56. How To Become A Wealthy Entrepreneur With Robert Gauvreau CPA

You are listening to the Wealth Without Bay Street Podcast, a Canadian guide to building dependable wealth. Join your hosts, Richard Canfield and Jason Lowe as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future that you can bank on.

A virtual CFO program. Yes, it does exist. One that helps entrepreneurs establish their criteria for achieving success. And we are super, super, super excited to be joined today by our very special guest, Mr. Bob Govreau, who's the founder, the award winning business advisor at Govrow and Associates cpa, which is a firm that specializes in working with entrepreneurs to provide them with financial clarity and to guide them on their pathway to achieving extraordinary financial results. Now we just got word from Bob that his latest book, the Wealthy the the formula for making money and gaining financial clarity in your business. He's got a copy hot off the presses. It's going to be launched available to the general public. We'll have Bob share some exciting details about that. Now this is just a real sharp example of an entrepreneur success story with Bob, his growing team. He's going to expand on that with us here today. His firm has helped more than 500 entrepreneurs with their accounting, their taxation, their bookkeeping needs, along with this virtual CFO program, which is something that Bob is innovating, pioneering in the industry. His business expertise has recently been featured in Forbes, Business Insider, Authority Magazine, Yahoo. Finance, Money Geek and NBC, among other prominent financial publications and podcasts like like Wealth Without Bay Street. And Bob has also been recently featured as a guest on Good Morning Texas and Breakfast Television. So without further ado, Bob, I want to say on behalf of all of our Wealth Without Bay street community and ascendant financial team, welcome, welcome to this episode. It's good to be with you, Jason.

So great to be here and yes, very exciting that the hardcover of our book just was received through the door as we were ready to record this podcast. So very much looking forward to sharing a bunch of insights and maybe some information about that as well.

And we will let listeners know how to get your copy, make that copies plural of the book. And we are also going to have that book available. We will be doing not only a few giveaways with some of our amazing established entrepreneur clients who we believe would really benefit from the gift of what Bob and his firm are doing. And we'll also look at the opportunity of having Bob's latest book available in our bookstore as well. And so without further ado, Mr. Richard Canfield, hailing from Chilliwack British Columbia. Welcome to the show. Rich, get us started.

Well, I'm so pumped because you know Bob, he's excited. He's got his book in his hands and he loves to help entrepreneurs. We love to help entrepreneurs and he's really put it all in writing for us. But he's going to share with us some really great tips and things I think here that are going to be golden nuggets for everyone who's listening in. And I would love to hear a little bit more. Starting off on this first virtual CFO scenario. So walk us through what was the impetus of deciding to launch a virtual CFO method of being able to help entrepreneurs in that way. Can you take us through that?

I'd be pleased to. So we're a full service CPA firm. We deliver accounting, tax, bookkeeping and consulting services across North America. And one of the things that we found over the years. So we've been in business since 2008. One of the things we found is that people and business owners need more advice and guidance on how to get from where they are now to achieving the results they want. And one of the things that I feel like public accounting has failed is that there's so many CPA designated individuals with really high knowledge and education and expertise in understanding numbers, but they're so focused on delivering historical information versus helping people understand what they can change going forward that there is a missed opportunity in the market. So what we did is Again, over about 12 years of understanding the needs of different entrepreneurial businesses is we established a program that helps really outline their vision of what they wanted to accomplish and it provides the roadmap so where they need to turn left, where they need to turn right, between where they are now and what their destination is. And we hold their hand and guide them along the way knowing that full well. Businesses have ups and downs, but if they have a very clear benchmark of what their expectations are and what the guidelines are that will help them achieve financial results. This is where we created the virtual CFO program to essentially walk them through all of the steps they need to gain that. And we're calling it financial freedom. Essentially the point where they don't have to worry as much about the day to day operations of their business. They've ultimately created enough wealth in their lives that they've got multiple sources of income and they're very diversified and ready to enjoy life on their terms.

Absolutely. And we do want to give a special shout out Rich, to one of our colleagues in business. And I'll Let you take that away.

