S2 E3 The Importance of Getting Your Financial House in Order in Your Child Care Business
We are honored to have one of Brian’s former coaching clients, Kym Pomares, join us on the podcast today. Kym recently sold her school, Courthouse Academy in Virginia Beach, VA for a huge payday, but had some serious struggles in the early years of ownership.
Kym shares some of the mistakes she made and what she learned to give you some insight on what NOT to do. Kym’s biggest obstacle was figuring out how to understand the financial aspect of the business.
Even though she had a revenue of over one million dollars annually, she had nothing to show for it. She was deep in debt and her house was on the line.
She said she made several bad decisions, had trouble tracking, and struggled with forecasting and planning for the business’s financial future. She was behind in her payroll taxes, and even had an employee embezzle. By her own admission, things were a mess.
Tune in to hear how Kym overcame these shortcomings and went from being hundreds of thousands in debt to a seven-figure payday. Kym shares what she learned along the way and gives sage advice on how to follow in her footsteps to an incredibly financially successful child care business.
Tune in to hear the answer to this week’s listener question:
Dear Brian and Carol: I am new to the child care business. Can you give me some tips on how to avoid financial mistakes early on in my business?
(Guest Expert Kym Pomares answers this question live on the podcast. Tune in to hear her advice which includes the tool she uses to track her company finances)
Child Care Genius Workations:
We are looking for 12 couples to hang out with us on a tax-deductible Child Care Genius Workation next year.
We have 2 trips planned for 2023, with a max of 6 couples for each trip.
Workations are an intimate setting where we can share one-on-one time, enjoy private dinners together, and give you individualized coaching. You will leave the Workation with a game plan for success in your child care business.
To learn more about our January Jamaica trip or our March Barbabados trip, visit ChildCareGenius.com/Workation