When I think of the Balance Sheet, I'm reminded of a meeting I had with a client in 2003. He operated a monument business (you know . . . tombstones, memorials, markers). His name was Terry and he had been in business for a little over 1 year (15 months to be exact).
On average, Terry was working 60 hours per week, but he had no idea if he was making money or losing his shirt. He was considering closing his business and getting a job. He called me up to get my advice.
I agreed to meet only if his books were up-to-date and he was able to present his financial statements. This was no problem for Terry because from day one, he had been purchasing the services of a local bookkeeper to keep his books in order. He HAD been listening in my classes!! :)
When we met, I spent about an hour reviewing his operation, trying to understand all the variables of his business. Afterwards I delved into his numbers.
When he presented his monthly financial statements, I noticed right away that the...
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