Mastering Cash Flow and Business Growth

Jake Hanes is the Owner and a CPA at Action Tax Service, LLC, which provides tax preparation, bookkeeping, and payroll services to individuals and businesses. As a motivational speaker and executive coach, he is also the Founder of Transbundance and the best-selling author of The 7 Strategies of Highly Successful Business Owners. As a serial entrepreneur, Jake co-owns the Epicenter in Puyallup, a family entertainment center featuring escape rooms, miniature bowling, and virtual reality gaming experiences.

Here’s a glimpse of what you’ll learn:

[2:27] Jake Hanes shares his background as a CPA and entrepreneur
[4:14] Jake’s first entrepreneurial venture at age 14 and what he learned from owning various businesses
[7:25] How Jake became a professional speaker and his involvement with the National Speakers Association
[9:30] The impact of business coaching on Jake’s career and why he recommends it
[15:27] Jake’s mission to impact over one million people and how he’s completed over 2,000 goals
[23:14] Jake talks about his love for adventure, including mountain climbing, scuba diving, and skydiving
[29:28] How Jake overcame epilepsy and its impact on his life
[39:34] The premise of Jake’s book and his lifelong inspiration

In this episode…

Running a business is never a straight path; every entrepreneur faces challenges, from financial struggles to failed ventures. When setbacks threaten to derail everything you’ve built, how can you turn mistakes into lessons and use them to fuel future successes?

Accountant Jake Hanes knows firsthand how failure can be a brutal but effective teacher. After successfully managing his CPA firm, he decided to expand into new industries — only to watch one of his ventures, a clinical day spa, collapse within a year, costing him $230,000. Jake realized he had entered an unfamiliar industry without proper research or the right team. Determined not to repeat the mistake, he sought out mentors, embraced business coaching, and refined his approach to risk-taking. He encourages other business owners to set clear, intentional goals for each business or venture.

In the first episode of Work Hard, Play Harder, guest host Chad Franzen of Rise25 sits down with Jake Hanes, the Owner and a CPA at Action Tax Service, LLC, to discuss mindsets and strategies for entrepreneurial growth. Jake shares how he overcame epilepsy through a life-changing surgery, his mission to impact over one million people, and how he became a motivational speaker and business coach.

Resources mentioned in this episode:

Quotable Moments:

“I learned a lot about what not to do and how to lead a team.”
“When you write down a goal, it goes from becoming a dream to becoming a goal.”
“The single smartest thing I had ever done was bring a coach into the mix.”
“I’m not going to have that happen to me. I worked hard to be independently able.”
“It is amazing and fun to be a CPA who is also an entrepreneur, who is also a coach.”

Action Steps:

Set clear and measurable goals: Writing down goals transforms abstract dreams into actionable steps, making success more achievable. Regularly tracking progress helps maintain motivation and ensures steady growth in both your business and personal life.
Seek guidance from a mentor or coach: A business coach provides accountability, fresh perspectives, and strategies to accelerate success. Learning from someone else’s experience can prevent costly mistakes and uncover growth opportunities.
Learn from business failures: Instead of seeing failure as an endpoint, analyze what went wrong and adapt accordingly. Embracing setbacks as learning experiences fosters resilience and strengthens decision-making skills for future ventures.
Diversify business ventures wisely: Expanding into new industries without proper research can lead to costly failures. Ensuring alignment with expertise and market demand minimizes risk and increases the likelihood of long-term success.
Balance work with personal fulfillment: Pursuing passions outside of business, like adventure or travel, helps maintain mental clarity and motivation. A well-rounded life fuels creativity, reduces stress, and enhances overall productivity.

Sponsor for this episode

This episode is brought to you by Action Tax Service, LLC, which provides income tax, bookkeeping, and payroll services to individuals and businesses.

With a specific focus on the growth and success of small businesses, Action Tax provides companies with specialized training and support in Quickbooks accounting software.

Our team of seasoned tax preparers, professional bookkeepers, payroll specialists, and CPAs process federal, business, personal, partnership, and estate returns.

To learn how you can save time and money on your bookkeeping, visit us at https://actiontaxteam.com/.