Mike Michalowicz on How to Profit First and Successfully Scale Any Business
By his 35th birthday Mike Michalowicz had founded and sold two multi-million dollar companies.
Confident that he had the formula to success, he became an angel investor. But to his surprise, what he thought he knew about building a successful company, was all wrong — which led to him losing his entire fortune.
He lost his house, his cars, and even had to tell his 9 year old daughter that her horse riding lessons were no longer affordable.
Driven to find better ways to grow healthy, strong companies, he created the Profit First system — which is now used by hundreds of thousands of companies across the globe to drive real profit.
Since starting over, Mike has built two new multi-million dollar ventures and has had 52 consecutive quarters of profit distributions for his businesses.
In today’s episode, Mike explains how he lost everything betting on seemingly successful companies, the problem with growing a business too slow or too fast, and the simple formula that leads to a truly profitable and successful business!
Key Takeaways with Mike Michalowicz
- How Mike lost his entire fortune, and what he did to turn things around.
- Why a growing business isn’t necessarily a profitable business.
- When selling a business isn’t the success it’s made out to be.
- What investors truly want to see when they check out your numbers.
- The real truth behind what it takes to succeed as an entrepreneur.
- When “saving” money on taxes can be a terrible financial decision.
- The simple formula that leads to profitable businesses.
- Why “reinvesting profits” likely means you don’t have any real profit.
- Why businesses can have money problems, even when sales increase.
- How to aim for alignment and run a profitable business that brings you joy.
- Why profit is not an event; it’s a habit.
Mike Michalowicz on Starting Over After Losing A Multi-million Dollar Fortune
Mike Michalowicz Tweetable“If the money is spent, it's an expense. If the money goes to the owner, it's profit. If the money is sitting there, it is neither a profit nor an expense until it's determined where it goes.” - Mike Michalowicz Click To Tweet “A lot of people think that more sales will cure things and that's not true. More profitable sales will cure things, but more sales alone is actually very dangerous.” - Mike Michalowicz Click To Tweet
- Mike Michalowicz website
- Follow Mike Michalowicz on Facebook, Instagram, Twitter, LinkedIn, YouTube
- Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
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Read the Full Transcript with Mike Michalowicz
Justin Donald: Well, Mike, I’m so excited to have you on the show here today. And it’s just so fun because I was on your episode on your podcast not too long ago, and you’re such a humble guy that I didn’t even know at the time all these incredible accolades that you had. A lot of people write books these days and you wrote a book that was recommended to me by three or four different people inside of like a two-month timeframe. And I start reading this thing and I’m like, “Man, this is incredible. How did I not even know about this prior to our session together?” So, I’m just excited to have you on the show, man.
Mike Michalowicz: Those are the four people I know and I’m like, “Hey, everyone, call Justin. Tell him about my book.”
Justin Donald: Well, you did great work in that thing. I got to tell you, your sense of humor is fantastic. I am in tears laughing.
Mike Michalowicz: Oh, I love it. I love it.
Justin Donald: Because I listen to the audiobook.
Mike Michalowicz: Yeah. That’s the way to read.
Justin Donald: Totally. There’s so much personality. You’re hysterical in it. So, I just wanted to pay you that compliment.
Mike Michalowicz: Thank you, brother.
Justin Donald: Yeah. The content that you just shelled out is wonderful. And I’ll tell you, our audience is a lot of entrepreneurs. So, I feel like what you talk about, what you preach is just so spot-on for the target market that we have. So, I’m excited to dig in and I love also that you dedicated your book to your daughter, which I also did in mine so I think that’s really cool, man.
Mike Michalowicz: Thank you. Thank you.
Justin Donald: Well, it’s great to connect. I got a question for you because you have had some ups and downs and it’s so easy to see people when they’re at their high point and it’s like, “Oh, this guy’s got it all figured out. Everything’s going right in their life.” You didn’t have that and I want to get into that a little bit. But at the same time, kind of like the overarching theme, I mean, your book is called Profit First and it’s all about helping entrepreneurs profit and to take their profit early on, which I agree is imperative, I’m curious how you came to that because I know you wrote other books prior to this and I know this is like a small concept in these that became a whole book.
