Harnessing AI for Financial Insights with Mike Barnhart
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What role does hope play in leadership?
As leaders, we are dealers of hope. And there's this phrase, without hope, the people will perish. And so we have to be providing hope for everybody that's part of our team. And literally, I don't think a week goes by that I don't think about that, is that we as leaders are dealers of hope so that our people don't perish.
How did Mike Barnhart contribute to Eco Plumbers' growth?
Welcome to the Home Service Expert, where each week Tommy chats with world-class entrepreneurs and experts in various fields like marketing, sales, hiring, and leadership to find out what's really behind their success in business. Now, your host. The home service millionaire, Tommy Mello.
What are effective strategies for financial growth?
Before we get started, I wanted to share two important things with you. First, I want you to implement what you learned today. To do that, you'll have to take a lot of notes, but I also want you to fully concentrate on the interview. So I asked the team to take notes for you. Just text NOTES to 888-526-1299. That's 888-526-1299. And you'll receive a link to download the notes from today's episode. Also, if you haven't got your copy of my newest book, Elevate, please go check it out. I'll share with you how I attracted and developed a winning team that helped me build a $200 million company in 22 states. Just go to elevateandwin.com forward slash podcast to get your copy. Now let's go back into the interview. All right, guys, welcome back to the Home Service Expert. Today is a special day.
I've been trying to get Mike Barnhart here for three years. Three years. And we've been talking about just how to get him on the podcast. He's a busy guy. He is acting as the COO, the CFO, shared services within Eco Plumbers. You guys know I hang out with Aaron Gaynor quite a bit, but Mike started listening to the podcast originally.
How can curiosity drive business success?
Turned Aaron on to me, and little did you know that Aaron's son, Chase, moved out here to go to ASU. So Aaron's out here a lot. We share a lot of business advice on what's going on, good, bad, and ugly. Mike's an expert in finance, strategic planning, performance management. He's located in Columbus, Ohio. He's worked quite a few places. I know Victoria's Secret is my favorite one. He met Eco's owner, Aaron Gaynor, in 2013 and officially joined the company in January 2015, helping Eco Plumbers grow from $1.9 million to a projected $73 million. Mike is known for his strategic initiatives, financial acumen, and emphasis on data-driven decision-making. What's up, brother?
What's up? I got to fix one of those numbers. We did $73 million last year. We're going for $91 million this year.
What are the benefits of leveraging AI in finance?
91.
So what's a healthy bottom line on 91? Usually people say 15%. Yeah.
I mean, 15% is a good one. If you can get to 17 or 18, you're doing even better.
That's true. What do you consider failing? Failing.
Under 10.
Under 10. In growth years, one of the things I've realized that I was used to tell myself before I got a great CFO is I keep putting, I was used to say, I put the money back in. Hey, I put the money back in. I put the money back in, but I didn't realize unless it's going into marketing or strategic hiring or some type of like power BI analytics, I wasn't putting the money back in. I was actually wasting the money and I just lied to myself.
How can membership models enhance customer retention?
Our strategy has always been in green fielding. But still, our Cincinnati location, we still lose money in it today. And we're a year and a half in. But our advertising spend is 35% of revenue right now. So you're doing that because when you look at the success story of it, like our Dayton location, we opened up in 2021. This year, we're doing $20 million in Dayton. And it's super cash flow positive. It's actually the highest margin in location business right now in our business. So it is a little bit different as you're scaling and how that changes.
I've got a business right now, and I'm obviously under NDA, but it would cost us about $30 million to buy. And Cortec, our sponsor, said, would you rather put that money into marketing or buying this business? And I'm like, ah-ha! I'm like, I'd rather put it into marketing, so you're going to give me that over and above what we spent today.
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Chapters
8 chapters
1
What role does hope play in leadership?
0:00–0:21
2
How did Mike Barnhart contribute to Eco Plumbers' growth?
0:21–0:40
3
What are effective strategies for financial growth?
0:40–1:50
4
How can curiosity drive business success?
1:50–2:47
5
What are the benefits of leveraging AI in finance?
2:47–3:30
6
How can membership models enhance customer retention?
3:30–5:41
7
What are the best practices for budgeting?
5:41–7:17
8
How do technology and recruitment impact operational efficiency?
7:17–1:09:23
Speakers
1 identifiedMore from The Home Service Expert Podcast
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Doing Whatever You Want, Is Keeping Your Business Small (Here's Why) | Mark C Winters
Own 15% Of Your Market Before You Even Think About A New One | Aaron & Zac