February 14, 2023 • 62 mins
In this episode, I'm joined by Uros Loviscek. Uros lives in Slovenia and is my first guest to be joining from Europe. He started his first business endeavor as a kidpreneur at the age of 5 (funny story there), growing up in a family business, leaving it, building his own thing, and then connecting both later on.
Now he is a successful business owner who helps business owners all around the world dial in their finances, business planning/strategy, taxes, and cash flow, becoming known as the MFCFO.
He also has his new book Master of Finance: The Ultimate Playbook For Silky Smooth Story Of Your Business that just came out.
Inside The Episode:
- The business that Uros started at 5 years old (and what you can learn from it)
- How to network effectively as an introvert
- Why tough economic times are actually huge opportunities
- Exactly how Uros uses the power of visualization to make his biggest goals happen
- How to manage your cash flow in your business
- The most common money mistakes business owners make
- How dressing for success can lead you to real success
Connect with Uros
Connect With Bradley
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Bradley Roth (00:32):
Hey everyone.
Welcome back to another episodeof the Not Most People podcast.
This is your host, Bradley, andthis is the show for those
allergic to mediocrity groupthink and following the status
quo.
And real quickly, before we getinto today's episode, I just
wanna remind you guys that theonly thing I ask of you as a
listener is to help me grow theshow.
(00:53):
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we'll get value out of it.
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(01:16):
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I want to get that outta theway.
Whether you're list listeningfor the first time or you're a
repeat listener it's just avalue exchange.
And so I really, reallyappreciate that.
If you guys can just help mespread the message.
And then for anything else, notmost people beyond the podcast,
which there's a lot going onright now.
Make sure you check the shownotes, all the links and all
(01:36):
that good stuff is there.
But that's it.
We're gonna get right intotoday's episode.
I have Eros, Lovis, joining andthis one has been a long time
coming, but OSA just wannawelcome you to the show,
Uros Loviscek (01:51):
Brett.
Thank you.
Thank you for having me.
Bradley Roth (01:53):
Yeah, so, a little bit about Eros, for those of you
listening.
He lives in sve and is actuallymy first guest on the show to be
joining us from Europe.
And he started his firstbusiness endeavor as a kid
preneur at the age of five.
And that was selling dirt doorto door.
And I, I wanna we're gonna getinto more of that story, which
(02:14):
is an interesting one.
But he grew up in the familybusiness, which I believe was in
the kind of financial taxaccounting world.
Left it, built his own thing andthen came back later on and
connected his previousexperience with.
More recent experience and nowhe is a successful business
owner and he helps businessesall over the world dial in their
(02:35):
finances, business planning,strategy, taxes and cash flow.
And he's becoming known as the MF C F O O if any of you guys are
familiar with Andy's, Andy Fels,M F C E O podcast.
So I think that's one of thecoolest branding things I've
seen.
And he also has a new book thatjust came out called Master of
(02:56):
Finance, and he also helpsindividuals take their mindset
and fitness to the next level.
And let me tell you, he isabsolutely shredded.
So listen to what he has to sayin that regard.
And he's also an active memberof the Utmost People Alliance
has been since.
From since since from thebeginning.
And we were fortunate to meet upwith him and his family when me
(03:19):
and my wife were travelingthrough Europe and we met up in
Lu Bian, the capital of Sloveniathis past October and had a
great time.
So, I'm really excited for thisone, but I wanna get, I wanna
start with that kind of firststory, which at the age of 5, 6,
7, something like that, youstarted selling things for the
(03:41):
first time by selling dirt doorto door.
And I wanna know, like, is thatexactly what it sounds like?
Uros Loviscek (03:47):
Yeah, it's basically exactly as it sounds
like it was.
I, I remember pretty good it wasa hot summer, summer, afternoon,
and it's kinda like that thingwhen you don't know what to do.
with yourself as a kid.
And then you get that brightidea.
(04:09):
And I got that, you know, thatthat plastic little kit, kit
shovel, mm-hmm.
from, from the garage.
And I decided to dig a hole inour backyard about, let's say
three feet wide and justsomething like that deep and
(04:29):
what, what to do with that.
I went into the house, got thoselittle plastic bags that you
usually use for free for, forfreezing food, and I packed dirt
in those bags, put it on mytrolley, and I decided I'm gonna
sell'em in my neighborhood.
Like, branding it as a dirt forplants, So I, I went, I went on
(04:57):
my way.
Door to door, knocked ring abell, whatever it is.
And I was selling dirt forplants, usually.
Of course, most of people boughtit.
Some people of course gave memoney and let me keep my
product.
of course.
Yeah, pro probably my unfairadvantage at the moment was that
(05:19):
I was a kid.
Uhhuh.
And people just, of courseplayed along because tho those
bags were, let's say for onepound or not even, not even
there.
And if you, if you think that itwas hot summer night, that dirt
was also pretty dry.
(05:39):
So there was not nothingreasonable for you to do with
that, with that package.
But somehow I managed to, Sellall my inventory that, that
afternoon.
So I was able to enjoy some,some let, let's say income from
debt.
Mm-hmm.
and went straight to the storeand bought myself some ice cream
Bradley Roth (06:03):
So I think that's the natural thing to do.
Yeah.
At that age.
But yeah.
So that worked the first day.
Did you try and do it again?
Well,
Uros Loviscek (06:12):
yeah, there was ano another business adventure
probably soon after that.
There, there was a workshopright, right next door to us, to
our house, and they, they werehaving a bunch of scraps of of
(06:33):
copper and, okay.
I, I picked, I picked, I pickedup the those scraps and tried to
do some.
Elements, like some animals orwhatever, whatever it was.
From that, I basically, I, I didsome art, let's say let's say
(06:54):
art, Uhhuh, and re repeated theprocess.
So put it on my, it was, it wasa red, red trolley with yellow
wheels.
I remember that pretty clear.
put everything on the trolleyagain and went door to door,
just like the the, the timebefore.
Mm.
And again, some people boughtit, some people just gave me
(07:15):
money to get rid of me, But atthe end, my trolley was empty.
I got money, went to the store,bought ice cream.
It's a win again, Yeah, thereyou go.
So this is basically my firstbusiness
Bradley Roth (07:27):
endeavors.
That's funny.
So you kind of had thatentrepreneurial mindset from the
beginning and.
Well, well, did your parents getmad that you dug up the yard at
all?
Yeah, of course.
Uros Loviscek (07:41):
of course, of course.
They were, they were mad.
They were certainly not happyabout it but of course, after I
explained what happened, what I,what I did, and,
Bradley Roth (07:51):
but they had to at least admire the initiative.
Yeah, of course.
Uros Loviscek (07:54):
Of course.
They, at the end they had a nicelaugh.
Mm-hmm.
and that's what they, of course,there there was no consequences
for me.
I got away with it.
Because I didn't just, I wasn'tvandalizing, ary art.
I, I kind of did somethingright.
Bradley Roth (08:11):
let's say.
Yeah.
Gotcha.
That's funny.
So, and your dad was, or heworked for himself?
Yeah, of course.
Uros Loviscek (08:18):
That, that was a time when Yugoslavia fell apart.
That was right after 1991.
He was a bank employee beforethat.
And also at the time, youcouldn't own a company in this
area.
But af right after right, rightafter Slavia fell apart, you
(08:40):
were able to register company.
And right after that, my fatherquit, acquitted that bank job
and opened a accounting firm.
Gotcha.
So ba basical, basically, hecreated a job for himself.
Hmm.
And this, this was kinda hisentrepreneurial, entrepreneurial
(09:00):
road.
He wa he wasn't, I I don't thinkhe intended to, to build a
company like, like a propercompany.
He, he just built, built abusiness to support the family.
Right.
I remember back in the day, wehad.
One or two employees depends on,on, on the era.
But he also also had very badexperience every single time.
(09:26):
So at the end he decided just doit for, for himself to do it
basically in, in with, with thefamily.
Mm-hmm.
So it'll remain a hundredpercent fam family owned
business.
But at the end, I have someother other goals.
(09:48):
Mm-hmm.
in my, some other ideas in mind.
So it'll develop in somethingmuch bigger than, than he
intended in the first place.
But yes, what, what I got fromthat is basically for, for the
first part, different kind ofthinking.
I never wanted to, to work forsomeone.
I never, I never even think.
(10:10):
that I'm gonna go somewhere andfind a job that works for
someone else.
Mm-hmm.
that, that was kinda never inthe books for me.
Hmm.
I feel like I was alwayslooking, what, what, what can I
do?
Bradley Roth (10:24):
Yeah.
That's interesting because Ifeel like, I feel like that's
more of a recent kind of commonway of thinking, you know, like
people who are just, you know,I'm gonna work for myself.
But then also, especially I feellike, you know, I, I've lived in
the US my whole life.
Went to Europe last fall.
Saw you there, was there for acouple months.
(10:44):
But I noticed just kind of thisreal difference in mentality
between like, you know, the USit's, you know, more money,
bigger, like success is allabout the bank account and big
business and corporation, likeall this, you know, this kind of
like very driven mentalitythat's promoted.
(11:04):
Whereas in Europe, you know,there's still some of that, but
I feel like it's more.
of like, you know, we don't, wedon't have to be rich to be
happy, and kind of almost morelike relaxed in a sense.
Do you notice that or did youever feel, because I feel like
you, that's almost like, yeah, Iknow you're involved with the
RTE and that's how we connectedand and I noticed you have that
(11:27):
very almost like Americanmentality in a sense where it's
like very driven, very likehustle, grind, wanna do big
things, big vision and that kindof thing.
Have you ever looked at it thatway?
Or have you had p troublefinding like-minded people like
in your area?
Uros Loviscek (11:46):
Yeah, I would say for sure.
I, I would say for sure it's,it's different in Europe.
Mm-hmm.
probably even more, let's say ineastern part of Europe, although
Slovenia, it's not fully east,eastern, it's kind of in the
Bradley Roth (11:58):
middle.
Yeah.
Uros Loviscek (11:59):
Yeah.
But, but this, this is the partof Europe that.
was under the communist blockfor, for decades.
Mm-hmm.
and it there is still kind ofstrong.
That's there, there is strongsocial social pressure mm-hmm.
where basically every governmentor country needs to cover
(12:21):
everything that you basicallyneed in your life.
Like, like a job or healthsecurity, schooling and so on.
Hmm.
So, but basically there is somesort of, let's say that's
entitlement.
Hmm.
So, so you, you, you should getthat, you should get that, you
should get that from thecountry.
Now.
(12:41):
Go, go out and create it foryourself and you will have what,
what you want.
You won't be dependent onanyone.
Mm-hmm.
and thi this is not so commonmentality in.
in this, this part of the world.
Mm-hmm.
also.
Yeah.
I, I was in college where wasbusiness oriented oriented, and
(13:07):
most of my classmates were kidsfrom the entrepreneurial
families.
So it was kind of different, butthey what they, I noticed they
all had basically spot in theircompany, so Right.
They went to school just to getsome knowledge to work in their
(13:27):
family company.
Further on of course, in myfamily, yes, my mom and dad
intended for me to work in, inthe company and of course to, to
carry on the legacy.
Mm-hmm.
But working as a, as anaccountant, I learned a bunch of
things, but.
(13:48):
I felt that wasn't my thing.
Mm-hmm.
it wasn't my thing.
I can't, I can't just do it as ajob for basically the rest of my
life.
Yeah.
But I need to, I need to createsomething.
And then at certain points Ihad, I had enough just went,
went to the, that is kinda,
Bradley Roth (14:10):
So did you and your dad, were you kind of like
butting heads?
You had different visions ofwhere you wanted to go with
things?
Kind
Uros Loviscek (14:19):
of, yeah.
Yeah.
Let's, let's say, so he wasexpecting bunch of things of me,
but he never was, he was neverwilling to to.
To let me go on with thebusiness.
Gotcha.
Yeah.
To to
Bradley Roth (14:34):
to, to let
Uros Loviscek (14:35):
make it your own.
Yeah, yeah.
To make, to make it my own inthat, in that business.
So I was always doing the samething.
Okay.
I wanna progress.
Yeah, yeah, yeah, you will.
And then he was bugging me, whyI'm not progressing.
Okay.
And this was just, yeah.
It just said head to head.
Yeah.
