In our litigation-happy society, a lawsuit can always be lurking right around the corner. The secret is to cover yourself as much as humanly possible to avoid such challenges in your rehab business. One of the areas that can be the most threatening is your relationship with your general contractors. How will you proceed to find the best and the most trustworthy? And the least likely to cause you a lot of grief?
One of the first admonitions is to never take chances by grabbing the first cheap crew you come in contact with. And no matter who you are considering, always ask them for references. That should go without saying.
But asking for references is only the first step. If you don’t follow through and call and talk with those references, they are pretty much worthless. So invest the time to make a few phone calls and ask hard questions.
Beyond these basic preventive steps, there are two very important tools that are necessary to protect you against lawsuits. That is insurance and workers’ compensation. These are the credentials that you must insist upon before going forward. And don’t take their word for it. Ask to see the documented paper work.
Why take a risk when there is so much at stake? It’s so much better to be overly cautious that to be full of regrets later on.
Oh yes. One other important item – two key tools plus one – make sure they are licensed!
This is not the time to take the word of your brother-in-law, or your old college classmate, or even your best friend. This is business, you must treat it in the most business-like manner.
When you find a contracting crew that is insured, has workers’ comp in place, they are licensed and they have good references (from others in the rehabbing business), you are ready to do business.
In this area more than any other – grandma’s old saying is especially true: Haste makes waste.
Why risk your entire business by getting in a hurry? It’s just not worth it.
No one can eliminate every single risk involved in rehabbing, but if you can eliminate the ones within your power, you’ve gone a long way in putting up your hedge of protection!
