Sep 23 2024 55 mins 1
Sitting down for a chat with Taylor today is none other than Bret Barnhart, President of Barnhart Excavating in Tulsa, Oklahoma. Bret shares his incredible journey, from humble beginnings working with his father and grandfather to growing his company into a thriving business that handles both municipal and commercial projects. Together, he and Taylor discuss Bret’s family legacy, his hands-on experience digging storm shelters, and the unique challenges of working in Tornado Alley.
Throughout the episode, Bret dives deeper into the realities of running a multi-generational business in the construction industry. He talks about his struggle to find the right people, the importance of understanding financials, and how he transformed his company’s trajectory by investing in the right tools and systems. Bret also shares his personal experiences with balancing work and family life, and the lessons he's learned about leadership, resilience, and growth in a highly competitive market. His insights on navigating cash flow challenges, leveraging opportunities, and maintaining strong relationships with clients and partners will resonate with any business owner in the construction field. Join in today and experience Bret’s story - a compelling tale of grit, hard work, and dedication to keeping his business alive through changing times.
Topics:
- The origins of Barnhart Excavating: A family business dating back to the 1930s
- Bret's transition from hourly work to running a company with a broader scope of services
- Challenges of operating in Tornado Alley and how it shaped their approach to storm shelters
- The importance of financial discipline and investing in estimating software
- Navigating cash flow challenges in the construction industry, especially with fluctuating costs
- Family dynamics in a multi-generational business and the balance between work and personal life
- Building a strong team: Hiring the right people and avoiding excuses in business operations
- The significance of no-regrets leadership and setting clear core values for the company
Key Takeaways:
“You either buy them out, or you go out of business with mules.”
“We’re building a new office, and the safe room is coming in today — gotta be ready for those tornadoes.”
“I was making $55 an hour, working seven days a week, and I knew I had to do something different.”
“If you could multiply your five best people, you could take on anything in this world.”
“You’ve got to figure out how to make it work, even if you’re paying 14% interest on your first loan.”
“I didn’t realize what it really took to grow until I was standing at the edge of bankruptcy.”
“Once you know your equipment costs down to the hour, you’ll never estimate the same way again.”
“Protecting the family name while pushing for growth — that’s the balance we all have to strike.”
“You can't rely on cheap labor to build a quality company.”
“Business can be hard on marriage, but you need the right support to make it through.”
As always, thank you to our good friends over at Komatsu for sponsoring this podcast: https://www.komatsu.com/
Links:
- Taylor White on LinkedIn: https://www.linkedin.com/in/taylor-white-9881a5170/?originalSubdomain=ca
- To see highlights from the 2023 show, go to: https://www.conexpoconagg.com/show-experience/show-highlights
- Komatsu: https://www.komatsu.com/
- Bret Barnhart: https://www.linkedin.com/in/bret-barnhart-027a4821/
- Barnhart Excavating: https://barnhartexcavating.com/
