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How to determine repair service and inspection / Contract sale ends tomorrow
March 30, 2023
Special Contract Sale this week – available to everyone using code below
When's the sale?  Place your order now through Friday March 31.
Orders received starting now through March 31 will be discounted 10%.  If you're a Concierge Client [and you should be for lots of reasons] you get another 10% [that's 20% total].  CODE:  ISC.  Just add ISC to your company name so we know to apply the discount.
  These are 2023 updates with the most current changes.  
 Do you need new contracts?  Yes if you're contracts are not 2022 contracts. 
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Call our Contract Administrator Eileen Wagda at 516 747 6700 x 312 or email for assistance
   Don't forget to add ISC to your company name so we know to apply the discount

How to determine repair service and inspection / contract sale / last day to meet at ISC RMR March 30, 2023
          I would like some assistance on how to determine and add service /
inspection RMR fees into the contract. Could you put me in the right direction?
          The right direction starts with the Kirschenbaum Standard Form Agreements, the All in One agreements in particular.  The All in One agreements itemize the various RMR opportunities and monetize those services with line item RMR charges.  Rather than start with a scary large monthly recurring charge the customer is presented with itemized charges separating those charges so that there is a line item for monitoring, repair service, inspection and any other services that may be included in the contract.
          But, how much should be charging?  As much as you can get, which begs the question.  Here a few guidelines, for what they’re worth:
  *  you will have to consider your competition, especially advertised prices [“for less than a dollar a day”]
  *  consider your known expense for providing the service.  Monitoring is the easiest service since you know what your central station charge will be.
  *  Be sure to have a clear understanding of what your performance includes for the fixed price; your customer should also understand this as well
  *  Are you pricing your own new installation or a take-over installed by someone else
  *  have you checked a customer’s repair history before committing to a fixed RMR
  *  make sure you know the scope of inspection requirements
          You have to consider your profit center.  Did you make profit on the installation or do you need to recoup installation expenses through your RMR, obviously on top of the expense of providing the RMR service. 
          Let’s assume you made a profit on the sale and installation. Now you need to price the after-install services and the corresponding RMR for those services.  As I mentioned above, pricing the monitoring is pretty easy because you can anticipate your cost of monitoring.  Service, inspection and administration services will require personnel, equipment and material so you need to estimate those costs.  You may know that fire inspection is once or twice a year.  It will entail inspecting and testing but no actual repairs.  You know the details of the system and you can estimate the man power and material that will be needed so you can price the work accordingly. 
          Repair service is a bit trickier because you don’t know how many trips to the site or what material and equipment will be needed to repair the system.  By limiting your repair plan services to ordinary wear and tear you do reduce your risk. If you have installed a new system you may be comfortable guessing on what service over the next 5 or 10 years is going to look like, also know you do have a 9% increase built into the contract. Many of you don’t want to take this risk so you “sell” the per call option.  That’s fine; it reduces your risk, but consider that Repair Service RMR is likely to be priced around a 30 multiple, more or less, so you could be leaving a lot of money on the table if you sell your accounts and all you have under RMR is monitoring.  The per call revenue isn’t going to add any equity; you won’t be paid for it by a buyer unless you have that rare deal that sells based on EBITDA.  By the way, some deals sell based on both RMR and EBITDA, both those seem to be based on the RMR model evaluation and then EBITDA is looked at to make sure the deal makes sense for the buyer. 
    If you want to discuss these issues track me down at ISC or come to the scheduled group meetings today:
          Today, March 30 at 9:30 - 10:30am at ESA meeting room: Bassano Suite 2705 by convention floor:  Liability, insurance, horror stories, claims and other issues from perspective of Claims Administrator [Bart] and Alarm Defense Attorney [Ken].  Ken Kirschenbaum and Bart Didden.  This promises to be entertaining and informative.  You don't want to miss this. informative.  All invited.  No reservation needed
          Today, March 30 at 10:45 am -11:15 am: Central Station Group Meeting with COPS Monitoring at COPS booth: all invited
           Today, March 30 2023 at 11:30 am to 12pm Central Station Group meeting at Rapid Response Monitoring at Rapid Response booth: all invited
         Today , March 30 at 1:00pm-1:45pmContracts Group Meeting with Ken Kirschenbaum   Call Stacy Spector for availability: cell 516 987 8428
          Today, March 30 at 3:00pm-3:45pm: Sale or Purchase of Business Group Meeting with Ken Kirschenbaum   Call Stacy Spector for availability: cell 516 987 8428

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301