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EP.07 - Mastering Business Finances with Chris Gwinn
Manage episode 454778632 series 3611271
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In this episode of Retained Trust, host Karl Hughes sits down with Chris Gwinn, founder of Midwest CFO, a fractional CFO firm helping small businesses thrive by optimizing financial strategies and preparing for growth or exits. Chris shares his entrepreneurial journey, transitioning from Great Lakes Advisory to Midwest CFO, and the lessons learned along the way. The discussion explores common financial mistakes in small businesses, the importance of understanding gross margins, and the role of financial strategy in scaling operations. Chris also delves into his service model, networking strategies, and future plans for scaling Midwest CFO. Whether you're an entrepreneur seeking financial clarity or looking to scale your business, this episode is packed with actionable insights.
Key Points From This Episode:
[00:00:00] Introduction to Chris Gwinn and Midwest CFO's mission.
[00:02:04] Challenges entrepreneurs face in understanding their financials.
[00:05:07] Common financial oversights in small businesses and their impact.
[00:09:14] The importance of gross margins and proper financial breakout.
[00:13:25] Balancing low-profit service lines with business strategy.
[00:17:32] Transitioning from Great Lakes Advisory to Midwest CFO.
[00:19:41] Identifying market needs for a scalable service offering.
[00:25:14] Networking and referrals as key growth strategies.
[00:33:05] Systematizing networking for sustained referrals.
[00:37:22] Structuring financial strategies to align with business goals.
[00:41:13] Plans for scaling Midwest CFO with fractional CFOs.
[00:49:12] Reflections on the emotional journey of entrepreneurship.
[00:52:10] Recommended reads for entrepreneurs and financial leaders.
[00:56:13] Chris’s vision for Midwest CFO in the next year.
Links:
- Chris Gwinn on LinkedIn: https://www.linkedin.com/in/chris-gwinn-cfa-96383b26/
- Midwest CFO: https://midwestcfo.com/
- Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
- Production and editing by The Podcast Consultant: https://thepodcastconsultant.com
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