You're in for a real treat today because we've got the remarkable Lauren Furtado as our guest. What makes our community special is how we embrace the diverse layers of motherhood and life. It's like unwrapping a surprise gift every time you tune in.

Lauren is a master at balancing her many roles – she's Lauren, employee, mom, business owner, widow, and friend. In this episode, we explore how she gracefully juggles these hats while prioritizing self-care, even in challenging times. Lauren's journey took a turn when she became a widowed single mom of two after a successful career in public accounting. But she didn't just survive; she thrived, launching her fractional CFO services firm.

In our conversation, we uncover Lauren's secrets to resilience, boundary setting, and personal cash flow management. She also shares pearls of wisdom on navigating a job while building a business and the profound experience of balancing grief and joy in life. Don't miss this inspiring episode – grab your coffee, find a cozy spot, and hit that play button!

What you'll hear in this episode:

[5:00] The importance of having a network of connections.

[9:30] Lauren's journey from public accountant to entrepreneur.

[14:45] The game changer of working from home.

[23:25] Transitioning to a solo parent.

[27:50] Ways to deal with grief and joy.

[33:15] How to set boundaries.

[35:50] The importance of monitoring cash flow.

[45:45] The four metrics Lauren focuses on when helping others in business finance.

CONNECT WITH LAUREN

Follow Lauren: @lauren_furtado_cfo

To learn more about Lauren's services, check out her website: http://unconventional-cfo.com/

CONNECT WITH KELSEY

Follow Kelsey: @thisiskelseysmith

Follow Momma Has Goals: @mommahasgoals

Download the app for Apple or Android

Learn more at https://thisiskelseysmith.com/

Join our text list. Text "Goals" to (707) 347-0319

Speaker 1 0:00

Kelsey Smith 1:20

Let's reimagine mom life together. Mama house schools is your hub for relatable support and helpful resources that help you fuel yourself alongside motherhood. Your identity is bigger than moms, and whatever your goals are, together, we're making them a reality. My favorite thing about the mama high schools community is that we get to showcase all the different layers of life and motherhood, all the different labels and titles that we wear. And we have this common theme of motherhood that goes through it. And our guest today is a perfect example of that we talk about Lauren's ability to handle all these different layers of her life. Whether it's lauren herself, employee, Lauren, mom, Lauren, business owner, Lauren, widow, Lauren, friend, Lauren, all these different versions that she carries and how she does it and how she shows up for herself. And Lauren is a fractional CFO who was labeled as not your typical CPA, she spent 18 years in public accounting, serving multi billion dollar fortune 100 companies. But in the aftermath of the loss of her husband, she rebuilt her life as a widowed single mother of two by starting her own fractional CFO services firm. So in this episode, today, we talk about how has she navigated that? What are some ways that she shows up for herself regularly? How does she set boundaries? What does cash flow look like? On a personal level? How can you monitor your cash flow better? How does it look like as a professional and in your business? How does working a job alongside starting your business work? And how does she manage being a mom and especially navigating the coexistence of grief and joy in life, this is such a good conversation, I cannot wait for you to listen and learn. I'm so excited to have you here. We were just chatting so much before we clicked record. And one of my favorite things that we kicked off with is how small the world is and how people are connected. And so it just reminds me to remind everyone else that the world really isn't that big. Like there are so many connections and so many fun ways to connect with people that you may not realize you just are gonna vibe perfectly with and super excited to have you here.

Speaker 1 3:30

I appreciate it so much. And so funny is I entered the world of entrepreneurship and started to understand who the players were, I was like Kelsey, and I need to talk. Yeah, and what's

Kelsey Smith 3:39

funny, your kids are seven and four and your daughter's four. And I was just talking to someone this morning about their daughter that's going into middle school this year. And her friends aren't going into middle school yet. Most of her friends were a year younger than her and she's really nervous about going to middle school. She just feels like she's not going to have any friends. And when you say that, I wish we could teach little kids that like I wish we could teach them that the world is small but bigger than just their school. And it's okay, if you don't have friends there. It's okay. Because there's all these other people out there that you can connect with. But it is such a hard thing to do when you're like in it and you're a sixth grader trying to find your people. What are some ways that entrepreneurship or business just to kick us off has helped you teach your kids to build really good relationships?

Speaker 1 4:27

Yeah, so I think it is teaching them not to be fearful in terms of doing the reach out. And my kids are always craving playing with other kids. And I say go over and introduce yourself. Don't be afraid. And it's okay to get a no right. There are other kids to play with. So I think of that example and it happens very often at the playground as well. But also my kids are in a lot of activities and it happens there. You're surrounded by different people. And I think it's just being friendly enough and confident enough to introduce yourself and Shoot your shot, right?

