Credit

How Roofing Contractors Count on Collections

“Credit Overlord” Thea Dudley stresses the importance of standing firm when it comes to accounts receivable in a tough economic climate.

By Art Aisner, Editor-in-Chief, Thea Dudley

Economists and political pundits can continue to debate whether the United States is headed toward a recession, but there are some telltale signs that there may be tougher times ahead for roofing contractors trying to collect payments.

“Bankruptcies (Chapter 11) are up 71% from the beginning of the year, and bankruptcies overall are up 15%, which means there’s a lot less money on the streets,” said RC ‘Credit Overlord’ Thea Dudley in a recent videochat with Group Publisher Jill Bloom.

Residential contractors may feel the pinch first, as foreclosures are also up double digits in 2023. Dudley said getting work documented, inquiring about credit reports, and ensuring there are signatures on change orders are essential.

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Art Aisner is Editor-in-Chief of Roofing Contractor and Roofing Supply Pro. He spent the bulk of his career as a multi-media journalist for newspapers and television stations before joining the RC team in 2015. He is the driving force behind the publication’s content development, editorial strategy and other initiatives that serve growing audiences in the roofing space.

With more than 30-plus years of leadership experience in the roofing, insulation and LBM industry, Thea Dudley is a frequent contributor to numerous industry publications, a sought after speaker at industry events, podcasts and virtual learning. She can be reached at theadudley@charter.net.