Today we’d like to introduce you to Dr. Wendy Labat.
Hi Dr. Wendy, we’re thrilled to have a chance to learn your story today. So, before we get into specifics, maybe you can briefly walk us through how you got to where you are today?
I began my entrepreneurial journey almost four decades ago when I started an office equipment company with no business experience and very limited financial resources. It was a time when there was no internet or social media. The only thing you could do with a cell phone was make an expensive phone call.
My clients were major corporations and government agencies. In order to be considered for consistent business and big contracts, you had to project a certain image. That meant having a brick-and-mortar office, employees, inventory, and all the overhead that goes with it. If you projected anything less, your company was perceived as a mom-and-pop operation not capable of handling their business.
Of course, I went after the big contracts. The more sales and contracts my company acquired, the more inventory had to be purchased to fulfill the contracts. The payroll, rent, utilities, and other expenses had to be paid along with the cost to handle the increase in sales. There were significant sales on the books but not significant money in the bank.
My company was suffering from anorexic cash flow. Clients were paying in 30, 60 and sometimes 90 days when the terms of their contract were net ten days. The terms I had with my vendors were net 30 days. I was a rookie entrepreneur and afraid to talk with my clients about the payment delinquency for fear of losing their business.
I discussed the matter with my mentor. He advised me to talk with the accounts payable and purchasing departments of my clients to resolve the matter. Sure enough, they were not aware of the delays in paying the invoices. After the meetings, payments were made on time sometimes even before the due date.
My mentor also suggested that I meet with my vendors to negotiate better pricing and payment terms. This was a time when being a female=minority owned business entity had advantages. My vendors were neither female nor minority-owned. They were getting business from my company they would not have otherwise gotten, so they granted my requests.
These experiences forced me to think outside the box to meet my expenses and cash flow needs. The challenges and obstacles I faced taught me how to take control over my finances; make my money work for me; negotiate with my clients to get paid sooner rather than later; negotiate with my suppliers for better pricing and payment terms. I continued to find creative ways to acquire the things needed to improve and increase the growth and development of my company. After two decades in that business, I pivoted and opened a tax preparation business.
In 2014, when the Affordable Care Act mandated that everyone have healthcare coverage, I expanded my tax preparation business to include insurance and financial services. Not wanting to be a hypocrite, I believed if I was going to sell my clients these products and services, I needed to acquire them for myself and my family. So, I purchased the products I was selling and sharpened my financial services skills. This move was done as part of a business and marketing strategy, not from a personal financial planning perspective.
In 2017, I was diagnosed with an aggressive form of breast cancer. I chose an aggressive form of treatment to conquer the disease. That meant chemotherapy infusions every three weeks for a year at a cost of $67,000 per infusion, which totaled over $1.1 million. Additionally, I had five surgeries, multiple CAT scans, MRIs, ultrasounds, mammograms, and lab tests that exceeded a cost of $300,000. Can you image having to pay those kinds of medical expenses in addition to your personal and business expenses while battling breast cancer?
The cost of treating this disease could have ruined me and my family financially. Thank God I practiced what I preached. My health insurance paid all of my medical bills. Plus, the supplemental coverage I purchased paid me significant multiple six-figure tax-free payouts that allowed me to focus on my recovery without worrying about money.
I considered this “The Financial Cure” and hence, The Financial Cures LLC was born. The Financial Cures System® (TFCS) was developed to empower people to overcome anorexic income, obese debt, spending addictions, and other financial ills to optimize their financial health.
Subsequently, I began my crusade to improve the financial lives of many entrepreneurs, business owners, families, and individuals across the U.S. using TFCS®. Furthermore, my clients formulate specific strategies to diagnose their financial health, take control over their finances, make their money work for them, acquire proper protection to prevent financial ruin, build a financial legacy, create generational wealth, enjoy financial freedom, and live the life they desire.
Since the inception of The Financial Cures LLC, I have become a best-selling author of “The Financial Cures Book Series,” award-winning global streaming tv producer of “Financial Cures with Dr. Wendy Labat,” creator of “The Financial Cures System,” an international speaker, and business strategist. Who would have thought that a breast cancer diagnosis would open such wide doors for me to empower others with these tools?
“When you think right, speak right, and do right, things will flow right to optimize your financial health.”
Text “guide” to 770-796-4944 to get my free guide, “6 Ways to Stop Hemorrhaging Money.”
Would you say it’s been a smooth road, and if not what are some of the biggest challenges you’ve faced along the way?
Getting out of my own way as well as my lack of business experience and limited financial resources were the main obstacles/ challenges I faced in the beginning. I also have to add my spiritual immaturity at that time.
Alright, so let’s switch gears a bit and talk business. What should we know about your work?
Award-Winning Entrepreneur, Best-Selling Author, Award-Winning Global Streaming TV Producer, Business Strategist, International Speaker
Is there anyone you’d like to thank or give credit to?
God deserves all the credit. He put people in my life and lit a path for me to follow that I hadn’t even considered. My mother, who instilled in me that I can be whoever and whatever I choose. There are too many others to name.
Contact Info:
- Email: Info@thefinancialcures.com
- Website: www.TheFinancialCures.com
- Instagram: Instagram.com/dr.wendy.labat
- Facebook: Facebook.com/DrWendyLabat
- Youtube: LinkedIn.com/DrWendyLabat
- Other: www.Fincures.com
Image Credits
Elisa Yates, Makeup Artist – Makeupbyelisa Kim Taylor – Kimazing Photography
