Insurance/Legal Matters in Restoration

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In December, you read about six factors to consider to be sure you get paid for commercial category 3 water jobs. It was part of an ongoing conversation about a shift in coverage on these claims.

Mechanic’s liens are unquestionably the most powerful, and most poorly-understood collections weapons available to contractors. But like any weapon, they are dangerous, and can backfire on the unwary and the inexperienced.

According to the IRS, two-thirds of all businesses fail in their first five years. One of the major reasons this happens is not from a lack of business, but from a lack of cash. 

Three quarters of 2017 are in the books. The final quarter is when you should be focusing on your plan for the coming year. If you didn’t already start in October, now is the time. 

In part one of this article we explored the four stages of turnaround involved in saving a failing business, including the objectives and actions necessary in each stage. These are the mechanics involved in bringing a business back to solvency and setting it up for sustained profitability in the future. Most of the information is easy to identify with; even common sense, if you will.

If you have been in the restoration business for more than five years, you have likely noticed it is getting harder to collect from your customers who are dependent upon insurance proceeds and two-party checks to pay for your services.