Contractor Success Forum

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Nobody wants to lose money on a job, but it's an unfortunate reality in the construction industry. There are things you can do to minimize the damage and avoid losses in the future. This week, we're sharing triage strategies for a job that has gone off the rails.

 Topics we cover in this episode include:

• Review the contract and any change orders
• Determine when the job will be finished and liquidated damages
• Who should you talk to about a job that's losing money?
• Document the issues that are occuring at the time they're happening
• Get all hands on deck
• Pay your materials and suppliers on time
• Analyze and communicate what happened

LINKS

Visit the episode page at https://contractorsuccessforum.com/triage 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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It's the 100th episode of the Contractor Success Forum! Celebrate with Stephen, Wade, and Rob as they reflect on the first 100 episodes of the podcast. Hear from the hosts about the top mistakes that could be holding your company back from success and what you can do now to remove obstacles level up.

 Topics we cover in this episode include:

• Build your company to function without you
• Embrace change
• Get your books in order
• Define your systems and processes
• Plan ahead
• Work on what you do best
• Get your cash flow under control
• Understand your job costs
• Start with the right seed for a successful business

LINKS

Visit the episode page at https://contractorsuccessforum.com/100th 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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Find all episodes and related links at ContractorSuccessForum.com.

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

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You know from our previous episodes that a joint venture is a great way to go after projects you might not normally be able to take on. But how do you find the right joint venture partner? This week we're breaking down the top ten factors to consider when selecting a joint venture partner.

 Considerations we cover in this episode include:

• Compatibility
• Financial stability
• Expertise and experience
• Reputation
• Communication and collaboration
• Legal contracts and obligations
• Resources and capabilties
• Cultural fit
• Decision-making and governance
• Project management

LINKS

Get the free download, 30 questions to evaluate a potential Joint Venture partner

Visit the episode page at https://contractorsuccessforum.com/JVPartner 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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Find all episodes and related links at ContractorSuccessForum.com.

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

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We all want our workers to get home safely from the job site, but construction can be dangerous and things happen. That's where workers' comp comes in. This week, we're covering what you need to know about coverage, including when work crosses state lines, how to file a claim, and how to approach classification rates.

 Topics we cover in this episode include:

• Make sure every state where you work is covered
• What does workers' comp pay?
• Workers' comp and fraud
• Audits and Classification Rates
• Experience Rating Mods

LINKS

Visit the episode page at https://contractorsuccessforum.com/workerscomp 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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Find all episodes and related links at ContractorSuccessForum.com.

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

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Failing to document and communicate the cost of changes to your jobs could be costing you hours of time and thousands of dollars. This week, we're walking through the strategies you should have in place in order to avoid scope creep and change order failures.

 Topics we cover in this episode include:

• What change orders and scope creep are and how they happen
• Best practices to manage change orders and scope creep
• The importance of establishing clear communication channels from the start of a job
• How technology can help you manage scope creep and change orders
• How to document changes on your jobs

LINKS

Visit the episode page at https://contractorsuccessforum.com/changeorders 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

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After decades of seeing contractors fail and grow in the construction industry, we know that one of the best determinants of success is a good construction accounting system. This week, we're discussing the four things you must get right to in construction accounting.

 Topics we cover in this episode include:

• Why good communication is crucial for accounting
• The importance of document control
• How workflows and systemization support your construction accounting
• How the right technology can help you get your accounting right 

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

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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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You may have heard of one catastrophic project taking a whole construction company down - usually due to a combination of issues that may include delays, damages, and mismanagement. This has unfortunately become more common, which is why there's a new insurance product in the industry: Project Loss Insurance. Daniel Fulcher from Travelers joins us to discuss the benefits, costs, and details of how this coverage works.

 Topics we cover in this episode include:

• What Project Loss Insurance is and what it covers
• How underwriting is done for Project Loss Insurance
• How a project loss is assessed
• Using PLI when exiting or scaling your business
• PLI coverage limits
• PLI and Joint Ventures

LINKS

Visit the episode page at https://contractorsuccessforum.com/PLI 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

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Contractors who are operating from their business's sweet spot can continue to grow while also having more time to themselves outside of work. If that's something you'd like to work toward, start with this episode. We identify the three key things you MUST know in order to sustainably grow your construction company.

 Topics we cover in this episode include:

• How to identify your unique offering
• How to identify your top clients 
• Why top revenue clients may not be your best clients
• How to systematize your business
• How to identify where you should focus your efforts first

LINKS

Get the free worksheet, 3 Things Contractors Must know to Grow

Visit the episode page at https://contractorsuccessforum.com/grow 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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Find all episodes and related links at ContractorSuccessForum.com.

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

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If you use Cash App, Venmo or any similar app to send or receive payments, you need to know about the new IRS rule regarding these apps and 1099-K forms. Wade and the panel get you up to speed on when the form is used, how to handle personal transactions, and what penalties you could face if you don't report these transactions.

HEADS UP! Two days after we recorded this episode, the IRS announced they would be postponing enforcement of the expanded 1099-K rule. This means that third-party payers aren't responsible for reporting income unless you paid over $20,500 or had more than 200 transactions, and actually puts contractors MORE on the hook for sending out 1099-NEC forms. Like we say in the episode: when in doubt, send it out!

 Topics we cover in this episode include:

• The new IRS 1099 rule
• How to report personal transactions on your taxes
• Which types of entities require 1099s?
• Consequences of not having proof of who you paid
• Penalties for not handling 1099s correctly

LINKS

Download the free 1099 checklists: https://carpentercpas.com/1099checklists

Visit the episode page at https://contractorsuccessforum.com/1099s 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

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Whether you're planning to exit your company at some point or not, increasing its value over time should be one of your goals. This week, we're discussing four actions you can take to up the value of your company.

 Topics we cover in this episode include:

• Becoming redundant in your company
• Gaining control of an industry constraint
• Claiming a 10x advantage 
• The Rembrandt in your attic
• Establishing steady growth 

LINKS

Visit the episode page at https://contractorsuccessforum.com/exit 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
 

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com