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Nov. 23, 2021

3 Things Wealthy Business Owners Do Differently


Success. Wealth. Achieving our goals. 

The most successful among us do certain things and act certain ways that helps them be successful. If you’re an investor, or aspiring cannabusiness owner, or an industry insider you’ll likely get value out of this week's discussion, but this episode is really geared to the CEO because we’re talking about the three things successful cannabis business owners do differently.

What to listen to next:
Episode 01 - The 10 Reasons Investors Say No to Your Cannabis Business
Episode 03  - The Secrets of Raising Capital for Your Marijuana, Hemp or CBD Business

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Transcript

3 Things Wealthy Business Owners Do Differently

Hi there and welcome again to this week’s episode of The Business of Kush podcast!

If you’re a new listener, a hearty welcome to what we think is quickly becoming one of the best business podcasts for cannabis entrepreneurs. And, if you’re a regular listener and subscriber, thanks for joining us again this week. Really happy you’re here. 

So, I’m Chip Schweiger, The Green Leaf CPA, and a 27-year veteran of public accounting and corporate finance, and also the founder and managing member of a CPA firm that helps marijuana, hemp and CBD businesses stay on the right side of tax, accounting, and compliance rules so you can focus on growth.

And, because we’re a firm that solely caters to the complex compliance needs of the cannabis community, we understand the unique challenges you’re facing.

And hey, just a quick favor to ask before we get started this week: If you can leave a review on Apple podcasts or hit the bell icon on Spotify that would be a big help to get this podcast to more cannabis business owners.

I’ve included a link in the show notes that explains how to do this. And, thank you in advance for being awesome and helping out. [SEE BELOW]

OK, so this week I want to talk specifically to the cannabis CEOs.  If you’re an investor, or aspiring cannabusiness owner, or an industry insider that’s OK, you’ll get value out of this episode so keep listening.

But, if you’re a CEO, I want you to lean in a little bit closer to hear me, or turn up the volume in your car just a bit more, because this week we’re talking about the three things successful cannabis business owners do differently.

You know, much is made of analyzing the personality traits of successful entrepreneurs.

Some appear outgoing. Others are introverts. Some lean right, others left. Some are flashy. Others are monk-like with their money.

Their diversity can lead one to the conclusion that there are no common personality traits among successful founders.

But, rather than trying to understand who they are, let’s look at what they do.

At my firm and in my career, I’ve had the opportunity to help many businesses improve their value, with some going on to exit their business for seven, eight, or even nine figures.

As such, we have a unique vantage point from which to observe the owners who achieve the most financial success.

And, this point of view has allowed us to observe three things the most successful owners do differently:

1.  They read business books.

My most successful clients are voracious consumers of business content. When a new business book hits the bestseller list, most have either read it or summarized its central point.

They read about the cannabis industry. They read about mainstream industries. 

They understand what’s going on socially and they’re always keeping up with politics. And, let’s be honest, there’s a lot of hopeful talk in our industry about what’s happening in Washington with federal reform and in states as more of them come on line, so there’s a lot to keep up with.

And, it’s not just the printed word. Many get information through audiobooks, webinars, or podcasts (congratulations for listening to this podcast, by the way), and others get information via YouTube.

And, really the actual medium is less important to these successful founders. What’s consistent is their continuous learning pattern and the desire to leverage other people’s smart ideas and put them to work in their own cannabis company.

2.  They join masterminds.

In the absence of having a board of directors or a boss, successful founders often use a peer board to hold themselves accountable and to gain an outside perspective when they’re stuck.

Initially popularized by Napoleon Hill in his class book, Think & Grow Rich, a mastermind gathers a small group of peers to act as one another’s board.

Often led by a chair, these groups become lifelines for owners as they navigate big decisions in their businesses and personal lives.

Now you may have a number of investors in your cannabis business and then may function as a sort of sounding board, but if you’re like a lot of cannabis business owners, those relationships are important for you to look good and leave investors with the impression that you’re as on top of the business and are protecting their investments as much as you really are, so you’re likely to be guarded with what you say and how you say it.

And, even if that’s not your concern, mastermind groups can provide incredible value to you because they’re safe environments to explore the challenges of starting and running your business. 

Things that you can’t bounce off employees, or a spouse, or an investor, you can share in a mastermind group and get real solutions to real challenges you’re facing. And, I think their greatest value is it’s a safe place to talk about issues and to get unstuck.

3.  They ask questions.

The character trait that makes successful entrepreneurs inclined to read business books and join peer groups is their natural curiosity.

They have an unquenchable thirst for knowledge. No matter how successful, they never get full.

Case in point, Berner built a half-a-billion dollar cannabis empire in Cookies, because the guy never stops.  He’s always asking questions and always trying to learn more.

Working on 3-4 hours of sleep a night, Berner is constantly going and gathering information, knowledge, and data.

We don’t work with him – hey, Berner, if you’re listening give me a call bud – but I’ve been charting his trajectory for a while now and I’m telling you, he’s figured it out.

And, on a side note, looking forward to his full recovery from the medical issues that he’s publicly going through right now. Get well soon boss.

But, back to you. Yes, you should regularly be asking questions about your finances from your bookkeeper or accountant, but also you can ask questions of customer managers, or of growers under the canopy, or even of customers. 

Because every interaction with everyone you meet – both inside your company and out in real life – every one of these interactions gives you information and data.

Hey, even talking to competitors can make for a ton of good information.  If they are expanding into a new product or perhaps an product line didn’t work out, all of that is good information.

And, having good relationships with competitors also makes sense because you never know when they might be interested in buying your company, or you interested in buying theirs.  Make sense?

So, you may be sitting there listening and be a little surprised that we didn’t talk about the stereotypical attributes of successful entrepreneurs. Yes, many founders are also action oriented, competitive, tenacious, etc., but all those common personality traits are who they are.

Our interest is what they do.

Actions are the measure of a person. Take a look at what a founder does to stay sharp, and you’ll see a consistent pattern among the most successful entrepreneurs you know.

And, do these things and you can be right their with ‘em regardless of how you measure success.

Well, before we finish for this week, one last thing, and you know what it is, that’s a segment we call “news of the day”

[READ NEWS]

And, there ya have it for this week’s episode.

Hey, just a reminder that if you have specific questions, please drop us a note at TheGreenLeafCPA.com/Listen. 

There’s a form there for you to submit questions, or you can do it on social media with the hashtag bizofkush and I and my guests will give you our thoughts, live in future episodes.

And also, just one more reminder, if you’re enjoying these episodes and getting value, please leave us a review on Apple podcasts or hit the bell icon on Spotify.

And with that, we’re done for this week.  Hope you have a very happy Thanksgiving and that you’ll join us again next week. We’ll see ya.

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