Looking Back

[No_Bivy]

so your legit payroll was 150k? how many employees, counting yourself?

Lemme see if I can explain it differently. It all comes down to what workers comp cost me in year 4 and 5 of my business. So first, example one

NO WORKERS COMP FOR A WHILE
Year 1 gross $60,000
Year 2 gross $150,000
Year 3 gross $300,000 workers comp approx 50 cents on the dollar. Total bill approx $75,000
Year 4 gross $500,000 workers comp approx 50 cents on the dollar. Total bill approx $125,000
Year 5 gross predict 800,000?. Workers comp still at 50 cents/dollar. Total bill approx 200,000
Total Worker Comp fees in first 4 years of business: $400,000. (That makes me sick to see it in writing)

IF I HAD STARTED WORKERS COMP OFF THE BAT
Year 1 gross $60,000. Workers comp rate would've been about $10,000
Year 2 gross $150,000. Workers comp rate would've been about $30,000
Year 3 gross $300,000 workers comp approx same... 50 cents on the dollar. Total bill approx $75,000
Year 4 gross $500,000 workers comp would drop to approx 30 cents on the dollar. Total bill approx $75,000
Year 5 gross predict 800,000?. Workers comp still at 30 cents/dollar. Total workers comp $120,000
Total Workers Comp Fees had I been legit from day 1: $310,000

So right off the bat, I've lost NINETY THOUSAND DOLLARS in the first 5 years of business. NINETY THOUSAND.

$90,000

And that's all on the assumption that no one got hurt. Imagine how FD I woulda been if someone got hurt back when we dind't have workers comp coverage? I woulda been done for instantly. I'm thankful for the great crew I have and glad that it was never an issue.

BUT

NINETY

THOUSAND

DOLLARS!!!!

Just get legit now.

 

[Levi]

Definitely agree with you Sean about the root zones and mulch, I will push more to chip on site.

 

[NickfromWI]

Lol no Bivy. That's irrelevant. And the numbers were fudged so as to not give you (I thought specifically about YOU) wouldn't have too much private info about my company. Literally, it's none of your business! 😊


love
nick

 

[Levi]

Ha!

Thanks for sharing PART of your story Nick

 

[sotc]