Mike Michalowicz: That’s right. Yeah. So, I’ve written quite a few books and Profit First was something that was conceived years and years and years prior to me writing it. It came out of necessity. So, the quick back story is that I was an entrepreneur ever since college. I’ve always been an entrepreneur and I had some early successes. I had two exits. My first company was in the tech services space. A private equity group bought it. My second company was in computer crime investigation. Fortune 500 bought it and I became a self-made millionaire in my early 30s. But here’s the thing, I became also a d*ck. I didn’t realize it. I’m like, “Look how smart I am like I am so awesome. I have Midas’s touch. Anything I touch turns to gold.” So, I’m like, “I’m going to become an angel investor and like start all these businesses and they’re going to be successful because I’m in the business.” And I think this was a divine lesson from above. I started all these businesses and I was a calamity. All of them collapsed. They weren’t congruent. I didn’t know what I was doing. I was just blowing money. And the turning moment, probably the most important moment in my life, I remember the day was February 14th, Valentine’s Day in 2008 and my accountant called me and he said, “Mike, I can’t believe I’m going to say this to you.” He said, “We’ve been working together for all these years. You’ve been so successful.” He’s like, “You got to declare bankruptcy. You are done like there’s nothing left.” He goes, “Or liquidate your remaining assets.”
And so, I chose option two. I felt that my creditors weren’t responsible for my failure. I’m the one who did it to myself, and so I lost my house. A couple of days later, I lost my car, everything. I came home to my family on that day and told them we’re losing everything and I was sobbing. My wife was stunned because I had been admittedly lying to them by omission like, “Everything’s fine. Everything’s fine,” when it wasn’t. And my daughter, my son, my two sons were at the table. My wife and I looked at my daughter and like, “I know you like to go horseback riding.” It was $20 a session for a group session. She was nine. And I’m like, “You can’t go horseback riding anymore. Can’t afford it.” And she stood up and she was crying. She ran to the room as fast as she could and I thought she was mad. And I get it. I wanted to run away too. It wasn’t either of those. She ran to her bedroom to grab her piggy bank and she ran back to me as fast as those little gangly legs could. She ran to me. She plops on the table. She goes, “Daddy, I know you can’t provide for us anymore but I’ll do it for us.” And I get emotional. She was saving to buy a horse and she was willing to sacrifice her life’s earnings for the d*ck, for me, the jerk who – I’m so mad at myself. That moment became a turning point in my life that, first of all, I hope my arrogance has been permanently ripped out of me and I don’t know if it will return. I just pray that I recognize how just human we all are and particularly how human I am. But the other thing, too, is I realize I didn’t understand entrepreneurship.
Good fortune and good timing played in favor but I didn’t really understand the principles, including profitability. Most businesses I sold were never profitable. They grew in sales and thank God someone swooped in because at a certain point they would’ve collapsed because they weren’t sustainably profitable. So, I started to investigate what makes someone something profitable. And a lot of lessons, you actually teach it in Lifestyle Investor, a lot of those lessons in your personal finances directly translate to the management of a business. And so, that’s how the book came about and just kind of to put a little bow tie on this, I started that in 2008. I started researching. I implemented it for myself. In 2021, so it’s thirteen years later now, I’ve had 51 or 52 consecutive quarters of profit distributions from my businesses. And listen, the first profit distribution was $8 but it was the first time ever money came in my business where I didn’t have to expense it, that I wasn’t putting it on a credit card. The businesses said, “Here’s money, do what you want with it,” and I bought a cup of coffee. It was amazing. And it’s continued in perpetuity, and there was maybe now six, seven years ago, I’m like, “This has to be a book,” and I made it into a book.
Justin Donald: That is incredible, Mike. And I got to tell you, I mean, when you told your story of Adayla, I mean, I’m like holding back tears myself because I can envision the same thing. And one thing that’s true is you may not have shown up as the best entrepreneur but to have your daughter willing to do that, I know you’re showing up as a great dad at home.
Mike Michalowicz: Thank you.
Justin Donald: And it’s really cool like hearing that just this ego trip that you went through because not knowing any of that, I described you to someone else that I know and I said, “Mike is like one of the most humble guys I’ve met because he has so much he can brag about, yet he never does.” And I think that that is a testament to like who you’ve become, the shift that you’ve had.
Mike Michalowicz: Thank you.
Justin Donald: Yeah. And I also want to point out like it’s very glamorous to be like, “Oh, I sold my business and I got X multiple and it was great,” but what a lot of people don’t realize is you are living paycheck to paycheck until that business was sold, right?
