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The Ramsey Show Highlights

My Million Dollar Business Is Struggling

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5840 Ratings

🗓️ 1 November 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

📱Download your free Ramsey Network app today! 💵 Start your free budget today. Download the EveryDollar app! Did you miss the latest Ramsey Show episode? Don’t worry—we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch entertaining calls, Dave Rants, guest interviews, and more! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 📈 Are you on track with the Baby Steps? Get a Free Personalized Plan Listen to more from Ramsey Network 🎙️ The Ramsey Show   🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Brought to you by the Every Dollar app.

0:04.3

Start budgeting for free today.

0:06.6

Hey, hi.

0:08.1

Being of YouTube, I actually feel like it was such a blessing.

0:11.6

I saw you recently on the George Jenko show.

0:14.2

Really?

0:14.8

Which was, yes.

0:15.9

And it was like so amazing because it was the first time I've heard somebody that I've related to so much of building something amazing so quickly and then falling into almost, well, going into bankruptcy and losing it.

0:28.1

And I feel like that's the situation I'm in.

0:30.5

So I have spent like the past six years creating a seven figure business.

0:35.8

I made over $5 million.

0:37.3

I'm full owner equity. I haven't made

0:39.8

stupid decisions as far as PARs and stupid things like that. I pay myself like $6,000 a year.

0:47.1

I basically between our current state what's happening is the fast funding that I've got that, you know,

0:54.0

quick capital that you've

0:55.2

access to, they take 17% of daily sales. I've racked up a bit of like a credit card too

1:00.8

between the ad spend that we do because we're primarily D to C. But what's really great is our D2C

1:08.0

is still, I mean, it's hard. It's hard out there without spend, people buying less and everything.

1:13.8

My biggest challenge is the debt seems to be taking more than obviously what's coming in.

1:18.7

Are you saying you factored your receivables?

1:21.6

Yeah.

1:22.1

So my cash flow is like running down.

...

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