Then to you I would have to assume you have a very low bad debt rate ratio, or at the very least 95%
Anthony Masecchia
Master Stone Consultant
Marble Maestro
T. 514.777.7797
F. 514.904.1815
E. antonio@777-7797.com
Active MC of BNI Westmount
Marble.Maestro on facebook
Please take note of my new email antonio@777-7797.com
From: rivera.gm@gmail.com [mailto:rivera.gm@gmail.com] On Behalf Of Alex Rivera
Sent: August-29-09 12:39 PM
To: Restoration and Maintenance
Subject: RE: [sccpartners] My mind is boggled
Hi Anthony
Thanks!
To answer your questions:
Does your contract have clear conditions?
Yes, very clear.
What percentage of your contract stipulate payment terms and date of payment
I would say about 65% of the contract discusses payment, late fees, bad checks, consequences, etc.
What percentage of contracts do you get a signature on.
We have a printed contract pre-made if the restoration is scheduled for a future date. If we are hired on the spot...rare...but we have blank contracts to have it hand written. All projects have a signed contract along with before-during and after photos of the project. They all each receive a neutral cleaner and a warranty document which also discusses the suggested maintenance and what we would charge per visit for the maintenance and that it will extend any warranty for as long as the maintenance services are completed by us. (Exclusionary warranty.)
On Fri, Aug 28, 2009 at 9:46 PM, <anthony@777-7797.com> wrote:
Georgina ,
I want to give you my best input and this is a question that has also bothered me for years, can you answer me these questions bella!
Does your contract have clear conditions?
What percentage of your contract stipulate payment terms and date of payment
What percentage of contracts do you get a signature on.
Anthony Masecchia
Master Stone Consultant
Marble Maestro
T. 514.777.7797
F. 514.904.1815
E. antonio@777-7797.com
Active MC of BNI Westmount
Marble.Maestro on facebook
Please take note of my new email antonio@777-7797.com
From: Lagana Tile [mailto:glagana@comcast.net]
Sent: August-28-09 10:31 AM
To: Restoration and Maintenance
Subject: RE: [sccpartners] My mind is boggled
California contract law limits the front money or deposit amount to 10 % or $ 1000.00 which ever is less. This doesn’t cover very much so I use the “ progress payment “method like Dr Fred mentioned and build a payment schedule into my contract to cover materials and labor. I service a few corporate accounts and its usually around 60 days before I see any money. You should get familiar with the Contract and Lien laws for your state. There are things you can do to help ensure you paid should you have to go to court .
From: Debbie Shaw [mailto:debbie.shaw@gmail.com]
Sent: Friday, August 28, 2009 6:09 AM
To: Restoration and Maintenance
Subject: RE: [sccpartners] My mind is boggled
Hi
I just asked around. I'm collecting sample sign off sheets. We'll have them available soon.
On Fri, Aug 28, 2009 at 9:00 AM, Alex Rivera <alex@stonebuff.com> wrote:
Good suggestions. I do need to make a sign off sheet. This is something I have thought about. If anybody has any text from their sign off sheet that they would like to share with me, I would greatly appreciate it.
Progress payments do make sense. What about companies who just don't pay that quickly and only want to pay out 30 or more days?
Is it reasonable for me to ask a commercial account who their other vendors are to see if I can check to make sure they pay on time? This almost seems like a credit application process. That sounds reasonable to me.
On Fri, Aug 28, 2009 at 8:55 AM, Dr Fred <fhueston@stoneandtilepros.com> wrote:
tough question since some companies dont have a means for deposits. However you do have some options. First you could ask for progress payments as the work progresses. Also check with other vendors who deal with the client to see if they pay them ontime. Also get a contract, this way you can take them to court if they dont pay. Also have a sign off sheet for them to sign accepting the job when its complete
On Fri, Aug 28, 2009 at 12:39 AM, Baird Standish <bairdstandish@gmail.com> wrote:
Hi Georgia,
I know some people are comfortable not asking for money upfront. We always do and, with few exception, haven't had any problem collecting a deposit. I'm willing to negotiate the deposit, but I think it is an indication of serious intent on the part of the client (and us as well). I don't often ask for a deposit from repeat clients. Of course, you also have to look at your business model. In our case, we have a mid-sized custodial business as well that requires payroll every two weeks while clients are 30-45 days out paying us, and the margins for that are not great, so I simply cannot afford to carry that much overhead over an extended period of time. But, as I said, it hasn't been much of a problem so far. If I ask for a deposit and the response sends up warning flags, at least that is better than not asking and then not identifying a potential problem. Also, for what its worth, I would rather forego a deposit than a signed contract.
b
On Thu, Aug 27, 2009 at 6:59 PM, Georgia Rivera <georgia@stonebuff.com> wrote:
Hi partners!
I am having a little bit of a confusion and am hoping I can get some feedback you all to see what I could have done.
We bid on a commercial project last November. A local Stone franchise under bid me by 15%. Three months later the commercial account calls me back completely unhappy with the quality of the work performed by this other company and wants me to bid again. However, they just paid $26k to have 12 bathrooms of marble floors and 4 bathrooms of terrazzo floors done so they just want us to take over the maintenance until next year to do the restoration correctly.
I say, sure we will do that. But they put me off until June of this year. June I call them to follow up. They say August. But in the meantime they have me coming to give my dissertation and show my samples (Alex made me sample boards and little sample marbles with different finish types so I can sell) 4 times to different people. I gladly go there and take on the expense of driving 45 minutes each way in hopes I eventually close this sale.
Finally we are closed. They tell me they want me to start in about three weeks. Not a problem I tell them. I let them know that we will need to complete the contract and get a 50% deposit to begin the project. About a day later I hear back and they tell me they can't give us a deposit and ask if we can come to do two bathrooms as a sample...paid of course. They let me know they want 0% down and 45 day terms. Knowing that they have had really bug cut backs due to recent financial hardship, I really do not want to start without some kind of deposit. So I state that I will gladly come to do the paid samples, when would they like to schedule that and could they consider a 30 day term with a 25% deposit. The last response I get is, "We cannot give any money upfront, we have gone with another company."
Our prices are very competitive. We really do not have much competition out her as most of the companies out here that offer stone restoration are cutting corners and doing a quick crystallizer as a quick fix and we end up getting calls from many customers saying that they now need to hire us to go behind that contractor to really do the job correctly.
Although we aren't pricing out the cheapest, we offer the best warranty and results. We will not cut corners because we completely want and care that the customer will want us again and again and we want them to tell all their friends, colleagues and family about us.
What are your policies about deposits? Especially large projects? Would you mind sharing with me?
Thanks all!
Georgia
Stone Buff
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