1835 – Profit Maximization with Infinite Profit Consulting’s Marcia Riner

Josh (00:00:05) - Hey, thoughtful listener, before we get going. Did you know that my company up my influence. Com has launched more than 200 business podcasts. The host of our shows are amazing leaders and collaborators. Folks I want to connect you with. Maybe you deserve your moment in the spotlight as a guest of one of these amazing shows. Just go to up my influence. Com where you can see more than 50 shows that are actively seeking business leader guests like you to celebrate right now in front of their high caliber audiences. Just click on the podcast tab and up my influence. Com where you'll see shows like the Optics in Action podcast hosted by the visionary Ryan Weiss, president of EPS. This daily podcast is a treasure trove of insights for anyone in the manufacturing and construction world. Are you a business leader or innovator in these industries? Then Optics in Action is your go to source for stories that inspire and strategies that really work. Ryan and his guests dive deep into the journeys of successful founders, uncovering the secrets to scaling up in today's fast paced business environment.

Josh (00:01:23) - But that's not all if you are at the helm of a thriving company. Optics in Action is actively seeking guests like you in those industries, leaders who are shaping the future of manufacturing and construction. Share your story, your challenges, and your triumphs with a senior leadership level audience who are eager to learn from your experience. Don't miss this chance to be a part of a community of visionaries. Visit up my influence. Com click on the podcast tab and look for optics in action. Whether you're tuning in as a listener or stepping up as a guest. Join us in driving the conversation forward. In the world of manufacturing and construction. Your voice matters and we can't wait to amplify it. With us right now, it's Marsha Reiner. Marsha, you are a business growth strategist, and you're the CEO and founder of Infinite Prophet Consulting. Your website is Infinite Profit consulting.com. You are also a fellow podcaster, so I always love to give a shout out right at the top. Your show is profit with a plan.

Josh (00:02:36) - So to our friend that's listening to us right now, just do a quick search in your podcast app for Don't Listen yet, just hit subscribe and then stay with us right now because we're going to tell you about a lot of things. But go ahead and hit subscribe. Right now it's called profit with a planned podcast helping entrepreneurs to grow profits, drive growth, and plan a future exit. Marsha, thank you so much for joining us.

Marcia (00:02:56) - Awesome. Josh, that was a great intro. Thanks for having me.

Josh (00:02:58) - Yes, you'll notice a listener a little bit of familiarity in my voice with Marsha. We had a chat yesterday. Got to know one another and I love the work, Marsha, that you do. But I'll let you explain your impact in the world and who you serve and what you do.

Marcia (00:03:13) - Yeah, awesome. Thanks for the opportunity. So I help growth minded business owners that are already in momentum to look for ways and strategies with little incremental changes that will increase revenue, drive growth, and prepare for a future sale.

Marcia (00:03:31) - And why that last part is so important and kind of balances out the two, is that, you know, it's a win win. If I can get you sale ready, that means your business is running really good. You got positive increasing cash flow. You've got the lifestyle that you wanted with the business. That means you're not swinging the hammer every day and you're really developing a company that is worth something now. It creates a great business for you now. And you know what did we all get into business for? Not for a nasty job with the worst boss and the terrible employee., slaving for wages less than what we originally thought we wanted this lifestyle and freedom. So I think that win win scenario gives you the lifestyle of the business owner you wanted, you know, the enjoyment of a business and you know, an ROI when it's time to let go. Sounds like a winning plan, right?

Josh (00:04:30) - Yeah, yeah. And and Marsha, how did you find yourself in this role?

Marcia (00:04:36) - , funny.

Marcia (00:04:36) - Well, my parents were both business owners, and mom ran a an incredibly successful mortgage company,, back in the 80s. And,, even some companies came to her for her processes. She had eight branches. And,, in 2008, ended up closing their doors without a sale plan when she had an opportunity to sell her company for $1 million. And she turned it down because she wasn't ready to retire.. And I didn't know better back then, but later, you know, years for it as a financial advisor. Helping customers, my business owners,, to plan for their retirement. Many of them would come in and say, I'm going to sell my business as part of my retirement because whisper, whisper, none of us business owners really invest in anything but our business, right? You know, we're shoving money back into our business rather than our retirement plan. And so I would ask a lot of these business owners, hey, what do you think the value is? And they'd give me some Shark Tank, you know, oh, ten times EBITDA, you know, and I'd go, sure.

