Profit Secrets for Contractors with Michael Stone - Episode 88

Galen Hair, delves into the world of business management, sales, and accurate estimating for contractors. Special guest Michael Stone, a seasoned industry veteran, shares invaluable insights on navigating the storm restoration industry, leveraging Xactimate, and setting appropriate markups for profit. Stone reveals practical tips from his extensive experience, including how to handle insurance adjusters and the importance of accurately calculating costs. This episode is a must-listen for contractors looking to enhance their business acumen and profitability.

Highlights

• Michael Stone’s career beginnings.
• Writing the”Markup and Profit” book.
• Dispelling the 10% overhead and profit myth.
• Insight from insurance company senior VP.
• Importance of accurate estimating in Xactimate.
• Difficulties with insurance company estimates.
• Higher profit margin needs in restoration work.
• Impact of itemization on contractors.
• Contractors as banks for delayed payments.
• Key advice for young contractors facing insurance adjusters.
• Importance of separate contracts with homeowners.

Episode Resources

• Connect with Galen M. Hair
• https://insuranceclaimhq.com
• hair@hairshunnarah.com
• https://levelupclaim.com/
• Connect with Michael Stone
• https://www.linkedin.com/in/michael-stone-9b8759a/