Kelsey Smith 5:01

Yeah, shoot your shot. That's so true. Like whether it's friendship, or like that mom friend at the park that you may end up being best friends with. If you say hi and look up from your phone, or in business and business connections and relationships, AI and the connection we were talking about before, we'll give a shout out to Janice, who was just on the podcast as well. If you hadn't nurtured that friendship way outside of business, it wouldn't have connected you into your business world too. And I think that's such an interesting concept is, we may have people in our life and friends that have nothing to do with the goals that we have right now. They're just friends, but then down the road, they end up being a connection for something that you would have never realized they were going to connect you with. How else is that showing up for you? Whether it was in your past career or entrepreneurship? Have you been surprised by connections that you never really thought you'd be pulling out of your pocket? And then they end up being a connection down the road?

Speaker 1 5:55

Kelsey Smith 7:53

Yeah. And going back to I love that you brought up just telling people that you appreciate them. I was at an event this last weekend, and one of the speakers was talking about a story where she had someone past her at a gas station, and she was just like, you look great today. And I think that we as people so often don't speak, the gratitude, or what we complement whatever it is that we see in people. And it's so important to do that. So you just reminded me to we should say that stuff out loud. Hey, you're inspiring me, by the way. Thank you. And I love that you're showing up and doing this. So let's go back. You were in accounting, you have served multibillion dollar fortune 100 companies, but now you've transitioned to entrepreneurship, but what got you into accounting to start? Why did you choose that field?

Speaker 1 8:43

Yeah. So I started college, actually, in no way mentioned teaching, I thought I was going to be a high school Spanish teacher, honestly, I love Spanish in high school. And that was the thing like what subjects did you like, that's gonna drive your major. Right. So I had ended up changing that fairly quickly, I think second semester, and someone asked what other subjects to do like in high school. So math was the answer. I love figuring out the answers to the problems. They said, Well, why don't you try an accounting class? And I said, Alright, I tried the entry level accounting, and it clicked. I think, unfortunately, people think that accounting concepts can be complex. And I do think it is hard for people to understand debits and credits and how does this stuff all work? Right? I think when you do understand that you got to grip onto it and go with it. And that was me. It was like, Okay, I understand this. This feels pretty basic. And I really loved my instructor. So I was like, let's give it a shot. So I was taking extra classes to make sure I could still graduate on time because I was not a business major. I was pretty far behind from a year of being another major. So I did that. Then I spent another year in graduate school because in order to get licensed as a CPA in certain states, you have to have 150 credit hours in college so to spend an extra year or to get that done. And then yeah, coming out of college, I already have my job lined up in terms of an offer made interviews had happened in the spring before. And I was ready to go. So coming out of school, there was no uncertainty as to what my path was going to be. I had signed the agreement, and I had my start date set.

Yeah. And were you still in public accounting when you became a mom? Yes. What did that balance look like? Was that like a good job to have as a mom? Or was it hectic? Okay. Yes,

it was very hard. It is very hard. And candidly, it worked for a company that has 1000s of employees, and only a certain amount of people are going to make partner certain amount of people are going to make managing director. And it is hard to compete. As a mom, when I was responsible for daycare drop off and pickup with men, candidly, that had stay at home wives, and could be at the office early and stay late. It's when you compare me versus their performance and what they can accomplish in those hours, I was just a bit behind. Now, I will say, I did explore other opportunities within the big organization as a mom, knowing that I said, okay, if I'm not pushing for the partner track, what other opportunities are there within this organization. And as a mom that can help me juggle both, because I had my son back in 2016. And then I had my daughter in 2019. And here I am with two little ones looking to me right for caretaking. And I'm also trying to juggle this career, which I've committed so much time to over the last 15 years. What does that look like? I will say the firm does have a lot of good tools to make that happen. And I took a reduced schedule back in 2021. And I was working until three o'clock every day. So I could pick my son up from school. So it was nice in terms of having the opportunity to shift the hours to what I really needed. What I will say I was still craving something else from what I was working on.

Yeah. And when you were looking for those other opportunities in that organization, did they come to you with some suggestions? Or did you have to advocate for yourself and say, Hey, I need something different. I'm looking for opportunity here. And was that scary? Were you like, if I raise my hand, and I asked for something different? Are they just going to let me go? Or did you feel like pretty confident you're going to be supported?

Yeah, I think there is definitely a level of intimidation and a level of feeling responsible. I know, like everyone can relate to mom guilt, it was a bit of that element in my job as well of like, Guys, it's not that I don't want to be on this team or serve this client. But I really just need something different for myself, right. So feeling a bit of obligation in terms of Yes, I have the experience, I can coach the people and execute this pretty well. But I really want to do something different. So I really did have to advocate for myself. And I'll say the partners that I worked for for years, were always open to having that conversation with me and happy to talk about what are the opportunities that are out there, Lauren, what are you interested in? What do you want to work on from your skill set? And like, how do we find that?

