Episode 314: How CEOs Think Differently About Money & Financial Systems with Luke Holcomb

Are you losing money even if your job cost reports look profitable? Then, you could have fallen into a bad financial trap that most construction CEOs fall into.

In this episode, I sit down with Luke Holcomb, operations manager at Apparatus Contractor Services. Apparatus is a bookkeeping firm that helps construction business owners get their financial systems in place and optimize them.

Today, Luke and I discuss some of the financial misconceptions that construction business owners have, the common problems that arise from them, and how crucial it is for CEOs to start understanding their finances.

Luke also shares why and how you could lose money from your construction business, even if your reports look profitable, and what it looks like when you finally have your financial system in place.

Let’s dive right in!

 

Key Takeaways:

Introduction (00:00)

Meet Luke and how he got into business finance (03:30)

Financial misconceptions construction business owners believe in (06:28)

The fear of managing business finances (14:26)

When is the right time for a CEO to start managing finances? (18:41)

Common problems from believing in financial misconceptions (24:48)

How crucial is job costing (28:55)

Critical financial statements CEOs should be looking at (32:31)

What does a balance sheet tell you? (39:00)

Why do you need to know your business financial numbers? (40:31)

How you can sell yourself out of business (43:12)

Biggest problem with DIY-ing your business finances (47:28)

On hiring family, friends, or local bookkeepers to do your books (50:36)

What does it look like when you have your financial system in place? (57:16)

Keep up with Luke and his team (1:04:39)

Episode wrap-up (1:08:58)

 

Additional Resources:

 

– Join our FREE Get Paid For Estimates Masterclass HERE

– Hear our clients’ success stories HERE 

– Schedule your business evaluation call with our team HERE

Guest Bonus: 50% Discount on Services

– Use discount code “ToddDawalt” to receive 50% off on services from Apparatus HERE

– Check out Apparatus Contractor Services, LLC for more information HERE

The Construction Leading Edge Podcast helps construction business owners maximize their revenue, eliminate chaos, systematize their work, and win back their time.

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