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  • March 18, 2015
  • By Sean
  • Comments Off on The Naked Accountant sold her business for multiple millions despite humble orphan beginnings | Jean Carpenter-Backus
  • in Hidden Profit Path Podcasts, Jean Backus

The Naked Accountant sold her business for multiple millions despite humble orphan beginnings | Jean Carpenter-Backus

Jean Backus

The Naked Accountant sold her business for multiple millions despite starting out in an orphanage and dropping out of high school


Jean Backus

Listen-Podcast-Here

Most Popular to Share on Google+ and LinkedIN:

1)

#1 Path to growth

"I would have taken a much less painful path. I would have surrounded myself with people who knew more than me and could have mentored me.”
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2)

Counterintuitive

"I would say paying people what they want. We called each employee in and asked them what they wanted to make. Then we asked them what they were willing to give us in exchange for that pay. So we had an agreement. Each employee did what they said they were going to do or more.”
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3)

Biggest fear

"Our biggest fear was that employees would come in and ask for way too much. We'd have a very long conversation about this with the employees. It had to be attainable, measurable and realistic. They knew we were serious so they didn't come in with crazy numbers."
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4)

Hidden Gold Mine

“Brutal Resume - He went into honest detail about the jobs he'd been fired from and declaring bankruptcy. He ended up being one of the best employees we ever had. He was a role model to the other employees. You would never have known it. It was so weird to read his resume and then to meet him."
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5)

Biggest mistake

"Hiring people that I liked. Then waiting too long to let them go. It goes back to giving up control. Realize there are other people who do what you can do they just do it differently. I had the illusion that everybody needed me."
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Why Listen to Jean Carpenter-Backus:

In the audio, Jean shares:

-- The biggest illusion that held back her success for many years

-- The art of “________” unlocked a multimillion dollar business sale

-- The taboo dinner conversation topic you must overcome to achieve what you want

-- How a risky hiring decision on a brutally honest resume turned into unexpected gold

-- What her biggest fear is around employees and how she handled it for company success

This “money magnet” will teach you how to resonate at the frequency of prosperity. She has been known as a financial therapist because of her creative and witty approach to assist clients with either making money, saving money or reducing the anxiety around money. Her popular financial presentations are heart-felt, entertaining and outrageous. Jean loves to serve in this area and makes the mysterious world of money understandable, fun & easy. She has the uncanny ability to create financial transformations based on each client’s unique set of circumstances, no matter how futile the situation may initially appear.

Jean is a Certified Public Accountant, Certified Financial Planner and founding principal of the Austin, Texas based CPA firm Carpenter & Langford, PC that began operations in 1991. Her firm has been recognized by the Austin Business Journal for nine consecutive years as one of the top 25 accounting firms in Austin, Texas.

She is an instructor and Board member at The Wizard Academy; a non-traditional business school that teaches students how to do consciously what gifted people do unconsciously. Her published book is called, “The Naked Accountant Asks: Who’s Standing on your Financial Hose”. (Wizard Academy Press).

She lived in an orphanage. She dropped out of high school.

She was married at 14 and had a child born with birth defects. She went from there to founding, growing and selling three successful companies. Two were CPA firms and one was a computer company. The last was a multimillion dollar business sale.

She credits hard work, never giving up and never forgetting the people who open the doors of opportunity for you as the factors critical to going from her starting point to a mega successful businesswoman.

She now lives in the Austin Hill Country with her fabulous husband, Andrew, and a frisky Himalayan cat.

Some Shareables from Jean in this episode…

#1 Path to growth

"I would have taken a much less painful path. I would have surrounded myself with people who knew more than me and could have mentored me. I found this later in my career but if I knew, would have done it much earlier. They could keep me from making some of the mistakes I made like the Art of Delegation."

"I would have given up more control in the beginning. I say if there something I can do and somebody else can do it, hire somebody else because there are so many things that only I can do."

Biggest mistake

"Hiring people that I liked. Then waiting too long to let them go. What would happen is there was a certain part of our business that would be really fantastic and another part I thought people were handling that was not getting done. I hired too quickly and fired too slowly. It goes back to giving up control. I think it's important to learn early it's okay to give up control. Realize there are other people who do what you can do they just do it differently. I had the illusion that everybody needed me."

Favorite part of the entrepreneur's journey

"A couple of things... one is helping people in an area that's so important which is money. I've helped people save money, make money and to relieve the anxiety around money. Unfortunately, many people in the US were taught to think poor.

I think the most rewarding experience I've had is to see what happens when you are creating something with people that you like, people you choose to work with and you know that you're all in this together. You either make it or break it. When you communicate where you're going and all make it there together it's a fantastic thing."

Weirdest thing

"It has to be interviewing prospective accountants and reading resumes. Some of the things people put on resumes just floors me. There was one person we hired were I could not tell you after reading their resume why in the world we would have even interviewed this person. We must have been desperate. You go through times where it's an employer’s market and times where it's an employee's market.

He went into honest detail about the jobs he'd been fired from and that he declared bankruptcy. He ended up being one of the best employees we ever had. He was a role model to the other employees. You would never have known it. It was so weird to read his resume and then to meet him."

Counterintuitive

"I would say paying people what they want. Every year most companies have a review process. You give employees a raise or not and don't give them any feedback until the next year. We called each employee in and asked them what they wanted to make. Then we asked them what they were willing to give us in exchange for that pay. So we had an agreement. Every single employee we talked with got exactly what they asked for. Each did what they said they were going to do or more.

It was very counterintuitive. We have not given raises any other way since then. We have employees who are very happy. They've taken ownership of their job because they're getting paid what they think they are worth."

Biggest fear

"Our biggest fear was that employees would come in and ask for way too much. Then we’d have to say ‘No’ we’re going to give you less. What we would do is make sure it was realistic and attainable. We'd have a very long conversation about this with the employees. It had to be attainable, measurable and realistic. They knew we were serious so they didn't come in with crazy numbers."

Bad conventional wisdom

“Bad Conventional wisdom - Hanging out a shingle is the American dream. People think there's going to be so much independence, freedom and money that'll come their way. They do this without being informed about compliance and taxes at all levels. That's what hurts people the most in my opinion."

Learn more about Jean Carpenter-Backus:

TheNakedAccountant.com

CarpenterAndLangford.com

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