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Larry Rice

American mandolinist and singer

Aug 2, 2026

1:48
Like the song One Bourbon, One [laughs] Scotch and One Beer?
1:50
[laughs] Yeah.
1:51
Except we only had one, one example of each of those.
1:54
And, you know, I got into...
1:56
Growing up around here, you drink whiskey, but I didn't really pay attention to it, if you will, until probably around 2008.
2:02
You know, um, in my career, I went from working in Irish pubs and shooting Jameson with, with a Guinness, you know, back to working in fine dining, 'cause I was getting a little bit older and that hurt, to working, you know, high-paced bars.
2:15
And then that's when I really started paying attention to, like, what I was eating, what I was drinking, and it was really focused on wine at first, 'cause this was the early 2000s.

11 MINS LATER

13:37
Yeah.
12:24
And let's, let's go a million from a million to five, 5 million to 10 million in revenue where they should be.
12:30
All right.
12:31
Well, I'll try to put that all together for you.
12:34
the the ideas in the business i mean at a minimum uh associated a million dollars you should at least have a bookkeeper inside the business i i personally don't think that that's enough i think that you should be looking for a controller level skill set and let's talk about that what is the controller level skill set it's somebody that has a very strong understanding of financial reporting probably has very good understanding of of generally accepted accounting principles Somebody who can reconcile the balance sheet, understands the difference between cash and cruel accounting, and can literally fit with you, close the books every month with little to no error, and be able to present that to you so that you can at least understand those financial statements.
13:14
And I honestly, I think around a million dollar business that you could probably survive with that and interacting with your CPA in a strategic manner.
13:23
You know, operating with them, having a cadence, a monthly or quarterly cadence where you're discussing what they're seeing in those financial statements, right? You start pushing up to 5 million, getting to 10 million.
13:35
We got to start talking about having potentially a fractional CFO or a full-time CFO on the team.
17:31
You know, Why do business owners tend to get fooled? Because I know a lot of them, right? And the way they judge the health of their business is every morning they look at their bank balance, right? How come that fools people?

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