And I wa I was, I really feltlike I'm stuck in there.
(14:56):
Mm-hmm.
So, and also because of allthat, family relations were kind
of intense.
Gotcha.
And because of that, I decided,okay, I have enough.
I went and registered my, my ownbusiness, eh, of course before,
before that I did my tax advisorcertificate.
(15:19):
Hmm.
So I went and registered a taxadvisor's company.
How old
Bradley Roth (15:24):
were you when you did that?
Uros Loviscek (15:26):
This was two 16.
So damnit I was I was 31.
Yeah, I was 31.
Gotcha.
Okay.
I was 31.
But also that was not my, myfirst business endeavor.
I had one company before we, wetold my colleagues when we were
(15:48):
doing a car care logisticscompany that again, came just
when we were sitting at acoffee, what, what we can do and
so on.
And then we felt there is atendency to that rich, rich
people don't have time, don't,don't have nerves to deal with
their cars.
(16:08):
It's better to play golf or bein the business meeting or
whatever, and we can take, takecare of their cars.
Okay.
But again, as you, as you said,my picture was much bigger than
that.
Right.
So instead of going straight tothe business people to get their
(16:28):
cars, I went to the companies.
So at the moment I got hugetobacco company took to take
care of their fleet.
I got the main Toyota dealershipfor, for basically for Balkans
to, so I was kinda, I wasoutsourced company for Lexus at
(16:51):
the moment, at the time.
Gotcha.
But then the 2 0 8 came the bigrecession and mm-hmm.
This was basically the fullluxury service and every,
everybody just canceled rightaway.
Wow.
So it went south really quick.
Bradley Roth (17:09):
Wow.
So at 31 is when you went outand kind of on your own, within
like after getting your taxYeah.
Certificate.
Gotcha.
And so then what was thatprogression like, starting from
there?
Like obviously you kind of hadthis experience, you'd seen what
your dad did, but then youwanted to add your own flavor to
it.
Yeah.
Uros Loviscek (17:29):
Yeah.
So I basically started with zeroclients.
What I did is, of course, I usedwhat I had to write at that
moment.
That was Facebook.
So I basically messaged all myfriends that I started my
business.
So if anyone knows someone, ifanyone needs anything of what
(17:53):
I'm doing, just let, let me knowI can help you.
And yeah, it, it was one, one ofmy.
colleagues responded that hewants to know more about taxes.
Okay.
And we, we started to, to like alittle, we started like a little
class on taxes because he had acompany at the time.
(18:16):
Mm-hmm.
still, still has.
And we started like a littletech school to understand what
Texas are involved in thecompany and so on.
And next step was, I, I knew Ineeded to go in front of people.
I need to find group of peoplewhere I will be able to connect,
(18:38):
where we will able to, tonetwork.
Mm-hmm.
So I joined b and I that'sAmerican Franchise Networking
Group.
Yep.
And I was basically the only taxadvisor in the system in
Slovenia.
Gotcha.
(18:58):
So I, I really had a hugeadvantage in the, in the, in the
system.
Basically.
Every group has one of,
Bradley Roth (19:10):
of sort each kind of expertise.
Uros Loviscek (19:12):
Yeah, yeah, yeah.
But I was basically the only onefor whole Slovenia.
Wow.
And that, that was great.
I, I was ev I was everywhere.
Every, every, every meeting,every, every class that was
outside, every conference I waseveryone.
Mm-hmm.
And you, you, you have, you haveto know that I'm basically huge
introvert.
(19:34):
I, I'm really huge introvert.
I mm-hmm.
basically, I, I'm the one whowould normally stand in the
corner with my cell phone andjust not know what to do.
Right.
in so, so social meeting.
So I just pushed myself outthere.
I'm normally kinda, I have to doeverything like over the top.
(19:56):
I, I won't say perfectionist,but I really need to
Bradley Roth (20:00):
like, when you do something, you right.
Yeah.
Go all in.
Yeah.
Uros Loviscek (20:03):
Yeah.
Like, like owing.
And therefore, I al also dresslike that.
Hmm.
Yeah.
It, it was the time I, I didn'thave much money.
I, I went to Zara.
I bought, I bought a suit thatno one wanted so I got it for
like 25 euros at, at the time.
Mm-hmm.
It, it was really nice.
(20:25):
It was blue blue it, white spotsreally like extravagant, like
flashy.
Hmm.
And I took, I took it to, to atailor near nearby.
I give him five more euros to,to tailor it, like to, to fit
perfectly.
Mm-hmm.
and then I build the wholewardrobe around it.
(20:47):
Like tie, pocket square tieholder.
Mm-hmm.
type in shoe socks, everything.
Like, everything to a t forbasically in general for 50, 50,
50 Euros, something like that.
something there, Uhhuh.
But I, I looked like a millionbucks and everyone noticed me.
(21:07):
Mm-hmm.
So I, I wa I was walking aroundlike a billboard, This was kind
of, kind of my brandingstrategy.
Every, everyone remembered me,whoever I talked to or
remembered me next time who Iam.
Oh yeah.
The guy with a suit and so on.
So
Bradley Roth (21:25):
that's funny.
That's that's like an importantmessage, I think.
Especially I feel like in thatfield too.
Like you're expected to be verykind of put together and
professional and that sort ofthing.
So that's an easy way.
It's, it's funny, I do see a lotof introverts who tend to dress
a little bit more likenoticeably because, you know,
(21:48):
maybe they're, they don't liketo talk as much, but they still
want to express themselves.
They still want to connect withpeople and get noticed.
And it's an easy, it's, you canalmost bring people to you by
your appearance versus having togo and speak.
Like, did you find that morepeople started to approach you
naturally?
Uros Loviscek (22:06):
Yeah, might, might be.
Might be.
Yeah.
This, this, not basically theaspect I was thinking of, but
Yes.
Yeah, you might be right.
You might
Bradley Roth (22:16):
be right.
Yeah.
Yeah.
But e, either way they're gonnathink of you differently.
And that's something that forme, you know, growing up I was
always like cause I went to anall.
I went to like a private highschool where you had to wear a
shirt and tie every day and youknow, I hated it being in high
school and having to do that.
And so I was kind of antiformality and, you know, be more
(22:36):
casual.
That was, that was my mentality.
But then, and, and I did thatfor a while into my twenties and
then at a certain point I kindof, you know, I, I got a, a nice
suit and I started and I noticedthat like, you know, people kind
of, I dunno if I'd say theyrespect you more, but they kind
of view you in a little bit of adifferent light when you're
(22:58):
really put together and dressedup.
And so I Did that become kind ofyour standard after that?
Like you always dressed nice andwore, you know, fitted suits and
that kind of thing?
Uros Loviscek (23:11):
Yeah, for sure.
In professional environment, I,I tend to, Really well put
together.
Mm-hmm.
now I'm in a position that Ican't afford.
Custom, custom tailor suit.
I found a great tailor like the,that's traditional one.
The older guy that's like, likein the, in Italian movies.
(23:32):
So Yeah.
It's per, it's, it's perfect.
So you don't really need tospend much to look great.
And especially I think in, inmy, my field of expertise in
financial sector, financialindustry.
You and when you are a youngerperson, you really need to be
(23:55):
well put together.
Otherwise no, no one would takeyou seriously.
Mm-hmm.
that's true.
Because you're, you're comyou're not dealing.
I never wanted to deal with,with, with, let's say personal,
personal tech.
I wanted to go, I went, wentstraight to the companies.
I wanted to deal with companies.
Mm-hmm.
which is a whole other level andRight.
(24:18):
You, you need to lookappropriate.
Yeah.
You, you, you can't come inthere in jeans and San Polos.
Of course, if you, if you are apersonal trainer or Right.
It dependent on, not it guy, youcan, no problem.
Mm-hmm.
But again, if you wannadifferentiate yourself from,
(24:39):
from others to really make animpression on, on, on the, on
the doorstep.
Put yourself together.
You don't really need much moneyto get a nice suit, tie shirt
and really come, come on thefirst meeting and basically an
all their socks off.
Mm-hmm.
(25:00):
because they will, they will.
People will see, okay, if youcan put yourself together like
this, of course, you, you, youset, you set high standard that
you have to meet later on withyour service.
Right.
That if you put yourselftogether and look like a million
bucks and then you sheet theservice of course.
(25:20):
Right.
That, that, that's not gonnawork.
Right.
But it's a foot in the door.
Mm-hmm.
Bradley Roth (25:25):
Yeah.
People associate, they say,okay, if he looks really well
put together, like hisfulfillment is probably Yeah.
Really solid as well.
Yeah.
So, exactly.
I think that's important.
So from there you starteddressing nice and you got in a b
and I and you were kind of in ablue ocean in a sense where
there you weren't competing witha lot of other tax specialists.
Was that kind of your, yourlaunch point?
Uros Loviscek (25:49):
Yeah, exactly.
I got a lot of connections notjust inside the B and I, but it
drive me out out of that system.
Mm-hmm.
like, like it, it was like anetwork.
So one, one tells another one,one person tells another.
And just so in that, in thatmanner is like a snowball
(26:10):
effect.
Mm-hmm.
and you start, start to getgetting calls.
You, you are getting in front ofright people because every
meeting in B and I says likethat, you, you say you, you tell
people what are you looking for?
What company are you lookingfor?
Or what type are right.
Maybe exactly the company youwant, and what do you want to do
(26:31):
with them?
And if there are, there isalways about, let's say 20 to 30
people who someone might notknow, someone who either works
exactly at that company or has aneighbor that works in that
company or whatever.
Mm-hmm.
So there is always a big chanceto, to get to get introduced to
(26:54):
what you want.
But of course you have to knowthat like always in business,
you have to know what you want,who you want to work with, and
you basically have to narrow outyour avatar of, of the client.
Bradley Roth (27:08):
Yeah.
Yeah.
So, okay, so you started gettingsome business and then how long
was it before you went fromhaving to buy those 25 euro
suits to being like, okay, I'mactually, this is working, I'm
making a, a solid, consistentincome?
Well,
Uros Loviscek (27:26):
this was about, let's say four years.
Bradley Roth (27:30):
Four years from about, it was about four years.
Yeah.
Gotcha.
I think that's important.
I, and I hear that three to fiveyears as kind of a general range
a lot of times from likestarting to really getting
something working.
Yeah.
But the problem is most people.
You know, can't even work atsomething for three to five
months or three to five weekseven before they give up and
(27:51):
move on to the next thing, andthat sort of thing.
So like, were you ever close togiving up at any time?
Or were you like, this is, I'mdoing this no matter what?
Well,
Uros Loviscek (28:01):
yeah, of course.
Yeah.
O oftentimes comes that moment.
Okay.
I, I just have enough.
I want, I'm not doing thatanymore.
I wanna quit.
Mm-hmm.
and just gonna sit on the planeand go somewhere on the beach,
be in Thailand for a few bucks aday and sit there on the beach.
Yeah, of course, of course.
(28:21):
But at the end of the day, oreven before, you just have to
remind yourself, why are youdoing that?
Bring, bring back your dreams.
Sell your dreams to yourselfagain.
Mm-hmm.
And just pick your shit, pickyour shit up and keep, keep
going.
Yeah.
(28:42):
in business, you know, yourself,there is like 70% of business
that you have to do that youdon't like mm-hmm.
that you just have to do.
Yeah.
Especially when, when you aregrowing business, when, when you
have to do everything in thatbusiness for yourself before
you, you gather people can hireout.
(29:03):
Yeah, yeah.
Before you gather some, somepeople, some different skills
that can take some burden awayfrom you.
Bradley Roth (29:11):
Yeah.
I think that's an importantlesson for people who are
starting out in whatever it isthey're doing.
Like I, and I thought this toowhen I started that people
think, oh, if something's yourpassion, like you're gonna love
all of it.
It's like, no.
You just have to either love theend result enough to make all
the rest of the, you know,crappy parts worth it, or you
(29:33):
have to love just like onecertain aspect of it enough to.
Put up with the rest.
You know, like all the, thinkabout like a pro athlete, right?
Like, they love, they love thegames, they love competing, they
love getting, you know, paid thebig bucks.
But, you know, they probablydon't enjoy a lot of like the
early morning workouts and filmsessions and all the other
(29:54):
behind the scenes stuff thatcomes with it.
