Contractor Success Forum

How Contractors Go Broke: The Cash Flow Trap

Tue, 08 Sep 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Your P&L says you're profitable. So why is your bank account empty?

In this episode, Wade Carpenter and Stephen Brown break down the real cost of financing your construction jobs before you get paid.

From labor demands and retainage traps to the hidden price of rapid growth, you'll learn why cash flow, not profit, determines whether your business survives. Plus, discover how holding strong cash reserves gives you negotiating power, better bond rates, and the freedom to take on your best jobs.

⌚️ Key moments in this episode:

00:00 The Construction Cash Trap
00:49 Why Growth Burns Cash
03:08 Labor Eats First
04:23 Cash Cycle Reality
06:43 Weekly Cash Checklist
07:54 Hidden Financing Costs
08:32 Cash Creates Options
13:00 Billing Retainage Risks
16:25 Growth Cash Crunch
19:30 Negotiating With Cash
22:11 Bonding Liquidity Rules
23:03 Debt Compounds Too
24:17 Wrap Up And Takeaways

The Contractor Profit Blueprint is a complete guide that breaks down exactly how to identify where your money's going and start keeping more of it. This isn't theory. It's the same framework I use with contractors I work with every single day.

Head to profitfirstconstruction.com/blueprint to download your free copy.

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

Stop Wasting Time! 5 AI Hacks for Smart Contractors

Tue, 01 Sep 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

AI is like a nail gun: it doesn’t replace skill, it multiplies it. This week, Wade and Stephen share five practical places contractors can use AI immediately.

This week, let's discuss using AI as an executive assistant to organize email chaos, summarize threads, draft follow-ups, and capture action items.

AI can help by improving jobsite communication with clearer emails, meeting summaries, and calmer dispute responses; preserving company knowledge by turning spoken processes into SOPs, checklists, flowcharts, and onboarding plans; staying visible through simple marketing like project spotlights, FAQs, newsletters, and social posts; and using AI to think before expensive decisions by prompting better questions about hiring, equipment, cash flow, and customer issues.

They warn against buying too many tools without mastering one and encourage listeners to share questions and subscribe.

⌚️ Key moments in this episode:

00:00 Nail Gun Meets AI
00:25 Show Intro And Subscribe
02:12 AI As Executive Assistant
07:03 Toolbox Talks And Action Items
08:52 Better Communication Everywhere
11:44 Capture Knowledge With SOPs
14:45 Marketing That Stays Visible
17:22 AI For Smarter Decisions
18:23 Final Takeaways And Wrap

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He Grew 492% By Treating Recovery Like a Profit Strategy | Special Guest John Briggs

Tue, 25 Aug 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

What if taking more breaks was your best profit strategy?

CPA and author John Briggs grew his firm 492% after replacing hustle culture with a science-backed recovery framework.

In this episode, John breaks down the 3.3 Rule — work up to three hours, take a 30% recovery break — and explains how it can double your productivity, reduce jobsite injuries, and help you get your team home safely every night.

Your business deserves a tune-up, and so do you.

⌚️ Key moments in this episode:

00:00 Pit Crew Recovery Mindset
00:27 Meet John Briggs
01:37 Hustle Culture Trap
02:52 2AM Wake Up Call
05:46 Rewriting Work Rules
08:15 The 3.3 Rule Explained
09:28 Why Breaks Boost Output
13:33 Real Breaks vs Fake
16:02 Hourly Teams and Safety
23:16 Define Enough Money
27:16 Labor Multiples Not Micromanage
30:06 Starter Week and Tools
31:46 Where to Get the Book
32:58 Contact and Wrap Up

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AI in Construction: Powerful Tool or Wasted Opportunity?

Tue, 18 Aug 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Are you using AI like a $500K employee to check the weather? Wade Carpenter and Stephen Brown break down how construction contractors can stop treating AI like a search engine and start using it as a strategic business tool.

xFrom punch lists and field reports to change order negotiations and equipment decisions, you'll discover practical, cash-flow-focused ways AI can sharpen your thinking — without replacing your judgment.

⌚️ Key moments in this episode:

00:00 Stop Using AI Like Google
00:29 Show Intro and Hosts
02:42 AI as Your Employee
04:18 Real Contractor Use Cases
06:07 Voice Notes to Punch Lists
08:15 Ask Better Questions
10:28 AI as a Panel of Experts
11:34 ROI Is Better Thinking
12:54 Context Makes AI Smarter
15:23 Don’t Delegate Judgment
16:57 GPS and Tesla Flood Story
18:39 Final Takeaways and Wrap Up

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The Truth About Funds Administration ft. Nolen Tuttle of Upside Guarantee

Tue, 11 Aug 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Funds administration doesn't have to be a cash flow nightmare — it can actually protect your business.

Wade and Stephen sit down with Nolen Tuttle of Upside Guarantee and the Tennessee Surety Association to break down exactly how funds administration works, why sureties require it, and how it can help you get bonded, manage cash flow, and scale your construction business.

If you've ever feared funds administration, this episode will change your mind.

⌚️ Key moments in this episode:

00:00 How Funds Administration Acts as a Ref for Project Money
00:32 Meet Nolen Tuttle
01:25 From Auditor to Surety
02:26 Launching Upside Guarantee
04:08 Funds Admin Explained
06:27 Making It Contractor Friendly
10:16 Benefits for All Parties
13:02 When Owners Get Burned
19:23 Data Flow and Reporting
20:25 Extra Services and Success Story
25:23 Advice for New Contractors
27:07 Contact and Wrap Up

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Master Contractor Leverage: Stop Struggling, Build a Stronger Business

Tue, 04 Aug 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Are you working harder than ever but still hitting a wall?

In this episode, Wade Carpenter and Stephen Brown break down why brute force alone won't scale your construction business — and what will.

You'll learn how to identify the bottlenecks holding your company back, buy back your time as an owner, use financial leverage to stop taking bad contracts, build systems that run without you, and harness AI the right way.

Real leverage combines people, process, cash flow, and technology. This episode shows you how.

⌚️ Key moments in this episode:

00:00 The Stuck Lug Nut Lesson
01:04 Hard Work Ceiling
04:56 Find the Bottleneck
07:14 Buy Back Time
08:24 Delegate and Outsource
10:44 Cash Flow Leverage
13:10 Systems and Processes
15:52 AI for Automation
17:54 Humans vs AI
20:26 Combine Leverage Flywheel
22:27 Wrap Up and Next Steps

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How to Nail a Construction Joint Venture (And Avoid Disaster)

Tue, 28 Jul 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Thinking about a joint venture to land that mega project? Before you shake hands, you need to know the risks.

In this episode, Wade Carpenter and Stephen Brown break down why contractors form joint ventures, how to choose the right partner, what a solid joint venture agreement must include, and the hidden dangers of joint and several liability.

Whether you're chasing a government contract or expanding into a new region, this episode helps you protect your cash flow and your company.

⌚️ Key moments in this episode:

00:00 Joint Venture vs. Vegas Wedding
01:43 What Is a Joint Venture
02:54 Why Contractors Team Up
05:39 Owner and Government Drivers
09:35 Due Diligence and Agreements
12:01 Hidden Pitfalls and Controls
15:45 Insurance Bonding Liability
19:13 Choosing Partners for Success
22:22 Final Takeaways and Wrap

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Cash Flow as a Weapon: Outside The Box Cash Flow Improvement Ideas

Tue, 21 Jul 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

What if cash flow wasn't something that happened to your business, but a weapon you used to protect your profit?

In this episode, Wade Carpenter and Stephen Brown share real contractor stories and practical strategies to help you stop financing jobs for owners and start structuring deals on your terms.

From joint accounts and owner-purchased materials to retainage negotiation and maintenance agreements, you'll walk away with actionable ideas to take control of your cash flow today.

⌚️ Key moments in this episode:

00:00 Cash Flow Mindset Shift
02:13 Concrete Job Turnaround
03:36 Owner Pays Materials Strategy
05:37 Prefunded Joint Accounts
08:02 Dell Model Cash Lessons
09:26 Trade Margin For Terms
11:14 Financing Options And Discounts
12:49 Change Orders And Procurement Phases
14:40 Funds Control And Billing Cadence
15:40 Deposits Retainage And Scheduling
19:34 Capacity Premium And Maintenance Fees
22:04 Wrap Up And Next Steps

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Smart Construction Growth: Why Bigger Isn't Always Better

Tue, 14 Jul 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Is chasing more revenue actually hurting your construction business?

In this episode, Wade Carpenter and Stephen Brown break down why bigger isn't always better, and how blind growth can quietly destroy your cash flow, inflate your overhead, and leave you with less profit than before.

You'll learn the warning signs your growth has gone too far, how to find your most profitable revenue level, and why a healthy company is your best foundation before you ever scale up.

⌚️ Key moments in this episode:

00:00 Pause Before You Grow
00:55 When Bigger Backfires
03:21 Smart Growth Mindset
04:28 Why Growth Breaks Cashflow
05:50 The Ugly Middle Phase
07:26 Approved vs Prepared to Grow
09:31 Signs Youve Grown Too Far
11:40 Build a Real Growth Model
13:14 Shrink to Profit Again
16:29 Profit First and Debt Reality
17:34 Wrap Up and Next Steps

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Bond Agent Secrets: Make Surety Your Secret Weapon!

Tue, 07 Jul 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Your bond agent and surety company are more than a bonding requirement. They're one of your most underutilized business advisors.

In this episode, Wade Carpenter and Stephen Brown break down how your surety relationship can protect your cash flow, flag risky growth decisions, support crisis management, and even connect you with the right industry partners.

If you're only calling your bond agent when you need a bond, you're leaving serious value on the table.

⌚️ Key moments in this episode:

00:00 Surety as Smoke Detector
00:19 Why Relationships Matter
01:55 Claims vs Losses
03:15 Financial Statement Reality Check
04:46 Agent First Big Decisions
07:07 Risk and Controlled Growth
10:36 Industry Intelligence and Underwriters
14:48 Networking and Joint Ventures
16:55 When Trouble Hits Call Early
18:06 Key Takeaways and Wrap Up

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Why Your Favorite Project Manager Might Be Losing You Money!

Tue, 30 Jun 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Your most beloved project manager might be your biggest profit leak.

In this episode, Wade Carpenter and Stephen Brown break down how relationship-driven PMs silently give away margin through scope creep, unwritten change orders, and being too nice to push back.

You'll learn what to measure, what systems to put in place, and how to reward your PMs for protecting your bottom line, not just keeping clients happy.

⌚️ Key moments in this episode:

00:00 PMs Clients Love
01:22 Nice Guy Margin Leak
02:18 Stop Free Favors
04:10 When Trust Goes Wrong
05:33 Measure Profitability
07:53 Systems That Stick
09:56 Make Change Orders Easy
12:03 True Cost Reality
13:08 KPIs By Project Manager
14:41 Practical Fix Checklist
17:23 Wrap Up And Next Steps

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Unlocking Contractor Wealth: Employee Ownership Trusts Explained

Tue, 23 Jun 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

After 30 years building your company, do you know how you'll exit? In this episode, Wade Carpenter and Stephen Brown break down Employee Ownership Trusts (EOTs) — a lesser-known but powerful exit strategy for contractors.

