91 - Protecting What You Build with Eric Daffern
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- Who is Eric Daffern? Why did he go into law? (1:50)
- There are two main risks in real estate and contracting: the risk of getting sued, and the risk of not getting paid. (5:30)
- Story of the Show — The perfect construction contract and project suddenly went wrong because of the pandemic. (12:20)
- Why are systems so essential for contractors? (14:15)
- Why don’t more contractors have relationships with an attorney? (17:20)
- 99% of the time, everything’s gonna work out. How do you protect against that 1% where the bottom falls out? (20:27)
- What’s the most important tool you can use to make sure you get paid and stay out of court? (22:00)
- What’s a contract system? (22:40)
- What’s a contract addendum, and how does it give subcontractors power in a negotiation? (24:40)
- How do large GCs react to subs trying to negotiate? Do subcontractors even stand a chance against them? (27:30)
- Do you need to pay an attorney to review every contract? (30:20)
- What are some other systems contractors need? (33:15)
- Can you still do work on a handshake? (35:50)
- Systems add value ($$$) to your business. (40:00)
- Mechanic lien systems — Don’t ignore your superpower! (40:45)
- Why do you need HR systems? (46:30)
- Your team can work closely together to make sure that your business is protected. (48:10)
- How can early incident management systems protect you and your employees? (49:10)
- How can you be a good consumer and choose the right attorney? (55:00)
- Mount Rushmore — Lawyer Jokes edition (59:40) Listen to see which joke was Eric’s favorite!
- Quote of the day — “Knowledge is power.” (1:02:40)
- Something you can actually go do (1:06:10)
- Closing the story — Remember that this was the PERFECT job. Everything went right, until the last payment. Luckily, we had already worked with the client to create a mechanic lien system. Unfortunately, we had to file a mechanic lien, but my client was able to get paid and still maintain a good relationship with his client. (1:09:50)
- Intern Insights with Ethan — Can Ethan sum up in 60 seconds or less what it took the other guys over an hour to explain? (1:13:14)
Quotable Moments
- “The earlier you find a problem, the cheaper the resolution is.” — M
- “If you will focus on a team around you and invest in your team, then you can have that team help you make money as well. There’s no difference between having a screwdriver, a hammer, or whatever in your craft, and having a lawyer, an accountant, and a banker on the business side of it.” — Eric
- “The number one reason people leave an employment position is unclear expectations ... Systems define the expectations against which people are measured so you can go and do those things.” — M
- “You’re not going to be the expert in everything. You have to hire and trust other people. It’s going to make you better.” — K
- “You have the choice of doing nothing or the choice of doing something.” — Eric
Mount Rushmore
- Listen to our best lawyer jokes at 59:40!
Resources
- Contract Addendum Checklist
- Mechanic Lien System Survey
- Early Incident Management Checklist
- Questions to Ask an Attorney
- Daffern Law Firm newsletter sign-up
- Visit daffernlawfirm.com for more from Eric Daffern
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202 episodi