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Case Study: Brett

Brett was overseeing a job at my parent’s house when we first met. Within minutes of learning about business coaching he opened up about how he is running not only his own business, but shepherding two other businesses for an absentee owner, who may sell them to Brett in a few years. The overwhelm he felt doing all of this was palpable.
As I talked with Brett, I came to learn that a lot of his challenges came from not understanding the financial statements of his businesses. Was he making money? His bank statement seemed to show that. The balance increased most months. But, where was the money coming from? Which jobs were really earning him money, and which were just keeping him and his crews busy?
A deeper problem with this lack of financial understanding came to light in the decision of whether to purchase the businesses he was running for his friend. He was facing the biggest business decision of the next few years with incomplete information. These additional businesses may be the key to his financial freedom, or they may be an albatross to him. Without good financial reports, it’s impossible to know.
One of the first recommendations I gave to Brett was to get a copy of QuickBooks, and start to use it.
As we talked further additional questions surfaced regarding employees. Could he afford to hire someone? And, setting aside the matter of paying them, if someone walked in to volunteer at his business today, would he know what to have them do?
All of these questions have answers, but the answers will be different for each business. In Brett’s case, we quickly moved him to the financial modules in the EMyth curriculum. With the challenges and decisions he currently faces, getting a clear picture of what his business can be, then knowing if he is making the money to be on track to that gaol were the biggest helps that we could address right from the start.
I’m excited to see how Brett will choose to move forward as he gets the information that he needs to make good business decisions that will lead him to his success.