Today, I'm speaking with Jim Emerich, founder of Backbone CFO, a fractional CFO practice that specializes in supporting construction firms and manufacturers. Jim and I talk about the role data plays in making strong business decisions, and he walks me through a simplified framework he created to help identify key financial issues and constraints that often hold businesses back. The framework focuses on five core areas: cash, profit, people, systems, and position.

 

Jim shares insights from his work with business owners and explains how financial planning and a clear understanding of enterprise value can shape the growth and scalability of a company. Whether you're running a lifestyle business or working to build long-term enterprise value, this conversation offers practical strategies to move from chaos to clarity and control.

 

What you'll hear in this episode:

[01:50 ] The Backbone CFO Framework

[05:40 ] Diagnosing Financial Issues

[12:55 ] Case Study: Financial Control Framework in Action

[24:00 ] Understanding the Data Equity Ratio

[25:30 ] Framework for Financial Control

[26:25 ] Managing Inventory and Cash Conversion

[27:45 ] Educating Business Owners on Financial Metrics

[29:00 ] Financial Projections and Growth Planning

[34:35 ] Balancing Tax Savings and Enterprise Value

[43:25 ] Aligning Business Goals with Actions

 

If you like this episode, check out:

How to Build Investor-Ready Financials

Your Most Expensive Habit

How to Create Enterprise Value for Your Business

 

Learn more about Backbone CFO: https://backbonecfo.com/

 

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

 

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.