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Simplifying The Cares Act with Denai Wolfe of The Chic CFO

Denai Wolfe is a Virtual CFO, Financial Clarity Coach and Profit Strategist. She works with big thinking entrepreneurs to help them increase their profits by designing and implementing financial structure and systems. Denai understands entrepreneurs because she is one. In a past life she owned a photography business and two restaurant franchises. Running these businesses was where she learned the power of knowing your numbers. She became so passionate about empowering entrepreneurs to take control of their numbers that she volunteered at her local women’s business center to educate female entrepreneurs on financial literacy. The more students she got in front of them more requests she received for consults and so The Chic CFO was born.

Denai believes that bigger profits equal a better life not just for you and your family but for your team and customers as well. She follows one golden rule when it comes to business – of it doesn’t make money it doesn’t make sense. Her mission is to help entrepreneurs understand their financials and utilize the data to make operational improvements that will scale their company to the next level!

Key Takeaways:

[0:18] Today’s episode of Franchise Euphoria is brought to you by IndyFranchiseLaw.com, a leading resource in the franchise space. Head over to IndyFranchiseLaw.com learn more!

[0:59] Josh introduces today’s guest, Denai Wolfe, who Josh heard speak recently on the topic of the Cares Act.

[2:15] Josh welcomes Denai Wolfe to Franchise Euphoria.

[3:05] Denai shares what her involvement in franchising had been and how it led her to develop the Chic CFO.

[14:09] One of Denai’s biggest missions with empowering entrepreneurs has been to deliver the information to them in a way that makes sense. That’s when she saw how overwhelming the Cares Act was and she decided to simplify it.

[19:58] Denai gives an overview of what the Paycheck Protection Program is and what the intent behind it is.

[26:25] Josh addresses that there is some confusion surrounding how owners who don’t have standard paychecks get paid.

[33:15] While the Cares Act explicitly states what 75% of the funds you obtain should go towards, there is about 25% of gray area, so Josh suggests talking with your business professional to address what expenses qualify to avoid fraudulence.

[36:37] Denai has noticed that small banks are able to assist people applying for this program better than larger banks simply because the bigger banks are inundated and are struggling to keep up with the amount of applications they receive.

[38:33] The Paycheck Protection Program explicitly states that professionals cannot charge applicants to assist with the application process, but Denai has seen people doing this anyways, which is in poor taste in her opinion.

[41:48] Josh shares that technical difficulties interrupted the recording process for this interview, so they are back a few days later, and there’s actually been an update to the program which Denai explains.

[46:40] Denai’s Facebook group called the Profit Factor is constantly active with information about the Cares Act and Denai regularly does Facebook lives to discuss updates.

[48:16] If you want to learn more about Denai or her services, visit their website listed below.

[49:09] Thanks for listening, and please, reach out to Josh anytime through email at josh@franchiseeuphoria.com. If you enjoyed this interview, please leave us a review on iTunes.

Mentioned in This Episode:

josh@franchiseeuphoria.com

www.franchiseeuphoria.com

www.indyfranchiselaw.com

https://thechiccfo.com/

https://www.facebook.com/groups/theprofitfactor/

https://thechiccfo.com/coronavirussbaloans/

Picture of Josh Brown

Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

Picture of Josh Brown

Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

pardee2003 from United States
11/16/2019
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Great and applicable information from professionals in the franchise world that are doing it every day. I’ve listened to 3 episodes: Gutter Brothers, Woofies, and Cycle Bar. Enjoyed all and looking forward to hearing more.
WTutor311 from United States
8/30/2019
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Highly recommend. Great guests. Filled with tons of helpful information.
Katie Joy B. from United States
7/16/2019
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Josh and his wide variety of knowledgeable guests are truly rockstars! They deliver quality (and free!) franchise knowledge and advice in each and every episode. The great advice they provide, combined with the engaging way they deliver it had me hooked from the very first listen. Thanks for putting out such a stellar show Josh - keep up the great work!
Jordan gross from United States
07/15/2019
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This podcast provides the advice necessary to start building, growing, and scaling your business TODAY! The host asks probing questions of his guests that add value to the listeners in an immediately implementable way!
VPugliese from United States
07/15/2019
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What do you get when you combine business savvy, legal expertice and a great personality? You get the ultimate podcast for franchise owners. Josh Brown brings it all togehter perfectly with Franchise Euphoria. Not only does he possess all of the skills and abiliites above, but he has great guests, asks awesome questions and created the ideal podcast for this niche. If you have a franchise, or are considering it, subscibe to this show and consume all of the content!
Mick James from United States
06/05/2019
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Started listening to Josh's podcast after the wife and I decided to buy a franchise and I quickly went through about 200 episodes on 1.5x & 2x, before signing on to purchase a franchise. Josh's info was an invaluable part of our decision to buy, and after listening to so many episodes, I felt like I knew and trusted him on a personal level, so it was a no-brainer to enlist his services when it came time to review the franchise agreement. Josh was super easy to talk to and very empathetic to our needs, and being first time business owners, we needed all the empathy we could get. Josh helped us negotiate a great deal with the franchisor and we were very happy with his services. Great podcast, great guy, great service to anyone involved in the franchise world!
Dean575 from United States
06/04/2019
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Very interesting discussion. I found the information valuable.
Summieysum from United States
05/06/2019
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I've just completed the legal process of franchising my business and have now begun selling franchises. Just found this podcast and it's an incredible resource! Great content and Josh is a very engaging host. Highly recommend for franchisors and franchisees.
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