Guiding Light CFO

"The only mistake you can make that's unforgivable is if you make a mistake and hide it," Sandy told the group. 'Tearing Down The Walls' pg. 189, Monica Langley

"... The only thing I knew with any certainty was there was only one thing in the world that could bring me out of myself for the moment: the simple, blunt, monotony of putting one foot in front of another, empty and unthinking, for hours on end " - Walking the Nile by Levison Wood

This is a FANTASTIC article bc it highlights the importance of having sound bookkeeping and a reliable financial management system in place for business operations.

Some businesses like the one in this article, a restaurant, really need to have in place sound internal controls to keep track of cash coming in and cash going out.

Everything is all good when the money is flowing and no one's asking questions especially the government... Don't ever think you're getting away with anything ESPECIALLY TAX EVASION...

Key takeaway: be smart and do the adult thing if you're making good money in your business --either hire a damn good business advisor and bookkeeper, pay your taxes and don't take the easy route... go slow, steady and safe 👍

https://www.kentucky.com/news/local/article311718331.html

This is a tough situation for the business. In lieu of their former CFO's misrepresentation of financials, the lender called the loan. Super tough... Per the article, it seems that the original owners will still be involved in operations even with the blessing of the litigating lender (Farm Credit). Based on how the article reads and another article I read last week, this situation could have been kept out of the courts and mediated between the lender and the business. Key Lesson: Business is business... Keep emotions out of it if at all possible.

https://www.kentucky.com/news/business/article311706509.html?fbclid=IwQ0xDSwMMCMJleHRuA2FlbQIxMAABHslZuMgwqr0A1XjUVCEGhuDm4LPUDxI9raO7FTLOhQKFubGaOps-OK4_jTJj_aem_XK228mvMDpcq0H-__Di04A

Judge orders receivership for troubled Uncle Nearest whiskey distillery It was unclear what the owner’s role will be in marketing Nearest Green.

Keep going in spite of the challenges and difficulties you may face as a small business owner. Stop looking for perfection or having a riskless operation... it doesn't exist. Be a problem solver and face the challenge head on.

3 Business Lessons Learned From Reading This Year in Jerusalem 3 Business Lessons Learned from reading This Year in Jerusalem

'What kind of society isn't structured on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm; capitalism is that kind of system.' - Milton Friedman

'qiangda chutou niao' - 'shoot the bird that flies in front of the flock'... 'Mao wanted no outside force, no independent institution, to survive... The purpose of culture was not to enlighten or entertain, they (Chinese Communist) insisted, but to spread political propaganda.' - China Wakes by Nicholas Kristof and Sheryl WuDunn

"Liberty is generally born in stormy weather, growing with difficulty among civil discords, and only when it is already old does one see the blessings it has brought." - Tocqueville

Belief Sells. Period.

When Phil Knight first pitched Nike in Japan, he had no company, no product, no proof. Just belief.

And somehow? That was enough to get a yes.

Recent Book Review: https://www.guidinglightcfo.com/post/book-review-shoe-dogs-by-phil-knight

Shoe Dog reminded me of something big: Your belief in what you’re doing will always be more powerful than any perfect pitch deck or fancy logo.

Whatever you’re building, the question isn’t just “Is it ready?” It’s “Do you believe in it enough to stand in front of it—even when it’s not?”

That kind of belief? Unstoppable.

Book Review: 'Shoe Dogs' by Phil Knight Here's a book review on one of my recent reads: 'Shoe Dogs' by Phil Knight

"...In any merger, the acquiring party often finds that the target company has a few problems that are worse than expected..." - 'Private Empire: ExxonMobil and American Power' by Steve Coll

"I think sometimes the fear of the unknown may be more terrifying than the fear of the known." - George Spater, former president of American Airlines in 1971 as he contemplates supporting Nixon's 1972 reelection campaign ('Hard Landing' - Thomas Petzinger, Jr.)