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    The Bookkeeping Chronicles


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    A Tale of Profit First Planning


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    Tax Planning To the Rescue


  • Grow Disrupt:

    A Tale of Profit First Planning

    Meet Grow Disrupt:

    When Gabe began working with Stephanie, the founder of Grow Disrupt, on establishing a solid Profit First foundation through coaching, there was a lot going on for Stephanie and her company. Grow Disrupt designs and produces educational events, primarily for ADHD entrepreneurs, and Gabe and Stephanie began working together in the midst of the pandemic that shut down most event companies.  

    Stephanie had been an avid follower of Mike and his methodology for a couple of years but had struggled to fully implement all of the Profit First processes for Grow Disrupt. She’d started with an excel spreadsheet and eventually set up multiple bank accounts, but she was still finding herself falling short on getting the entire process rolling.

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    She was consistently frustrated by the potential she knew her business had, and the cashflow game she was forced to play at the end of every month to try and make distributions work. While she was no longer panicking over how to pay taxes each year, she was still finding herself having to use the current year’s income to pay for the previous year’s taxes and cutting corners anywhere she could. Profit distributions were nowhere near where she wanted them to be.

    What Happened:

    Gabe sat down with Stephanie once a quarter for a year to review her financials versus her distributions and cashflow. Together, the two identified where her current allocation percentages actually were, and what her target allocation percentages needed to be to establish a true Profit First business. Armed with that information, Stephanie was able to make informed decisions to adjust how she managed the business to bring the two closer in-line.

    The Outcome:

    With Gabe’s help, Stephanie and Grow Disrupt were able to protect profit margins on their events throughout the pandemic, and improve her allocations dramatically. Stephanie has been able to set up a better paycheck for herself, and enjoy multiple five-figures in profit distributions in 2022 between herself and her team. She has not had to rely on current year’s income to pay last year’s income taxes since her and Gabe worked together, and will end the year with nearly double the expected taxes set aside in the Tax account for next year.

    “Numbers and financials can be really frustrating for me as someone who deals both with ADHD and some dyscalculia…

    Gabe made things so much easier and was SO patient every step of the way. I’m really grateful to him!”

    - Stephanie