Our client approached us and confided they were struggling in their business. The numbers weren’t pretty. $1.3 million turnover and a $70K loss. The client felt demoralised. They’d worked hard and were going backwards.
Dean sat down with the client. He looked at the work they were doing. And he quickly figured out the problem.
Two mates went into business with each other. They had their highs and lows. They learned a lot and gradually transitioned to life in Family Business.
The business was going OK. They were earning a reasonable living. Not fabulous, but not on skid row either.
However, something just wasn’t right.
A family had been in business for about 5 years. He’d left his job in corporate life after 20 years and decided he wanted to pursue his dream of having his own business.
His wife supported him. Together, they both knuckled down and got on with it.
The returns weren’t too bad. They drove nice cars. They lived in a nice home. However, it lacked something..
Family Businesses tend to fall into one of three categories when it comes to budgeting and forecasting in their business.
Dean has worked with one particular client for a number of years in setting their annual budget.