Randy and Renee Hughes are the founders of Seven Figure Profits, a Black-owned, award-winning tax advisory firm that helps African American and minority entrepreneurs earning six or seven figures but still feeling financially restricted. Contrary to common belief, over 40% of high-earning business owners live paycheck to paycheck despite their revenue.
As a married team, Randy, a Certified Tax Resolution Specialist (CTRS), and Renee, a Profit Psychology Coach, guide entrepreneurs not only on financial strategies but also on the mindset needed to avoid what they term the “7-Figure Poor trap.” They emphasize that financial success isn’t just about numbers but also mental well-being, offering holistic support for making sound business and financial decisions.
Renee explains, “Seven figures isn’t as freeing as it once was. That’s why we coined ‘7-Figure Poor’ to describe entrepreneurs with high revenue but low profitability and burnout, making it hard to invest and manage expenses. We help reverse this, even if you’re already working with another accountant!”
Randy adds, “We’re a powerful team who understands both the creative and financial sides of success, especially for Black and Brown entrepreneurs. Our approach leads to long-term profit while maintaining financial sustainability.”
Their firm goes beyond traditional accounting, breaking the cycle of financial struggle with a two-part system that includes clear financial planning and the psychological tools needed to implement it. Clients don’t just save money—they transform their businesses.
Here are some of the key strategies they use:
Cure for 7-Figure Poor: Turning high revenue into actual profit and personal fulfillment.
Burnout to Balance: Personalized strategies to reduce stress while managing a seven-figure business.
Expert Guidance: One-on-one coaching to help avoid common financial missteps.
Tax Complexity Navigation: Handling complicated tax situations while maximizing wealth.
Personal Development: Focusing on whole-person growth, ensuring professional success aligns with personal happiness.
For more information or to schedule a profit planning session, visit SevenFigureProfits.com.
About the Founders
Randy Hughes, a CPA and Certified Tax Resolution Specialist, serves on the Intuit Tax Council. He’s known for his success stories, such as helping a Black woman eliminate $77,000 in IRS debt and suspending six-figure tax liabilities for a couple. He also negotiated a reduction from 100% tax garnishment to 10% for a single mother with a special needs child. Follow him on LinkedIn.
Renee Hughes, the first Black woman to open an accredited aromatherapy school in 2019, has coached over 400 entrepreneurs in managing stress-related health issues. As a Profit Psychology Coach, she helps business owners optimize brain health for smarter financial decisions. Follow her on LinkedIn.
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