Mike Dittmer
Michael Dittmer Wood Floors, Putnam, Ill.
My best advice came from my dad and Tom Peotter, and that was to always charge enough. Tom always said to charge at least twice the cost of your medallion so that if you screw it up you have the money to do it again. My dad said the same thing about bidding jobs—to charge at least twice as much as your cost of materials or three times if you can. That way if, God forbid, you have to do the job over, you have the money to do it. Or, if the customers have some crazy demands, you have built money into the job and can just take care of it to make them happy.
Joe Rocco
Artistic Floors by Design, Parker, Colo.
The best advice we ever received is to properly manage your client's expectations. It's always better to invest more time at the front end of the transaction than trying to educate someone partway through or, much worse, at the end of the project. We avoid that by using a terms sheet our prospective customers must initial prior to receiving an estimate. We require a signed contract and a 50 percent down payment, also. When customers won't accept our terms or sign our contract, they're not a good fit for us. It's stressful enough to own a business, so why not carve out some non-negotiables to protect and care for yourself and your loved ones?
Roy Reichow
National Wood Floor
Consultants Inc., East Bethel, Minn.
My mentor, Jens Wilslev, was the first man I worked for. He told me: "You must think about who is the last flooring professional on the job, because they will leave a lasting impression." In most cases, the last guys will be your sanding and finishing crew, and—this is the truth—they are dirty and smelly. In my contracting business, my wife, Michelle, was the last point of contact, and we built our business on referrals. That becomes even more important as you start to work with interior designers and your referral base becomes extremely strong in the design community.
Lenny Hall
Endurance Floor Co. Inc., West Park, Fla.
My best advice came from an attorney, Roy Black, I was working for in my early years back in 1984 or 1985. We were talking about the cost of the floor, and he said to me, "You really have to know what you are worth and be confident to be able to ask for that money." He explained that in his case, he had no problem asking hundreds of dollars an hour because without his help, his clients couldn't get what they needed. He said, "For you, as a young businessman, be sure you get what you're worth when you sell a job—don't sell yourself short." So if you think a floor is worth X number of dollars, ask for it and make sure you can perform.