Email us at Pat@theMancusomethod.com or call 651-503-7355, now let's take a look back at some of the best conversations from Our previous episodes. Enjoy.

Jeremy Weisz 1:41

The five steps I talk about, one is to create your dream. 200 300 400 500 so that people think of a dream, 200 300 whatever it is as a client list, but it's not to me, it's not a client list. It's a partner list, a referral strategic partner list. It could be clients, it could be potential clients, past clients, it could be big authorities in the space. So there's a lot of when we brainstorm, we brainstorm like 17 categories of this, but the point is to think about who are your best relationships that you want to give to, right? And the next is reaching out to those people, right? And, you know, we talk about getting ROI with outreach, and these are people that you off in the beginning, know, you know, and they know you, trust you, like you, So involving them. And for me, it's a podcast for someone else, you know, they may just want to do a blog post or something like that, right? That's the medium I just find the most connection with people, etc. And so the next is to reach out. And then there's certain methods of reaching out that we recommend. Obviously, when you're doing it in that nature, it's a give. You're not asking someone, you're not even pitching someone, you're just wanting to share their story. And then the third part is really thinking of the the art and science of producing the content.

Marc Cove 3:09

You know, the absolute best thing you can have is just a clear financial package the day you walk in the door number one. But I would back that up, the best thing you can possibly do with the bank is to build the relationship with the bank and the banker long before you need them. I love that, and I don't. People just don't do that. And you know, because if I, you know, if I know Pat Mancuso for 30 years, and you come with a new idea, I'm likely much more interested, okay, how can I help you get there than if you walked off the street, and I have to start from scratch. So when people walk off the street, which is fine, you know, usually on a referral or somebody said, Hey, call this guy. He's at least half-competent. He knows what he's doing. I love it when people walk in with financial statements at foot with each other. They understand they have to give me data, and they do their research ahead of time to know what data they need to provide, right? Well, I know I'm gonna have to give you tax returns. I know I'm gonna have to give you a business. And I don't care about a fancy business plan. I tell people, they can write it on a napkin. It just has to show that it has thought and substance.

Pat Mancuso 4:12

Think about many business owners where you have more than one entrepreneur. So you know, there's many stories of hugely successful companies and companies that get started around a campfire, and there's two, you know, individuals, and they're there, and maybe they're having a cocktail, and they come up with this great idea, and they get into business together. Now they may know each other, and they may actually know each other from the industry, but they truly have not done due diligence on each other, and here's what I specifically mean, and I'll relate it to our company. I need to know who the individual is. I need that I'm getting into business with. I need to know behaviorally, who they are. I need to know where their behavioral strengths are, not personality. There's a distinctive difference between personality. The behavior. I need to understand what their track record is. I need to understand where they succeeded, where they failed, what their journey is, what did they learn? In other words, I need to look at it like as if I'm getting into a business relationship with my CEO, but they're an investor, which means there's a different level of getting into business, you have an ownership level because you're an investor in the company, and then you have a leadership level because you're performing tasks in a company.

Chris Prefontaine 5:30

We teach investors and wanna-be investors how to become investors. Yep. So it's creative real estate versus just realtors. Are there some realtors, just to put this all in perspective, in our wicked spot community? Yeah, there's a small handful. I'd say maybe 10% are, in my opinion, they all should be, but it's about 10% on a a pass realtor. I now see both sides right, because I was a high-producing realtor before I did this. Okay, so back to the market. Whenever there's chaos, like the NAI lawsuit was great for this, where I'm going, the interest rates going up, the election coming, the media still screaming, since 2015 that we're going to have another crowd. You know, all these chaotic things, yeah, means the market's chaotic. Means they need a guide. Means creative real estate at a peak, at a peak, like in my 33 years, I started right when you did 91. I started in my 33 years going through brokerage and building homes. And now this, there's never been a better time for creative real estate because of the things that I just said.

Ryan Deiss 6:34

So it in my world, it's great basic cash flow management, like understanding that when, when, when cash comes in, that's not all yours, right? You need to immediately set aside some percentage that's going to need to go to taxes. And you need to have a qualified tax advisor, you know, account, CPA, who's going to tell you what that amount is, and just move it all over. And if it's a little bit more than what you need cool, you could take it back out. But immediately that comes in the tax, people say, Pay yourself first look, I'm going to pay the people with missiles first. Okay, the government's got freaking missiles, and they can take away your liberty. So they get it. They get first dibs. Now, second me, right? Yeah. So I love the idea, let's, let's peel off, you know, 10% let's make sure I'm paying myself a salary. I wish somebody would have said, pay yourself a salary. Don't just, you know, take distributions. You're going to take too much in good times and not enough in lean times. Pay yourself a fair and reasonable salary. Take that off the top, right, right now, be clear on what your major expenses are, and make sure that you set aside for those as well. And then build up some kind of rainy-day emergency fund for three months, six in the beginning. God dang it. Just have a month's worth of cash sitting around there so that you're not spending, so that you're, you know, spending yesterday's dollar, you know, today, as opposed to always catching up. It's basic personal finance stuff.

Outro 7:50

Yeah, thank you for joining Destination Business Freedom with Pat Mancuso. May the insights and strategies shared guide you towards financial prosperity and personal freedom. Continue to navigate boldly until next time. Keep transforming challenges into achievements. Farewell and stay the course. You.

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