What Does Financial Leadership of the Future Look Like?
What do the Chief Financial Officers of the Future need to know?
How will the right leadership impact business?
Join The Our Shawn and Dali Kranzthor for the Financial Transactions of the Future Economy(TM) Show as we explore what we are seeing and what we need for the future.
Special guests Michael E. Gerber and Fred Parrish join us to discuss about the CFOs of the future based on their recent book E-Myth CFO.
Here is the YouTube video: https://youtu.be/Ob48LeJJMBA
REMEMBER: More videos on the future economy are available at http://futuredoneright.com
Below is a machine transcript of the interview —
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Hey everyone it’s Dr. Sean, welcome to another edition of the financial transactions in the future economy. But today we’re real news to arc
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And we are doing a live segment with Michael Gerber and Fred parish. The authors have enough chief financial officer.
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And we want to look at the future of the functional Chief Financial Officer friend. I just had a great conversation off camera. We’re talking about a lot of changes coming to CFO position.
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And business, of course, Michael Gerber has timeless ideas and principles on business so
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We’re bringing a team people, those of you that don’t know us as well. Family and I are both financial guys I’m attorney. I’ve worked with
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Businesses on their transactional matters corporate governance and ownership and control business value is a one time CFO CPA CFP CB Certified Fraud examiner and so
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What we’re gonna bring you today some ideas about what the future of businesses. So, Michael, and Fred. Thanks for joining us today. Yeah.
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Player and he met is one of my favorite books, you know, as I refer to people all the time because I just love how timeless principle based in his
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Michael started with you, you now have a series of event books in different industries, what kind of gave me the idea
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To get more people getting the message. Well, it became obvious to us as we work with small business owners.
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Are companies who have worked with over 100,000 small business clients and 145 countries, every single one of them having the same problem.
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You know, in other words the email problem that they’re not entrepreneurs.
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Their technicians and suffering from an entrepreneurial seizure sharp. I keep on repeating that repeating that repeating that because it’s the hardest thing for people to get yeah
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When I say you don’t own a business, you got a job, they look at me like I’m crazy. Yes. Yeah. So that’s the problem.
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And as we speak to small business owners, we realize that they really don’t even think of themselves as long as
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They certainly don’t think of themselves as entrepreneurs, they think of themselves as chiropractors as Landscape Contractors as accountants as attorneys etc and so forth, they think about themselves because of what they do. Right.
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And that’s, in fact, the heart of the problem with you. So the attorney starts his own practice doing IT doing IT doing IT doing it, is he, busy, busy, busy.
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Doing the work of an attorney, yes. The problem is, that’s only one part of a company that in fact
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Rose. How do you grow that company, you’ve got to truly go to work on that company rather than just in that company. Yes, but as an entrepreneur.
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Not as an attorney, not as an account etc and so forth. So that was the reason for finding people who have applied that Demuth in their particular practice right we started out with an attorney, a couple of attorneys who very successfully transform their
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Attorney dependent practice right into an entrepreneurial yes some independent practice, they could replicate right says we nationwide. Yeah. And it was a major leap for them. Yeah, they wanted to be the first vertical book.
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So we wrote that up with attorney why most legal practices don’t work and what to do about right as you read that. But I have, yes. Wonderful. I had even at 1130 day I got that immediate
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Like I copies of both with him up for a signature.
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Good. So, so, Fred you you came in to extend this to CFO and you’ve seen the future is changing. So why don’t you talk a little bit about what motivates you to jump in.
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We’re in the e myth principles to Chief Financial Officer. Yeah. The main issue is that most small companies are too small to have their own true CFO right
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And you know what I mean by that. You’re a CPA is not a CEO, CFO your accountant is not your CFO or bookkeeper is not your CFO.
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And every decision, again, a company is a financial decision because there is directly or indirectly, it has a financial impact. So the idea that
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The business owner themselves if they do not have that CFO there it right and they need to understand what that means. It doesn’t matter what business there in
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Every business on the planet needs to have the capability for clarity about where they’re going and how they’re going to get there. Yeah. And the event principles of
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repeatability process absolutely help a lot of ratio. And so we’ve taken that CFO function and wrapped this the email concept around it. Yeah, and created a system for that entire function dolly and CFO, you have a question, of course.
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Now I’m just listening. This is fantastic. I totally agree. As a CPA for a lot of different companies through the years I was trying to play all those roles and it’s very difficult to kind of
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To meet the patients of every industry out there. So the expert real and then they back on their CPA people to kind of guide them, but that owner is there every day on the ground and they are really driving the business.