Mike Michalowicz: Yeah. And it’s terrifying. So, the interesting thing is the businesses that bought my business, there were two separate companies, there were two different exits, bought it both in a strategic acquisition, meaning they saw what I was doing. It’s a plug into what they were doing. And so, profitability was not a key factor. It was part of the due diligence and so forth but they just wanted to say, “Oh, one plus one equals five,” kind of thing. I was so in this pump and dump mentality, particularly with the second business. It’s like, “Okay. So, you build a business, it has a lot of sales going on, and people want to buy it. Oh, build it faster, make more revenue, and it’ll be more palatable.” In the second company, sold within two-and-a-half years. We were in a very fast growth rate and like this is it. That’s why I became an angel investor saying I can just build companies real fast. But the vast, vast majority of people or companies that buy companies care about the fiscal integrity of the business. Like an investor doesn’t buy a business to say, “Oh, here, let me throw some money out there and hopefully it’ll ruin me.” No. An investor wants something that’s an investment. They want to know there’s a return. And the proof positive of a healthy company is one that shows profit quarter in and quarter out.
If I can point in a bank account and say, “Look, the business bank account has grown each quarter. Here’s the statement. Look at this last quarter with more cash than we’ve ever had,” that causes the Pavlovian response of investors. They salivate all over themselves because you have a money-making machine. That’s what we need to do. And subsequently, all my businesses that I’ve had, well, I’ve had three businesses since but after that angel investing business, I started three subsequent businesses, all of them using Profit First, the most fascinating thing is I don’t want to sell them like they’re physically healthy. I now have been approached to acquire some businesses and I’m like, “It makes money.” And the best part is this: When you have something you don’t want to get rid of and it’s serving you and someone else wants it, there’s inherent bidding for your business. Now, they’re like, “Well, do we have to offer you more money?” “Maybe, but I’m not interested.” And it actually starts, you become the most pretty girl at the dance as they say.
Justin Donald: Yeah. And it’s interesting because I think in the business world, there’s this unhealthy culture of, “Grow revenue at all costs. Don’t worry about profitability, especially if you’re in the tech space. You’re going to get bought as a multiple of revenue anyway. So, profit doesn’t matter.” But what people I think need to remember is that, first of all, most businesses don’t even make it beyond like the first year. The ones that do generally don’t scale well. The ones that do scale well, that are already outliers of outliers that have a chance to get purchased, sometimes people hold out, they don’t sell, but that might be the only moment that it ever does sell. And so, you have like all these long shots all the way. So, if you’re going to build a business and hope that it sells based on revenue, it’s going to be a mad dash of this paycheck to paycheck borrowing from one person to pay someone else and it’s stressful. And I’ve experienced this as an entrepreneur. I know you have too.
Mike Michalowicz: Yeah. It’s the lottery ticket that of business is, “Oh, if I build this fast enough and big enough, someone will buy it.” The sad thing is all of the entrepreneurial media, if you will, lauds the lottery winner. So, you’ll see at the cover. Go to any airport, go to the business section, and look at all the magazines and you’ll see the same 30 or 40 faces over and over again. Oh, there’s Mark Zuckerberg yet again. There’s Elon Musk yet again. Oh, there’s Sara Blakely yet again. They’re showing the lottery winners and kudos to them but the real journey of entrepreneurship is one that’s not promoted. They’re the 0.0001% lottery winners, the 99.x% who successfully grow a business. It’s in the trenches. It’s a viable business from day one. It’s consistently profitable. They live a comfortable lifestyle. They’re not working like animals. Those are the successful businesses. And they’re the ones that get acquired if that’s what you so desire or they’re the ones that you see as a legacy and you give to your family or whatever but they’re the ones that the media – it’s just not a compelling story so it’s not going to be there but that’s the truth of the healthy entrepreneurial journey.
Justin Donald: Yeah. And you made a really good point in your book where like everyone’s trying to write things off. So, you pay $10 to avoid paying $3 in cash. And that’s so true. People do this all the time, right?
