search
cart
facebook twitter linkedin youtube instagram Spotify Podcasts Apple Podcasts Spotify Podcasts Apple Podcasts
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • TOPICS
    • Cool Roofing
    • Event News
    • Latinos in Roofing
    • Low Slope
    • Legal
    • Metal
    • Project Profiles
    • Roofing Supply Pro
    • Roofing Safety
    • Steep Slope
    • Sustainable Roofing
    • Technology
  • EXCLUSIVES
    • Best of Success
    • Contractor Profile
    • IRE Show
    • Roofing Contractor of the Year
      • Enter Roofing Contractor of the Year
    • Top 100
      • Enter the Top 100
    • Young Guns
    • State of the Industry
    • Century Club
  • MULTIMEDIA
    • Videos
    • Podcasts
    • Interactive Spotlights
    • Roofing Quizzes
    • IRE Videos
    • Webinars
    • Photo Galleries
  • PRODUCTS
    • New Products
    • Featured Products
  • COLUMNS
    • Editor's Note
    • Exit Planning
    • Legally Speaking
    • Safety Advice
    • Technical Details
    • Guest Column
  • EVENTS
    • International Roofing Expo
    • Webinars
    • Best of Success Conference
    • Industry Events
  • DIRECTORY
    • Associations
    • Distributors
    • Manufacturer/Supplier
    • Business Services
    • Get Listed
  • MORE
    • Roofing Contractor eNews
    • RC Store
    • Roofing Supply Pro
    • Custom Content & Marketing Services
    • Market Research
    • Sponsor Insights
    • Company Spotlights
    • Classifieds
      • Auctions
      • Business For Sale
      • Business Opportunities
      • Equipment For Sale
      • Positions Available
      • Products
      • Safety
      • Software
      • Services
      • Training
    • Contact Us
  • EMAGAZINE
    • eMagazine
    • Advertise
      • Media Kit
      • Editorial Calendar
      • Contact
    • Archive Issues
  • SIGN UP!
Columns

Measuring Up

Famous Last Words: “But I Meant to Get to It”

A little bit of preparation can go a long way to protect your loved ones and your business.

By Monroe Porter
Measuring Up
Measuring Up
Measuring Up
Measuring Up
November 12, 2013

Business owners are busy, and even with the best of intentions, there are things we meant to do that we just never get around to. Failure to do some of these things can cost you a small fortune and be disastrous. Here are some friendly reminders.

Make arrangements for death and taxes. Facing our mortality is never easy, but death is inevitable for all of us. Remember, your death is already a tremendous ordeal for your family, so don’t put further stress by being unprepared.

Failure to have a will means the government and bureaucratic processes will prevail. Also, if you have not updated your will in the past five to 10 years, it may be out of date. If you have small children, a custody directive as to who will take care of them in the case of both spouses death is also wise. A living will is also in order. Powers of attorney are complicated documents and should never be taken lightly, but is your business covered if something happens to you? Being in a coma in the hospital is bad enough, but losing your business while you are asleep because no one can sign checks or take care of things just adds to the disaster. Hire a professional. Get some advice, and make sure the basics are covered. Consider funeral preplanning and payment. It can be a wonderful parting gift for your family.

Carry a prescription list. Do you have a prescription list in your wallet and readily available? If you have an adverse reaction or are in a car accident, such a list could save your life.

Make time to get a physical. No matter what your age, set a doctor’s appointment and have a physical. Finding out your vital statistics may save your life.

Back up your files. It is not a question of if your computer system will crash, but when. It is important to have a backup system you don’t have to remember to copy. And it also is important to make sure it works and you can restore the data. Systems have to be restored offsite. Even if you put a disk in a fireproof cabinet, the heat of a fire will destroy the disc. Also, what happens if thieves take all of your computers and also the fireproof cabinet because they thought something important was in it?

Prepare your employees. If you are the only person who can measure and put together a job and something happens to you, you are going to be out of business once your backlog disappears. If a key employee can do a takeoff, you can advise them on how to mark up the job. Have your spouse or office call me, and I will offer some guidance, but I am not a technician, and I don’t do square footages or count units.

Document what you own. Have a fire or disaster, and it can take forever to count all those missing items, and you probably never get it all. With digital photos and videos, it is extremely easy to video tape your office, shop and home. Make a note to do so once a year, and make sure the information is kept offsite. Open cabinets and doors to take photos of what is inside. Just takes a minute, and if you ever need them, they are a godsend.

