SilverLink - Spring/Summer 2008 - (Page 7) RISK MANAGEMENT Construction Industry Accounts Receivable You’re Gonna Need More Than Luck by Doug Irvin Samuel Goldwyn once said, “The harder I work, the luckier I get!” Implicit in this tongue-in-cheek statement is the fact that one’s success is often linked more closely to hard work than to pure luck. When you work in the construction industry, leaving things to luck—especially your accounts receivable ledger—is not a good idea. Accounts receivable can be the largest asset on a construction company’s balance sheet. Unlike many industries where risk is spread within the receivable portfolio, a contractor’s receivables are typically concentrated in a relatively small number of accounts—and these accounts typically change from project to project. Adding to the difficulty is the issue of retainage (the portion of a contract payment that is held as assurance that the contract will be completed). As a result, it may take some time to collect final payment on a project. And if the project encounters problems or the owner doesn’t have the money at completion, retainage can become very difficult to collect. When delays in receivable payments occur, entire projects may be jeopardized. Yet many firms do not have a formal credit policy to manage this very significant threat to their business. 7 SILVERLINK — SPRING / SUMMER 2008
Table of Contents Feed for the Digital Edition of SilverLink - Spring/Summer 2008 SilverLink - Spring/Summer 2008 Contents Risk Management: Mitigate & Educate Disastrous Distractions Accounts Receivable BoomerCare Risk Reduction, What’s Your Function? Time Out! Double Down Employee Benefits: Who’s Paying Whom for What? Time to Reconcile Keep Your Eye on the Pension Prize Show Me the Money Private Client Services: A Generous Strategy Is There Any Good News Left? Special Insurance for Special Times Client Spotlight: Omaha Performing Arts Internal Happenings: SilverStone Group Wellness Activities Group SilverLink - Spring/Summer 2008 SilverLink - Spring/Summer 2008 - SilverLink - Spring/Summer 2008 (Page Cover1) SilverLink - Spring/Summer 2008 - Contents (Page 1) SilverLink - Spring/Summer 2008 - Contents (Page 2) SilverLink - Spring/Summer 2008 - Risk Management: Mitigate & Educate (Page 3) SilverLink - Spring/Summer 2008 - Risk Management: Mitigate & Educate (Page 4) SilverLink - Spring/Summer 2008 - Disastrous Distractions (Page 5) SilverLink - Spring/Summer 2008 - Disastrous Distractions (Page 6) SilverLink - Spring/Summer 2008 - Accounts Receivable (Page 7) SilverLink - Spring/Summer 2008 - Accounts Receivable (Page 8) SilverLink - Spring/Summer 2008 - BoomerCare (Page 9) SilverLink - Spring/Summer 2008 - BoomerCare (Page 10) SilverLink - Spring/Summer 2008 - Risk Reduction, What’s Your Function? (Page 11) SilverLink - Spring/Summer 2008 - Risk Reduction, What’s Your Function? (Page 12) SilverLink - Spring/Summer 2008 - Time Out! (Page 13) SilverLink - Spring/Summer 2008 - Time Out! (Page 14) SilverLink - Spring/Summer 2008 - Time Out! (Page 15) SilverLink - Spring/Summer 2008 - Double Down (Page 16) SilverLink - Spring/Summer 2008 - Employee Benefits: Who’s Paying Whom for What? (Page 17) SilverLink - Spring/Summer 2008 - Employee Benefits: Who’s Paying Whom for What? (Page 18) SilverLink - Spring/Summer 2008 - Time to Reconcile (Page 19) SilverLink - Spring/Summer 2008 - Time to Reconcile (Page 20) SilverLink - Spring/Summer 2008 - Keep Your Eye on the Pension Prize (Page 21) SilverLink - Spring/Summer 2008 - Keep Your Eye on the Pension Prize (Page 22) SilverLink - Spring/Summer 2008 - Show Me the Money (Page 23) SilverLink - Spring/Summer 2008 - Show Me the Money (Page 24) SilverLink - Spring/Summer 2008 - Private Client Services: A Generous Strategy (Page 25) SilverLink - Spring/Summer 2008 - Private Client Services: A Generous Strategy (Page 26) SilverLink - Spring/Summer 2008 - Is There Any Good News Left? (Page 27) SilverLink - Spring/Summer 2008 - Is There Any Good News Left? (Page 28) SilverLink - Spring/Summer 2008 - Special Insurance for Special Times (Page 29) SilverLink - Spring/Summer 2008 - Special Insurance for Special Times (Page 30) SilverLink - Spring/Summer 2008 - Client Spotlight: Omaha Performing Arts (Page 31) SilverLink - Spring/Summer 2008 - Client Spotlight: Omaha Performing Arts (Page 32) SilverLink - Spring/Summer 2008 - Internal Happenings: SilverStone Group (Page 33) SilverLink - Spring/Summer 2008 - Internal Happenings: SilverStone Group (Page 34) SilverLink - Spring/Summer 2008 - Internal Happenings: SilverStone Group (Page 35) SilverLink - Spring/Summer 2008 - Internal Happenings: SilverStone Group (Page 36) SilverLink - Spring/Summer 2008 - Wellness Activities Group (Page 37) SilverLink - Spring/Summer 2008 - Wellness Activities Group (Page 38) SilverLink - Spring/Summer 2008 - Wellness Activities Group (Page Cover4)
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