Episode Transcript
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SPEAKER_01 (00:00):
Welcome to the Cut
the Tide Podcast.
Hello, I'm your host, ThomasElfric, on a mission to help you
cut the tie to whatever it isholding you back from success.
Now, you have to define thesuccess yourself.
If you don't, you're chasingsomeone else's dream and you're
gonna be angry, lonely, andliving in your office in your
house.
Joke.
It's a good option, though.
Today I'm joined by Carl Meyer.
Carl, how are you?
SPEAKER_00 (00:20):
Very good.
SPEAKER_01 (00:21):
Good to be here.
It's Carl with a K and MeyerM-A-I-E-R.
So if you guys want to go stalkhim, uh Carl, before we start,
just tell them where they shouldstalk you as you're talking
here.
SPEAKER_00 (00:32):
Oh, LinkedIn is the
place.
So yeah, LinkedIn slash in slashCarl K Meyer.
SPEAKER_01 (00:39):
Carl K.
Meyer.
All right, Google it, M-A-I-E-R.
All right, Carl, who are you?
Where are you from?
And what is it you do?
SPEAKER_00 (00:46):
I'm Carl Meyer.
I help companies grow and managethe cash, get the cash or manage
the cash they need to do that.
So kind of a CFO for hire.
And I operate out of Houston,Texas, but I I work with
companies all over the US andactually all over the globe.
I had a company in UK and Dubaiand the US all at the same time.
(01:12):
Crazy.
And so yeah, that's a little bitabout me.
SPEAKER_01 (01:16):
So now there's
there's a handful of fractional
CFOs.
I've seen ageism just creep intothe Gen X and the young baby
boomer groups.
And they're basically like,screw it.
They don't actually need mefull-time.
Everyone knows it.
Um why you?
Why why should they pick you?
Give me the uniqueness of CarlMeyer.
SPEAKER_00 (01:36):
Yeah, actually, I
love working with other
fractional CFOs on projectsbecause my focus is either
capital raise, rapid growth, allthe systems and processes that
go into that and managing thecash and then the uh you know
buying other companies ormerging in and all the uh all
the fun stuff that goes withthat.
(01:57):
So I'm your CFO for all thecrazy stuff, not so much the
cool monthly reporting stuff.
SPEAKER_01 (02:04):
Not for the run
rate, it's for getting getting
it done.
Yeah.
So if you're broke and you haveno cash, you can't manage it to
hire him.
Very good.
Unless you have a little bit ofcash to hire him and he can go
raise.
Yeah, it would be illegal topromise your fee based on what
you raise.
CP violation.
SPEAKER_00 (02:20):
Yeah.
We'll work out those details.
We'll keep lawyers at bay, andit'll all be good, and not buy
any uh SEC or any of those lawsor anything.
He'll find a way, guys.
Right, right.
Yeah, we can we'll keep it allabove board, and we got uh lots
of tools at our disposal.
SPEAKER_01 (02:39):
So um how do you
define success?
SPEAKER_00 (02:43):
Uh for me, I was
talking to a friend at uh
breakfast today, and he's uhkind of in the lending banking
kind of world, and he was youknow, we're talking about like
business owners and when shouldthey borrow and should they
grow?
And you know, what I said tohim, you know, is like, well,
there's a lot of business ownersout there that you know they
(03:05):
they own their car, they owntheir house, it's all paid off,
they take nice, you know,vacations, the kids' school's
paid for, they get a littlemoney saved up for retirement.
I mean, they're good.
And they may have a you know, acompany that's doing 2 million
in sales or 20 million in salesor 200 million in sales, and
(03:26):
it's you know, the one may, youknow, vacation on a$30 million
ranch, and the other onevacations in a you know
timeshare in in Puerto Virta,you know, different standards,
but you know, to me, that's kindof you know, success as I view
it is you know, can you take alittle vacation, enjoy your
(03:48):
work, and not have the stress ofthings not meeting your
expectation?
So yeah.
SPEAKER_01 (03:55):
I like that.
It's not a control of yourcalendar, it's control of your
uh your enjoyment of life.
Let's say it that way.
It's like choose to go airstreamor you choose to buy a ranch for
30 million so you can enjoy itfor the weekend.