Establish a safety program. Put together a simple safety program, and have access to a safety consultant. If someone falls and dies on one of your jobs, it is too late to start thumbing through the yellow pages to find someone to help guide you. Make sure you have safety log books and follow the appropriate systems. By the way, don’t assume if you use subcontractors you are exempt from safety issues. Hire an expert.

Make annual retirement contributions. Contribute to some type of IRA, and start early. Countless contractors I encounter think one day that they will sell their business and use the proceeds for retirement. Contracting businesses are hard to sell. Putting all your money into trucks, buildings and other business assets may not be the best long-term strategy. Try to balance your wealth. If $5,000 a year was put in an IRA at age 19 and the return was 5 percent, you would have more than $1.3 million at age 72.

Review your insurance. Have a business professional review your insurance. Remember that the purpose of insurance is for disasters, not fender benders. Yes, it is expensive, but the lowest price may not be the wisest choice. Good business insurance agents are detailed folks who look closely to make sure all the loop holds are covered. Are you insured if an employee has an accident in their vehicle on company time? What about theft and embezzlement? Are you insured if you have a spill into a waterway and have to pay for clean up? What is your liability cap? Working on a $5-million house is not uncommon, and having an accident that burns it down is easier than you might think.

Be sure you have electronic bank theft protection. Were you aware that many of the consumer laws that apply to personal banking may not apply to your business account? Have your banker put in writing that if someone hacks into your account, they will cover it. You may be surprised at the response.

I am not trying to be a worrywart, but you must be a realist. A little bit of preparation can go a long way to protect your loved ones and all those things you have worked to build up.

KEYWORDS: exit planning retirement storm preparation taxes theft

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Monroeporter
Monroe Porter is the president of PROOF Management Consultants. He can be reached at 804-267-1688.

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • Roofing Contractor Group Publisher Jill Bloom

    Physics, the Power of Authenticity and You

    In February's Publisher's Note, Jill Bloom describes a...
    Editor's Note
    By: Jill Bloom
  • The Family Food Fare supermarket in Midland, Mich.

    ‘Rooftop Ninja’ Discovered Living on Roof, Inside Grocery Sign

    A bizarre tale out of Midland, Mich.: a woman dubbed the...
    Roofing News
    By: Bryan Gottlieb
  • A before and after heat measurement comparison

    How Hot is Too Hot in the Attic?

    If the ventilation is working, how hot should the attic...
    Sustainable Roofing
    By: Paul Scelsi
You must login or register in order to post a comment.

Report Abusive Comment

Subscribe For Free!
  • eMagazine Subscription
  • Sign Up for the eNewsletter
  • Online Registration
  • Manage My Preferences
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Roofing Contractor audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Roofing Contractor or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Snow Guard Solutions for Metal Roofs by S-5!
    Sponsored byS-5!

    Safeguard Your Building: How Snow Guards Prevent Costly Roof & Property Damage

  • A hand holding a wooden block that reads 'EVOLVE'
    Sponsored byWatercress Financial

    Embracing Change: A New Era for the Roofing Industry

Popular Stories

QXO closed its acquisition of Beacon Building Supply on April 29, 2025.

QXO Closes Beacon Acquisition, Rebrands Immediately; Jacobs to Ring NYSE Bell

New executive orders signed by President Trump will likely further constrict an already tight labor market for the construction industry.

New Executive Orders Will Further Squeeze Labor Force

President Trump’s trade war is causing real harm to the construction sector, including roofing contractors.

Trade War Fallout: Contractors Are Delaying Projects and Cutting Crews

Roofing Contractor Webinar

Events

May 22, 2025

Remote Teams 101: The New Way to Hire

Our industry experts will guide you through what remote hiring and outsourcing should look like, how it can help you grow, and why it’s easier (and less scary) than you might think. If you want to save time, find great talent, and grow your business, this is one session you don’t want to miss!

December 3, 2025

The Premier Roofing Conference: Best of Success

Join roofing professionals from across the nation at the 2025 Best of Success conference, the ultimate destination for roofing professionals seeking the latest industry insights and networking opportunities. Pick up strategies for critical challenges like workforce shortage with innovative solutions, explore the latest advancements in roofing technology and sustainable practices, and gain valuable insights from industry leaders on navigating the evolving roofing landscape.

View All Submit An Event

Related Articles

  • Measuring Up

    I Want to Quit, But I Can’t

    See More
  • mu1

    I Am Tired and I Want to Quit, Succeed or Something …

    See More
  • That’s a Good Idea, But I Can’t Afford It

    See More
×

Be in the forefront of the roofing industry!

Join thousands of professionals today. Shouldn’t you know what they know?

JOIN NOW!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing