In today’s episode, Nick talks to Murf Murphy, the author of ’The Aloha Money Machine’, and a scale-up expert who’s been so successful, that he’s now achieved financial freedom.
The Aloha Money Machine is a hugely empowering study in how to create a business that can be sold even if you have no intention of selling it when you’re starting out; a nine-step formula for creating a business money-making machine.
Murf joins Nick today to expand on his proven methods, and discuss, at length, his opinions on the importance of sound finances and ensuring you have the best groundwork in place.
- Business is the equaliser. It doesn’t matter how much money you have, or where you come from Business evens the playing field for everyone.
- The two things that kill a business are not having a solution to a real problem, and poor management of cash, and not having a good cash mentality.
- During his entrepreneurial journey, Murf learned three invaluable lessons:
- You need systems and processes in your business
- Time must be used in the best way possible
- Stabilising your income is imperative
- People don’t tend to see building a business as building an asset. They see it as a replacement job that will provide an income, and which will see them in an elevated position.
- If you want to survive in business, you have to fight and keep fighting. Your business is your legacy, and your family’s legacy. You must fight for that legacy.
- In the start-up phase, your sole intention should be to make money. But that doesn’t mean that you shouldn’t have an exit in sight. One day you will be exiting the business, but how? You need to know your exit from the start.
- Murf’s Nine Step formula for creating a business money-making machine is:
- Make money - focus on making your money make money
- Find your customers
- Craft your story
- Build the system
- Hire right - Fill your team with the right people
- Manage the system
- Highest and best use of time
- Financial freedom
‘If you’re the biggest person in the room, then you’re in the wrong room’
‘You can learn a lot from failures’
‘If he could do it with the same blood, then I could do it’
’The customers are the people who write the cheques’
‘If you want to survive, then you have to fight that shark’
‘Money gives you choices’
‘Gold can be found in your database’
ABOUT THE HOST
My name is Nick Bradley. I’m an entrepreneur, author, speaker and investor.
My background is in growing and scaling VC and Private Equity backed businesses.
Having successfully built, bought and sold a number of companies, and removed myself from day-to-day operations, my focus now is on helping entrepreneurs get to where they want to be, in business and in life. As well as investing in growth businesses and backing turnarounds - with the ultimate aim of creating value from significant capital events.
I’m passionate about personal and professional development - showing up and being the best version of myself ... every day.
My bigger vision is to help bring entrepreneurial skills, experience and mindset to people in developing nations - so they can follow their dreams, live life more on their terms - utilising entrepreneurship as a global force for good.