So for the mom that's listening, that maybe she's in a role, and she doesn't feel like her manager or her boss or her organization is as helping or accepting? What would you recommend? Is it finding another organization that maybe you could do that and making that kind of parallel transfer first and then trying to go different? Or what would you recommend? If they're not ready to jump into entrepreneurship? We'll get there in a second. But if they're still looking for career, and they're in that kind of traditional corporate environment, what does the mom do when she needs to make a switch? Yeah, I'd say

a couple things. One, feel empowered to advocate for yourself and think about, does this company truly have loyalty to me, I know that mom guilt mentality with our jobs can exist. But like, at the end of the day, let's say something happened to operations where they lost a bunch of money and they needed to layoff people. Are they loyal to you? So I think it's just an evaluation of really, this company, maybe not necessarily the direct people you're working with, have loyalty to me and evaluate, maybe not so feeling less than guilt about leaving, if you do want to explore other options, I think is a big one, and being open to having conversations but too, I think we also live in an age now where remote work is so much more well accepted. And it's offered at a number of different companies. That for me was a game changer as well. So four years ago, I took a work from home role. So when I wanted to switch within the organization, I said I would like to work from home Home, I know that this group is doing that. And that's full time our whole group is remote. I have a team over in India, that's I don't know, let's say 70% of my team 30% In the US, and it's all over none of us have ever met in person, and we work really well together. But that is a huge thing. Because for me, between meetings for five minutes to go and throw the laundry in or have the groceries delivered while I'm and then meeting is huge, because then I'm not overwhelmed after my work hours, to be able to execute everything I have to do at home. So I think just looking for alternative opportunities versus like having to go to the office five days a week, I think it's just an antiquated idea. And there are a lot of opportunities out there.

Yeah, I agree that working at home can be such a game changer. But I have noticed this one thing with me, where when you're a mom, and you're working at home, and your mommy at home, and you're like never leaving that area, that's now your job and every title that you carry, how do you allow yourself to not feel overwhelmed, like in your house with all of that? How do you get yourself to like, get out or find peace in your house?

Yes, I agree. So I will say one is the space that I have for work specifically is really just for work. It is not the kids are playing up here. It is a dedicated space. So it feels like I am not home. For most of it while I'm sitting at my desk. So that's one I think big help to separate within the space. But I think it's you have to make a point to get out of the house, right? Take off the leggings and brush your hair and get out. And I think it's just for me, it's in the context more from a social perspective. And the kids as your kids get older, right? And they're in activities, right? I'm gonna pick them up from school every day, we're taking a walk to the park, playdates sports, all of that stuff forces me out for sure. So I would just say keep the balance. And then honestly, you could work outside of the house, if you really wanted to, even if I went to Starbucks for the afternoon for a couple of hours, just because I need a change of scenery. I would absolutely do that. Yeah,

I think that's totally the same. Sometimes I'll even just take my computer or my phone outside and go through emails, like sitting on my patio. But I have to make a conscious effort. Like I have to be like, Okay, wait, you need to relocate for a little bit. And I think it's really important. Okay, so you went from public accounting, you found a different shift in that same organization, but you ended up starting your own firm. So walk us through that transition?

Yeah. So for me from a work perspective, I really, I know, sounds terrible. But I would tell people, I'm like, I feel like my job is sucking the soul out of me. Like the things I am spending time on, just don't feel satisfying. Sure, the flexibility is great. The pay is great, the trajectory to get promoted and the flexibility, all of the things that I something else was missing. And I will say a huge trigger for me was the loss of my husband. So in June of 2021, my husband died. And for me, right after I needed consistency, when something traumatic and life changing happens, you are grasping at things that can stay the same. And for me, work was one of those words like I can't change this up, because everything else in my life is flipped upside down. So for right now, right after that, I was like, okay, just go, don't get fired, like, do what you got to do. Make sure you're still collecting your paycheck, because at this point, you're now the sole provider, for your children and yourself, and to run your home. But I will say after the calm of kind of the initial trauma, and really evaluating what's important and how I want to spend my time, I couldn't help but look at work. It is such a big chunk of your life. It is where a lot of hours are being spent. And for me, I really wanted to create impact for people. And it's how do I use these skills that I've learned for the last almost 20 years, and help people who have built their own thing. And that's why I had reached out to Mike and said, I really want to serve entrepreneurs, they have put their heart and soul into building businesses. And I really can help them with the finance part of that. So how do I do that? Yeah.

And so you have this strategic background, this accounting background, this money background, and so you reached out to a connection to get support in launching that but what was some of the messy middle of being like, okay, now I have to actually be a business owner, I own my firm. What are some of the things that made it really challenging and some of the surprises that you were like, Yes, this is what I was meant to always do.

Yeah. So I think it's just the multitasking that's tough at the beginning, right and building your business while still working full time being a mom and a solo mom at that right? Is really tough in terms of trying to juggle it all. And I think it was just appreciating that this is temporary, like this building part is going to be done at some point in time where we can let go of the old job and I think being able to identify where the priorities are and not get too burnt out. was was tough. A lot of late nights if I put the kids to bed at 830. And then I'm on the computer till 1231 o'clock at night just working on my business, right outside of my work hours. So it was really a lot of kind of late nights trying to get infrastructure or trying to make sure I can serve clients. Good way because I didn't want to have the asset. Right. I wanted to make sure that I did it well, and that I was organized and ready to take the leap.

