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Mergers and acquisitions in property restoration with Mark Springer

3/12/2021

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The DYOJO Podcast LIVE Episode 52 from Thursday, March 11, 2021 at 9am PST

The DYOJO Podcast is sponsored by iRestore Restoration Management Software - Powering Your Vision, Values, and Leadership. It's time to calm the chaos, get your team organized, and focus on your efforts for growing your business. iRestore offers all
Job Management, Relationship Management (CRM), Equipment Management, Vehicle Management, Human Resources, and Scheduling all in one portal.

GUEST 1:
Joyce Gabriel, Senior Project Manager (Puyallup, WA)
Joyce discusses the two books from The DYOJO as well as some great perspective on learning how to interact with your co-workers to achieve shared objectives.

GUEST 2:
Mark Springer, CEO of Dayspring Restoration
President of Restoration Industry Association (RIA)


TOPIC:
Property Restoration Trends: Mergers and Acquisitions
  • What is private equity’s (PE) role in property restoration acquisitions?
  • What is the significance of fragmentation in restoration acquisitions?
  • The Big M&A Deals, the package deals, and teaming up within the industry
  • The impacts of consolidation
  • How do you build a company that is sell-able even if you don't plan to "sell-out"
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We broke for a note from our sponsor iRestore and a special treat from the marketing powerhouse duo of Born to Repair and GMS Distribution.

Mark Springer shared some valuable perspectives for the everyday restorer:
  • Build a strong foundation starting with clearly identifying your organizational OBJECTIVES. Know your numbers and develop your exit strategy long before you ever plan to leave.
  • READING LIST: Mark recommended the book Scaling Up by Vern Harnish who will also be the keynote speaker at the RIA Convention 2021.
  • Mark discussed various investment strategies including De Novo (organic) and Arbitrage (bundling) and his process for deciding to team up with Trinity Hunt.
  • Mr. Springer shared some additional insight to how their team operates, in particular how they use resources such as SWOT to determine whether to push through with an idea that doesn't appear to be working as well as when to scrap an effort.

The DYOJO Podcast - the weekly podcast for Intentional Restorers. Every Thursday at 9am PST on YouTube, Apple, and Spotify. Sharing The DYOJO WAY to shorten your DANG learning curve for professional development. www.thedyojo.com/listen
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Property restoration reading list January 2021

3/10/2021

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Books by property restoration professionals for skilled trades, carpet cleaning, and insurance claims professionals, The DYOJO Podcast suggested reading list for January to keep your momentum for 2021. The key to becoming an Intentional Restorer is to train your mindset and your habits daily; this is The DYOJO Way. Thankfully we have so many great resources, including these titles from professionals within our industry as well as podcasts for and by property restoration entrepreneurs. 

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The ServiceMaster Story by Albert M. Erisman

Al does a masterful job of walking the reader through the early years of the development of the ServiceMaster company as an organization built on core principles lived out by five generations of leaders. Mr. Erisman's work is enlightening for any business leader who desires to build a company that is profitable while still grounded in their principles. I thought found two key principles that would benefit modern restorers: 1) the shingle principle of leadership, where managers understand their role as complimenting those who come before as well as after them; 2) having new leaders work in the field with their team members prior to assuming their executive roles. This is something we talk about in Be Intentional: Culture as well with regards to Ted McCarthy and the resurrection of Gibson Guitars. Erisman discusses how those in a position of leadership at ServiceMaster were able to navigate The Tension Between People and Profit. 
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  • The DYOJO Podcast Episode 49 -  Creating a purpose that is greater than a paycheck with Al Erisman​ (Bellevue, WA) Video / Audio

We Did It Their Way by Wm. F. Bane

Wm. F. (Bill) Bane tells the story of his family’s rise from obscurity to a position of prominence in the cleaning industry and how the family parlayed a twenty-dollar investment into a multi-million dollar business. This book is a compendium of some of his life’s adventures including thirty-five years in the cleaning profession. It is a step-by-step diagram of the path followed by the organization of the family business and the development of a unique cleaning system. The trials and tribulations associated with a new business are outlined in a sometimes humorous, but always realistic and truthful way.

When Words Collide by Bill Wilson 

Bill Wilson presents the process for resolving insurance coverage claims and disputes. He emphasizes understanding the policy as the authority and encourages the commitment of all parities to finding a reasonable resolution. David Princeton joined The DYOJO Podcast to co-host our discussion with Mr. Wilson. As David wisely encouraged our audience, learn to effectively communicate your "because" when outlining your recommendations to the insured and the carrier. Understanding the policy and properly interpreting the policy, as it relates to unique claims situations, has been the career long passion of author Bill Wilson. In the book and our discussion, all professionals are reminded to "RTFP" which includes knowing what you are selling, being clear with your communications, and being reasonable with your interpretations. 