Marcia (00:05:40) - And what are you doing to ensure that that value will be there when it's time to let go? And they really didn't have the ability to prove to me that that number would be there at that time. And so I'd start to give ideas because I invested thousands and thousands into my own education, and I'd start to share ideas with them. And they like that more than my financial planning. So I cut loose and moved into into business consulting and coaching., and have never regretted it since I since I jumped the jump. The broom, I guess. Broom handle. Yeah.

Josh (00:06:18) - You know, Marcia, something you had said earlier too, about, you know, how important this is., regarding, like, whatever stage we're in, in business right now, you know, even if we're at the very, very, very beginning is kind of like beginning with the end in mind. Right? And that end, maybe an exit., but but, you know, maybe a succession plan. Right.

Josh (00:06:37) - But but,. Why I want you. I'm hoping you can spend a little bit more time on why this is so critical for us to,, stop what you're doing because we're about to, you know, we're about to, you know, again, get the that founder, that entrepreneur to spend some time and really start planning this out and then making decisions with that in mind.

Marcia (00:07:00) - 1,000% because, you know, the day you open your business is the day you should think about how you're going to get out of it, right? There's an there's a there's a revenue generated each month for your business. And that provides your lifestyle and takes care of your family now. But you've invested your blood, sweat, tears, nights, weekends, and a lot of your money back into that business. Wouldn't it make sense to find a way to capitalize on that investment later on, whether it's being sold and there's many ways to exit your business?, junior could buy it, right? Buy it, not give it.

Marcia (00:07:42) - , there's a partnership that could take it over. There could be an employee buyout. There could be your competition. Wanting to take over your client base. Or maybe you even have a proprietary process or system or or or direction that some other company would like to engulf into theirs. Now those are just a few handfuls. You could create that unicorn business that is going to be fantastic. And there's an M&A or, you know, business company that wants to buy it and turn it into the next whatever, right. But if you don't think about that when you're getting started or even evolving, it's never too late. You're not going to do the steps and pieces in place that would make that opportunity available to you. It when the time comes. I'm not saying think about it like getting out today, but normally when you decide to get out, it's usually too late to make any changes because when you do plan to get out there, always looking back at least three years. Skeletons in the closet, relationships and contracts.

Marcia (00:08:56) - You have financials. You know they're looking at all these pieces for the company so that they can reduce the price that they pay you. So why not strengthen those so that you're attractive and worth every penny you're asking for, and putting yourself in a position that someone even wants to buy you.

Josh (00:09:17) - Yeah., Marcy, I'm hoping you can share with us a little bit about how you work with your clients. Like, what does that look like? Where do you come in? And, like, this kind of the structure of your engagement. And as well, you know, maybe let's talk about, like, who would be ready,, to work with you or engage with you, like, how would they know?

Marcia (00:09:37) - Yeah. Well, let's start with that one because I think that's the easiest one. So. If you're not growing in business, you're dying. Inflation's going to beat you out. Your competition is going to beat you out. Innovation is going to beat you out. So I need somebody who's thinking about growing right.

Marcia (00:09:53) - Not market domination like Amazon, but growing your business at a steady click right whatever that click may be. So growth minded business owners I want you already in momentum meaning you're I'm not going to make you the cash register ring for the first time. I'm going to help improve everything you're doing. And what I do is I work with my clients in a way, with a combination of strategies that I have., I probably have anywhere between 40 and 50 of them that I can combine, not all at once. And and what we do is we determine what are what are the key levers that we should be pulling on your business to make incremental changes. And then I do it in one of two ways. I've got my my VIP one on one clients that I work with closely. We sit at the table virtual table, and we sit together and we pound through the strategy specific for your business. And we do it on a weekly basis, and it usually takes a few months to get rolling. And the benefits continue for years to come.

Marcia (00:10:57) - And then if you if you're not looking for the total intimate kind of relationship, I have small groups that are forming that we work together as a mastermind kind of program to get everybody moving in the same direction with hot seats and and individual attention. But you also get the, the, the, the feeling of the group environment. Oh, I didn't realize I could do it the way that that Josh is doing it. Right. And, so with these strategies, my clients tend to work with me for a long period of time, not because they have to. It's because they want to, because there's a lot of strategies that are going on. And so starting any time in your business is never too early or never too late to to get going. And,. I think the real benefit, though, of of the way I work versus some other consulting or coaching companies is the is the opportunity to see tangible results from strategies and tactics being put into action, that I can even forecast that and show, hey, well, if we made these changes here, these three changes, maybe it's going to produce a significant number on your bottom line.

