Contractor Success Forum

Send us Fan Mail

We're starting the year off with a topic that's crucial to any contractor's long-term success: getting a handle on your cash flow. Join us to find out how you can better manage cash flow at the project level and create a short-term cashflow plan.

Topics we cover in this episode include:

• How a short-term cash flow plan can be more useful than a five-year plan 
• Managing multiple jobs that affect your cash flow differently
• How creating a short-term cashflow plan can benefit your relationship with banks
• Cash flow statements vs. projections and how each can be useful
• Specific considerations for cash flow projections in the construction industry
• How receivables factor into cashflow and company growth 

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

If you've previously avoided federally-funded construction projects because of prevailing wage issues, now is a great time to reconsider. Prevailing wage expert Jason Sperfslage from Beneco joins us today to discuss maximizing the benefits of this specific type of construction job.

Topics we cover in this episode include:

• What the Davis-Bacon Act is and how it affects federally-funded projects, in addition to state prevailing wage laws
• How the big infrastructure spending package that just passed will affect the amount of activity in the construction industry
• The administrative issues that keep some contractors from taking prevailing wage jobs and how to overcome them
• How to bid jobs with prevailing wage requirements
• How to reduce your labor costs and attract employees with fringe benefits

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Every business has a sweet spot. Recognizing and operating in yours means business growth and operations stop being difficult. This week, Donna Leyens of Pumpkin Plan Your Biz joins us to talk about identifying and getting to your construction company's sweet spot.

Topics we cover in this episode include:

• What it looks like to operate in your business's sweet spot
• The three factors that overlap to create your business's particular sweet spot
• How to identify your most profitable clients (not just the ones that bring in the most revenue)
• Why so many people are afraid to specialize and why you shouldn't be 
• Why so many businesses fail when they diversify too early 

LINKS

Visit the episode page at https://contractorsuccessforum.com/sweetspot for more details, the free Pumpkin Plan download, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/

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

Does your accountant have special expertise in the construction industry? Construction-specific accounting methods aren't taught in school. This week, Wade is walking us through those methods and how accounting looks different for construction companies.

Topics we cover in this episode include:

• The individual quirks with construction accounting that aren't taught in school
• How the percentage of completion method gives a truer picture of where your company is
• The importance of job costing
• How so many people treat retainage receivable incorrectly on their books

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

The end of the year is a great time to examine your overhead costs, and that's what we're discussing this week. Find out how to calculate overhead, why it seems to only go up, and what you can do to control those expenses and take home more of the money that comes in.

Topics we cover in this episode include:

• Why you should look at your overhead as a percentage of your real revenue, and how to calculate both
• How to review and analyze your profit vs. expenses
• How looking at overhead as a percentage of real revenue helps you see things clearly even with fluctuations in your business
• Strategies for reducing expenses and how Proft First helps
• The benefit of tying employees bonuses to efforts to reduce overhead

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

If you've recently implemented Profit First, congratulations! Now that you've figured out your percentages and set up your bank accounts, do you simply leave things as they are? The answer is no. Rob and Wade explain the long-term strategies and benefits of Profit First on this week's information-packed episode.

Topics we cover in this episode include:

• Why you should revisit your Profit First percentages every quarter 
• How cutting expenses, analyzing clients, and systemizing your business factor into the long-term Profit First method 
• Wade's results after using Profit First in his business for three years
• How Profit First helps you add meaning to your money and achieve lifestyle congruence
• How initial wins with Profit First provides momentum for further success

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

This week, bonding and insurance agent Stephen Brown shares the questions you need to ask now to avoid surprises on your next insurance renewal.

Topics we cover in this episode include:

• Why a good insurance agent should always make sure you're prepared for audits and renewals
• Which insurance lines are currently experiencing price increases 
• How telematics can save you a considerable amount of money on your auto insurance
• The three reasons you may be surprised when you get your insurance renewal 
• Why it's important to have a construction-oriented agent who can help you understand your insurance and classify employees correctly

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

This week, Surety Underwriting Specialist Joel Cannon is giving us an inside look at what goes into bond underwriting decisions for contractors.

Topics we cover in this episode include: 

• The importance of good year-end financial statements for bonds
• What creative underwriting means and which factors beyond working capital go into bond decisions
• Common mistakes contractors make when getting bonded for the first time
• The "sweet spot" for contractor success

LINKS

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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

Special guest Kelly Finnell joins us on this information-packed episode to discuss ESOPs in the construction industry.

Topics we cover in this episode include: 

• The purpose of an Employee Stock Ownership Plan
• Sources of financing for ESOPs
• Why ESOPs work for construction companies
• The tax and employee benefits that come with ESOPs
• What makes a good candidate for an ESOP
• How to get started

LINKS

Get Kelly's ESOP primer at https://www.execfin.com/esops/business-owners/

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

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
Kelly Finnell, ESOP Coach | https://execfin.com
Rob Williams, Profit Strategist | https://IronGateESS.com
Wade Carpenter, CPA, CGMA | https://CarpenterCPAs.com
Stephen Brown, Bonding Expert | https://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 know the value of your contracting company? Tune in this week to find out why you should care and which factors can affect the final number.

Topics we cover in this episode include: 

• Why you should care about the value of your company
• How to bring the value of your company higher than the value of its assets
• How workflows and systems can increase the value of your company
• Why you need to begin thinking about increasing your company's value long before selling it

LINKS

Visit the episode page at https://contractorsuccessforum.com/valuation for more details, the article Stephen referenced, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

Find all episodes and related links at ContractorSuccessForum.com.

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