  • The DYOJO Podcast Episode 48 -  Resolving Insurance Claims Disputes with Bill Wilson and David Princeton​ (Nashville, TN) Video / Audio

The DYOJO Podcast is the weekly podcast of The DYOJO Way for Intentional Restorers. Helping property restoration professionals to shorten their DANG learning curve by developing the mindset and habits for achieving their goals. 
​
  • New episodes are broadcast LIVE every Thursday at 9am PST via YouTube, LinkedIn, and Facebook. 
  • Recorded audio content airs on multiple podcast platforms including Spotify and Apple.
  • For 2021 the majority of our podcast will be recorded LIVE so that our audience can interact with the show, tune in LIVE via YouTube, LinkedIn, and/or Facebook.
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Property restoration reading list December 2020

3/10/2021

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Books by property restoration professionals for skilled trades and insurance claims professionals, The DYOJO Podcast suggested reading list to close 2020 out strong and start 2021 off on the right foot. The key to becoming an Intentional Restorer is to train your mindset and your habits daily; this is The DYOJO Way. Thankfully we have so many great resources, including these titles from professionals within our industry as well as podcasts for and by property restoration entrepreneurs. 


The 24HR Tech by Andrew McCabe

Mr. McCabe has created a Step By Step Manual To Increase Mitigation Profits And Reduce Training Time To Just ONE DAY. This short and easy to read book is intended as a complete training manual for new Water Damage Technicians who wish to quickly learn how to properly document insurance losses involving water damage. Andy developed this process over years of water damage claims experience. He still uses it today in his consulting practice – Claims Delegates.
  • Discussion with Andy McCabe and Jon Isaacson on The Claim Clinic Podcast 

Get Out of the Truck by Idan Shpizear

Idan shares his own story as a means to help entrepreneurs to Build The Business You Always Dreamed About. The book is a quick read. It was designed to either be read from cover-to-cover or as a resource that can be referred to as a business person goes about their process. Idan also speaks as a leader to other people in a position of leadership, distributing the lessons that he has learned as he built and scaled his property restoration business. Whether you are starting out or taking your organization to the next level, Idan shares, “As you work towards growing your company, don’t lose sight of the numbers. But don’t lose sight of these less tangible objectives either.” 
  • Review of Get Out of the Truck by Jon Isaacson 
  • The DYOJO Podcast Episode 34 - Idan Shpizear shares how growing your business starts with developing yourself (Los Angeles, CA) - Video / Audio

Unqualified Success by Rachel Stewart

Are you ready to be an unqualified success? Rachel has composed one of the best personal development books that I have read, Her story is proof of concept that you can venture out into something new and bridge The Gap Between Where You Are Now And Where You Want To Be To Achieve Massive Success. If you dare to read this book, you will find that your excuses melt and your obstacles become opportunities. You should feel unqualified but that should in no way stop you from pursing success. “When we are willing to trade in our need to win or succeed for a need to simply learn and grown instead, we open another world of possibility for achievement (p.186).” You are not alone, you have resources and a tribe of fellow unqualified successes rooting for you. 
  • Review of Unqualified Success by Jon Isaacson 
  • The DYOJO Podcast Episode 20 - Crisis leads to opportunity with Rachel Stewart (Mesa, AZ) - Video / Audio


Independent Adjuster's Playbook by Chris Stanley
Would you like to own your own business in a recession proof industry? Chris Stanley has created a career map that will take you from having zero experience to getting claims as fast as possible... without the frustration, heartache, and the dreaded waiting. In this conversational and action-oriented book, Chris presents a proven solution and underground playbook that will take from zero experience to working independent adjuster in as little as 30 days. This book is the Step By Step Guide & Roadmap To Becoming A Successful Independent Adjuster.
  • The DYOJO Podcast Episode 38 - I'll show you how to do it with Chris Stanley (Lumberton, North Carolina) Video / Audio
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See the video below which aired as a segment in The DYOJO Podcast Episode 44 with Kevin Hussey of United Fire and Water Damage out of Baton Rouge, Louisiana. The DYOJO Podcast - helping professionals in the skilled trades shorten their DANG learning curve. 
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Expanding opportunities within the skilled trades with Jason Sturgeon

3/5/2021

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South Sound Connection (SSC) presented by The DYOJO Podcast and All American Restoration Services (AARES).