Yeah. And are you fully self employed now? Are you still in the transition? Still on transition? Yeah. But I think it's really great, right? Because that could happen. I remember when I started my business, I was like, so what if it takes 10 years, right? So what if it takes 10 years for you to step into that, and maybe that's not even the goal, right? I think it is your goal. But sometimes maybe it's not the goal, maybe the goal is to just have this outlet, and this extra income coming from a different place. But there's nothing wrong with the transition. And I think sometimes you see these people on social media, and they make it seem like you have to jump from your job so quickly. And there's really this beautiful overlay in doing both what are some ways that you've seen yourself perform better in your job now becoming an entrepreneur and vice versa, ways that your jobs support your entrepreneurship role? Because sometimes I know, when I was still in my job, I was like, Oh, I get to learn this over here and apply it here. And it was really this great mesh.

Yeah, and I'll say I definitely appreciate the path between the two, right? The juggling of both, in terms of two things, it's it forces me to be patient, right? Because it's not this overnight, hey, you're gonna be a success, you can quit your job and everything's great. You're doing what you were meant to be doing. So I think it's just level setting on patients, right? Even how we are with our children is just pausing and saying, Okay, you want the result, the process is going to take time. But I also think that in terms of skill sets, it's, I think, going back to the point of the interactions I'm having with the people in it, you see it on such a big scale, and such a big company are like wait a second, this translates over here as well. Talking about hiring employees, I've interviewed hundreds of people, or I've given bad feedback to folks. So even just as I absorb more information, listening to podcasts, listening to struggles of entrepreneurs, I'm like, I can really learn a lot about even employee framework, right? Like we haven't very well set and defined and how we measure performance and things like that. So I would say people stuff is one big one, continuing to see just different companies, and they have different financial issues. So it's always learning different industries and things like that, that I have exposure to, that really easily translates into entrepreneurship in the space that I am.

Yeah. And you know, if I'm bringing in a fractional CFO, and even if I'm building a small company, now, if my goals are being a larger company, it really excites me to be working with someone that's also worked behind the scenes of a very organized a big fortune 100 company that supports fortune 100 companies, that makes me so excited because you're learning on someone else's dime, indirectly, while building your own thing. And you get to apply that to my business. And you get to be like, okay, yeah, I have my expertise. And I get the entrepreneurship because I'm not too, but I also have all this experience and background, and now I get to put it into your business. And that makes me like, as the business owner, so excited, because I'm like, great. What can you taught me, you know, there's certain things you can't share. But what can you tell me that you've learned? And what can you apply? So I think that is so cool. Now on the personal standpoint, transferring into entrepreneurship, what is shifted in your schedule? And I know that all this also happened as you became a solo parent and losing your husband? What are some of the transitions that you've made and how you show up each day, whether it's for yourself, for your family, and just how you navigate life?

Yeah, I think it's prioritization, it has been the biggest thing, right? When your world is rocked every aspect of it, in terms of you have a primary loss of your spouse, but the secondary losses that come with deep grief and losing someone so close to you, is every plan that you had for your life. It is even just dual income of funding, how we live and how we pay our bills. It is every decision is every thing that changes. You can't help but evaluate how you want to spend your life. I lost him unexpectedly. So it's one of those things where he was here one day and gone the next and just level setting on the fact that can happen at any time. How do I want to spend my time who is it with and what do I want to be doing? And the answer undoubtedly was the kids. Right? I need to spend more time with them. One because they are grieving. They are experiencing half of their world being gone. In an instant, and then to just, I want to spend time with them, right? Like, they're only little ones, and I want to be with them, I want to spend my time laughing on the swing sets and taking walks and going to the beach, not in front of my computer working on the job that I feel like I'm putting up with just in order to pay the bills.

What does that tactically look like? Because I think so many moms can resonate with that, right. And the fact of the matter is, whether you're a sole parent or not, when you have to work and you have to provide or you have commitments, you can't maybe spend as much time with your kids as you want to. And on the flip side of that, maybe it's not even that you have to go to work. But for your mental state or your mental well being, you have to take time away from your kids to how do you actually build your days to be like, Okay, I'm checking the box of Mom, I'm spending time with the kids. Because yeah, those moments are precious. But also I have these commitments, I have hours, I have to be away. How do you balance that?

