In this episode of Remodelers On The Rise, host Kyle engages in a conversation with Heather and Michael Francis, the dedicated husband-wife duo behind Francis Renovations. Together, they candidly recount the joys and hurdles of collaborating as partners in the remodeling industry, underscoring the essential role of transparent communication and well-defined boundaries in their journey. The couple unpacks the strategic shift to a design-build methodology, shedding light on the advantages it brought in terms of enhanced cost management and project scheduling precision.

Heather and Michael also stress the critical importance of mastering their financial metrics and implementing precise pricing strategies for sustainable business growth. Furthermore, they explore the strategic decision to rebrand to Francis Renovations and the strategic vision of venturing into custom home construction and exterior projects, showcasing the couple's steadfast dedication to innovation and evolution in the remodeling landscape! Don't miss this insightful discussion that beckons listeners to contemplate their client interactions and operational tactics for elevated success in the industry.

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Visit RemodelerRetreat.com and sign-up to join Kyle and his wife Sarah for the Remodel Your Marriage, Life, and Business Retreat, October 2nd-4th, 2024

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Takeaways

• Working together as a husband and wife team in the remodeling business has its challenges, but it also allows for shared goals and a deeper understanding of each other's roles and responsibilities.
• Clear communication and establishing boundaries are crucial for maintaining a healthy work-life balance when working together.
• Adopting a design-build approach can lead to better cost control, scheduling, and overall client satisfaction.
• Detailed scope of work and upfront selections help ensure a smoother project execution and minimize surprises or changes during construction.
• Understanding the financial aspects of the business, including numbers and pricing, is essential for long-term success. Knowing your numbers and accurately pricing projects is crucial for financial success in the remodeling industry.
• Having a selections coordinator and trade partners can streamline the design and project development process.
• Changing the business name to reflect future expansion plans can attract a specific target market.
• Remaining calm during slow periods and maintaining a constant improvement mindset is important for long-term success.
• Reflecting on client interactions and making adjustments to meet their needs can improve customer satisfaction.

Tune in as Kyle Hunt, host of Remodelers On The Rise, interviews Steve Tankersley, the owner of Tankersley Construction on his journey into the remodeling industry. After working in commercial construction, he decided to start his own remodeling business in 2018. Steve emphasizes the importance of the fundamentals in running a successful business, such as responsiveness and reliability. He also values the freedom and flexibility that owning a business provides, allowing him to spend more time with his family. Steve discusses his transition from fixed-price contracts to cost-plus contracts, which offer more transparency and build trust with clients. He provides insights into his cost-plus approach, including setting goals for net profit, accurately estimating project costs, and itemizing direct costs.

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Visit RemodelerRetreat.com and sign-up to join Kyle and his wife Sarah for the Remodel Your Marriage, Life, and Business Retreat, October 2nd-4th, 2024

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Takeaways

• The fundamentals of responsiveness and reliability are crucial in running a successful remodeling business.
• Owning a business provides the freedom and flexibility to spend more time with family.
• Transitioning from fixed-price contracts to cost-plus contracts can build trust and provide transparency with clients.
• Setting goals for net profit and accurately estimating project costs are essential in a cost-plus approach.
• Itemizing direct costs, such as insurance and software, can help reduce the markup in cost-plus contracts. The cost-plus pricing model allows for open and frequent communication with clients without the fear of racking up hourly bills.
• Delivering value to clients is crucial when using the cost-plus pricing model.
• Knowing your numbers and having a robust accounting and project management system is essential for success.
• Self-performed labor rates can contribute to higher margins in cost-plus projects.
• Using contingencies can help manage unexpected costs and build trust with clients.
• Cloud-based software and coaching can be valuable tools for remodeling contractors.

Chapters

• 00:00 - Introduction and Background
• 01:45 - Approaching Pricing in the Remodeling Business
• 04:10 - Transitioning to Residential Construction
• 08:50 - Achieving Dreams and Balancing Family Life
• 10:46 - Recognizing Success and Reflecting on the Journey
• 12:58 - Unpacking the Cost-Plus Approach
• 16:28 - Setting Goals and Estimating Project Costs
• 19:42 - Reducing Markup in Cost-Plus Contracts
• 22:09 - The Benefits of Cost-Plus Pricing
• 23:35 - Delivering Value and Accountability
• 26:06 - Knowing Your Numbers and Having a Robust System
• 27:06 - Maximizing Margins with Self-Performed Labor
• 31:41 - Managing Unexpected Costs with Contingencies
• 39:28 - The Value of Cloud-Based Software and Coaching

Join Kyle for a conversation with AJ Ballantine, founder and CEO of Cornerstone Remodeling and Rendr about the importance of KPIs and OKRs in running a successful remodeling business. In this episode, AJ shares his invaluable insights on the role of a manager and coach when scaling a team and reveals practical tips on tracking KPIs to inform business decisions and identify areas for improvement. He highlights the significance of implementing the OKR framework to track progress and set measurable objectives aligned with business goals. Also, Kyle and AJ uncover the benefits of using Render, a software tool designed for remote sales and design that enhances workflow efficiency. Listen in and discover the key takeaway pointers of effective management and leveraging business tools to succeed in the remodeling industry!

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Visit RemodelerRetreat.com and sign-up to join Kyle and his wife Sarah for the Remodel Your Marriage, Life, and Business Retreat, October 2nd-4th, 2024

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Takeaways

• Embrace the role of a manager and coach when growing a remodeling business and managing a team.
• Start tracking KPIs by identifying the most important metrics for your business and measuring them consistently.
• KPIs help you make informed decisions and identify areas for improvement in your business.
• Implement the OKR framework to set objectives and track measurable results that align with your business goals.
• Regularly review and adjust your KPIs and OKRs to ensure they are relevant and effective.
• Setting objectives and key results (OKRs) can help measure progress and hold teams accountable in a remodeling business.
• Objectives can be related to various areas of the business, such as decreasing slippage or improving job satisfaction.
• Key results are specific actions or metrics that contribute to achieving the objectives.
• Render is a software tool that enables remote sales and design in the remodeling industry, reducing cycle time and increasing efficiency.

Chapters

• 00:00 Introduction and Background
• 03:44 The Importance of Embracing the Role of a Manager
• 09:33 Getting Started with KPIs
• 13:16 Using KPIs to Make Informed Decisions
• 21:57 The Benefits of Regularly Reviewing and Adjusting KPIs and OKRs
• 22:02 Setting Objectives and Key Results
• 30:48 Measuring Progress and Accountability
• 36:09 Introducing Render: A Software Tool for Remote Sales and Design