Just got a 1 star review from a customer.
A tech drove to his home in the mountains
On a Saturday
In a snow storm
Repaired his furnace with in stock parts
Because the supply houses are closed (sat)
And he left a 1 star review because we charged him $800 - after he agreed
Fuck QuickBooks
It's a seriously dog shit piece of software.
Constant ads, automations that make things worse, limited reporting.
Looking for alternatives.....
Best hire I have made:
$75k ops manager who
-dispatches
-keeps service titan clean
-puts bills in QB
-monitors podium
-is a slack champion
-keeps my csr's in line
-does 80% of payroll
Holy shit. Today I was able to spend the entire day working on my next aquisition and
@thewealthdad
0.5% of total net worth per year and your grandkids go to excellent schools and your kids have immense stress removed from their lives and marriage. If I'm the granddad I'm doing it no doubt.
So I am now the proud owner of plumbing company number 3 - JDs plumbing in Denver.
So much potential very excited. Met the team today and let's just say I have some high expectations
Buying the wife a car today.
Why the f*ck does it take so long?
She found the one she wanted and test drove one vehicle. We are going on three hours now
Ok I might be about to do my first roll up. Hoping to purchase a small plumbing company that should add enough revenue for 2 techs.
Smb twitter - how do you handle the brand name and why?
I've seen some company's keep it and others absorb it. Any advice?
@TripleNetInvest
3 weeks mostly sober. Drink about 1 night a week now vs going way too hard almost every night. Before and after photo for comparison
Fuck alcohol. Being sober is life on easy mode.
Lol yeah.
I've worked every day for the last two weeks many of them 13 hr days with no break and a 1 hr commute each way.
I wear the hat of owner, ops manager, CFO, CEO, shop guy, relocation coordinator, truck washer, payroll specialist, recruiter, troubleshooter, GC, sales,
@ValueStockGeek
Paying for two kids to go to nice private school or excellent childcare would be 0.5% of net worth each year. If I'm the grandfather I'm doing it.
Literally within 5 mins today
1. The FedEx man dropped off a $25k check
2. A key recruit accepted a management job
3. A customer called asking instructions to make a $55k payment
Smb multiples
2x you may have to fire everyone and lose 50% of your customers
4x you could probs become a "CEO" or it's a terrible deal
6x software
10x unicorns that shit legal cocaine
15x you are the illumaniti
Tbf I think QuickBooks is a great solution for any cash basis business with no AP.
But if you're doing more than a lemonade stand there has to be something better
I had to put down my favorite dog earlier this week.
#smb
twitter if you have time take a moment to remember "Cooper"
He was such a good dog he could have run your company for you.
Thinking a lot about the plumbing side of my biz.
There are many calls that customers do not want to pay the real cost for.
Ex. Toilet repairs. 15 mins on site, basically free part, but the overhead to get to the call is probs $200-$300.
I violated a cardinal rule of smb. I wrote some code for a business process.
We have an overly complicated commission based pay plan. I've kicked around the idea of changing it up, but I feel it really keeps our guys motivated and rewards top performers. However it can be a
We were signing the final paperwork clearly agitated and the sales manager (it's always the manager right?) Says "I'm sensing some hostility"
Yes bro. It took four hours of us waiting to do this. I'm angry.
The only complaint we get is about price. So much so that I've considered starting a second brand "cheap ass plumber and terrible HVAC"
$100 per hour
$2.50 per mile
Parts at cost
Cash only
We get there when we get there
Maybe we answer the phone
You buy the parts over the
Day 1 of JDs plumbing
- took a boiler call with two of the techs. There's $50k of unbid work on this job. Since my name is JD people assume I e always owned the company. That's a plus
-i see 0 value in keeping the old systems even an hour more than strictly necessary.
Just had a customer say they did not read the contract when they signed it, they now don't like the terms and have considered not paying us for 50%. All of this after we have done all the work.
Ugh I have to fire some people tomorrow....
It's a lot harder in smb than in corp.
Anyone got some good perspective? I could use a pep talk or something.
We had been struggling to sell a certain product. Always told we were too expensive. I created a new version with a significantly better warranty for about 60% more and suddenly we can sell the original product.
There's a lesson here
@urbanturbanguy
You stepped into the arena my friend.
1. I use
@ServiceTitan
for dispatching, invoicing, payments. I have never been able to make it integrate with QuickBooks likely the fault of both platforms. But I can download everything to csv from titan but I cannot import into qbo
Real talk
#smb
folks. I made some tough personnel decisions this week. I've done it for years and it never gets easier
But it was undoubtedly the right call. Even if it all blows up on Monday we are building from a better spot.
Had a customer sign a contract, pay us, let us finish the work, then decides he thinks our price is too high so he wants a partial refund.
Can't make this shit up.
I am facing one of the greatest challenges of my business career:
I need to clearly state a dress code for the 4 20 something year old young ladies who answer the phones and otherwise work in my office.
Suggestions and/or thoughts and prayers are welcome.
Customer demands a $4500 check thinking we overcharged him. Why does he think that? Because
my competitor gave him a price.....
over the phone......
after the job was done......
Without a schedule........
On a time and material basis.......
Without any warranty........
