Up next you can hear Aaron Walker’s exclusive Iron Sharpens Iron expert interview with Profit First author, Mike Michalowicz as Mike shares how he turned everything around and goes deep teaching from his Profit First system.
We hope you enjoy the podcast. All the highlights, resources, and next steps can be found below. Listen to the full episode HERE and learn more at viewfromthetop.com.
Entrepreneurial Spirit
Mike lost three multi-million dollar companies before his 35th birthday. He was awarded the New Jersey's Small Business Association, Young Entrepreneur of the Year when he was 26 years old. He sold his first company, to a private equity company and then his second company to a Fortune 500, so he's working his way up. Mike is a former small business columnist for the Wall Street Journal. His books have been translated in 10 different languages. He's an active partner in multiple companies including an American manufacturer of business growth consultancy and an augmented reality Tech Firm in a Certification Organization for accountants, bookkeepers and business coaches, and that is just the tip of the iceberg.
“The reality is, behind that was a lot of grand mistakes, horrible errors, almost losing my family, losing all my money, just really horrible stuff. I actually think that may be some interesting components and I suspect many people listening in have experienced those elements or just challenges.” - Mike Michalowicz
Most Humbling Moment
Mike is married, has three children and currently lives in a beautiful section of New Jersey. He was very successful and sold his second business for millions and started angel investing. Due to his investment choices, Mike had to share with his family that he had lost everything. They had to move, sell all of their possessions, no sports, horse riding lessons or after school activities, then his 9 year old daughter offered to support their family.
“She ran to her bedroom, grabbed her piggy bank, and she ran back down to me and said, Daddy, I'll support our family, don't worry. I'll support our family. And it was the most humbling moment of my life.” - Mike Michalowicz
Full Time Author
Mike went through 2 years of depression, started boozing and found himself in a very dark place before he finally turned it around. Luckily for Mike he was able to climb out of the gutter. He is now a full time author and owns a few businesses. These days he is definitely living a life of both success and significance.
“I'm really writing books to fix all of my own erroneous ways and hopefully in the process of serving others to address their challenges too.” - Mike Michalowicz
Profit First
Mike explains that we have been taught the formula to profit incorrectly. We have been taught that profit comes last, that profit is the bottom line. He suggests that we put profit first and use the formula sales minus profit equals expenses.
“All I care about is the deposit came in your business immediately take a predetermined percentage of that profit, allocate it toward an account called profit. We hide it from ourselves, we remove our profit. It's the pay yourself first principle apply to our business. And as a result, you start forcing profitability in your business.” - Mike Michalowicz
Join Iron Sharpens Iron
The members of Iron Sharpens Iron are quite spoiled because each month Aaron brings an expert in to speak to us regarding business, leadership, or life. These expert interviews are just one of the ways there is tremendous value in joining the mastermind.
“I don’t know about you, but Profit First has been a huge benefit to the finances in my business. It’s paid for some pretty great trips to the Netherlands, Czech Republic, Germany, and Zimbabwe. And my wife always wonders how we can afford it. I tell her the business! That’s because of profit first.” - Danny Bauer
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Learn how to live a life of success and significance at viewfromthetop.com
Resources
Profit First by Mike Michalowicz
