This week, I was reminded again about the need to be diligent in not just watching our receivables, but also in collecting them.
A young lady called for help. She is a concrete contractor having trouble getting paid by the general contractor on a job. She enlisted the help of a law firm, but unfortunately got an attorney who is a clock watcher and problem finder. After several meetings, phone calls, letters, research, etc, she is no closer to collecting than the day they started.
She originally met with the managing partner – he told her the time and cost involved, then sent her off to his underling. The underling has done little more than keep the clock running. The bill is now twice what she had been told it would be, with nothing resolved.
I told her to call the managing partner at the law firm and fire them. I sent her to a law firm that specializes in construction, I’m confident they’ll do a good job.
Gang, you must hold attorneys and CPAs to the same standard that they are so quick to hold us to. If they don’t do their job in a timely manner and at the price they quote, fire them. If they won’t give you a firm price up front, don’t hire them. Real simple.