The Wealthy Contractor

EPISODE 207: A lot of home improvement business owners find themselves focusing on the wrong things, which ends up costing them time and money in the long run.Many of us (past me included) know this, but are resistant to change. And so, we end up feeling trapped in a place where we’re overworked, stressed out, and not paid enough. Because of that, we also end up not being able to dream big and truly have the life we deserve. To make big changes and pull ourselves out of the direction we’re already headed down, a mindset shift is a must. And no one knows this better than this week’s guest on the podcast, Tim Brown.When Tim took over his family business, a rain gutter company, he could barely make any profit. In fact, as he himself says in this episode, they were never really profitable.Tim then focused too much on top-line growth. Yes, he was diversified, but some of the services he offered weren’t profitable enough.To change this, Tim finally made a monumental shift. Over the years, he had been attending many different industry events and working with mastermind groups like The Wealthy Contractor Success Society, but he decided he wasn’t going to be just a “learner” anymore. Instead, he was going to become a “doer”. This one mindset flip – and deciding to become profitable – changed everything for him and his company. In this episode, Tim and I will be going over his journey and discussing a number of important subjects, such as:The importance of being strategic when trying to expand your services,How the transition from focusing on revenue to prioritizing profit helped him turn his small business into a multi-million dollar enterprise,The importance of listening to experts and keeping an open mind,Why participating in mastermind groups is one of the best decisions he’s ever made,… and more!Are you ready for this thrilling conversation?Then tune in now!Key Takeaways: Introduction (00:00)Meet Tim (01:01)Back to the past (04:44)How to live as a business owner (11:47)What it means to decide to be profitable (19:02)What will the life that you want cost you? (27:47)Additional Resources:⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 206: Failing is never a fun experience for anyone; and it’s even more harrowing when failing means losing your business, declaring bankruptcy, and having to start again from the beginning.However, many forget that the lessons we can learn from our failures are the priceless keys to our success. Failing can teach you to become more adaptable and to find new opportunities. Most importantly, it can teach you resilience. Someone who knows this more than anyone is this week’s guest on the podcast, Keith Smallwood.Keith is the owner of Smallwood Renovations, a successful home improvement company based in Richmond, Virginia.  With decades of experience in the industry, Keith's journey is one of resilience and learning. After his first contractor company went bankrupt, Keith rebuilt his business from the ground up, having learned from his past mistakes.In this episode, Keith and I will be discussing a number of important subjects, such as the importance of learning from adversity, why maintaining a healthy profit margin should become a fundamental business principle for all entrepreneurs, how to adapt to new opportunities after a business failure, why people development will help you build a successful business, and more.Are you ready for this riveting discussion?Let’s dive in!Key Takeaways: Introduction (00:00)Meet Keith (01:20)Keith’s business now (11:41)How to deal with adversity (14:29)The importance of having good margins (19:40)What it means to be a leader (23:46)How to manage people (26:28)Additional Resources:⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 205: Have you ever found yourself financially (and mentally) stuck in a place you didn’t want to be?Most people have been there before. And those who have changed their financial reality did it through one thing: Changing the way they think and feel about money.You see, many of the things we tell ourselves about how much money we can make or how much money we need end up limiting us more than we might think.And as long as we don’t get rid of those limiting beliefs and change our mindset, we won’t be able to break through our “financial set point”. To discuss this in more detail, I’m sitting down with David Neagle.A few decades ago, David found himself in the exact situation I described above. He was a high school dropout who was working a dead-end job. In one word, he was stuck. Yet, as soon as that realization hit, everything changed for him. In thirty days (yes, you’ve read that right), he tripled his income. Then a short time later, he went from making $50,000 a year to $50,000 a month.He did that by breaking down his very own limiting beliefs around money, and today, he’s going to help you do the same.Listen in as he and I discuss the importance of personal growth, how to overcome psychological barriers to success, how to break down your limiting beliefs around money, and the secret to breaking through your financial set point.I hope you enjoy this conversation as much as I did.Tune in now!Key Takeaways: Introduction (00:00)Meet David (01:25)Lessons from homelessness (06:27)“I want to be wealthy” (14:40)It’s all a choice (19:47)The importance of being a financially-positive family (22:20)Strategies to overcome your self-limiting money beliefs (27:05)A social experiment (34:43)Planning for future finances (40:01)Additional Resources:⭐​ Learn more from David: https://www.lifeisnowinc.com/--⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 204: Have you ever wondered what the difference is between businesses that succeed and those that don’t?This is something that I’ve thought about a lot throughout my years as a home improvement business owner, and the answer I’ve come up with is this: It’s all about mindset.I’ve said it before and I’ll say it again, success has always been 90% mindset and 10% skill set.If you don’t believe me, then I’m sure this week’s special Valentine’s episode will change your mind, because in it, my wife Adi and I sit down with Brian and Kat Gottlieb, a married couple and home improvement business owners that are the embodiment of “mindset over skill set.”In this episode, we’ll be discussing the power of manifestation, how mindset shapes your business, the importance of personal development and goal-setting, why staying authentic to yourself is crucial if you want to succeed, and more.I hope you enjoy this discussion as much as I did!Well then, what are you waiting for?Run, don’t walk, and listen to this episode now!Key Takeaways: Introduction (00:00)Meet Brian and Kat (02:40)How to manifest your best every day (04:36)Mindset over skill set (07:33)Why you should surround yourself with the right people (13:01)How to be authentically connected to your goal (19:19)What to do if you don’t feel connected to your partner (25:29)Don’t be afraid to dream big! (33:03)Additional Resources:⭐ ​Get Kat’s journal here: https://katgottlieb.com/--⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 203: Recovering from severe business losses is difficult… but NOT impossible! Especially when you have the right business (and life) partner by your side.In business, sometimes you win big, and sometimes you fail, but when you do, the most important thing is to get back on your feet and never give up.Resilience and hard work are key if you want to rebuild and grow your business after seeing massive losses.But don’t take it from me; instead, I want you to meet my guests on this week’s episode, Ken Baer and Pattie Capezza.Ken and Pattie are partners in life and in business. Their first home improvement business was a laminate flooring company that they started in 2000 in South Florida. Their business was thriving up until the big financial crisis in the late 2000s. When the economy crashed in 2008, their business went down with it.They lost everything, but through sheer resilience, great teamwork, and a perfect dynamic, they rebuilt their careers and were able to start a brand new business that is now their new “ATM machine”.If you’ve ever felt like giving up when the going gets tough, then this episode is for you – plus I’m also joined by my lovely wife and business partner, Adi Kaskavalciyan, in this special couples’ episode, so you definitely should listen to it if you’re working with or thinking about partnering up with your spouse.Tune in now to learn everything you need to know about Ken and Pattie’s entrepreneurial journey, their work dynamic, what they learned from the failure of their first business, and how they got back on top.Are you ready?Let’s dive in.Key Takeaways: Introduction (00:00)Meet Ken and Pattie (01:15)From business success to the big collapse (03:35)Where are they now? (16:35)Working together as a couple (17:52)Practical business building tips (22:27)Handling conflict with your partner at work (28:13)What to do when things don’t go your way (34:50)Additional Resources:⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 202: Building a home improvement business from scratch and turning it into a success is no easy task. However, that doesn’t mean it's impossible, especially if you’re doing all of this with the help of a partner that you can trust and rely on.This is especially true when your partner in business is also your partner in life. I know many say that mixing business and marriage is not the greatest idea. And yet, I’ve done it, and it worked out great.In fact, I see many husband and wife teams in the industry, and most of them work amazingly well together.Someone who knows a lot about this is this week’s guest, Gordon Fairbanks.For those of you who’ve been listening to the podcast for a while, you already know him. And if you don’t, then this episode is the perfect time for you to be introduced to this brilliant man.Gordon has been in the home improvement industry since the eighties. He and his wife built one of the most impressive contractor businesses in the country AND had an amazing exit.In this episode, he and I will be going over a few subjects, namely the importance of great partnerships in business, how his wife Elizabeth helped him build one of the most successful home improvement companies I’ve ever seen, how to navigate your marriage when you are partners in life and in business, and why buying the BMW 6 convertible would have actually sent the right message to the rest of the company.Ready to learn more?Tune in now.Key Takeaways: Introduction (00:00)Meet Gordon (01:12)The best hire Gordon ever made (04:46)How to navigate your partnership with your spouse (11:24)Honesty is a must! (18:36)How complacency can kill a business (33:11)The importance of learning how to be rich (43:39)Additional Resources:🔥 Use code “WEALTHY24” to get $100 off on your ticket to Accelerate LIVE!:https://www.accelerateevent.com/--⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 201: Many people in the home improvement business dream of selling their company and retiring off into the sunset.But in order to get the exit of your dreams, you have to first make sure your business is saleable and attractive to potential buyers.To discuss this in more depth, I’ve invited an expert to this week’s episode – and you might already know him!His name is Brian Gottlieb, and if you’ve been listening to the podcast, then you know this isn’t his first rodeo.Brian has over a decade of experience in the home improvement industry. Throughout the years, he’s sold three businesses and acquired a few, which means he’s been on both sides of the equation, and that gives him an incredible insight on the subject.In this episode, Brian and I discuss what parties might buy your home improvement business, what metrics and documents you’ll need to have prepared, the process to expect when being approached, how much you can expect to make from selling, what can kill a deal, and so much more!Are you ready to learn more?Tune in now.Key Takeaways: Introduction (00:00)Meet Brian (01:13)What are buyers looking