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Keep What You Earn — Business
Keep What You Earn

Keep What You Earn is the podcast for aesthetics and wellness practice owners who want to scale profitably and build a business that is actually worth something.

Hosted by Shannon Weinstein, CPA and Fractional CFO, this show is designed for med spa owners generating $1–5M in revenue who are ready to move beyond reactive decision-making and into disciplined, strategic growth.

If you’re trying to break past the $2M ceiling, improve cash flow predictability, increase margins, open additional locations, or prepare your practice for a future sale, this podcast gives you the financial clarity to do it confidently.

Each episode focuses on the financial building blocks that determine whether your practice scales smoothly or stalls under pressure, including pricing discipline, operating margin control, cash flow forecasting, customer lifetime value, and enterprise value planning. This isn’t about more spreadsheets. It’s about financial leadership.

Whether you’re preparing for expansion or positioning your practice to sell, Keep What You Earn helps you think like a CFO and operate like a CEO.

[Disclaimer: Any opinions, recommendations, and tips offered on this podcast or other social media forums do not constitute individual tax or accounting advice. This content is designed to provide education and awareness about financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Shannon or Keep What You Earn Co.]

Copyright: © 2021 All rights reserved Fitnancial Solutions.

Latest Episodes:

Why You Want to Build a Sellable Business Jun 12, 2023

Show notes

I believe that all business owners should build their business from the perspective that it will one day be sold. I do not hold this opinion because I think that it is everyone's goal to sell their business, but I do believe that approaching your business with this mindset will make you create processes and systems that will stand the test of time, with or without you.

At the end of the day, none of us can predict the future, and if something were to happen to you or someone critical in your business, would your business survive? Building systems and processes that would allow your business to continue operating will be better for the long-term health of your business, and ultimately may be sellable to help other businesses.

What you'll hear in this episode:

[1:17] Here's why you should be building your business to be sellable, whether you plan to sell it or not.

[2:45] These are some key aspects of a sellable business.

[4:08] My vision for Fitnancial Solutions long term.

[6:23] Methods to sell portions of your business, without actually letting go of your core business.

* Related episodes:

Tips for Negotiating Business Deals

Which Financial Professionals Do You Need in Your Business?

How to Build a Solid Financial Foundation in Your Business

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Get Back In The Driver's Seat Of Your Business Finances Jun 09, 2023

Show notes

This episode is a replay of an interview that I did for the Earn Your Happy Podcast with Lori Harder.

Here is the episode recap from Lori:

Business metrics used to freak me out, but thankfully I've discovered some approachable ways to gain insight into that valuable information. I'm joined by Shannon Weinstein, founder of Fitnancial Solutions, which is an accounting, tax strategy, and coaching firm for entrepreneurs who want more perspective and less paperwork when it comes to their finances.

In our conversation, we break down what a fractional CFO is and how they can help business owners turn data into decisions. Shannon shares her advice for anyone who feels overwhelmed and disempowered with their finances, particularly for newer entrepreneurs. She also covers what's included in her Business Financial Quickstarter course and an amazing offer she has for all the Earn Your Happy listeners!

What you'll hear in this episode:

[0:20] Welcome back to Earn Your Happy. Today, Lori is joined by Shannon Weinstein.

[3:30] Lori asks Shannon, "Why don't we start by telling everybody exactly what it is that you do?"

[3:59] Lori asks Shannon, "Can you explain what a fractional CFO is?"

[6:07] Lori asks Shannon, "When should we hire a fractional CFO and why is hiring someone so powerful at the beginning?"

[10:16] Lori asks Shannon, "What does that even look like for a business to work with someone like you?"

[12:31] Lori asks Shannon, "Can you tell me what it all looks like when you're first getting set up?"

[17:44] Lori asks Shannon, "Let's break another myth: all you need is a tax person once a year."

[19:22] Lori asks Shannon, "What is the difference between CPAs and accountants?"

[20:34] Lori asks Shannon, "Do you feel like within the first year accountants can save you money or help you make more money?"