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Yeah, and you know that the CPA is in most cases our heads down debits credits tax returns, while
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running their business. And there’s that gap in the middle and the business owner is thinking because they’ve been conditioned
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Anybody that has a CPA hanging out the end of their name is a expert in everything, financial, which we know is not necessarily true. Right.
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And so the business owner is thinking the CPA is watching what’s happening when they’re paying no attention at all. Yeah, to the operational aspect of
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Any of their clients business right so they are the business owners or risk of making that fatal decision at any moment.
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And they may not know what for weeks, months or even years down the road. Yeah, let me expand on that a little bit of a CPA were really taught process, you know,
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This is how it should look site record a transaction is the appropriate way to book a precious. What happened to the
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shipping cost may include that in the capitalized cost of it. So it’s the gays or learned a lot of that, how to categorize the process they know how to
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Use that’s the next level and a lot of CPA to go to that server, but not all do know. That’s right. And if you think about it, most CPA.
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Have never managed anything beyond their practice right so for them to advise someone on how to run a manufacturing plant distributor or any service company.
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Is a bit of a stretch, unless they have been there and done those things. Yeah, absolutely. So the big question became an email.
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Chief Financial Officer why most small businesses run out of money and what to do was to effectively turnkey the CFO function. Yes. Now, understand, nobody would ever think to
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Turnkey the CFO function because they believe that CEO function is beyond that methodology.
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What we knew what we decided, and what we created was the understanding and the application of the CEO, CFO function in any kind of company whatsoever sharp, to be able to convert the owner into a CEO and a C fo and to see to
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See it. In other words, all of the strategic functions that every tiny company need yeah if it’s ever going to grow beyond time yeah he originally email came out 1986 months ish. So it’s kind of timeless and there’s no law for a long time.
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And one thing
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I’ve talked a lot about the show is the evolution, we’re getting more and more to where you need to know or diversified skill set. He one trick pony that just knows how to do one thing that’s really not.
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Going to be viable in the future. You got to understand how it connects you brought up.
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Enough. You can’t just be the account. You can’t just be the CMO. You can’t just be the Baker, you have to understand how this fits together me. You’re gonna you’re gonna build systems or processes bring other people in but you got to have the whole connection. Right. Absolutely, yep, yep.
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Another point what I’m seeing out there in the CFO world, the most is communication skills, the soft skills explaining the impact of different decisions. Back to the decision makers.
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It’s a precarious role sometimes as CFO because you may not be the absolute decision maker, you still have a board of directors, you still have a CEO that you’re having to communicate with and actually kind of sell this to
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But to the second point, the new what we’re seeing a lot too is a lot of CEOs are being promoted into the CEO role as CEOs are exiting companies.
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Yeah, exactly, well prepared to low. Right. Yeah, absolutely. Absolutely. And in, in today’s world, you know this, the CFO has to be that strategic partner to the CEO.
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We have to be able to quantify those strategic plans and be able to execute and see with clarity, where there are issues down the road and how we’re going to manage through them or around them.
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So that we don’t have those problems, but we have to have a system for capturing understanding and then disseminating that information. So the entire company.
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Knows what’s coming, and how we’re going to adjust for it and it’s important understand that every sheet fo on the planet, does the work of a CFO differently.
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All talk to john the CFO john would tell me, well, you can’t turn key this because every situation is different.
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So every CFO would tell me that every situation is different.
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Every CEO would tell me every situation is different, every see mo would tell me
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Every situation is different now understand when the CMO says it’s different. And the CEO says is different and the CFO says it’s different coming to agreement about what is true is almost impossible.
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And so the integration of the event point of view, the E myth model, you might say the a i reality of every circumstance and situation provide you with a process for determining what that difference is
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And once haven’t done that providing you with a turnkey methodology for applying the logic that the CFO is bringing to bear in a very
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Consistent integrated and influential way. Yeah, it sounds like you know and I know this to be true. It really gets applied the event is a process for the whole company and
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For larger organizations to get bigger that communication tool that allows everybody to work together in the same way. Absolutely, absolutely. Yeah, and you know, as you know, large companies have
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The same problems of small companies, they just have for different reasons, right.
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In my experience, small companies have it for lack of education they want. They don’t have people who are able to get a Harvard MBA and
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The large companies is communication right he spent a lot of time in meetings running around in circles right off different directions.