I have seen a real uptick in cheap customers and customers bidding us out.
I'm thinking the real recession may be value buyers coming out of their hiding.
Lost a job today, competitor almost cut our price in half.
We don't compete on price, but damn.....
Had a guy come in today with experience in door to door sales for solar. NGL I was super intrigued. Really kicking around the idea of door to door HVAC, water heaters, or sewer lines.
Does anyone have any experience with this and what we're the conversion rates/volume?
These
If you're about to jump from W2 to eta buckle up for some absolute bull shit legal battles. I don't know what it is but for some reason since making the jump I have had near constant and frivolous threats of legal action.
It's once a qtr and everyone from regulators to
Time to become a big boy business and get a real accounting firm on board
Excited to partner with
@patrickdichter
Let's get these books cleaned up so I can start adulting.....
Why I think you should buy a very small business for your first acquisition
My first company was $134k avg sde over the preceding 36 months and shrinking. It's worked out very well so far.
1. Multiples correlate to risk and the less sde there is the lower the multiple.
2.
I have an employee in a critical role whose attendance is becoming unreliable.
This employee has been warned (lol she was warned less than a week ago)
Anyone have a good argument for keeping them?
Pro tip from my extensive business acumen <sarcasm>
If you invent a metric and ironically call it "worst case scenario" assuming it is laughably unlikely you should expect it to occur within 3 weeks
Source - I ironically invented a cash flow metric called "worst case scenario"
The risks of home services companies are outrageous
Any one of my employees could cause significant property damage or worse yet poison someone and somehow it would be my fault.
Not only that but there is an army of unelected bureaucrats, funded by me, and all with small
@thehvacjack
Meet John. 3 years ago at 28 he purchased an HVAC company and just answered the phone. Now he's an overnight success. Anyone can do it
#passiveincome
@LA_Multi_Fam
I've been in this situation plenty of times and several inspectors have allowed it by claiming that code requires 36" in front of the disconnecting means. So they would give me credit for the 1-2" inside the disconnect.
But you're in California ......
Anyone out there providing benefits to their employees at no or very low cost?
I'm giving it some serious consideration and wondering who has insight.
I've seen it lead to some amazing employee retention. I would be adjusting my pay plan to make it happen but there seems to be
We had a customer about a year ago sign a boiler change out contract for $20k and gave us a $10k deposit. He then cancelled 3 days later so I refunded his $10k.
A month later he disputed the $10k transaction on his cc. So now he gets $10k back to his cc and I'm out $10k.
9 ways to steal from a trusting small business owner (inspired by
@arestaurant_guy
)
1. Hide the expense salami: buy a coach plane ticket as per company policy but upgrade yourself and only take a pic of the final bill amount not showing the upgrade
2. Payroll manipulation:
Finally putting some systems in place at my former pen and paper plumbing/HVAC company.
@ServiceTitan
is live (but Goddamnit the on boarding was hell)
Got a pricebook that integrates with it going live tomorrow.
@NotionHQ
is in the mix
@GustoHQ
on 1/1/23
@meetmikehiggins
All the hate on college degrees is sad to see. It's well deserved but I still am very glad I went. I have an engineering degree that I have never used but the education was very valuable. My MBA has served me well too.
But I get the hate. College is more expensive than it
@WilsonCompanies
@starwars
Those poor tradesmen did nothing wrong. They were the victims of a rogue far right religious extremists. Furthermore their leaders abandoned them to engineering defects
Most of the techs that were part of the business when I bought it aren't with me anymore.
And that's fine good for them for moving into something they enjoy more
But one that stuck around did six months of revenue in the last 30 days
During slow season......
So I hired an individual who is mainly focused on growing our commercial customer base. Currently I have him going to places of business we have identified and leaving marketing material after speaking with a manager.
Any better ideas for him?
@FintechBurnout
Putting it on the list.
All I need is accrual accounting, ap, and financial reporting.
Would ❤️ to do financial reporting by business unit and actually import invoices from Excel or service titan or whatever.
@GrantCardone
I think this is a big risk for all rental owners. Air BNB is just getting whacked first.
Without a doubt the biggest threat to housing (both supply and demand side) is local govt arbitrary dictates
I have a friend who runs an electrical shop doing mostly residential construction. He's looking for a good software suite for project management and invoicing. My experience has all been with large corporations running SAP or net suite. What do you guys recommend for a smaller
@Will_Schryver
It's a game changer if done correctly. We do hourly or commission whichever is greater on a weekly basis.
It's structured where if a tech doesn't make commission their production rate is too low. easy indicator for managers. Make hourly for too long and there's a problem.
Am
The team had a bit of a come to Jesus meeting today.
I had to get on a top sales rep for really making a soup sandwich out of a simple job.
Others complained.
He got mad
Everyone worked it out and I really think we are better off for it
Demand will continue skyrocketing for these services as homes will need to be built and renovated at unprecedented rates.
Meanwhile, old mechanicals and infrastructure will continue degrading needing repaired or replaced.
What will lead times be by then when you call a plumber?
So I've set up my systems to track trade performance. I.e I know will know revenue and gm for plumbing, HVAC, and boilers.
Went through the first pass of this last night and it really was insightful.
Let's just say I have a very different view on things as of today ....