[21:53] Lori asks Shannon, "Let's talk about one more myth: you can afford to wait until you're making money to lay the financial pieces in place."

[24:51] Lori asks Shannon, "Let's talk about maybe someone's past beliefs and how we can bust those around having a financial expert in your life."

[28:42] Lori asks Shannon, "What do we need to do in order to truly have our arms around our business if we are freaked out by it?"

[33:27] Lori asks Shannon, "What's some advice that you could give someone newer in business that might help them save money or look at something that they wouldn't think of looking at that could really help them?"

[36:03] Lori asks Shannon, "Do you have any exercises that help people feel balanced and not obsess over numbers?"

[40:53] Lori asks Shannon, "Let's talk a little bit about the course."

[43:10] Lori asks Shannon, "Why did you create the course?"

[47:17] Shannon announces that she's offering $50 off her course when listeners go to keepwhatyouearn.com/lori and use code LORI.

[49:50] Lori asks Shannon, "Can you just give us a minute rundown of how you got to where you are right now with the podcast?"

[51:30] Lori asks Shannon, "Where do we go if we want to listen?"

[52:11] Lori asks Shannon, "Where can we get your Business Financial Quickstarter?"

[53:15] Lori asks Shannon, "What's your Instagram?"

* Related episodes:

Deductions for Retreats and Events

Worry Less About Efficiency in Your Business

Unlocking The Next Level of Revenue

*Link to Lori's Show: https://podcasts.apple.com/ca/podcast/earn-your-happy/id1087926635

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

How to Generate Cash Without Increasing Price Jun 08, 2023

Show notes

Are you looking to supercharge the cash flow in your business? Having a healthy cash flow is essential for growth and expansion. While many consider price increases as the go-to solution, it's important to explore sustainable alternatives.

I'll delve into three practical and effective strategies that you can implement right away to increase the cash available in your business.

[1:28] Why a price increase is not always on the table to increase cash flow?

[2:24] Method #1 to increase cash in your business without raising the price - accounts receivable.

[3:40] Method #2 to increase cash in your business without raising the price - inventory.

[5:34] Method #3 to increase cash in your business without raising the price - paying your bills.

[7:00] Bonus tip to increase cash in your business without raising the price - passive income.

Endless Cash Course: https://www.keepwhatyouearn.com/endless-cash

Cash flow forecast template: https://www.keepwhatyouearn.com/cash-flow-forecast

* Related episodes:

Tips for Negotiating Business Deals

Which Financial Professionals Do You Need in Your Business?

How to Build a Solid Financial Foundation in Your Business

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Should You Pay Quarterly Tax Estimates? Jun 07, 2023

Show notes

I have a non-traditional belief about quarterly taxes - don't pay them! That's not actually what I mean but I'll share what I often recommend to clients. My intent behind sharing this is not to tell you what to do but to make you aware that there are different ways to think about things. This is one of the more fun things about working in taxes and accounting. We're given a set of guidelines to follow but we get to interpret those guidelines and apply our own approach.

What you'll hear in this episode:

[2:36] The most important thing to know about quarterly estimates.

[4:56] How do you decide how much to pay?

[9:41] Is it worth it to keep your money in your business for a little longer?

* Related episodes:

How to Hire Your Kids to Generate Tax Free Wealth

Taxes for Rental Properties with Pat Leung

Can I Deduct My Groceries?

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Positioning Yourself Well for a Tax Strategist with Grant Dougherty Jun 06, 2023

Show notes

Grant Dougherty is a fellow tax professional and has a passion for education. I align closely with this as education is one of my passions as well and is part of the reason that I created this podcast. Grant also has an amazing social presence as his content is very relatable and easy to understand which I love.

Today, I'm picking his brain about the foundational financial elements that all business owners should have in their business. We also discussed the role that real estate can play in your investment portfolio and what some potential tax benefits are from real estate investing.

Tune in to hear some helpful tips to get your business in line, and you may even take away a few real estate investing rumors that Grant mentions in the episode.

What you'll hear in this episode:

[2:25] Introduction to Grant

[5:07] What are some examples of key foundational elements that Grant looks for in a client to ensure a strong foundation?

