For more FREE Wealthy Contractor resources, go to www.TheWealthyContractor.com
In his 40-year career in the home improvement industry, Terry Ferrero of Pro Materials Direct has worked with over 5,000 contractors! In that time, he has developed a strong sense for what makes a contractor successful or unsuccessful.
As you listen to the episode, you’ll hear Terry share valuable insights on how to build a strong business that stands the test of time. And, being in the industry through multiple economic ups and downs, Terry’s advice will ring true today, 10 years ago, and 10 years from now.

93. Lessons From 5,000 Businesses | Terry Ferrero

The Wealthy Contractor Podcast shares interviews with home improvement industry insiders, giving you the tools and insights to achieve greater success, wealth, and freedom. Learn more at: TheWealthyContractor.com. Have you ever felt like there’s a secret club of successful contractors, and you’re left outside? Want in? Well, you’ve just found the entry door. In each episode, our host, Brian Kaskavalciyan, pulls back the curtain, revealing the stories, strategies, and secrets that top leaders use to grow their home improvement businesses and enjoy more success, more wealth, and more freedom. Get your FREE copy of The 7 Secrets to Becoming a Wealthy Contractor (just pay shipping) at TheWealthyContractor.com.

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EPISODE 210: Many professionals in the contracting industry often find themselves distracted by adding on too many types of services or accepting one-off jobs they don’t specialize in. Instead of focusing on a few offers, they try to take on every part of the market, and end up with inefficient systems, disgruntled employees, unhappy customers, and very little profit. They are the “Jack of all trades, master of none.” But this doesn’t have to be the reality for you! You can avoid all of this, and all you need to do can be summarized in one word: Specialization. Specialization – and saying ‘no’ to non-specialist work– is the secret to a flourishing home improvement business, and no one knows this better than this week’s guest on The Wealthy Contractor Podcast, David Barnett. David has over two decades of experience in our industry and is the owner of Barnett Roofing in Knoxville, Tennessee.  In this episode, he shares with us his entrepreneurship journey and discusses the importance of specialization, why you should say ‘no’ more often, and why generational business building matters so much. He’ll also be breaking down his hiring strategy, the best way to ensure new hires fit into your company's culture, and his secret to employee retention. Are you ready? Let’s dive in! 
 Key Takeaways:  Introduction (00:00) The backstory of Barnett roofing (01:10) The importance of saying ‘no’ (03:18) Stand in your lane! (06:05) Why mindset is everything (10:51) No need to reinvent the wheel (16:45) How to hire the right people for your business (20:04) The COVID boom is wearing off (24:21) The future for David (29:20) The secret to employee retention (32:00) 
 Additional Resources: ⚡ Learn more about David’s work: https://www.facebook.com/BarnettRoofing/ ⚡ Check out their website: https://www.barnettroofingknoxville.com/ -- ⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

The Power of Specialization & Why You Should Say ‘No’ More Often | David Barnett

EPISODE 209: Many contractors and home improvement business owners find themselves making little profit. Enough to keep the lights on, but never enough to actually thrive. This usually happens because so many people in our industry can’t figure out HOW to increase gross profit margin, which is a key driver of profitability in our business. One smart way to do so is product differentiation and introducing high-margin “fast to cash” products to your business.  I dive deep into all of this with this week’s guest on the podcast, the brilliant Karen Sager, a former corporate banker who is now the head of MicroMeshGutterGuards.com. Together, we’ll be discussing the importance of efficient pricing strategies, gross margin optimization and why creating a “product system” could be one of the best decisions you make for your company’s profitability.   We’ll also touch on how building strong relationships with your customers can lead to more business, why product differentiation and telling the right story is crucial, and more. Are you ready? Let’s dive in. 
 Key Takeaways:  Introduction (00:00) Meet Karen (00:53) Let’s talk about gross margin (04:41) Product differentiation (09:49) How fast do you make money? (14:28) The fast cash model (22:34) The higher the gross margin the better! (28:30) Final advice from Karen (35:22) 
 Additional Resources: ⚡ Learn more about Karen’s work: https://www.facebook.com/micromeshgutterguards ⚡ Check out their website: https://micromeshgutterguards.com/ -- ⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

