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Maximizing Business Profitability: Insights from Profit Mastery's CEO

Discover financial mastery with Colin King, CEO of Profit Mastery, as he shares invaluable insights into transforming your business’s profitability and cash flow. In this enlightening conversation with Casey Bolsiga, senior portfolio manager at Intrepid, Colin delves into his unique path from CPA and CFA to entrepreneur, revealing the genesis behind acquiring Profit Mastery. This discussion not only sheds light on the strategic moves that led to this pivotal acquisition but also explores the core mission of Profit Mastery: equipping business owners with the tools and knowledge to enhance their company’s profitability significantly. From the importance of understanding financial statements to implementing practical profit-boosting strategies, Colin and Casey unpack the essentials every entrepreneur needs to navigate their profit journey successfully. Whether you’re in the early stages of your business or looking to scale, this conversation is packed with expert advice and real-world applications to help you achieve financial success.

 

Casey Bolsiga: Hi there. Casey Bolsiga, senior portfolio manager at Intrepid. And today I’m joined by Colin King, the CEO of Profit Mastery. Now, profit Mastery is a learning system of practical financial management tools that help businesses improve their profitability and their cash flow. Colin, before we dive into some of the specifics, would you mind sharing a little bit more about your background?

Colin King: Yeah. Thanks, Casey. So I started my professional career as a CPA in CFA. My background is in accounting, investing, and more recently, entrepreneurship and small business ownership. I met my current business partner in 2018. We had the idea that we wanted to be entrepreneurs and wanted to do that through acquisition and not necessarily starting a company ourselves. So we turned over a ton of stones and looked at a number of different private companies and wound up buying a handful over the years. We currently own four businesses that we run across. E commerce, retail, distribution, and now, most recently, this company, Profit Mastery, which is an online course for profit training.

Casey Bolsiga: Love that. And I know you mentioned profit mastery is a newer venture for you all. You’ve kind of dabbled in some different spaces, some different industries. What ultimately led you to pursue profit mastery?

Colin King: Yeah, absolutely. We are interested in businesses of all kinds, really. But profit mastery was a really interesting company. We were introduced to it through our local SBDC, which offered the course to us. We took it back in 2020, really loved the concepts, loved the tools, and just kept an open dialogue with the owner of that company. He was interested in the succession plan, and we worked out a transaction in October of 2023. So, most recent addition, I would say it’s a business that is a helpful service to a lot of small business owners. Right? This is teaching them and guiding them and giving them the tools on how to improve profits in their company. And we, as business owners in that seat, doing that same thing in our own companies, felt like it was a really natural extension for us to say, hey, here’s how we’re using this in our own company, in our own situation, and share those learnings with other business owners. So it was a really great product, really great tool that’s been around for a long time, and we felt like we had a lot to add to that in growing that, expanding the content, and doing more with it.

Casey Bolsiga: Yeah, I love that. The secession plan for the original founder. Right. And acquisition and growth opportunity for you all. As I was kind of immersing myself in some of what profit mastery offers, the thing that kind of stood out to me is you talk about the profit journey, right? What does that mean? And how can entrepreneurs kind of think of that journey, regardless of where they’re at in their entrepreneurial.

Colin King: Yeah, absolutely. It’s funny, there’s a lot of content out there and I just say a lot of content because there’s good content and there’s bad content. There’s a lot of content out there on profitability and financial statements and all this stuff. There’s really not a great place for a small business owner, someone who’s in the, call it five hundred k of revenue to 15 million of revenue, right. To say, okay, great, all this stuff is out there, but where do I start, right? How do I actually make that happen and put it into practice? We talk about the profit journey as the education component, learning about what all these things are, introducing the tools, what are the things that I need to do or put in place in my company to get from here’s where I am today to here’s where I want to go profit wise and then the execution actually making that happen. So we call it having both the do it for me and do it yourself options, right? We can show you all those things, teach you those things, give you the tools, and you could say, great, I can take that and I can run with it on my own. Or some people want a little more handholding and say, yeah, I get it, I understand what that means, but can you help me along the way? So we’re trying to take this and offer both of those options for those who want it and they want to know it and know how to use it, do it themselves. And for others who say, yeah, I want to know what it is, but help me do it too to get there.

Casey Bolsiga: Yeah, kind of meeting them where they’re at. And I’m sure founders and business leaders are kind of at different stages with that journey. But what are some of the challenges that you are seeing directly related to profit or not? And how are you guys helping leaders overcome that?

Colin King: Yeah. And actually one more tack on to that last comment is most business owners, they’re in their seat because they’re passionate or knowledgeable about something, whatever field they’re in. Right. If you’re in a healthcare industry, maybe you’re a doctor or something, you’ve got specialized knowledge or training and that’s your thing and you want to do that and you want to do more of that and grow on that, build on that. And you don’t necessarily care about the numbers and trying to learn what they mean or how to use them and everything. I view it as what we’re trying to do is free people from having to deal with that side of their company as a little bit of a different tact to what an accountant would do for you so that they can actually go and focus on the things that they do best. So the challenges that we see are at the intersection of accounting and finance. Great. My bookkeeper or my accountant gave me my financial statements. Now what do I do with it? How do I interpret it? How do I read it? How do I make decisions off of it? So that reading of the financials, putting the tools in place, creating those things, creating like, a 13 week cash forecast, a budget, or a forward forecast, looking at scorecards and KPIs, we take those other concepts to build those tools and put it into practice in their company. I’d say that’s the number one challenge that we see from people that we’re talking to. Hey, how do I get those other things beyond just. Yeah, I got my financial statements. Okay, what’s next? Take an action on it. Right? Take an action on it, for sure.

Casey Bolsiga: And I know you mentioned a handful of the industries that you guys have been in as a company, but profit mastery, any particular industries that make sense? And that’s kind of been your sweet spot historically. And then also curious if there are any other industries or verticals you’re looking to grow in.

Colin King: Yeah, I’d say we deal a lot in some of the more basic, more common company types that are out there. Retail, restaurants, service based companies of any kind. We specialize in ecommerce or we know ecommerce a lot just through our own companies that we’ve owned. So that’s an area that we probably want to help translate our learnings to help those business owners in the future. But really, a wide range of retail, restaurant, service based companies, franchisees of any kind, professional services is one that we’re not heavy into at the moment, but would like to get further into helping those people as well.

Casey Bolsiga: Awesome. Love that. And what is the best way for people to reach you or get in touch with you?

Colin King: Yeah, I’m a local indie person, so I try to make it out to lots of events, especially those from Intrepid. But my email is colin@profitmastery.net. Colin one l reach out to me on LinkedIn, also on Twitter. But generally, email is the best way to get a hold of me.

Casey Bolsiga: Awesome. Well, Colin, thanks so much for sharing your experience, your perspective, and especially what you guys are doing at profit mastery. I know here at Intrepid, we’re excited to partner with you guys, excited to help more businesses along both their profit journey as well as their financing and funding journey together. So thanks again, Colin.

Colin King: Yeah, likewise. Thanks, Casey.

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