But they love kind of that onepart of it, enough to do all the
rest and for sure.
Uros Loviscek (30:04):
Yeah.
I, I would say they at thispoint that you have to develop a
really strong mission foryourself.
Mm.
So if your mission is to reallyhelp others, and you're, in my
case, you're in the middle ofwriting long hour business plan
and it's, I dunno, it's midnightor even past midnight, and you
(30:26):
have to finish that project bytomorrow and you're tired and
you really have enough.
You just want to.
These are the moments that youhave enough and you want to quit
to just go to math.
Mm-hmm.
But, and when you really want todevelop that project, that
customer, your clients will havesomething to do with, with, with
(30:48):
your, with your product.
That's you will really help yourclient develop their business.
And you want to create somethingmeaningful, meaningful.
Mm-hmm.
in that, in that project, thatthis, this is what basically
drives you through everything.
Yeah.
In that case, of course, thereare words you wanna have great,
(31:11):
great things in, in your life.
You wanna win, but for, for thatmoment, I think that mission is
what drives you throughdifficult,
Bradley Roth (31:20):
Times.
Yeah.
Mission and having a clearvision.
And I know that's something thatyou're big on, is the
visualization.
and you have actually kind of acool story about something that
you visualized.
And then recently, I think like,I think it was the week after we
met up or something in October.
You Yeah.
You got it.
Yeah.
C can you share that story?
Uros Loviscek (31:42):
Yeah, of course.
And this, this was actually notthe, the first thing, so the
visualization really works.
Of course you have to work for,for, for it too.
Mm-hmm.
But I had I had a car, alphaRomeo, Stevia, quality folio on
my screensaver on my desktop forabout two years.
(32:07):
Basically from, from the momentthat it came on the, what was
launched on the market, it was asick car and still is.
Mm-hmm.
and I deci at that moment, Idecide I'm gonna have that car.
I will have it.
The, the, there, there was noquestion about it.
Whether or not I will or not Iwill have it.
(32:27):
Mm-hmm.
and I didn't even bother how at,at the time, basically.
I didn't bother how I'm gonna dothat.
I just started to visualizethat.
Mm.
Every, every day, once or twicebefore I went to bed, I closed
my eyes with my, with mygratitude round.
I ended up with, I ended up withvisualization, of course.
(32:50):
Sometimes I was still bitendown.
I fall asleep a bit.
Yeah.
While doing that, but doing thatconsistently, I did that with my
house before I had the car,before I had the house.
I basically visualized both ofthose.
Hmm.
And I didn't, I didn't actuallyknow how the house will look
(33:10):
like, but, Somehow it's exactlyas I imagined.
Hmm.
The house is, is exactly thesame where my bathroom, because
I always start from thebeginning, from the beginning of
the day.
When you wake up, when you wakeup in your, in your bath, get
up, go to have a shower, getdressed and and so on.
(33:33):
And I always imagine the whole,the whole morning ritual and
path, how you get up and get,get, brush your teeth, get
dressed and get, go out to yourcar.
And this, this is the path Ialways do.
And of course then driving to,to the office.
Mm-hmm.
(33:53):
this basically, let's say, let'ssay non-negotiable.
I do it every day the same, inthe same way.
And I picture this house that isexactly the same that.
I imagine it, I never saw itbefore, so it was really out of
my mind.
Basically created in my mind.
(34:15):
But the car, of course, I, I,I've seen before and I put it
there on the driveway that waswaiting for me every morning
when I, when I get out of myhouse.
So, as you said, the last, lastyear in October, right?
About a week after we met, I gotit.
(34:35):
I got it exactly the same, samecolor, same wheels, same
calibers, same seats, really thesame car.
It was on my desktop in myvision everywhere.
Hmm.
I love that.
So,
Bradley Roth (34:53):
yeah.
Yeah.
That's a cool story.
Especially, I didn't know, Iknew that you had it like as
your desktop background.
and saw it every day, but Ididn't know the way that you
visualize where you visualizeyourself, like it actually just
being a part of your normallife.
Cuz I think that's somethingthat, yeah, I've heard things
(35:14):
like that, but not exactly likethat because I think if you like
what we remember or like we needemotion tied to it for it to be
powerful.
Right?
Yeah.
And so it's easier to have thatemotion if you can, like, if you
can think of it through a storyor through memory.
Whereas I think a lot of timeswhen we visualize, we're just
like sitting there and wevisualize just this car just
(35:36):
sitting there.
But if we can visualizeourselves getting into it,
turning it on, driving to wherewe wanna go, like it becomes so
much clearer.
So is that something that youkind of came up with on your own
or did you hear that somewhere,that technique?
Uros Loviscek (35:50):
I'm not sure if I came up with that on my own.
I, I know, I know in the pastthat Andy was talking about it
in rte mm-hmm.
that you really have to feel it,you really have to smell, you
have to feel the materials andeverything.
Yeah.
And I, I did that.
I did that.
I'm still doing that with, withtwo cars now.
(36:13):
I, I have one other one is inthe making and what especially
helps you with, with that, thatyou go out and try the car if
you, if you can mm-hmm.
go to, to dealership, get, getthe car for a test drive, just,
just to get familiar with that.
Mm-hmm.
also, I also get the other car.
(36:34):
I had had a chance to drive it alittle bit to, to get familiar
with that exactly how the door,how the door opens.
Mm-hmm.
if you, if you don't, if youcan't do that, because of course
with Lamborghini and Ferrari andso on, it's not that easy to get
your hands on.
So you can, you can search onYouTube.
(36:56):
There's a bunch of videos on, onYouTube.
On Instagram, exactly like p o vvideos.
Mm-hmm.
people getting in the car, outthe door opens how you sit in
the car, how you feel, thesteering wheel, how you turn it
on.
Of course, every car hasdifferent buttons, different
(37:16):
commands, and if you find outwhere everything exactly for
your car is, it's easier for youto imagine.
And then you, you put that onyour existing daily life.
Mm-hmm.
like your daily path to, to youroffice, because you are super
familiar with it.
(37:38):
You know exactly how it goes.
And then you go in your mindfrom your house, ev every
crossroad, every roundroundabout, every red light.
Especially if you, there'scertain car that's really fast
that you like on the red light,when it turns green, you, you
press it, that throttle and justexplode from, from standing
(38:01):
still.
And you try to get that feelinghow, how it pushes you, the
sound, the the rumble andeverything.
So when you, when you meditateand when visualize like this,
you just get goosebumps when,when you do that because you are
there already.
Yeah.
You get familiar with thatenvironment.
Bradley Roth (38:22):
Yeah.
That's a, that's powerful, thattechnique and something that
I've heard before, but I needto, that was, that was a good
reminder for me and probably foreveryone listening to really get
specific cuz the brain does, isbest able, or the mind, the, you
know, soul, whatever you wannacall it, focuses best on the.
(38:44):
Specificity things that are veryspecific versus just kind of
general like, oh, I just wantthis car.
Like there's a, that's a wholedifferent level, taking a step
by step detail by detail likethat.
And it's much easier for you tofocus on one little thing versus
like just pic picturing thewhole car and like, just trying
to kind of visualize it all atonce, you know?
So, so I love that.
(39:04):
And then I remember, I rememberwhen we met in Slovenia, we went
out to dinner and you guys, youknow, treated us to dinner and
I, we were like, you know, youdon't have to do that.
And I remember you saying, it'smy pleasure, because I remember
those days when I couldn't evenreally afford dinner or like,
you know, the 25 euro suit days.
(39:25):
And so I know you said fromthere to like about four years
is when you started makingmoney, but I mean, like, you
know that Alpha Romeo, that'snot a a cheap car.
And so how fast, like what wasthe timeline from kind of that
start to.
To now, you know, cuz I thinkpeople who are starting out, or
maybe they're in the middle ofit, you know, something like
(39:45):
that seems so far away, youknow, they or may seem like it's
just never gonna happen.
How, how long did you kind oflike take, to go from one end of
the spectrum to, you know, beingable to get your, one of your
dream cars?
Uros Loviscek (40:03):
Well, this was all together about six years.
Okay.
This was, this was, this wasabout six years.
And, but I was also lucky enoughin between meanwhile to, to buy,
to bought my my first, my firsthouse.
Hmm.
I was lucky enough to buy my, myfirst house at the moment by the
(40:24):
time mm-hmm.
basically right when Covidstarts Gotcha.
yeah.
Right, right.
At that time.
But that, that was actuallyagain, Very good, very good
story That originated in bni OneConnection led led to another.
Mm-hmm.
and I got, I got basically amortgage broker that, that was
(40:49):
working only with mortgages for,for personal houses?
For family homes.
Mm-hmm.
and working for working on mymortgage.
We were talking, we were meetingquite a, quite a lot talking
what, what, what are you doing?
What what are your visions?
Okay.
And at the, at that time, webasically created another
(41:12):
partnership from, from data.
Hmm.
From the, from that meetings.
And we started to build apartnership, partnership
business.
We expanded basically hiscurrent business to.
to build to writing tenders forcompanies.
(41:32):
Hmm.
To, for applying for differentloans.
Mm-hmm.
incentives that are given fromthe government for, for business
development and so on.
So we are developing thatbusiness quite well all this
time.
Hmm.
So one, one thing led to anotherBA basically that, that, that,
(41:56):
that business that en thatencounter paid my, paid my
house, or let's say still payingmy house because I'm, I'm
learning from that encounter somuch that is basically covering
all the costs that, that cameinto my life after that moment.
Hmm.
That's cool.
So just everything goes one, onething on top of, on top of
(42:20):
another,
Bradley Roth (42:20):
yeah.
Exponential growth.
Yeah.
Yeah.
Nice.
So I know people listening, alot of them are entrepreneurs, a
lot of them have theirbusinesses, and I know most
people who are in business,especially earlier on, you know,
managing their cash flow,managing their taxes, like it
can be a lot, a lot of mistakesto get made.
(42:41):
There's obviously a big learningcurve.
And so you work with a lot ofthese different businesses and
your book coming out, master ofFinance, I'm sure it goes deeper
into this, but what are some ofthe common things that you see
most people, like either makingmistakes with or that most
people just don't know aboutthat they need to know about?
(43:04):
When did you start working withthem?
Uros Loviscek (43:07):
Yeah, you see, this is basically the point why
I decided to write a bookbecause I was.
Let's, let's say, fortunateenough to work in the industry
where I was not just able tolearn from my mistakes, but I
was also learning from mistakesof other people.
(43:27):
Mm-hmm.
So from my clients.
Yeah.
From, from, from basicallyThat's accounting firm on, yeah.
So I had, I, I was lucky enoughto have twen 20 years of
experience of other people'sissues behind me.
Mm-hmm.
And in all this all this time Ilearned that most entrepreneur
(43:54):
most business owners, of course,they're masters of their craft,
whether they're mechanicscarpenter, whatever they do,
they're masters of their craft.
Mm-hmm.
but business site of thebusiness.
is really not their strong suit,or they're not even putting much
(44:16):
atten attention to it.
Yeah.
Especially but, but I, I don'tmean to judge or there's nothing
bad people that create their ownjob.
They're not developing business,but they just create a job from
Disrupt.
Mm-hmm.
Nothing wrong with that, butthose people those business
owners don't even have time toput attention to business aspect
(44:40):
of their business.
Right.
They, and therefore they'relacking most of everything I put
put in the book.
The more the bus businessdevelops, the more bus business
owner can be detached from bus,from actual service or product,
and more can be more focused onrunning a business itself.
(45:06):
So this, this book is createdlike, like a, like a guide for
startup or long, long-termbusiness owner.
Mm-hmm.
It is not skilled in their backarea.
And what I learned is fir firstof all they don't know they,
(45:26):
they're not familiar with theircash flow.
They're not familiar with theirexpenses.
So Mo most of them, every,everybody knows what is the
balance o on their bank accountin the moment, because we all
have those fancy apps on on ourphone.
And you can instantly know what,what your balance is.
(45:46):
Most of the, most of the peopleknow what their sales are for,
let's say, previous month.
Yep.
Like roughly, but further fromthere.
there is a challenge.
What, what are expenses?
What sort expenses did theyhave?
What are fixed, fixed expenses?
(46:07):
What are variable expenses?
And with, with that in mind, weall try of course to grow our
business to sell more and moreand more.