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Well, it runs the gamut from lack of sophistication to too much sophistication and I like to say in this very simple one way. It’s about McDonald’s stupid.
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That McDonald’s has 35,000 plus stores worldwide. Right. And every one of those suckers does exactly the same thing exactly the same way for exactly the same reason, and then been doing it.
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For decades and decades and decades. Yeah, despite all of the competition McDonald’s is the most successful small business in the world.
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Now when I say that people look at me like I’m nuts. But the reality is when you can walk into any McDonald’s every McDonald’s and see identically the same thing. It tells you there’s something going on there that nobody else seems to understand
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You can’t walk into one company and find everybody building identically the same thing in the same folder.
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This guy sells it differently than this guy sells them differently than this guy sells
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And on and on and on the story. This guy use different story. This guy you inside the same company. It’s astonishing. And they may be part of that.
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You know a lot of people think their company is different than everybody else’s company.
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Which is absolutely untrue. On one level. Yeah, every company has people every company has a need for sales every company has a need for technology every company has a need for process.
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Every company that has a manufacturer has a need for equipment. So, it is the same in every company on a particular level. And if you don’t manage those specific aspects.
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Well, you won’t survive, no matter what you’re doing right but at the same time. You’ve got infinite number of vulnerabilities between companies even in the same industry.
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So you have to be able to manage the consistencies and those vulnerabilities at the same time. Yeah, and I think they do play well together. Because when you have consistency. We have processes.
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Then perhaps a salesperson can get them you’re dialing I talk about emotional intelligence have a deeper conversation, your customer.
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And customize all the things they they care about. But you have that core process you’re not spending a lot of time thinking more reinventing the wheel, because the processes are behind you. Absolutely. And to the degree somebody learns that yeah by applying
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That you look at their face and it’s the shock just is so evident. It’s like you open them to a door. Yes, or through a window into a world. They’ve never seen before. Yeah. And yet, it’s all around them.
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To have them in Starbucks around them at McDonald’s. It’s around them and every franchise system. Yes.
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And understand the brilliance of the franchise system and even most franchisors don’t understand yet rogan’s of the franchise system. The minute people are brought
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See that franchise system for what it is. It changes everything they do. Okay, you know, and I, you know,
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I’m a big fan of the methods affection. I mentioned people all the time. They kind of my turn the office. I see. They don’t have the processes down and tell you know go get coffee revisit it and start there.
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But, you know, having a system, the process, just like you say it pervades everything you do everything becomes a system of processes as you’re growing
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You know, we’re growing with financial transactions future comedy show it’s turned into a television network.
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We keep adding processes as we go to legend, when we carry situation we turn into a process that makes that easy.
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To next thing to grow. Yeah. Process row process and really is a fundamental 10 and we keep embracing it. It really does make your business. Absolutely. And the purpose of your process, obviously, is to orchestrate the way you do it. So what scale.
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It scales as you produce a consistent result for the viewers for the people that are participating and other host of other shows. They have a consistent process. Everybody knows what to expect example, they can focus on their greatness. Right. Right. Yeah. No, no.
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Yeah, real quick. So on that consistency point that’s so important because I see a lot of small businesses. Maybe they come in hired me
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And I step in the role, help them raise some capital fix a few things do a business plan and then all of a sudden I leave
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Exit. But then I come back six months later and everything we did is gone. They raise the capital, but so it’s even the consistency in the mindset.
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Of the CFO process. So if you are going to hire a CFO to come in, have them set up that process and train your people to wear when they come back in the next time you’re actually just building upon that rather than starting over.
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Over and over and over, which happens all the time you know tax time over one raise capital we need our financials. So I’m going to put it all back together.
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Well, and that’s exactly why we wrote the book.
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The enough financial officer that CEO needs to understand what that function looks like if they’re able to bring someone in they still need to know what that role is they need to know what that person.
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Should do and is doing. And so they can carry that mentality beyond the temporary position and get themselves to a point where they can actually hire that full time CFO.
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The core operating reality of the company, which is strategic
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Table differentiate, discriminate
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The strategic processes and the tactical processes the strategic process essentially stayed the same.