Well, you know, we're joined with by Bob today because of an introduction. We love introductions from people. The entrepreneur community is just vibrant with sharing resources with one another, which I think is one of the things that entrepreneurs do exceptionally well. And Matthew Hunt with Automation Wolf, he's got an incredible Facebook group that people can check out. It's a B2B entrepreneur group and it's on Facebook. Tons of great value and information. Really good thought provoking questions in there. And that's how we came to be introduced to Bob to join us today. And so what you just walked us through with the virtual cfo, it really is about so much more going beyond just the business of the entrepreneur. But how can they take the things and the cash flow and the retained earnings of that business and be able to put them to work in a variety of areas so that they can create the ultimate objective that the business owner is looking to achieve. So it's really an all encompassing model that goes beyond just the inner workings of the business. Is that what, am I hearing that correctly?

Absolutely. And even beyond numbers. But numbers never lie, right? So a lot of it involves strategy and different opportunities going forward and how we can best plan out success in those different changes that happen. But all with the foundation of let's calculate our risks, let's calculate the desired outcomes and let's make sure that we have a clear action plan on how to get there. And so a lot of it is strategy. Many of the challenges in growing and scaling businesses is finding and attracting really great talent. And so we've got, as part of our virtual cfo, we've got a recruiter that's in there that helps people find and attract talent and helps them understand how to market and create a recruitment funnel to find those top talented people. We also find that as a growing and scaling business, another challenge that comes up is financing. You know, a lot of businesses use the operating cash that's in their business to fund their growth, which is not the best idea. Right. Cash resources get really thin quickly. So with that we brought in a 30 year veteran in the commercial banking space so that we now can provide our clients in our virtual CFO program with the advice and guidance on how to finance their interest going forward and not only their business operations, but how do we look at, you know, financing commercial purchases, real estate investments? So how do we best come up with a plan on how to utilize our finances in the best way? And then again, this is all grounded based on the idea that there's A CFO in your corner helping you calculate every move that you need to make.

That's wonderful. And that takes us right to you being inspired to write your book. And again, for our listeners, the title of the book is the Wealthy the formula for making money and gaining financial clarity in your business. And so, Bob, what inspired you to write the book and what is one key message that you want readers to take away?

So the reason I wrote the book was, you know, we all get constrained on time and, well, we all get constrained on time. So write a book. That's not where I'm going. But that definitely.

It's like if you're feeling time crunched.

Yeah, if you're feeling time crunched, write a book. But ultimately looking at it and saying, we only all have so much time, and I'm so very passionate. You know, our firm's culture is based on people passion and integrity and passion being a big one for me. I'm so excited about the opportunity to share the knowledge and expertise I have with as many people as possible and thought, what better way than to create a resource that essentially outlines how we create this pathway in our business and in our lives to generating that financial freedom which all, you know, for entrepreneurs starts with that vision and creating that idea. So I wanted to give a step by step guide that individuals could buy for a very inexpensive amount and get it in their hands so that they know and have a little bit of guidance beyond just hiring us or working with us, which we want you to. But this is essentially a resource that is very inexpensive to go through and say, you know what, maybe this does resonate with me. And if it does, maybe I do need to bring in the experts so that I can understand how to get to the next level faster.

That speaks, Richard, to who, not how, the whole philosophy. And again, we want to give credit to one of the most successful entrepreneurial coaches who has been doing this for more than four decades now, Mr. Dan Sullivan, a strategic coach who also wrote a great book titled who not how. And Bob, you're describing that perfectly, because entrepreneurs, when there's a new bright, shiny object, there's a new strategy, a new initiative, something where the entrepreneur can take something from a lower level of productivity to a higher level of productivity. And the entrepreneur's mind immediately goes to, how am I going to do this? How am I going to get it done? I want to understand the financial health of my business. I want to be able to better plan financially. I need to know how to do it. It's the wrong Question, the right question is who possesses the unique capabilities to help me get the how done? And Bob Govreau and his firm are the right who for the entrepreneur who really wants to achieve success. And so we are super excited to be able to share and celebrate the launch of your book, Bob, congratulations.

Yeah, thank you so much. And if I may, this is kind of built up to an exciting announcement and I haven't announced this yet publicly, so I don't know when you guys are going to promote this video or this podcast. Hopefully it's not for the next couple days.

It won't be.

Okay, good.

Now that you mentioned it, Bob, we.

