Business coach

mattyc

Does anyone know of any business coaches for plumbing and heating companies. I’ve run my own 1 man company for a little over a year.  Things are going well but could always be better.  I know there are things I’m sure I’m doing wrong that I don’t even know I’m doing and I would like to make sure I run a profitable company that will one day get me out of the truck. Any recommendations are appreciated. Thanks 

GW

They are tons of them. I joined up with Service Nation Alliance a year ago. I've spent more time looking at numbers in the last 12 months than I did the previous 32 years. I don't love numbers (accounting), but I had to change, to even attempt to get to the next step. Now, every month, we have a Zoom meeting (my peer group) and we all discuss our numbers, scores of entries on this data sheet. It's pretty cool! (we meet weekly, but the numbers week is once a month). The first numbers month was painful, then it became easier.

20 years ago I joined several organizations, only to realize I didn't 'really' want to change. So, back to the grind I went. By sheer luck and hard-nosed work ethic, I was able to string a few good moves and have build a decent small company.

1 man---been there. I have me and 3 guys, 1 1/2 ladies in the office. I had 10 guys about 15 years ago. It occurred to me I could not handle that many employees.

To some, I'm a power house; to others, I'm a minnow. I'm about 1.9 or 2 mil right now. It's odd to post on that on this forum (this is more "heating forum" than it is business), but size is size.

I'm a motocross fan. Getting advice from a pro is cool, but almost useless. They are on a different planet that I am. I need someone 'just above me' to coach me along. For you, the guy doing 5 mil won't be of much help (my opinion of course). The guy doing 20 mil is to busy with his Golf buddies.

I think you need to join a group like SNA. There are super hyped up groups like Nexstar (Owner must not be in the truck I hear) and CEO Warrior, The Blue Collar Success Group, and dozens more, but expect to pay large money. Once I get a few more steps under control, I will likely be joining the big dogs. Today's employees need so much attention and management, not like it was when I started in the trades in mid-80s

Good luck, hit me if you want- happy to help

EBEBRATT-Ed

All i remember is my accountant told me, "Charge 3x what you want to pay yourself"

Don't know if that still holds. There is probably more overhead in today's world

I found that once you get to around 5 guys you have to drop the tools although every business is different

hot_rod

In the bookstore on HeatingHelp. My wife used to coach, the books will get you off to a good start.

Erin Holohan Haskell

hot_rod said:

In the bookstore on HeatingHelp. My wife used to coach, the books will get you off to a good start.

I agree. Ellen Rohr's books are a wonderful resource: https://heatinghelp.com/store/category/heating-business-books?start=0

Al Levi also has great advice: https://7powercontractor.com/

And our friend @RayWohlfarth offers valuable insight on how to sell and market HVAC service here: https://heatinghelp.com/store/detail/lessons-learned-selling-hvac-service-how-to-sell-and-market-hvac-service-volume-5

Tinman

I think I’ll write a book on how not to do it. I loved being in the rooms working with tools, creating something from nothing. I tried getting out of the truck but every time I thought I was out for good, it pulled me back in. 

Alan (California Radiant) Forbes

I wish there was a book on how to sell your business. If I ever retire, I'd love to sell my customer list and phone number.

GW

Alan if the business turns good money, the business will be worth good money. EBITDA is the abbreviation

 “deferred income” service agreements is the real deal, but any ongoing revenue stream keeps the people looking to buy happy. 

Contractors stuffing their mattresses with cash- probably not going to show much earnings on a P&L

GW

Ellen rocks! I saw her in Louisville last fall. She pasted a pic of Frank Blau on the screen, asking the room who knew who the gentleman was. I think I yelled his name before she finished asking the question. Ellen love numbers way more than I do! Maybe someday 

mattmia2

Alan (California Radiant) Forbes said:

I wish there was a book on how to sell your business. If I ever retire, I'd love to sell my customer list and phone number.

I think choosing someone that knows what they are doing and can handle the new customers and convincing your customers of that is the hardest part.