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Contrarian Cashflow - John Blanton EPISODE 45, 2nd August 2021
Building a Business That Fits Your Lifestyle
00:00:00 00:47:47

Building a Business That Fits Your Lifestyle

Michael Eckstein started doing accounting services for his father, but an “Aha!” moment changed his mindset about accounting. From compliance, his motivation for offering his services evolved into consulting, helping business owners build their businesses according to their goals. He also shares some interesting insights about success and business scaling. 

Michael believes that you don’t necessarily have to be the best in what you do. Being above average can be enough for you. He also thinks that not all businesses should be scaled. It depends on what your goals are and what lifestyle you want to live.  

[00:01 – 04:06] Opening Segment

  • Let’s get to know Michael Eckstein
  • How Michael became a top-rated accountant in his area 

[04:07 – 09:31] Michael’s Outlook on the accounting business 

  • Is accounting really a stable career?
  • Michael shares his experience  
  • From compliance to consulting
  • Michael’s change in his accounting approach
  • You can live as just being above average and not necessarily the  best 
  • Michael explains 

[09:32 – 20:04] The Right Business Advice For You

  • Michael reveals the “Aha!” moment that changed his life 
  • How to find a business advice relevant to your business
  • Michael shares his secrets 
  • Small business vs startup
  • What’s really the difference?

[20:05 – 35:17] Buying or Exiting a Business 

  • What you should know about exiting a business
  • What if you want to buy a business?
  • Here are Michael’s tips for you 
  • Michael shares his story of starting his newsletter

[35:18 – 39:39] Knowing Your Audience 

  • The bad practices of creating a newsletter you should avoid 
  • The power of being relatable to your clients 
  • Here’s what we mean by “Know your audience”

[39:40 – 47:47] The Contrarian 3-Pack

  • What would you say is the most contrarian investment you've made? 
  • Make sure you have plans in your retirement 
  • What's your favorite activity to do with your friends and family outside of work?
  • Running
  • What offers you the most fulfillment in life?
  • His newsletter
  • The pieces of advice he gives 
  • Connect with Michael. Links available below.

 

Tweetable Quotes:

“Figure out exactly where you’re trying to take your business, how it fits into your goals, then pick advisors from there." –  Michael Eckstein

“Remember that outside advice isn’t supposed to replace your thoughts. It’s supposed to supplement them.." –  Michael Eckstein

Resources mentioned

You can email michael@ecksteintaxservices.com to connect with Michael or follow him on LinkedIn and Facebook. Check out Eckstein Advisory and Eckstein Tax Services to have a peace of mind in your tax and accounting needs! 

Learn Michael’s favorite articles and resources to start a newsletter! Start here


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Think Different. Earn Different. Live Fulfilled.