Sounded good at the time. You stood out as a Foreman or a Manager. Others urged you to start your own business. You saw your company’s owner drove a nice truck and YOU even visited his upscale home a few times. His wife had nice clothes, an upscale SUV. She spent time together in the Country Club crowd. That is what you wanted. You made OK money, bought a travel trailer or a boat. You start to grow your family. But you wanted more. You saw into the future. You wanted to take the risk, just not sure when? Family members and close friends urged you on.
Finally, you caught a break, saw an opportunity to buy some used equipment. You got help starting up an LLC. Talked an old co-worker into coming to work for you. He had a friend who would join him in your new venture. The jobs came easy at first, family, friends, friends of friends. You saw your bank account grow. You did fine work that first year. People bragged and were so proud, told their friends, and made sure to tell your parents and in-laws. Your spouse was excited and happy. You were doing this for her and the kids. Someday, we will be financially stable. Just like my old boss.
As the business grew, you had to make more purchases. Your accountant asked for your financials. Woah, you made more money than we thought. Now you owe an extra five digits on your taxes, you were not expecting. This will put a damper on growth plans. Also, we cannot pay that vendor in full, they gave you a credit line, pay it off quickly son they urged. Your best laborer has been repeatedly late and was even a no show for no reason. You missed that deadline on the Johnson remodel. Clients are calling to make sure your starting next week. “Sorry, it looks like its going to be a few more weeks sir.” That great deal on the work truck you bought last year just blew up in your face. New transmission and labor – $5k. You realize you should get a business credit card as your own personal cards are starting to reach the limit. You missed your kids T-ball game because you were working far from home, and everything went wrong that day. Your wife is trying to be supportive, but she too works a full-time job and must shuffle the kids to and from school and daycare. She is starting to question the dream you had?
Things smooth out. You still have credit card and vendor debt. But you acquired a good crew from a contractor who retired. You must pay more attention to the bills, but then agree to pay a bookkeeper more than you think she is worth. You are getting comfortable knowing that you have a decent amount of accounts receivable. You no longer mind paying the mortgage on the day it is due. You book a vacation and flights, put it on the credit card. Got to keep the wife happy.
Phone rings. That damn Smith lady again, all she does is complain. Yes mam, we will try mam. A stack of paper greets you on your desk every morning. You go through it occasionally. Totally forgot about that, that is not important anymore. Forgot to call that sub-contractor back, he is chasing money, you are three weeks behind on his payment. You did not check those voicemails for a few days. Missed a job opportunity, and a client was going to make a payment to you.
Time marches on, you now have a full-time admin person to answer phones. Constantly chasing money, you mortgage the house and get a credit line. New work trailer, new tools, advertising.
You find yourself working on weekends more. It helps. Your are tired, gaining weight, and ignoring your health. Your friends ask if your, ‘re OK? “How is it going man? How is the biz?”
“Good man” you reply. “Busy busy. It’s crazy” you feel prideful, you put on a front.
Someday, you will get there someday.
Why am I doing this you think? I am doing this for us. My wife, my kids, to a happier more secure future?
All the while your spouse is thinking. I wish he would have never started this business. Now he is more stressed, unhealthy, angry, absent, and scatterbrained. It has put a lot more pressure on her as well. Things were better before the business.
If this sounds like you? You own a job. You are officially stuck and need to make changes to take back control of your life, and truly be a business owner. I would love to partner with you and show you how.
I will meet you where you are. Look at your financials, organize them, and teach you how to read them if necessary. We will then start to put a better structure together. Systems, best practices, KPI’s, meeting cadence, hiring, reviews, marketing, human resources, time management and whatever you are lacking. We will reinvent your role as a leader and owner and play to your strengths. We will increase your
revenue and your bottom line!
We will take back control. Currently, the business owns you, you do not own it.
I have been there and spent hundreds of thousands of dollars on personal growth and development and studied with the best coaches on how to improve my own businesses. I have mentored dozens of businesses, and still own a few.
It does not need to be this hard. It is ok to ask for help. All the successful business owners I know have
accountability. Let me be that person for you.
CM