06-29-21 FC4B with Kathy Gage
Jul 06, 2021
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:
Marketing Tips: Consistency is Key
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...
Marketing: Sending lost customers after 6 months a "We Miss You" postcards
Money: How do you know that it's time to sell?
Kathy: An employee-focused company
Money: Preparing the Business for Sale...
1. Improve Bottom Line
2. Work on Culture & Turnover
3. Meet with a Broker
Ways to value a company: 1. Multiplier on Sales Growth 2. Based on Profit Margin 3. What could be financed. 4. Multiple of EBIDTA
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
Systems: Kathy's favorite systems.... 1. Employee Handbook 2. Training Videos
Systems: Fun Video - what to say & what not to say in an employee's home...
Systems: The role of software
Systems: How to communicate with staff? They met at the office and there were regular staff meetings
Weekly Golden Toilet Bowl Award!
Core Value reviews regularly
Dream Meetings with Staff on a monthly basis
How to Implement Commission Pay and Build a Transparent Culture
Price Increases shared with staff
Vote: 1. Would you rather get a raise? 2. Would you like more in mileage reimbursement? 3. More paid time off?
People: Book Recommendation: Culture Works
Book Recommendation: Dream Manager Program
People: The power of sharing dreams
People: Investing in culture improved Kathy's retention but more than that it improved her life & the lives of her employees
Bringing in Experts to educate your team: Credit Repair, Relationship advice, Money Management
Marketing Homework: How consistent are your marketing campaigns according to the data?
Finance Homework: Gut check? What would it take for you to be willing to sell?
Systems Homework: Check out Dream Manager and build a dream board...
People Homework: Read the Dream Manager book
Kathy Homework: Delegating to your office staff
Kathy Homework: Let people do their jobs!