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McDonald’s is the same company today as it was the day when crowd founded it now understand despite everything that’s changing
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Everything, all the technical processes that have changed the strategic reality of that company is identically the same
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Identically the same billions upon billions upon billions served. You can see it on the side billions upon billions. Now, the only thing that’s changed is the number of times they say that
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In that beginning it was 10s of thousands, and that it was hundreds of those. I remember the board. He’s bright
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Token Coca Cola is very similar to that. I mean, I think, Warren Buffett when he first invested in that in the early 80s, one of the
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Things was can you somewhere on that somebody won’t recognize a Coca Cola. Can I think they failed in that same thing with the golden arches. But again, consistency, being there when the customer needs you. Because we’re solving problems as business people.
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Think about the amazing thing that Coca Cola today is the same as Coca Cola.
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The world change.
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And Coca Cola is there selling Coca Cola wherever is. Yeah. And it’s astonishing. So some you see the brand is the brand is the brand is the brand Ray Kroc knew that at the very beginning.
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And the consistency of the brand is exactly what he’s selling exactly you know exactly what you’re dealing with dolls and yet you’re telling other businesses to get people that certainly
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Absolutely. That sounds like sounds like hiring advice here from what dolly and Fred, we’re saying is don’t hire C est studied and read the
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Chief Financial Officer. Well, the reality is they’re not going to hire women, right. The reality is, nobody can hire a Ford as she a girl get early running a million dollar your patience.
00:20:24.960 –> 00:20:26.130
Get over to eat.
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Up. Yes, a quarter of that right so they’re not going to hire a CFO.
00:20:31.590 –> 00:20:51.780
So what we’re intending to do is turn every small business owner into his or her own CFO. Right. And that’s what the book and the system that backs it up. Yeah, I call it cash master. What do you call it the prophet, the Prophet Beacon Hill get closer to catch me as I get closer.
00:20:53.160 –> 00:21:06.480
But he calls it that mag all of this, whatever you call it enables you to apply the intelligence have a chief financial officer for as little as $49 a month. Yeah.
00:21:08.010 –> 00:21:24.720
The book is is as non technical as we could possibly make it so the point is, everybody can get it just, no, no, no. The point is, everybody has to do it well and
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And can get it just takes a little bit of discipline to make it happen. Right. But if you want to be a great company, you’re going to have to have a lot of discipline. Yeah.
00:21:36.540 –> 00:21:44.490
Definitely. This is the book The by somebody wrote in the chat. So they’re they’re grabbing a coffee today, Sally. I want to do one more question that I’m going to ask them about the future of business to wrap up.
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Yeah, and I just wanted to urge the audience and any boats.
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Your especially five years or closer to selling your business.
00:21:51.870 –> 00:22:01.290
You need to go get this book and read it because that’s when you need to be able to communicate to people that might be buying it. You got to get an exit strategy. Nobody wants to buy a business. They don’t understand
00:22:01.980 –> 00:22:13.440
So I urge you got to put that in your skill set as a CEO and think five years out. So if you’re five years. Ready, read the book, start implementing those processes sooner but he does do a great job.
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So well, because that’s one of the biggest things I hit a company’s company itself is a lot of times, the owner, so
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Involved with the first question is a buyer task was the business look like it removed the owner and a lot of
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Say, well we fall apart. Well, and we would invite everybody once they get the book The E myth CFO chief financial officer.
00:22:35.550 –> 00:22:45.270
Get the book The E myth revisited why most small businesses don’t work. What to do about it. Get the book awakening the entrepreneur within
00:22:45.810 –> 00:22:55.530
Why everybody can create a stunningly successful company, no matter what they know. And finally, beyond that, even
00:22:56.310 –> 00:23:09.600
The evolution of an enterprise from a company of one to a company of 1000 which essentially says in the first page that a company is a product for sale.
00:23:10.320 –> 00:23:21.390
Every company is a product for sale, but nobody starts a company, thinking about the evolution of that company into a saleable product.
00:23:21.840 –> 00:23:34.080
So one last thing that everybody can do join us in radical you radical you is an on line entrepreneurial development school
00:23:34.590 –> 00:23:50.280
That takes a person over five years, the five years you’re talking about from a company of one to a company in 1000 go to radical you.com and join us. It’s only $490 a year.
00:23:50.700 –> 00:24:02.700
On line we walk you through the entire process just like even talks about, just like everything been speaking over here and scalable process or a bar or
00:24:03.090 –> 00:24:03.810
It can be a
00:24:04.020 –> 00:24:06.450
Skip the NBA and and follow this program, guys.
00:24:06.660 –> 00:24:09.360
If you saw a pop up there. But a friend Jennifer Richter
00:24:10.440 –> 00:24:13.200
Show. She’s emerged as a cornerstone for business.
