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I almost sunk our family business. I assumed I knew enough about business to run a dinky little plumbing company. After all, I had spent about $100,000 of my parents’ money on my college degree in Business Administration. In fact, I graduated at the top of my class. Still, I didn’t know how to balance a checkbook! I got involved in my husband’s company after his partner died unexpectedly. Boy, was I humbled! It seemed like lots of money was moving through the company, but at the end of the month there was never any money left. Thankfully, I found a mentor, a savvy plumbing contractor. Frank Blau wrote a column in Plumbing & Mechanical magazine. I wrote to him and asked for help. He took me under his wing and taught me how to keep score in business. He taught me how to read and use financial reports. He taught me how to make money. We turned our company around. We paid off our business loan. We doubled sales and tripled the amount of money we took out of the company. Very cool. My husband and I went middle-age crazy. We sold the company to our employees – a friendly coup d’état! – and bought a gentleman’s farm in the country. (Picture Green Acres.) At this point, I realized that I wanted to share what I’d learned. After all, if a smart, highly educated person like me didn’t know how to read a Balance Sheet, I figured business illiteracy must be rampant. I was right. My experiences since then have included teaching and consulting with hundreds of small businesses, primarily home service companies. I rarely find a student or a client who creates and reads financial statements on a regular basis, much less uses financial information to make management decisions. In fact, few know their assets from their liabilities! I teach the basics, the simple disciplines that can move great ideas into successful businesses. I’ve written four books on business basics: Where Did the Money Go?, How Much Should I Charge?, The Bare Bones Biz Plan and The Bare Bones Weekend Biz Plan. Check them out at ellenrohr.com. My consulting work led to a position as president of Benjamin Franklin Plumbing, a home-service plumbing franchise company. I learned a lot about what works to grow fast and profitably…and what doesn’t. Guess what! The basics never go out of style, no matter how big a company gets. Currently, I am an owner and founder of ZOOM DRAIN—a drain and sewer cleaning and repair franchise with locations across the US. I am a financial coach at HowardPartridge.com. I also work with ServiceTitan, the premier software for the trades, as a consultant and podcaster. I am here to help. Together, we can build extraordinary businesses and expand world peace. Follow me on Instagram @ellenrohr or visit my website at ellenrohr.com.
Episodes
Thursday May 20, 2010
Thursday May 20, 2010
Nely Galán - dubbed the “Tropical Tycoon” by The New York Times Magazine is one of the entertainment industry’s savviest firebrand talents - bringing her considerable expertise to full effect as a successful producer and entrepreneur; a galvanizing powerbroker in the Latino world; and a female empowerment and motivational speaker.
Galán was also responsible for creating and executive producing the smash FOX reality hit “The Swan”, and as its in-house life coach, wrote the best selling companion book “The Swan Curriculum”.
Recently Galán appeared on the NBC hit "The Celebrity Apprentice with Donald Trump" where she raised $250,000 for her charity COUNT ME IN, furthered her reputation as one of the nation’s top female moguls.
Galán’s latest venture, Ms. Mogul, harnesses her passion for helping women create their own businesses to garner financial independence and wealth. Her Ms. Mogul web site is also being developed as a multi-platform brand.
We discuss...
- More women are starting businesses than getting married. What does that tell us about the economy and our society?
- Fear is our enemy. What to do…and how to tell fear from "wrong move" gut feeling?
- What’s to like about failure?
- Sometimes when you win...you lose, and sometimes when you lose...you really win.
- Fall in love... with yourself! There is no Prince Charming.
- Life isn't what you thought it would be...Learn Nely’s take on success and reinvention.
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