Yeah, so it's a few things. First, I would say, Queen of the calendar, everything personal goes in the calendar first. It is everything from therapy for me on Friday mornings, to church on Sunday to anything in between. I have time carved out for myself for specific things. I know everyone raves about their morning routine, but that's big for me is starting the day I wake up, I pray, I work out. It just gives me an opportunity to start the day in quiet before the chaos starts. Because I know what's going to be between work and kids and drop off and all this. So I think it's just making sure to calendar everything. And it's non negotiable. So it is hey, can you move this block of time on your calendar? pretty often? The answer is no. So I would say that's the second point is I have no reservations about saying no. Doesn't mean it's No, never. But it's no can we make this time work, right? I can't move these things. They are non negotiables. So it's just feeling empowered to say no, I think a lot of people struggle with. And I think it's just letting go of owing anybody anything. And just understand me like these are important because as a mom, as an employee, I have to show up for myself first before I can do anybody any good. Because as much as I want to be there with the kids, if I feel like I'm having a grief day and I need time to myself, I am not going to be pleasant to be around. Or if I didn't wake up and ride my peloton for even just a half an hour before the kids wake up. I feel it in the afternoon. I'm like crying, I'm irritable, like I can tell the impact of not allowing myself the time that I need. Because even with the grease, that's a big change. And that's something I have to be very self aware of in order to make sure that I'm addressing it for myself.

Yeah. And I want to unpack that more. Because everyone that has gone through grief, I especially to that extent, it's something you're going to deal with daily, what are some ways that you keep this kind of teeter totter of grief and joy in your life and find place for both to be able to hold both? Acknowledge both and fully feel the emotions of both while moving forward?

Yeah, I think it's just giving myself grace. And I would suggest that to anybody else, just because you wake up, and maybe you don't want to get into bed. And yes, it's been two years, but you can still have days like that, that it's letting go of expectations of yourself and how grief shows up, not only for yourself, but for your children as well. Because continually it has changed over the last two years for both of my kids and myself. And it comes in unexpected ways. So it is letting go of expectations that hey, let people measure that one year mark, like it doesn't magically go away. We didn't just get through all the firsts of birthdays and holidays. And now we're fine. It is going to come up throughout our lives. And to be honest, I want it to because grief really is an expression of how much you love that person you lost. And I want my kids to continually understand who their father was, and things that remind me of him before out. And that may trigger some grief for them. But I really want to make sure the conversation is open for the kids and for myself to be able to talk about things that happened right with their dad before he died. So I think it is at first the joy creeps in. And it creates some guilt. Candidly, it is oh my god, we're laughing for the first time or we're enjoying a vacation and it feels overwhelming to experience like such a wide range of emotions and the joyful moments. Sometimes it feels unfair, but can be overshadowed a little by the grief because you're like, oh my god, we're having such a great time. But he's not here for it. And I actually this past winter I surprise my kids with a trip to Disney right after Christmas. And we were having such an amazing day. A My son loves Star Wars. So we are at Hollywood Studios doing all the things. And at the end of the day, he looked at me and he said, Mom, Dad would have loved it. And he had such a breakdown. Right? So it was just like such an example of you couldn't have the most amazing days a kid even at six years old, and then it hits you hard that your dad's not there. Right. So we think it's just understanding it's going to come. It's okay to laugh. It's okay to continue on with life. We have to put one foot in front of the other in these kids have forced me to do that day after day.

Yeah. Gosh, and when you're in a moment like that, what are the support the resources, the tools that you've acquired to be able to hold him in that moment to be able to hold your son and in respond in a way that that you're able to?

Yeah, I think I tried to from the beginning to let them see my vulnerability. There were bad days, there were days I was really Griffey, there are still days where I could be crying in the car, because song came on, that reminds me of him. But I let them see that it's okay to be sad, because we lost something really big guys. And it's okay to ask for help. If we are having sad days. So I think letting them see that without letting them be responsible for my grief, I think there is a fine line. Because there's too much of this sobbing not getting out of bed, that happens, the kids are going to be afraid to let you get upset because they see the impact it has. So I think you have to be careful on how much of your grief you do expose your kids to. And for me, thankfully, I have other outlets. To do that I go to therapy, we have a family grief group we go to and I have a big network of young widows, I hate to say that the community is as big as it is. But it really is. And to have others to talk to, I don't have to bring my grief to the table for the kids all the time. But I let them see the vulnerability. So I think it sets the example for them. It's okay to cry. And like, literally, I just scooped him up, I hug him, I let him cry it out. And I said, What made you think of that? Tell me, what would you do with daddy? If you were here? What do you think his favorite parts are? So I encourage conversation about him about what he would want to be doing with him. People are very uncomfortable with grief. And with kids as well. Right? The first thing you want to do is change the subject. And that's not fair to them. I think it diminishes the grief. And it doesn't give them a safe space to really talk about it. So I try to encourage as much conversation as we can. In terms of what made you sad. And what do you think it would be like if you were here, just so they have an outlet to be able to express those feelings in a safe way? Yeah.

What are some things that you wish other parents could communicate to their kids to help support your kids and knowing every family looks different? Right? So as my kids go to school, other conversations that you wish that parents had with their kids to say, hey, you know, not everybody's Daddy is here, not everybody's Daddy's home? Are there some ways that you've talked to that to your kids or wish other people did?

