Tackling Pricing Concerns

Here are solid answers to several frequently asked financial concerns

During last winter’s 4th annual International Hoof-Care Summit in Cincinnati, a pair of veteran farriers tackled two dozen of the most frequently asked questions about the footcare industry. This totally unrehearsed, fast-paced session sparked a number of highly interesting views for attendees to evaluate in their own footcare operations.

In the first in a series of articles, Russ Vanderlei of North Woods, Ill., and Mike DeLeonardo of Salinas, Calif., share their views on a number of pricing and billing concerns.

Q: A long time client is way behind on payment and is having financial problems. She’s well known in the local horse community and has recommended you to a number of excellent clients. What are you going to do?

DeLeonardo: If we aren’t paid within 10 days of doing the work, we add a $5 late charge. After 30 days, we add 1.75 percent monthly interest, which is an annual interest rate of 21 percent. After 60 days, I send a letter asking about the problem and follow up with a phone call.

If the client is having a serious a financial problem, I’ll try to work out a payment schedule, such as $25 or $50 a month, along with charging interest.

If the client ignores my letters and calls, I have a couple of choices. If they are a show circuit client, I can ask the local horse association to bar the trainer or owner from the ring until my invoices are paid. If it’s a backyard horse owner…

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