From Losing Money to $1.6M in 5 Years: Daniel Smith of Asbury Electric in Gloucester, VA, Shares His Turnaround Story, Plus Some Insightful Tips for Any Small, Growing Contracting Company
Today’s show is a great discussion with Daniel Smith of Asbury Electric in Gloucester, Virginia! Daniel has a great story. He’s one of those people who’s been chasing success his whole life, and now he’s found it. Over the years, he’s held a bevy of jobs—head chef, union electrician, timeshare salesperson, Amway business owner, crane company operator, and water treatment salesperson. Eventually, it all led him to starting Asbury Electric in 2010. It was a tough go. He started the business from scratch, mostly working for GCs. He dealt with the typical problems as a sub-contractor—poor pay, when and if he was paid at all. Daniel was frustrated. Through a networking group, he met Derek Worstell of Pyramid Roofing, who’s been a longtime member. He recommended SGI to Daniel. Daniel went to a Profit Day, and as you will discover, his life has changed over the last 5 years. The company did $1.6M at 62% GM and a 10% NP. And Daniel feels like he’s only scratched the surface of his success. Daniel’s story alone is worth watching/listening to this story. But he offers some interesting nuggets including a KPI he created to track how well his team writes options, how his small electrical company has sold over 600 clubs, how he successfully switched his team to a piece rate system, which locks in his labor percentage and has made his techs happier, and so much more!
Welcome to The Successful Contractor Podcast, Powered by Success Group International (SGI). A show for residential contractors about residential contractors… We chronicle business journeys, share insights, and celebrate successes in this wonderful industry. Thank you to our sponsors:
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