Mm-hmm.
kind kinda strive for everybusiness owner to sell more.
But you have, you have to knowthere is a marginal cost.
(46:28):
Basically that's a cost ofadditional unit and one, one
huge order that you would bebest fir first really happy
about it.
Okay.
I are, we in a huge order now.
My company's going to grow, butthat huge order can basically
(46:48):
bankrupt your business becauseyou are not in position to
process that order.
Effectively.
Mm-hmm.
Because some, from, from acertain point you are you are
with additional unit, you startto create a loss for yourself,
not a profit.
Hmm.
So you have, you have to knowthat point.
(47:08):
Yeah.
And so this is something that'salmost none of business owners,
especially I'm talking aboutsmall businesses mm-hmm.
are not aware.
Hmm.
If, if I, if I give you for, forinstance about a year or two
ago, encounter a business, it's,that was generating about 2
(47:31):
million in revenue.
And they were struggling whenCovid came.
Of course, all, all the, thebuyers dropped their, their
orders.
Mm-hmm.
Whoever were, were, were, werestill buying were nego
renegotiating the prices.
And they, they were basic,basically really going downhill.
(47:56):
The company was struggling somuch.
They, they had 14 loans in thatcompany.
Wow.
So on two on 2 million revenue,they had some million.
Million and something in loans.
Mm.
And when we dig deeper in the,in the company, how, what's
(48:17):
going on, actually, because theyjust weren't profitable.
And what we find found out wasthat they had really, really
expensive production.
So expensive fixed costs.
Fixed costs are something thatyou have to pay whether you
(48:39):
produce or not.
Right.
And, They were operating atabout 25% capacity.
And of course, price per unitwas so high they were not able
to lower their prices orbasically at, at the time they
were selling just to just to cuttheir losses as much as
(49:03):
possible.
Mm-hmm.
so the, the, the, the time, thatwas the only intent of their
cells.
So if you flip the script on, onthat certain case, they ended up
producing they, they ended upthey ended up employing hundred
percent of their productionline.
(49:25):
So they're ma they maxed out theproduction line and then find
the buyer for, for the product,not the other way around.
the first, the the first have hahad a buyer.
Okay, we gonna produce the, thequantity that is ordered now,
flip around, max out yourproduction line, lower your cost
(49:47):
per unit, and then you can evenlower your price.
Be more competitive, competitiveon the market.
You, you have much bigger marginif you keep the price and you
just don't struggle.
And then you find a B buyer forthe quantity you produce, not
(50:07):
the other way around.
Mm-hmm.
And this is how this company be,became profitable in the end.
Bradley Roth (50:16):
Huh.
So it's sounds like step numberone, which you've pr I've,
everyone's probably heard thisbefore, is know your numbers.
right.
So like, no.
Exactly.
Yeah.
Beyond just your current balanceor what your revenue was last
month, you need to know how muchis going to employees, payroll,
you know, whatever otherbusiness expenses you have,
(50:37):
education, supplies, whatever.
And then you know, your sales,you know, sale.
Like someone could do a millionin sales and be zero profit or a
million in sales and 90% profitYou know what I mean?
So it's, it's ex Exactly.
Knowing those finer details.
(50:57):
And so is that you come in andyou help people just get it
together in a sense, and get allthose things dialed in.
Exactly.
Uros Loviscek (51:06):
And what I, I usually do, I turn the things
around.
Mm-hmm.
one thing that business ownersusually, usually do is use
their, their profit and loss andbalance sheets from previous.
Periods from, from last year orlast quarter and so on.
Mm-hmm.
to navigate to, or to see wherethey are.
(51:27):
So it, it just, the sa the sameas driving a car.
You're not driving the carlooking at rear view mirror all
the time.
Of course you have to, you haveto, you have to know what behind
you, but you have to lookforward.
Mm-hmm.
what's coming, what's in frontof you.
And therefore there are really,really few entrepreneurs that
have forecasts.
(51:48):
You use your, your, your pastnumbers to create a forecast.
And then you see, you basicallycreate a crystal war for crystal
warfare.
Crystal, crystal ball foryourself.
And you, you see how yourbusiness is gonna behave next
month in two months.
Mm-hmm.
in three months and so on.
(52:09):
And if you, if you, with yourprojection, then with, with
forecast, if you see a problem.
in two, two or three monthstime, you ba you basically have
one or two months to fix thatproblem.
You can identify that and youcan fix it in advance.
So you never encounter thatissue ever because you, you knew
(52:33):
ahead of time that is gonnahappen.
Mm-hmm.
and this is something that not,not most or very few
Bradley Roth (52:42):
utilize.
Hmm.
Yeah.
I feel like if you ask a lot ofpeople, you know, where's your
business headed or what are youdoing?
They won't say like, well we'rego, we're on the path to do
this.
They'll say, well, this is whatwe did in the past.
Yeah.
Yeah.
So having that kind of forwardthinking, being able to see into
the future, and I think, youknow, you're never gonna be able
(53:04):
to predict it a hundred percent.
You know, no one's, no one'sfully accurate.
Sure, sure.
Right.
But the fact that you're eventhinking about it at least is
gonna make you better preparedthan the person who's not.
Sure.
Essentially, yeah.
Uros Loviscek (53:17):
We, I think we both agreed in January, 2020.
No one, no one knew what's gonnahappen in March.
Mm-hmm.
And you ju you just couldn'tpredict that.
Right.
And like every crisis bringstons of opportunities.
Mm-hmm.
and you didn't have to suffer atthe time.
(53:39):
But if the opportunity come andyou don't have your forecast
done properly, and you don'tknow what your number, what your
numbers look like for futuremonths, and you, you see
opportunity, you have, let's say1 million in cash a death moment
on, on your, on your checkingaccount.
(53:59):
You need to act fast, of course,with the opportunity is like
this.
You have to act fast.
You bring out that money, youmaybe even sell your accounts
receivables.
To, to gather that moneyquicker.
And if your company, if yourcompany has let's say two or
(54:22):
three months or even more termson, on your invoices, means you
gave all your money away forthat opportunity.
You sell, you, you sold all, allyour accounts receivables
together as much money aspossible to seize the
opportunity.
And now you have, let's say twomonths or three months gap in
(54:45):
cash flow coming in.
And at that time you have taxes,you have salaries, you have
bunch of vendors that you haveto pay and so on.
Yeah.
So you were a great company.
You saw that opportunity.
You seized it, but you didn'tknow.
(55:08):
how it's gonna play basically inyour future.
Hmm.
Bradley Roth (55:15):
I mean that's, I mean now I'm like, I'm going
through the numbers of my ownstuff in in my head, you know,
gives, gives me things to thinkabout.
But is there, is there any kindof one last like piece of advice
related to that, that you wouldleave people with in terms of
like kind of business financeand tax strategy and all that?
(55:36):
Yeah, I
Uros Loviscek (55:36):
would say, I would say that every business
owner should know their numbersfor, for at least two months.
Two months in the past and twomonths in the front.
So as much as possible, and ofcourse they need, they need to
break, break down their currentfinancial situation.
(56:00):
what are they selling and howmuch does that cost?
Mm-hmm.
what, what, what are the whatare the costs, fixed costs,
variable costs.
And this is basically the onlyway how to identify where, where
you are
Bradley Roth (56:14):
at.
Mm-hmm.
Hmm.
And then I think another thingtoo, and I know you've, you've
dealt with this, is companiesthat want to get acquired,
right?
They have to, yeah.
Have all of these things inline.
And so a lot of people will kindof survive and, you know, grow
(56:35):
but not know these things.
And then someone comes to, youknow, might be interested in an
acquisition or a merger orsomething like that, and they
don't have it together.
And that, you know, they maymiss out on that kind of
opportunity.
Have you seen that happen?
Yeah,
Uros Loviscek (56:48):
of course, of course.
Mm-hmm.
that, that, that happens.
But usually, the, the thispositions usually business
owners sell because they have tomm-hmm.
and of course they this POposition they sell under price.
Right.
So they, they don't get as muchas they could for, for the
(57:11):
business if they would docertain things to prepare for
that, of course.
Mm-hmm.
I don't think, I don't thinkthat you can really prepare for
that, that someone will tryingto buy your business.
Right.
Unless you are intentionallydoing that for the whole time,
you are intentional with yournumbers, with everything, and
(57:33):
you are basic in every singlemoment you are in a position to,
to sell your company.
Bradley Roth (57:38):
Mm-hmm.
gotcha.
Well, there's a lot of lot ofgold there, I think for.
especially small businesses, youknow, I think these bigger
businesses that ha they haveCFOs, they have these kinds of
things in place, that, andregulations and all that.
But for the small businessowner, this stuff's super
important.
I know my, my handle on all mystuff could be, could always be
(58:00):
better and, and more organized.
So maybe maybe I'll be givingyou a call here at some point in
the future.
But yeah, make sure you guys, ifyou wanna know more, I know he
is, got all of the details inhis, in his new book, master of
Finance, and I know that you'rea listener of the show, so I
know you have an idea of whatquestions coming next.
(58:20):
And it's the question that I askeveryone who comes on the show.
And that is, what is yourdefinition of not most people?
Uros Loviscek (58:29):
Well, my definition of not most people is
for, for certainly exactly whatit, it says you think
differently, you're just.
Wired differently.
And so I, I would say if you, ifyou are not, most people, most
(58:52):
people don't understand you whenyou, when you start talking
about your vision or what youwanted to do mm-hmm.
and you, you're just not settledfor or average.
Yep.
That's spot on and Yeah.
(59:13):
Yeah.
I mean, I, I, I, I would saythat's it.
I would say that's it.
You're, you're just wireddifferently.
Bradley Roth (59:19):
Yeah.
Or you think differently.
Like that's, you know, I createdmost people and, and the first
thing that I think of is notmost people they think
differently.
You know?
So you nailed it.
And and so I know peoplelistening are like, okay, where
can I, you know, maybe, I knowyou have a book which will be
listening to show notes and.
So other than that, people mightbe wondering like, where can I
(59:42):
find you on social media?
What else do you have going on?
And so, you know, what, whatwould you tell people for that
Uros Loviscek (59:47):
Yeah.
For social media, I'm onInstagram.
It's euros.
It's the line underneath.
Underline is the D D M F C F OEuros, underline dm, F C F O.
All
Bradley Roth (01:00:02):
right.
Do you have it?
So Instagram's the best place toreach you for sure.
Okay, cool.
So I will have that linked inthe show notes and then you
know, is there, is there anylast kind of parting thoughts
that you wanna leave theaudience?
Uros Loviscek (01:00:16):
What I would like to say is this is the time we
all know, all know economy iskind of in the cringe, and now
more than ever, it is importantto have your numbers in check.
Mm-hmm.
I'm, I'm not saying if, if you,if you can, that you need to go
out and find an expert dive,dive in, learn the, learn the
(01:00:37):
skill if you need get a, get abook in a, in a book book.
Book was created just for thatbecause as Brad said, bigger
companies has having CFOs to dothat.
And this book can serve you lilike a c, like a CFO for you to,
to guide you in your, in yourbusiness.
(01:00:57):
And now it's really important tohave your numbers in check to,
so you can, can adapt for acertain situation accordingly
and prosper to these tax becauseas, as we said, there are tons
of opportunities in times, intimes of crisis, and you, you
want to come out on top of it.
Bradley Roth (01:01:18):
Yep.
A hundred percent.
Most people right now, thingsare not looking great ec
economically, they tend to kindof shrink back, slow down, hit
the brakes.
Whereas the people who reallytake advantage right now who
press on the gas, like there'sgonna be opportunities now more
than ever, less competition nowmore than ever.
(01:01:39):
And so, you know, I'd, I'ddefinitely listen to what he's
saying and you know, go checkout Master of Finance on Amazon.
And with that I also like tothank you so much for coming on
the show today.
I know it was a long time comingand, and glad we made it happen.
Uros Loviscek (01:01:57):
Brett, thank you.
I really appreciate that.
It was great talking to you.
You're a great host and it's myhonor to be
Bradley Roth (01:02:03):
here.
Awesome.
Yeah.
Thank you so much.
And guys, again, make sure youcheck out what Eros has going on
and as always, if you enjoyedthe show, share it with that one
person and then also leave areview.
I know a lot of you guys listenand haven't left reviews.