00:24:15.480 –> 00:24:15.720
00:24:17.100 –> 00:24:23.460
As we wrap up. I’d love to hear the future of business. Where do you think things are going well i think that
00:24:24.660 –> 00:24:37.860
Artificial Intelligence blockchain even what what people are doing with machine learning, which will be replaced with AI at some point it’s going to change the entire world and
00:24:39.570 –> 00:24:49.800
CPA is need to pay attention because in years. There are going, they’re going to be looking for something else to do. Yep. And they are not paying attention today.
00:24:50.430 –> 00:25:05.310
Exactly. Michael did oh yeah did in fact will be interviewed on Forbes on Monday. Yeah. And the whole subject is a time. Yeah, so a nice a on and I said,
00:25:06.060 –> 00:25:09.780
Ray Kroc knew about a I in the 50s. Yeah.
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Everything is artificial intelligence. When you understand how everything works. And the question becomes how do you apply it to everything you do. So every decision that’s made in the company is a financial decision.
00:25:26.040 –> 00:25:39.030
Every action that needs to be taken in every company will allow them to become incorporated into artificial intelligence. Why, because people are still
00:25:39.690 –> 00:25:51.540
Here because people simply don’t learn what people must learn so it’s being automated yeah it’s obvious it’s got to be automated.
00:25:51.960 –> 00:26:05.370
Then the question becomes, how does everyone have every one of us then relate to artificial intelligence to utilize it productively and to increase our assets.
00:26:05.790 –> 00:26:16.110
For creativity because human beings are the creative force in the universe. If we’re born in the image of God. We’re born to create
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Were born to create a world fit for how do you do that by awakening the entrepreneur within that’s our work and I would just say look at what’s happened in the last 20 years
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And think about what the possibilities are for the next 20 years it’s staggering. Yeah. And we tell we tell folks cost.
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Of the show, you know, this is the time to get ahead of this curve absolutely not to build out your creativity to build those businesses to support you, because
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We’re growing into an error which can be great opportunity. Yes, but those are just sitting idly by watching it happen are going to be surprised a lot of them get disrupted the people are seeing very comfortable right now absolutely no doubt.
00:26:53.640 –> 00:27:05.400
So, folks, we’re looking for read your comments come up below. We always have our comic contest best comment of the week, we can relate to that personal the show as a guest. Oh, no kidding, that’s fantastic. Exactly. We’re also looking for a handful of interns are motivated
00:27:05.760 –> 00:27:14.220
Focus on the future to check that training done right comm slash future guys how to folks get ahold of you which websites they go to their house, they start you know
00:27:15.030 –> 00:27:27.330
Yes, go to the Prophet beacon calm, you can get information about the book there. You can also learn about our automated CFO application. The Prophet beacon.
00:27:28.440 –> 00:27:41.730
And it will it will change the way you manage your company and you can come to us by going to free book dot Michael E Gerber that come
00:27:42.240 –> 00:27:54.390
Just get it free book dot Michael gerber.com and we’ll send you my new book called make it on your own. In America, or wherever you happen to have
00:27:55.200 –> 00:28:13.800
A journey toward radical self employment just finished it. And my first absolutely free boat to everybody who wants to know everything about all that we’re talking about here. It’s yours right now. Go get it. I love it. That sounds fantastic.
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So yeah, folks, that’s the big thing we’re trying to wake people up, you know, we know that people are watching and wants to pay attention, your skills for future. So I always want to thank people for tuning in dollar book for us.
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I do john I in the light of one of my favorite books in the world event that was full of
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Great knowledge for entrepreneurs, I use it every day in my business. The difference between a warrior and an
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Every man is the warrior sees everything as a challenge, while an ordinary man sees everything is either a blessing or a curse.
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The second one comfort makes cowards of us all, these are all Michael Gerber quotes third one. Because the moment you choose to start a small business you unwittingly chose to play a significant larger game than in any game ever played before. That’s my favorite
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Are so beautiful and inspiring and US inspire us all. So we were all inspired to wake up. Be awoken, just like you said, you know, keep driving this mission of, you know, entrepreneurship in the world.
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Wonderful. Thank you. We thank you folks for joining us on the financial transactions feature on the show number we’re
00:29:19.860 –> 00:29:30.390
Broadcasting live 10am 2PM Eastern every day we, you, the future of business, either as your news updates or today. Correct, yes. Lucky. Thank you for joining us. Well thank you a lot of fun.
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Get work with different folks.