Following Charlie Munger's advice to always invert, here are 10 things not to do as a CEO: - Run out of money - Fail to learn / grow - Lose your team / break the culture - Not understand capital allocation - Believe you are the sole reason for your company's success /1↗

2 areas of an SMB's 'operating system' that I've been thinking about recently: 1) How to incorporate 'no code' solutions like Zapier, Notion, Airtable, etc into a company's workflows 2) How to assess what tasks can be moved offshore Few SMBs I know are doing even 1 of these /1↗

Buying a business, especially a good one, is hard. But not impossible. And not without risks. Reducing those risks takes a good process, emotional control, discipline, savvy advisors, and relentless hard work. Though just about anyone can do it.↗

When buying a business, you want actual cash flows to tie to the reported financials of the company. If the actual flows of cash differ materially from the reported numbers, you'll want to dig in. One exercise to evaluate this uses a tool called a 'cash proof template'↗