Contractor Success Forum

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.

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

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.

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

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.

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

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.

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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

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.

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

Working with a good construction-oriented insurance agent can save you a lot of money and headaches as a contractor. On this week's episode, we're getting some of those money-saving tips straight from our bonding and insurance expert himself: Stephen Brown.

Topics we cover in this episode include: 

• Ten ways to save money on your insurance
• Five money-saving strategies you should definitely avoid
• Why you shouldn't shop your insurance every year
• How to make insurance carriers hungry for your business

LINKS

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

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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

How's your year-end planning going? If you haven't put some time aside to look at where your business will be at the end of 2021 and make a plan for 2022, this episode is your chance to do some crucial reporting and decision-making that will set you up for success over the next year.

Topics we cover in this episode include: 

• The four prongs of year-end planning for contractors
• The tax considerations you should discuss with your CPA during year-end planning and how your planning should go beyond minimizing your tax payment
• The importance of good year-end financials for getting bonds
• Why you should build a cash flow plan and how a construction-oriented CPA can help you get there

LINKS

Visit the episode page at https://contractorsuccessforum.com/planning for more details, the Lifestyle Congruence download, and a transcript of the show.

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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

Do you ever feel like your business is stuck in survival mode, even with growing sales? Many business owners find themselves stuck in what we call the Survival Trap, and this week we're talking about how to break out of it.

Topics we cover in this episode include: 

• The Business Hierarchy of Needs
• How to discover your business's vital need and how focusing on it will help you get out of the survival trap
• Why using instinct without a third party's insights might not lead you to the best decisions in your business
• How focusing on sales alone will keep you in the Survival Trap

LINKS

Visit the episode page at https://contractorsuccessforum.com/survivaltrap for more details, the Lifestyle Congruence 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.

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

This week we're going beyond the basic concepts and psychology behind Profit First, and into the real impact it can have on your construction business.

Topics we cover on this episode include: 

• Why too many contractors are not being rewarded for their hard work
• How even the smallest changes can have a huge impact on the health of your business
• How cashflow and profit drivers can increase the overall value of your business

LINKS

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

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

When it comes to disputes on the job, documentation is the best protection. That's what we're talking about this week with special guest Chad Gill. He's a polished concrete contractor who also created an app to help teams document their jobs. We sat down with him to find out why documentation is important and how software can help you do it right.

Topics we cover include:

• Real examples of when documentation protected our companies from a loss
• How a system for documentation can improve your relationship with your bond agent 
• What additional pain points software like Chad's can address
• How to best implement new software in your company

LINKS

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

Learn more about Chad 
Visit the Workforce Recon website: https://workforcerecon.com/
Visit the Concreate website: https://thisisconcrete.com/
Read Chad's bio on the episode page: https://contractorsuccessforum.com/chad

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