Mike Michalowicz: Yeah. Oh yeah. And our accountants, they’ll back that. Not to bash up accounts here but think about this like year end’s coming, you have some money in the business, and the account is like, “Oh, you should buy some more equipment. You need equipment, right? Because they’ll reduce taxes. Spend $10 and you’ll save $3.” And people do it and I did it. I’m like, “Oh, I have a new Mac computer sitting there now.” Well, then the Mac computer just sits there and there’s no use for it. And there’s that $3,000 computer outside the window where if I simply took the cash, no, I wouldn’t have $3,000 in my pocket but I’d have $2,200 in my pocket. Now, I got zero in my pocket. What I tell people is before you frivolously spend money to reduce taxes, envision that thing you’re getting as actual cash. Stack $100 bills. Now, envision ripping up those $100 bills because that’s what we’re doing. We’re just ripping it up. Its cash spent, not going to be used so just rip it up and throw it out the window and then say, “Hey, I have saved on taxes. How’s that feel?” It feels like sh*t. Feels like raw, stinking sewage. And if we had a visualization that’s you realize truly how bad it is. Buying stuff that we’re not going to use that’s not of true value to the business, that does not have a true ROI is a waste of money, a major waste of money.
Justin Donald: Yeah. And then you think about just the way that business is done today with GAAP accounting, which you talk about in your book, and just really the way that business has been done and calculated from a century ago, a couple of centuries ago. And we’ve never changed it. It’s the same as it was, which is take profit after all the expenses have been paid and all these other things. So, it’s like when there’s whatever leftover, which is virtually nothing, then you take profit versus you’ve got a better strategy. And I’d love for you to articulate that.
Mike Michalowicz: Yeah. So, that’s the essence of Profit First. So, here’s why I think GAAP doesn’t work. GAAP tells us that the formula, the foundational formula is sales minus expenses equals profit. And to your point, it’s so pervasive in our modern culture that we call profit the bottom line, the year end. All of these things reference that profit is the last consideration. Now, logically, the formula makes sense but behaviorally it does not serve us. It’s human nature when something comes last, it’s insignificant. Like if you love your family, you say, “I love my family, my children. I put them first.” You don’t say, “I love my family, my children, I put them last.” If health matters, you don’t say, “You know, starting today, I’m going to finally put my health last.” All those things say can be ignored. It’s the Mañana Syndrome. So, I teach in Profit First is we flip the formula. It’s sales minus profit equals expenses. And what I mean in the execution is the pay yourself first principle applied to business. Every time cash comes in a deposit, take the profit percentage you want. I want to have a 20% baseline profit. So, $1,000 comes in. I take $200, 20%. I allocate that money toward a profit account, an actual physical account. I hide the money and then the remainder is what I run my business off of. That’s a behavioral system. So, when something comes first and is removed out of sight, we do it first so it happens or move it out of sight, there’s no temptation. We can’t get access to it. We’ll start to adjust our behaviors to live off of what’s truly available to operate our business, at $800.
Justin Donald: Yeah. And I think that’s brilliant. One of the things I did when I was early on in my career is I had these auto-debits out of my account and I would just set it up ahead of time that this money would go and it would go into a money market account or it would go into a separate savings account or it go wherever it went. But every single week this would happen without fail because I didn’t trust myself to do it when emotionally I was looking at the numbers and I saw that maybe we had an off-week or maybe we had a great week but maybe I’d want to spend more of that. So, I just think it’s good to like kind of booby trap yourself for success and this is one great way of doing it, where you just pay the profit, you just do it. And it’s very evident with the accounting system that we use that there, I mean, it needs to be updated. So, what you’re talking about is great because it hasn’t been updated forever. And because it hasn’t been updated, you have all these companies that use these manipulative practices to make them look more profitable than they are, including companies that have gone out of business or were in the process of losing everything, yet still showed up looking like they had a ton of money.
Mike Michalowicz: So, Justin, I was delivering a keynote. This is pre-COVID on Profit First and for me it’s a sizable audience. There was hundreds of people. I’m delivering this keynote and these businesses in this room, you can do 20% or something and at the end, which is my favorite part of the presentation, that’s when people come and share their stories and I’m listening to folks. And this one entrepreneur comes to me and she says, “I love your system but I don’t need it.” I said, “Oh, great. Well, why don’t you need it? She goes, “Because we’re wildly profitable.” “That’s awesome. Do you mind sharing some of the numbers?” She’s like, “Well, we’re a multi-million dollar business, and let me tell you this. We did 28% in profit last year.” I’m like, “Wow. Like that is healthy business.” And then I asked a question, which is the key question I asked. I said, ” So, what did you do with the money?” She goes, “Well, we plowed it back in the business.” And that’s when my little devil horns kick in. That’s when the d*ck comes back out like, “Oh, you plowed it back in the business.”
