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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
Monday Aug 23, 2010
Monday Aug 23, 2010
Rick Arquilla took off the suit and put on the work shirt (complete with a first name patch) to learn what really happens on the front line of his company. He spent time clearing drains and managing customer service calls. I know Rick as a savvy business executive and the president and chief operating officer of Roto-Rooter Services Company. He is also a sensitive guy who cares about his team. He has a lot to share!
Roto-Rooter is North America’s largest provider of plumbing repair and drain service. Rick oversees the operations side of Roto-Rooter’s business and spends much of his time at branch locations working with general and regional managers to ensure that Roto-Rooter is providing top quality plumbing and drain service. Let’s discover what he learned on the front line...undercover!
We'll discuss...
- You went undercover on Undercover Boss, the hit TV show! Lessons learned…? Biggest surprise?
- Roto-Rooter launched a green plumbing program this year called ROTOGreen. How will it help homeowners and businesses?
- The evolution of the company...what are the pivot points that have kept Roto-Rooter at the top?
- What advice would you give entrepreneurs with a good business idea? You have a lot of experience with business owners…what do you look for as a “success characteristic?”
- What do you go to the WALL about? What do you always do or never do at Roto-Rooter.
- What are you concerned about as you look to the future? What gets you excited about the next few years?
- The recession has taken its toll on lots of iconic brands. How has Roto-Rooter fared?
- Congratulations on your 75th anniversary! What’s next?
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