[11:30] What is the cost of hiring the right financial help in your business?

[16:12] What are the compelling reasons people should invest in real estate?

[18:20] What are the advantages of rental income over wage income?

[22:17] What advice does Grant have for someone who's interested in getting started in real estate?

Connect with Grant:

@doughertytaxsolutions

Related Episodes:

How to Pay Yourself Based on Your Business Structure

What is a W-9 and Who Needs One?

Are GoFundMe Donations Deductible?

Resources:

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Why We Don't Hire Financial Help Fast Enough Jun 05, 2023

Show notes

Today, I have a unique style of episode in store for you. We'll engage in a candid conversation with a business owner and delve into a question that I often have for new entrepreneurs: Why do they wait to hire a tax strategist for their business?

Joining us for this discussion is Tanya Smith, a friend I met in the Brand Builders group. Tanya brings with her a wealth of experience as a branding and visual communications expert. She is the founder of WorkStory Creative™ and holds the title of Certified Personal Branding Strategist for Brand Builders Group.

Throughout our conversation, Tanya will offer her perspective on my question, drawing from her own journey of starting a business and where she finds herself today. She will shed light on why she chose to delay seeking assistance with her finances until a later stage in her entrepreneurial journey.

What you'll hear in this episode:

[4:00] Why do new business owners hesitate to invest in tax strategy and advice from accountants?

[10:05] How does a new business owner know when it is time to start bringing in additional help with their financial strategy?

[14:05] How to identify what kind of help you need in the early stages of your business.

[19:50] From a branding standpoint, how can accountants improve their presence and clarify their offerings?

[27:30] What can accountants do better to appeal more to early-stage business owners?

Connect with Tanya:

Instagram.com/workstorycreative

linkedin.com/in/tanyagoodallsmith

Business Financial Quickstarter: https://www.keepwhatyouearn.com/bfq

Related Episodes:

How to Handle a Negative Business Review

Starting and Growing a YouTube Channel with Augie Johnston

Differentiating Yourself Based On Your Values

Resources:

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

What is an Asset vs an Expense? Jun 02, 2023

Show notes

This discussion aims to shed light on a seldom asked but valuable question, aiming to provide business owners with a comprehensive understanding of their expense options.

Many business owners commonly opt for deducting the entire amount of an expense in a single year. However, it is crucial to note that if a particular purchase could be categorized as an asset, spreading the expense over multiple years becomes a viable option. This approach can effectively alleviate your tax burden over time.

By strategically considering the classification of expenses, you can optimize your tax liabilities and better manage your financial resources.

What you'll hear in this episode:

[1:25] Defining what an expense is in your business.

[1:56] Defining what an asset is in your business.

[3:00] The importance of spreading a purchase over multiple years, AKA depreciation.

[4:50] What is the safe harbor threshold?

[6:15] What are the benefits of you understanding assets vs expenses in your own business so you can help maximize your tax deductions?

[7:09] What are intangible assets in your business?

Resources:

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Creating Community in Your Business with Teri Yu Jun 01, 2023

Show notes

I am sitting down with Teri Yu, a serial entrepreneur with a wealth of experience in product development. Having previously worked at Asana and Microsoft, Teri brings a deep understanding of these fields to her endeavors. As a the founder of her startup Vibely, she successfully raised over $2.5 million and sold her company to the creators powerhouse Kajabi.

Teri shares her journey of founding Vibely and the inspiration behind it. She shares the successes and mistakes she made along the way, providing valuable insights for aspiring entrepreneurs. She also shares her reasoning behind sticking with Kajabi after the sale of Vibely rather than selling it outright.

Additionally, Teri discusses the key factors that contribute to high engagement in a community platform. Teri highlights the top factors that lead to success for creators, as well as common mistakes made by less successful ones.

If you have ever considered building a digital community, this episode has all of the information that you need to get started successfully.

What you'll hear in this episode:

[2:51] Who is Teri and how did she end up in her current role?

[4:00] What inspired Teri to start Vibely originally?

[7:40] What were some successes and mistakes that Teri made along the way when creating vibely?