South Sound Connection LIVE 013 Part B - Expanding opportunities within the skilled trades with Jason Sturgeon

All American Restoration Services is a general contractor based in Tacoma, WA that provides insurance repairs services for clients throughout the South Sound.

The DYOJO is a business coaching service based in Tacoma, WA and produces The DYOJO Podcast - helping you shorten your DANG learning curve for professional development.

GUEST 2 Jason Sturgeon - Arcade Wayfinding - arcadewayfinding.com
  • What have been some of the lessons learned from 2020 as it relates to Arcade Wayfinding and virtual training?
  • Arcade Wayfinding does a great job to identify an issue in the skilled trades and has created a training program to help solve it, they state it as, "Promotion without preparation". This is also a contributing factor to high burnout and suicide rates within our industry. The issue of promoting people who are skilled at their craft without providing them training or tools to help them adapt to supervising and leading teams, to develop these new skillsets, has created low rates of success in many industries.
  • Jason and Mary Sturgeon are proponents of opening opportunities for minorities and women in construction. They work to be an agent of change and elevating the industry through their training programs as well as their podcast The Critical Path. Jason shares one of their most recent shared initiatives, Build the Circle, which aims to building a stronger industry through expanding the talent circle and bring more voices into constructions inner circles.
​
See past episodes SSC LIVE

Our goal at SSC LIVE is to highlight local businesses and efforts to do good in our Pacific Northwest neighborhoods. Will will be interviewing local entrepreneurs, business owners, artists, and community leaders to share their stories.
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Using social media effectively for your local business with Allison Bishins

3/3/2021

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South Sound Connection (SSC) presented by The DYOJO Podcast and All American Restoration Services (AARES).

SSC LIVE 013 Part A - Using social media effectively for your local business with Allison Bishins


All American Restoration Services is a general contractor based in Tacoma, WA that provides insurance repairs services for clients throughout the South Sound (allamericanres.com)

The DYOJO is a business coaching service based in Tacoma, WA and produces The DYOJO Podcast - helping you shorten your DANG learning curve for professional development (thedyojo.com)

GUEST 1

Allison Bishins joins us to discuss community building for local businesses in 2021. The motto for her consulting company is "empowering small business to grow and connect" and she shares many gems from her experiences with learning to master social media and community building for local businesses.
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  • How do we better support local minority owned and operated businesses?
  • How does a local business better utilize social media to highlight their service and/or products?
  • How do you connect and collaborate with your local community?
  • How do you work through the resistance to self-promotion so that you can raise awareness of your business?
  • What are some of the simple keys to business promotion that Allison has learned to master over the years?
​
Allison has an upcoming workshop - "Modern Margins at Work: A Workshop on Gender in the Workplace" - Thursday, April 8, 2021 from 6-730pm. Learn more about Allison, her business, events, and resources at - allisonbishins.com

See past episodes of SSC LIVE

Our goal at SSC LIVE is to highlight local businesses and efforts to do good in our Pacific Northwest neighborhoods. Will will be interviewing local entrepreneurs, business owners, artists, and community leaders to share their stories.
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Common Xactimate Estimating Issues, Responses, and Resources

3/1/2021

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For those who work in the insurance claims profession, writing an estimate in Xactimate is a constant learning process. As with any tool, Xactimate has its strengths and weaknesses. Often the issues with the platform are related to communicating the story of the loss to the various parties involved in an insurance claim. We will discuss five common Xactimate issues as well as the corresponding responses and resources that will help you transform them into opportunities to improve your process. 
​

Common Xactimate Estimating Issue One  

Writing an estimate that accurately reflects the conditions of the structure and how you plan to restore it to pre-loss conditions is only part of the battle. When working with insurance companies, especially if you do “program work” through third party administrators (TPAs), you have to also learn the requirements of the carriers. Issue number one is poor carrier and program basic level compliance. If you, or your team, is consistently getting rejected for the same basic things, you must STOP blaming “the other side” and START to pull your head out of the dark places of the status quo. Learning from rejection is key to your success with insurance claims estimating.   
 
Response: Develop a better mindset, starting with training and consistent processes for estimating compliance.
 
Resource: The Three R’s of Mastering Xactimate discusses the mindset of learning from rejection, repetition, and relationships as you develop your estimating skills. 