You'll learn how EOTs compare to ESOPs, what they mean for your cash flow, bonding capacity, and taxes, and why your employees might be your best buyers. If you haven't planned your exit yet, this episode will get you thinking.

⌚️ Key moments in this episode:

00:00 Succession Dilemma
00:31 EOT Explained
01:34 Why Owners Consider It
02:10 EOT vs ESOP Payouts
03:19 Size Fit and Complexity
03:40 Origins and Regulation
04:47 Owner Benefits and Legacy
06:29 Funding the Buyout
08:25 Bonding Company View
10:02 Tax and S Corp Issues
11:25 How the Money Flows
15:24 Advisors and Planning Team
19:18 Other Exit Options
20:36 Employees Are the Value
22:20 Wrap Up and Call to Action

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Why Successful Contractors Say No More Often

Tue, 16 Jun 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Discover why the most profitable contractors don't chase every job opportunity.

Wade Carpenter and Stephen Brown reveal the difference between reactive and strategic "no's" - and how saying no protects your margins, prevents cash flow problems, and builds long-term profitability.

Learn to identify red flags, create strategic filters for job selection, and break free from the feast-or-famine cycle that traps many contractors.

⌚️ Key moments in this episode:

00:00 Buffet Bidding Trap
00:31 Big Job Reality Check
01:40 Revenue Isn’t Progress
04:26 Opportunity Cost of Yes
05:16 Reactive vs Strategic No
09:23 Red Rope Policy
09:47 Patterns of Bad Projects
11:56 Fear Driven Bidding
13:28 Numbers Create Confidence
15:00 Build Your Bid Filter
17:34 Backlog Quality Check
18:12 Final Gut Check
18:44 Wrap Up and Subscribe

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7 Costly Mistakes Contractors Make After a Great Year!

Tue, 09 Jun 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Having your best year ever? Don't celebrate too early!

Wade and Stephen reveal the 7 dangerous traps that turn record-breaking years into financial disasters for contractors.

Learn why success often hides warning signs, how to avoid the phantom profit trap, and why building reserves beats buying that lake house.

Discover practical strategies to build sustainable profitability instead of just surviving bigger chaos. Essential listening for any contractor who wants their great year to become many great years.

⌚️ Key moments in this episode:

00:00 Record Year Warning
00:32 Why Great Years Fade
01:37 Home Runs and Market Luck
03:15 Tax Bill Trap
04:28 Overconfidence and Loose Bidding
06:05 Overhead and Equipment Hangover
08:19 Phantom Profit on Paper
09:23 Lake House Mindset
11:45 Discipline and Reserves
13:56 Post Year Questions Checklist
16:03 Systems Net Worth Bonding
17:15 Stress Test and Wrap Up

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The Hidden Chaos Tax Eroding Contractor Profits

Tue, 02 Jun 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Feeling like you're constantly busy but barely profitable? You might be paying the hidden tax of disorganization.

Wade and Stephen break down how chaos in your construction business silently drains profits through missed billings, rework, and cash flow surprises.

Learn practical strategies to organize your business systems, establish financial rhythms, and build the leverage you need to move beyond the daily grind and start keeping more of what you earn.

⌚️ Key moments in this episode:

00:00 Busy But Broke
00:27 Hidden Tax Of Chaos
01:24 Jobsite Vs Business
03:58 Spouse As Bookkeeper
06:29 Where Profit Leaks
08:24 Cash Flow Pressure
10:10 Name The Chaos
13:23 Build A Business Rhythm
17:16 Five Steps To Fix
18:49 Insurance Nickel And Dimes
19:20 Fish Story Warning
20:31 Wrap Up And Next Steps

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Stop Wasteful Software Spending With These AI Adoption Secrets

Tue, 26 May 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Every contractor has a software graveyard: tools bought with good intentions that nobody uses.

Wade shares his journey implementing AI at his CPA firm, revealing why even the best software fails and how to get real adoption.

Learn practical strategies for introducing new tools, building team buy-in, and turning software investments into actual productivity gains for your construction business.

⌚️ Key moments in this episode:

00:00 The Software Cemetery
01:11 Why Tools Fail Adoption
03:20 Wade AI Rollout Story
05:14 Early AI Experiments
07:03 Why Teams Resist AI
08:02 Simplify the Message
09:37 Big Wins Use Cases
12:35 Contract Review Example
14:16 Why Wins Stick
16:03 Workflow Integration Attempts
19:51 Burning the Boats
21:13 Recap and Takeaways
23:27 Final Wrap Up

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Hidden Insurance Gaps: What Contractors Need to Know!

Tue, 19 May 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Discover the hidden insurance gaps that cost contractors thousands!

Wade and Stephen reveal what's actually covered when your equipment is stolen, materials get damaged in transit, or accidents happen on job sites.

Learn the difference between builder's risk, installation floater, and inland marine coverage. Plus, get real case studies and a free insurance checklist to protect your business from costly surprises.

Text 901-340-8085 to get Stephen's free checklist!

⌚️ Key moments in this episode:

00:00 Insurance Wake Up Call
00:35 What Needs Coverage
01:58 Core Policies Explained
03:24 Inland Marine Demystified
04:55 Contracts Transit Responsibility
06:48 Bidding Costs And Specs
08:41 Crane Roof Disaster Story
10:43 Rental Equipment Pitfalls
13:26 Skid Steer Liability Chain
15:04 Glass Shipment And Builders Risk
17:46 Rules Of Thumb Communicate
20:29 Checklist And Wrap Up

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How to Supercharge Your Construction Business with AI (Game-Changing Tips!)

Mon, 11 May 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Discover how AI can actually transform your construction business operations—not just in theory, but with real results.

Wade reveals how he eliminated $25,000 in software subscriptions while building a unified Business Operating System that chains AI automations together.

Learn practical strategies for connecting your estimating, job costing, CRM, and billing systems into one powerful workflow that gives you real-time visibility and control over your cash flow.

⌚️ Key moments in this episode:

00:00 AI Finally Pays Off
00:46 Recap and Big Promise
02:46 Business Operating System
04:55 Burn the Boats CRM
07:42 All in One Workflow
12:17 Operations Data Automation
13:45 Field Receipts and POs
15:47 Job Costing to Tax Flow
17:17 Surety and Real Time Books
18:39 Marketing Automation OS
22:30 Chain Automations Together
24:23 Start Small and Next Steps

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The Subscription Trap: How AI Can Set Your Business Free

Tue, 05 May 2026 00:00:00 -0400

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Tired of paying for countless software subscriptions that don't talk to each other? Wade and Stephen explore how AI can finally solve the "Frankenstein Stack" problem plaguing construction businesses.

Discover why your CRM, accounting, and bidding software aren't working together, and learn how contractors can start building their own AI-powered tools to control their data, cut subscription costs, and boost productivity.

This episode reveals the subscription trap holding your business back and shows the path to AI freedom.

⌚️ Key moments in this episode:

00:00 Why AI Hasn’t Clicked
00:21 Meet the Hosts
01:00 AI Tools in 2026
01:35 Security and Privacy Basics
02:37 Subscription Creep Reality
04:29 Frankenstein Stack Problem
06:00 AI Can Replace Tools
07:43 Integration Pain Points
10:36 Control Your Data
12:55 Build Your Own Stack
14:34 Customer Experience Example
16:43 Next Episode Preview

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The Five Numbers Contractors Get Wrong (+ Free Tools to Fix Them)

Tue, 28 Apr 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Stop running your construction business with broken financial tools.

Wade and Stephen reveal the 5 critical numbers most contractors calculate wrong, then gives you free calculators to fix them.

Learn your true labor costs, master markup vs margin, track job profitability, calculate real equipment costs, and simulate cash flow timing.

These aren't theories, they're working tools that can transform your bidding accuracy and bottom line.

Download all 5 calculators free, no strings attached: https://carpentercpas.com/numbers

⌚️ Key moments in this episode:

00:00 Financial Toolbox Intro
00:21 Meet the Hosts
00:39 Five Free Calculators
02:33 Labor Burden Breakdown
05:26 Markup Versus Margin
06:57 Job Profitability Tracking
08:06 True Equipment Costs
10:27 Cashflow Timing Simulator
12:05 How to Download and Use These Free Tools
13:13 Introducing the Permanently Profitable Contractor
15:09 Final Wrap-Up

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Funds Control: Is This The Key to Bigger Jobs?

Tue, 21 Apr 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Struggling to get bonded for bigger jobs? Funds control might be your ticket to landing contracts you never thought possible.

Wade and Stephen break down how this third-party payment system works, when it's required, and how to make it work FOR your business instead of against it.

Learn the difference between good and bad funds control companies, how it can open doors with SBA bonding, and why smart contractors see it as a stepping stone to bigger opportunities.

⌚️ Key moments in this episode:

00:00 Why Funds Control Matters
00:40 Funds Control Explained
02:18 Costs and Key Benefits
03:07 Choosing the Right Provider
06:11 Set Expectations Upfront
08:12 Cash Flow and Turnaround
09:55 Accounting and Job Costing
11:24 SBA and Bigger Bonds
12:49 Getting Bond Ready
16:11 Future Uses and Wrap Up

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Top 4 Mistakes That Bankrupt Contractors (Avoid Them!)

Tue, 14 Apr 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Most contractors don't fail from one bad job—they go broke slowly over time. Liberty Mutual's claims analysis reveals the top 4 categories that bankrupt contractors: cash flow deterioration, dangerous changes, subcontractor network failures, and risky bond terms.

Wade Carpenter and Stephen Brown break down each category with practical insights to protect your business and maintain strong surety relationships.

⌚️ Key moments in this episode:

00:00 Why Contractors Fail Slowly
00:25 Liberty Mutual Claims Lessons
02:11 Category 1 Cash Flow Red Flags
03:08 Job Borrow and Late Financials
06:28 Category 2 Dangerous Change
10:13 Category 3 Subcontractor Network Risk
12:13 Category 4 Contract and Bond Traps
14:42 Surety Support During Claims
16:07 Key Takeaways for Bonded Work
17:45 How to Reach Stephen
19:03 Wrap Up and Subscribe

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The Cash Flow MRI: Diagnose & Cure Your Contractor Cash Problems

Tue, 07 Apr 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Tired of big payments coming in only to worry about payroll two weeks later? Wade reveals his revolutionary Cash Flow MRI, a comprehensive diagnostic tool that uncovers hidden cash drains traditional accounting misses.

Learn why your profitable P&L might be masking serious cash flow problems and discover the real breakeven numbers you need to bid profitably. Includes debt analysis, sustainable growth calculations, and a complete system for contractor financial health.