Yeah, I think just encouraging him and them that it's okay to ask questions. I will say it's more the parents when they observe other kids asking mine about it, because my kids are very matter of fact of yeah, my dad's dead. Like, they are just at an age where it's black and white. This is what it is. And parents almost cringe when their kid asks, When did he die? What did he look like? If they ask additional questions and encourage a conversation, which I love happening? Parents, like get uncomfortable thinking, Oh my God, you're gonna make this kid upset? Or That's so awkward, right? Let them ask questions. It's okay. They can talk about my husband with my children. They can ask questions. And if it's a question they have for me, I'm happy to answer it too. It's not uncomfortable. Every question you can imagine, has come from the kids basic understanding of what happens when you die. Right? everything in between. So

yeah, one of the things we were talking about before we clicked record was boundaries and how you've set some really good boundaries. And that just kind of reminds me there's this fine line between like, Yep, we're open, we want to talk about it. And setting boundaries, whether it's in life and business conversations, whatever it is, what are some boundaries that you do have set or that have worked well for you to be able to navigate any of those areas of your life, whether it's the loss or business career, your life? What are some things that you make sure to say I know you talked about your calendar, but maybe in addition to that,

your calendar is huge, but I think it's also outsourcing help. And I know you're a proponent of some of these things. It's simple things having cleaning ladies it is identifying whether it's in business or at home like the $15 an hour tasks and asking for help on those and outsourcing that having the groceries delivered. Taking conveniences that are going to go a long way for me is a big one. And similar in business, right? I'm spending time on things that I can outsource pretty cheaply, then I'm gonna do it. So I'd say that's one. And maybe the other thing is just letting go of the perfectionism. So it's it can be messy, it can be hard. So I think that's more of a mindset thing. But I think it's just level setting on expectations that you might have the best wall intentions with, like your calendar, but things change and being flexible on that. And communicating is huge. So it's, Hey, Kelsey, we were supposed to record the podcast today, but one of my kids got sick, right, these things happen. But I think it's about the way that you message it. And it's about the way that you handle it in terms of alternatives. That's a big one as well. So clear communication has been such a game changer on what my boundaries are and holding firm to that. So I think it's keeping myself accountable and determining, like, what's flexible and what's not. Yeah,

I love that. Okay, I want to get into some nitty gritty numbers, because some things that is relatable to everyone is money, right? We all need money to live, we all need money to function. And whether you're an entrepreneur, stay at home mom, or everything in between, you should be monitoring your money in some way. And I know you talk a lot about monitoring cash flow. And I actually had the situation in my business recently, where one of the ways that I bring in revenue, the actual way that it's charged, failed, and I didn't realize right away, and I totally kicked myself as a business owner, I was like, how were you not monitoring that how you're not monitoring the cash flow coming in, and it's fine, I can fix it. But it's something I probably should have caught sooner. So I would love for you to talk about monitoring your cashflow, some mistakes that you see business owners make or just people in their own life because we all have to bring money in to live right. So talk to me about money, mistakes wins all the things.

Yeah. So first, I want to acknowledge the parallels between just monitoring your personal finances and your business finances. I will say going into entrepreneurship. I did a full blown cash flow forecast to figure out my personal expenses. And when do these things happen in when can I quit my job? Right? So how many clients do I need to bring in knowing what my margins are? So I went through the whole analysis. And I will say one of the things too, that's been nice, is to help some widows with that process as well. Because there is an evaluation of whether or not you need to make some bigger life decisions. So I need to move right. So just helping some others in the widow community has been really satisfying in terms of figuring out the personal stuff, but it translates exactly into the business world. I think people don't necessarily understand that how important cash flows are. And most small businesses fail because of bad cashflow decisions. And the statistics say 70% of small businesses fail in the first 10 years and 83% of that is due to bad cashflow decisions, wow. I would say let go of not knowing and being shameful or embarrassed or fearful to ask for help. I understand not everybody took that traditional path that I did and spent five years in college learning accounting, and work to get a CPA license and spend 20 years at a public accounting firm understanding this stuff inside and out. It's okay. Everybody's path to entrepreneurship was not the accounting route. And it's alright for you to say I need help. So that's the first thing I would say is don't be embarrassed to take the first step because not knowing where you stand from a financial standpoint is really a disservice. And I would say regularly, right? This isn't, hey, it's the end of the year, I need to do my taxes. It is I'm doing regular bookkeeping, I am looking at my financials monthly, quarterly, whatever the frequency is that you need and is meaningful in your business and might be weekly. And really looking at the cash flow. And I'll explain what the cash flow is. It is a forecast of how much cash you're going to have for a set period of time. So you start with your balance. As of today, you log in, you look at your balance at citizens and you plug it into this template, and you evaluate what your cash inflows are and your cash outflows. You're gonna look at timing to your point, Kelsey, right, like when the money is coming in the door. Versus like when I made a sale, right? Your accounts receivable has to be evaluated from a timing perspective. But you can see over time, what that ending cash balance looks like, and say, okay, am I comfortable enough to make decisions in my business? I'll give an example of what we see a lot. I want to hire somebody, I want to spend less time working on these things. And here's the person I think I need. It's going to take me 60 days to onboard them. Here's how much I'm thinking of paying them. Can I afford it? And if I can't, let's think about some of the levers that can change to make that happen. In order for businesses to make decisions. It is important to really look at that all landscape of what the cache is gonna look like over a period of time, and continue to reevaluate it based on what your goals are or what your issues are. Right? So having these specific problems, and here's how I want to solve it. So it's understanding that dollars behind making decisions. Yeah.

