From $10K to $30K/Month: How to Scale a Fractional CFO Business

All right, so I am here, I am joined with Ashley Schultz. She is a bookkeeper, a fractional cfo. She knows all things finance. And I brought her here to have an interesting conversation about what she's done and growing a fractional CFO firm. Ashley, welcome. It's good to have you here.

Thanks for having me.

So, love to hear a little bit about, like, what do you do, what kind of clients you serve, Just a little bit about your journey as a. As a fractional cfo.

Well, it kind of all starts at the very beginning. I was in the construction industry with my husband, working all day, every day and meeting a lot of different contractors. And I noticed, including my husband, that they had no idea what was going on with their books, didn't know how to price their job, had no idea what their profit margins were, and none of it. And so that's when I started doing the bookkeeping for contractors and really getting in the field and talking to them and getting their finances in order. And then I met you. And so we started offering fractional CFO services. And I feel like I enjoy it more than I enjoy anything else I've done.

Okay, awesome. That's awesome. And so how'd you get started? It sounds like you were doing construction stuff with your husband and being on the field. I know you told me a story before of like, hey, you don't. You're not doing project costing. You don't know anything about inventory. You're not getting payments on time. It sounds like you knew, like, you could help them. Tell me a little bit about that.

It was just a lot of. In the. In the construction industry, you see a lot of contractors that they work, and you've used this phrase before. You have a really expensive job. You don't have a business. So I think a lot of the contractors that I've seen and talked to and have dealt with are kind of in that position, and I don't want them to be. And so I take every one of my clients very personally, and really, I do a lot of hand holding, but I feel like they need it sometimes. And so when I noticed that there was a problem, and I would see these contractors stressing about jobs and per square foot less than the average in the state.

Geez.

So he was, like, giving away jobs, essentially. So he was making money, but he was not making anything where he should have been making. And so instantly he took that advice and changed it around, and he went from making $100,000 a month to over $275,000.

Geez, that. That's, that's like a big difference in a really short amount of time.

Yeah, no, it was. He was like, I had no idea what I was doing. Thank you so much for like, showing me. I was like, these are like the type I love, like, those moments. Those aha. Moments are my favorite because I was like, I really didn't do that much. Like, you just, like, talked through it. And I love the brainstorming sessions too, because, like, I could talk to somebody all day and be like, this is how we work through it. And then showing them so they don't have to keep going. Like, there's some people. And I will say that there's some people that are like, just tell me what I need to know and move on. There's some people that are like, tell me how you got there. And I love those moments and I love talking it through and showing them and being like, this is how I got there. Seeing their aha look on their face. So they know not to make that mistake again. It makes my whole day.

I mean, you took some. From $100,000 a month to what. What was the. The second number?

275,000.

Okay. So that's $175,000 a month gain. Like millions, you know what? Two million years, $160,000 a month. So it's over $2 million a year increase.

Oh, yeah. He. He's a first year, one million dollar company. Next year we're targeted. Almost.

Okay. And so most of that's probably right into his pocket because his cost probably didn't change a lot. Right. So needless to say, he's really happy with you.

He's very happy.

Okay. He's staying on for a client for a long time is what I'm hearing.

Oh, yeah, no, he said that he wants, he wants to grow big enough to. I only work for him. Like, yeah, I was like, I was like, I'll stick around.

Zeros on that monthly fee there.

Yeah, that's what I was like, we'll see. But no, like, he was. He's. He's a sweetheart, though. He was just. He didn't know. He didn't know what he didn't know. And so, yeah, he's one of my favorite.

So sounds like you've been able to start helping clients. Some bookkeeping, some fractional cfo. I know you do some tax work. What was the problem you had prior to, like, coming and working with us?

I didn't have all the solutions, and I feel like the fractional CFO is Like taking everything that I was doing and grouping it into one. Like, we can do the bookkeeping, we can do the taxes, we can do the tax planning. And like the fractional CFO is kind of like the umbrella of it all, essentially. Because then it's like, okay, now I'm really explaining it all to you. It all makes sense. Then I'm like your one go to. Instead of you having the bookkeeper and the tax preparer and the CPA and all that.

Okay, so it sounds like you were able to get them all in the one stop shop and actually help a lot more clients. Right. So I know when you're going on the Internet and you type in fractional CFO or accountant or how do I make more money as an accountant on YouTube or wherever people are seeing this, right? Like, is there any reason you specifically decided to just like work with us?

So I think I, and you can correct me if I'm wrong, but I think I first seen your presentation on like a CPA academy.

No, it depends on where. I'm on a bunch of podcasts, so probably one of those.