Haven'T announced it, but we're super excited that in partnership with this book launch, we're actually going to be having a live virtual event that we're going to be promoting in the very near future. I'm so excited. When I created this book, I thought if there was one person that I could collaborate on this book to help entrepreneurs really understand the foundation of what will make them financially successful, that one person was going to be Gary Vaynerchuk. I'm so excited that we actually just brought Gary Vee in as a headliner for our virtual event. Our virtual event is going to be April 9th. It's going to be featuring some of the greatest presenters in the world, talking about marketing, different lead generation strategies.

How to use PR to get traction on gaining your expertise and letting people know your expertise and as well as understanding mindset, how to get out of your own way to be able to commit to making really strong decisions for your business. All backed by the foundation of our virtual CFO guidelines and training. So we're very, very excited to be able to bring this out and to launch this. So it's going to be April 9th and if, if anybody is looking for how to get access to this, look at our website, at least for now. We're going to have specific event details later, but Govro, cpa, our website will be having information related to how to get tickets. It's going to be an event you definitely don't want to miss.

That sounds incredible. And we'll include that in the show notes. We'll make sure that we coincide the release of this episode with enough lead time to get our listening audience excited about attending. Gary Vaynerchuk is certainly a great headliner to have. He is an amazing, amazing, influential guy and another great entrepreneurial success story. Having grown the family wine store business and then building basically a media empire and aspirations to own, I believe it's the New York jets, if I'm not mistaken, something that he will undoubtedly achieve. And so we will include details for folks who want to get enrolled for that event. That is awesome to hear.

One thing I'd like to say too, Bob, circling back to the book and the book launch and this event is, you really identified the inspiration of the book was to give people these tools, give them the roadmap, the step by step method where they could start implementing and doing these things. And obviously, yeah, you want to be able to work with people to help them do that. But the key takeaway, I heard the recognition is that you're going to have, if you buy the book, you have that roadmap, you can go and do those things on your own. But if you want to put fuel on it and go fast, if you want to put speed onto the implementation, that's where having a good coach, that's where having a firm like you step in to be able to say, look, here's the guidebook. It's right there. But if we actually want to be accountable in getting these things done, we're going to hold you to the fire to get it accomplished and you're going to walk them through that process. I think there's a really big distinction needs to be made about having a book and reading it versus actually taking the information in a book and implementing it.

Absolutely. And you know, and that's what our team is here for. Again, this is we want to share the information and the knowledge. At least if people want to do their own research, these should just be methodologies and principles that they should be practicing in their business. But like you said, Richard, you know, the opportunity that we have working with high performance entrepreneurs and the entrepreneurs that we work with, even in the most difficult of times, which we've seen in 2020 with a global pandemic, our clients are 3x5xing their business year after year, and they feel confident about it. One of the main foundations of our program is as entrepreneurs, we're jumping in so many directions, as you guys have said. But to jump into those directions knowing and being confident that it's the right financial decision for you. Not that it's a calculated risk, but that we've planned this out, we've identified that it's a feasible opportunity and this is the right move for business owners at the right time. And working with our team, that's how we do that. The book gives you the fundamentals to understand essentially when you need to bring in the experts and to ask maybe the right questions. But to actually have the experts on your team as your quarterback is an absolute game changer. And you will never get results better, whether it's with my team or working with a specialized coach in your industry, you will not get better results than working with someone who's been there and will have your back on driving results for you.

I love it. Bob, could you maybe take a moment and walk us through the optimum mindsets of people that you and your team most love to work with? For example, in our organization, our parent organization, Ascendant Financial, we really love to work with people who, first and foremost, they're able to make decisions based on fact and not opinion. They're coachable, they are polite and respectful and they think big and most importantly, think that's pretty important and among many other things. And so in your organization, with your team, what are the optimum mindsets of the entrepreneurs that you most love to serve?

