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Run Out of Cash is a must-read and must-use for business owners,
operators, and accountants. As
a former CFO and a business owner, I know how few people really
understand how to project and manage cash.
Philip gets it.
And he explains it in a way you can use.
You will learn the important questions. More importantly, you will learn how to answer them so that YOU
never run out of cash.”
“This powerful, practical book gives you
the key to business success. You learn the most important lessons of all
to become wealthy.”
“This is a revolutionary money-management book.
Throw out all the other complicated methods of
handling projections and financial strategizing – use Philip’s
Peace of Mind schedule to get just that – Peace of Mind about
your cash flow!”
Dr. Joe Vitale
Best-selling author of “Spiritual Marketing” and numerous
"Philip Campbell's book
shows you not only how to manage the dollars and cents of cash-flow,
but also how to manage your attitude and beliefs about it.... something I've never seen anywhere else. If
you want to learn how to finally solve your
cash-flow problems - get this book now!"
Author, "Immediate Money Immediately"
highly recommend that you follow Philip's step-by-step
process. It was so easy to do. It made all the
difference for me. Now I'm finally back to having
fun growing my business."
Ricky Hux, Owner and President
Best Fit Solutions, LLC
“Never Run Out of Cash is a must read for anyone involved in business.
Philip has written an easy-to-read guide with practical tips and
strategies you can implement immediately.”
Jill Griffin, author, “Customer
Loyalty: How to Earn It, How to Keep It”
The Peace of Mind Schedule
was a beautiful warm evening in 1994.
The CEO and I had just signed the papers on a deal that generated
a profit of $3.5 million dollars for the company. It was the most money
the company had ever made.
sat on the patio of the restaurant to toast the occasion. We were thrilled to have finally closed the deal.
We felt so proud to have closed a deal that made so much money
for the company.
We also felt a sense of relief that it was finally done.
our toast, we reflected on the four years that led up to this huge
thing was certain, there was a time in the early days of the company
when we didn’t think things were going to work out at all.
would like to share with you the story of how the Peace of Mind schedule
came to life.
events that played out during this four-year period made a huge
difference in my career and taught me the proper way to manage the cash
flow of a business.
will share with you how this schedule helped our company get through an
extremely difficult cash flow crunch and create the
most profitable deal in our company’s history.
Our Cash Problem Going to Get Worse?
years before, we had bought a division of a public company.
was tight from day one.
The deal was financed with a good bit of debt, a large portion of
which was scheduled to be paid off within the first two years.
was still new to the role of being the financial officer inside a company.
I had spent the previous seven years working in CPA firms.
The first three-and-a-half years I worked for a local public accounting
next three-and-a-half years I spent with one of the large international accounting firms.
new to my financial duties, I found myself a bit
uneasy with the cash management process in general.
I had a budget, but that didn’t really help much when it came
down to figuring out which bills we could pay.
It also didn’t help much when I tried to figure out if our cash
flow problems were temporary or not.
relied primarily on the budget and the income statement as my guide. It
never got so bad that I was forced to use a different tool. But I knew
in that first year that I was flying blind with regard to cash flow.
I knew I didn’t really have the cash flow under control.
nagging question that was always in the back of my mind was – "Is this
problem going to get worse?
were forced to pay vendor invoices late.
We had rescheduled some of our debt obligations with our primary
lender in order to avoid defaulting on the debt.
the first year, the cash flow problem got worse.
Sales were off a bit and more of the debt was scheduled to be
We were routinely holding invoices from vendors and the invoices
we were paying were being paid late.
could see that the next payment due on the debt could not be paid.
That was the big wake-up call.
Late Payments Bring
our lender had been working with us through our cash flow problems, they
were becoming impatient. Worse, they were beginning to question whether the management team
really had the cash flow of the business under control.
needed new payment terms and a new payment structure so we could pay the
debt and not have to keep going back to them with excuses about how we
were unable to meet our commitments.
the point where I said, “Not only do I need something better for me
and for the rest of our management team, I need something to help me
clearly show our lender what’s going on financially.”
At this point, I was getting tired of failing to meet our
financial commitments and worrying about whether we had a handle on our
was clear to me we needed to do something quick.
We had to renegotiate the terms of the debt with the lender or
we would default on the loan. And
default could mean the end of the company.
I summarized what needed to be
accomplished as follows:
It was very important that when
we went to the lender and renegotiated the debt, that we did not create
a new payment schedule that we couldn’t honor.
Our credibility would be destroyed if we did that again.
I ended up with I now call the Peace of Mind schedule.
Looking back on it now, I ask myself – "How come I didn’t come
up with this schedule sooner?" I could have saved myself, and many other people associated
with the company, a great deal of time and worry.
It Makes Perfect Sense to
knew the schedule was a winner when the Vice President of the lender
said to me, “This schedule is perfect.
I can tell exactly what’s going on with the cash.
It makes perfect sense to me.”
said this at the end of the meeting in our offices when we presented our
proposed debt restructuring.
He could see clearly where the cash had gone and clearly where we
expected it to go over the next twelve months.
schedule was what the lender needed in order to make his decision about our
He was now confident that he understood the cash flows and that
the company's management was in control of the
gave us the new payment terms we needed.
then on, I provided our lender with the Peace of Mind schedule
They loved it and said they planned to have all their other
companies start using it to manage and present their cash flow.
how did we end up creating a $3.5 million profit from this lender, you
years later, the lender’s parent company wanted to get out of the business of lending money.
Consequently, the subsidiary, our lender, was put up for sale.
they wanted to get out of the business of making loans, the lender was interested in finding creative ways to get their existing loans paid off
Because they understood the cash flow of our company, they
offered us a significant discount to pay them off.
were able to take advantage of their generous offer and when the deal
was completed, we created a profit of $3.5 million.
incredible deal would never have been possible if our lender hadn’t felt
comfortable that they understood the cash flow of our business.
Peace of Mind schedule presented the cash flow of the company in a way
that made it clear to them where the money was going and how
long it would take us to pay the loan off.
really is the perfect tool for showing what's going on with a company's
cash balance. Chapter 10 will present the schedule in a way that is
simple to create and easy to understand (including giving you a way to
download a pre-formatted Peace of Mind schedule FREE).
here to go back to the Table of Contents of the book.
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