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90 - Building a Family Legacy with Michael Barnett
Manage episode 301928318 series 2954305
Контент предоставлен Benali, Khalil Benalioulhaj, and Martin Holland. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно Benali, Khalil Benalioulhaj, and Martin Holland или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.
- Who is Michael Barnett, and what was his path to being a business owner? (1:24)
- When should you get lawyers involved in a family business? (3:26)
What was life like when he took over the company?
- 2012 - 2016: Growing the company, focused on sales, no idea how much money was in the bank. (6:12)
- What caused his vision of the company to change? What were the biggest issues he faced as a new business owner who was trying to build and grow a legacy? (7:18)
- How was he prospecting for new customers? (9:14)
- 2017: Focused his sights on commercial work because there was more money in it. (11:22)
- They hit a million in sales, but started to feel some cashflow problems. (12:46)
- Even though they grew in 2017, they lost money. So, Michael started talking to other business owners and took a mastermind class with Martin (14:41)
- Bookkeeping 101: How to use good books to make decisions. (17:16)
Becoming a business owner, not just an electrician
- Being a business owner is fun. (18:43)
- They started focusing on service work because it had 40% margins without putting in any work to improve processes. (24:06)
- BUT, Michael DID improve the service processes. Here’s how. (25:30)
- Michael’s mentality through the changes? “Jump. We’ll build the wings on the way down.” (30:18)
- The power of getting rid of the hourly rate and charging a service fee. (34:48)
- How Michael sets his costs AND protects his customers. (36:30)
- How technology supports his business. (38:30)
- What was the key to turning around his business? (42:58)
- The evolution of his vision. (45:28)
- What’s Michael’s advice for others who want success? (47:35)
- Ethan’s Insights — Ethan’s favorite moments from the interview. (49:25)
Quotable Moments
- “If you’re cheap enough, you can get as much work as you want, but you won’t be around.” — Michael
- “We broke a million, so where’s the money?” — Michael
- “If you have 35 margins and you raise your prices 10, you can lose 22 of your business before you lose 1 penny of profit.” — M
- “Jump. We’ll build the wings on the way down.” — Michael
- “As a business owner, you have to make those leaps of faith all the time. Otherwise, you just stay stagnant, get in a rut, and you don’t improve. You miss out on opportunities and you don’t grow.” — K
Resources
More from Michael
More from Martin
More from Khalil
More from The Cashflow Contractor
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