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This week we're following up on our Profit First-focused episodes with Mike Michalowicz and Ron Saharyan and expanding on a few of the subjects we wanted to clarify, like why taking your profit first is less about being wanting to take more out for yourself and more about keeping your company healthy long-term. We also cover how we define profit, what exactly the Profit First system says to do with that profit and our approach to paying off debt. If you have more questions about Profit First after listening to our recent episodes, don't miss this one! 

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

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

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

Ready to take a deeper dive into how you can get more out of your business and the habit science behind our behaviorally-based cash management system? Visit http://bit.ly/CSFCPP for $10 off of the upcoming seminar, Constructing Permanent Profitability. Find out more at PermanentProfit.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 joined by special guest Mike Michalowicz! Mike is the best-selling author of Profit First and Fix This Next. We talk with him about the Profit First cash management method, the behavioral science behind it, and why it works for contractors.

We also discuss how Profit First helps contractors get bonds, why checking on the balance in your bank account is not a good way to measure profitability, and why you should consider working with a Profit First Professional to get the most out of the system.

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

Check out the video of Wade and Rob rescuing Mike from the bears here!

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

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

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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In this week's episode, Stephen, Wade, and Rob cover one of the three C's of getting bonds: Character.

We talk about how it's measured by bond underwriters, how your agent can help you put your best foot forward, and how to build a bond team of deeply trusted allies, rather than fair-weather friends.

Make sure you tune in next week for a very special guest! And subscribe to hear about the last C of bonding: Cash.

Visit the episode page at contractorsuccessforum.com/character for more details and a transcript of the show. Subscribe to for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Don't forget to subscribe so you don't miss future episodes! 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

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

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In this week's episode, Stephen, Wade, and Rob discuss what you can do to increase your bonding capacity - and what things could work against you.

We cover the responsibility of your bond agent vs. the responsibilities of you as the contractor, why it's crucial to work with a CPA to have good financial records, how much liquidity you need, how past jobs can help boost your bonding capacity, and the importance of good relationships in the process. Wondering how your personal net worth factors into your bond capacity? We cover that question, too. 

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

Don't forget to subscribe so you don't miss future episodes! 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

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

On this week's episode, we're joined by special guest Ron Saharyan, CEO of Profit First and Co-Founder of Profit First Professionals. 

Ron talks with Stephen, Wade and Rob about how contractors can implement the Profit First method successfully, how you can take your profit first as the owner of your construction company and still improve your bonding ability, how Profit First can protect you from both seasonal fluctuations and major economic events, and why you should consider working with a Certified Profit First Professional like Wade or Rob to implement Profit First.

Want a free copy of the Profit First book? Ron is giving copies away to the first 5 people to reach out to us after this episode! Just shoot an email to Rob, Wade or Stephen to claim your copy!

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

Don't forget to subscribe so you don't miss future episodes! 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

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

In this week's episode, Stephen, Wade, and Rob are talking about the number one reason contractors fail: issues with management. 

We get into why it's crucial to have a strategic vision, why leadership and knowing when to trust your team to make key decisions can have such a profound effect on your company's success, and the importance of having a solid succession plan in place if something happens to your company's leadership.

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

Don't forget to subscribe so you don't miss future episodes! 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

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

In this week's episode, Stephen, Wade, and Rob are talking about the key financial ratios that you need to be tracking in your construction business. They cover what the key ratios are, what they mean, and why they're important.

Topics we cover in this episode include tracking the health of your company, the quick ratio (current assets/current liabilities), what ratios bonding agents are looking for, how a great bonding agent can work with you to help get your bonding up, and what items you can get credit for vs. which items won't matter to a bonding agent. Lastly, we cover how Profit First can help you with all of this. 

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

Don't forget to subscribe so you don't miss future episodes! 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

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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This is Part One of a series in which Rob, Stephen, and Wade discuss the reasons many contractors fail, and what you can do to avoid those all-too-common pitfalls. The first reason contractors fail? Accounting.

Topics covered on this episode include: inadequate capitalization, inadequate cost tracking systems, low profit margins on a job, estimating problems, procurement problems and slow collections.

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

Don't forget to subscribe so you don't miss future episodes! 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

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

Let's talk about job cost. Wade, Rob, and Stephen discuss why it's important, their approach to doing it right, and why there isn't a universal answer.

Visit the episode page at contractorsuccessforum.com/jobcosting for more info and resources.

Don't forget to subscribe so you don't miss future episodes! 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

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 perfect project is coming out to bid, but there are elements to it that you are unable to manage.  It’s a shame to pass it up because you see potential in making a good profit.   Why not consider putting together a Joint Venture? 

In this conversation, Stephen Brown, Wade Carpenter, and Rob Williams discuss the advantages of joint ventures in construction.

Visit the episode page: contractorsuccessforum.com/jointventures.

Don't forget to subscribe so you don't miss future episodes! 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