⌚️ Key moments in this episode:

00:00 Cash Flow Wakeup Call
00:32 Meet the Hosts
01:02 The MRI Story
02:59 X Ray vs MRI Money
04:07 Why Profit Isnt Cash
05:30 Inside the MRI Tool
07:43 Cash Reality Bridge
08:16 Break Even Reframed
09:46 Cash Conversion Cycle
10:50 Data Quality Matters
12:05 Debt and Bidding Fixes
13:46 Growth and Cash Gaps
15:35 Profit First Setup Plan
17:45 Owner Pay and Seasonality
18:51 Report and Coaching Offer
21:34 Wrap Up and Next Steps

Head to profitfirstconstruction.com/blueprint to download your free copy.

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5 Years of Contractor Success: Lessons from the Forum's Founders [BONUS Episode!]

Wed, 01 Apr 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Celebrating 5 years and 263 episodes! Wade Carpenter, Stephen Brown, and returning co-host Rob Williams share the most impactful episodes, business lessons, and evolution of the show.

Rob reveals his new focus on exit planning and business valuations for contractors earning $10M-$1B. From Profit First to joint ventures to scaling up strategies, discover the episodes that changed how contractors think about their businesses. Plus: why 75% of business owners regret their sales and how to avoid that trap.

⌚️ Key moments in this episode:

00:00 Five Year Milestone
00:50 Rob Returns Update
01:11 Staging For Exit
04:39 Rembrandt In Attic
06:39 Favorite Episodes
09:49 Profit First Lessons
12:03 Cash Flow Drivers
14:42 Throughput And Constraints
16:58 Early Podcast Days
18:20 Behind The Scenes Amanda
18:35 Favorite Episodes Talk
19:16 Survival Trap Lessons
21:18 Coaching Contractors Better
22:35 Rob’s Business Shift
24:00 Exit Planning Purpose
26:06 AI and Tech Mindset
28:24 How to Reach Rob
30:15 Sell Smart Not Fast
32:00 Planned Exit Psychology
34:54 Five Year Wrap Up

Head to profitfirstconstruction.com/blueprint to download your free copy.

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4 Ways to Grow Your Construction Company (That Actually Work!)

Tue, 31 Mar 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Tired of working harder but seeing less profit? You're pulling the wrong levers. Wade and Stephen break down the four proven ways to grow your construction business that actually move the needle on your bottom line.

Learn why 'doing more work' isn't the answer and discover the mathematical drivers that can increase your business value by 85%. Plus exciting announcements as we kick off year six of the Contractor Success Forum!

⌚️ Key moments in this episode:

00:00 Working Hard Not Rich
00:22 Podcast Milestone Intro
01:35 Four Growth Levers
02:34 Win Better Jobs
04:16 Raise Contract Value
05:24 Boost Gross Margin
10:19 Control Overhead
11:54 Pricing Math Reality
12:47 Build Exit Value
14:56 Year Six Reflections
17:25 Audiobook Announcement
19:32 Community Coaching Launch
21:39 Subscribe And Wrap Up

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The True Cost of 'Writing It Off': Avoid a Construction Cash Flow Spiral!

Tue, 24 Mar 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Discover the shocking math behind equipment purchases that contractors never see. Wade and Stephen reveal how the common advice to 'just buy it and write it off' can trap your business in a dangerous cash flow spiral.

Learn the real numbers behind lease vs buy decisions, equipment depreciation, and why that tax deduction might cost you $20,000 more than you think. Essential listening for any contractor making equipment decisions.

⌚️ Key moments in this episode:

00:00 Write Off Truck Myth
01:46 Cash Flow First Questions
03:02 Truck Loan Math Demo
05:00 Negative Equity Trap
08:14 Lease Versus Buy Reality
12:54 Repair Versus Replace
17:39 Section 179 Recapture Shock
21:43 Avoiding the Debt Spiral
24:13 Better Advice and Wrap Up

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The Write-Off Trap: How Misguided Tax Advice Can Ruin Contractors

Tue, 17 Mar 2026 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Your insurance premiums don't have to feel like surprise change orders. Wade Carpenter (CPA) and Stephen Brown (bonding/insurance expert) reveal actionable strategies to control your construction business insurance costs in 2026.

Learn what's driving premium increases, common contractor mistakes that spike rates, and proven tactics to get better coverage for less.

From vehicle insurance to workers' comp, discover how to work with your agent proactively instead of reactively to protect your cash flow and profitability.

⌚️ Key moments in this episode:

00:00 Why Premiums Keep Rising
00:22 What Drives Pricing
02:42 Insurance Is Not A Commodity
04:50 Hidden Premium Triggers
08:46 Claims History And Hiring
11:17 Best Contractors Win Rates
13:06 Proactive Service Mindset
16:19 Hard Versus Soft Markets
20:19 Year Round Cost Control
23:41 Key Takeaways And Wrap

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Contractor Insurance Secrets: How to Cut Costs in 2026

Tue, 10 Mar 2026 00:00:00 -0400

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⌚️ Key moments in this episode:

00:00 Why Premiums Keep Rising
00:22 What Drives Pricing
02:42 Insurance Is Not A Commodity
04:50 Hidden Premium Triggers
08:46 Claims History And Hiring
11:17 Best Contractors Win Rates
13:06 Proactive Service Mindset
16:19 Hard Versus Soft Markets
20:19 Year Round Cost Control
23:41 Key Takeaways And Wrap

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Why Your Bids Miss the Mark: Markup vs. Margin Secrets

Tue, 03 Mar 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Think markup and margin are the same? This costly mistake could be draining $100K+ from your annual profits.

Wade breaks down the math with real contractor examples, showing why a 25% markup only gives you 20% margin.

Learn the correct formulas to bid jobs that actually deliver the profit you expect, plus get access to calculation tools that ensure your estimators use the right numbers every time.

⌚️ Key moments in this episode:

00:00 Profit Math Warning
00:21 Markup vs Margin Setup
02:07 Is 25% the Same
03:01 The 2 Million Example
03:48 Markup to Hit Margin
06:58 Markup Table Shockers
08:04 Remodeler Case Study
11:20 Commercial GC Mistake
13:16 Profit First Cash Impact
14:54 Calculator Annual Losses
16:17 Wrap Up Key Takeaways
17:06 Final Recap and Outro

Head to profitfirstconstruction.com/blueprint to download your free copy.

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The Data Center Boom: Contractor Secrets to Navigating New Risks & Rewards

Tue, 24 Feb 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Data center construction is exploding with $3 trillion in global investment by 2030. Wade and Stephen break down the massive opportunities and serious risks contractors face in this booming sector.

From specialized labor shortages to complex insurance requirements, liquidated damages, and equipment delays, learn what you need to know before bidding on these high-stakes projects that could make or break your business.

⌚️ Key moments in this episode:

00:00 Why Construction Feels Different: The Data Center Boom Is Here
00:24 Meet the Hosts + The ‘Infrastructure Supercycle’ Numbers
01:38 What Makes Data Centers So Complex (Water, Power, MEP Trades)
04:28 Contract & Bonding Landmines: Risk Before, During, and After
07:08 Real-World Claims & Warranty Exposure
08:55 How to Manage the Risk: Teams, Communication, and Long Lead Times
12:21 Where the Growth Is + Power, Safety, and Community Pushback
15:50 Contractor Playbook: Insurance, Bonding, and a Practical Risk Checklist
21:32 Wrap-Up + Get the Checklist (Contact Info)

Head to profitfirstconstruction.com/blueprint to download your free copy.

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From Confusion to Clarity: Unlocking the Power of WIP Reports

Tue, 17 Feb 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Stop the confusion between your accountant saying you owe taxes on invisible money and your bonding company cutting your credit line.

Wade Carpenter and Stephen Brown reveal how proper Work in Progress (WIP) reports transform your construction business from reactive to proactive.

Learn the essential components, avoid common mistakes, and discover why monthly WIP reports are your secret weapon for maximizing profitability, securing bonding capacity, and making smarter business decisions.

⌚️ Key moments in this episode:

00:00 Accountant vs. Bonding Company: Why Your Numbers Don’t Match
00:22 What a WIP Report Really Tells Underwriters (and You)
02:58 WIP Must Tie to Financials: Software Limits & Data Quality
04:43 Core WIP Inputs: Contract, Costs, Billings, Change Orders & Retainage
07:11 Percentage of Completion 101: Earned Revenue vs. Billed Cash
09:31 Overbillings vs. Underbillings: Balance Sheet Impact & Bonding Red Flags
13:09 Loss Jobs, GAAP Loss Recognition & Avoiding Underwriter Surprises
15:21 Stored Materials, Near-Completion Issues & Other GAAP Gotchas
17:21 Warning Signs on a WIP: Rising Costs, Missing Change Orders & Patterns
21:46 Common WIP Mistakes: Miscoded Costs, Unrecorded Invoices & Stale Estimates
24:13 Monthly WIP Best Practices + Checklists, Forms & How Often to Run It
30:20 Wrap-Up: Resources & Contact Info

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Why Bigger Isn't Always Better: The Truth About Job Margins

Tue, 10 Feb 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Discover why that big, high-margin job might actually hurt your bottom line. Wade and Stephen break down the throughput method, analyzing profit per week instead of just profit margins.

Learn how to evaluate job decisions based on speed of profit generation, cash flow timing, and operational constraints.

Plus real case studies showing when overtime, equipment investment, and hiring coordination staff actually increase profitability despite higher costs.

⌚️ Key moments in this episode:

00:00 Introduction: Choosing the Right Job Path
00:36 Recap of Previous Episodes
01:39 Profit Improvement Potential
03:23 Understanding Throughput
08:38 Case Studies and Practical Examples
20:15 Final Thoughts and Resources

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Contractor Wake-Up Call: What's Draining Your Revenue?

Tue, 03 Feb 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

You can't fix what you can't see. Most contractors know their overall margin but have no idea which parts of their business actually make money.

Wade Carpenter and Stephen Brown break apart the 'green smoothie' of blended P&L statements to reveal hidden profit pockets.

Through real case studies, discover how segmentation helped contractors work fewer hours while increasing profit by $80,000-$137,000.

Learn why your proudest projects might be killing your business and how to identify your true profit makers.

⌚️ Key moments in this episode:

00:00 Introduction to Profit Visibility in Construction
01:13 Recap of Previous Episodes
03:15 Case Study: Commercial vs Residential Profit Margins
06:14 Case Study: Electrical Contractor's Profit Analysis
09:59 Case Study: Mechanical Contractor's Profit Breakdown
14:50 Case Study: Remodeling Group's Financial Insights
21:33 Conclusion and Next Steps

The Secret to Contractor Success: The Simple Math That Boosts Your Bottom Line

Tue, 27 Jan 2026 01:00:00 -0500

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ℹ ABOUT THIS EPISODE

Ready for the construction-specific math that transforms your bottom line?