We’ve actually employed these soft terms: reinvest, plow backs, pushbacks. All of these words say, “It really wasn’t profit. We gave the accounting phrase ‘profit’ but we spent the money.” Well, cash flow is very simple to measure. Either you spend it, expense, or it goes to the owner of the business, profit. And that’s literally the only two terms. If the money is spent, it’s an expense. If the money goes to the owner, it’s profit. If the money is sitting there, it is neither a profit nor expense until it’s determined where it goes. And what she said is, “Oh, we have money sitting there and we decided instead of giving it to the owners, we’re giving it to the business, expense, but we’re going to call a profit.” And she’s like, “We’re wildly profitable.” Enron was profitable until they’re all sitting in jail. There wasn’t money there and they were bending the rules of accounting but they were still adhering to what was acceptable. They bent the rules enough. It looked amazingly profitable and there wasn’t a penny there. We have to show profit in a cash basis, I feel, every single time and profit goes to you, the owner.
Justin Donald: Yeah. And moreover, even if it’s just for your own sake, for you understanding the numbers of your business, not beyond what you can get in tax benefits or whatever, just for you to be able to take the cash out that you need to live to pay yourself as the entrepreneur, I think looking at it from a cash basis is imperative as well. I mean, so well said. I love it. I absolutely love it. You know, there’s something else that you said that I thought was really powerful in your book where you said, “Money problems occur when sales slow down.” That one’s obvious.
Mike Michalowicz: Yeah.
Justin Donald: Or when sales speed up. And I think it’s counterintuitive to think about money problems when sales are just off the hook and going great. And you’ve been an entrepreneur. You know.
Mike Michalowicz: Yeah, totally. And there are pundits who say sales cures everything. Here’s the problem with sales increasing. Sales particularly in small business, it’s organizational stress. That’s the direct translation. Justin, you sell me something. Now, you have the obligation to deliver on that promise wherever you sold me that product, that service. If you sell something to someone else and you sold something to me, now have two promises out there. The more you sell, the more commitments you are making, you have to deliver on it. So, you see these businesses and I was one of them like, “I just got to sell my way out of this. We need money.” I was putting more and more burden on the organization. And as a small business owner, I’m trying to get it myself. I’m stressed out. I’m going crazy. I need to bring on resources. They’re ill-prepared. My expenses start increasing and it’s extremely inefficient. No one’s ready and we’re unprepared for it and it overwhelmed my business and I got in real trouble. I started trying to play that cash flow game, “Can we do collections today and kind of delay the purchase of stuff to deliver our promises just to get some cash flow in?” It becomes a very precarious position. So, a lot of people think that sales, more sales will cure things and that’s not true. More profitable sales will cure things but more sales alone is actually very dangerous.
Justin Donald: Yeah. And this is where a lot of businesses get into trouble, where it’s like, “Well, I need some short-term cash so why don’t we sell this product or why don’t we offer this deliverable and we’ll get cash in the door?” But then to offer that deliverable that’s outside of your scope of expertise and genius, it takes more time. It takes more resources. It may end up costing a heck of a lot more.
Mike Michalowicz: Yeah. And if you don’t deliver on it, the customer complains so your reputation starts being compromised. Plus, since you’re learning this new thing, you’re not serving the old thing. So, your old customers, the ones you were giving the highest level of service to, you kind of diminish that usually subconsciously as you try to serve this one. So, now your other customers are like, “You know, it’s not as good as it used to be. Maybe we should look elsewhere.” It’s a very precarious position.
Justin Donald: Yeah. And I agree with you that most businesses are a house of cards. They’re propped up. They’re propped up in a very uncomfortable way where you’re just one paycheck away from utter disaster. And by the way, I have experienced this many weeks in a row, one week away, kind of like, “Wow. We just barely made payroll. Can’t believe we did it. We keep growing payroll, keep growing our team.” And every week we’re like, “Oh, man, I hope it’s big enough,” and then, “Uh-oh, this month is a three or four payroll check month.”
