In this episode of If Walls Could Talk, W&C Group Publisher Jill Bloom speaks with our Legal Insight columnist Trent Cotney of Adams & Reese. In this year-end conversation, Trent shared valuable legal tips to help businesses close out 2024 effectively and set a strong foundation for 2025. Here’s a recap of the key takeaways:

Legal Prep for 2025

In a year-end conversation, Trent Cotney of Adams & Reese shared actionable legal tips for businesses to effectively close out 2024 and prepare for 2025. Key insights included year-end planning strategies, addressing insurance challenges in storm-related work, and prioritizing labor, contract provisions, and goal setting to establish a strong foundation for the upcoming year.

1. Year-End Planning

Cotney highlighted that the holiday season, especially with holidays falling midweek, can slow down business activity. He recommended using this downtime to focus on year-end planning and reflection. Key actions include:

• Meeting with your CPA to explore strategies like pre-paying taxes or making strategic purchases that could benefit your business.
• Managing receivables: Decide whether to bring them in to show more revenue for 2024 or hold them for 2025, depending on your financial strategy.
• Reflecting on the year: Use this time to assess what worked and what didn’t. Review contracts, improve toolbox talks, and identify areas for improvement in your operations.

2. Insurance and Storm Work

Cotney discussed the challenges contractors face in storm-related work, particularly with insurance claims. Recent developments in Iowa have reinforced that contractors cannot act as unlicensed public adjusters or negotiate pricing. He emphasized the importance of clarifying to clients that “there’s no such thing as a free lunch,” a principle that applies nationwide. He also outlined common mistakes contractors make when dealing with storm work and insurance claims and how to avoid them.

3. Preparing for 2025

Cotney shared three critical priorities for businesses entering 2025:

1. Shore Up Labor: With anticipated immigration changes, it’s crucial to secure reliable subcontractors and build strong relationships with your labor force.
2. Include Price Acceleration Provisions: Ensure your contracts account for potential price increases to protect your business from unexpected cost surges.
3. Plan Your Priorities: Take the time to set clear goals and priorities for the upcoming year to position your business for success.

Trent’s insights provided a clear roadmap for closing out 2024 responsibly and preparing for a legally sound and prosperous 2025. By taking these steps now, businesses can enter the New Year with confidence and clarity.