I'm gonna call you out kind ofright now and so make sure you
please go do that.
And then again, we got the NotMost People Alliance, all kinds
(01:02:25):
of other cool stuff, eventscoming up and all that will be
in the show notes.
So that's it.
Thanks for tuning in.
We'll see you in the next one.
And always remember, don't bemost people.
Hey everyone.
Welcome back to another episodeof the Not Most People podcast.
This is your host, Bradley, andthis is the show for those
allergic to mediocrity groupthink and following the status
quo.
And real quickly, before we getinto today's episode, I just
wanna remind you guys that theonly thing I ask of you as a
listener is to help me grow theshow.
(00:53):
I don't put in ads or anythinglike that, but I just ask that
if you get value out of theshow, if you learn something, if
you're entertained, that youhelp me out just by subscribing
and sharing the show with oneperson who you think.
we'll get value out of it.
If you wanna share it on socialand stuff, that's always
appreciated as well.
Or leaving a review is alsoamazing.
(01:16):
But that's really just my oneask.
I want to get that outta theway.
Whether you're list listeningfor the first time or you're a
repeat listener it's just avalue exchange.
And so I really, reallyappreciate that.
If you guys can just help mespread the message.
And then for anything else, notmost people beyond the podcast,
which there's a lot going onright now.
Make sure you check the shownotes, all the links and all
(01:36):
that good stuff is there.
But that's it.
We're gonna get right intotoday's episode.
I have Eros, Lovis, joining andthis one has been a long time
coming, but OSA just wannawelcome you to the show,
Uros Loviscek (01:51):
Brett.
Thank you.
Thank you for having me.
Bradley Roth (01:53):
Yeah, so, a little bit about Eros, for those of you
listening.
He lives in sve and is actuallymy first guest on the show to be
joining us from Europe.
And he started his firstbusiness endeavor as a kid
preneur at the age of five.
And that was selling dirt doorto door.
And I, I wanna we're gonna getinto more of that story, which
(02:14):
is an interesting one.
But he grew up in the familybusiness, which I believe was in
the kind of financial taxaccounting world.
Left it, built his own thing andthen came back later on and
connected his previousexperience with.
More recent experience and nowhe is a successful business
owner and he helps businessesall over the world dial in their
(02:35):
finances, business planning,strategy, taxes and cash flow.
And he's becoming known as the MF C F O O if any of you guys are
familiar with Andy's, Andy Fels,M F C E O podcast.
So I think that's one of thecoolest branding things I've
seen.
And he also has a new book thatjust came out called Master of
(02:56):
Finance, and he also helpsindividuals take their mindset
and fitness to the next level.
And let me tell you, he isabsolutely shredded.
So listen to what he has to sayin that regard.
And he's also an active memberof the Utmost People Alliance
has been since.
From since since from thebeginning.
And we were fortunate to meet upwith him and his family when me
(03:19):
and my wife were travelingthrough Europe and we met up in
Lu Bian, the capital of Sloveniathis past October and had a
great time.
So, I'm really excited for thisone, but I wanna get, I wanna
start with that kind of firststory, which at the age of 5, 6,
7, something like that, youstarted selling things for the
(03:41):
first time by selling dirt doorto door.
And I wanna know, like, is thatexactly what it sounds like?
Uros Loviscek (03:47):
Yeah, it's basically exactly as it sounds
like it was.
I, I remember pretty good it wasa hot summer, summer, afternoon,
and it's kinda like that thingwhen you don't know what to do.
with yourself as a kid.
And then you get that brightidea.
(04:09):
And I got that, you know, thatthat plastic little kit, kit
shovel, mm-hmm.
from, from the garage.
And I decided to dig a hole inour backyard about, let's say
three feet wide and justsomething like that deep and
(04:29):
what, what to do with that.
I went into the house, got thoselittle plastic bags that you
usually use for free for, forfreezing food, and I packed dirt
in those bags, put it on mytrolley, and I decided I'm gonna
sell'em in my neighborhood.
Like, branding it as a dirt forplants, So I, I went, I went on
(04:57):
my way.
Door to door, knocked ring abell, whatever it is.
And I was selling dirt forplants, usually.
Of course, most of people boughtit.
Some people of course gave memoney and let me keep my
product.
of course.
Yeah, pro probably my unfairadvantage at the moment was that
(05:19):
I was a kid.
Uhhuh.
And people just, of courseplayed along because tho those
bags were, let's say for onepound or not even, not even
there.
And if you, if you think that itwas hot summer night, that dirt
was also pretty dry.
(05:39):
So there was not nothingreasonable for you to do with
that, with that package.
But somehow I managed to, Sellall my inventory that, that
afternoon.
So I was able to enjoy some,some let, let's say income from
debt.
Mm-hmm.
and went straight to the storeand bought myself some ice cream
Bradley Roth (06:03):
So I think that's the natural thing to do.
Yeah.
At that age.
But yeah.
So that worked the first day.
Did you try and do it again?
Well,
Uros Loviscek (06:12):
yeah, there was ano another business adventure
probably soon after that.
There, there was a workshopright, right next door to us, to
our house, and they, they werehaving a bunch of scraps of of
(06:33):
copper and, okay.
I, I picked, I picked, I pickedup the those scraps and tried to
do some.
Elements, like some animals orwhatever, whatever it was.
From that, I basically, I, I didsome art, let's say let's say
(06:54):
art, Uhhuh, and re repeated theprocess.
So put it on my, it was, it wasa red, red trolley with yellow
wheels.
I remember that pretty clear.
put everything on the trolleyagain and went door to door,
just like the the, the timebefore.
Mm.
And again, some people boughtit, some people just gave me
(07:15):
money to get rid of me, But atthe end, my trolley was empty.
I got money, went to the store,bought ice cream.
It's a win again, Yeah, thereyou go.
So this is basically my firstbusiness
Bradley Roth (07:27):
endeavors.
That's funny.
So you kind of had thatentrepreneurial mindset from the
beginning and.
Well, well, did your parents getmad that you dug up the yard at
all?
Yeah, of course.
Uros Loviscek (07:41):
of course, of course.
They were, they were mad.
They were certainly not happyabout it but of course, after I
explained what happened, what I,what I did, and,
Bradley Roth (07:51):
but they had to at least admire the initiative.
Yeah, of course.
Uros Loviscek (07:54):
Of course.
They, at the end they had a nicelaugh.
Mm-hmm.
and that's what they, of course,there there was no consequences
for me.
I got away with it.
Because I didn't just, I wasn'tvandalizing, ary art.
I, I kind of did somethingright.
Bradley Roth (08:11):
let's say.
Yeah.
Gotcha.
That's funny.
So, and your dad was, or heworked for himself?
Yeah, of course.
Uros Loviscek (08:18):
That, that was a time when Yugoslavia fell apart.
That was right after 1991.
He was a bank employee beforethat.
And also at the time, youcouldn't own a company in this
area.
But af right after right, rightafter Slavia fell apart, you
(08:40):
were able to register company.
And right after that, my fatherquit, acquitted that bank job
and opened a accounting firm.
Gotcha.
So ba basical, basically, hecreated a job for himself.
Hmm.
And this, this was kinda hisentrepreneurial, entrepreneurial
(09:00):
road.
He wa he wasn't, I I don't thinkhe intended to, to build a
company like, like a propercompany.
He, he just built, built abusiness to support the family.
Right.
I remember back in the day, wehad.
One or two employees depends on,on, on the era.
But he also also had very badexperience every single time.
(09:26):
So at the end he decided just doit for, for himself to do it
basically in, in with, with thefamily.
Mm-hmm.
So it'll remain a hundredpercent fam family owned
business.
But at the end, I have someother other goals.
(09:48):
Mm-hmm.
in my, some other ideas in mind.
So it'll develop in somethingmuch bigger than, than he
intended in the first place.
But yes, what, what I got fromthat is basically for, for the
first part, different kind ofthinking.
I never wanted to, to work forsomeone.
I never, I never even think.
(10:10):
that I'm gonna go somewhere andfind a job that works for
someone else.
Mm-hmm.
that, that was kinda never inthe books for me.
Hmm.
I feel like I was alwayslooking, what, what, what can I
do?
Bradley Roth (10:24):
Yeah.
That's interesting because Ifeel like, I feel like that's
more of a recent kind of commonway of thinking, you know, like
people who are just, you know,I'm gonna work for myself.
But then also, especially I feellike, you know, I, I've lived in
the US my whole life.
Went to Europe last fall.
Saw you there, was there for acouple months.
(10:44):
But I noticed just kind of thisreal difference in mentality
between like, you know, the USit's, you know, more money,
bigger, like success is allabout the bank account and big
business and corporation, likeall this, you know, this kind of
like very driven mentalitythat's promoted.
(11:04):
Whereas in Europe, you know,there's still some of that, but
I feel like it's more.
of like, you know, we don't, wedon't have to be rich to be
happy, and kind of almost morelike relaxed in a sense.
Do you notice that or did youever feel, because I feel like
you, that's almost like, yeah, Iknow you're involved with the
RTE and that's how we connectedand and I noticed you have that
(11:27):
very almost like Americanmentality in a sense where it's
like very driven, very likehustle, grind, wanna do big
things, big vision and that kindof thing.
Have you ever looked at it thatway?
Or have you had p troublefinding like-minded people like
in your area?
Uros Loviscek (11:46):
Yeah, I would say for sure.
I, I would say for sure it's,it's different in Europe.
Mm-hmm.
probably even more, let's say ineastern part of Europe, although
Slovenia, it's not fully east,eastern, it's kind of in the
Bradley Roth (11:58):
middle.
Yeah.
Uros Loviscek (11:59):
Yeah.
But, but this, this is the partof Europe that.
was under the communist blockfor, for decades.
Mm-hmm.
and it there is still kind ofstrong.
That's there, there is strongsocial social pressure mm-hmm.
where basically every governmentor country needs to cover
(12:21):
everything that you basicallyneed in your life.
Like, like a job or healthsecurity, schooling and so on.
Hmm.
So, but basically there is somesort of, let's say that's
entitlement.
Hmm.
So, so you, you, you should getthat, you should get that, you
should get that from thecountry.
Now.
(12:41):
Go, go out and create it foryourself and you will have what,
what you want.
You won't be dependent onanyone.
Mm-hmm.
and thi this is not so commonmentality in.
in this, this part of the world.
Mm-hmm.
also.
Yeah.
I, I was in college where wasbusiness oriented oriented, and
(13:07):
most of my classmates were kidsfrom the entrepreneurial
families.
So it was kind of different, butthey what they, I noticed they
all had basically spot in theircompany, so Right.
They went to school just to getsome knowledge to work in their
(13:27):
family company.
Further on of course, in myfamily, yes, my mom and dad
intended for me to work in, inthe company and of course to, to
carry on the legacy.
Mm-hmm.
But working as a, as anaccountant, I learned a bunch of
things, but.
(13:48):
I felt that wasn't my thing.
Mm-hmm.
it wasn't my thing.
I can't, I can't just do it as ajob for basically the rest of my
life.
Yeah.
But I need to, I need to createsomething.
And then at certain points Ihad, I had enough just went,
went to the, that is kinda,
Bradley Roth (14:10):
So did you and your dad, were you kind of like
butting heads?
You had different visions ofwhere you wanted to go with
things?
Kind
Uros Loviscek (14:19):
of, yeah.
Yeah.
Let's, let's say, so he wasexpecting bunch of things of me,
but he never was, he was neverwilling to to.
To let me go on with thebusiness.
Gotcha.
Yeah.
To to
Bradley Roth (14:34):
to, to let
Uros Loviscek (14:35):
make it your own.
Yeah, yeah.
To make, to make it my own inthat, in that business.
So I was always doing the samething.
Okay.
I wanna progress.
Yeah, yeah, yeah, you will.
And then he was bugging me, whyI'm not progressing.
Okay.
And this was just, yeah.
It just said head to head.
Yeah.
And I wa I was, I really feltlike I'm stuck in there.
(14:56):
Mm-hmm.
So, and also because of allthat, family relations were kind
of intense.
Gotcha.
And because of that, I decided,okay, I have enough.
I went and registered my, my ownbusiness, eh, of course before,
before that I did my tax advisorcertificate.
(15:19):
Hmm.
