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\n\n\n\n"When you take cash from the business, you are strangling cash flow, and you end up in a situation where you can't pay your bills."\n\nMurray Voth, Rick White, and Bill Haas discuss the consequences of not reporting income, the importance of understanding cash flow in business, the pitfalls of tax evasion, and using personal credit cards for business expenses. It's not just about making money, but also about managing it effectively.\n\nMurray Voth,\xa0RPM Training.\xa0Listen to Murray\u2019s previous episodes\xa0HERE\n\nRick White, President and Lead Coach for\xa0180BIZ, Listen to Rick\u2019s previous episodes\xa0HERE.\n\nBill Haas,\xa0Haas Performance Consulting,\xa0Bill\u2019s previous episodes\xa0HERE.\n\nShow Notes:\n\n\n\n\n\n\n

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• Stealing from yourself and the consequences of not reporting income (00:01:29)\xa0Discussion on the potential consequences of not reporting income and the impact it can have on succession or eventual sale of a business.
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• The importance of cash flow and its impact on paying bills (00:03:01)\xa0Exploration of how taking cash out of a business can strangle cash flow and lead to difficulty in paying bills.
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• Being a role model in business and the value of ethical behavior (00:06:37)\xa0Discussion on the importance of being a role model in business, including paying for personal expenses and setting an example for employees.
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• Profit and Taxes (00:10:21)\xa0The misconception of avoiding taxes in business and the challenge of having positive cash flow but negative profit.
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• Personal Expenses on Business Credit Card (00:12:03)\xa0The consequences of using personal credit cards for business expenses and the tax implications of treating it as a shareholder distribution.
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• The concept of profit first (00:19:06)\xa0Mention of Mike Michalowicz's book "Profit First" and the idea of paying oneself as a business owner.
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• The consequences of not reporting income (00:20:27)\xa0A story about a shop owner trying to sell their business while hiding income, and the potential legal consequences of normalizing income statements for the purpose of selling a business.
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• The consequences of not reporting income (00:24:36)\xa0Discussion on the importance of planning and preparing for taxes, and the potential legal and financial consequences of not reporting income.
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• The need for processes and accountability in end-of-day closing (00:27:17)\xa0Conversation about the necessity of implementing disciplined processes and accountability measures to ensure accurate end-of-day closing, including balancing cash, credit card payments, and accounts receivable.
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• Using budgets and comparing to previous years (00:33:56)\xa0Exploring the use of budget and previous year's numbers in analyzing the profit and loss statement for better understanding of the business.
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• The impact of stealing from oneself on business valuation (00:37:42)\xa0The consequences of stealing from oneself on the valuation of the business when it comes to selling or succession planning.
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• The consequences of not reporting income (00:40:16)\xa0Discussion on the importance of running a business independently and...