Why Making a Profit Isn’t Enough to Survive in Business

The EntreLeadership Podcast

Lampo Licensing, LLC.

Entrepreneurship, Business, Management

4.7 • 4.1K Ratings

🗓️ 18 December 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today we’ll hear about: • A business owner who made $8 million last year but is going broke • The best way to structure bonuses for your team that doesn’t negatively affect your profits • Someone wanting to buy a gym, but the current owners aren’t being honest • What to take into consideration when determining how to pay yourself as the owner of a business Links mentioned in this episode: • The EntreLeadership Podcast • Stages of Business Assessment • Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask Start growing in business and leadership with the EntreLeadership Newsletter. Sign up to receive tactical tools, advice and resources in your inbox every week: https://bit.ly/3IRWnsL Support our sponsors: • NetSuite • BELAY • Payority • Trainual Learn more about EntreLeadership Events: • EntreLeadership Summit • EntreLeadership Master Series Learn more about EntreLeadership Coaching: • Elite • Advisory Groups • Executive Coaching • Workshops Find out what stage of business you’re in and what you can do to level up with our Stages of Business Assessment Listen to all the Ramsey Network podcasts anytime, anywhere in our Ramsey Network app: https://apple.co/3eN8jNq Learn more about your ad choices: https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy: https://www.ramseysolutions.com/company/policies/privacy-policy

Transcript

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0:00.0	From the headquarter of Ramsey Solutions, this is the Entre Leadership Podcast, where I take calls from leaders
0:16.2	like you, about what it takes to win at any stage of business and leadership.
0:21.6	I'm Dave Ramsey, your host with over 30 years in the trenches
0:25.0	actually doing this stuff.
0:27.0	It's not freaking theory.
0:28.0	If you want that, go to business college.
0:30.0	This is where we actually do the stuff
0:32.0	and did it today before I turned on the microphone.
0:36.0	Dealt with it today before I turned on the microphone.
0:39.0	Been scratching and clawing for 30 years before we turned on the microphone. So we're here to help you.
0:44.5	If you want to call, be part of the program. You got a question about your business. We love
0:48.2	small business people here at Ramsey. The phone number is 844 944 1070.
0:54.0	Leave a note and the team will get back with you and will get you on the air.
0:58.0	You can also do that at the website, Entre Leadership.
1:00.0	com slash ask Tyler is with us in Knoxville hey Tyler what's up
1:05.9	Hi Dave great to speak with you. You have a home construction business have about 50 employees did it's about $8 million in revenue, but last few years has just been
1:16.6	especially rough for us. I'm CFO and just, I can tell the whole executive team has been very kind of just worn out by decreasing revenue.
1:26.7	I mean week to week struggle to make payroll pay subs.
1:30.1	And we're just kind of having discussion now of do we keep going hoping things turn around or kind of pivot and kind of sell a company, pivot to something else, whatever that is, and try and decide how to make that decision.
1:48.2	Okay, so you're doing spec houses?
1:53.2	Both spec and contract and just sales have slowed down, You know, obviously this year a little bit with interest rates, obviously not helping us
1:56.4	there.
	...

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