So I went and registered a taxadvisor's company.
How old
Bradley Roth (15:24):
were you when you did that?
Uros Loviscek (15:26):
This was two 16.
So damnit I was I was 31.
Yeah, I was 31.
Gotcha.
Okay.
I was 31.
But also that was not my, myfirst business endeavor.
I had one company before we, wetold my colleagues when we were
(15:48):
doing a car care logisticscompany that again, came just
when we were sitting at acoffee, what, what we can do and
so on.
And then we felt there is atendency to that rich, rich
people don't have time, don't,don't have nerves to deal with
their cars.
(16:08):
It's better to play golf or bein the business meeting or
whatever, and we can take, takecare of their cars.
Okay.
But again, as you, as you said,my picture was much bigger than
that.
Right.
So instead of going straight tothe business people to get their
(16:28):
cars, I went to the companies.
So at the moment I got hugetobacco company took to take
care of their fleet.
I got the main Toyota dealershipfor, for basically for Balkans
to, so I was kinda, I wasoutsourced company for Lexus at
(16:51):
the moment, at the time.
Gotcha.
But then the 2 0 8 came the bigrecession and mm-hmm.
This was basically the fullluxury service and every,
everybody just canceled rightaway.
Wow.
So it went south really quick.
Bradley Roth (17:09):
Wow.
So at 31 is when you went outand kind of on your own, within
like after getting your taxYeah.
Certificate.
Gotcha.
And so then what was thatprogression like, starting from
there?
Like obviously you kind of hadthis experience, you'd seen what
your dad did, but then youwanted to add your own flavor to
it.
Yeah.
Uros Loviscek (17:29):
Yeah.
So I basically started with zeroclients.
What I did is, of course, I usedwhat I had to write at that
moment.
That was Facebook.
So I basically messaged all myfriends that I started my
business.
So if anyone knows someone, ifanyone needs anything of what
(17:53):
I'm doing, just let, let me knowI can help you.
And yeah, it, it was one, one ofmy.
colleagues responded that hewants to know more about taxes.
Okay.
And we, we started to, to like alittle, we started like a little
class on taxes because he had acompany at the time.
(18:16):
Mm-hmm.
still, still has.
And we started like a littletech school to understand what
Texas are involved in thecompany and so on.
And next step was, I, I knew Ineeded to go in front of people.
I need to find group of peoplewhere I will be able to connect,
(18:38):
where we will able to, tonetwork.
Mm-hmm.
So I joined b and I that'sAmerican Franchise Networking
Group.
Yep.
And I was basically the only taxadvisor in the system in
Slovenia.
Gotcha.
(18:58):
So I, I really had a hugeadvantage in the, in the, in the
system.
Basically.
Every group has one of,
Bradley Roth (19:10):
of sort each kind of expertise.
Uros Loviscek (19:12):
Yeah, yeah, yeah.
But I was basically the only onefor whole Slovenia.
Wow.
And that, that was great.
I, I was ev I was everywhere.
Every, every, every meeting,every, every class that was
outside, every conference I waseveryone.
Mm-hmm.
And you, you, you have, you haveto know that I'm basically huge
introvert.
(19:34):
I, I'm really huge introvert.
I mm-hmm.
basically, I, I'm the one whowould normally stand in the
corner with my cell phone andjust not know what to do.
Right.
in so, so social meeting.
So I just pushed myself outthere.
I'm normally kinda, I have to doeverything like over the top.
(19:56):
I, I won't say perfectionist,but I really need to
Bradley Roth (20:00):
like, when you do something, you right.
Yeah.
Go all in.
Yeah.
Uros Loviscek (20:03):
Yeah.
Like, like owing.
And therefore, I al also dresslike that.
Hmm.
Yeah.
It, it was the time I, I didn'thave much money.
I, I went to Zara.
I bought, I bought a suit thatno one wanted so I got it for
like 25 euros at, at the time.
Mm-hmm.
It, it was really nice.
(20:25):
It was blue blue it, white spotsreally like extravagant, like
flashy.
Hmm.
And I took, I took it to, to atailor near nearby.
I give him five more euros to,to tailor it, like to, to fit
perfectly.
Mm-hmm.
and then I build the wholewardrobe around it.
(20:47):
Like tie, pocket square tieholder.
Mm-hmm.
type in shoe socks, everything.
Like, everything to a t forbasically in general for 50, 50,
50 Euros, something like that.
something there, Uhhuh.
But I, I looked like a millionbucks and everyone noticed me.
(21:07):
Mm-hmm.
So I, I wa I was walking aroundlike a billboard, This was kind
of, kind of my brandingstrategy.
Every, everyone remembered me,whoever I talked to or
remembered me next time who Iam.
Oh yeah.
The guy with a suit and so on.
So
Bradley Roth (21:25):
that's funny.
That's that's like an importantmessage, I think.
Especially I feel like in thatfield too.
Like you're expected to be verykind of put together and
professional and that sort ofthing.
So that's an easy way.
It's, it's funny, I do see a lotof introverts who tend to dress
a little bit more likenoticeably because, you know,
(21:48):
maybe they're, they don't liketo talk as much, but they still
want to express themselves.
They still want to connect withpeople and get noticed.
And it's an easy, it's, you canalmost bring people to you by
your appearance versus having togo and speak.
Like, did you find that morepeople started to approach you
naturally?
Uros Loviscek (22:06):
Yeah, might, might be.
Might be.
Yeah.
This, this, not basically theaspect I was thinking of, but
Yes.
Yeah, you might be right.
You might
Bradley Roth (22:16):
be right.
Yeah.
Yeah.
But e, either way they're gonnathink of you differently.
And that's something that forme, you know, growing up I was
always like cause I went to anall.
I went to like a private highschool where you had to wear a
shirt and tie every day and youknow, I hated it being in high
school and having to do that.
And so I was kind of antiformality and, you know, be more
(22:36):
casual.
That was, that was my mentality.
But then, and, and I did thatfor a while into my twenties and
then at a certain point I kindof, you know, I, I got a, a nice
suit and I started and I noticedthat like, you know, people kind
of, I dunno if I'd say theyrespect you more, but they kind
of view you in a little bit of adifferent light when you're
(22:58):
really put together and dressedup.
And so I Did that become kind ofyour standard after that?
Like you always dressed nice andwore, you know, fitted suits and
that kind of thing?
Uros Loviscek (23:11):
Yeah, for sure.
In professional environment, I,I tend to, Really well put
together.
Mm-hmm.
now I'm in a position that Ican't afford.
Custom, custom tailor suit.
I found a great tailor like the,that's traditional one.
The older guy that's like, likein the, in Italian movies.
(23:32):
So Yeah.
It's per, it's, it's perfect.
So you don't really need tospend much to look great.
And especially I think in, inmy, my field of expertise in
financial sector, financialindustry.
You and when you are a youngerperson, you really need to be
(23:55):
well put together.
Otherwise no, no one would takeyou seriously.
Mm-hmm.
that's true.
Because you're, you're comyou're not dealing.
I never wanted to deal with,with, with, let's say personal,
personal tech.
I wanted to go, I went, wentstraight to the companies.
I wanted to deal with companies.
Mm-hmm.
which is a whole other level andRight.
(24:18):
You, you need to lookappropriate.
Yeah.
You, you, you can't come inthere in jeans and San Polos.
Of course, if you, if you are apersonal trainer or Right.
It dependent on, not it guy, youcan, no problem.
Mm-hmm.
But again, if you wannadifferentiate yourself from,
(24:39):
from others to really make animpression on, on, on the, on
the doorstep.
Put yourself together.
You don't really need much moneyto get a nice suit, tie shirt
and really come, come on thefirst meeting and basically an
all their socks off.
Mm-hmm.
(25:00):
because they will, they will.
People will see, okay, if youcan put yourself together like
this, of course, you, you, youset, you set high standard that
you have to meet later on withyour service.
Right.
That if you put yourselftogether and look like a million
bucks and then you sheet theservice of course.
(25:20):
Right.
That, that, that's not gonnawork.
Right.
But it's a foot in the door.
Mm-hmm.
Bradley Roth (25:25):
Yeah.
People associate, they say,okay, if he looks really well
put together, like hisfulfillment is probably Yeah.
Really solid as well.
Yeah.
So, exactly.
I think that's important.
So from there you starteddressing nice and you got in a b
and I and you were kind of in ablue ocean in a sense where
there you weren't competing witha lot of other tax specialists.
Was that kind of your, yourlaunch point?
Uros Loviscek (25:49):
Yeah, exactly.
I got a lot of connections notjust inside the B and I, but it
drive me out out of that system.
Mm-hmm.
like, like it, it was like anetwork.
So one, one tells another one,one person tells another.
And just so in that, in thatmanner is like a snowball
(26:10):
effect.
Mm-hmm.
and you start, start to getgetting calls.
You, you are getting in front ofright people because every
meeting in B and I says likethat, you, you say you, you tell
people what are you looking for?
What company are you lookingfor?
Or what type are right.
Maybe exactly the company youwant, and what do you want to do
(26:31):
with them?
And if there are, there isalways about, let's say 20 to 30
people who someone might notknow, someone who either works
exactly at that company or has aneighbor that works in that
company or whatever.
Mm-hmm.
So there is always a big chanceto, to get to get introduced to
(26:54):
what you want.
But of course you have to knowthat like always in business,
you have to know what you want,who you want to work with, and
you basically have to narrow outyour avatar of, of the client.
Bradley Roth (27:08):
Yeah.
Yeah.
So, okay, so you started gettingsome business and then how long
was it before you went fromhaving to buy those 25 euro
suits to being like, okay, I'mactually, this is working, I'm
making a, a solid, consistentincome?
Well,
Uros Loviscek (27:26):
this was about, let's say four years.
Bradley Roth (27:30):
Four years from about, it was about four years.
Yeah.
Gotcha.
I think that's important.
I, and I hear that three to fiveyears as kind of a general range
a lot of times from likestarting to really getting
something working.
Yeah.
But the problem is most people.
You know, can't even work atsomething for three to five
months or three to five weekseven before they give up and
(27:51):
move on to the next thing, andthat sort of thing.
So like, were you ever close togiving up at any time?
Or were you like, this is, I'mdoing this no matter what?
Well,
Uros Loviscek (28:01):
yeah, of course.
Yeah.
O oftentimes comes that moment.
Okay.
I, I just have enough.
I want, I'm not doing thatanymore.
I wanna quit.
Mm-hmm.
and just gonna sit on the planeand go somewhere on the beach,
be in Thailand for a few bucks aday and sit there on the beach.
Yeah, of course, of course.
(28:21):
But at the end of the day, oreven before, you just have to
remind yourself, why are youdoing that?
Bring, bring back your dreams.
Sell your dreams to yourselfagain.
Mm-hmm.
And just pick your shit, pickyour shit up and keep, keep
going.
Yeah.
(28:42):
in business, you know, yourself,there is like 70% of business
that you have to do that youdon't like mm-hmm.
that you just have to do.
Yeah.
Especially when, when you aregrowing business, when, when you
have to do everything in thatbusiness for yourself before
you, you gather people can hireout.
(29:03):
Yeah, yeah.
Before you gather some, somepeople, some different skills
that can take some burden awayfrom you.
Bradley Roth (29:11):
Yeah.
I think that's an importantlesson for people who are
starting out in whatever it isthey're doing.
Like I, and I thought this toowhen I started that people
think, oh, if something's yourpassion, like you're gonna love
all of it.
It's like, no.
You just have to either love theend result enough to make all
the rest of the, you know,crappy parts worth it, or you
(29:33):
have to love just like onecertain aspect of it enough to.
Put up with the rest.
You know, like all the, thinkabout like a pro athlete, right?
Like, they love, they love thegames, they love competing, they
love getting, you know, paid thebig bucks.
But, you know, they probablydon't enjoy a lot of like the
early morning workouts and filmsessions and all the other
(29:54):
behind the scenes stuff thatcomes with it.
But they love kind of that onepart of it, enough to do all the
rest and for sure.
Uros Loviscek (30:04):
Yeah.
I, I would say they at thispoint that you have to develop a
really strong mission foryourself.
Mm.
So if your mission is to reallyhelp others, and you're, in my
case, you're in the middle ofwriting long hour business plan
and it's, I dunno, it's midnightor even past midnight, and you
(30:26):
have to finish that project bytomorrow and you're tired and
you really have enough.