Marcia (00:12:17) - And then here are the steps, the actual steps to help you achieve that number. So if that wasn't, you know, a big mouthful. That's how I work with my customers. But,, you know, I get very passionate and very engaged with, with the, with my clients and their teams to help them really move that business forward.

Josh (00:12:37) - Yeah. So, Marcio, you know, obviously, you know, you kind of be, you know, help your clients with their exit and mind where are you going? Like, what's your future?

Marcia (00:12:48) - Great question. And I.

Josh (00:12:49) - Don't know if that's uncomfortable for you to answer that question at.

Marcia (00:12:53) - All. I love that question because, you know, what I've created is a process that is duplicated and very easy, with a small amount of training for someone to step into my role and do that. And I've even got a position, believe it or not, where I'm looking for coaches to help me because I'm doing well in my business. But I think there's so many more businesses out there that could use my help.

Marcia (00:13:20) - So I've got I'm actually creating or working in that and same environment of building out my business in a way that can be sold in the future via licensing. Right? They can step in and duplicate my model and run with it with my coaching and support along the way. I'm glad you asked that. Nobody's asked that. That's a great one. It's been my it's been my like, little secret when I'm talking to other other folks in my industry because these.

Josh (00:13:45) - Interesting, you know, because we can all suffer from that cobbler's kids shoes. Right. It's like, well, not for me, but for the kind of us it can be easy to do. But but it's interesting because you have this interesting dynamic where, you know, I don't necessarily broadcast my intentions to our clients, I don't know. Yeah. How do you do that? Like, you obviously want to have a plan, but then I don't know how much you disclose that to your team members, like especially if your goal is acquisition or something like that.

Josh (00:14:16) - You might want to keep that a little bit under wraps. Like, you know.

Marcia (00:14:21) - Yeah, if you're if you're thinking of selling, I got to tell you, people know you got a feeling the energy shifts and changes. Right., oftentimes if you're up front with your team that you're thinking of selling soon, you want to lock those people down. So they're staying with the company, right? Key employees are down the road. Yeah. Valuable for the buyer, especially if they're going to be an owner, operator buyer. You know, they're going to come in and take over., you never know if you you just I've always found being transparent with the team is so much better than going,, I got this thing going on over here. I don't want to tell anybody because they're going to stop working for me. Right. But I think being transparent, you never know. You might even find the next buyer in your in your ranks.

Speaker 3 (00:15:15) - .

Marcia (00:15:16) - Yeah. You know, the next succession.

Josh (00:15:18) - You know, and I think that you know again if it's, you know especially I think of, it's shared in that you know obviously you know there's a well I can't wait to sell so I can cash out and I can go live on a beach. That's one way of presenting that. The other way would be, you know, eventually our mission, you know, and our impact in the world is going to get to a point where if we want to continue on our trajectory of changing the world, we're it's probably going to mean some alignments or some, you know, partnerships or something that is going to transcend my ability potentially to grow the company at that level. Like, you know, I'll just say transparently, I don't know if I'm the right person to be a CEO of a company that has, you know, more than 100 employees. That starts to feel a little uncomfortable for me., but who knows, maybe I'll grow to that position., you know, but I think.

Marcia (00:16:14) - Growth, growth is in your own mind, right? Where you feel comfortable it.

Marcia (00:16:18) - That's why I said there's no reason that you need to have market domination. If 100 employees managing 100 employees is really icky for you because it's they're the babysitting and the challenges of, you know, more, more personalities inside the company. First of all, are there ways to make it easier for you? You know, are there are there cultures you can create so the people you bring in are people you want to work with or,, are you? Finding that you're still trying to run the company with one person? Or should you hire team players that manage the people for you?

Josh (00:16:56) - Yeah. Right. Right.

Marcia (00:16:57) - You know, there's all sorts of angles and and ways that you can think about business. But, you know, the, the basis for if you're running a business, a you should be incorporated just for tax purposes and protection of your own personal assets. Yes.