In part 2, Wade reveals how different job types, pricing strategies, and cash flow cycles impact your real profitability. Discover why collecting receivables just 1 day faster could put $186K more in your bank, how job segmentation reveals hidden profit centers, and the simple scenarios that help you stop growing broke.

This isn't theory, it's practical math every contractor can use.

⌚️ Key moments in this episode:

00:00 Introduction to Profit Improvement Potential
00:01 Recap of the First Episode
00:10 Understanding Construction Project Mix
02:03 The Importance of Pricing Strategy
06:15 Segmentation in Construction Business
06:56 Analyzing Different Job Types
14:24 Cash Flow and Profitability
23:14 Conclusion and Final Thoughts

Simple Math, Huge Results: What's Your Profit Improvement Potential?

Tue, 20 Jan 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Discover the Profit Improvement Potential hiding in your construction business!

Wade reveals the simple math that shows why chasing revenue kills profits and how small 1% improvements across key areas can dramatically boost your bottom line.

Learn why lowering prices requires 50% more customers to break even, but raising prices 10% lets you lose 25% of customers and still profit more.

This CFO-level analysis will change how you think about pricing, customer acquisition, and business value forever.

⌚️ Key moments in this episode:

00:00 Introduction to Profit Improvement Potential
00:58 Understanding Business Metrics
02:41 Strategies to Increase Revenue
08:25 Cost Management Techniques
09:52 Valuing Your Business
13:32 The Impact of Pricing on Profitability
17:58 Conclusion and Next Steps

Backlog Doesn't Equal Growth: What Contractors Get Wrong About Risk Management

Tue, 13 Jan 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Every contractor thinks growth is about backlog, but it's actually about how much damage your business can take without folding.

Wade Carpenter and Stephen Brown reveal why insurance isn't just another cost, it's your growth engine.

Learn how proper risk management unlocks bonding capacity, protects cash flow, and turns insurance from a necessary evil into a competitive advantage.

Discover the critical mistakes that kill contractor growth and how to design your business around risk instead of avoiding it.

⌚️ Key moments in this episode:

00:00 Introduction to Contractor Growth and Risk Management
00:28 The Role of Insurance in Managing Risk
02:25 Starting with Basic Insurance Coverage
03:52 Growth Challenges and Risk Mitigation
06:02 Advanced Insurance Strategies for Contractors
07:13 Insurance as a Tool for Market Access and Bonding
08:59 The Importance of Proactive Risk Management
17:36 Conclusion and Final Thoughts

Why Most Construction M&A Deals Fail: Avoid These Common Pitfalls

Tue, 06 Jan 2026 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Construction M&A deals often fail after closing due to unknown risks and misrepresented warranties.

Wade Carpenter and Stephen Brown reveal how Representations & Warranties Insurance, Lost Profit Insurance, and proper surety planning protect both buyers and sellers.

Learn why insurance beats traditional escrow arrangements, how to maintain your bonding relationships through transitions, and essential due diligence steps that prevent costly surprises. Perfect for contractors considering buying, selling, or protecting their business value.

⌚️ Key moments in this episode:

00:00 Introduction to Construction M&A Challenges
00:39 Understanding the Risks in Construction M&A
02:11 Mitigating Risks in Construction M&A
05:04 Insurance Solutions for M&A Deals
09:47 The Role of Surety in M&A
17:43 Final Thoughts and Recommendations

The Surprising Secret to Scaling Your Construction Business

Tue, 30 Dec 2025 08:00:00 -0500

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ℹ ABOUT THIS EPISODE

Ready to stop being the bottleneck in your own business? In this final episode of our scaling series, Wade and Stephen reveal the 6-step blueprint to transform from owner-operator to CEO.

Learn how to build your second layer of leadership, stabilize cash flow with Profit First, and delegate decisions without losing control. Stop working IN your business and start working ON it.

⌚️ Key moments in this episode:

00:00 Introduction to Financial Blind Spots
13:03 Common Misconceptions in Financial Management
13:08 Challenges in Tracking Work in Progress (WIP)
13:11 Distinguishing Job Expenses from Overhead Expenses
13:16 The Profit First Approach
13:18 Fear of Growth Due to Cash Risks
13:23 The Pitfalls of Cash Flow Management

From Stuck to Scaling: Which 10 Founder Habits Are Killing Your Profits?

Tue, 23 Dec 2025 07:00:00 -0500

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ℹ ABOUT THIS EPISODE

Feeling like your construction company is stuck in second gear? You might be the problem.

Wade and Stephen reveal the top 10 ways construction founders accidentally strangle their own businesses. From decision hoarding to hero syndrome, discover which founder habits are killing your growth and profitability.

This isn't about working harder—it's about working smarter and finally scaling your business beyond your personal capacity.

⌚️ Key moments in this episode:

00:00 Introduction to Financial Blind Spots
13:03 Common Misconceptions in Financial Management
13:08 Challenges in Tracking Work in Progress (WIP)
13:11 Distinguishing Job Expenses from Overhead Expenses
13:16 The Profit First Approach
13:18 Fear of Growth Due to Cash Risks
13:23 The Pitfalls of Cash Flow Management

From Grit to Growth: How to Scale Your Construction Biz Without the Chaos

Tue, 16 Dec 2025 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Every construction contractor hits the same wall—they become the bottleneck. You can build a $2M business on grit, but you can't scale to $10M on caffeine and chaos.

Wade and Stephen kick off a three-part series exploring how to scale your construction company by getting out of your own way.

Discover the growth stages that trip up contractors and why your business isn't outgrowing the market—it's outgrowing you.

⌚️ Key moments in this episode:

00:00 Introduction: The Bottleneck in Construction Businesses
00:30 The Chaos of Winning Big Jobs
01:46 Setting Goals and Realizing Bottlenecks
03:16 The Founder’s Dilemma: Control vs. Growth
04:43 The Importance of Delegation
08:35 Recognizing and Overcoming Scaling Problems
12:39 Conclusion: Identifying the Real Problem

The Secret to Winning More Construction Work in 2026

Tue, 09 Dec 2025 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Most contractors still rely on dropping off donuts and hoping for callbacks, but today's buyers research you online before they ever return your call.

Wade Carpenter and Stephen Brown break down why digital business development isn't optional anymore—it's your competitive advantage.

Learn how to build trust before the first meeting, speed up your proposal process, and stand out from competitors who are still stuck in the past. Your digital footprint is your first handshake.

⌚️ Key moments in this episode:

00:00 Introduction: The Changing Landscape of Business Development
00:20 The Digital Shift: Embracing Online Presence
00:37 Understanding the Modern Buyer
01:14 Building a Strong Digital Footprint
03:25 The Importance of Reputation and Authenticity
06:01 Leveraging AI and Technology
10:46 The Role of CRM Systems
12:33 Combining Digital and Personal Touch
13:32 The Future of Business Development
20:05 Conclusion: Evolving with the Times

Why Your Construction Business Isn't Making Money: Avoid These Pitfalls!

Tue, 02 Dec 2025 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Feeling like your construction business is growing but your bank account isn't? You've hit the growth gap - that predictable wall between $2-10 million where contractors get stuck.

Wade and Stephen break down why your company might be running on an outdated foundation, causing cash flow problems, pricing breakdowns, and management chaos.

Learn the four key dynamics holding you back and actionable strategies to break through to profitable growth.

⌚️ Key moments in this episode:

00:00 Introduction: The Growth Gap in Construction
00:38 Understanding the Growth Paradox
02:16 Business Books on Growth Challenges
05:42 Identifying the Root Causes
11:12 Strategies for Overcoming Growth Barriers
17:27 Conclusion: Planning for Sustainable Growth

Survive the Slow Season: Winter Cash Flow Tips for Contractors

Tue, 25 Nov 2025 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Every winter, broke contractors blame the weather while disciplined ones use the slow season to rebuild and prepare for spring.

Wade and Stephen share practical cash flow strategies to help you survive seasonal slowdowns, including the 'drip account' method, reverse calendar planning, and how to keep your crew paid when work slows down.

Learn to build financial reserves during good times so you can buy competitors' equipment at half price instead of taking predatory loans.

⌚️ Key moments in this episode:

00:26 Seasonal Challenges and Opportunities
01:11 Practical Tips for Winter Preparation
02:44 Financial Strategies for Contractors
04:52 Cash Flow Management Insights
07:24 Planning Ahead for Success
12:04 Creative Solutions and Final Thoughts

AI Can't Fix Chaos: Cut Through the Noise with These Tips

Tue, 18 Nov 2025 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Are you constantly chasing the next AI tool hoping it will magically fix your construction business? Wade and Stephen reveal why the real shortcut isn't smarter software - it's getting your systems and people to speak the same language.

Learn how to eliminate translation friction between estimators, project managers, CPAs, and bonding agents before you invest in more technology. Discover practical strategies to streamline your business operations and set the foundation for AI success.

⌚️ Key moments in this episode:

00:15 The Real Shortcut: Unified Communication
00:56 AI in Practice: Real-World Examples
01:16 The Evolution of AI: From ChatGPT to Today
01:38 Challenges in AI Adoption
03:39 The Language Barrier in Construction
05:25 Streamlining Systems with AI
09:05 Standardizing Work In Progress (WIP)
12:18 The Future of AI in Business

Private Equity's Secret Playbook: Building & Buying Construction Firms

Tue, 11 Nov 2025 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Discover why private equity firms and consolidators are aggressively buying construction companies and what they're really looking for.

Wade and Stephen break down the secret playbook: how buyers evaluate EBITDA multiples, consolidate overhead for higher margins, and what happens during due diligence.

Learn the critical factors that drive valuations, from bonding relationships to recurring revenue streams, plus real stories of deals gone right and wrong. Essential listening for any contractor considering an exit strategy.

⌚️ Key moments in this episode:

00:29 The Surge of Private Equity in Construction
00:55 Valuation and Deal Considerations
03:18 Why Buy a Construction Company?
05:23 Challenges and Strategies in Mergers and Acquisitions
07:10 The Role of Due Diligence
09:50 Post-Acquisition Integration and Management

When Bids Go Bad: Contractor Horror Stories

Tue, 04 Nov 2025 00:00:00 -0500

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ℹ ABOUT THIS EPISODE

Ready for some real frights? Forget ghosts and goblins – these true contractor bid horror stories will keep you up at night checking your Excel formulas.

Wade and Stephen share spine-chilling tales of million-dollar spreadsheet errors, last-minute sub pullouts, and bid day disasters that cost contractors their profits (and sometimes their jobs).

Learn from these nightmares with practical tips to protect your business from bid day terror. Perfect Halloween listening for contractors who want to avoid their own estimating horror story.

⌚️ Key moments in this episode:

01:33 Setting the Stage for Bid Day
02:25 Common Bid Day Mistakes and Their Consequences
05:04 Real-Life Bid Day Horror Stories
14:04 Technical Issues and Their Impact
17:24 Preventing Bid Day Disasters

Avoid These Tax Traps! Year-End Planning Guide for Construction Contractors

Tue, 28 Oct 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Every contractor faces year-end tax decisions, but spending money just to save on taxes can destroy your cash flow.

