Revenue isn’t wealth. That’s the truth I’ve learned after more than three decades working with business owners and entrepreneurs, and it’s the whole reason I finally hit record on this podcast.
I’ve lived both sides of that formula. I’ve built a business that looked successful from the outside while I was incredibly tired on the inside. I’ve been profitable on paper and still not building personal wealth. And I’ve learned that you can build something you’re proud of while the people and things you love the most get what’s left of you. In my case, they got crumbs.
This launch episode is me explaining why I’m starting this show now, what I’ve built and learned along the way, and the questions I want every entrepreneur asking about their own business and life.
Listen to the Episode
Episode Timestamps
- 00:38 Why I finally hit record on my birthday
- 01:27 Revenue isn’t wealth, and why that changes everything
- 01:59 Growing an insurance agency from a $600K book of clients to over $12M
- 02:37 What building that business taught me that never showed up on a profit and loss
- 03:17 Why I wrote the book and started an academy for entrepreneurs
- 04:24 The real conversations I want this show to have
- 05:55 The floor number and the questions I want you asking about your business
- 07:33 What this stage of my life has taught me about profit
- 09:05 The invitation I’m making to you
Key Takeaways
Revenue Isn’t Wealth
You can be incredibly successful and incredibly tired. You can be profitable on paper and still not be building personal wealth. You can create freedom for your customers and employees while creating a business that can’t function without you. You can make more money than you’ve ever imagined and still wonder if all of it is actually worth it.
What Growing The Agency Taught Me
Before I was 30, I bought into an independent insurance agency in Connecticut. Over the years we grew that business from a $600,000 book of clients to over $12,000,000, and from about 1,100 clients to more than 5,000 customers we were serving on both the personal and business side. I learned how to build teams, negotiate leases, manage cash flow, use credit, navigate risk, acquire businesses, create systems, make payroll, survive market changes, and eventually make a seven figure exit. I’m proud of what we built, but I also learned things that don’t show up on a profit and loss statement.
What Made Me Redefine Success
I’ve raised kids while building businesses. I’ve gone through a divorce after twenty three years of being together, and I’ve also remarried. I’ve become a grandmother to two beautiful grandchildren with another one on the way, and I’ve watched people I love leave this earth far too soon, including my dad at 54 years old. All of that changes how you define the word profit. Money matters a lot, but money is supposed to create choices, and building a business that makes a lot of money but leaves you without the time, health, relationships, or freedom to enjoy it is no longer my definition of success.
The Questions I Want You Asking
What’s your floor number? How much does your life actually cost, your whole life, not just the version you lay low on? Are you paying yourself appropriately? Is your business creating wealth outside of your business? Could your company operate without you? And here’s the one we’re going to come back to again and again: is your business profitable in support of your life, or is it profitable at the expense of it?
Your business and your life are happening at the same exact time.
Frequently Asked Questions
How do I know if my business is actually building wealth, not just revenue?
I ask myself whether I’m profitable on paper but still not building personal wealth outside of the business. You can be incredibly successful and incredibly tired at the same time, so revenue alone doesn’t tell you the answer. I want you looking at whether your business is creating wealth outside of the business itself, not just how much money is coming in.
What is my floor number and why does it matter?
Your floor number is how much your whole life actually costs, not just the stripped down version you tell yourself you could live on. I bring this up as one of the questions I want entrepreneurs asking themselves and one we’ll come back to on the show. I don’t give a formula for it here, but it’s a number I want you to start figuring out.
How do I know if my business is profitable at the expense of my life?
I ask whether my business is profitable in support of my life or profitable at the expense of it. This is a question I said we’re going to come back to again and again on this show. I don’t answer it fully in this episode, but it’s the core question I want every entrepreneur sitting with.
Connect with Michelle
If any part of this made you think you need more of this conversation, subscribe or follow The Path to Profits Podcast wherever you’re listening, and share this episode with one entrepreneur who needs to be part of it.
- Grab the book
- Listen to the audiobook
- Free guide: Top 7 Financial Mistakes To Avoid As An Entrepreneur
- Substack
- Join me at the next Thrive Hive in Naples, Florida
Clarity. Cash Flow. Freedom.