Jack runs a landscaping company in Pennsylvania with $30,000 in overdue invoices and only $6,000 in the bank. Mike Andes advises him to sell four trucks in two weeks and lay off three employees to survive. Jack hasn't paid himself in nearly two years and borrowed living money from his girlfriend.
Questions this video answers
Approximately $30,000.
About $6,000.
Five trucks total; one of them runs.
Three people were laid off.
Two weeks to sell about four trucks.
Chapters
I'm not doing this again. I'm not doing this again.
Today we're in Pennsylvania visiting Jack with Jack Mack Landscaping.
Hey, we're gonna keep all the prices the same. Psych. Actually, we're raising them. Business is business, I guess.
Last year, I visited Jack Mack Landscaping, and he hadn't paid himself for almost two years from the business.
I'm, like, looking at my personal bank account like there's just nothing. There's just nothing there.
He was taking out a loan from his girlfriend just to get by.
My girlfriend has been covering my living expenses. I need to give her that money back.
Also, around the shop, a bunch of trucks and equipment that were not being used. You literally have five truck. One of them runs.
Yeah, not that I need them all. Can't afford to fix even one of them that's broken.
I told him to sell half of his trucks and half of his equipment. So you have two weeks to essentially sell four trucks. I don't care if you have to give them one. Get them out of here.
I don't think I want to do this anymore.
Let go most of his crew and go back to being solo.
I had to sit everyone down and lay three people off all at the same time. And that was a. Not an easy conversation, and I never want to go through that again.
But now he's letting unpaid invoices stack up. He bought a snowplow, and some of his customers are holding his payment ransom.
This is actually, like, a terrible job. I don't know what happened, but anyway.
Like, 20,000 overdue, you think?
No, it's probably more like 30 now.
Okay, so 30,000 overdue.
That kind of burns.
His bank balance is dangerously low at just $6,000.