Join Wade Carpenter, Stephen Brown, and guest Maureen Weick as they reveal the biggest tax planning mistakes contractors make and share practical strategies for year-end planning that protects your cash flow, maximizes your financial statement, and keeps your bonding intact.

Learn how to plan smart, avoid emotional money decisions, and set your construction business up for success in the new year.

⌚️ Key moments in this episode:

00:32 Meet Our Special Guest: Maureen Weick
01:59 Common Contractor Mistakes
02:54 The Importance of Planning Ahead
04:32 Balancing Tax Savings and Cash Flow
05:57 Year-End Financial Planning Tips
07:16 Understanding Bonding and Financial Statements
09:30 Good Debt vs. Bad Debt
19:35 Seasonal Business Considerations

The Ultimate Tech Stack for Construction Contractors

Tue, 21 Oct 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Your construction business needs more than shiny apps - it needs a financial engine that works. We reveal how specialized tech stacks give contractors real-time job costing, streamlined workflows, and allow construction-focused accounting firms like Carpenter & CPAs to offer 30-50% cost savings over traditional accounting.

From receipt capture apps to automated purchase orders, discover the systems that turn your business from cash-burning chaos into a profit-generating machine. Perfect timing for your 2026 planning.

⌚️ Key moments in this episode:

00:00 Introduction: The Shiny New Truck Analogy
00:44 Understanding the Modern Tech Stack
01:09 Challenges with Traditional Accounting Software
01:55 Streamlining Financial Processes
04:24 Real-Time Job Costing and Cash Flow
07:40 The Importance of Efficient Receipt Management
10:35 Time Tracking and Labor Productivity
15:29 The Role of Purchase Orders in Cost Management
21:18 Conclusion: Building a Command Center for 2026

How Job Site Culture Can Build or Break Your Business

Tue, 14 Oct 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Culture is the invisible hard hat everybody wears on your job site. When it's cracked, your whole business has a target on its head.

Join Wade Carpenter and Stephen Brown as they reveal how your crew's behavior when nobody's watching directly impacts your profitability, safety record, and cash flow.

Learn to spot the red flags of toxic culture and discover proven strategies to build a job site environment that protects your people and your profits.

⌚️ Key moments in this episode:

00:00 Introduction to Job Site Culture
00:22 Defining Culture in Construction
01:36 The Impact of Culture on Team Dynamics
03:17 Identifying and Addressing Red Flags
05:31 Safety as a Core Value
10:05 Communication Breakdown and Its Effects
12:18 Cowboy Mentality and Risk Management
13:34 Mental Health and Fatigue in Construction
14:59 Building a Strong Job Site Culture
20:40 Key Takeaways and Final Thoughts

From Failed Hires to Profit Gains: The Contractor's Guide to HR ROI

Tue, 07 Oct 2025 00:00:00 -0400

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Learn more about People Processes and connect with Rhamy

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ℹ ABOUT THIS EPISODE

Labor is your biggest expense but least understood profit driver. Wade Carpenter sits down with HR expert Rhamy Alejeal to reveal the hidden costs of poor hiring practices that are bleeding your construction business dry.

Discover the three critical metrics every contractor must track: turnover rate, time to hire, and time to productivity.

Learn why McDonald's takes 21 days to hire a fry cook and 41 days to get them productive - and what that means for your skilled trades.

Stop treating your workforce like expensive lawn ornaments and start maximizing your labor ROI.

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⌚️ Key moments in this episode:

00:19 Meet Rhamy Alejeal: People Processes
02:16 The Importance of Labor Productivity
07:04 Key Metrics for Labor Efficiency
13:36 Strategies to Improve Hiring and Retention
23:03 The Value of Outsourcing HR
28:16 Conclusion and Contact Information

Don't Crash Your Construction Business: Use FP&A to Navigate

Tue, 30 Sep 2025 03:00:00 -0400

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ℹ ABOUT THIS EPISODE

Most contractors are flying blind, relying on gut feel and looking backward at old numbers. Wade and Stephen dive into Financial Planning & Analysis (FP&A) - your business headlights that help you see the road ahead instead of crashing.

Learn how to build forward-looking dashboards that track cash flow, crew capacity, equipment utilization, and pipeline health. Discover why construction businesses need different metrics than other industries and how FP&A can strengthen your bonding program.

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⌚️ Key moments in this episode:

00:32 What is FP&A?
00:50 The Importance of Financial Dashboards
01:45 Real-Time Data and Predictive Analysis
02:18 Traditional vs. Modern Dashboards
03:03 Holistic Business Operations
04:04 The Role of Cash Flow and HR
06:00 Sales, Marketing, and Business Development
08:51 Operations and Equipment Utilization
10:48 IT Systems and Automation
12:16 Procurement and Supply Chain Management
13:04 Unique Challenges in Construction
16:27 Key Takeaways and Conclusion

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Mastering Change Orders: Profit Boost or Project Killer?

Tue, 23 Sep 2025 02:00:00 -0400

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ℹ ABOUT THIS EPISODE

86% of contractors are seeing more change orders in 2025 - are they boosting your profits or breaking your projects? Wade Carpenter and Stephen Brown reveal how to turn change orders from chaotic disruptions into profitable opportunities.

Learn essential documentation practices, workforce training strategies, and contract language that protects your bottom line. Discover why better planning beats hoping for luck, and get actionable tools to track and manage change orders like a pro.

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⌚️ Key moments in this episode:

00:23 Current Trends in Change Orders
01:43 Types and Management of Change Orders
02:41 Accounting and Documentation
04:12 Challenges and Best Practices
07:07 Communication and Pre-Planning
13:19 Profitability and Strategic Planning
16:45 Conclusion and Resources

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Why Your Construction Software Isn't Working (And How to Fix It)

Tue, 16 Sep 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Think that sync button on your construction software is magic? Wade Carpenter reveals why most contractor software integrations fail and how to set them up properly.

Learn the truth about QuickBooks syncing with Procore, Buildertrend, and other construction apps. Discover how to avoid duplicate entries, set up cost codes correctly, and create workflows that actually save time instead of creating more work for your business.

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⌚️ Key moments in this episode:

00:36 The Reality of Construction Software
01:20 Understanding Third-Party Apps
05:44 The Importance of Workflow and Syncing
07:36 Common Pitfalls and Solutions

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Are You Running a Business or a Charity? Truths About Paying Yourself

Tue, 09 Sep 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Are you running a charity for your subs and suppliers? If your construction company can't afford to pay you a fair wage, something's seriously wrong.

Wade and Stephen break down the critical balance between underpaying yourself (martyr syndrome) and overpaying (cash flow killer). Learn about S-Corp reasonable compensation rules, the 20% qualified business income deduction, and how to structure your pay for maximum tax benefits while building long-term wealth.

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⌚️ Key moments in this episode:

00:41 Exploring the Concept of Profit First
03:21 Understanding Business Structures and Compensation
07:54 Tax Implications and Reasonable Compensation
11:47 Balancing Personal and Business Financial Goals

Head to profitfirstconstruction.com/blueprint to download your free copy.

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From Chaos to Clarity: Mastering Your Chart of Accounts Like a Pro

Tue, 02 Sep 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Your chart of accounts is the foundation of your financial success - if it's wrong, you're lost and broke. Join us as we break down how to build a bookkeeping system that actually tells you where your business stands.

Learn the difference between chart of accounts and cost codes, how to avoid analysis paralysis, and why you can't just copy-paste someone else's system.

Whether you're running service calls or multi-million dollar projects, this episode gives you the framework to build books that work for YOUR business.

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⌚️ Key moments in this episode:

00:09 The Importance of Proper Financial Structure
00:27 Building a Great Set of Books for Contractors
01:06 Understanding Cost Coding Systems
02:01 Framework for Effective Financial Management
04:05 Challenges in Job Costing
05:13 Tailoring Financial Systems to Contractor Needs
07:11 Reporting Requirements and Compliance
10:51 Practical Tips for Financial Management
19:09 DIY Financial Management Kit

Profit Killers: 10 Ways Waste is Hurting Your Bottom Line

Tue, 26 Aug 2025 10:00:00 -0400

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ℹ ABOUT THIS EPISODE

Your invoice shows 14% profit, but your dumpster tells the real story. Wade Carpenter and Stephen Brown reveal 10 ways waste is silently killing your construction profits.

From literal material waste to scheduling disasters, learn how to spot profit leaks and implement systems that protect your bottom line. Discover the power of dumpster audits, better scheduling, and why your back office might be your biggest profit killer.

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⌚️ Key moments in this episode:

00:20 Identifying Waste in Construction
01:14 Common Sources of Waste
04:27 Managing Labor and Equipment Efficiency
11:25 Back Office and Scheduling Challenges
14:24 Strategies to Reduce Waste

How AI Could Transform Construction Forever (Pros and Cons Inside)

Tue, 19 Aug 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

What if AI could run your entire construction company—from design to completion—with zero human workers? Wade and Stephen dive deep into this thought-provoking scenario, exploring an AI-generated story about a fully automated construction company.

They examine the pros and cons of AI in construction, discuss real-world applications available today, and reveal practical lessons you can implement now to improve profitability and cash flow. This eye-opening discussion will challenge your assumptions about the future of construction.

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⌚️ Key moments in this episode:

00:20 Exploring AI's Role in Construction
01:05 AI's Story: BuildBotics Construction
04:16 Debating AI's Capabilities and Limitations
14:29 AI in Project Management and Safety
22:18 The Future of AI in Urban Development

How to Manage Materials & Supplies Risks and Protect Your Profit

Tue, 12 Aug 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Protect your construction business from materials and supply chain disasters that can tank profitable jobs. Wade and Stephen share proven strategies to manage vendor relationships, negotiate stronger contracts, handle overseas orders, and avoid costly delays.

Learn when to require supply bonds, how to document everything properly, and what to do when suppliers threaten bond claims. Essential tactics every contractor needs to safeguard cash flow and maintain project schedules.

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⌚️ Key mistakes we cover in this episode:

00:19 The Challenges of Sourcing Materials
01:47 Impact of Market Changes on Construction
03:00 Vendor Relationships and Risk Management
05:18 Best Practices for Managing Supply Risks
06:31 Handling Supply Chain Issues and Legalities
10:17 Proactive Measures and Documentation
17:09 Dealing with Payment Bond Claims

10 Guaranteed Ways to Go BROKE as a Contractor in 2025 (Don't Do This!)

Tue, 05 Aug 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

A satirical look at contractor failure!

Wade and Stephen reveal the 10 most common mistakes that send construction businesses straight to bankruptcy.

From pricing jobs like favors to ignoring cash flow, this reverse-psychology approach shows exactly what NOT to do to protect your profits.

