Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy >>and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyper inflationary environment, individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Stan, just wanted to let you know you are helping people outside of construction. We have a 2nd generation family owned print shop and your advice is very helpful. Thank you!
I’m operating at a 61% profit margin so far this year, but I have no employees. Employees kill you. You can’t “cherry pick” when you’ve got to make payroll. I have no debt and can leave my equipment idle & go to the beach if a job doesn’t make sense. It’s not how much you make it’s how much you can keep.
Yup, lean and mean will get you the GREEN! Instead of getting a new f 150 to replace my old one (at 70 grand) I bought a maverick instead for half the price and triple the mileage. Check the Maverick out for you're daily commute guys! Hold on Tight! Good pep talk Stanley. Thumbs up!
One of the guys I worked with busted his ass for a promotion. He got it. His boss went on vacation and left him with one task. They had lost a major contract and his task was to lay off three hundred employees. He was never the same. You have no idea how tough the tough choices are.
To save the company….? People have no idea because they don’t have perspective. There is so much prosperity in modern day that you don’t realize how good we have it. Nobody starves and goes without their phone
@@Dirtmonkey Letting an employee go is extremely difficult emotionally to do, one of the hardest things an owner operator experiences. The memory stays.
Buying equipment during a recession is one of the best strategies to grow once the economy grows again because that’s when many companies are struggling, strapped for cash and need to offload assets quickly to survive. Thus you can get late model equipment cheap but you need to have pre-planed and prepared for a downturn and have a strategy already in place.
I made a lot of money on that collapse. I got out of stocks in August 2007 at around 13,000 on the DJIA ( it did rise to 14,000 after I got out) before the crash took it to 6300, and got back in at 9600 and rode the rise to the top. Allowed me to retire at 58.
You should totally make a video on dealing with contractors like the one who tried to sue you. I’m guessing we should try and take progress payments before finishing in that case?
Good advice as in them times i was 19 - 21 (young and dumb) and might have forgot how bad it really got but now im older and own my own company ive been thinking about whats to come for over a year now. Im glad a Minnesotan had made a video on what could come but how it could come as you never know whats around the corner on your next project
Maintaining your marketing is all true. There was a big study on companies during a recession in the 70's.... Those who maintained and even increased advertising/marketing during the recession gained marketshare which propelled their marketshare gains when the US came out of the recession. Those that cut their marketing/advertising lost marketshare and even didn't recover out of the recession.
I worked in a drywall plant, and we couldn't keep drywall in the warehouse at all bc houses were being built like crazy! By the end of the year and into 2008, we were stacking it outside in the parking lot bc the housing market was going into the tank. House's are high and selling like crazy again! Watch the housing market. If prices start to fall, it's coming again!! The economy is going to crash!
Reduce as much dept and overhead as possible sooner so when things start getting tight you are ahead of it. Sell any equipment you aren’t using on a regular basis. Clean up the shop and yard to make way if a super deals comes along.
Amazing you replying to my comment! Watched you channel for years especially the snow products, I have HLA products they work well for me. Thank you for making my day in Canada!
I think buying new is foolish, I would do what you do, fix and maintain equipment myself. I like how you think, keep that money instead of spending it on new stuff. Also the new stuff may not last as long as the older stuff.
It may keep me from making the 100 thousand dollar jobs. But I only do jobs I personally deal with a customer myself. I provide a great living for my family. No credit. I buy equipment with cash. If the world's financial system collapsed tomorrow. I owe nothing.
Stan smart to streamline and go smaller same or more profit pick and choose like you said. 2008 was a bad year for some but I was really busy had 2 clients renovated landscaping on there property's plus we had a major strait line wind storm, which kept us going 7 days a week for 3 months. But your correct storm is brewing economy, not that strong
Hi! In one of your videos, you said polymeric sand is the best way to go when laying pavers, but in another video of yours, you said polymeric sand is problematic and that natural sand is the best way to when laying pavers. I'm about to lay pavers in my yard for a gazebo, and was wondering which sand to use? By the way, I'm not trying to be rude, just trying to learn so my stuff will last.
the revenued seems shady that show be last resort. stay out of debt stay strong. if that means you take smaller jobs and make less money so be it. debt is evil. Usury
Hey Stan, congrats on 1 million!
