Adam Lean, a former accountant turned entrepreneur, explains why cash flow matters more than revenue. He outlines three ways to get cash—debt, equity, or profit—and argues profit is best. Delegate to experts, focus on your strengths, and remember that keeping money beats earning it.
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Welcome to the Business Blast Podcast. I'm your host, Tyler Wagner. This episode is brought to you by Authors Unite. Authors Unite provides you with all the resources you need to become a successful author. You can learn more about Authors Unite and join the free community at authorsunite.com. Now let's jump into the episode.
All right everyone, welcome back to another episode of the Business Blast podcast. I'm your host Tyler Wagner. Today I have Adam Lean with us. He is a financial coach for small businesses. So welcome to the show, Adam.
Yeah, thank you, I appreciate it.
Of course, appreciate you coming on. Um, we'll dive in. The first question I have for you, Adam, is what is the best story from your life that has an underlying valuable message?
All right, so after graduating from college, I became an accountant. I realized that was not my calling. It wasn't for me. So about 11 years ago, I started a business, and that business actually really took off as an internet retail store. But however, after a couple of years, something was off. I mean, sales were growing, but my cash in the bank was dwindling, debt was growing. Yeah, the problem was I was an accountant and I still couldn't put my finger on it. I know, I think the lesson that I took away from that is, as a business owner, you're forced to wear all the hats: sales, marketing, operations, financial. But we simply are not great at all of these things, at all of these functions. You have to have a team of people around you who are experts in a certain field, and you only should do what you are good at.
And what is the most valuable piece of information we should know that's within your expertise or industry?
So I would say that cash is king, and this sounds obvious. Cash is very important, but you can get cash— a business owner can get cash in 3 ways. You could take on debt, you could give away a piece of your business, or you can generate it yourself through profit. And I prefer the last one, uh, to generate cash through profit, um, so I don't have to go in debt and so I don't have to give away a piece of my company. So The most valuable piece of information is in every decision you make in business should be geared around this one question: will doing this, or will spending this, or will hiring this person help my business produce more cash? And if the answer is no, then you shouldn't do it.
And what is your best piece of overall business advice? So not necessarily industry-specific.
Uh, honestly, the best piece of of business advice is that your business should be thought of as a machine that produces cash, and you want your machine to be as well-oiled and finely tuned as possible. If your, if your machine is not producing enough cash or you are going into debt to keep the machine alive or running, then something is wrong, and it's usually financial related. You've got to take steps now to fix the problem so you can have a well-oiled machine that is doing what it's supposed to do, which is produce more cash for you, the business owner.
And if you could give your younger self one piece of advice, what would that be?
I mean, to not be good at everything. Try to be good at everything. You can't. You have to be only good at what you specifically can be good at.
And kind of go on a different path, but in your opinion, what is the key to happiness?
This is really difficult. I would say that the key to happiness is just striving to be in a state of contentment. So in other words, don't rely on material things like money or other people or your circumstance to feel happy. If you're content, you'll feel joy at all times. And I'm not 100% there. I don't think anybody is. But it's something that I think to be happy, you have to continue to strive for.
And what is the best book that you've read and what was the number one thing you learned from that?
Best book I've read is by Robert Kiyosaki, Rich Dad Poor Dad. Uh, the number one thing I took away from that book is that it's not how much you make, but it's how much you keep that matters. And, and that was the problem going back to my first business, is that I was making a lot of money in terms of sales, uh, but keeping was another story. Keeping is the profits, the cash flow. That's what keeps you in business.
And what is your favorite quote and why?
It's actually also by the same guy, Robert Kiyosaki. He said, the only difference between a rich person and a poor person is how they use their time.
Thank you so much for coming on, man. The last question I have for you before we let you go is, where's the best place for people to find you online?
I mean, honestly, the best place is my website, is the CDFO project.com.
Perfect, man. Thanks again for coming on.
Yeah, thank you for having me.
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