Yeah, for sure. So again, I think a lot of it for us comes back to culture. When we created this firm in 2008, people, passion and integrity. Those need to be. Those aren't only values that we live and die by, but those are values that we want to work with people. We want them to be passionate about what they're doing. We want them to be respectful, courteous, and kind to other people. And we want them to have integrity, to do the right thing when they have the opportunity to. So those are three of the foundations for me. This is a project where I've got some pretty great expertise. I've had the pleasure of working with Tony Robbins at his Business Mastery events as a partner in his Global Accounting Advisors in the past, helping the attendees at Business Mastery and collaborating with Tony's team on how to build value for business owners. The one thing that I bring to my own program is that I want to work with the people who are fun. I want to work with people I want to spend time with. And if you're not one of those people, then you're not going to be part of our program. And, you know, part of that is the passion. I want to see that people are passionate and excited about it. I want to see that they're willing to invest in growing their business. This isn't necessarily a position where we just want to help people understand where things are at in their business, which we can do. Just not part of this program. This program is, let's jump in. We're making some moves. We're making some key strategic changes. We're growing. We're willing to invest in our business growth and we just want to achieve incredible things together and let's have a fun time doing it. Right. That's my ideal clientele and there's lots of people out there with that. And at this point, we're almost just bringing people in on a selective basis because we don't necessarily need to expand the program. But I'm always looking for those ideal entrepreneurs who really want to make a difference with the impact that they provide in their business and want to actually grow their business and have extraordinary results and have a good time doing it.

So good, so good. And you know, we may have a few folks that we currently serve that fit that profile quite nicely.

And I don't doubt that, Jason, which is how we got connected in the first place, right? It's, you know, people passionate about the same things. Communities tend to cross paths and, you know, great people tend to find great people. And, you know, super excited about connecting with you guys and offering any value we can to your community.

Thank you. Sincerely, we're very, very grateful for that.

Rich. Well, I'd love to hear Bob a little bit more about the book. And Jason had indicated talking about what's a key takeaway. Obviously you've got that roadmap in there, but if you were to pick one of the fundamental strategies that you teach that you think is a domino, maybe one of the first key dominoes to fall down to really help someone get traction as they're going through the book, if they were to laser beam on that to get themselves moving forward in the right direction, what would you put your finger on?

My favorite topic to talk about is strategy.

Because I think a lot of people don't spend enough time in the strategic element of their business and spending time in there calculating how that strategy can be executed. The very first thing we do inside our program is we spend two hours having a vision session with the business owner. And what the vision session is is outlining exactly what we want the goals to be financially and non financially in their business. We push it out to 10 years, we bring it back to three years, and then we look at 12 months. Because I can't remember exactly how the saying goes, but I believe they say people underestimate how much they can accomplish in 10 years and overestimate how much they can accomplish in a year. And so we really want to focus on gaining momentum and understanding what that end goal looks like so we can build out that path. So the reason I feel that this is probably the most important element of it one, it gives us very clear direction of where we're going. But two, I feel like so many entrepreneurs go to work every single day not really knowing what they're working towards, but go in there every day just to try and get a win and get a step ahead, which is great. But I think that if you were to outline exactly what you want to accomplish and the levels you want to achieve, break it down and understand the critical drivers that really drive those results on a week to week, day by day basis, not only for the entrepreneur, but their team members to really give them a report card that says if I do this every single day and I do it well, I'm going to get an A plus on my report card. And by a on my report card means my business is going to get an A in performance. So I think it's so very important that we have to be very clear on where it is that we're going so that we can understand what we need to do to drive those results. And so for me, you know, if you're very clear and you're setting out expectations, you're setting a benchmark for performance for you and your business, that's going to be the number one criteria to make sure that you're off to a good start. And then from there this is kind of an add on to it. But then benchmark your results, track how you're doing, track your progress to the map to make sure that you're on the right track to achieving those goals and tweaking it along the way. So for me, that's the major foundation for all entrepreneurs. We need to be very clear on what we want to accomplish so we can define how we get there.

That is excellent. It also helps too, I think that being able to, of course, being an experienced entrepreneur, myself and Richard can attest to this as well. And growing businesses that are in profit, that are established, that are sustaining and that are growing. Making data driven decisions is really, really important for the entrepreneur as well. Because we really truly, we're very instinctive. We just know by instinct, okay, this is the direction that I need to go. And it's so important to have a virtual cfo, somebody who, it's not just about that one person or that one element of the program. It's about all the additional resources that your team brings to bear.

Absolutely. Yeah. And it's, it's so interesting that you say that too because you know, again, as part of working with an expert in that area, especially in the financial, because again, the numbers don't lie. It's amazing. Even if a business is performing really, really well to tweak, you know, 1% or half a percent a month and the financial impact that that has on a compound effect over the next 12 months, it's very easy for us to make these small changes by identifying different opportunities on a month to month basis. It's so easy for us to pay for the cost of working with our team in this program because we can find these opportunities and we can find them every month because that's our job and that's our expertise where other people wouldn't be able to see it because numbers aren't really their thing. Right. So to be able to jump in and provide all the resources, the strategy, the hr, the finance and being the CFO to identify those small tweaks, that's how we win the race.