Learn why fancy trucks before profitability, poor bookkeeping, and chasing slow-paying jobs are business killers. Perfect for contractors who want to identify dangerous patterns in their own operations.

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⌚️ Key mistakes we cover in this episode:

00:00 Introduction to the Satirical Guide
00:49 Pricing Jobs Like Favors
02:39 Buying Fancy Trucks Before Profit
04:49 Keeping Your Bookkeeper in the Dark
06:03 Paying Everyone Else Before Yourself
07:18 Treating Tax Time Like a Surprise Party
08:08 Chasing Big Jobs with Long Payment Terms
08:53 Never Saying No to a Job
09:53 Letting the Crew Manage Themselves
10:44 Skipping Budgets for Tools
11:53 Pretending Profit is a Bonus
13:05 Bonus Tip: Ignoring Red Flags

How Surety Companies Really Analyze Your Construction Financials

Tue, 29 Jul 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Ever wonder why your bonding agent scrutinizes your profitable financial statements like they're hiding serious flaws? In construction, your numbers tell completely different stories to banks versus bonding companies - and understanding this difference could make or break your business growth.

Wade and Stephen break down the critical distinctions between how banks and bonding companies analyze your financials. You'll discover why taking cash out of your company tanks bonding capacity, how working capital calculations differ dramatically between the two, and what profit fades really cost you in credibility.

This episode reveals practical strategies to strengthen your position with both lenders and bonding companies, plus the most common financial mistakes that destroy contractor relationships. Learn how to present your company's true financial strength instead of just looking good on paper.

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⌚️ In this episode:

00:42 Common Financial Mistakes Contractors Make
01:45 Differences Between Banks and Bonding Companies
04:57 The Importance of Working Capital
06:13 Paperwork and Financial Reports for Bonding
15:10 Loans to Shareholders and Subordination Agreements
19:26 Over and Under Billings: What You Need to Know
22:50 Backlog Gross Profit and Profit Fades

Where the Money’s Going: Top Construction Growth Sectors for 2025

Tue, 22 Jul 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Data centers, manufacturing reshoring, energy projects, infrastructure builds—2025 could be a boom year for contractors, but only if you position your business to catch the wave. In this episode of Contractor Success Forum, Wade Carpenter and Stephen Brown break down exactly where construction dollars are flowing and how your company can win the most profitable work of the next decade.

From federal contracts to high-margin data center jobs, this episode shows you how to pivot smartly and scale wisely—without overextending your business.

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⌚️ In this episode:

00:30 Impact of the One Big Beautiful Bill Act
01:41 Economic Trends and Market Sentiments
02:36 Military and Infrastructure Spending
04:23 Geographic Market Trends and Opportunities
07:12 Federal Contracts and Small Business Participation
14:29 Strategic Growth and Workforce Considerations

Revolutionizing Construction: How AI is Transforming Job Sites

Tue, 15 Jul 2025 07:00:00 -0400

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ℹ ABOUT THIS EPISODE

In this episode, Wade and Stephen delve into the transformative impact of AI and technology on construction job sites. They discuss AI's role in improving safety, estimating, and project management, while highlighting real-world applications in job safety, video monitoring, predictive maintenance, and smart procurement.

The episode also explores the integration of AI for legal document analysis, bidding, and forecasting, ultimately showcasing how these advancements can save time, enhance efficiency, and increase profitability in the construction industry.

The book is available now on Amazon!

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⌚️ In this episode:

01:35 AI for Safety and Monitoring
03:37 AI in Insurance and Legal Documentation
06:56 AI for Project Management and Estimation
14:12 AI in Equipment Maintenance and Theft Prevention
24:01 AI for Procurement and Material Management

Head to profitfirstconstruction.com/blueprint to download your free copy.

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Building Profits: Protect Your Construction Rights with SunRay's Ariela Wagner

Tue, 08 Jul 2025 00:00:00 -0400

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Learn more about SunRay Notice and reach out to Ariela Wagner

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ℹ ABOUT THIS EPISODE

In this episode of The Contractor Success Forum, Wade Carpenter and Stephen Brown are joined once again by Ariela Wagner of Sunray Construction Solutions. They discuss the challenges contractors face when it comes to lien laws, contracts, and protecting their profits.

Ariela shares valuable insights on how to secure lien and bond claim rights, the importance of proper documentation, and the role of a strong credit and collections policy. Learn key strategies to avoid common pitfalls that could cost your business and ensure you're well-protected in every state. Don't miss this essential guide to maintaining your financial health in the construction industry.

The book is available now on Amazon!

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⌚️ In this episode:

00:16 Meet Ariela Wagner from SunRay Construction Solutions
03:09 Importance of Contracts in Construction
07:37 Credit and Collections Policies
23:19 Navigating State-Specific Lien Laws
28:05 Conclusion and Contact Information

Is Federal Contracting Right for You? Takeaways from the Fed Con Convention

Tue, 01 Jul 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Is federal government contracting right for you? Wade and Stephen discuss the pros and cons, opportunities, and steps to get started in federal contracting. Fresh off attending the Fed Con Convention in Washington, D.C., Stephen shares valuable insights on the vast amount of construction work required by the federal government, primarily military and infrastructure projects.

He highlights the importance of small contractors, navigating the bidding process, and the potential for consistent, lucrative work in this realm. Tune in as they debunk common misconceptions and provide practical advice for anyone considering this path.

The book is available now on Amazon!

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⌚️ In this episode:

00:22 Insights from the Fed Con Convention
01:52 Opportunities for Small Contractors
03:24 Understanding Federal Contracting Processes
06:19 Specializations and Partnerships in Federal Contracting
10:48 Pros and Cons of Federal Government Contracting
16:00 Getting Started with Federal Contracting

From Debt to Profit: A Success Story for Contractors

Tue, 24 Jun 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Join Wade and Stephen as they delve into the intricate world of risk management in construction. Discover practical strategies for assessing and mitigating potential hazards in your projects with a simple one to five rating system. They discuss real-life examples, the importance of safety measures, and the role of proper contracting in managing risk.

Tune in to learn how to protect your construction business from financial losses, injuries, and reputation damage through systematic risk assessment and management.

The book is available now on Amazon!

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⌚️ In this episode:

00:44 Understanding Risk Factors in Construction
01:48 The Importance of Systematic Risk Assessment
03:43 Weather and Contractual Risks
05:02 Common Pitfalls and Risk Mitigation
06:18 The Role of Risk Managers and Advisors
16:02 Safety Measures and Toolbox Talks

Spotting Trouble Early: The Contractor's Risk Management Scale

Tue, 17 Jun 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Join Wade and Stephen as they delve into the intricate world of risk management in construction. Discover practical strategies for assessing and mitigating potential hazards in your projects with a simple one to five rating system. They discuss real-life examples, the importance of safety measures, and the role of proper contracting in managing risk.

Tune in to learn how to protect your construction business from financial losses, injuries, and reputation damage through systematic risk assessment and management.

The book is available now on Amazon!

Subscribe to get notified as soon as new episodes go live.

⌚️ In this episode:

00:44 Understanding Risk Factors in Construction
01:48 The Importance of Systematic Risk Assessment
03:43 Weather and Contractual Risks
05:02 Common Pitfalls and Risk Mitigation
06:18 The Role of Risk Managers and Advisors
16:02 Safety Measures and Toolbox Talks

Dispelling Profit Myths: A Contractor's Guide

Tue, 10 Jun 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

In this episode of The Contractor Success Forum, Wade and Stephen tackle the misconceptions surrounding the Profit First system in the construction industry. They discuss how this straightforward approach can streamline cash flow management and prevent financial troubles.

The hosts address common objections, such as the system being too simplistic, and highlight how adopting it can lead to significant improvements in business financial health. Listen in to hear real-life examples, analogies, and expert insights that demonstrate why simple may indeed be better when it comes to managing construction finances.

The book is available now on Amazon!

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⌚️ In this episode:

00:35 Debunking the Myths of Profit First
02:04 Real-Life Feedback and CPA Skepticism
03:52 The Simplicity and Effectiveness of Profit First
07:44 Addressing Common Objections and Misconceptions
10:53 The Importance of Cash Flow Management
15:05 Real-World Success Stories and Practical Advice

How to Protect Your Construction Company From Costly Design Mistakes

Tue, 03 Jun 2025 09:00:00 -0400

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ℹ ABOUT THIS EPISODE

This week, Wade and Stephen delve into the importance of professional and design liability insurance for construction businesses. They discuss how this specialized coverage acts as a safety net when expertise is questioned, preventing potential financial disasters.

The conversation highlights real-world examples, state-specific filing limits, and the complexities of insurance claims. They also explain the critical difference between general and professional liability insurance and the importance of meticulous policy review to avoid costly exclusions. This episode is a must-watch for contractors aiming to safeguard their business against unexpected liabilities.

The book is available now on Amazon!

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⌚️ In this episode:

00:47 Understanding Professional Liability Claims
02:10 The Importance of Specialized Coverage
04:01 Common Misconceptions and Real-World Examples
05:27 Navigating Insurance Policies and Exclusions
08:13 The Role of Insurance Agents and Brokers
10:48 The Financial Impact of Liability Claims
15:31 Final Thoughts and Advice for Contractors

Contractor Cash Flow Revolution: The Launch of Profit First for Commercial Construction

Mon, 26 May 2025 03:00:00 -0400

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ℹ ABOUT THIS EPISODE

Are you a contractor struggling with cash flow? Join Wade and Stephen as they discuss the launch of 'Profit First for Commercial Construction,' Wade's transformative book tailored for the construction industry.

Learn practical financial management strategies that are simple yet powerful to turn your business around. Hear real-life stories, insights on implementing the system, and the significant impact it can have on your profitability and sustainability.

The book is available now on Amazon, with special launch price of $2.99 for the Kindle edition. Don't miss out!

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⌚️ In this episode:

00:12 Launching Profit First for Commercial Construction
00:46 The Ultimate Book for Contractors
01:11 The Realities of Profit First
06:50 The Emotional Journey of Writing the Book
07:16 Audiobook and Future Plans
18:43 Understanding Job Costs and Overhead
19:45 The Importance of Cash Flow
20:42 Implementing the System: First 90 Days
23:34 Long-Term Benefits and Financial Freedom
26:02 Conclusion: A New Way to Run Your Business

Do Niches Bring Riches? Strategic Insights for Contractors

Tue, 20 May 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Join Wade and Stephen as they delve into whether it's better to expand your reach or narrow your focus to boost profits. They discuss the pros and cons of both strategies, using compelling analogies and real-world examples.

Learn how to assess your own business, understand market shifts, and decide whether to specialize or diversify. This episode is perfect for contractors looking to enhance their business strategy and find sustainable success.

