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The topic of leasing vs. buying vehicles for your business is a hot one - especially in our current environment with costs higher than ever. This week, we're discussing the pros and cons of both options, specifically when it comes to tax deductibility.

 Topics we cover in this episode include:

• Leasing vs. buying a vehicle
• Lease value inclusion
• Capital lease vs. operating lease
• Sales tax considerations
• 168(k) bonus deprecation
• Percentage of business use, commuting, and tax home
• Have a written policy regarding personal use of company vehicles
• Depreciation recapture and when it comes back to bite you

LINKS

Visit the episode page at https://contractorsuccessforum.com/vehicles 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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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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Inflation, supply chain issues, and higher costs have many of us wondering if we're heading towards a recession. While we can't predict the future, we can provide some lessons learned from the Great Recession, including how to protect your construction company from an economic downturn.

 Topics we cover in this episode include:

• What to do about equipment when a recession is possible
• Watch your overhead in a recession and understand your cost structure
• Get good systems in place before a recession
• Dig into your accounting during a recession
• Know when to cut back and avoid getting a bond claim during a recession
• Be flexible and able to make quick decisions with the information you have
• Implement Profit First to get a handle on your cash flow

LINKS
Visit the episode page at https://contractorsuccessforum.com/recession 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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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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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New regulations, supply chain issues, and construction projects through military institutions: what's going on with federal contracting? Stephen has all the updates after attending an Associated General Contractors conference in Washington D.C. Get up to speed on this week's episode.

 Topics we cover in this episode include:

• The Associated General Contractors organization and what it does
• Project Labor Agreements
• OSHA regulations
• Supply chain issues
• Water Resources Development Act
• United States Army Corps of Engineers and NavCon
• Current opportunities in federal contracting
• Set aside goals for small businesses 

LINKS
Visit the episode page at https://contractorsuccessforum.com/federalcontracting 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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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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

Send us Fan Mail

Ready for colossal growth in your construction business? Sustainable, large-scale growth is possible with the Pumpkin Plan. This episode explains how the Pumpkin Plan works and the main elements you should work to define and strengthen for business success.

 Topics we cover in this episode include:

• Planting the seed of your business strategy
• How to define your unique offering
• The importance of identifying your top clients
• How systemization levels up your business
• How these elements work together to create colossal growth

LINKS

Visit the episode page at https://contractorsuccessforum.com/pumpkin 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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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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

Send us Fan Mail

After our recent episode on the Theory of Constraints, we're diving into a related topic: throughput accounting. Listen to find out how this method of accounting can support better decision-making and more profitability in your business.

Topics we cover in this episode include:

• How business decisions may look different using throughput accounting
• Traditional job costing vs. throughput accounting
• How to implement throughput accounting practices
• How throughput accounting and Profit First could have helped contractors make better decisions during the recession
• Why you need a traditional accounting system with job costing to do throughput accounting

LINKS

Visit the episode page at https://contractorsuccessforum.com/throughput 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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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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

Send us Fan Mail

How do you decide which projects to pursue? This topic may seem basic for experienced contractors, but if you bid on projects without taking time to consider a defined list of variables and how they could affect your success, you need to listen to this week's episode.

 Topics we cover in this episode include:

• How finding your sweet spot allows you to choose the best projects for you
• Understanding whether a project fits your capacity and capabilities
• The importance of considerations like location, competition, subcontractor availability, and potential risks
• How variable costs and unknown delays can kill a project 
• Why you shouldn't bid every job you come across

LINKS

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

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

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

Send us Fan Mail

What's your construction company's weakest link? Identifying and addressing the constraints that are holding your business back, one by one, is they key to long-term success. This week we're talking about the theory of constraints: how to apply it to your business and how it can be used to address the supply chain issues many of us are still facing today.

 Topics we cover in this episode include:

• Theory of constraints basics
• The story of Herbie and performance gaps
• Parkinson's Law
• Why you should focus on your weakest link first
• How to minimize buffer time on your jobs

LINKS

Visit the episode page at https://contractorsuccessforum.com/government 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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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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

Send us Fan Mail

Estate planning isn't a popular topic, but it is a necessary one. This week on the Contractor Success Forum, find out what pieces you need to have in place to minimize the financial and mental burdens on your loved ones and business partners.
 
Topics we cover in this episode include:

• First: get a will
• Estate planning done right
• Should you set up a trust?
• Your final planning checklist
• Final planning for estate taxes
• Estate planning is important - especially in the construction industry

LINKS

Visit the episode page at https://contractorsuccessforum.com/finalplanning 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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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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

Send us Fan Mail

Did you know there are accountants who specialize in the construction industry? When it comes to managing money, the construction industry is unique in many ways. That's why we always recommend working with financial professionals who have specialized knowledge and experience working with contractors. This week, find out what you should look for and expect from a good construction-oriented accountant.
 
Topics we cover in this episode include:

• Construction accounting as an artform
• Why taxation is different for the construction industry
• How your accountant should help with your planning and cash flow
• Why your accountant should work with your bond agent
• What a good construction-oriented accountant will prioritize first

LINKS

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

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

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

Send us Fan Mail

Do you ever wonder what it is that makes certain construction companies so successful? The Contractor Success Forum hosts have worked with plenty of successful contractors over the years (and a few not-so-successful ones). Today, they're sharing the traits they consistently see shared by the top companies in the industry.
 
Traits we cover in this episode include:

• Steady profit and cash flow
• A strong financial leader
• A trusted financial board of directors
• Curiosity about growth and continuous improvement
• Utilization of the latest technology
• Hiring and retaining good employees
• Having a defined plan for the future

LINKS

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

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

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