It's crazy.
I don't want anybody else there,it's mine.
That's that's well, by the way.
If you could just write a checkfor 30 million, it doesn't even
(04:15):
change the left two numbers ofyour overall existence.
Awesome.
Bad and good for you.
Uh tell me about your journey alittle bit and maybe a couple of
the eyes along the way you'vehad a cut to to get to that
success that you just defined.
SPEAKER_00 (04:30):
Yeah, I've had a
couple little uh diversions in
my journey over the years.
Uh worked corporate for a while,got pulled into the family
business, had some great growth.
We grew 5x in the first threeyears I was there and did all
kinds of cool CFO stuff, ERPsystems, more bank loans, all
(04:51):
that great stuff.
And then my dad fell in lovewith inventory, so that led us
in a different direction.
Eventually, I I went off and didsome other stuff.
So that was a that was a bigkind of cut the tie moment.
Um, then uh I took a CFO jobwith another company.
Man, we grew like crazy great,great CEO, owner of the company
(05:15):
in 7X in four years, but then hegot sick, like never ever come
back into work again sick.
And his wife took over, and menand the same employees,
customers, all that, and thecompany went down faster than it
went up.
So there was another okay, we uhpulled a ripcord and parachute
(05:36):
out of here.
So that was another one, and soI I've I've had several along
the way, so it's been a funtool.
SPEAKER_01 (05:44):
But what's so what's
been the biggest tie that we've
got to cut?
Like, for it, like, is it just arealization of instability, or
like what's the what's the oneyou're like, I have to let this
go to be successful?
SPEAKER_00 (05:54):
Well, I could be so
after that that second CFO job,
I took a fractional CFO rolethrough a regional accounting
firm.
So, you know, they've got lotsof clients, they like the CFO
stuff to offer to the clients,so it's a great fit.
But after doing that for severalyears and kind of building up
(06:16):
the playbook, I kind of realizedthat the limits of the
accounting firm, they've got alltheir rules and how you do this,
how you do that, which areimportant for a CPA firm, but it
just weren't a fit with the typeof things I was trying to do
with raising capital and rapidgrowth.
And, you know, there was no wayfor me to take kind of a piece
of the upside in there.
(06:38):
And so kind of coming to termswith I'm gonna have to let go of
that steady paycheck and the bigfirm's marketing and all those
things, is that that was a thatwas a pretty big cut the type
moment for me.
SPEAKER_01 (06:54):
What have you
discovered about that steady
paycheck?
Have you found that uh I don'twant to leave the witness here,
but have you found that maybethat was a falsity or something
you bought into, or or have youreally like no, it was it truly
was stable.
SPEAKER_00 (07:09):
Like let's take uh
uh yeah, I was actually had
lunch with a guy yesterday, andwe were also kind of talking
about that, and he's on his own,and we're talking about a friend
that took a full full-time role,and I was like, well, you know,
from a CFO perspective, notlike, oh, I'm doing the books
(07:29):
kind of as a controller, butreally a CFO is tends to be
projects, you know, and we'regonna implement a system, we're
gonna raise capital, we're gonnamerge or whatever it is, it's a
project.
And I was like, unless youyou're with a really, really big
company, hundreds of millions ofdollars of revenue that has a
just an endless supply ofprojects, a CFO is a you know,
(07:54):
it's a two to three year projectat best, even if you're
full-time.
So it's which lumpiness do youwant?
You know, okay, I've got threeyears of a study paycheck, and
then I've six months plus oflooking for a job, you know, or
I can be a fractional CFO, andyou know, I've got five or six
clients, and I lose one, maybeeven lose two.
(08:18):
So my income drops, and that'skind of lumpy, but it didn't
like go away, and it doesn'ttake me six months to find a new
one.
So um it's which kind oflumpiness do you want?
SPEAKER_01 (08:31):
Right.
And the upside of a fractionalis at some point you're very
busy, but you're making two anda half times what you might have
been making.
unknown (08:38):
Right.
SPEAKER_01 (08:38):
And and and then
when you have the six-month law,
you can choose that or just belike, Well, I can I can take a
breath uh as well.
So I and I and I think the thestresses of having multiple
incomes maybe not fully added upto the other one, or it's also
more fun, too, I think.
