Here's how the subject of last month's column staved off Chapter 7 and turned his business around.
In last month's column I shared with you the 1990 profit & loss statement of a union service and repair PHC contractor who was headed for Chapter 7 bankruptcy. Remember, he delivered his services on a time and material basis with a labor rate of $65 an hour, which put him higher than the local competition by about $10 an hour. This poor guy lost big-time bucks of $41,213 that year on sales of $149,308.
I mentioned that in 1996 his company was recognized as one of the top 10 financial performers within Contractors 2000. Let's take a look at his company statement from Oct. 1, 1994, to Sept. 30, 1995, to analyze how things got turned around.