Common Xactimate Estimating Issue Two  

Even if you are independent and don’t do any program work, you will want to learn the estimating compliance requirements of the carriers that you want to work with so that you can develop a working relationship with them. There are requirements and then there are nuances. Contractors who have poor execution of initial estimate components, such as opening statements, structure and flow of an estimate, and labeled photographs lead to breakdown in communication of the story of the loss. This is basic stuff for restoration contractors, yet it is often someone else’s fault. If an adjuster doesn’t understand the story you are telling, learn to be a better storyteller. The blame game is NOT The DYOJO Way. Have your tantrum and get it together. If it were easy, everyone would be doing it.  
 
Response: Develop better habits, starting with attention to details. Learn to become a better claims storyteller.
 
Resource: The Format for Fire Damage Restoration Estimates discusses how to approach and structure your estimate for these complex projects.

Common Xactimate Estimating Issue Three  

Xactimate line items have a basic description and then a detailed breakout, it is clear that many who use the program don’t read either. A lack of clarity regarding proper use of line items relevant to the claim is a common source of back and forth between the parties involved in an insurance claim. You can also use this as a good negotiating tool, whenever there is a rejection, ask the reviewer, “Which line items are not in compliance or have not been thoroughly explained?” As Chris Stanley shared on Episode 38 of The DYOJO Podcast, people in a position of leadership should develop structure and cheat sheets for their teams. Chris reminds contractors that everyone has a boss and a box, if you can help the adjuster work within their box you may find mutually beneficial ground. Do as much as you can within the box and then work with the parties involved in the claim to determine an agreed course of action for those items that don’t fit neatly in the box. 
 
Response: Skills development through research, peer to peer counseling, and consistent training will help adapt systems so that everyone is learning from prior rejections.
 
Resource: Habits of Xactimate Estimating Success discusses those items that will help you to operate at your best and stand above your competition.

Common Xactimate Estimating Issue Four  
Each time you get rejected, it should be a learning experience and to the best of your abilities ensure that you don’t get rejected for that same item again. Unless, like myself, you like to push buttons. Assuming you have learned from issues one through three so that you have a consistent estimating structure, you understand the rules of compliance (even if you don’t always follow them) and you know your line items, the next issue is documentation. Poor illustrative support for proposed scope of work will sink your otherwise functioning ship. This ties into the series we did for The Intentional Restorer titled Garbage In, Garbage Out, which reminds managers that we cannot expect our teams to hold a standard that we don’t follow. Telling the story of the loss is a company wide commitment and everyone must learn to master their roles and responsibilities. 
 
Response: As you develop your story telling abilities, make sure your stories are packed with good pictures, supporting documentation, and thorough communication.
 
Resource: The DocuSketchers shares interviews with three insurance claim professionals who use this resource to assist in their documentation and estimating process.   

Common Xactimate Estimating Issue Five  

If you are frustrated with the claims review process, you are not alone. If you don’t like someone looking over your shoulder and you take it personally when you get rejected, you should not be doing program (aka preferred vendor) work as a contractor. Yet, even if you are independent, you still have to tell your story well and be prepared to defend your narrative. The claims process requires you to clearly communicate, using the tools of the trade, and defending your proposed scope of work. As Ken Larsesn says, you should speak for the structure, and master Andy McCabe’s approach, “Thickest file wins.” In contrast, if you are making up scope you are in dangerous territory and it will bite you in the end. If you are not supporting your claim narrative, your plan will get picked apart. Capture the details, be accurate and thorough in your presentation, and learn to master the skill of claims negotiation. 
 
Response: Gather data that will inform decisions so that progress (one of the Four Pillars of Success for Intentional Restorers) can be made. Invest in soft skills development for your team in the same (or greater) measure as you do for technical skills (which also should be high). 
 
Resource: Help! Claims Review Shredded My Estimate discusses the process of helping yourself and your team develop a better approach to claims rejections. 
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    The DYOJO - helping contractors shorten
    ​their DANG learning curve


    Book #4 - AVAILABLE NOW - How To Suck Less  At Estimating. Habits for better project outcomes. 

    Book #4 - AVAILABLE NOW as a TRAINING COURSE through our friends at Restoration Technical Institute

    Book #3 - So, You Want To Be A Project Manager? is designed to help contractors with the mindset and habits for success in this role. 

    Book #2 - Be Intentional: Culture, is a collaborative publication discussing how the small things enhance or undermine your efforts to build a thriving culture. 

    Book #1 - Be Intentional Estimating, is the 5 star rated book that helps estimators produce more consistent outcomes in the insurance claims process. 

    ​Jon is the host of The DYOJO Podcast, helping the skilled trades to shorten their DANG learning curve for personal and professional development. 

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