And something that I think parents kind of struggle with, whether it's in their business or personally, is the decision of leaving now versus later, right. So it's okay, do we save for this trip next year? That's maybe a bigger trip? Or do we go on the smaller trip this year? Because we don't want to miss out on that experience, and even experiencing losing your husband? I'd love to get your perspective on that. Because tomorrow isn't promised. So how do you find the balance? Whether it's okay, I'm gonna make this investment in my business now, because it could get me ahead later? Or do I wait, because I want to have more cash to support my business now in case something goes wrong, like an emergency fund? How do you manage that risk versus enjoyment now and later?

Yeah, so I think the emergency fund is a non negotiable. That's not like, hey, I can potentially use that for something else. So that for me is like a bare minimum requirement that's in the cashflow that him personally and professionally, right, yeah, absolutely. And for me, at least a six month buffer feels good. Each business, each household can be different. I was just talking to someone recently about COVID. Right, you had a longer period of time at some of these businesses weren't bringing cash in the door. And I think six months gives you at least the opportunity to think of some decisions and act on them and give yourself an opportunity to see the results. So I would say the emergency fund for me is a non negotiable. And it's everything outside that right. I think it's what kind of business do you want to have? In terms of your goals? Long and short term? Do I want to reinvest this money? How much do I want to pull out? A conversation we have with every single client is how much money do you want to pull out of the business. And it can be because Kelsey, you're saving for your son's college or you want to go on vacation or you want to buy a second home, there can be a number of different reasons that you want to increase what you're pulling on your business. And we put that in terms of distribution or owner salary in the cash flow, so you can understand the impact of that. And then okay, that leaves you with excess amounts to reinvest in the business. So it really is your preference in terms of your appetite of business growth, and personal, you know, goals and how you want to spend your time. Yeah. So

I'm just thinking like, super tangible for someone they're listening. They're either paycheck to paycheck, or they're not bringing in 1000s of dollars in savings every month. And they're like, Yep, I either want to go to this event for my business, or I want to go on this family experience. But we don't have a six months emergency fund. We don't have any emergency fund, maybe we can get through groceries for one month or something like that. What do you tell that person? What is the balance between living life and being like, No, you can't do that until you have a six month emergency fund?

Yeah, it's balanced. It doesn't have to happen overnight. So give yourself some grace on getting there. But I think really looking at your costs decrease. I'll give an example of subscriptions. Like how often are we signing up for Netflix and Disney and all this other stuff? And then not realizing like how quickly that accumulates? So be comprehensive, really in will looking at your monthly regular costs? Is there anything that you can bring down, you can negotiate with people, right how often I've called to cancel on my three in one cable, or the internet, the phone in the end, I ended up just staying with them because they're like, well decrease it by XML. It's just the power of negotiation with vendors, I would say just look for opportunities. If you're in a position where you don't want to sacrifice both, or you want to, again, build that cash reserve, and still be able to live, I think it's really evaluating potentially some other costs.

Yeah. And something I see in our community a lot is people don't really know how much it should cost for them to live. So let's use groceries as an example. Someone that has a family of four could spend one amount on groceries and another person could spend something totally different. There's so many things that impact that. So professionally for your business, they can call you, right, they can get a fractional CFO to come in, help them do an evaluation help put you in the right organization going forward on a personal level, who's your fractional CFO, who do you call to help you in that area?

Yeah, and I would say it's professionally, we can benchmark industry, right? That's easy. But look at your spending habits specific to you. Right, you might have more kids than I do. So you do spend more on groceries or maybe you eat out more so you spend more on food just in general, right? Look at your past behavior and the easy way to do that. Look at a credit card statement. Look at your bank statement. Just look at where the activity is. Because so often I think people are or just going on their phone and looking at their cash balance and just making a decision saying, oh, yeah, we can afford to go on vacation, that's fine. Meanwhile, you have an annual insurance payment, that's next month that you didn't incorporate in that decision. So I think it's really looking at your specific spending habits, habits. And it's not hard to see potentially where you have opportunity. So with the groceries, right, okay, well, maybe instead of going to Whole Foods, we need to go to Aldi, right. So it's just thinking about alternatives to potentially drive some cost down. Because I think when you actually put the costs into a spreadsheet or on paper, or however you want to monitor it, it sometimes can be shocking how much you spend in gas, or tools, or whatever it is. So it's okay, let me think a little strategically on how do we want to bring this down? Where's the appetite for where we are spending our money?