Excellent.

What's really cool, a couple things that I heard between what you and Jason were saying is like in establishing that vision, that 10 years out component, the working backwards method, and then embracing it, starting with the visionary entrepreneur and then communicating out amongst the different team members that the organization has, you know, what comes up for me is about resources. And so you talked about resources. There's resources that we know we have and then there's the resources that we don't know that we have, but with what they're actually there. And oftentimes those resources are an untapped potential or something that exists within a team member. Maybe it's within ourselves or maybe it's within another team member on the organization where now that they have a big, a bigger, deeper connection to where we're going, suddenly they start making some of those optimal adjustments towards meeting that objective. And I know Jason has done a really good job of establishing that in Ascendant Financial. And many team members on the organization are rising to the occasion about what that future looks like. And they're really invested in engagement and ideas, in, hey, we could do this, hey, what if we change that? And so you're tapping into your existing resources in a way that you didn't even know was possible. And it's that visioning exercise that probably makes that, I think makes that possibility exist.

I think that too. And that everybody is on the same page. Right. When we're sharing the key objectives and the critical drivers for all individuals to achieve organizational and individual success, everybody buys into it because everybody's on the same page. There's no competing interest. Right. We all know very well what it is that's going to get us An A on our report card. And as long as we continue to communicate that we stay very well aligned, we keep our culture strong together, you're going to be able to accomplish so much. And I completely agree, Richard, when we start identifying some of the organizational goals, and I know some people don't share organizational goals as much as maybe we should, but looking at that and saying, this is where we're going as a team, some people step up and go, you know what, I've got a good idea, or I've done this before and this is how I can contribute. And all of a sudden now you're bringing out the best of everybody and they're excited to be part of it.

Absolutely. And I'll ask Bob for us to maybe share a little bit more about your journey, your entrepreneurial journey, having started a business and watch it blossom and be a part of that throughout all these years. Take us through that journey and. And I know, I guess, what life was like for you before.

Starting the firm and then what life has been like for you since.

I would love to, because all entrepreneurs love talking about their journey. Right. The wins, the losses, and everything in between. So I started my firm in 2008. Just prior to that, I believe it was 2006, I got married and in 2008 I was working at a global accounting CPA firm and I was doing a lot of audit work for nonprofit organizations and municipalities. And I had really started to lose interest in the value creation that I was bringing to the table. I was going to do an audit which ultimately was able to get those organizations funding, which is very, very necessary. I don't want to undermine the value of those audit reports, but I was going and reporting to a panel of CPAs who were on that team doing the accounting work. And I was young and inexperienced at the time, going, I don't think I can bring any value to these people who've done this for 20, 30 years and do it every single day. And I'm supposed to come in and change the world for them. So I started to lose interest in the audience that I was working for and the client I was working for and really started to become passionate about the small to medium sized business owner. And.

That'S when we had found out that we had our first child on the way. So we found that out in the end of 2007. And I just had been promoted at my work and the day that I got promoted, with everything else going on in my life, I quit. And it wasn't like a spontaneous quit it was a timed situation where I had my plan ready. I was just waiting for the right moment. And when they promoted me, I took that as an opportunity to say, I appreciate the opportunity, but I think I'm going in a different direction. So that kicked off 2008 for me. Started with one employee essentially in 2008, and have grown it from then until now. We just added our 30th employee. 2008 was an absolute grind. So thinking of starting your own business, man, it's a challenge. And we've all been there, seen that cash flow was an absolute nightmare. Finding work and marketing was something that was new and you had to understand how to actually bring in business and then actually hiring and disciplining employees and coming up with business strategy. It was an absolute nightmare. But I loved it. I was super passionate about it. And mid June 2008, my son was born. And it was very interesting and a very interesting time because business was really tough at that point. But I got an opportunity to spend time with my son when he was born. And then things kicked off. So I went back at it with now a new purpose, new meaning really started driving my business. So the first year in 2008, we had revenue of about $200,000, me and one employee. I did every single financial statement and personal tax return that was in our office that year. I think we did about 400 personal tax returns.

Oh, boy.

