Austin McMillan, owner of Flywheel Financial, discusses entrepreneurship, business acquisition, and financial management for small businesses.

Key Takeaways

- Flywheel Financial provides outsourced accounting services for small businesses, helping owners focus on growth

- Austin emphasizes the importance of understanding financial metrics and creating a "winnable game" for business owners

- Regular team check-ins and personal goal-setting are crucial for employee retention and business growth

- Mentorship and networking with successful entrepreneurs are vital for business owners' development

Topics

Austin's Background and Business Acquisition

- Started in finance at a landscape company, then traded options full-time

- Joined Flywheel Financial, then purchased the business in May 2023

- Advises carrying debt for no more than 3 years when buying a service-based business

- Stresses the importance of betting on yourself while managing risk in business acquisition

Flywheel Financial's Services and Approach

- Provides outsourced accounting department services for small businesses

- Focuses on simplifying complex financial data into actionable insights

- Uses metrics like labor efficiency ratio to guide service-based businesses

- Helps clients grow from $900k to $5.1M in revenue over 3 years while increasing profit margins

Team Management and Employee Development

- Conducts quarterly one-on-one meetings with team members

- Uses personality assessments (Enneagram, Working Genius) to optimize roles

- Sets personal and professional goals for each team member

- Emphasizes the importance of putting people in roles that align with their strengths

Mentorship and Networking for Business Owners

- Recommends joining coaching programs with successful entrepreneurs

- Emphasizes the value of "borrowing confidence" from mentors

- Suggests connecting with local business owners doing bigger things

- Stresses the importance of continuous learning and growth

Book Recommendations

1. "Buy Back Your Time" by Dan Martell - focuses on delegating and optimizing time use

2. "Who Not How" - emphasizes finding the right people for tasks rather than doing everything yourself

Next Steps

- Follow Austin on Instagram (@austindmcmillan) for financial tips for small business owners

- Direct message Austin with the word "profit" on Instagram to receive a free guide on setting up bank accounts to prioritize profit

- Consider reading "Buy Back Your Time" and "Who Not How" for business optimization strategies

- Evaluate current financial practices and consider implementing a more structured approach to financial management in your business

Free Resource :

Wealthy Kids Gift PDF

Link: https://drive.google.com/file/d/1A1hz0SF9fFrQnzDVQh7ev3YouIq8UYui/view

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