But I I love that.
Uh I love the concept of it.
Getting there is one thing.
You know, as sitting as afractional CMO, it occurred to
(08:59):
me I probably should connectwith more fractional CFOs since
they hold the budgets, and Iknow my value proposition is
significant relative to whatmost people offer.
So I'm like, eh, I think I'mgonna have to reapproach myself
of who do you work for and howdo you bring me in?
We're right.
Right.
Because the truth is, like,there that's part of your role
is hey, how do we make the moneywork better to get more sales at
(09:21):
a more effective ROI?
Uh I I get that equation all daylong.
SPEAKER_00 (09:25):
Yeah, it's a win-win
to work together.
Love working with fractionals,uh, fractional CFOs, CMOs.
Absolutely.
SPEAKER_01 (09:34):
Awesome.
Um tell me a little bit about uhwhat you're grateful for today.
SPEAKER_00 (09:40):
Well, I I'm grateful
number one for my health, number
two for my family, and numberthree, that it's a pretty good
world when you can make a livingwithout like lifting stuff and
carrying stuff around.
So I saw my grandparents, youknow, my grandfathers worked
with their hands, and as theygot older, it it got tougher.
(10:02):
And so I'm I'm really gratefulto be able to help people keep
their businesses from runninginto whatever trouble or helping
them grow to a certain point.
So I'm I'm also grateful thatI'm able to do that, do things
that help other families andbusiness owners.
SPEAKER_01 (10:19):
I love that.
And do you feel grateful for thekind of the time of available to
you, like just in in generalfrom like your family, like that
you're choosing who you get towork with and when you get to
work with them?
SPEAKER_00 (10:30):
Right.
Right.
Yeah, that is a a really, reallypowerful thing.
You know, my wife and I haveaccess to a little vacation
place up on the lake, and so wewere able to spend three or four
days up there, and we had, yeah,we were both working remotely,
but we had the flexibility to dothat.
(10:51):
It wasn't like, well, the bosssays I gotta be there Monday
morning and you know, nothing Ican do about it.
It's like, okay, well, we'regonna stay up for the weekend
and we'll drive back Tuesday.
So there you go.
SPEAKER_01 (11:03):
I love that.
Did you discover uh any of thethings like uh after you made a
move and you have the scary kindof you had a good sound like
like you had a naturalopportunity available, which
typically in my experience, whenpeople are they have that, they
have a skill set that's soughtout, and people have just been
waiting for you to get bored orwherever you are.
Uh but have you discoveredanything along the way that you
didn't realize you were gonnathat you enjoyed or that was
(11:25):
like, oh man, I didn't know itwas gonna be like this.
SPEAKER_00 (11:28):
Yeah.
Yeah.
Um the marketing aspect issomething that I've certainly
been learning.
The finance acts aspect uh issomething I feel really, really
confident about.
And the the management, whichgoes hand in hand with the the
(11:49):
finance, is something that I'vefound a lot of little things
that kind of share with businessowners and managers that can
help them move their businessahead.
And it's kind of ancillary towhat I do, it's not the main
thing that I'm doing, but it'slike it's another way I can be
helpful.
And and that wasn't reallysomething that I'd I'd been able
(12:11):
to do through the accountingfirm or even just seeing the
opportunity.
SPEAKER_01 (12:15):
Yeah, that that's
great.
And it's it it's those littlediscoveries you're like, oh,
that's it's kind of nice.
I find those interesting.
Uh if you could go back thoughon your timeline at any point,
you know, when would you goback?
What would you do differently?
SPEAKER_00 (12:28):
I I would leave the
accounting firm probably after
two years instead of four.
So, you know, it's I I'd reallylearned what I needed to learn
at that point, and I just reallydidn't jump off as as quickly as
I might have.
SPEAKER_01 (12:47):
So yeah, and that's
a common response, right?
I wish I would have done itearlier.
The flip side of that is wouldI've had enough information?
It sounds like for you, it'slike, oh, I definitely had
enough to do it.
It just it was a matter of doingit.
Um that's that's important.
Do you have a do you have like afavorite favorite, but uh maybe
for the okay, let me say it thisway for the CEO that should hire
(13:09):
you.