Which was a lot. And so fired through that and got into 2009 and starting at a. Adding team members and, you know, if I'm able to bring any insight into growing a business, you know, finding the right team members along the way will make your life so much easier. And if you can think of the synergy of working in collaboration with great people, man, you can accomplish a lot more. So started building our team, started understanding how to market and create lead generation, and then converting those into sales and really becoming the expert in our space. So we moved from a few locations, we've outgrown a few of our spaces, to now being in a 28,000 square foot building. Not that we rent all of it, but we own it. So we've got the space now rented out to third parties, but it's in staggered leases. So that as we continue to grow, we can continue to take over future space. So we should have more than enough room to continue to expand into the future. But even as you know, we move from year one into year two, year three, one of the challenges we had at year one and everybody who's starting their Business has a non niche focus or there's a struggle to not be in a niche market because you want to just bring in as much revenue as you can to pay the bills. Right. And you continue to serve people that maybe aren't an ideal fit for you, but you need the money to continue to pay your bills and your employees. So as that continued to evolve, we got a lot tighter on our market. And as we continue to get more tight on our market, our expertise in our area and our knowledge continued to blossom. So now moving into. We're probably at the. Sorry guys, if this is expanding too.

Much, but this is fantastic.

I get excited about it and I know there's a lot of good learning opportunity in there for maybe somebody who's in the same spot.

Keep going, you're on a roll.

Every entrepreneur listening has had a similar journey experience. So they're listening to you, thinking like, yep, did that in there. Remember that? Yeah, still going, still going through that one. Or like, oh, you mean I have to look forward to that. Oh, there's something on the other side of it. Oh, okay.

You're on a roll, Bob. Keep going.

All right, so I think it was 20, 15, 16, we thought, okay, well, there's a lot of different ways that you can grow, but what about growth by acquisition? So we thought we'd give that a go. We tried that.

The arrangement was that it was a retiring person who was wanting to exit our industry. Didn't work so well. There was a cultural clash. So if there's any learning element of this, if you're going through an acquisition or you're looking at acquisitions, make sure that the key team members that are there and the key team members on your existing team have a synergistic culture and they have the same values. Because if you bring all those people together and there's no similar values, man, oh man, does it not work out. So this didn't work out very well for me. The one thing I will say that worked out really well was for the individual who is leaving the industry because we inspired him and got him excited so much about the work that we were doing that he still working and practicing, but not with us anymore. So he's been doing that. He's in his 70s now and just can't get out because we reinvigorated, reinspired him. So that didn't work out, but at least it didn't work out for the long term. But we needed that acquisition opportunity because we needed to find the capacity to deliver to our existing clients. So what we were able to do was bring in some extra volume at the time that came with extra employees and we were able to support a financial investment in bringing on a few other key people. So when this didn't work out, we had all the key people in place. We now had extra capacity and we were ready to roll rated around that time. That's when we got approached by Tony Robbins and they recruited us from through an actual friend and a business coach of mine from Australia. And they had reached out to them and said, you know, you're the best accounting CPA coach in the world. Who should we get from Canada? And he gave him my name, which was super. I'm super grateful for that opportunity. So I got to go hang out with Tony Robbins and his crew for his Business Mastery events, which meant traveling to Amsterdam, Las Vegas and Florida multiple times a year. Learned so much from Tony as one of the masters in entrepreneurship. Ended up that Canada wasn't necessarily a big enough market for his Business Mastery event and he focused exclusively on the US and then we carried on and started creating our own program, starting to see things a little bit differently. How we could value add, how we could create programs and now even online content and got all the way to the point where we are now. We're hoping to hit $4 million in revenue this year. We are one of Canada's fastest growing companies by the Globe and Mail and McLean's magazine and just continue to find and recruit the top talent so that we can continue to deliver for the best people.

Oh, what an amazing, amazing journey. And you are the sum parts of all of your experiences and all of the people who have impacted you along the way. And you turned an experience that wasn't positive and you turned it into something positive and it was a great learning stepping stone, I'm sure, for your organization. But congratulations to you and to your team. Sincerely on your success. It's remarkable. And the world needs more entrepreneurs like you who through thick and thin, you're just, you're going to persevere. And that is just a remarkable story. And I want to remind listeners and for those who maybe are tuning in midway through the episode, the book titled the Wealthy the Formula for Making Money and Gaining Financial Clarity in youn Business. This book is going to be available. We'll provide a link for you to get your copy and we might even be able to access a few signed copies from Bob Govreau and we probably should have asked him that first, but. Well, I'm just going to lead with implied consent. How does that sound?

