Background checks are used all throughout the world to obtain information on people, but it is often forgotten that a background check can also be obtained for businesses. Corporate entities have their very own identity and have similar habits to people, so a background check can be a powerful instrument to measure how a company runs. By performing a background check on a vendor or business you can check their businesses’ credibility and history; helping you to make important decisions for your own company.
A good background check can help you determine the character of the business. Red flags such as a bad business credit score, multiple business closures, or bankruptcies can be indicative of bad business practices. Also, owners and officers of a business behaving in unscrupulous behavior is often characteristic of how a company is being run and how it manages itself behind closed doors.
Identifying the character of a business is more than simply knowing if the business has gone under or has been sold; it’s knowing the whole status of the company. Sometimes companies must file for bankruptcy, but they start again fresh and use the experience to be better. Other times, businesses hide under a new name and avoid all the responsibilities of what they left behind. At the same time, a business could just be going through a rough patch.
Unfortunately, it is harder to check a company’s financial position versus an individual. It is also difficult to know whether what we have been told is truthful or not, so a background check can be a simple and effective tool.
At MCB we have a comprehensive background check that can be used to help your business sort truth from fiction as well as giving you a concise interpretation to help you make a well-informed decision. Visit us at morgancohenbach.com to find out more.
A nonconsensual tow occurs when a tow company is called out by emergency responders following an accident. Insurance companies and drivers of semi or cargo trucks are sometimes targets for dishonest towing companies. If you find yourself in an accident these tips may help you avoid becoming a victim of a nonconsensual tow.
1. Create your own evidence
Take photos, video, or even write down what is happening and who is on scene. It can be hard to remember everything that happens in a stressful situation such as a wreck and its subsequent recovery. By taking your own account of the events, you can avoid any discrepancies when you are contacted by the wrecker yard.
2. Know your local laws
Simply knowing your state and local county laws can have a significant influence on your situation. Knowledge of the situation can help you to know if the tow company is taking advantage of you.
3. Look the company up
While you don’t have control over which wrecker officials call out in this type of situation, you can familiarize yourself with who you will be working with. Most companies have a web page, online reviews, news articles or reports telling you the type of parties you are dealing with. Watch out for other claims of duplicitous acts.
4. Watch for peculiar behavior
A very common technique used by wrecker yards is to withhold the bill for longer than needed so they can add additional charges to the bill, sometimes including outright false additions. Another tactic is to try to hold the equipment, cargo, or trailer hostage and refuse to release them until payment has been made. Although it can be tempting to pay the bill as soon as possible so you may have your possessions released, it is a very big sign of a disingenuous company trying to take your money. Illegitimate acts such as these could be a sign that you may be faced with a nonconsensual tow.
5. Know when to find help
If you see discrepancies, you need your equipment or cargo in a hurry, you don’t have the time or energy to research all the local laws, or something seems off about the tow company, call Morgan, Cohen & Bach. They are the industries leader in negotiating over-inflated towing and recovery bills.
One of the most difficult aspects of nonconsensual towing is how laws vary from state to state. Limited federal regulations on towing creates strange situations where it could be advantageous to break down just before or after state lines.
Take Georgia for example. Nonconsensual tow rates are regulated there but the state has a strange definition of nonconsensual tows. A car must be parked on private property and have no driver in order to gain the protections of a nonconsensual tow status. If a rig breaks down on the highway, tow rates are far less regulated making it much easier to inflate prices of invoices.
Other states like Florida, West Virginia, and Washington limit the amount towing companies can charge for specific rates such as mileage, storage, or labor. Tow companies work around these regulations by adding charges that are not regulated. Charges such as “show up fee”, emergency tow fee and, in one case, a “cursing fee” after a driver used foul language at the scene of the wreck. While these tac on charges might seem small, they can add up quickly.
In Missouri, legislators have tried to protect truck operators by making it illegal to solicit drivers at the scene of a wreck. Tow companies have found a workaround by listening to police scanners and speeding off to wrecks before officers arrive. This is technically illegal but becomes legal if the driver decides to employ towing service.
Drivers shouldn’t have to struggle with memorizing the strange laws of each state they drive through just to receive a fair invoice.
If you are dealing with overinflated tow bills and need your truck and trailer released expediently, call Morgan, Cohen & Bach at (520) 442-1303.
Opening a new business entails risk. A study by Fundera, a business financing group, shows that within 10 years almost 70% of all small businesses close.
What makes this especially alarming is another statistic that shows, on average, small businesses usually have about $84 thousand of unpaid invoices on their books.
“29% (of small businesses) failed because they ran out of cash,” said Fundera in a report on small business challenges. “14% failed because they ignored their customers.”
Many business owners allow unpaid invoices to pile up in order to preserve positive customer relations. Instead, data shows owners should be concerned about losing money from delinquent customers.
Fundbox, a financing company who focuses on small business, estimates that the total amount of unpaid invoices in the US is almost equal to about 5% of the US Gross Domestic Product. That's hundreds of billions of dollars that businesses are missing out on.
Keep in mind Warren Buffett's advice for business. “Rule one, don’t lose money. Rule two, don’t forget rule one.”
If you are dealing with overdue and unpaid invoices and need help recovering your funds swiftly and professionally, call Morgan, Cohen & Bach at (520) 442-1303