Duke Heninger’s journey from CFO to acquisition entrepreneur is a tale of resilience, adaptation, and learning. Taking on a failing restoration company, Duke faced the steep challenges of an industry built on trust and Relationships, grappling with cash flow issues and operational hurdles.
An unexpected large job opportunity provided a lifeline, allowing him to stabilize the business temporarily. However, the relentless challenges of sales, finances, and the impacts of COVID-19 led
Duke to a critical decision: selling the company.
This journey, filled with regret, trials, taught him invaluable lessons on due diligence, cash forecasting, and the essence of building genuine relationships.
Now a fractional CFO, Duke’s experiences have equipped him to guide other entrepreneurs through their financial challenges with empathy and effectiveness. #Entrepreneurship #Resilience #BusinessGrowth #Leadership
Chapters
00:00 Introduction and Background
00:27 Early Career and Ambitions
01:22 Entering the Acquisition Entrepreneurship
03:07 Initial Challenges and Overconfidence
04:13 Commitment and Support
04:35 Regretting the Decision
05:11 Challenges in the Restoration Industry
06:24 Unforeseen Issues in Due Diligence
08:16 Cash Flow Challenges and Accounts Receivable
10:24 Reducing Operating Expenses
12:26 The Importance of Cash Forecasting
13:44 Building Relationships and Winning Business
15:30 Expense Reduction and Moving Locations
19:17 Unexpected Job Opportunity
21:11 Financial Relief and Asset Refinancing
22:30 Seeking Financial Support
23:20 Struggling with Sales and Finances
25:09 The Impact of COVID-19
26:27 Adding Complexity to Solve Problems
28:25 Challenges with Franchise Model
29:45 The Decision to Sell the Company
31:22 Changing Mindset and Focusing on Solutions
34:20 Negotiating the Sale and Closing the Business
39:22 Lessons Learned and Moving Forward
42:09 Role of a Fractional CFO
43:30 Applying Acquisition Experience to Current Work