Thank you 🙏🏼
Started my business in 2008. Still going 💪 currently, all trucks and equipment are paid in full.
That is awesome!
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy >>and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyper inflationary environment, individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
I fear this coming economic calamity will be much worse than 08. The secret is to keep your debt at zero, then you won't need money to survive.
Yes!
Absolut
Stan, just wanted to let you know you are helping people outside of construction. We have a 2nd generation family owned print shop and your advice is very helpful. Thank you!
Thanks for that!
I’m operating at a 61% profit margin so far this year, but I have no employees. Employees kill you. You can’t “cherry pick” when you’ve got to make payroll. I have no debt and can leave my equipment idle & go to the beach if a job doesn’t make sense. It’s not how much you make it’s how much you can keep.
Yup, lean and mean will get you the GREEN! Instead of getting a new f 150 to replace my old one (at 70 grand) I bought a maverick instead for half the price and triple the mileage. Check the Maverick out for you're daily commute guys! Hold on Tight! Good pep talk Stanley. Thumbs up!
Yes hang on tight
Wishing you a great week! Hope you and your family are well!
You to my friend!
Must be a tough decision to lay off a bunch of guys with families to feed to cut overhead during a recession.
One of the guys I worked with busted his ass for a promotion. He got it. His boss went on vacation and left him with one task. They had lost a major contract and his task was to lay off three hundred employees. He was never the same. You have no idea how tough the tough choices are.
To save the company….? People have no idea because they don’t have perspective. There is so much prosperity in modern day that you don’t realize how good we have it. Nobody starves and goes without their phone
It’s not easy letting people go
@@Dirtmonkey Letting an employee go is extremely difficult emotionally to do, one of the hardest things an owner operator experiences. The memory stays.
Congrats on 1 million Stan!!
Thank you 🙏🏼
Buying equipment during a recession is one of the best strategies to grow once the economy grows again because that’s when many companies are struggling, strapped for cash and need to offload assets quickly to survive. Thus you can get late model equipment cheap but you need to have pre-planed and prepared for a downturn and have a strategy already in place.
I made a lot of money on that collapse. I got out of stocks in August 2007 at around 13,000 on the DJIA ( it did rise to 14,000 after I got out) before the crash took it to 6300, and got back in at 9600 and rode the rise to the top. Allowed me to retire at 58.
Sweet
I have no debt.
Have fun.
Smart!
During Covid, many businesses (ie., my tile supplier) learned that they could reduce their hours but increase their profits.
Smart stuff
Hardest part about advertising when you are already busy is saying no to good people, even though they may not be good payong jobs. Or headache jobs..
Yes one of the hurdles with running a company
You should totally make a video on dealing with contractors like the one who tried to sue you. I’m guessing we should try and take progress payments before finishing in that case?
Good advice as in them times i was 19 - 21 (young and dumb) and might have forgot how bad it really got but now im older and own my own company ive been thinking about whats to come for over a year now. Im glad a Minnesotan had made a video on what could come but how it could come as you never know whats around the corner on your next project
In 2008 it felt like it hit all at once. No warning but the signs were there. The signs now are in neon.
Maintaining your marketing is all true. There was a big study on companies during a recession in the 70's.... Those who maintained and even increased advertising/marketing during the recession gained marketshare which propelled their marketshare gains when the US came out of the recession. Those that cut their marketing/advertising lost marketshare and even didn't recover out of the recession.
Yes! That’s how you ran.
You are right. I lived through that. But one man crew one machine one truck. It was still hard. Never advertise. I learned.
Do you advertise now ? Me 1 man crew one machine one truck 90%
Out of business disabled.
@@danholmblad9925 Man sorry to hear ,
61 here , Still going for now !
Stay strong ms took me.
The best lessons are learned the hardest way.
50 percent wow that is amazing, good on ya!
