The Biggest Financial Business Mistakes Contractors Make: An Attorney's Opinion (4/4)

Our firecracker attorney, Craig Silva, has seen plenty of contractors ruin their businesses with boneheaded mistakes. In this episode he talks about some of the biggest mistakes he's seen and gives you insight into how to avoid them.

[@rogerbettencourt9654]

Craig, thank you for sharing your knowledge with us. Mark, your “Ask me how I know” is just absolute gold for any industry, let alone the fence industry. I can even see enough content for a Ask me how I know segment on the WeTubes. Keep up the excellent work, and in case no one has told you this, what you do on this channel goes beyond being helpful. You have a dang good day sir. I pray you get back what you are giving to us, ten fold. God bless you brother.

[@SuccessfulContractor]

Thanks for the encouragement!

[@wayneschroeder9166]

Big difference in being busy and doing business!! Period. There is so much cash flow, breaking down an itemized transparent invoice that the customer can understand. Is a job in its self. Being on the customer side of things. I’d hate to have to fork out more money at the end of the project because something was overlooked.🤦

[@nulineconcepts]

Calling out the shell game is something that should be discussed more for these GCs bleeding out time on payment because they can.

[@SuccessfulContractor]

They could pay faster but don’t for sure. They are sitting on millions and when interest rates are up it can add to their profits. With interest in the tank there really isn’t a reason to continue to string out subs for payment by GC’s or owners. If the Feds can cut a check in 14 days then the private sector and local governments should be able to do the same or better.

[@alterado1001]

I am so glad you guys brought up cash advances. I seriously thought I was the only one going through this. Unfortunately, we have taken out multiple of these through lenders such as big think capital and funedera and they put the biggest strain on your finances, since it’s money being taken out weekly or daily. The best way to go is SBA but it’s not an easy approval process.

[@SuccessfulContractor]

They are so bad.

[@emsroks]

You can’t lien public property but you can claim against the bond. All public projects require the general contractor to get a payment and performance bond. If the GC doesn’t pay you, you claim against the payment bond. Still tough to get paid but it will most likely happen.

[@SuccessfulContractor]

Never be afraid to request a copy of the GC’s bond either!

[@emsroks]

Successful Contractor definitely! It’s a standard for us and we always send a NTO to the owner, surety, GC to let them know we are on the job so it’s on record if we ever have to claim anything.

[@Mosessousa1]

New to the channel, just subscribed. Great stuff, wish you success!

[@danblanc5743]

Hit another out of the park Mark... 🏆

[@SuccessfulContractor]

Thanks!

[@jakebrown9829]

Thanks for the info

[@SuccessfulContractor]

You bet. 👍🏻

[@johntalley1908]

I've used the company that he bleeped out and it almost sucked me dry

[@ironbull7038]

What company?

[@ReddyCWR]

Curious also. Is there a way to hint?

[@rave6094]

What company is it???

[@SanderHicks]

Angi?

[@MarcGyverIt]

@@SanderHicks Probably.

[@ralphcristinagarcia5481]

Okay what was the beep about?

[@SuccessfulContractor]

Sometimes we can't name a company directly for legal reasons. You'll have to put 2 and 2 together to figure out who we're talking about, but if you do, it's worth avoiding them.

[@ralphcristinagarcia5481]

@@SuccessfulContractor our email is [e-mail] if you can send it. Lol 😊 -Cristina

[@djzfishiousvishing3055]

My best guess is "angela" ... - "ela" ... + "i" 🤔

[@peepholepeople4490]

I think it rhymes with “chrome plaid visor”

[@davidandrus1853]

Home advisor!!!!!