[10:50] What influenced Teri's decision to continue to work with her product after selling to a larger company as opposed to selling it outright.

[16:52] What are some of the factors that contribute to high engagement in a community type platform?

[19:58] How do the call to actions and challenges within the community drive engagement?

[20:51] What are some of the top factors that successful creators have and what are some mistakes you see with less successful creators?

[25:30] What are some unique success stories where people have been able to capitalize on the community platform?

[28:55] How much effort should a creator put in on the front end of creating a digital community?

[34:10] What are some of the problems that are being solved right now at Kajabi based on customer feedback?

Shannon's Kajabi Affiliate Link: https://app.kajabi.com/r/zGmoZA9E

Connect with Teri:

Teri IG: @teriyakichicken

Twitter: @teriyu

Kajabi Hero community on FB: https://www.facebook.com/groups/newkajabi/

Related Episodes:

How I Turned My Side Hustle Into My Full-Time Career

Differentiating Yourself Based On Your Values

Investing in Your Digital Storefront with Lynzee Krohne

Resources:

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Can You Deduct Your Clothing Purchases? May 31, 2023

Show notes

There is a common question amongst business owners of when you can deduct your clothing expenses from your taxes. There are a few circumstances where this is the case.

I'll start by discussing the clear instances where clothing deductions are allowed, such as uniforms that are directly related to your job and clothing that bears your company logo. However, there are also some grey areas surrounding clothing deductions that I'll highlight where it may be more challenging to determine eligibility.

And as per usual with me, I'll share my honest unfiltered opinion on using clothing deductions as part of your tax strategy.

What you'll hear in this episode.

[2:00] The most obvious "yes" to when you can deduct your clothing

[2:35] Uniforms very specific to your job

[3:30] Clothing with your logo on it

[4:30] What are some of the grey areas for when your clothing could be deducted?

[6:30] My honest opinion on clothing deductions as part of your tax strategy.

Related Episodes:

How to Hire Your Kids to Generate Tax Free Wealth

Can I Deduct My Groceries?

Are GoFundMe Donations Deductible?

Resources:

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Do You Take Time to Appreciate Success? with Amanda McKinney May 30, 2023

Show notes

I am joined by Amanda McKinney, a recognized thought leader and coach on Accidental Entrepreneurship. Amanda is also the author of "Why Not You? An Accidental Entrepreneur's Guide To Success" and host of "The Unapologetic Entrepreneur Podcast." Together, we discussed the importance of taking time to appreciate success.

Amanda shared her insights on who is considered an accidental entrepreneur and what commonalities they have when it comes to defining their goals and success. We also talked about the challenge of finding joy in success when the bar keeps moving with your goals. Amanda emphasized the importance of maintaining perspective on the entrepreneurial journey and celebrating your definition of success.

Overall, this episode was a great resource for anyone who struggles with acknowledging and celebrating their successes, especially those who are always looking ahead to the next thing. Amanda provided practical methods and a framework to help listeners overcome self-doubt and gain confidence.

What you'll hear in this episode:

[2:55] Who is considered an accidental entrepreneur?

[5:35] What is a commonality among accidental entrepreneurs in how they define their goals and success?

[9:10] How do you find joy in success when you continue to move the bar up for your own goals?

[16:25] The importance of maintaining perspective on where you have come from on your entrepreneurial journey.

[19:18] What are some tactical methods to ensure that you are taking time to truly celebrate your successes?

[29:21] The importance of not minimizing successes based on the effort that was put in.

[35:55] What are some tips to help someone identify the feeling of success?

[41:14] Your definition of success can change and that is okay, this will adjust based on the phase of life you are in.

[42:30] What does Amanda discuss in her brand new book Why Not You?

An Accidental Entrepreneur's Guide To Success?

Connect with Amanda:

Downloadable PDF - amandamckinney.com/success

Social: @theamandamckinney

Related Episodes:

My Costa Rica Story (Part 1): The Why

My Costa Rica Story (Part 2): The How

Getting Out of Your Own Way with Lindsey Mango

Resources:

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

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