I worked in a drywall plant, and we couldn't keep drywall in the warehouse at all bc houses were being built like crazy! By the end of the year and into 2008, we were stacking it outside in the parking lot bc the housing market was going into the tank. House's are high and selling like crazy again! Watch the housing market. If prices start to fall, it's coming again!! The economy is going to crash!
Yes. The signs are their in neon
Reduce as much dept and overhead as possible sooner so when things start getting tight you are ahead of it. Sell any equipment you aren’t using on a regular basis. Clean up the shop and yard to make way if a super deals comes along.
Very true!
Amazing you replying to my comment! Watched you channel for years especially the snow products, I have HLA products they work well for me. Thank you for making my day in Canada!
Long overdue. Recessions come every 8 years. Its been 16...
Gonna hit twice as hard
It’s coming at us hard I think
Overhead is a business killer..
And it sneaks up on people
I buy old junk equipment save all my money no bills save save save work less in the long run
If that formula has been working then don’t change it
I think buying new is foolish, I would do what you do, fix and maintain equipment myself. I like how you think, keep that money instead of spending it on new stuff. Also the new stuff may not last as long as the older stuff.
I watch impact theory too!😂
What’s that?
@@Dirtmonkey its like a podcast I figured you wouldnt even see the comment, I was gona see if anyone watched it
A "How Contractors Can Screw You" video would be fantastic
Exactly what’s he’s saying without saying.it
Dang. You got it.
You rock!!
Why not just save up and be your own bank ? The borrower is slave to the lender.
The barriers to entry are high for a reason; those that are in power don't want to lose it.
Stay away from debt as well.
It may keep me from making the 100 thousand dollar jobs. But I only do jobs I personally deal with a customer myself. I provide a great living for my family. No credit. I buy equipment with cash. If the world's financial system collapsed tomorrow. I owe nothing.
Smart!
Head towards the oil, move west my friend.
Stan smart to streamline and go smaller same or more profit pick and choose like you said. 2008 was a bad year for some but I was really busy had 2 clients renovated landscaping on there property's plus we had a major strait line wind storm, which kept us going 7 days a week for 3 months. But your correct storm is brewing economy, not that strong
Yes. It feels like a bad one is heading our way.
When you say cherry-pick jobs, do you mean you bid on jobs for home owners you knew had money and then increased your estimates?
No. I would look at 10 jobs. Knowing I needed 4. And pick the best ones to do.
It sounds like a "Factoring" company...
Yes, be sure to read the legal paper work before taking any money!
I purchased my Scag zeroturns at auctions for two machines for 8k
Sweet deals
as soon as you said "winds of change" at 1:10 I immediately heard the Scorpions whistling in my head...
Hi! In one of your videos, you said polymeric sand is the best way to go when laying pavers, but in another video of yours, you said polymeric sand is problematic and that natural sand is the best way to when laying pavers. I'm about to lay pavers in my yard for a gazebo, and was wondering which sand to use? By the way, I'm not trying to be rude, just trying to learn so my stuff will last.
Money makes people funny is right.
Yep and not in a good way
🎯
Thank you sir
How did you go about marketing your business at the time?
2008 Obama now Biden has people gotten it yet
After you scaled the business back 50%, how did you scale it back further and make more money?
Running lean.
Lean and mean 👊👍
But why wouldn’t you just use a platinum AMEX and get points back, and pay it off in a couple days or weeks before the interest payment is due
If you can borrow up to 100,000 for payroll and such then go for it.
@@Dirtmonkey 😲😲 That is a lot money to shell out for payroll.
Shouldn’t the title be ‘previous economic collapse’? ‘Last’ makes it sound like the final one.
This could be the final one. There is so much on the line with this next election. And most people are clueless about it.
the revenued seems shady that show be last resort. stay out of debt stay strong. if that means you take smaller jobs and make less money so be it. debt is evil. Usury
I hope you are wrong too, as in a bust time coming.
Close the fridge
I got ya
here to help
Thanks Nash 👊👍
Vote blue
Only if you want to go under aka bankrupt! Company and Personally!