06-29-21 FC4B with Kathy Gage

Let's go LIVE with Kathy Gage! Former service business owner who retired as of 2016

• Master’s degree in Business from St Louis University
• Accounting Controller at Anheuser Busch and Centene Corporation
• Worked at the Atlanta Olympics for Anheuser over merchandise sales cash control
• Started Marvelous Maids in 2000
• Built to $1.5 million in sales
• Developed a dream program for her staff
• Sold the business in 2016
• Currently on the board of the Stamm Koechlein Family Foundation which has donated $3.5 million to youth charities in her hometown of Richmond, Indiana

Show Minute Markers:

[5:48]  Marketing Tips: Consistency is Key

[9:44]  Marketing Regrets: Kathy regrets spending so much on direct mail. But she had the data and was able to see that it wasn't working...

[10:59]  Marketing: Sending lost customers after 6 months a "We Miss You" postcards

[13:58]  Money: How do you know that it's time to sell?

[14:57]  Kathy: An employee-focused company

[17:39]  Money: Preparing the Business for Sale...

[17:44]  1. Improve Bottom Line
[17:52]  2. Work on Culture & Turnover

[17:56]  3. Meet with a Broker

[18:57]  Ways to value a company: 1. Multiplier on Sales Growth 2. Based on Profit Margin 3. What could be financed. 4. Multiple of EBIDTA

[25:07]  Finance Tips: Looking at Labor as a Percentage of Revenue. This became her staff's KPI that they were responsible for and held accountable too

[26:59]  Systems: Kathy's favorite systems.... 1. Employee Handbook 2. Training Videos

[28:24]  Systems: Fun Video - what to say & what not to say in an employee's home...

[29:39]  Systems: The role of software

[30:20]  Systems: How to communicate with staff? They met at the office and there were regular staff meetings

[30:49]  Weekly Golden Toilet Bowl Award!

[31:04]  Core Value reviews regularly

[31:21]  Dream Meetings with Staff on a monthly basis

[33:51]  How to Implement Commission Pay and Build a Transparent Culture

[34:41]  Price Increases shared with staff

[35:41]  Vote: 1. Would you rather get a raise? 2. Would you like more in mileage reimbursement? 3. More paid time off?

[37:09]  People: Book Recommendation: Culture Works

[37:50]  Book Recommendation: Dream Manager Program

[39:04]  People: The power of sharing dreams

[40:54]  People: Investing in culture improved Kathy's retention but more than that it improved her life & the lives of her employees

[42:25]  Bringing in Experts to educate your team: Credit Repair, Relationship advice, Money Management

[43:56]  Marketing Homework: How consistent are your marketing campaigns according to the data?

[47:10]  Finance Homework: Gut check? What would it take for you to be willing to sell?

[47:33]  Systems Homework: Check out Dream Manager and build a dream board...

[47:57]  People Homework: Read the Dream Manager book

[49:53]  Kathy Homework: Delegating to your office staff

[51:24]  Kathy Homework: Let people do their jobs!

Resources

Book Recommendation: Culture Works: How to Create Happiness in the Workplace
Book Recommendation: The Dream Manager
Tay Meroni (Marketing) with Pure Pressure Washing
Meaghan Likes (Finances) with Bookkeeping Academy Online, Likes Accounting Company & Jeff Likes Clean Windows & Gutters
Michelle Myers (Systems) with Pink Callers
Martha Woodward (People) with The Pay for Performance Expert, Quality Driven Software & Dusting Divas