Our guest today is Michael Iverson, part-time CFO for Blackmore Enterprise. Michael is an experienced financial executive with over 25 years of financial accounting and management experience at both privately held and publicly traded companies. He has an understanding of all things financial and the cool thing about Mike is he is able to put things in a way that you can understand it and from that, to make informed decisions based on that information. On today’s episode we’re talking a little bit about finance and how we manage things that go along with that.
We also talk about the differences between D.A. and Feedwater tanks, corrosion coupons and a few more things.
Our guest today is Michael Iverson, part-time CFO for Blackmore Enterprise. Michael is an experienced financial executive with over 25 years of financial accounting and management experience at both privately held and publicly traded companies. He has an understanding of all things financial and the cool thing about Mike is he is able to put things in a way that you can understand it and from that, to make informed decisions based on that information. On today’s episode we’re talking a little bit about finance and how we manage things that go along with that.
Feed Water Tanks and the Deaerators
A feed water tank and a deaerator is exactly the same thing except for one difference; the difference is pressure. The feed water tank has no pressure whereas the deaerator does. The whole purpose for the feed water tank and the deaerator tank is to drive off oxygen and they do this with heat. You can only get water so hot before it does a phase change and it changes into steam. The way you get water hotter is you put it under pressure. We want to keep it in the water state but we want to put more BTU’s in it, we want to get it hotter. So how do we do that? We can put more pressure to hold the water as water and not allowing it to convert into steam. A feed water tank can only get to 212 degrees and still be water but we’ll have issues with cavitation. A deaerator can take it up to 240 or 250 degrees before it starts to boil because it’s under pressure. The hotter it is the more we can drive off oxygen.
Key Points:
Mike tells us how he works with multiple clients, giving all his clients CFO-level expertise without them having to hire and pay for a full-time CFO.
The basic key financial information that all business owners should know.
Learn how you limit the amount of cost by limiting the amount of time
Find out about the 8 financial drivers in a business.
Why what you do in business and what you do in your personal life cross pollinates.
Understand Mike’s outlook on the economy; a possible recession coming up in 2019.
How to ensure your balance sheet is clean and stays in the attack-growth mode for 2019.
The importance of comparing your business to industry metrics and benchmarks.
Why you need to create a strategic plan for your business.
How to find out what you want to measure by asking what drives your business.
Find out why you need to set a goal to determine what those measures should be.
The reason why Mike would want to, most of all, have a conversation with Abraham Lincoln.
Quotes
“Being able to measure yourself against somebody is tremendous because otherwise you’re driving against yourself.” — Mike Iverson
“As a well rounded water treater we need to understand chemistry, finance, electricity, plumbing and the list goes on.” — Trace Blackmore
“The best location to feed a means is in a steam header.” — Trace Blackmore
Connect with Mike Iverson:
Website: www.trilliumfinancial.com
Links Mentioned:
AWT-Standards-for-Corrosion-Rates
