As 2022 comes to a close, we wanted to take some time to reflect on this past year. We are excited to share this year-in-review that highlights our customers’ successes and a few of our own as well. A big thank you to all our customers and staff who made it such a great year and cheers to an even better 2023.
Our clients grew. For the first time ever, Lucrum has two clients that we know of (with a third likely) that will be in the Business Journal Fast 50. As of this writing, the list is not public yet so we can’t disclose their names but take great pride in their success.
3 clients outgrew us. It might sound weird to celebrate a client outgrowing our services, but what better compliment than to help a client grow to the point where they need a full or part-time CFO solution? Click to watch a video of Copper Builders (who left last year) discuss this very idea.
We kept our existing clients. Over 90% of our revenue came from existing clients, which we take as affirmation we are delivering on our goal of adding value. We’re grateful to you all for being a part of our growth and continued success.
9.1 multiple of EBITDA
2 clients sold. Kurt helped a client through the due diligence process and successfully completed a sale at a 9.1 multiple of EBITDA. This allowed the retirement-age managing partner to diversify as well as guarantee him a salary for the next three years. Another bookkeeping client was acquired, and we were told after closing by the Operations Manager he was complimented on how clean his accounting records were. Lucrum is also assisting with a client selling the land their shop and office is based on; this sale should close Q1 2023.
We trained others to use Quickbooks. Debbi taught in-house staff members of five different non-bookkeeping clients how to use their own QuickBooks file. These ranged from real estate development firms to a carpet distribution company and even a church. These 5 sessions are done 1-1, recorded, and use the client’s own QB file and real data giving the individual being trained the best possible chance at being self-sufficient.
We were referred. All but one of our new clients in 2022 was a referral from either an existing client, former client, or other professional we’ve worked with in the past. This tells us CPA’s, business brokers, coaches, and even competitors feel comfortable passing our name along to their clients and friends.
We grew. Lucrum stayed relatively flat this year from a growth standpoint, increasing topline revenue by 3%. This was primarily due to a lack of capacity among our staff- a very good problem to have! Fortunately, we were able to add 2 new faces to our team which will give us substantial capacity going into 2023.
We celebrated. We hosted our
10th, 11th, 12th Year Anniversary party in May here at the office. It was a packed house, and we were glad that we were finally able to gather (two years too late… thanks Covid).
We were published. Jason had an article published in The Brewer Magazine. Jeff had articles published in both Construction Business Owner Magazine and AsphaltPro Magazine.
We kept it ☆☆☆☆☆. A big thanks to all of you who took the time to be interviewed for in-depth third party customer reviews this year. You all gave us 5 stars and said some very nice things!
We can’t help but be excited about 2023 and the opportunities it will bring for our clients. If you’re not a client yet, you can see you’re missing out. Contact Lucrum today to start leading your business with confidence.