In this episode of Best of Success, RC Group Publisher Jill Bloom speaks with our Legal Insight columnist Trent Cotney of Adams & Reese. In this year-end conversation, Trent shared valuable legal tips to help businesses close out 2024 effectively and set a strong foundation for 2025. Here’s a recap of the key takeaways:

Legal Prep for 2025

Trent Cotney of Adams & Reese shares essential legal tips for businesses to navigate year-end planning, tackle insurance challenges in storm-related work, and prepare for 2025. His insights emphasize strategic financial planning, labor management, and proactive goal-setting to ensure a successful transition into the New Year.

1. Year-End Planning

Cotney highlighted that the holiday season, especially with holidays falling midweek, can slow down business activity. He recommended using this downtime to focus on year-end planning and reflection. Key actions include:

• Meeting with your CPA to explore strategies like pre-paying taxes or making strategic purchases that could benefit your business.
• Managing receivables: Decide whether to bring them in to show more revenue for 2024 or hold them for 2025, depending on your financial strategy.
• Reflecting on the year: Use this time to assess what worked and what didn’t. Review contracts, improve toolbox talks, and identify areas for improvement in your operations.

2. Insurance and Storm Work

Cotney discussed the challenges contractors face in storm-related work, particularly with insurance claims. Recent developments in Iowa have reinforced that contractors cannot act as unlicensed public adjusters or negotiate pricing. He emphasized the importance of clarifying to clients that “there’s no such thing as a free roof,” a principle that applies nationwide. He also outlined common mistakes contractors make when dealing with storm work and insurance claims and how to avoid them.

3. Preparing for 2025

Cotney shared three critical priorities for businesses entering 2025:

1. Shore Up Labor: With anticipated immigration changes, it’s crucial to secure reliable subcontractors and build strong relationships with your labor force.
2. Include Price Acceleration Provisions: Ensure your contracts account for potential price increases to protect your business from unexpected cost surges.
3. Plan Your Priorities: Take the time to set clear goals and priorities for the upcoming year to position your business for success.

Trent’s insights provided a clear roadmap for closing out 2024 responsibly and preparing for a legally sound and prosperous 2025. By taking these steps now, businesses can enter the New Year with confidence and clarity.