Ep.106: Running a Debt-free Company with Wally Staples
We usually focus on production issues like getting good help, working with trade contractors, change orders, etc. In this episode, we change things up and tackle a more general business topic, running debt-free.
We are fortunate enough to have a returning guest join us for this discussion. Wally Staples was on Episode 72, talking about how he recruits employees. For this episode, however, Wally goes into detail about how he has established and run his company, Wally J Staples Builders, as a debt-free business.
Wally started his company in 1993 and worked in the field building new homes and completing renovations until 2001, when he then focused on growing and making the company better. Wally J Staples Builders has some employees that have been with the company for 10-20 years and has never laid anyone off in 25 + years for lack of work, one of the main benefits to running a debt-free company.
Tim, Steve and Wally start with how and why he established his business this way and went on cover more topics:
- How and why he established his company this way
- Clarification on what he considers a debt-free scenario
- Benefits of the cash environment
- Involving your team in the process
- How an existing business transforms to debt-free
Tim wraps up the episode with his thoughts and experience in working with debt-free businesses, including his own, over the past 20+ years.