Money makes the world go round. Though it is a cliche, the saying exists for a reason. Getting paid promptly is essential for any business owner. Fortunately, for those in the construction industry, there is a unique remedy meant to empower business owners to get paid what they are owed for the work they perform. This remedy is known as a Lien, also known as a Mechanic’s Lien. Episode 18 of the Quit Getting Screwed podcast features a deep dive into the invaluable utility of a construction lien by host Karalynn Cromeens. Liens are leverage, and she spells out exactly why they matter so much.
“The construction industry runs on credit,” Karalynn prefaces, going on to explain the differences between secured and unsecured debt as it pertains to construction. What a lien does for those in the construction industry is that it takes your unsecured debt and makes it secure. That is to say; the lien is an advantage that legitimizes the uncollected funds you are owed. Learning to properly utilize them and doing so to the advantage of your company can change the financial reality of your company!
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Additionally, the importance of developing a state-specific, multi-step collection strategy is a huge point of emphasis for Karalynn. She makes no light of how many massive company conundrums could have been avoided had company owners just taken the time to invest in a collections team. Karalynn repeatedly stresses that getting paid properly is like oxygen for your business; It needs money to run and produce more profit!
If lien laws elude you and you want to develop a killer collections strategy, this is the podcast episode for you. By subscribing to Quit Getting Screwed podcast , you can make sure you catch our next episode, and all the amazing education we produce moving forward—including a deep dive into the local lien laws for all 50 states, published every other week! For more from Karalynn, follow The Cromeens Law Firm on Facebook, LinkedIn, or Instagram. You can also purchase the book that started it all, Quit Getting Screwed, on Amazon.
This article is intended as a general educational overview of the subject matter and is not intended to be a comprehensive survey of recent jurisprudence, nor a substitute for legal advice for a specific legal matter. If you have a legal issue, consult an attorney.