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How to Manage Your Budget as a Contractor

August 1, 2023 8:00 am

Having advanced technical knowledge for your job is a given when you are a contractor, but are you up to speed with your finances? One of the most crucial aspects of being a freelance contractor or owning a construction company is understanding your business’s financial health.  Being a contractor or a freelancer is an extraordinary way to earn an income because of the independence it allows and the ability to earn full-time pay for part-time work. The work is most profitable when you master handling the two most prominent elements of being a contractor:

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How Do I Best Navigate the Emotional Roller-Coaster of Selling My Business?

July 31, 2023 11:30 pm

Q: I was told selling my business will be an emotional roller-coaster.  If true, how do I best navigate it?   JT says: Having worked with 400+ restoration owners, yes, this is 100% true.  And early awareness is a critical step toward effective navigation.  Why?  Emotional decisions are not ideal, they can be costly when stakes are high.  After years of building a successful business, along with plenty of stress and sleepless nights, there should be a healthy dose of emotion… but not when making critical decisions.   The Exit Strategies process was created and refined

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Achieving Profitability through Strategic Growth | Restoration Master Class Episode 12

July 31, 2023 9:07 pm

No matter your company’s size, goals, or affiliations, growth should almost always be strategic and purposeful. Growing for the sake of growing, without goals or purpose, can pave a difficult road – especially when it comes to the bottom line and overall profitability. Andy Zavodney, CEO of Kustom US, shares valuable insights and first-hand knowledge on the value of purposeful and strategic growth, the role that plays in the ability to run a profitable company – even while growing, and where culture fits into this whole profitability + growth puzzle. Miss an episode? Here is what

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What Custom Pricing Is, and Is Not: Part 1

July 31, 2023 8:00 am

Publisher’s Note: According to C&R/KnowHow’s 2022 State of the Industry study, getting paid is a top pain point for a majority of restoration contractors. Costs, labor burden, and overall pricing methodology are part of that equation, along with working with adjusters, having mortgage carriers involved, and so on. In this brand new 2-part series, Anthony Nelson pours his years of learning and knowledge gained as a restorer on customized price lists onto paper. This series is NOT on specific prices or costs; it is a textbook of sorts on equations to ethically and logically

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Top Collections Strategies for Restorers

July 27, 2023 8:00 am

Getting paid at the end of a job can be one of the biggest challenges restorers face. Restorers should recognize that collecting money has very little to do with their invoicing process once work is finished. Rather, collecting starts from the moment they first make contact with a prospective client. A happy client is much more likely to pay than an unhappy client, so the steps taken early on and throughout the job are extremely important. Setting realistic expectations, communicating effectively, and thoroughly documenting the work, will have a huge impact on a restorer’s

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Cashing in on Casinos: Commercial HVAC Cleaning (with VIDEO!)

July 25, 2023 7:29 am

Publisher’s Note: We LOVE sharing interesting case studies in C&R! In this article, David Hart shares his knowledge from years of experience in HVAC and duct cleaning, and as an inventor and innovator in the cleaning and restoration industry. We are sharing this story with you in multiple formats! You can read the case study below, and also dive deeper in the how-tos of the work itself, plus selling and marketing these services, in the podcast! Enjoy! After 30 years in the industry, 25 years of business ownership and 15 years of equipment engineering

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The Great Redefining

July 24, 2023 10:00 pm

Over the last few months of attending conferences and conventions, there was one statement that was repeated multiple times by various people at every single conference. It was said after a speaker asked the audience what the top challenges are you are facing within your company…” besides labor and hiring issues like we are all facing.” And I started wondering why. Why are so many companies across various states and markets all struggling with labor issues? All of us have heard the phrase, “The Great Resignation” referring to over 50 million people quitting their

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Are You Productive or are You Just Busy?

July 24, 2023 8:00 am

I know you’re busy. Probably too busy to read this article, and your main decision on whether to attempt it or not doesn’t revolve around the strength of the content or any reputation of the author for providing value. It’s the length because who has time to read page two? Certainly not you! Please stay with me. I’ll keep it brief. Believe it or not, studies—including one done by researchers at University College London’s Centre for Time Use Research—show that people are surprisingly working less and sleeping more than they did 50 years ago. In

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Not-So-Clear & Present Danger

July 20, 2023 8:00 am

Let’s take a trip back in time. It’s Christmas Eve in 1955. Your house is decorated and merry, including sparkly, heat-resistant fake snow; presents of Amscan Crayons and an Inside Intelligence Secret Spy Kit are wrapped and under the tree. This morning, you brushed your teeth with Bristol-Myers’ Ipana toothpaste, admiring your pearly whites in the mirror thanks to the paste’s abrasive properties. Just like your mother did, you toss a little Johnson & Johnson baby powder on your skin to stay dry and fresh and dry and curl your hair with the latest

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The Power of a Bad Idea

July 17, 2023 10:39 pm

We sell restoration businesses. That’s all we do. As a result, we end up “looking under the hood” of literally hundreds of businesses each year (for the past 15 years!). We see lots of good ideas. Here’s one: Sometimes the shortest path to a good idea is through a few bad ones. You think about your business all the time. But blocking out the world to actually work on a problem can be, well, you know, almost impossible. Try this. . . Have lunch. By yourself or with a trusted advisor. Either way, all

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