The first quarter of 2023 saw a fresh wave of acquisition news. We caught up with Gokul Padmanabhan, founder of Restoration Brokers of America, during the RIA Conference in Orlando in April to get a quick update on what’s happening in the restoration mergers and acquisitions space. You can read Gokul’s FULL Q1 update here: 2023 Q1-Restoration Market Update.
PuroClean, one of the country’s leading property restoration and remediation franchises, recently recognized four franchise owners at its annual PuroClean International Convention for their mentorship throughout the year. Selected from more than 430 PuroClean franchise locations across North America, those recognized in the inaugural PuroClean Mentorship Program include Becky Edgren of PuroClean Emergency Services in Moraine, Ohio; Nigel Belgrave of PuroClean Certified Restoration Specialists in Auburn, Massachusetts; Chris Tucker of PuroClean Property Restoration in Fort Worth, Texas; and Bob Jordan of PuroClean Northwest in Lynnwood, Washington; for appreciation of their service for teaching the
Welcome to a new video series featuring interviews with top leadership from eight third party administrator (TPA)/managed repair networks/programs (MRP)! Profile Gorilla invited each of these companies, many of which are newer to the insurance repair space, to in-person interviews at the PLRB Claims Conference in Orlando in late March. Each organization was asked the same six questions on topics like: Top pain points for contractors and TPAs/MRPs in today’s claims landscape. Top 3 things contractors need to do to be profitable in their network. Software requirements/expectations (if any) for estimates/invoices. What is your
Q: When considering a sale, how ‘clean’ do my numbers have to be? JT says: The definition of ‘clean’ takes many forms, allow me to substitute ‘defensible’. Defensible means, ‘can we prove the numbers are what they appear to be’? Initial responses are ‘of course’. However, our industry has unique challenges surrounding consistent accounting methods, revenue recognition (correct time periods), WIP adjustments, collections, overhead allocations, etc. Add-in large loss / CAT work, accounting gets tricky. After an accepted offer and in due diligence, buyers will conduct a Quality of Earnings (QE). This forensic accounting
This quick, 8-minute episode of When It Comes Down To It, from RTI, gives you three main areas to consider before jumping into commercial restoration work, then gives a few important tips within these areas. Understanding these basics, including the types of commercial losses out there, will help you determine what jobs you’re ready for, and what you aren’t. Find more When It Comes Down to it here.
In this episode of the Restoration Master Class on Profitability, sponsored by Encircle, we are talking about what is really the crux of profitability: cash flow management. Scott Miller, CEO of The Growth League, is a money management guru in restoration, and answers key questions like: Where should leaders start in managing cashflow? Is there a magic number for what’s in the bank every month vs. what’s going out every month? What are some common issues you find in restoration company accounting practices? What are some things you see companies excelling at in relation to
The days of pen and paper are all but obsolete in the restoration industry. The good old days are coming to an end and the evolution of technology is in full force. The days of an adjuster and contractor meeting onsite walking a property, doing a handwritten sketch, walking the property, agreeing upon the scope of work and boom, you were good to go! If you were really lucky the adjuster would ask you to write the estimate, send a copy and he would put his stamp of approval on it, and everybody was
The winner of the 2023 The Patricia L. Harman Golden Quill Award is Jeff Jones, Director of Sales & Marketing at Violand Management Associates and regular C&R contributor! Jeff’s forward-thinking and factually sound article “Acquisitions from the Employee Perspective” is well deserving of C&R’s annual Golden Quill Award! Congratulations Jeff!
It was on the heels of a significant career fumble that I decided to do something completely different in my life. My once obsessive love for the restoration industry had cooled and I needed a break. My beautiful and long-suffering wife made the bold move of supporting any career decision that got me out of the house and out of my funk. In a bit of comedic timing, a detective friend at the gym told me that I should become a cop. The idea immediately resonated with me. My thinking fell into two broad
In recent articles for C&R, I’ve addressed difficult topics for owners and managers. They included vulnerability, empathy, encouraging conflict, and preparing for change. Honestly, some of the ideas discussed can be difficult to address, as the recommendations or thoughts in the articles may be the opposite of how you are currently handling employee relationships. If you have considered some of the ideas, but ultimately did not pursue action because you were concerned about the reaction from your employees, this article is for you. Author Tim Ferriss popularized a process he calls “fear-setting.” He uses