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⌚️ In this episode:

00:39 Initial Reactions: Narrowing Down vs. Branching Out
01:53 The Power of Specialization: Pros and Cons
02:34 Strategic Paths: Niche Down or Branch Out?
02:47 Real-World Examples and Analogies
04:42 Balancing Risks and Rewards
06:52 Economic Shifts and Market Adaptation
18:08 Hybrid Models and Smart Growth

Are you the one holding back your construction company?

Tue, 13 May 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

In this eye-opening episode, Wade and Stephen delve into a critical issue that many business owners face: being their own worst enemy. They discuss how contractors may unintentionally become bottlenecks in their own businesses, and share practical ways to identify and overcome these obstacles.

Through real-world examples and 20 actionable tips, this episode aims to help business owners step back, delegate effectively, and build systems that don't rely solely on them. Whether you're a seasoned contractor or just starting out, this episode offers invaluable insights to help you scale your business and achieve greater work-life balance.

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⌚️ In this episode:

01:00 Understanding the Bottleneck Concept
01:23 Real-Life Examples and Self-Realization
02:40 Recognizing the Signs of Being a Bottleneck
04:12 Delegation and Trust Issues
05:34 The Importance of Taking Breaks
07:31 Hiring, Firing, and Employee Management
09:44 Building Effective Systems and Processes
15:57 Staying in Your Lane: Focus on Core Tasks

The Profit Paradox: Why Growing Your Construction Business Can Hurt Your Bottom Line

Tue, 06 May 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Wade and Stephen delve into the paradox of growth in the construction industry. They explore why landing bigger jobs and expanding your business may not always translate into higher profits. The discussion covers common pitfalls such as increased overhead, cash flow challenges, and bidding mistakes.They also offer practical advice on managing growth sustainably, understanding overhead allocation, and maintaining profitability.

Whether you're a contractor facing these challenges or looking to grow your business wisely, this episode provides valuable insights and actionable strategies.

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⌚️ In this episode:

00:32 Common Mistakes in Expanding Construction Businesses
01:39 The Overhead and Cash Flow Dilemma
03:43 The Risks of Rapid Growth
07:40 Bidding Practices and Financial Management
12:54 Strategies for Sustainable Growth
19:12 Conclusion: Ensuring Profitable Growth

Contractor Cash Flow: How to Stop the Feast or Famine Cycle

Tue, 29 Apr 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

Are your cash flow woes hitting you like a hammer to the thumb? Let’s talk about it.

This week, Wade and Stephen dive into the challenges contractors face with cash flow and share practical solutions to solve those issues…for good. They discuss indicators of cash flow problems, like difficulty paying bills and 'payroll panic,' while offering methods to break the cycle using the Profit First system.

Tune in to learn strategies for managing your finances and achieving long-term success in construction.

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⌚️ In this episode:

00:30 Identifying Cash Flow Problems
01:24 Common Cash Flow Challenges
02:59 Understanding Construction Cash Flow
05:35 Practical Solutions for Cash Flow Management
08:04 Implementing the Profit First System
16:12 Setting Up Financial Accounts

Bigger Projects, More Savings: How to Strengthen Your Bonding Relationships

Tue, 22 Apr 2025 00:00:00 -0400

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ℹ ABOUT THIS EPISODE

What if your relationship with your bonding company could open as many doors as having the right tools on your job site? Just like a well-built foundation supports everything above it, a solid bonding relationship can transform your building's growth potential.

Join Wade and Stephen as they discuss practical strategies to improve your bonding connections, secure bigger projects, and reduce costs. Learn about the impact of a solid bond relationship on your growth potential and how to build trust with your bond agents and underwriters. Whether you're new to surety bonding or looking to enhance your current relationships, this episode offers valuable advice to help you succeed in the construction industry.

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⌚️ In this episode:

00:37 Real-Life Impact of Strong Bonding
01:35 Building a Strong Bonding Relationship
02:55 Understanding the Underwriter's Perspective
04:04 Effective Communication Strategies
05:27 Long-Term Benefits of Bonding Relationships
06:30 Practical Steps to Improve Bonding
07:48 The Importance of Transparency
10:10 Starting and Maintaining Bonding Relationships

How to Turn the New Tariffs Into Opportunities: A Contractor's Guide

Tue, 15 Apr 2025 00:00:00 -0400

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🔗 LINKS

Visit the episode page at for more details and a transcript of the show.

Take the FREE Construction Company Health Evaluation

ℹ ABOUT THIS EPISODE

The recent tariff announcement is creating waves in the construction industry. Join Wade and Stephen as they dive into the implications of these new tariffs.

Learn about potential domestic manufacturing booms, practical strategies to navigate immediate changes, and how to position your construction business to capitalize on the new Made in America momentum.

Discover insights on price hikes, negotiation tactics, and market stability, and get advice on how contractors can adjust their practices to thrive in this evolving economic environment.

Subscribe to get notified as soon as new episodes go live.

⌚️ In this episode:
00:50 Impact of Tariffs on Construction Materials
02:45 Strategies for Contractors to Navigate Tariffs
03:16 Details of the Tariff Announcement
05:22 Opportunities and Challenges for US Manufacturing
09:17 Economic Implications of Tariffs
17:24 Practical Advice for Contractors

It's Time to Break Your Equipment Addiction

Tue, 08 Apr 2025 00:00:00 -0400

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🔗 LINKS

Visit the episode page at for more details and a transcript of the show.

Take the FREE Construction Company Health Evaluation

ℹ ABOUT THIS EPISODE

In this episode, Wade and Stephen discuss the pitfalls of equipment addiction among contractors. They explore how unnecessary equipment purchases can lead to financial strain and bankruptcy, despite being asset-rich.

Through the story of one contractor who experienced bankruptcy, they provide insights on breaking the equipment buying cycle, weighing the benefits of renting versus buying, and building a strategic approach to managing equipment costs.

Tune in to learn how to keep more money in your pocket instead of having it tied up in depreciating assets.

Subscribe to get notified as soon as new episodes go live.

⌚️ In this episode:
00:17 Real-Life Consequences of Equipment Addiction
01:04 Understanding the True Costs of Equipment
01:59 The Psychological Rush of Buying Equipment
03:16 Economic Conditions and Equipment Value
03:55 Renting vs. Buying: A Financial Perspective
05:11 Strategic Planning for Equipment Purchases
11:39 The Profit First Approach
18:44 Creating a Recovery Plan for Equipment Addicts
21:10 Building Wealth Beyond Equipment

How to Build Your Construction Accounting Dream Team

Tue, 01 Apr 2025 00:00:00 -0400

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Do your financial reports leave you with more questions than answers? Are you constantly wondering where your cash went, even when the work keeps coming in? Feel like you're flying blind? Contractors face some of the most complex financial challenges out there, and you need an accounting team you can rely on as you grow.

This episode explores the pros and cons of four main approaches to accounting support: hiring in-house, working with a monthly construction bookkeeper, using generalized back office services, and leveraging a team of construction-specific experts. Learn about the cost considerations, technological implications, and the overall return on investment.

This episode is perfect for contractors looking to level up their businesses with confidence that their accounting systems and supports will be able to keep up.

Subscribe to get notified as soon as new episodes go live!

Topics we cover in this episode include:

00:34 Celebrating Five Years of Podcasting
00:51 Unique Challenges in Construction Accounting
02:12 Building a Reliable Accounting Team
04:40 In-House vs. Outsourced Accounting
08:53 The Importance of Industry-Specific Knowledge
12:12 Cost Considerations and ROI
20:02 Technology in Construction Accounting
28:48 Conclusion and Free Resources

LINKS

Download the free Construction Accounting Comparison Cheat Sheet

Visit the episode page for more details and a transcript of the show

Take the FREE Construction Company Health Evaluation

From Instinct to Strategy: Transform Your Company with the Business Model Canvas

Tue, 25 Mar 2025 00:00:00 -0400

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Struggling to make your construction business consistently profitable? In this episode, Wade and Stephen introduce the Business Model Canvas, a strategic tool that can redefine how you manage and grow your construction company.

Discover how to identify your ideal customers, clarify your unique value proposition, streamline value delivery, and uncover growth opportunities. Learn the nine key segments of this powerful model and how to apply them to your contracting business for sustained success.

Subscribe to get notified as soon as new episodes go live!

Topics we cover in this episode include:

01:31 The Power of the Business Model Canvas
05:15 Customer Segments: Identifying Your Ideal Client
08:08 Value Proposition: What Makes You Unique?
11:17 Channels: Reaching Your Clients
12:24 Customer Relationships: Building and Maintaining Connections
13:51 Revenue Streams: How Your Business Makes Money
15:37 Key Resources: Critical Assets for Success
17:24 Key Activities: Essential Business Processes
18:41 Key Partnerships: Working With Others
20:43 Cost Structure: Where Does the Money Go?

LINKS

Download your free Business Model Canvas

Visit the episode page for more details and a transcript of the show

Take the FREE Construction Company Health Evaluation

The ROI of Construction Tech: Is It Worth the Investment?

Tue, 18 Mar 2025 00:00:00 -0400

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In this episode of the Contractor Success Forum, Wade and Stephen dive into the rapidly evolving area of construction technology and its impact on the bottom line.

From drones and robots to augmented reality and wearable tech, the hosts explore the return on investment (ROI) for various technologies on job sites. Learn about the costs, payback periods, and efficiency gains that these innovations offer. Don't miss out on this insightful discussion to make smarter investment decisions in construction technology.

Subscribe to get notified as soon as new episodes go live!

Topics we cover in this episode include:

00:40 Evaluating the Cost and Benefits of New Technology
04:30 Drones: Aerial Imaging and ROI
08:33 Robotics and Automation on the Job Site
14:45 Wearables and Exoskeletons: Enhancing Worker Efficiency
18:51 Augmented and Virtual Reality in Construction
20:37 IoT Sensors and Smart Devices

LINKS

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

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

Unlocking Contractor Success with Mastermind Groups Featuring Karyn Greenstreet

Mon, 10 Mar 2025 00:00:00 -0400

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Feeling isolated as a contractor? Discover how mastermind groups can transform your business. Join Wade and expert Karyn Greenstreet as they dive deep into the benefits, structure, and success stories of mastermind groups on the latest episode of Contractor Success Forum.

Learn how these peer advisory boards can help you tackle challenges, innovate, and stay accountable. Find out what makes an effective group, the typical meeting structure, and how to choose the right group for you. Whether you're a seasoned business owner or just starting out, this episode is packed with valuable insights and practical advice.

Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:

00:27 Meet the Expert: Karyn Greenstreet
01:54 Understanding Mastermind Groups
05:44 Different Types of Mastermind Groups
09:25 Benefits of Joining a Mastermind Group
16:12 How to Structure a Mastermind Group Meeting
24:54 Finding the Right Mastermind Group for You

LINKS

Need help choosing a mastermind group to join? Get the "Find Your Perfect Mastermind Group" ebook

Want to start a mastermind group? Watch the "Speed Up Growth: Start a Mastermind Group" video tutorial for ideas and suggestions.

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

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

Are tech missteps costing your construction company millions?