Yeah, so I was on. It was some CPE thing and so I was, I seen it there and I was like, well, this is really cool. I'll have to think about it down the road. And then I seen another one of your presentations and I was like, well, this must be, must be the sign I need to do it. So I was like, there's a reason why it keeps popping up in my face. So I gave in and I was like, yep, had an amazing sales call. I went into it like knowing like, I'm gonna do what it takes to get this. I guess he kind of had it easier on that end. But. But no, I think like the constantly seeing you and you having the solution to solve my clients really pushed me towards, okay, awesome.

And we, we. So you know, I have spent well over 90 days together. Right. You know, know we're continuing to work together.

You've.

You've made a lot of, A lot of, a lot, a lot of growth in traction internally, naturally. Right. And we can, we can talk about both of those. But like, was there anything really in particular about working with us that really helped you?

You're very hands on, you're very involved. It's not like you gave me a pre recorded course and said, here you go, have a good day. Like, you're very involved in it and very involved in our success. And that means a lot, like having that extra person to like push you to want to do better and talk to you and really get down deep into what's going on. It makes it all worth it. Like, you're not just like, watch video and being like, okay, well, I'll never talk to this person. They'll never know what it's like. But, like, being able to meet with you every week and cry in front of you, laugh in front of you, it really. It really means a lot and really pushes me personally to want to do better.

Thanks. I think I probably said this was like, I'm. I'm gonna help you to make a bunch more money and you're gonna like it. Like, I have a. Almost the maniacal drive of, like, this is going to work for you. Like, I believe in it. We just need to do this together.

Yeah.

At least for my. I find, like, I'm. My superpowers. I learn quickly, but then I also make mistakes quickly. And if I don't have someone to be like, hey, this is the mistake you made. This is how you not make it. Next time things take me a lot longer. And so I like, you need at least if you want to press fast forward on your results, like, you need that handholding regardless of how smart you are, how successful, or if you've done it before. So let's talk a little bit about, like, the outcomes of working with us. So, like, you don't have to share the exact numbers if you don't want to.

But.

But, like, where'd you start out and then where'd you end up in the course of just like the first 90 days and working with us.

So I started out less than $10,000 a month, and I closed $30,000 a month. I think it was like two and a half months in.

Okay.

That's when we went. Yeah. It was a lot. It was a very big difference. It felt really good. It allowed me to get some extra stuff for the house that we're building.

Okay. And I see. I see that you're in the house that you're building now. Right. Like, I see, like, the.

This is part of it, but it's not the main house.

Okay. Because I've seen your different locations. So you're actively building in another house while going through this. And.

Yeah.

And I know you. I know you have kids and a husband and like. Yeah, you're, you know, you're like super mom, super business owner, super wife, all at the same time.

I tried to be. They pushed me. Programs like this, like, doing this and allowing these services to be part of my business allows me to get my kids what they need with their disabilities. And so, like, that $30,000 month allowed for three more medical equipments. Like, so that's a big thing in my eyes.

When you're. You're looking at that, right? Like, everyone who has a different circumstance and, you know, part of what you do is you push your clients to make more money, you know, help their communities more, help their family more, you know, get better profit margins. So, like, it's. It's not always just about money. Like. Like you just mentioned, like, money helps you do things, but if you can do the things that you need to do and you can buy a couple nice things, like, more. More money's. To me, more money's like, whatever. Have you been able. Like, you and I have worked together, and we've been some laughing, a little bit of crying on both sides. Have you been able to, like, take that and impart that to your clients?

Oh, yeah, totally. I'm learning to dive deeper. You dive deeper without making it seem like you are. And I'm taking that, and I'm using that when I communicate with my clients.

What do you mean by that? I don't know if I understand.

So, like, you just. You make me think more when I. When you ask me questions. And so when I'm talking to my clients, I try to ask things to make them think more. That makes sense.

Yeah. I can tell you something, but that doesn't make it true. But if you tell me something, it's true. And people learn in different ways. And sometimes it's easier to, like, get someone to come to the result, because I. I can tell you, you gotta. You gotta increase your profit margins. But if it's. What could we do if we increase your profit margins?

Yes, exactly. I feel like I was just thinking about this the other day. It's not that I want you to do. I want you to want to do it. Like. And so getting my clients to that. That point of, this is why we do it. And it's not just we're doing it.

Okay, so two and a half months in, we took it from 10 grand, hit a $30,000 month. When we're. We're looking at that, like, A, more money. B, sounds like you've got some more medical equipment for your kids. What else? Has anything else, like, change at home? Has it been, like, do you have some mindset stuffs? Like, what else has changed for you?

Definitely mindset. This has definitely put me in a very uncomfortable situation. But if I look back to even where I was a Month ago. The self confidence is growing. I mean, I don't. I don't see it day to day, but I see it month to month. I would have not been able to sell a fractional CFO or a tax plan three months ago. I would have never thought that my.

