The EntreLeadership Podcast If We Don’t Get $1,800,000 Our Business Is Finished
Dec 16, 2024
A family-owned HVAC business faces disaster after a $1.8 million loss due to a client's bankruptcy. The conversation navigates tough debt decisions, highlighting the need for operational restructuring and legal guidance. A business owner grapples with hiring an accountant versus investing in their spouse's education. Meanwhile, Amazon employees express discontent over a return-to-office mandate, raising questions about productivity and leadership. There's also a discussion on the complexities of franchising for an indoor playground venture.
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Act Fast, Get an Attorney
- Hire an attorney immediately when facing a large debt from a client's bankruptcy.
- Fight for a better creditor class to increase the payout percentage, even with improperly filed liens.
Fix Operational Problems
- Analyze your business model and identify weaknesses exposed by the crisis.
- Focus on profitability, efficient estimating, and cutting unproductive payroll.
Hire a Controller
- Hire a controller to manage finances and provide business insights.
- Use detailed accounting to improve estimating and identify profitable areas.