Yeah, I think it is really interesting to look at it. And it's funny when you said Whole Foods versus all the something that we realized with our family is when I went to the cheaper grocery store, I bought way more food, because I felt like it made sense. I was like stock up on canned items, or like dry foods. And we actually shifted to buying a lot of our food, not everything, but a lot of it from Whole Foods, and our grocery bill cut almost in half, because I was being more strategic with what I was buying, and not just buying extra. So it's really interesting. I think it is really tricky. Because it can be like, okay, depending on where you buy, also how much you buy, what types of foods you're buying, like, it is really difficult to figure out. And same thing with business expenses, right? There are some businesses where certain things make total sense. And you might be like, yeah, it is important for me to go do all these things make these investments, and other times it's not. So I think getting a professional in is so important. So I'd love for you to just truly explain. I know you have a free resource for everyone today, but also how can you support people in their businesses, specifically, the transformation in the service that you provide? And how they can reach out and connect with you?

Yeah, absolutely. So I mean, we just basic level what a fractional CFO is, versus other accountants, because I think sometimes there's confusion there. When you think, oh, Lauren's a CPA, or she's an accountant, you automatically think I'm going to do your taxes, or that I'm going to come in and do your books. Those are kind of past history, looking accountants, and I am more forward looking. So let's talk about the goals. Let's talk about the strategic decisions and your business. So it's really being engaged there. So depending on which package the clients opt for, we're doing monthly or quarterly kind of dashboards. And I try to keep it as simple as I can. Because again, accounting can feel overwhelming, it is really focusing on four key metrics. So those are revenue, no brainer, the gross profit, which is literally just your sales minus direct costs, then your net margins. So that is where you have operating expenses that come out things like salary and rent. So that's, again, representative of your operations, and then cash. Those are the four things we really focus on. And then I will say there is some tailoring of KPIs specific to industry or what you need or what your goals are, we stay grounded in what we want to accomplish. And we keep going back to what are the goals? Where should we be spending time. And outside of the regular recurring services, I do offer some other services as well more one time, so I can come in and do either a quicker diagnostic and look at your year to date financials give you suggestions, and kind of the top three action items or things I would focus on. And then the other offering I do have as well is a more in depth one time. So really spending multiple hours going through the nitty gritty of your finances, but it's not a commitment. So it's nice for people who can keep themselves accountable. But I think sometimes that's missing, because as a fractional CFO, and bringing that executive level accountability to your numbers, nobody likes them. Nobody wants to spend time on them besides me. So I'm happy to make sure that you're actioning the items that we've talked about month over month if you bring me in from a recurring basis.

Yeah. And sometimes it's good to look at numbers, right? Like it can be overwhelming, but it can be great to look out too. For anyone that doesn't know KPI is key performance indicator. And that is how you can measure things specifically, right? We talk a lot about goals. And we only know if we hit the goal if we know exactly what we're measuring. And we know exactly how we're running that report and measuring. And then talk to me a little bit about the free cash flow template that we're going to link below.

Yeah, so I have developed I know I talked about what the cash flow forecast is I have an easy to use free template available on my website. To supplement that. I also have a free training to go with that. I'll walk you through how to fill it out. It'll be quick and easy. I swear it's simple. And if there's any questions, I'm always happy to answer DMS as people download that I would say even if you're not an entrepreneur, you can use it personally I have like I said, develop what that cash flow for Cows look like so I can make some decisions with my home life as

well. Oh, I love that. Okay, final question for you today, I lied, I have to what is one thing that people could implement with their children today to create good cash flow and money conversations?

Yeah, start early with them understanding the value of money. I think so easily. Kids are just given what they want. Sometimes that is a function of an impatient parent meeting just okay. Yes, I don't want to fight with them about it. But it's I'm really understanding that things do cost money, and appreciating that. The other thing that we've started doing here at home, which I think has gone a long way, and it's building confidence, but giving them an appreciation for the money aspect, as well as chores and even just little things, right? Not the cleaning up after yourself. That's a general expectation, but the stuff beyond right, emptying the dishwasher, taking out the trash, right? So throwing them a little bit of money based on some things that they're doing just from a work ethic perspective, I think goes a long way.

I love that. And I love that you clarify. It's not just cleaning up after yourself. It's helping the household as a whole. Okay, final question. What is something you're super excited about right now a goal that you have something that you're pursuing?

Yes. So one of my dreams and the next I'll call it 12 months, I would love to homeschool my children.

I love that. So exciting. And we are definitely gonna have to have you come back. We're going to get an update on that. And we're going to have an update talking about dating posts losing your husband, because we didn't have time for that today. So we're going to have a part two because we're going to need to chat about that. But if you need support on that right now, go shoot Lauren a message Lauren, where can we find you on Instagram? All the different places?

Yes. So my instagram handle is Lauren for Tato CFO, and there are underscore separating that

amazing. Thank you so much for being here. I can't wait to have you back. Awesome. Thank you so much. Sometimes the smallest acts of love is all a mom needs to feel reinvigorated. If you can relate to that I'd feel so supported by your five star rating and written review. Take a moment and let me know what you thought about this episode.