Advice for an Ever-shifting Industry

By Cass Jacoby.  

Trent Cotney gives his big picture advice for contractors heading into 2023. 

Heidi J. Ellsworth virtually road trips cross country to visit with Adams and Reese’s Trent Cotney in a new Roofing Road Trips episode. Having worked with the NRCA, WSRCA, FRSA and many more associations, in addition to being a longtime advocate for the roofing industry, Trent gives his unique perspective on what is currently going on in the industry.  

“Times have been fairly good, even though it doesn't seem like that,” says Trent. While contractors are still recovering from the effects of COVID and many social and economic related issues, the roofing industry has remained strong. That being said, Trent's number-one piece of advice going into 2023 is that it is time to start cracking down on our budgets.  

“When the money's flowing, you don't see the cracks. When that money stops you start seeing the cracks immediately,” says Trent. “What I want contractors to do is get that mortar out and start covering those cracks right now.” 

Trent also suggests that contractors watch out for private equity investments. The industry is certainly seeing more private equity and companies that are merging or being purchased or rolled up. Trent warns that not all private equity companies understand roofing, sharing, “My concern is that some of that financing that is available through private equity may dry up or disappear...So be very careful.”  

“Now is the time to really start fine tuning your operating procedures as it relates to accounts receivable, and as it relates to getting deposits, the vetting process for onboarding customers, making sure that you're contracting with the right people to begin with,” says Trent. “It will sneak up on you sooner rather than later." 

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The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.

Listen to the podcast for more advice from Trent going into 2023 and for his predictions for the year ahead.