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Thread: Discussion about tv show "The Profit" or any other businesss-related show

  1. #31
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    I love the show as well. I think even someone who operates their business well would become an even better manager if they watch that show. It is so much cheaper to learn from the mistakes of others than to make them ourselves. I do think it instills the importance of presentation as with the candy at Farrells/Sweet Petes. His People - Product - Process thing is also key. One of the main things is how important knowing your numbers is.

    I just posted in the thread I started about my straw blower web site but never really said why I have been trying to improve the sales of that product. It goes back to his show. With most of my products I try to have a 50% margin. On that product it is near 70% and my prices are 20%+ lower than any competitor. If I could get sales up I could easily raise prices to improve the margins even more. This year the two products I want to promote the most are the two with the highest margins although the other with similar margins does sell well.
    Ray Badger, Turbo Technologies, Inc.
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  2. #32
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    Quote Originally Posted by turboguy View Post
    I just posted in the thread I started about my straw blower web site but never really said why I have been trying to improve the sales of that product. It goes back to his show. With most of my products I try to have a 50% margin. On that product it is near 70% and my prices are 20%+ lower than any competitor. If I could get sales up I could easily raise prices to improve the margins even more. This year the two products I want to promote the most are the two with the highest margins although the other with similar margins does sell well.
    I don't know if you do many sales up this way, but 2 of Ontario's largest farm shows happen within 25 minutes of me. One is wrapping up today in London and the other runs in mid September (Canada's largest outdoor show I believe). I can see a straw blower doing well in barns when spreading bedding in stalls. Not to mention your other products peddled to the right people.

    @ SumpinSpecial
    Finance 101 these days is to pull as much liquidity out of companies for short term "shareholder benefit" rather than a focus on long term planning. Look at many of the largest, publicly traded companies and study their financials. I wouldn't touch Bombardier unless it was free, I get majority ownership and authority, came with no personal debt obligation (to me), and I'm guaranteed at least $100K a year until profitable without relying on non-repayable government bailouts every 2-3 years.
    Brad Miedema
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  3. #33
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    Quote Originally Posted by SumpinSpecial View Post
    The second Farrell's episode blew my mind. How can you take profits out of the store before paying off your debtors? That's finance 101, isn't it? I can see pulling profits from one store to prop up another one (temporarily!) but to pull the profits just to cash out? Beyond irresponsible.
    Likely because of greed, or a feeling of entitlement that they were supposed to make a certain amount of money by now, or because they had personal bills and a lifestyle that needed supporting no matter what. It's a short lived action, but I see people do it all of the time.
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  4. #34
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    I just watched the Southern Culture episode yesterday (actually for the second time). I had talked about so many of the companies he is called in to save not knowing their numbers. When Marcus sat down with the owner to go over her financial statements she commented she had never seen them. That is sad. She had a half million in debt and really had no awareness about how much debt she had and to top it all had been using alternative lenders and was paying a 40% interest rate. No wonder she was in trouble.
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  5. #35
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    I don't understand how people can have so much debt, be in negative numbers every month and still have the lights on and be open. What are they using to pay the bills? Are they using credit?
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  6. #36
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    Unlike a job I think your own business becomes a big part of your self identity. When you don't understand the numbers you don't want to let go and feel like a failure so you do whatever you feel you have to to survive. In the case of Southern Culture that was borrow from alternative lenders at sky high interest rates. Others may run up a ton of credit card debt to keep their dream from crashing and burning. She was actually able to liquidate a lot of junk and inventory and pay down a lot of the debt.
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    Quote Originally Posted by Fulcrum View Post
    I don't know if you do many sales up this way, but 2 of Ontario's largest farm shows happen within 25 minutes of me. One is wrapping up today in London and the other runs in mid September (Canada's largest outdoor show I believe). I can see a straw blower doing well in barns when spreading bedding in stalls. Not to mention your other products peddled to the right people.
    I am really late with this answer but I have been to that show in London but that was a long time ago. There is also a large farm equipment show in Febuary and a landscaper show in January. We displayed at the landscaper show for probably 10 years but dropped out a couple of years ago.I could end up back there.

    Thanks for mentioning that and I apologize for the late answer.
    Ray Badger, Turbo Technologies, Inc.
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  8. #38
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    I have been binge watching this years episodes. Since I don't get CNBC it is tough to find them but I found them on Yahoo View. I have two to go to catch up. I have never seen so many dysfunctional business owners as he seems to find. It makes me wonder if the whole world is nuts or if they try to add drama to the series to make it more interesting. This year he seems to be walking away from more businesses than he is investing in. I still enjoy the program and I find myself relating the things that happen in the businesses he is looking to buy or invest in and the operation of my business. I do think watching that program would help make anyone a better business person.
    Ray Badger, Turbo Technologies, Inc.
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  9. #39
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    I'm halfway through the Ellison Eyewear episode and I'm flabbergasted at the how the 4 guys act and talk. I don't normally talk to the people in the program on TV but I actually made the comment
    Time to get your head out of your rear, sunshine.
    after the one said he doesn't like math because it
    Quote Originally Posted by Lamar on the Profit
    limits my true potential because it's a construct, it's an idea, it's a framework. I know that he is fumbling and I do have empathy.
    Last edited by Fulcrum; 09-14-2018 at 09:53 PM.
    Brad Miedema
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    I am sure there is a lot that goes on behind the scenes that we don't see. I have to think some things are staged to add a little more drama to the show. Still I have to wonder how some of the business owners who need help ever got as far as they did. I have to wonder why some whose business is pretty much beyond hope without an influx of money from Marcus and whose business plan obviously hasn't worked are too afraid to give up equity and control to save the business they seem to love.

    I do have to wonder as well how so many who seem to have obvious character flaws and in some cases a lack of business knowledge make it as far as they did.
    Ray Badger, Turbo Technologies, Inc.
    www.TurboTurf.com www.IceControlSprayers.com

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