What would be a book they shouldread?
SPEAKER_00 (13:13):
The for CEO to hire
me, you know, I guess there's a
couple things that I'm that cometo mind.
You know, one is they are gonnahave a concern about getting the
cash they need.
And that might be new cash,debt, equity that to make a
(13:34):
project happen, or it could belet's make sure we maintain the
cash in the business so we don'trun out of cash as we're as
we're growing or going throughthe turmoil of I mean, the
economy's kind of in a littlebit crazy state right now.
So that's kind of why they cometo me.
And then when they do come tome, the thing I'm looking for is
(13:57):
are they open to a couplesuggestions?
It's not like, oh, whatever Itell them, they're gonna do.
But are they, you know, are isthere a degree of openness to
some new ideas?
That's I think that's reallyimportant.
SPEAKER_01 (14:12):
That's a really good
perspective to give to them
because if they're coming intelling you what to do versus
being open to what you're doing,uh have you been in the spot
where you've you've justdeclined an offer to work with
CEO because you just the problemis the CEO?
Yeah, last month.
Were you in it, or is it duringyour kind of due diligence to
(14:33):
take it on?
SPEAKER_00 (14:34):
Uh that one I
stepped into it.
I was like, well, I know there'ssome risks here, but we got to
an inflection point.
I'm like, okay, we we've gottenyou here, but at this point, I
should move on.
You know, I'm not I'm not reallyadding value at this point.
So, you know.
Um, yeah, and it it wasn't, youknow, maybe it was upset.
(14:56):
It just like, okay, well, yeah,that's a good point.
See ya.
SPEAKER_01 (15:01):
You know, pack up
your shit and get out of here.
Don't let the door jump there.
Then you leave the door open forsure.
Like, oh you know, just just seeyou can get out of I mean that's
only only fair, I believe.
Um what's the what's the worstbusiness advice you've ever
heard?
SPEAKER_00 (15:19):
The worst?
Um well I I literally heard aguy one time say, Yeah, I I lose
money on every unit, but I'mgonna make it up on volume.
You know, and it's like, did youreally just say that out loud?
unknown (15:36):
Really?
SPEAKER_01 (15:36):
Yeah.
Was this plan to raise money,build a Ponzi scheme, and then
just cash out?
I mean, like that that's thepath there.
SPEAKER_00 (15:43):
I it must have been
because it went over my head.
I was like, you're selling aproduct, not a service, not a
financial, you know, you're nottrying to get market share.
It's a come on, I, you know,it's like, good luck with that
dude, you know.
You know, so uh, you know, andyeah, there's all kinds of of
(16:06):
misconceptions people have.
I've got a turnaroundcertification, so I've helped
people deal with like uhbankruptcy, or hopefully before
they get to bankruptcy, thingsare really tight.
And one of the bigmisconceptions there is man, I
just need to sell my way out ofthis problem.
And it's like, well, slow down,slow down.
(16:26):
Let's let's just talk throughthat real quick.
Because, you know, what happenswhen you you sell another
product?
You know, you've got to paypeople to do more work, and
you've got to maybe pay vendors.
Um, and then you're gonna sellit to the customer, and the
customer's not gonna pay you for30 or 60 days.
(16:46):
So is your cash actually gettingbetter or worse when you grow
sales?
And it's like what I think wemay actually need to do for a
while is reduce sales, focus onthe high margin customers, and
get some cash so you don't goout of business, and then we can
work on start, you know, tryingto grow in fact.
(17:08):
That's another commonmisconception.
SPEAKER_01 (17:11):
I I'm a small
business, but I will tell you, I
had a touch of ADHD medicine anda realization that though I
liked having my teams full time,I really do.
It was no longer an advantage tothe company to do that.
So we we we had an originalmodel where we just pay for what
you get done on the team and itwas fine.
And then we went to, hey, I'lljust do it full time every week,
(17:32):
the same.
And then then you realize later,like, man, you know, it's it's
just but then you look at otherstuff, and all of a sudden I
think I knocked out like 72% ofoperating costs without losing
performance.
We automated some things, didsome stuff.
And now it's like, man, runningthe company is a lot easier
because I need a lot less cashto be able to pay myself and and
keep the team around becausecustomers come up, customers go
down.
