N RESPONSE SPOTLIGHT
NDSIGHT
HAVIORAL
OUP:
THE DIFFERENT ROAD TO SUCCESS
She was shocked by the amount of taxes owing at the end of
the first year and worried about the impact it would have on
cash flows going into the second year. Not wanting to wind
up in the same position next year, she began searching for
guidance on better ways to handle the company finances.
She packed up her family and a little book she’d stumbled
upon called Profit First and headed for a cabin in
Gatlinburg’s Smoky Mountains. When they arrived at the
cabin, Compton spread out her computer, tax returns, and
Profit First on the kitchen table and declared she wasn’t
leaving the cabin until everything in the business was
situated. She returned to Kentucky with a plan to implement
the Profit First methodologies.
THE BIGGEST BARRIER IN THE
BEGINNING WAS SEPARATING THE
ACCOUNTS.
Compton says that was the scariest part because it forced her
to scrutinize her spending habits. It also brought on a lot of
funny looks at the bank, which Mike prepared her for.
Compton’s banker, accountant, and bookkeeper all thought
she was crazy when she decided to open 12 separate
company bank accounts. Today Compton uses 25 accounts
for the company banking and has referred many others to