- This topic has 2 replies, 3 voices, and was last updated 22 years, 8 months ago by
SylvanLMP.
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MasterPlumbers
Who’s in favour for a central database with records of all bad/non payers.
The data could be submitted by us the billers and accessed by only us to check.
Sort of like a co-op credit reference association.
Yhe big boys such as banks, finance companies etc. have this type of facility.
So should we, the small business operators.
All those little unpaid debts over a multitude of small creditors adds up to millions if not billions of dollars.
What’s your say? -
Dunn & Bradstreet are a good start.
There was an industry one here in Queensland, but it went belly up about two months back
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Thankfully my so called bad debts are less then 1/2 of 1%.
In all the years in business I can count on one hand how many folks didn’t pay and 3 of them were LAWYERS.
About a central data base WHY?
Just because someone pays me doesn’t necessarily mean they paid the stumblebum who screwed up and then called another bloke to fix the mess up.
Take today for example I was called by a general contractor to redo a complete bathroom for a convent as the tile man and so called plumber messed up royally and got paid and took off.
I have found when folks do not pay (not including lawyers) there is a valid reason.
The general public is basically trust worthy BUT the bums saying P&H are the real bottom dwellers who give the real professionals a bad name.
The reason these low life stumblebums are still around is they feed off the greed some folks have.
A legitimate contractor will charge over $125 per HR per man as WE have to reinvest in training ourselves and our employees.
My Jetter for example cost over $16,000 US DOLLARS and the Dodge B 350 Maxi cost over $30,000 to house this monster Jetter with storage tank.
My video (color) inspection and locator system cost in excess of $12,000 someone has to foot this bill.
The fly by night bums do not carry 5 million in insurance Or buy state of the art equipment like up to date (replaced every 2 years IBM computer systems) which we donate to schools, etc., after they are replaced with our newer upgrades.
(Tax write off’s are a marvelous thing)This all cost money and education is why my accounts do not stiff me when it comes to paying my bills.
Granted when I give someone a bill of $87,000 or so they do have to make time payments arrangements with me BUT that is never a problem.
A lot of contractors should play banker to their clients as
1- They appreciate paying less interest then a bank would charge YET your still making money on your money invested in L&M
2- The contractor will be the contractor of choice knowing he/she stands behind their work for YEARS if need be.
Getting interest on labor and materials is like money in the bank and is a great tax shelter as your not making this amount in weeks BUT can stretch it out for a few years if needed. NYC took 5 years for me to get my final payment from a fire suppression job I did. MONEY IN THE BANK getting income from a job long completed.
For example when I receive checks from the government over $90,000 I call my accountant and ask “Should we deposit it this year or next”?
Do we buy new equipment or give the guys a bonus (they pay the tax on it)
Having a data base will not tell you WHY folks held back money.
There are two sides to every story and in the middle is the truth.
I have found Most REALLY Qualified Master Plumbers/drainers or Gas fitters NEVER have a trouble collecting.
Most folks want QUALITY rather then a cheap price If not everyone would refrain from buying a Mercedes or Bentley or Aston Martin.
Want to set up a DATA Base set one up with stumblebums contractors so the public knows who to run from.
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