The ups and downs of owning and exiting a business was discussed by Jim Abrams, co-founder of venture capital firm VenVest and HVAC consolidator Service Experts. He also touched on how business owners can make money everyday by planning for the future.
“Measuring success can only be accomplished by measuring against goals,” he said.
His tips include:
- Use a road map — stay away from short cuts.
- You can manage yourself, your people and your money – the rest of the world is not in your control.
- Use resources wisely, including your employees, but make the tough decisions when you have to.
- Invest in the future.
- Don't be afraid to take risks.
Mike Diamond, PSI chief executive officer and Los Angeles-based plumber, discussed the “magic” of money growth. “The No. 1 reason contractors don’t get paid is they don’t ask,” he said.
He stressed the fact that contractors must accept credit cards and provide financing to today’s consumers or they are letting money slip through their hands.
Terry Nicholson, PSI president, talked about the Profit Zone mindset and the danger zones to making a profit in a business.
Several PSI members were recognized for being featured in the trade press. Representatives from each company were presented with a framed plaque of their articles. Mike Bachman Plumbing of Ogden, Utah; Loranger and Sons Inc. of Pompton Lakes, N.J.; and Carter Service Co. of Greenwood, Ind., were honored for their appearance in Plumbing & Mechanical’s Best Looking Truck Contest (July 2001).
Also honored was Brooklyn, N.Y.-based J. Caiazzo Plumbing & Heating. The company was the focus of an article that appeared in the winter edition of The Successful Contractor Magazine describing their rescue of a victim of the World Trade Center collapse. (To read this article, see "Plumbers To The Rescue At The WTC.")