Caleb Arthur at International Coworking Day
Caleb Arthur, CEO of Sun Solar spoke on Wednesday to several of our coworkers (as well as new faces) at CAST for International Co-Working Day.
Sun Solar moved to Springfield, MO in May of 2015 and went from 15 employees, to 100 employees by December of that same year! Caleb spoke of obstacles with a new company in the Solar Industry as it related to: entrepreneurship, triumphs, and how he maintained the "rocket" of rapid growth that is Sun Solar. Below are several highlights of advice he had given to the audience who asked specific questions...
Q:What did you do to find the life-work balance during the 80 hour work weeks as a startup?
- Exercise outdoors
- Eat healthy
- Feed your body and mind
- Spend time with family-- make it a priority, add it to your calendar if you have to
- Build a network of friends where you don't have to "talk work" with
- Maintain cultured friends: rich, poor, professional athletes, politically involved
Q: What was one of your biggest hurdles?
- Lines of credit and loans
- Spend money on an audit by a CPA led to bank which led to 350,000 line of credit
- Caleb recruited a CFO for company and expanded line of credit
- It is more about relationship with the bank than the bank's understanding of your business
- You can only build as fast as the cash-flow and the line of credit will allow
- "Losses and failures are investments in the company's knowledge" - much like Abraham Lincoln who had many failures in life.
Q: What's the benefit of investing in solar if I'm going to move in a few years?
- 30% tax credit
- Utility savings while you are living there
- Usable system for next occupant
- Find an appraiser/agent that can appraise a solar panel system
- Increase value of home with solar on it, without having to pay more taxes.
- Selling within the first 10 years will get you more value out of the system
- Homes with solar sell 2x as fast nationally
- HOA's have began to reverse policy on solar, will work to adjust solar design.
We sincerely thank Caleb Arthur and the Sun Solar team for allowing us to learn a little bit about the business, strategy, and advice to new entrepreneurs!
BY CAST TEAM
08 • 11 • 2017