The Smart and Savvy Business Exit – Debi Corrie – “Loving Failure: Getting Control of Your Business Health”

​Ellen McIlhenny – Debi Corrie – “Loving Failure: Getting Control of Your Business Health”

PROFIT RADIO..."Grow With Us"
Introduction
Here we are three days before Christmas and to many Congress provided a big gift by finally getting together and passing a new COVID relief package. This package which totals about $900 Billion dollars is a veritable Christmas Tree of government payments. This is much needed help for small business owners who are continuing to be forced to remain closed or to work under restricted conditions. In true Congressional form the bill was passed at the very last minute before some unemployment benefits expire.

While I laud the fact that small business owners are getting additional aid for circumstances under which they have no control, I worry about the speed at which this 5,600-page package was put together. How many in Congress read it? How many Trojan Horses were injected? As we plunge further into debt – this was tied to a $1.4 Trillion dollar package to keep the government running until the end of the fiscal year – we need to start thinking about what will happen after the pandemic. What damage has been done?
Here are just a few things included in the bill:

1. A $600 for every American who earned up to $75,000 in 2019.
2. $600 per child and $1200 for couples who made up to $150,000 last year.
3. Payments will go out next week. Merry Christmas!
4. Extension of unemployment benefits of $300 per week for 11 weeks.
5. Extension of eviction moratoriums through January 31.
6. Extension of the small business Paycheck Protection Program expanded to local newspapers, broadcasters, and nonprofits. It will direct another $20 billion to small business grants and $15 billion to live event venues.
7. Increased funding for vaccine distribution and coronavirus testing.
8. $13 billion in increased benefits for the Supplemental Nutrition Assistance Program, or SNAP.

It is my sincere hope that this will be the final bill needed; that 2021 will bring back normalcy for small business owners. Let’s talk about it. Join us in the IBGR Entrepreneur’s Community. Now available in the IBGR.Community - Mentoring Groups! When you join the IBGR.Community you are automatically added to your Community of Commerce. The Community of Commerce is a great place to network and connect with our entire community. You can also join your favorite On-Air Talent’s Mentoring Group! Joining mentoring groups gives you access to useful tools and mentoring conversations around your specific business challenges. Join one or more Mentoring Groups today and start engaging with like-minded business growers and entrepreneurs!

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​Show Objectives
Today we will be talking to Debi Corrie. Debi is the CEO of Acumaxum, a CFO services firm based in St. Louis, Mo. She recently published a book “Loving Failure – Getting Control of Your Business Health”. The book focuses on helping business owners understand how to use numbers to build successful companies. She tells stories and gives pointers for new startups and experienced business owners.

Listen to last week’s show “An Interview With Tricia Dunlap” on episodes 37 through 40.
https://studio.podcast.co/ibgr/future-financial-confidence-with-ellen-mcilhenny/episodes

Key Issues - ​Owner/Manager Perspective:
Our Conversation

1. Debi’s Story
2. Why is the tax return important to the entrepreneur?
3. The Three Myths of Banking.
4. Sales - Cash
5. Pricing - Cash
6. Margins – Cash
7. Importance of Data
8. Importance of Employees
9. The P&L
10. The Balance Sheet
11. Cash Flow Projections
12. The Vision for the Future

Thanks for listening.
Written by Ellen McIlhenny - CFO Plus Services - www.cfoplusservices.biz
Contact me at ellen@cfoplusservices.com