How “Fast to Cash” Products Can Help Contractors Make More Money | Karen Sager

EPISODE 208: We all desperately want our home improvement business to be a huge success. But there’s only so much you can achieve by applying cutting-edge frameworks, systems, and strategies. Today, we discuss something even more crucial: Who do you have to become as a person to make your business a success? The roadmap to success is as much about you developing the skills you need to become a better version of yourself as it is about ways to increase revenue or maximize profit. And no one knows this better than the brilliant Matt Hullander. And if you recognize this name, it’s because Matt is a return guest! (Check Additional Resources below for the link.) Matt is known for his many successful and diversified business ventures despite struggling with entrepreneurial ADHD (like so many of us). He is not only the founder and owner of a concrete coatings contracting business but also a multitalented entrepreneur who’s made great achievements in real estate, private equity consulting, and writing. In this episode, Matt will discuss why developing a strong vision is more effective than setting goals, learning to ask for help, how to build strategic relationships, and why you must grow if you want your business to grow as well. Let’s dive in! 
 Key Takeaways:  Introduction (00:00) Matt’s many business ventures (01:15) Who, not how (05:07) The daily climb (07:28) How to think big (13:05) Stop making business harder than it should be! (18:36) How to work on your mindset (20:02) The best of the 10 principles (27:19) 
 Additional Resources: ⚡ Check out our previous episode with Matt: https://youtu.be/N4SOlVzgBXw?si=qmeTpfegyjg-Pfuo ⚡ Order Matt’s book, The Daily Climb: https://amzn.to/43Iaiu2 ⚡ Download the life happiness index: https://www.matthullander.com/ -- ⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

How a Contractor With Entrepreneurial ADHD Achieves Wild Success | Matt Hullander

EPISODE 207: A lot of home improvement business owners find themselves focusing on the wrong things, which ends up costing them time and money in the long run. Many of us (past me included) know this, but are resistant to change. And so, we end up feeling trapped in a place where we’re overworked, stressed out, and not paid enough. Because of that, we also end up not being able to dream big and truly have the life we deserve.  To make big changes and pull ourselves out of the direction we’re already headed down, a mindset shift is a must. And no one knows this better than this week’s guest on the podcast, Tim Brown. When Tim took over his family business, a rain gutter company, he could barely make any profit. In fact, as he himself says in this episode, they were never really profitable. Tim then focused too much on top-line growth. Yes, he was diversified, but some of the services he offered weren’t profitable enough. To change this, Tim finally made a monumental shift. Over the years, he had been attending many different industry events and working with mastermind groups like The Wealthy Contractor Success Society, but he decided he wasn’t going to be just a “learner” anymore. Instead, he was going to become a “doer”.  This one mindset flip – and deciding to become profitable – changed everything for him and his company.  In this episode, Tim and I will be going over his journey and discussing a number of important subjects, such as:The importance of being strategic when trying to expand your services,How the transition from focusing on revenue to prioritizing profit helped him turn his small business into a multi-million dollar enterprise,The importance of listening to experts and keeping an open mind,Why participating in mastermind groups is one of the best decisions he’s ever made,… and more! Are you ready for this thrilling conversation? Then tune in now! 
 Key Takeaways:  Introduction (00:00) Meet Tim (01:01) Back to the past (04:44) How to live as a business owner (11:47) What it means to decide to be profitable (19:02) What will the life that you want cost you? (27:47) 
 Additional Resources: ⚡ Learn more about us: https://www.TheWealthyContractor.com/ ⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

Reshaping Success: How a Contractor Switched From Resistance to Action | Tim Brown

EPISODE 206: Failing is never a fun experience for anyone; and it’s even more harrowing when failing means losing your business, declaring bankruptcy, and having to start again from the beginning. However, many forget that the lessons we can learn from our failures are the priceless keys to our success. Failing can teach you to become more adaptable and to find new opportunities. Most importantly, it can teach you resilience.  Someone who knows this more than anyone is this week’s guest on the podcast, Keith Smallwood. Keith is the owner of Smallwood Renovations, a successful home improvement company based in Richmond, Virginia.   With decades of experience in the industry, Keith's journey is one of resilience and learning. After his first contractor company went bankrupt, Keith rebuilt his business from the ground up, having learned from his past mistakes. In this episode, Keith and I will be discussing a number of important subjects, such as the importance of learning from adversity, why maintaining a healthy profit margin should become a fundamental business principle for all entrepreneurs, how to adapt to new opportunities after a business failure, why people development will help you build a successful business, and more. Are you ready for this riveting discussion? Let’s dive in! 
 Key Takeaways:  Introduction (00:00) Meet Keith (01:20) Keith’s business now (11:41) How to deal with adversity (14:29) The importance of having good margins (19:40) What it means to be a leader (23:46) How to manage people (26:28) 
 Additional Resources: ⚡ Learn more about us: https://www.TheWealthyContractor.com/ ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

93. Lessons From 5,000 Businesses | Terry Ferrero

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