(17:52):
Now that's an accordion thatbreathes with it, right?
And I was like, uh, I wish Iwould have done that two years
ago.
And you're describing somethingnow.
It's like also I you you focuson your best customers of hey,
how can I expand with you?
How can I add value?
And when you do that, all of asudden it's like, oh, well, they
accurate, you know, add on 20%more whatever.
(18:13):
You're like, there's zero costof sales, it's about the same
delivery cost.
You're like, cool.
So it's just it's it's a reallygood way to build cash reserves
um without and you get rid ofall the dead weight stuff.
I mean, that's part of your uhyour role.
So I like it.
Yeah.
I probably should have gotten aCFO.
I probably should have hired youtwo years ago.
You're like, dude, what are youdoing?
(18:33):
What is it?
SPEAKER_00 (18:36):
That's right.
Yeah.
Every, you know, not moving asquickly as you should, not
making those decisions.
I mean, that's stuff foreverybody, you know, whether
it's leaving a company, cuttingkind of cutting the tie, or is
it you know, going out andfinding that resource, whether
it's a CFO or CMO or you know,whatever it is.
So yeah.
SPEAKER_01 (18:54):
Maybe uh one
question here before you kind of
wrap it, but how's AI impactingthe fractional CFO world?
SPEAKER_00 (19:01):
For accounting, you
know, it's definitely you're
seeing more and more things thatAI can do here and there to
record transactions.
Accounting systems are gettingsmarter.
Uh, for the CFO role, you know,it certainly was a great
resource to make the CFO moreefficient.
(19:21):
You know, the the AIs at thispoint, who knows what they'll be
in a year or whatever, but atthis point, it they can help
make me more efficient at doingthe tasks I do, you know,
whether it's writing pitch textor it's researching in potential
investors, um, even with the uhlike implementing ERP type
(19:44):
systems or accounting systems,there's a lot of the AI can make
my job easier and I can dothings faster.
SPEAKER_01 (19:52):
Yeah, and it's all
on how you leverage it too,
right?
It's like you can overdo it.
SPEAKER_00 (19:57):
Uh right.
And but it's it's tricky to useproperly.
I mean, I'm seeing more and moreof these prompts, AI prompts,
that are two and even three andfour pages long to tell the AI
this is what I'm trying to do,and this is what I need you to
how I need you to think aboutit, and then come back to me
using this two-page longdescription.
(20:20):
So, yeah.
SPEAKER_01 (20:21):
There's some there's
some good technologies too, like
uh Google Notebook LM, where ifyou you uploaded all the
information you know about yourservices, your product, like
everything, it'll only look atthat and you can query it.
Um, and actually from a companystandpoint, if they put all
their stuff there, like say fromsales or marketing, then people
can query it to ask questions sothey don't have to go to HR or
(20:41):
they have to go to and itsomething like that is so
helpful and useful, and it'srelatively easy to do as long as
the data going in is controlledto some degree.
So I think there's some there'ssome self-service models that at
least can help people that moveforward faster, say it that way,
carefully.
Um, if there was a question Ishould have asked you today, and
I didn't.
What is that question?
SPEAKER_00 (21:03):
Um so we've hit a
lot of the key questions that uh
I think uh we should have hit,uh, talked about.
Um I guess what's the results ofyou know what Doc given helped
companies achieve?
And I think that'd be uh a keyone.
And what I've seen is that anumber of companies I've worked
(21:26):
with have doubled their sales intwo years and or kept going
beyond that.
So uh that's amazing.
SPEAKER_01 (21:32):
I mean, because
that's how you get hired.
Because I think a lot of peoplethink CFO costs, and I and I
don't think people, and I knowI'm one who would be like, Well,
why do I need that at any stage?
Well, well, if the right CFO isthen they should be able to
identify a way to make money.
Um, I think a question Iprobably should ask you is when
do you borrow money?
Because it I'm a I've I'm adebt-free kind of person.
(21:54):
I hate having a mortgage at 3.5%interest.
I I mean people are like, youshould never pay that off.
My if I have enough to write acheck for this mortgage to get
paid off, it's getting paid offbecause it assumes a model where
there's always money coming in.
