I am speaking at the Carolinas chapter of CFMA later this month. Part of my presentation deals with risks facing the industry and managing them.
Please send me the top 5 risks you see facing your company in the next 12 months.
L. Franklin Elmore
Elmore Goldsmith, P.A.
55 Beattie Place, Suite 1050 (29601)
Post Office Box 1887 ǀ Greenville, SC 29602
T (864) 255.9500 ǀ F (864) 255.9505
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One of the biggest risk we have seen and foresee is 2nd tier subs placing liens due to non-payment.
Over the past 2 years we have seen three long-standing companies go out of business, leaving unpaid subcontractor invoices, even with guaranteed funds management on one job, how do you prevent a subcontractor from just fabricating their paperwork and leaving off subs and material vendors they are using?