Episode Details

Quit Getting Stiffed: A Guide To Collecting What You’re Owed with Karalynn Cromeens

Episode 252 Published 4 years, 6 months ago

Description

In Episode 228, Karalynn Cromeens brought us lots of great tips and strategies on how roofing contractors can avoid contractual issues. Today, we get to hear from her about her latest book, Quit Getting Stiffed: A Texas Contractor's Guide to Collections and Lien Rights.

An expert when it comes to getting paid, Karalynn will be sharing excellent content based on her latest book on how to collect your cash, because if you can’t collect your money, you’re going to go out of business. So listen in if you’re wanting to learn how to make collections go more smoothly in 2022!

Karalynn Cromeens is the Owner and Managing Partner for The Cromeens Law Firm, PLLC, in Houston, Texas. She is well-acquainted with the construction industry and knows the obstacles that contractors are likely to encounter, and she is passionate about protecting the businesses her clients have worked so hard to build.

What you’ll hear in this episode:

Karalynn provides an overview of timelines, liens, and lien rights.
What Best Practices look like at Karalynn’s firm.
What does YOUR collections process look like? She has tips!
Things to consider around changing your niche to ensure you have the cash on hand to accommodate future plans.
Karalynn addresses the collecting process from insurance companies.
Consistency is key!
Why you need a price escalation clause in your contract.
For a flat fee, Karalynn can draft an 8-page contract that anybody that isn’t a lawyer can understand. She will also review a contract that you’re signing for somebody else for a flat fee.
What you need to know about “walk-offs”.
Lien laws for all 50 states can be found at The Subcontractor Institute.
How pre-lien rights work.
Once a lien is cured, remember to file a lien release.
When you have your lien process built into the front end of your collections process, it will help you run a better business, be consistent in your collections strategy, and get paid on time, because being the squeaky wheel, you’re going to get paid first.