for? (05:34)Let’s talk about cash flow (07:19)The pitch deck (12:42)What comes after due diligence? (23:20)Learning how to be a rich person after selling (27:29)Additional Resources:🔥 Use code “WEALTHY24” to get $100 off on your ticket to Accelerate LIVE!:https://www.accelerateevent.com/--⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 200: Welcome to a milestone episode, the 200th edition of The Wealthy Contractor Podcast!In this special episode, we've got the one and only Brian Elias in the house, and guess what? He's not a first-timer.Brian has been our guest for all the big milestone episodes – 1, 50, 100, 150, and now 200. It's like having your favorite uncle at every family reunion, only better… because THIS uncle knows how to make a home improvement business TAKE OFF.Brian Elias is an industry pioneer who built 1-800-HANSONS from the ground up, turning it into one of the most successful home improvement companies in the country and the first to sell to private equity. He then took on a new challenge of building Refloor, which has quickly grown into the giant it is today.This week, Brian introduces us to the four core elements that have guided his success in the home improvement industry: Strategy, measurements, process, and people. He emphasizes the importance of a strategic approach, detailed measurements, streamlined processes, and building a team of dedicated individuals. (IN THAT ORDER.)He also shares the pivotal moment when he decided to sell his original company, 1-800-HANSONS, and his subsequent shift to the flooring industry with Refloor. Despite facing challenges from the pandemic that hit 1 month after starting his new business, Brian's strategic planning and adaptability allowed Refloor to achieve remarkable success in just four years.So, whether you're a seasoned business owner or just starting, grab your notepads and get ready to absorb the wisdom of a man who's seen it all.Let's dive into the wealth of insights he's about to share.Key Takeaways: Introduction (00:00)Special milestone episode (01:06)Model success to succeed (07:58)The four key pieces for growth in home improvement (09:22)Overcoming objection to close sales (11:04)Measuring key metrics in your business (17:49)Process and people (25:53)What’s your big hairy audacious goal (31:37)Building a business that works for you (36:05)Technology to improve customer experience (50:38)Additional Resources:🔥 Use code “WEALTHY24” to get $100 off on your ticket to Accelerate LIVE!:https://www.accelerateevent.com/ -- ⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian Elias’ Website: https://www.brianelias.com/ ⚡ Brian K’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 199: Our annual Accelerate LIVE! event is going to be held soon and trust me when I say: if you’re the owner of a home improvement business, you don’t want to miss it.But hey, don’t take it from me.Instead, take it from this week’s guest, someone who’s been coming to our Accelerate events for years now, and he says that doing so has changed both his business AND his life.My guest this week is Dale (DJ) DesJardins, who has been working in our industry for over three decades now. DJ is the CEO of Absolute Aluminum, which will be making around $24 million in revenue this year!Yes, you’ve read that right, they blew by the eight-figure mark, and what’s even more impressive is their profit, their culture, and the impact it’s all had on DJ’s life.In this episode, DJ and I sit down (virtually, as he’s currently working remotely while traveling around in an RV with his wife) to discuss all the things he’s gotten involved with in the industry to get to where he is now, and why you should come to our next Accelerate event happening in February.Want to learn more?Tune in now. Key Takeaways: Introduction (00:00)Meet DJ (00:55)Let’s talk about Accelerate LIVE! (02:51)The importance of implementing the info you learn (06:28)Making the decision to be profitable (11:59)The importance of building the right company culture (17:44)A look at the future of our industry (26:32)Time to join us for our next Accelerate event (36:52) Additional Resources:🔥 Use code “WEALTHY24” to get $100 off on your ticket to Accelerate LIVE!:https://www.accelerateevent.com/--⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 198: What does it take to be a truly profitable business in our industry?Yes, you can close a lot of sales, up to millions of dollars a year, but that doesn’t always mean that your profitability will be great (or even exist in the first place).To discuss this in more depth, I’ve invited an expert on profitability to this week’s episode of The Wealthy Contractor.Her name is Megan Curry and she is the director of operations in her family-owned business, a home improvement remodeling company called Revelare Kitchens.With two main offices serving eleven states, Revelare Kitchens has created one of the most profitable contractor businesses in the country.And this is all thanks to their profitability business model. In this episode, Megan will be discussing the levers that create profit for businesses in our industry, the importance of engineering your profit, why your P&L matters more than you think, what is preventing you from achieving the money you deserve, and more.Ready to learn more?Let’s dive in! Key Takeaways: Introduction (00:00)Meet Megan (01:09)Let’s talk profitability (06:51)What is preventing you from boosting your profits? (09:23)Gross margin overview (12:42)How to improve your P&L (19:31)How to start engineering your profit (27:30) Additional Resources:🔥 Use code “WEALTHY24” to get $100 off on your ticket to Accelerate LIVE:https://www.accelerateevent.com/--⚡ Learn more about us: https://www.TheWealthyContractor.com/⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).⚡ Follow us on social media:Facebook: https://www.facebook.com/TheWealthyContractorInstagram: https://www.instagram.com/TheWealthyContractor/LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/--The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!