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This week, John Ratliffe of Scaling Up Coaches and align5 joins the podcast to drop some game-changing tips and insights for driving up the value of your construction business. Even if you don't have plans to sell your business any time soon, you need to hear this episode. It's never too early to think about the future of your business and you can start taking steps TODAY to increase its value.

 Topics we cover in this episode include:

• The risk of customer concentration
• Communicating your strategic plan with key employees
• Recurring and predictable revenue
• Biggest mistake companies make when preparing to exit
• The importance of clear KPIs
• Gross margin and growth
• The Rembrandt in the Attic analogy
• How early should I think about exit planning, and how can I start? 

LINKS

Visit the episode page at https://contractorsuccessforum.com/valuedrivers for more details and a transcript of the show.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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If you're not familiar with the Profit First philosophy, you may get the wrong idea from its name. This week, we're talking about how Profit First is really about people, and how implementing the cash flow method can help you build a stronger, more sustainable company with happier employees.

Topics we cover in this episode include:

• How does Profit First = People First?
• Business owners deserve to get paid
• Profit First provides guardrails for spending
• What do you do with the profit? 

LINKS

Visit the episode page at https://contractorsuccessforum.com/people for more details and a transcript of the show.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Many contractors come to Wade having used programs like QuickBooks Online, and without any cost code structure. This week on the podcast, we discuss why construction contractors need a cost code structure and how to set one up that strikes the balance between being too simple to provide helpful information and too complex to understand.

 Topics we cover in this episode include:

• What is a code structure, and how is it different from the Chart of Accounts
• Cost code structure and using softwares like QuickBooks
• How to get started when you have no cost code structure
• Cost code structure, estimates, and invoices 

LINKS

Download 6 Tips & Tricks, PLUS a checklist for Developing your Cost Code Structure: https://carpentercpas.com/cost-code-structure-resources/

Visit the episode page at https://contractorsuccessforum.com/costcodes for more details and a transcript of the show.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Bank feed accounting saves time, but it can also create a bookkeeping mess if you're not careful. This week we're talking about the issues that come with bank feed accounting for construction companies and what you need to do to make sure you have a clear, accurate picture of your business's financials.

 Topics we cover in this episode include:

• The problem with relying on your bank feeds
• Issues with double counting revenue and expenses
• Job costing and bank feed accounting
• Profit First and bank feed accounting
• What you need to do to make bank feed accounting work

LINKS

Visit the episode page at https://contractorsuccessforum.com/bankfeed for more details and a transcript of the show.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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By now you probably know the opportunities offered by a joint venture. But setting one up the right way is a different story. This week, we're giving you a list of questions to consider before you start a joint venture and some of the possible answers. Don't miss this info-packed episode!

 Topics we cover in this episode include:

• Foundational questions for your joint venture
• What are the performance goals and expectations of the joint venture?
• How will information sharing and ownership be handled?
• How will the joint venture projects be managed? 
• What are the communication guidelines for the joint venture parties?
• How can the joint venture plan for the unexpected?
• How will the joint venture handle compliance and accounting?

LINKS

Take the free 50-question quiz to find out if your Construction Joint Venture set up for success: https://carpentercpas.com/50-questions-to-ask-when-forming-a-joint-venture/

Visit the episode page at https://contractorsuccessforum.com/JVquestions for more details and a transcript of the show.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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This week, we're getting you up to speed with everything you need to know about general liability and umbrella insurance policies. Find out what exactly these policies cover, how much coverage you might need, and how they work when a claim is filed.

 Topics we cover in this episode include:

• Why contractors need general liability and umbrella policies
• What general liability coverage and rates are based on 
• How your insurance company handles a claim
• Umbrella and excess policies
• How the size and net worth of your company should be factored into the coverage you get
• Current trends in general liability and umbrella premiums

LINKS

Visit the episode page at https://contractorsuccessforum.com/umbrella for more details and a transcript of the show.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Let's talk about working capital. What exactly is it, what can be included, and why is it important to your bank and bonding company? We'll answer those questions and provide some tips to understand and increase your working capital on this week's episode.

 Topics we cover in this episode include:

• Definitions to know: asset, liability, and current
• Why working capital is important to bonding companies and banks
• Working Capital Ratio 
• What bonding companies take into account when adjusting working capital
• How to increase your working capital at the end of the year

LINKS

Visit the episode page at https://contractorsuccessforum.com/workingcapital for more details and a transcript of the show.

Get the free contractor's guide to understanding working capital

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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This week, we're discussing a topic that you should be talking about openly in your construction company but probably aren't: mental health. This important conversation covers the mental health stigma and how to fight it, free resources to help you incorporate mental health awareness into your company culture, and how to recognize the signs that someone on your team may be struggling.

 Topics we cover in this episode include:

• Why we don't talk about mental health in the construction industry
• How to help someone who is struggling
• How do you get past the stigma of mental health?
• Resources to help add mental health awareness to your corporate culture
• Look out for these possible signs that an employee is struggling with their mental health

LINKS

Visit the episode page at https://contractorsuccessforum.com/mentalhealth for more details and a transcript of the show.

WEBINAR: Mental Health on the Jobsite

Construction Industry Alliance for Suicide Prevention (CIASP)

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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This week on the podcast, Rob, Stephen, and Wade are talking about referrals. They share a proven process you can use to actually get clients and vendors excited about referring you to other businesses or consumers. Learn how it works and what questions to ask on this week's show.

 Topics we cover in this episode include:

• Why contractors should focus on getting referrals
• Make sure you're one of the best at what you do before seeking referrals
• Examples of the vendor well process in action
• Who you can use this process with to get referrals
• How to start building relationships in your vendor well, including the exact questions to ask

LINKS

Visit the episode page at https://contractorsuccessforum.com/vendorwell for more details and a transcript of the show.

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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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How long could your company function without you? If the answer is not longer than a few days, you need to listen to this week's episode. Find out how creating and implementing processes in your business opens up the door for growth, quality of life, and more of the clients you want to work with.

 Topics we cover in this episode include:

• How systems and processes allow you to stay consistent
• How systems and processes encourage growth and allow you to scale up
• Finding opportunities for early yardage with processes
• Which processes to define in your construction business
• Why you should create processes in your areas of strength

LINKS

Visit the episode page at https://contractorsuccessforum.com/processes for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum
 

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com