45 Skills

Financial Station Objectives:

Upon successful completion of the Financial Station Module, students will be able to:

  • Assess, Set-up, and manage a company.
  • Maintain a company’s checkbook: Income and Expenditures.
  • Understand the ratio of Payables to Receivables.
  • Negotiate sales reps commission.
  • Navigate funding a business.
  • Understand negative and positive cash flow.
  • Understanding the Profits and Loss (P &L) Statement.
  • Maintaining Balance Sheets.


  • Assessing the viability of the product concept – segment of the market.

Financial Data Management

  • How to legally set up a company
  • Who could you bring into your company? Should you?
  • Choosing a sole proprietorship, partnership, S Corp, or C Corp
  • Where to set up your company
  • What can you do vs. a CPA
  • How to keep financial data safe
  • How often is financial data updated
  • Who does it
  • Taxes: Payroll taxes, sales taxes, corporate taxes


  • How to run a checkbook
  • How to pay electronically
  • A notebook with two columns: Money in, Money out.
  • QuickBooks on the cloud
  • Accrual Vs Cash accounting
  • Robbing Peter to pay Paul
  • Interest paid out on Loans


  • What are they
  • How long till payment is average in the industry
  • Ratio of Payables to Receivables for a healthy company
  • Late payments
  • Credit Card Payments
  • Working with Debt collectors
  • Working with Factors: industry financiers who take a % of receipts
  • Interest paid by banks on extra cash
  • Floating additional cash in the stock market

Sales Commissions

  • Negotiating when sales reps commissions are paid
  • Retrieving commission payments on unpaid invoices
  • Consignment commission and returns

Banking Relationships

  • Self Funding your business
  • Boot strapping
  • What to look for in a banking relationship
  • Signing an I Dot on your house
  • Where else can money come from
  • Pluses and minuses on borrowing from friends and family
  • Kick Starter type funding
  • Interest paid in on free cash

Cash Flow

  • What is Cash Flow
  • What does healthy Cash Flow look like
  • What does unhealthy Cash Flow look like and what choices follow

Profit and Loss

  • What is a P&L Statement
  • What does a healthy P&L look like and what choices follow
  • What does unhealthy P&L look like and what choices follow

Balance Sheets

  • What is a Balance Sheet
  • What does a healthy Balance Sheet look like and what choices follow
  • What does an unhealthy Balance Sheet look like and what choices follow.