Alec Caldwell
What's your ultimate tool or asset?
Canadian Contractor Business Capacity Property VehicleToo many of us insure our cars and homes with much more forethought and care than we insure ourselves
I’ve talked with many self-employed contractors over the years and when I asked what they thought was their ultimate tool or asset, I got a bag full of answers. One person told me it was the recent purchase of a DeWalt double-bevel sliding compound miter saw, because it was precise with its miter system and cross cutting positioning. Another said it was the Ford F150 truck he owned, as it had a great combination of torque and fuel capacity. One mentioned the decaling on his vehicle and trailer, as it attracted new business. Others told me it was the home they own or the rental property they invested in.
Now, while these are all excellent assets, are any of them the ultimate tool or asset?
Thinking it over, I tried to imagine a tool or asset that would beat any of those on the list above. And I imagined a machine that printed out money, weekly, for a person’s lifetime. Legally. Over a lifetime, this machine would churn out millions of dollars. It would not only finance a person’s own life, it would also support any family or dependents they might have.
What kind of name could you give to this ultimate machine?
Well, it already has a name. YOU.
If we look at someone who is now 35 years old, who earns $95,000 annually, and they keep earning this salary until they are 65, that would put about $3-million of cash through their hands. If we add inflation or increase their income over time, this could very well add up to $6-million, or more. So the question to consider is: what if that machine called YOU was put out of action, permanently, through early death or disability. What would that mean, financially, for your dependents? In the case of disability, what would it mean for YOU?
If you insure the vehicle you drive or the home you live in for full replacement value, why wouldn’t you insure yourself in the same way? Juste something to think about as you go about your work today.
Email alec@carahs.org
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MY GREATEST ASSET
It’s not my great collection of tools or cars that I drive or other dollar valued assets that I have. My greatest asset is my FAMILY…Along with being a great wife that not only handles a professional partime job along with taking care of our home and is the office manager of the family business. I must include her responsibility for caring of several senior citizans along with being the go to person for her own family needs. She also the mother of three wonderful boys that are my sons and are part of our family contracting business.
NOW THAT A ASSET!
Joe: With a message like that online, she just might be thinking the same way about you. Way to go, sir!
From Owners/Build LinkedIn group
Michael L. Comments:
“I’d probably say my bid sheets and bidding system. The bid sheets allow me to easily compare subcontractors and suppliers to see who has the best price. Then I can spend more time reviewing the other aspects of a company…service, quality, speed…etc. to see if they are a match for the job.
The old days of sending a plan and specifications out to four or five trades and then getting back totally different pricing formats that don’t have enough information are long gone.
Do you guys use bid forms or bid sheets to tell your subs how you want the bid to look”
From Owners/Build LinkedIn group
Chuck Hester Comments:
Being able to put potential clients at ease and create a trust factor is one of the best if not the best tool any business man can possess.
A selection of replies from Owners/Build LinkedIn group:
LISA CERDA COMMENTS:
” Word of mouth, doing your best pays off, but referrals keep us going”
WAYNE SAGE COMMENTS:
“The people that work for me and are the front line of the company. we may be able to do our jobs well but without them doing what they do and taking pride in it and the success of the company we would be nothing”
CHARLIE KAMPS COMMENTS:
“A timely change order signed off by the client”
From the Outdoor Woodwork Experts LinkedIn group
PETER KONGEVOLD COMMENTS::
” Mr. Caldwell : it was a set of books that I read a few times. The books known as Rich Dad Poor Dad by: Robert Kia Saki he explains much of business , money, education that is not taught in our school systems. Also will make u Realize how to choose your path in the business world from career person , business owner job creator. After reading his life experiences between his two dads I chose to start my own company . It makes u think do I want to work for someone or be a job creator or be happy making a salary or collect an hourly wage. So this continues to be an asset for me”
As someone who’s hired many contractors, I’d suggest it would be integrity and trustworthiness. Finish what you promise to do and show up…or call…if you can’t. That alone will provide you with positive referrals, at least in my case. I’d much rather praise and recommend a good contractor that the opposite.
Wolf