You just want to.
These are the moments that youhave enough and you want to quit
to just go to math.
Mm-hmm.
But, and when you really want todevelop that project, that
customer, your clients will havesomething to do with, with, with
(30:48):
your, with your product.
That's you will really help yourclient develop their business.
And you want to create somethingmeaningful, meaningful.
Mm-hmm.
in that, in that project, thatthis, this is what basically
drives you through everything.
Yeah.
In that case, of course, thereare words you wanna have great,
(31:11):
great things in, in your life.
You wanna win, but for, for thatmoment, I think that mission is
what drives you throughdifficult,
Bradley Roth (31:20):
Times.
Yeah.
Mission and having a clearvision.
And I know that's something thatyou're big on, is the
visualization.
and you have actually kind of acool story about something that
you visualized.
And then recently, I think like,I think it was the week after we
met up or something in October.
You Yeah.
You got it.
Yeah.
C can you share that story?
Uros Loviscek (31:42):
Yeah, of course.
And this, this was actually notthe, the first thing, so the
visualization really works.
Of course you have to work for,for, for it too.
Mm-hmm.
But I had I had a car, alphaRomeo, Stevia, quality folio on
my screensaver on my desktop forabout two years.
(32:07):
Basically from, from the momentthat it came on the, what was
launched on the market, it was asick car and still is.
Mm-hmm.
and I deci at that moment, Idecide I'm gonna have that car.
I will have it.
The, the, there, there was noquestion about it.
Whether or not I will or not Iwill have it.
(32:27):
Mm-hmm.
and I didn't even bother how at,at the time, basically.
I didn't bother how I'm gonna dothat.
I just started to visualizethat.
Mm.
Every, every day, once or twicebefore I went to bed, I closed
my eyes with my, with mygratitude round.
I ended up with, I ended up withvisualization, of course.
(32:50):
Sometimes I was still bitendown.
I fall asleep a bit.
Yeah.
While doing that, but doing thatconsistently, I did that with my
house before I had the car,before I had the house.
I basically visualized both ofthose.
Hmm.
And I didn't, I didn't actuallyknow how the house will look
(33:10):
like, but, Somehow it's exactlyas I imagined.
Hmm.
The house is, is exactly thesame where my bathroom, because
I always start from thebeginning, from the beginning of
the day.
When you wake up, when you wakeup in your, in your bath, get
up, go to have a shower, getdressed and and so on.
(33:33):
And I always imagine the whole,the whole morning ritual and
path, how you get up and get,get, brush your teeth, get
dressed and get, go out to yourcar.
And this, this is the path Ialways do.
And of course then driving to,to the office.
Mm-hmm.
(33:53):
this basically, let's say, let'ssay non-negotiable.
I do it every day the same, inthe same way.
And I picture this house that isexactly the same that.
I imagine it, I never saw itbefore, so it was really out of
my mind.
Basically created in my mind.
(34:15):
But the car, of course, I, I,I've seen before and I put it
there on the driveway that waswaiting for me every morning
when I, when I get out of myhouse.
So, as you said, the last, lastyear in October, right?
About a week after we met, I gotit.
(34:35):
I got it exactly the same, samecolor, same wheels, same
calibers, same seats, really thesame car.
It was on my desktop in myvision everywhere.
Hmm.
I love that.
So,
Bradley Roth (34:53):
yeah.
Yeah.
That's a cool story.
Especially, I didn't know, Iknew that you had it like as
your desktop background.
and saw it every day, but Ididn't know the way that you
visualize where you visualizeyourself, like it actually just
being a part of your normallife.
Cuz I think that's somethingthat, yeah, I've heard things
(35:14):
like that, but not exactly likethat because I think if you like
what we remember or like we needemotion tied to it for it to be
powerful.
Right?
Yeah.
And so it's easier to have thatemotion if you can, like, if you
can think of it through a storyor through memory.
Whereas I think a lot of timeswhen we visualize, we're just
like sitting there and wevisualize just this car just
(35:36):
sitting there.
But if we can visualizeourselves getting into it,
turning it on, driving to wherewe wanna go, like it becomes so
much clearer.
So is that something that youkind of came up with on your own
or did you hear that somewhere,that technique?
Uros Loviscek (35:50):
I'm not sure if I came up with that on my own.
I, I know, I know in the pastthat Andy was talking about it
in rte mm-hmm.
that you really have to feel it,you really have to smell, you
have to feel the materials andeverything.
Yeah.
And I, I did that.
I did that.
I'm still doing that with, withtwo cars now.
(36:13):
I, I have one other one is inthe making and what especially
helps you with, with that, thatyou go out and try the car if
you, if you can mm-hmm.
go to, to dealership, get, getthe car for a test drive, just,
just to get familiar with that.
Mm-hmm.
also, I also get the other car.
(36:34):
I had had a chance to drive it alittle bit to, to get familiar
with that exactly how the door,how the door opens.
Mm-hmm.
if you, if you don't, if youcan't do that, because of course
with Lamborghini and Ferrari andso on, it's not that easy to get
your hands on.
So you can, you can search onYouTube.
(36:56):
There's a bunch of videos on, onYouTube.
On Instagram, exactly like p o vvideos.
Mm-hmm.
people getting in the car, outthe door opens how you sit in
the car, how you feel, thesteering wheel, how you turn it
on.
Of course, every car hasdifferent buttons, different
(37:16):
commands, and if you find outwhere everything exactly for
your car is, it's easier for youto imagine.
And then you, you put that onyour existing daily life.
Mm-hmm.
like your daily path to, to youroffice, because you are super
familiar with it.
(37:38):
You know exactly how it goes.
And then you go in your mindfrom your house, ev every
crossroad, every roundroundabout, every red light.
Especially if you, there'scertain car that's really fast
that you like on the red light,when it turns green, you, you
press it, that throttle and justexplode from, from standing
(38:01):
still.
And you try to get that feelinghow, how it pushes you, the
sound, the the rumble andeverything.
So when you, when you meditateand when visualize like this,
you just get goosebumps when,when you do that because you are
there already.
Yeah.
You get familiar with thatenvironment.
Bradley Roth (38:22):
Yeah.
That's a, that's powerful, thattechnique and something that
I've heard before, but I needto, that was, that was a good
reminder for me and probably foreveryone listening to really get
specific cuz the brain does, isbest able, or the mind, the, you
know, soul, whatever you wannacall it, focuses best on the.
(38:44):
Specificity things that are veryspecific versus just kind of
general like, oh, I just wantthis car.
Like there's a, that's a wholedifferent level, taking a step
by step detail by detail likethat.
And it's much easier for you tofocus on one little thing versus
like just pic picturing thewhole car and like, just trying
to kind of visualize it all atonce, you know?
So, so I love that.
(39:04):
And then I remember, I rememberwhen we met in Slovenia, we went
out to dinner and you guys, youknow, treated us to dinner and
I, we were like, you know, youdon't have to do that.
And I remember you saying, it'smy pleasure, because I remember
those days when I couldn't evenreally afford dinner or like,
you know, the 25 euro suit days.
(39:25):
And so I know you said fromthere to like about four years
is when you started makingmoney, but I mean, like, you
know that Alpha Romeo, that'snot a a cheap car.
And so how fast, like what wasthe timeline from kind of that
start to.
To now, you know, cuz I thinkpeople who are starting out, or
maybe they're in the middle ofit, you know, something like
(39:45):
that seems so far away, youknow, they or may seem like it's
just never gonna happen.
How, how long did you kind oflike take, to go from one end of
the spectrum to, you know, beingable to get your, one of your
dream cars?
Uros Loviscek (40:03):
Well, this was all together about six years.
Okay.
This was, this was, this wasabout six years.
And, but I was also lucky enoughin between meanwhile to, to buy,
to bought my my first, my firsthouse.
Hmm.
I was lucky enough to buy my, myfirst house at the moment by the
(40:24):
time mm-hmm.
basically right when Covidstarts Gotcha.
yeah.
Right, right.
At that time.
But that, that was actuallyagain, Very good, very good
story That originated in bni OneConnection led led to another.
Mm-hmm.
and I got, I got basically amortgage broker that, that was
(40:49):
working only with mortgages for,for personal houses?
For family homes.
Mm-hmm.
and working for working on mymortgage.
We were talking, we were meetingquite a, quite a lot talking
what, what, what are you doing?
What what are your visions?
Okay.
And at the, at that time, webasically created another
(41:12):
partnership from, from data.
Hmm.
From the, from that meetings.
And we started to build apartnership, partnership
business.
We expanded basically hiscurrent business to.
to build to writing tenders forcompanies.
(41:32):
Hmm.
To, for applying for differentloans.
Mm-hmm.
incentives that are given fromthe government for, for business
development and so on.
So we are developing thatbusiness quite well all this
time.
Hmm.
So one, one thing led to anotherBA basically that, that, that,
(41:56):
that business that en thatencounter paid my, paid my
house, or let's say still payingmy house because I'm, I'm
learning from that encounter somuch that is basically covering
all the costs that, that cameinto my life after that moment.
Hmm.
That's cool.
So just everything goes one, onething on top of, on top of
(42:20):
another,
Bradley Roth (42:20):
yeah.
Exponential growth.
Yeah.
Yeah.
Nice.
So I know people listening, alot of them are entrepreneurs, a
lot of them have theirbusinesses, and I know most
people who are in business,especially earlier on, you know,
managing their cash flow,managing their taxes, like it
can be a lot, a lot of mistakesto get made.
(42:41):
There's obviously a big learningcurve.
And so you work with a lot ofthese different businesses and
your book coming out, master ofFinance, I'm sure it goes deeper
into this, but what are some ofthe common things that you see
most people, like either makingmistakes with or that most
people just don't know aboutthat they need to know about?
(43:04):
When did you start working withthem?
Uros Loviscek (43:07):
Yeah, you see, this is basically the point why
I decided to write a bookbecause I was.
Let's, let's say, fortunateenough to work in the industry
where I was not just able tolearn from my mistakes, but I
was also learning from mistakesof other people.
(43:27):
Mm-hmm.
So from my clients.
Yeah.
From, from, from basicallyThat's accounting firm on, yeah.
So I had, I, I was lucky enoughto have twen 20 years of
experience of other people'sissues behind me.
Mm-hmm.
And in all this all this time Ilearned that most entrepreneur
(43:54):
most business owners, of course,they're masters of their craft,
whether they're mechanicscarpenter, whatever they do,
they're masters of their craft.
Mm-hmm.
but business site of thebusiness.
is really not their strong suit,or they're not even putting much
(44:16):
atten attention to it.
Yeah.
Especially but, but I, I don'tmean to judge or there's nothing
bad people that create their ownjob.
They're not developing business,but they just create a job from
Disrupt.
Mm-hmm.
Nothing wrong with that, butthose people those business
owners don't even have time toput attention to business aspect
(44:40):
of their business.
Right.
They, and therefore they'relacking most of everything I put
put in the book.
The more the bus businessdevelops, the more bus business
owner can be detached from bus,from actual service or product,
and more can be more focused onrunning a business itself.
(45:06):
So this, this book is createdlike, like a, like a guide for
startup or long, long-termbusiness owner.
Mm-hmm.
It is not skilled in their backarea.
And what I learned is fir firstof all they don't know they,
(45:26):
they're not familiar with theircash flow.
They're not familiar with theirexpenses.
So Mo most of them, every,everybody knows what is the
balance o on their bank accountin the moment, because we all
have those fancy apps on on ourphone.
And you can instantly know what,what your balance is.
(45:46):
Most of the, most of the peopleknow what their sales are for,
let's say, previous month.
Yep.
Like roughly, but further fromthere.
there is a challenge.
What, what are expenses?
What sort expenses did theyhave?
What are fixed, fixed expenses?
(46:07):
What are variable expenses?
And with, with that in mind, weall try of course to grow our
business to sell more and moreand more.
Mm-hmm.
kind kinda strive for everybusiness owner to sell more.
But you have, you have to knowthere is a marginal cost.
(46:28):
Basically that's a cost ofadditional unit and one, one
huge order that you would bebest fir first really happy
about it.
Okay.
I are, we in a huge order now.
My company's going to grow, butthat huge order can basically
(46:48):
bankrupt your business becauseyou are not in position to
process that order.
Effectively.
Mm-hmm.
Because some, from, from acertain point you are you are
with additional unit, you startto create a loss for yourself,
not a profit.
Hmm.
So you have, you have to knowthat point.
(47:08):
Yeah.
And so this is something that'salmost none of business owners,
especially I'm talking aboutsmall businesses mm-hmm.
are not aware.
Hmm.
If, if I, if I give you for, forinstance about a year or two
ago, encounter a business, it's,that was generating about 2
(47:31):
million in revenue.
And they were struggling whenCovid came.
Of course, all, all the, thebuyers dropped their, their
orders.
Mm-hmm.
Whoever were, were, were, werestill buying were nego
renegotiating the prices.
And they, they were basic,basically really going downhill.
(47:56):
The company was struggling somuch.
They, they had 14 loans in thatcompany.
Wow.
So on two on 2 million revenue,they had some million.
Million and something in loans.
Mm.
And when we dig deeper in the,in the company, how, what's
(48:17):
going on, actually, because theyjust weren't profitable.
And what we find found out wasthat they had really, really
expensive production.
So expensive fixed costs.
Fixed costs are something thatyou have to pay whether you
(48:39):
produce or not.
Right.
And, They were operating atabout 25% capacity.
And of course, price per unitwas so high they were not able
to lower their prices orbasically at, at the time they
were selling just to just to cuttheir losses as much as
(49:03):
possible.
Mm-hmm.
so the, the, the, the time, thatwas the only intent of their
cells.
So if you flip the script on, onthat certain case, they ended up
producing they, they ended upthey ended up employing hundred
percent of their productionline.
(49:25):
So they're ma they maxed out theproduction line and then find
the buyer for, for the product,not the other way around.
the first, the the first have hahad a buyer.
Okay, we gonna produce the, thequantity that is ordered now,
flip around, max out yourproduction line, lower your cost
(49:47):
per unit, and then you can evenlower your price.
Be more competitive, competitiveon the market.
You, you have much bigger marginif you keep the price and you
just don't struggle.
And then you find a B buyer forthe quantity you produce, not
(50:07):
the other way around.
Mm-hmm.
And this is how this company be,became profitable in the end.
Bradley Roth (50:16):
Huh.
So it's sounds like step numberone, which you've pr I've,
everyone's probably heard thisbefore, is know your numbers.
right.
So like, no.
Exactly.
Yeah.
Beyond just your current balanceor what your revenue was last
month, you need to know how muchis going to employees, payroll,
you know, whatever otherbusiness expenses you have,
(50:37):
education, supplies, whatever.
And then you know, your sales,you know, sale.
Like someone could do a millionin sales and be zero profit or a
million in sales and 90% profitYou know what I mean?
So it's, it's ex Exactly.
Knowing those finer details.
(50:57):
And so is that you come in andyou help people just get it
together in a sense, and get allthose things dialed in.
Exactly.
Uros Loviscek (51:06):
And what I, I usually do, I turn the things
around.
Mm-hmm.
one thing that business ownersusually, usually do is use
their, their profit and loss andbalance sheets from previous.
Periods from, from last year orlast quarter and so on.
Mm-hmm.
to navigate to, or to see wherethey are.
(51:27):
So it, it just, the sa the sameas driving a car.
You're not driving the carlooking at rear view mirror all
the time.
Of course you have to, you haveto, you have to know what behind
you, but you have to lookforward.
Mm-hmm.
what's coming, what's in frontof you.
And therefore there are really,really few entrepreneurs that
have forecasts.
(51:48):
You use your, your, your pastnumbers to create a forecast.
And then you see, you basicallycreate a crystal war for crystal
warfare.
Crystal, crystal ball foryourself.
And you, you see how yourbusiness is gonna behave next
month in two months.
Mm-hmm.
in three months and so on.
(52:09):
And if you, if you, with yourprojection, then with, with
forecast, if you see a problem.
in two, two or three monthstime, you ba you basically have
one or two months to fix thatproblem.
You can identify that and youcan fix it in advance.
So you never encounter thatissue ever because you, you knew
(52:33):
ahead of time that is gonnahappen.
Mm-hmm.
and this is something that not,not most or very few
Bradley Roth (52:42):
utilize.
Hmm.
Yeah.
I feel like if you ask a lot ofpeople, you know, where's your
business headed or what are youdoing?
They won't say like, well we'rego, we're on the path to do
this.
They'll say, well, this is whatwe did in the past.
Yeah.
Yeah.
So having that kind of forwardthinking, being able to see into
the future, and I think, youknow, you're never gonna be able
(53:04):
to predict it a hundred percent.
You know, no one's, no one'sfully accurate.
Sure, sure.
Right.
But the fact that you're eventhinking about it at least is
gonna make you better preparedthan the person who's not.
Sure.
Essentially, yeah.
Uros Loviscek (53:17):
We, I think we both agreed in January, 2020.
No one, no one knew what's gonnahappen in March.
Mm-hmm.
And you ju you just couldn'tpredict that.
Right.
And like every crisis bringstons of opportunities.
Mm-hmm.
and you didn't have to suffer atthe time.
(53:39):
But if the opportunity come andyou don't have your forecast
done properly, and you don'tknow what your number, what your
numbers look like for futuremonths, and you, you see
opportunity, you have, let's say1 million in cash a death moment
on, on your, on your checkingaccount.
(53:59):
You need to act fast, of course,with the opportunity is like
this.
You have to act fast.
You bring out that money, youmaybe even sell your accounts
receivables.
To, to gather that moneyquicker.
And if your company, if yourcompany has let's say two or
(54:22):
three months or even more termson, on your invoices, means you
gave all your money away forthat opportunity.
You sell, you, you sold all, allyour accounts receivables
together as much money aspossible to seize the
opportunity.
And now you have, let's say twomonths or three months gap in
(54:45):
cash flow coming in.
And at that time you have taxes,you have salaries, you have
bunch of vendors that you haveto pay and so on.
Yeah.
So you were a great company.
You saw that opportunity.
You seized it, but you didn'tknow.
(55:08):
how it's gonna play basically inyour future.
Hmm.
Bradley Roth (55:15):
I mean that's, I mean now I'm like, I'm going
through the numbers of my ownstuff in in my head, you know,
gives, gives me things to thinkabout.
But is there, is there any kindof one last like piece of advice
related to that, that you wouldleave people with in terms of
like kind of business financeand tax strategy and all that?
(55:36):
Yeah, I
Uros Loviscek (55:36):
would say, I would say that every business
owner should know their numbersfor, for at least two months.
Two months in the past and twomonths in the front.
So as much as possible, and ofcourse they need, they need to
break, break down their currentfinancial situation.
(56:00):
what are they selling and howmuch does that cost?
Mm-hmm.
what, what, what are the whatare the costs, fixed costs,
variable costs.
And this is basically the onlyway how to identify where, where
you are
Bradley Roth (56:14):
at.
Mm-hmm.
Hmm.
And then I think another thingtoo, and I know you've, you've
dealt with this, is companiesthat want to get acquired,
right?
They have to, yeah.
Have all of these things inline.
And so a lot of people will kindof survive and, you know, grow
(56:35):
but not know these things.
And then someone comes to, youknow, might be interested in an
acquisition or a merger orsomething like that, and they
don't have it together.
And that, you know, they maymiss out on that kind of
opportunity.
Have you seen that happen?
Yeah,
Uros Loviscek (56:48):
of course, of course.
Mm-hmm.
that, that, that happens.
But usually, the, the thispositions usually business
owners sell because they have tomm-hmm.
and of course they this POposition they sell under price.
Right.
So they, they don't get as muchas they could for, for the
(57:11):
business if they would docertain things to prepare for
that, of course.
Mm-hmm.
I don't think, I don't thinkthat you can really prepare for
that, that someone will tryingto buy your business.
Right.
Unless you are intentionallydoing that for the whole time,
you are intentional with yournumbers, with everything, and
(57:33):
you are basic in every singlemoment you are in a position to,
to sell your company.
Bradley Roth (57:38):
Mm-hmm.
gotcha.
Well, there's a lot of lot ofgold there, I think for.
especially small businesses, youknow, I think these bigger
businesses that ha they haveCFOs, they have these kinds of
things in place, that, andregulations and all that.
But for the small businessowner, this stuff's super
important.
I know my, my handle on all mystuff could be, could always be
(58:00):
better and, and more organized.
So maybe maybe I'll be givingyou a call here at some point in
the future.
But yeah, make sure you guys, ifyou wanna know more, I know he
is, got all of the details inhis, in his new book, master of
Finance, and I know that you'rea listener of the show, so I
know you have an idea of whatquestions coming next.
(58:20):
And it's the question that I askeveryone who comes on the show.
And that is, what is yourdefinition of not most people?
Uros Loviscek (58:29):
Well, my definition of not most people is
for, for certainly exactly whatit, it says you think
differently, you're just.
Wired differently.
And so I, I would say if you, ifyou are not, most people, most
(58:52):
people don't understand you whenyou, when you start talking
about your vision or what youwanted to do mm-hmm.
and you, you're just not settledfor or average.
Yep.
That's spot on and Yeah.
(59:13):
Yeah.
I mean, I, I, I, I would saythat's it.
I would say that's it.
You're, you're just wireddifferently.
Bradley Roth (59:19):
Yeah.
Or you think differently.
Like that's, you know, I createdmost people and, and the first
thing that I think of is notmost people they think
differently.
You know?
So you nailed it.
And and so I know peoplelistening are like, okay, where
can I, you know, maybe, I knowyou have a book which will be
listening to show notes and.
So other than that, people mightbe wondering like, where can I
(59:42):
find you on social media?
What else do you have going on?
And so, you know, what, whatwould you tell people for that
Uros Loviscek (59:47):
Yeah.
For social media, I'm onInstagram.
It's euros.
It's the line underneath.
Underline is the D D M F C F OEuros, underline dm, F C F O.
All
Bradley Roth (01:00:02):
right.
Do you have it?
So Instagram's the best place toreach you for sure.
Okay, cool.
So I will have that linked inthe show notes and then you
know, is there, is there anylast kind of parting thoughts
that you wanna leave theaudience?
Uros Loviscek (01:00:16):
What I would like to say is this is the time we
all know, all know economy iskind of in the cringe, and now
more than ever, it is importantto have your numbers in check.
Mm-hmm.
I'm, I'm not saying if, if you,if you can, that you need to go
out and find an expert dive,dive in, learn the, learn the
(01:00:37):
skill if you need get a, get abook in a, in a book book.
Book was created just for thatbecause as Brad said, bigger
companies has having CFOs to dothat.
And this book can serve you lilike a c, like a CFO for you to,
to guide you in your, in yourbusiness.
(01:00:57):
And now it's really important tohave your numbers in check to,
so you can, can adapt for acertain situation accordingly
and prosper to these tax becauseas, as we said, there are tons
of opportunities in times, intimes of crisis, and you, you
want to come out on top of it.
Bradley Roth (01:01:18):
Yep.
A hundred percent.
Most people right now, thingsare not looking great ec
economically, they tend to kindof shrink back, slow down, hit
the brakes.
Whereas the people who reallytake advantage right now who
press on the gas, like there'sgonna be opportunities now more
than ever, less competition nowmore than ever.
(01:01:39):
And so, you know, I'd, I'ddefinitely listen to what he's
saying and you know, go checkout Master of Finance on Amazon.
And with that I also like tothank you so much for coming on
the show today.
I know it was a long time comingand, and glad we made it happen.
Uros Loviscek (01:01:57):
Brett, thank you.
I really appreciate that.
It was great talking to you.
You're a great host and it's myhonor to be
Bradley Roth (01:02:03):
here.
Awesome.
Yeah.
Thank you so much.
And guys, again, make sure youcheck out what Eros has going on
and as always, if you enjoyedthe show, share it with that one
person and then also leave areview.
I know a lot of you guys listenand haven't left reviews.
I'm gonna call you out kind ofright now and so make sure you
please go do that.
And then again, we got the NotMost People Alliance, all kinds
(01:02:25):
of other cool stuff, eventscoming up and all that will be
in the show notes.
So that's it.
Thanks for tuning in.
We'll see you in the next one.
And always remember, don't bemost people.
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