Worth would have been that high. Right. Have. Have, like, has, like, your husband noticed anything? Your clients noticed anything, like, how you interact with them?

They haven't mentioned anything, but I'm sure they've said, like, my husband's definitely noticed. He's definitely noticed.

Is he like, you got some crazy ideas, that kind of thing, or he's just, like.

He just. He just can tell, like, when I'm in a really good mood. He's like, something happened today, like, and so he's. He's definitely noticed. I take it very personal. So, like, on the good days, like, I'm really super happy, and on the days it didn't go so well, I'm, like, kind of down, and I'm like, okay, well, I could have done better, but I'm having more happy.

That's awesome. That's awesome. When working together, like, we've made lots of changes. We're going to continue to make way, way, way more changes. I know you and I have spoken, like, offline, and you have some really aggressive goals, which, like, that's why we're here, right? Like, in order to do big things, we have to take big action. Where do you think you would be right now if, like, we weren't working together?

A thousand dollars a month, maybe barely hanging on. My husband would not be retired. We would be. Probably wouldn't be building our house right now, to be honest.

Okay, wait, you retired your husband?

Yes, I did.

So he's not working anymore?

No.

And you have four kids.

Four kids. Yes.

So you have four kids, a retired husband.

Yes. And building a house.

And you're building a house. All right. So you. You've got. You've got some drive behind you.

Yes. Oh, yeah. I mean, even if it was just my kids alone, like, I. I do everything for my family, and so they're the reason why I push so hard. And on those days that it doesn't go so well, I tell myself, well, it could be worse. So, I mean, I was thinking the other day, like, I was driving down the road, it was. I was soaked because it was storming outside. I just got a bunch of groceries, and I was thinking to myself, I'm so thankful to be able to go home to my kids with a truck full.

It's like that now. Eggs are $9. Like, I go buy eggs and I'm.

Like, yeah, I got some cheese yesterday. It was like 15. And I was like, like, God. But, yeah, I was so thankful. Like, I was just like, I just need to take a second. And on those bad days, I just need to be thankful for the opportunity. Like, I'm just gonna work through it.

So. Okay. I love that. That's massive. The mindset shifts of how things have changed and realize, like, whenever I'm working with someone, the people who get the best results have the strongest whys. Right? And, you know, I think when you joined, you made a joke about, like, you consumed all the content, all the stuff, started working through it. I think you made a joke that I was, like, dreaming in your voice. Or you were. You're dreaming of my voice? Excuse me. When you said that to me, I was like, this girl's gonna go far. I was like, she's a little crazy, but I think it's the right type of crazy. And, like, I wanted to, like, applaud the results you've gotten and, like, all the effort that you put in, clearly they paid off, like, personally, professionally. But I'm really excited to see, like, where this is going to go. Six months, you know, a year, two years down the line, and you're going to be able to look back and you're going to look at 20, 24, actually, and be like, wow, I was there. You know, like, look at me now and you're thinking about it. We talked to a lot of people, right, who are in similar shoes to you. Before I started, you know, they got some kids. They have a husband or a wife. They got, you know, stuff going on at home. They've like, like, they have stresses. Like. Like, it's hard out there right now, right? And we have a lot of pressure on us, whether it's professional or family or political or, like, just the environment is challenging for. For everyone. Like, it doesn't. I don't care what your income level is. Like, it's hard. If there's anyone who's, like, watching that's, like, on the fence about, like, booking a call with us or working with us, like, what would you say to them?

Find a way to make it work. It's worth it. You're amazing. The people that you bring in are amazing. The culture is amazing. Environment's amazing. The training, all of it. If I. If I didn't do it, I would definitely not be where I am today. And I think if. If you have the heart to want it. You could go really far. As long as I will say like as long as you're willing to work for it, it's totally worth it. If you're not willing to work for it, like please don't waste any of our time because like I don't want to see you fail. I know you don't want to see them fail but like if you' willing to try, like, but if you're willing to like put in that hard work and like you said like your why is there and you're and you have a strong why. I think it's 100%.

Thank you. Yeah. When I've worked with people, the people who have the strongest wise get the best results. And sometimes it takes a little bit of crazy. Like depending upon your background. Like I come from a corporate finance background. Right, you went to school, got some additional knowledge, bookkeeping, some construction stuff. I know you've taken some other education and I feel like to make the shift from financial professional to business owner, you gotta be a little crazy.

You gotta jump.

You gotta be like it's scary. It's crazy. There's some big changes that need to happen on the inside and on the outside. And I say it's me a little callously. I think everyone can work for themselves and be successful. But I think a lot of people aren't willing to put in that effort.

And it's scary.

100 it is scary. You know I remember when I first started working for myself I was like, I just, I liked like a really high salary job.

