Debt Free business

Discussion in 'Starting a Lawn Care Business' started by Hoss4x4, Sep 18, 2011.

  1. APLUS LAWN CARE

    APLUS LAWN CARE LawnSite Senior Member
    Male, from North Missouri
    Posts: 587

    My company is debt free. I am a Dave Ramsey nut myself, so that is why. I know of a lot of good companies that run debt free and are extremely sucessful, so I know that it can be done. Now with that being said, I don't disdain the use of credit, especially in the business world. The problem is that 90% or more of people don't know how to use credit properly and end up in trouble. I hope that I can stay debt free in the future, but I do also realize that equipment for this kind of business is really expensive.
     
  2. 205mx

    205mx LawnSite Silver Member
    Posts: 2,339

    I think Dave said he paid 6 million for his office. I live about 8 miles from his office and 5 from his house and have met him several times.

    How's 6mil for expensive equipment
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  3. APLUS LAWN CARE

    APLUS LAWN CARE LawnSite Senior Member
    Male, from North Missouri
    Posts: 587

    No kidding? I would love to meet him. He is my role model. And you do make a good point, there really isn't any need to borrow money for anything. He has a pretty nice house doesn't he?
     
  4. 205mx

    205mx LawnSite Silver Member
    Posts: 2,339

    Yeah it's about 14,000 square feet

    Office is HUGE. Worth 13 million today.

    I drive past his house and office (also where he live broadcasts from) every day. You can walk in and watch the show anytime.
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  5. APLUS LAWN CARE

    APLUS LAWN CARE LawnSite Senior Member
    Male, from North Missouri
    Posts: 587

    That is awesome. Makes me want to move to Nashville.
     
  6. APLUS LAWN CARE

    APLUS LAWN CARE LawnSite Senior Member
    Male, from North Missouri
    Posts: 587

    So tell me a little more about yourself, just because you have peaked my interest. Are you debt free (personal finance) and debt free (business)?
     
  7. 205mx

    205mx LawnSite Silver Member
    Posts: 2,339

    Yes except 145,000 on my mortgage.
    We moved to Nashville two years ago (Franklin, tn)

    My wife has a good job up here.
    I started this business as a way to pay for school but it has become our primary income source.

    My son is 9 days old and I'm ready to start mowing!

    Business equipment value is about 20k.

    Wife drives a 2004 f-150 paid 11,700 cash has 107,000 miles as of today

    I drive a 2003 Chevy 2500 (120k miles) paid 11k cash

    I Have a Kubota 48" (mostly small lawns here) with exception of one 10acre lawn I have lol!!!!

    Paid 3800 cash for it two years ago. Its a 2009 model. Had 104 hours when I bought it.

    Have a cub cadet commercial 2011 model. Like new. Paid 900 for it cash. 36" deck, walk behind

    Have an open trailer. 1400 cash new.

    Several stihl hand helds. Usually buy my handhelds new. Usuall if book value is under 1200 NEW, I buy new.
    I did buy a used back back blower the other day bv c it was a great buy on a like new piece.

    Tons of ather small "tools" rakes etc...

    Will be 22 years old in May.

    Landmark Lawns, LLC
    www.mytnlawn.com

    I really think quality used equipment is one of the pillars of success in LCC's
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  8. APLUS LAWN CARE

    APLUS LAWN CARE LawnSite Senior Member
    Male, from North Missouri
    Posts: 587

    Awesome! You got some pretty good deals on your equipment. You and I are the same age. I have a son that is 9 months old. Having a kid sure does change things. It really makes you look at life differently. I am glad to hear you are doing so well. Hopefully you can pay your mortgage off early like Dave recommends. I'm not debt free personally, but my business is debt free with about $13,000 or so in equipment I am guessing. I am in around $100,000 in debt with my mortgage and student loans but we are working diligently to get it paid off.
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  9. JT25

    JT25 LawnSite Member
    Posts: 31

    Congrats on the baby 205MX! I have an 8 month old little girl, kids can change your whole perspective of life! Sounds like you have a nice business going up there. I hope to have a decent setup by the end of this season. This is going to be my first year. And to the OP, I plan to be debt free, in business, and get that way in my personal life.
     
  10. 205mx

    205mx LawnSite Silver Member
    Posts: 2,339

    It's ok. 2013 I'm hoping to really get rolling. By the end of 2014 I'd like to have enough saved to purchase an NPR landscape truck.

    Having a baby rocks!

    I'm doing ok but I can't take all the credit. And I'm not trying to brag. I'm no where near where I want to be. But we are working on it.
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