Josh (00:17:12) - And anyone who is listening to us and who was not hit, pause. Come back, go get incorporated. Come on back.

Josh (00:17:18) - All right, hang on a second. Exactly right. Marsha. They're back. All right, let's continue on.

Marcia (00:17:22) - So now that you're incorporated, that you've just created an entity, you just created an entity that will last forever. That doesn't mean you have to be in that CEO presidential role forever. And so there are many opportunities. Like I said, I just gave you a couple ideas, whether you have people in there or or you hire the culture and the in the development that you want in there. But I mean, there's many ways, but the goal of something that could live forever, wouldn't you want it to live forever? You know, I mean, do you think Mr. Ford,, would ever think that multiple generations later is still being run by the Ford family? Right? That's fantastic way for for legacy, right. That not only did I write a book, but my my name and my voice will live forever because I wrote a book. It's the same way with your business, your company, which shouldn't be named Marsha Reiner and Associates.

Marcia (00:18:24) - It should be named something else. Problem?. You know, but it can live forever. And that that's a legacy, right? It's something we left a footprint on that changes lives and, and and,, you know, that that that warms my heart to know that, you know, my footprint, carbon or not, is going to live forever., because I created an entity that can continue without me or can continue to pay me until I'm gone or my family until I'm gone and they're gone and their kids are gone, and their kids, kids, kids are gone. Kind of a nice,, lifestyle plan,?

Josh (00:19:04) - I, I my influence is so much bigger than Josh, which I promise you already. It's it's our it's our audiences, our people. It's our clients. It's our, you know, team members. It's our mission impact values like that transcends, you know, hey, the founder and the founders going to, you know, hand some elements of the reins or whatever, like that's all part of this big picture.

Josh (00:19:27) - , so, Marci, I also want to ask you about,, your podcast profit with a planned podcast. Who should be listening?, and what is the transformation? So if someone's looking for, you know, some ongoing,, you know, good energy in their life., who would be who would be tuning in?

Marcia (00:19:46) - Oh, awesome. Thanks for that question. You know, I've had some really fantastic guests just started year number five. So I'm going five years 200. And I think I got 40 some odd episodes in the can., it's just created such a platform, like a conversation, like we're having,, where I'm learning something really valuable. The audience is learning something valuable, and it's all around the three pillars I stand on driving income, right? Increasing revenue, driving growth, and planning for a future sale. So that encompasses a huge area of conversations that can go on. I had,, John Hewitt from, Jackson Hewitt tax on recently, who is just I mean, just a wealth of information on franchising.

Marcia (00:20:35) - , I just interviewed,, Brandon Steiner, who talked about we were originally going to talk about relationships with superstars. Right. Because he's he has these great things. But we ended talking about the true nature of growth., I've had so many people on. It's just been fantastic. So if you're a business owner, growth minded. Right. Same platform I talk on. And you want to find ideas or conversations that will really ignite your growth. And, you know, it's not just random, it's all around a plan. Then profit with a plan will be a nice 30 minute break for every week for hopefully, the rest of my life.

Josh (00:21:15) - Yeah., okay. So infinite profit consulting.com when somebody goes there. Marsha, what would you recommend they do?

Marcia (00:21:23) - Well my goodness I've got my podcasts on there., I've got a blog that I write very educational,, tips and strategies that goes out every Sunday. So subscribe to that., and then it just kind of talks about, oh, I've got my books on there.

Marcia (00:21:37) - , but it's just a little bit of a, of an all encompassing about me., you can go there, you can get my, my playbook as a download., I do masterclasses. So it's kind of that all catch all for,, for growing your business and increasing your profitability. So it's a, it's a nice little,, nice little catch all with a lot of value and resources in there.

Josh (00:22:01) - Yeah. Excellent. Well, again, Marsha Reiner,, founder of Infinite Profit Consulting comm. Your podcast profit with a plan podcast. Again to our friend., you can search that up right now. Hit subscribe. We're now nearly to the time where you can finish this episode. And now continue on to Marsha's podcast., Marsha, it's been a joy in the delight having you. Thank you so much for the conversation.

Marcia (00:22:26) - Thank you so much, Josh, I appreciate it.

Josh (00:22:33) - Thanks for listening to the Thoughtful Entrepreneur show. If you are a thoughtful business owner or professional who would like to be on this daily program, please visit up my influence.

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