This thing is, is here like with you and your, and your company. It's okay to be scared, but they're not alone. Like we're all scared together.

We're also succeeding together too.

Yes, we're all doing really good. But we've all been in a position, we've all been scared. So it's not like we're alone. Like you know how I feel when I say like I'm scared to get on this call? Like you've there done that and I'm sure I've done it a million times, it was more than me. And so like you know what it's like.

But after you finish that call and you go, okay, read me your card number and they get started, you get that first little bit of adrenaline like I caused the fractional ZFO deal. Look at me, I made $10,000 right now that's the initial cool part. And then after that you're like, oh, I've been working with this Guy for, like, a couple months from 100 to $200,000 a month. Right. Or, you know, been able to help them get medical stuff for their. Their. Their kids or retire their husband or, you know, got a million other stories, and, like, you've seen them in the community, so, like, you. You know it. But to see the internal change in people, whether they're my fractional CFO clients, whether you guys, like, highlight of my day. Like, every. Every single day. Like, we brag internally, like, Ashley just did this. Did you see this? You know, like, we're. We're, like, celebrating you half the time.

We.

You have no idea. If you saw our slack channels, you know, I'd be like, ashley just did this car. He's like, whoa, that's amazing. Let's go. So you have, like, a little army of people rooting for you, for you, and behind. But I appreciate you being here. When you are thinking about where you want to be, you know, in another six months, another year from now, where do you want to be knowing that just, like, a couple months ago, you were below $10,000 a month, you know, husband was still working, not building the house. And I know you've made a lot of changes fast, right? What is, like, 2025 or 2026 actually look like? Deep question.

I know this is a big question. So my 2025 needs to be $50,000 a month now. I want to within the next year. So 12 months. So that's my, like, six months. And, like, my 12 months would definitely be, like, the 7,500.

Okay.

And so I know with your guidance, we're gonna get there. It's just, I need to trust the process some days and just keep working on it, working hard.

Did you ever think your goal would be $50,000 a month?

No, I don't think it. I. Like, I grew up to where you hear that number, and you're like, I'm never gonna see that, like, in my whole life. And now I'm just like, okay, well, I need to make that in a month. Like, and it's a whole new life. It really is.

And it's. It's funny. It almost seems like it's not real. Like, it's numbers in a video game or a spreadsheet or whatever.

Yeah. I never thought I would, like, nonchalantly go to, like, a restaurant and spend the amount of money because I'm like, I'm paying for everybody tonight. Like, I never thought that that would be me.

900 restaurant bill. And, yeah, like, the card.

What do you want your tip to be, how much do you need to take home tonight? Like, I've had those conversations. I've had some really good waitresses that I'm like, how much are you trying to make tonight? Because we're gonna get you there.

That's awesome. What did your husband say when you told him that you did 30k in one month?

He was almost speechless. He couldn't believe it. And now we always say that it's not if, but it's when. So we always say, like, the other day he was like, my wife's gonna build or buy me a brand new deck.

He's getting expensive, Annie.

Yeah, yeah. No, but it was funny because he said something else and I was like, it's not if. It's a win. Come on, get it right. And so we always joke about, like, the brand new deck and the brand new vehicle.

I love the if or. Sorry, the if versus the when. Cause the when. It's true. It's just a function of time and effort.

Yeah, we're gonna get there.

Yeah. That's so cool. I like, just. Just seeing that, like, mindset shift is. It is insanely valuable. I don't know how, like, just changing how you think in that and like, that. That's how I think has probably been, you know, called one of the biggest secrets that I've. I've discovered last couple years is exactly what you said. It's. It's when, not if. You know, because then it's possible. And really, with enough time, anything's possible. And with the right education and the right effort, well, then you're just taking that time frame and you're shortening it down. You know, you're pressing fast forward. Well, actually, I was gonna say I really appreciate you having you here. It was awesome to learn a little bit more about your story and be able to share it with people. Where can people find you?

So I do have a Facebook group. It's called of course I'm going to forget right now. It is called Finance Strategies for the Construction Industry. They can find me in there. We have over a thousand members of people just in the construction industry. A little bit up here we have some people that help with ads, people that help with project management, but mostly it's just contractors like my clients, and we all just talk and get to know each other and help each other out.

That's awesome. So if you're a contractor, real estate investor, if you want to make more money, get your finances, get some financial clarity, hit up Ashley, join our Facebook group. And always, if you're more interested to learn a little bit more about what we do, you can just check us out on profitsearchgroup.com or hit me up on Instagram. Just ProfitSearch Group. But Ashley, I really, really, really appreciate you being here. I really look forward to seeing what 2025 and 2026 bring for you.

I'm excited.

Cool.

All right, thanks.