Mike Michalowicz: Uh-oh. We do. That’s the first ten years of my business experience. In my second company, we were on a run for $7 million of revenue. If we didn’t get in every week at least a $200,000 or $300,000 project, we were up the creek. And I remember weeks like there was nothing going on and I’m like, “I got to refinance my house. How am I going to do this?” It’s terrifying. It’s terrifying because it’s an unhealthy business, even though sales were amazing.
Justin Donald: Well, and this is where I think some of the genius of your book comes out because you really talk about finding a business that supports your purpose in life and gives you prosperity and brings enjoyment and brings you wealth. I think that’s so true. I think people often look to businesses like just being a source of income versus what it could be like the lifestyle that it could create, the joy that it could create. And instead of just getting on this hamster wheel, what if there is a better way to do it? What if there is a way to profit first? And what if you could do that early on and you didn’t have to sacrifice the extreme amounts that a lot of entrepreneurs do? I mean, there’s so much wisdom in the things that you talk about because you have that experience.
Mike Michalowicz: Thank you. And you can have it all. There’s this concept that’s circling around called pivoting, and I’m actually against it because it only addresses part of the formula. Pivot is keep on adjusting your offering until you match customer demand. That’s how you generate money. And that’s great. I’ve seen people pivot their business in something they hate, “It makes money, but I can’t stand it.” I believe the better solution is alignment. Alignment is knowing what gives you joy and who wants that joy. Now, we’re selling something that they need but it’s serving your soul. When you have that aligned, now you have a business that brings happiness, wealth. Everything comes in together.
Justin Donald: That’s so good. And you said this, but by focusing on profit, you’re going to build the healthiest business. I agree with you on that and that profit is not just an event. It’s a habit. It’s a continuous, ritualistic event that it’s not a one-time thing. It’s an all-the-time thing.
Mike Michalowicz: It needs to be baked into every transaction, every day. And with the proper system, when deposits come in, you’re taking a percentage for profit. So, it forces that. It’s a reverse engineering of profit. You can’t have a day goes by that you’re not profitable by using the system. Sadly, many people think it’s an event. And many people think, in the US it’s April 15th, that’s a day when I’m going to have my profit because it’s going to be in the income statement and my accountant is going to say, “Okay. Take it out,” and it’s never there. It’s a habit, not an event.
Justin Donald: That’s right. And there’s so much truth to the fact that people make a lot of their decisions emotionally, even in the world of profit by what’s in their bank account. How many dollars are in there? Well, now I’m really confident about my business or now I’m not confident. And the decisions that you make often are based simply on one point in time, one reference in time with some decimals and commas on a digital ledger.
Mike Michalowicz: It’s crazy. It’s crazy, but that’s how people are doing it.
Justin Donald: Yeah. Well, I think that you’ve done some great things because you had success, you then kind of lost, I mean, you lost everything and you got to a point where you’re like, “I got no income coming in. What am I going to do?” And I was spending all this money recklessly on these startup businesses, on these angel investments. And it’s almost like I made the investment. They’re not doing well. They either die or I like prop them up some more but that ends up generally costing more money. And then you have since been able to revive your business and you’ve built this incredible company where you license out your technology or your idea. You’ve got a revshare program, I imagine, through your licensing model. And I think that’s brilliant. What a great way to scale a business that then has impact for so many other people.
Mike Michalowicz: Thank you so much. I want to share a little more about that but unfortunately, I got to split in about 60 seconds. Yeah. So, as Profit First professionals, what we now have is over 600 accountants, bookkeepers, and coaches that are certified in this methodology. Actually, we don’t do it through a revshare. They just become certified and all the revenue they generate is their own to keep but it’s been a great way to put guidance behind the book itself.
Justin Donald: Wow. Where can our listeners and those watching find out more about you online, Mike?
Mike Michalowicz: It’s MikeMichalowicz.com but no one can spell it so here’s a shortcut, MikeMotorbike.com. Nickname from high school. MikeMotorbike.com, all my books are there, chapter downloads. I just write for The Wall Street Journal for a few years. You can get that content too at MikeMotorbike.com.
Justin Donald: I love it. I’ve had so much fun today. Thank you for sharing your wisdom and expertise. You are the man. And to all of our listeners, take action today. Move towards financial freedom even if it’s just one step. Build the life that you desire on your terms. Thank you so much, Mike. And we’ll check everyone else out next week.
Mike Michalowicz: Thank you, brother.