But you can make 364 payments,you missed the last one or close
on that last payment if youcouldn't afford it.
Like right.
I mean So what do you borrow?
(22:15):
What do you what do you borrowas a business?
SPEAKER_00 (22:16):
Yeah, that's a
two-edged sword sword.
So, you know, yeah, and with amortgage, I mean, if you can pay
it off, I'm with you.
SPEAKER_01 (22:23):
That's a great based
on your primary house.
SPEAKER_00 (22:25):
If it's an
investment property where
there's leverage and you're youknow there's a fine, but not not
to your exactly the point isyou've got to also look at your
opportunity if you're inbusiness and you're like, well,
I can grow at 15% a year withoutborrowing, but I can grow at 40%
a year with a little bit ofdebt.
(22:46):
Wow, maybe we need to look atthat debt a little more
seriously.
And it's a number saying I runscenarios all day, and I'm gonna
run a scenario with no debt andrun a scenario with that and
say, What do you think?
SPEAKER_01 (23:00):
Here's the thing
about 60% of all numbers and
stats are made up on the spot.
I heard it was 63%, but that'sokay.
It's going up now, 64.
That's the biggest thing, right?
Is if if someone goes, hey,listen, go take your$20,000 line
of credit and go do this withit, I'd be like, what's your
(23:21):
certainty on that?
And and the truth is, and and Irun into this as people, because
I'm on the lead gen side, is youshouldn't be using money to
borrow to experiment.
Uh, you shouldn't even run an adto experiment.
It should be a mechanically likea uh a capital machine.
You're gonna go spend 30.
And I'd even say don't evenborrow it because you're still
(23:41):
paying for the money.
Like go build your capitalmachine.
Now, if you have the ability tobe like, hey, listen, let's go
go buy a cat, let's go acquirethis company, let's go borrow a
hundred million to go buy ahundred million dollar cash
flow.
That's a that's a smart thing togo do.
Because you just get you can'tjust screw it up for two years
in that model and you can doaround, right?
So there's there's there'sthings I would do with that, but
I would like, you know, ifyou're in the services, I'm not
(24:03):
buying any marketing agencybecause they're all built around
a founder, like that'd be dumb,right?
So so I I agree with you.
Like, you know, it there's atime the buying cash flow.
I I have to say you'd agree thatat any point that's smart as
long as it enables your strategyand your brand or whatever else,
right?
Right.
Exactly.
Yeah, yeah.
I like that.
SPEAKER_00 (24:22):
Yeah.
SPEAKER_01 (24:22):
So I'll believe
that.
Uh, who should get a hold ofyou?
How should they do it again?
SPEAKER_00 (24:27):
Yeah, LinkedIn,
great way to get a hold of me.
Um LinkedIn slash in slash CarlK Meyer.
You know, message me, follow me,check out my uh videos there.
So love to love to talk to you.
Um, you meant, hey, mention thepodcast, and I'll give you
90-minute free consultation.
SPEAKER_01 (24:48):
It's too long.
Guys, you only get 30.
I'm cutting that down.
He's wasting his time.
You only need 30.
You gotta have an exit strategy.
You can you can put a 60-minutebuffer, but if it's a if it's a
shit show, you don't get in thefull 90.
SPEAKER_00 (24:58):
Yeah, yeah.
SPEAKER_01 (24:59):
Yeah, yeah, you'll
get me serious.
But yeah.
My 15-minute meeting is actuallyan hour.
It's a secret idea.
If I like, I'll be like, I gotextra time.
I'll cancel if you will.
I should write a real shortbook, Mastering the 15-minute
meeting.
SPEAKER_00 (25:13):
I love it.
SPEAKER_01 (25:14):
That'd be great.
There you go.
Thank you, Carl.
I love it, man.
Thank you.
I appreciate you getting onhere.
Uh, thank you.
My pleasure.
Listen, anyone who made it tothis point, I'm always thankful
that you made it this far andlistening.
Uh, if it's your first timehere, uh, I hope you come back.
I hope this is a first amending.
Get out there, go cut a tie towhatever's holding you back.
Uh, define your own successbecause you're chasing someone
(25:34):
else's dream if you're not.
Thanks for listening.