Eric Mitchellette is the Founder of Strategic Business Coach, Inc. and has over 20 years of experience as a financial advisor and CFO. He helps small to medium-sized businesses understand their financials and helps them become cash flow positive. Eric shares his process and some of the things you need to consider when you are looking to get a financial expert to open up the company books.
Key Takeaways:
[1:35] How did Eric first get started in business planning and capital formation?
[3:15] Cash flow problems are common but sometimes business owners are not aware of what state their company is in until it’s too late.
[4:40] How does Eric help business owners and turn their businesses around?
[7:55] When Eric steps in, the biggest thing he has to do is educate business owners and leadership the state of the company and what that means.
[11:50] After Eric knows where the numbers are, then it comes to adjusting the owner’s draw from the company and to restructure the finances so that it makes sense.
[16:00] When owing money to vendors, what’s the best approach or financial plan to let them know the company plans to make good on their promises?
[19:25] What happens to the employees during this financial turn-around time?
[20:35] If an owner has to exit, what are some of their options?
[25:50] What kinds of mistakes do owners tend to make?
[27:55] Eric shares his thoughts on next-generation family management.
[28:55] Final words of advice: You can’t plan enough. Have a strategic plan in place.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Email Eric: EMitchellette@Sbciusa.com
Call Eric: 612-532-9284