Stacy Eakman is the founder of Eakman Construction Company in Seattle which specializes in large scale remodels and custom homes. In this episode, Stacy tells his story, and gives insights into how he runs his business,
He worked full time as a production manager early on. Eventually he started his own construction company and is having a blast growing, and running it.
In his business Stacy makes sure that all receipts get scanned in every week. This is such an important process to have in place to make sure the numbers are entered accurately. He hired his mother, who lives in another county, to do his bookkeeping work. He said that having a remote bookkeeper is nice, but also has disadvantages.
An important lesson he learned the hard way is two-fold:
- The actual numbers are so important.
- The health of the company financially.
At some point along the way, he joined Remodeler’s Advantage. It was there he learned the all-important concept of “Percent Complete” Accounting. This was revolutionary to Stacy. It totally changed the way he looked at his numbers, and his business took on an immediate change.
They developed a WIP report. (Work In Progess)
With these new financial systems in place Eakman Construction began to become much more successful and profitable.
When asked about how he manages his time, Stacy talked about the importance of delegation.
He hired a production manager, even though at the time he wasn’t sure how he would be able to afford him. But it didn’t take long to see how much his business improved as a result.
Sometimes in business we wonder how we are going to make it. How will we get enough leads and business to keep this machine working? Stacy believes that there is a difference between being “extra motivated,” and desperate. You can always tell when someone is desperate, and it usually doesn’t come out that well.
But when someone is extra motivated, look out. They are going to either find a way, or make a way. But it will get done!
When it comes to prospecting, Stacy sees the architect as his client. Therefore, he spends his prospecting time nurturing relationships with the architects in his city that he wants to work with.
What should you do when you don’t know what to do? It’s easy. Stacy’s advice is to…”Reach out to someone and say, ‘I don’t know what I am doing here. Please help me out.’” It’s really that simple. Just reach out and ask for help.
To a new contractor who is just getting started, here is what Stacy Eakman has to say. “Keep going. Keep pushing forward. There will be highs and lows. Don’t give up when you are in a low.”
This was an awesome conversation! Listen all the way through and be inspired!
Today’s Protractor Tip is given today by Jackson Andrews from Jackson Andrews Building. In this tip he talks about the importance of Trust But Verify. This protractor tip is very powerful, and you will want to listen all the way through.
Our featured contractor website today is Norwood Construction by Jon Fitzgibbon.He’s a great guy, and builds some really great houses in San Francisco. Check him and his website out at norwoodconstructionsf.com
The book we recommend today is called PEAKS AND VALLEYS by Spencer Johnson. If you haven’t read it or listened to it yet, it’s time. It’s is packed full of powerful principles that will help you succeed in life and work.
#Protractors – Making A Difference!