Well, I feel like we can make a deal somewhere along the line.

Jason, I love it. And the virtual CFO program. This is something that established entrepreneurs, as you're listening to this episode, if you possess those optimum mindsets that Bob shared earlier, then reaching out, connecting with his organization is something that represents a significant opportunity in my view. Richard, anything else that you'd like to add for Bob?

Well, I just appreciate Bob, you sharing with us and again, talking even about some of the experiences that don't go so well because it's through those moments of. Of stress and not through failure, but through circumstance that just doesn't necessarily go the way we anticipate that often some of our best learning happens, and those are the types of moments. And maybe they're often not moments, because an acquisition probably took a pretty long period of time. It's probably a series of moments, but it leads you to an ability to explore new ways that you could have done it differently. And it's through asking those questions, what might I have done differently? That you can start to see, okay, how could I help someone else with that in the future? And I would venture to guess, some of those learning experiences, even just through that one acquisition you shared, show up throughout some of the components of the virtual CFO program that you teach people as well. So that stepping stone that actually opens up opportunities that we didn't otherwise see until we had to go through that experience. And if you're listening to this, those types of things happen for us in all areas of our financial life. So whether you're a business owner or perhaps you're even a T4 individual working employed, somewhere, there's a circumstance that's happened that there's some of your best lessons, financially and probably emotionally exist for you to consider. I would definitely encourage people to think that through. Now, we find that people leaving in your space, in the CPA space, they may not always think of themselves as a hero. However, every time that you're adding value to other people, even though you might not be wearing a cape, although you probably look pretty good one, you're adding value to other people in their lives. You're helping their businesses transform and explode and have this exponential growth potential to them, you're benefiting people in some way, making their life easier and better. A question we would have for you, Bob, is who would you like to be a hero to?

Well, I think we've kind of talked about who it is that we serve and the reason that I, I want to be a hero to that group is that those people, and you know, I talked about being passionate people who are passionate entrepreneurs, they're looking to make the maximum impact in who they work with, right? So those entrepreneurs are creating new devices, they're creating new initiatives, new services, new value add opportunities. And so for me, if I can be a hero to those people and they can multiply the impact and their reach to those that they serve, those are the people I want to be a hero to. Because really those people are the heroes to so many people. So if I can make them, I want to take a step back for one second. One of the misconceptions, I feel, and this will tie back, I promise, Richard, One of the misconceptions, I feel that whether you're a business owner or not a business owner, sometimes there's an argument that money isn't everything. And I agree, money isn't everything. But if you don't drive on profitability and drive on financial success as one of your greatest priorities in your business, you will not succeed. 94% of businesses fail because they run out of cash. We need to make sure that our finances are strong and that we're leading our business with finances in mind. Because the more profitable we are, the more we can reinvest, the more we can reinvest, the more we can deliver to those that we serve. And the more we can serve to those markets, the greater impact we have and we can change the world. So it all comes back to finances. Finances are so important. Profitability is so important. The more we can increase that, the more people we can impact. So again, the reason I want to be a hero and is I want to maximize that impact to those entrepreneurs and so they can deliver their magic to the world.

Well, on that note, Bob, thank you, thank you sincerely for joining us on this episode of Wealth Without Bay Street. To all of our listeners, if you're on the YouTubes, you're going to see a list of videos that are upcoming. We would encourage you to continue, continue your journey of learning. Now, you may find them on this side or this side. And for all of our listeners on any podcast platform, thank you sincerely. We appreciate that your time is valuable and we always want to create value for you. So Bob, thanks again for being with us. If you're agreeable, we'd love to have you back and we'll give the book some time to get launched in the marketplace. And we know that you're going to have an amazing, amazing event with some incredible world class speakers. And so we'd love to have you back, and we hope that you'll be open to another invitation.

I would love to come back. Gentlemen, this has been an absolute pleasure and kudos to you guys. You know, it's not easy to come up with different ways to provide value to an audience, and you guys are absolutely doing that. So I commend you. You guys are pros, and I appreciate the value you're adding offering to your community as well.

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