299: Success Your Way: From $650K in Debt to CEO with Nancy Benet

Starting over with money can feel impossible when you’re staring at a number that looks like a life sentence. On Call Me CEO, Nancy Bene shares what it’s like to be a CPA and still find herself divorced, raising four kids, unemployed, and $650,000 in debt after multiple failed businesses. The turning point is not a magical windfall, but a decision to stop quitting, stop hiding, and take responsibility without self-hate. That mindset shift matters for women entrepreneurs because it turns overwhelm into agency: if your choices helped create the situation, your choices can also rebuild it, one small action at a time.

A major theme is resilience in small business and the difference between quitting and pivoting. Nancy describes trying to buy a small tax practice, signing a three-year office lease, and then having the seller back out the next day. Instead of treating that as proof she should stop, she treats it as data. She experiments, finds a marketing approach that works, then pivots again when the model becomes unstable due to IRS shutdowns and hurricane-driven slow periods. The practical lesson for entrepreneurship is to design for reliable cash flow: shifting toward recurring revenue and high-value fractional CFO services reduces volatility and lets a firm grow with more predictability.

The conversation also digs into debt payoff strategies and the emotional side of financial empowerment. Nancy explains that secrecy gives money problems power, but “shining a light” on the numbers invites support, options, and clarity. She asks for help from someone she respects, even though it’s uncomfortable for a financial professional to admit distress. That honesty becomes a tool: list the debts, face the interest rates, identify what’s tied to your family, and take baby steps. For many listeners, the most actionable takeaway is that progress comes from doing one uncomfortable thing each day, not from a dramatic overnight transformation.

Money mindset shows up as a hidden driver of cash flow problems. Nancy grew up with beliefs like “money is dirty” and “money doesn’t grow on trees,” which led her to push money away and spend down to zero. A friend challenges her to “raise your zero” and build a cash cushion that makes payroll and life less terrifying. She sets a target to save $30,000, hits it far faster than expected, and keeps increasing the baseline. Along the way, she recommends building your professional tribe early: a CPA for estimated taxes, an attorney, and a mentor or coach. Add systems, hire the right people, and delegate tasks like invoicing and collections so you can lead with vision, not anxiety.