Why Many Restoration Owners Overlook Their Finances

Like saving for retirement, building a valuable business starts years in advance. Don't let messy books sell your life's work short.

Last week, I had a call that I wish I’d recorded, and in this video I’m going to try to capture and summarize what my old friend Todd Pulley and I discussed about financials, and specifically around the idea of why we think owners either don’t pay enough attention to their financials or simply flat out ignore them.

If you don’t know who I am, my name’s Scott Miller. I’m the owner of TheGrowthLeague.com, and I’ve been coaching industry folks since 2009 because I’m passionate about helping them get more profitable, reduce chaos in their businesses, get out of the day-to-day operations as much as possible, and ultimately build a sellable asset so that when they decide it’s time to move on, they can do it and capture a substantial financial windfall.

So, what are the five things we identified about why owners don’t focus on their numbers?

1. Feeling like they’re good enough already. "I’m as profitable as I can be." In most cases, folks who aren’t paying attention to finances aren’t as profitable as they can be.
2. Not understanding the benefits. They don’t see the value in tracking gross profit by division or watching percentages of income, expenses, and cost of goods sold closely. But almost without fail, paying attention improves profitability—and peace of mind, even through bad months.
3. Peer comparison doesn’t cross their mind. For me and Todd, peer benchmarking was huge. Comparing notes with other owners helped us find strengths, weaknesses, and big opportunities.
4. Not seeing how important financial discipline is for an exit. Messy, unexplainable books and undisciplined invoicing hurt the business’s value. It’s like saving for retirement—you have to start years in advance or you sell yourself short.
5. Just not wanting to face it. Like someone addicted to smoking or ignoring health advice, some owners tell themselves, “I’m not a numbers person,” or “I have people for that.” Or they convince themselves it doesn’t matter because of industry pressures. None of this is true.

If any of these resonate with you, I hope it triggers a thought—that maybe it’s time to act. If you don’t know where to start, book a call with me. I’m not a high-pressure coach, but I’ll gladly help you get unstuck and pointed in the right direction.

Paying attention to your financials, job costing, and reviewing your reports each month will help you make more money today and build a business that’s worth more when you sell it.