The Wealthy Contractor

The 40-Year Shortcut to a Better Contractor Business | Joe Talmon (Ep. 254)

18 snips
Dec 8, 2025
Guest
Joe Tallman
Joe Talmon, a 40-year veteran and turnaround specialist, shares his insights on transforming struggling contractor businesses. He reveals why many contractors net only 3% profit and emphasizes the importance of belief in achieving higher margins. With a target gross margin of 66%, he advocates for a concierge-style customer experience that boosts satisfaction and reviews. Joe also highlights the necessity of hiring outside the industry and building a strong team culture. His roadmap promises to guide contractors toward financial freedom and success.
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ANECDOTE

Four-Year Turnaround To 16.5% EBITDA

  • Joe rebuilt a $55M company and raised EBITDA from minimal to 16.5% in four years.
  • The turnaround included pricing, people changes, product shifts, and culture transformation.
INSIGHT

Profitability Starts With Belief

  • Many contractors operate with tiny net profits because nobody taught them how to run a profitable business.
  • Joe Tallman says believing higher profit is possible is the first step to achieving it.
ADVICE

Aim For A 66% Gross Margin

  • Set gross margin targets high enough to fund marketing and risk; Joe recommends ~66% for replacement contractors.
  • Raise price confidently by building credibility, trust, and a human connection in presentations.
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