Tue, 04 Mar 2025 00:00:00 -0500

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In construction, failing to use the right technology can result in massive financial losses. Wade and Stephen delve into real-world examples where contractors lost big due to outdated project tracking, skipping BIM, and neglecting equipment maintenance.

Learn essential lessons on how effective use of technology could have saved projects from costly overruns and preventable disasters. Discover the importance of cybersecurity, bid accuracy, material tracking, and contract management in preventing financial pitfalls. If you're on the fence about implementing new technology, this is a must-listen!

Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:

00:44 Real-World Case Studies: Technology Failures
02:47 The Importance of Cybersecurity
04:39 Avoiding Costly Bid Errors
07:32 Material Theft and Mismanagement
13:11 The Role of Telematics
16:55 Legal and Contractual Safeguards

LINKS

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

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

How one contractor's cash flow wake-up call changed everything

Tue, 25 Feb 2025 00:00:00 -0500

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Most contractors believe that working harder and landing bigger jobs will solve their cash flow issues. But is that mindset holding them back? In this episode of the Contractor Success Forum, Wade and Stephen discuss the financial struggles of a seemingly successful contractor who had to fundamentally change their business approach.

They delve into the reality check and lessons learned, emphasizing the importance of proper cash flow management, accurate job costing, and strategic debt management. Tune in to discover the epiphanies and strategies that can help contractors avoid similar pitfalls and move towards financial stability.

Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:

00:19 A Real Contractor's Wake-Up Call
00:35 Meet the Hosts: Wade and Stephen
01:12 The Case Study Begins
02:11 Financial Realities and Epiphanies
03:58 Implementing Profit First
05:40 The Cash Flow Projection
08:06 Aggressive Strategies and Tough Decisions
18:23 Lessons Learned and Final Thoughts

LINKS

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

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

The Future of Construction: How Tech is Changing the Industry

Tue, 18 Feb 2025 00:00:00 -0500

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Join Wade and Stephen as they explore how technology is revolutionizing the construction industry.

Discover how innovations like BIM, drones, and automation are reducing costs, improving project management, and increasing profitability. Learn why so few contractors are adopting these tools and how they can overcome the barriers to implementing new technology.

Packed with statistics and insights, this episode offers actionable advice for contractors looking to work smarter and more efficiently.

Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:

00:32 The Impact of Technology on Construction
01:00 Adoption Challenges and Benefits
02:56 Innovative Technologies in Construction
05:27 Real-World Examples and Case Studies
10:11 Future Trends and Predictions
19:45 Overcoming Barriers to Technology Adoption

LINKS

Visit the episode page at https://carpentercpas.com/tech2025 for more details and a transcript of the show.

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

Working Capital Strategies That ACTUALLY Work

Tue, 11 Feb 2025 02:00:00 -0500

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You ever feel like your projects are running smoothly, but your cash flow isn't? Join Wade and Stephen as they dive into the critical importance of working capital in the construction business. Discover how adequate working capital acts as the lifeblood of your company, helping you manage payroll, materials, and equipment costs.

Learn key strategies to ensure you have the right amount of working capital, improve your financial stability, and avoid cash flow crises. With practical tips and real-life examples, this episode is a must-watch for any contractor aiming to build a healthy, sustainable business.

Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:

00:29 Importance of Working Capital
01:10 Bonding and Working Capital
02:26 Understanding Working Capital
03:27 Managing Cash Flow and Working Capital
05:43 Improving Working Capital
12:00 Employee Dishonesty and Working Capital
13:38 Debt and Working Capital

LINKS

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

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

How to gain a competitive edge using AI assistants

Tue, 04 Feb 2025 02:00:00 -0500

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Imagine starting your day with AI already optimizing your schedule and handling complex tasks. Join Wade and Stephen as they dive into how AI assistants are transforming the construction industry.

Discover the competitive edge gained by early adopters and explore examples of AI in action, from organizing historical bidding data to managing project schedules, predicting change orders, and improving cash flow. Learn about open vs. closed AI platforms and data privacy concerns as well. If you're in construction and want to stay ahead, this is a must-watch episode. Share your experiences and let us know how AI is helping your business in the comments below!

Subscribe to get notified as soon as new episodes go live: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics we cover in this episode include:
00:50 Real-World Applications of AI
02:07 AI Assistants and Their Capabilities
02:46 Data Privacy and Security Concerns
04:38 AI in Financial Operations
12:53 AI in Project Management and Estimating
20:40 Future of AI in Construction

LINKS

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

Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/

Real Strategies to Maximize Workforce Potential

Tue, 28 Jan 2025 07:00:00 -0500

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Do you wish your people could do more for you? Discover how to get the most out of your workforce on the Contractor Success Forum with hosts Wade Carpenter and Stephen Brown.

This episode dives into leveraging individual strengths in your team, the importance of aligning roles with personal skills and passions, and the challenges of managing family members and technological obsolescence in construction businesses.

Tune in for tips on optimizing team dynamics, promoting a team mentality, and building a legacy of success. Don't miss this insightful discussion!

Subscribe to get notified as soon as new episodes go live: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover include:

00:45 Understanding Different Personalities in the Workforce
02:24 Aligning Skills and Job Roles
06:51 The Importance of Passion in Job Performance
12:46 Team Dynamics and Leadership
19:36 Generational Differences and Cultural Fit

LINKS

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

Mastering Construction: Financial Health Check

Tue, 21 Jan 2025 00:00:00 -0500

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We've reached 200 episodes of the Contractor Success Forum! Join Wade Carpenter and Stephen Brown as they reflect on their journey, discuss the value of contractor education, and unveil a special 85-question quiz designed to help construction contractors assess and improve their business practices.

Discover insights on financial health, systems, operations, and project control tailored specifically for the construction industry. Don't miss this milestone episode filled with valuable advice and a deep dive into key topics that can elevate your construction accounting game!

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover on this episode:

00:41 Reflections and Lessons Learned
01:27 The Importance of Contractor Education
02:24 Adapting to New Technologies
04:05 Introducing the Contractor Success Quiz
06:08 Details of the Quiz and Its Benefits
08:38 Encouraging Listener Participation
15:31 Looking Ahead: Future Plans and Projects

LINKS

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

Maximizing Profit Margins through Client Collaboration in Construction

Tue, 14 Jan 2025 00:00:00 -0500

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This week, Wade Carpenter and Stephen Brown discuss the critical role of client collaboration in construction projects. The episode explores strategies for effective collaboration, from pre-project planning to managing supply chain challenges, labor shortages, and inflation.

Drawing insights from a recent report from Liberty Mutual and Dodge, they highlight how top contractors are navigating industry challenges by working closely with clients, subcontractors, and surety companies.

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover on this episode:

01:01 The Importance of Collaboration Culture
02:26 Technological and System Challenges
03:18 Impact of External Factors on Projects
04:33 Effective Risk Management Strategies
05:42 Contract Negotiations and Material Costs
07:19 Collaboration with Subcontractors
12:29 The Role of Technology in Collaboration
20:02 Collaboration with Surety Companies

LINKS

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

Productivity hacks for contractors to work smarter, not harder in 2025

Tue, 07 Jan 2025 00:00:00 -0500

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Do you feel overwhelmed by the daily grind of managing your construction business? In our first podcast of 2025, Wade Carpenter and Stephen Brown share essential productivity hacks tailored for contractors.

Learn how to leverage tools like the Elgato Stream Deck, Superhuman for email management, AI, and low code automation systems to work smarter, not harder. Discover strategies for optimizing your workflow, creating effective templates, and using keyboard shortcuts. Save time and increase efficiency with these practical tips.

Join us on the Contractor Success Forum and make 2025 your most productive year yet!

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover on this episode:

02:06 The Elgato Stream Deck: A Game Changer
08:25 Superhuman Email Management
13:57 Voice Dictation and AI Integration
19:52 The Power of Templates
22:34 Automation Tools for Contractors

LINKS

Visit the episode page at https://carpentercpas.com/2025hacks for more details and a transcript of the show.

A Year of Contractor Success: Your 5 Favorite Episodes From 2024

Tue, 31 Dec 2024 00:00:00 -0500

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Join Wade and Stephen as they share the 5 most popular episodes from 2024 that helped contractors boost profits and improve cash flow. From smart job costing to unconventional tax strategies that work, these proven tips helped hundreds of contractors succeed. Listen now to learn what worked best for your fellow builders!

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover on this episode:

01:26 - Strategic Planning Discussion
04:53 - Preventing Profit Loss
08:55 - Entity Structure Considerations
10:49 - Job Costing Labor
14:15 - Keys to Construction Success
18:19 - Tax Strategy Discussion

LINKS

Visit the episode page at https://carpentercpas.com/2024 for more details and a transcript of the show.

Bonding Pitfalls and How to Avoid Them – Real Case Studies

Tue, 24 Dec 2024 00:00:00 -0500

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Getting bonded as a contractor can feel like navigating a maze. Join Wade Carpenter and Stephen Brown of McDaniel Whitley Bonding and Insurance in part three of our series on contractor bonding. This episode dives into real-life case studies to uncover valuable lessons for getting bonded successfully.

Learn about the challenges of single large clients, territory issues, experience factors, high turnover rates, unstable project pipelines, high operating expenses, and specialized high-risk projects. Tune in for expert insights and practical advice to enhance your bonding process.

🚨 Apply to beta test Wade's Profit First for Commercial Construction system (for FREE!)

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

Topics Wade and Stephen cover on this episode:

00:20 Welcome to the Contractor Success Forum
00:41 Understanding Case Studies
01:10 Challenges with Single Large Clients
02:24 Experience and Reputation in Bonding
04:36 High Turnover and Its Impact
06:28 Backlog and Project Pipeline
08:07 Subcontractor Bonding Issues
09:30 Financial Planning and Overhead
13:56 High-Risk Projects

LINKS

🚨 Apply to beta test Wade's Profit First for Commercial Construction system (for FREE!)

Visit the episode page at https://carpentercpas.com/getbonded3 for more details and a transcript of the show.

How to Build a Disaster-Proof Business [Learn from Waffle House]

Tue, 17 Dec 2024 00:00:00 -0500

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FEMA uses Waffle House as their disaster gauge - here's why construction companies should copy their playbook. Learn how this 24/7 restaurant chain's disaster planning and logistics can help your construction business stay running when crisis hits.

Listen to discover their proven systems for supply chain management, workforce readiness, and emergency response.

#ConstructionManagement #DisasterPreparedness #BusinessContinuity

🚨 Apply to beta test Wade's Profit First for Commercial Construction system (for FREE!)

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

#ConstructionBonding #ContractorSuccess #BondingTips

Topics Wade and Stephen cover on this episode:

00:44 - Importance of cash flow
01:45 - Contractor cash flow challenges
03:29 - Personal experience and motivation
05:05 - Profit First for contractors
06:32 - Contractor Profit Paradox
08:34 - Failure of traditional advice
10:27 - Great Recession lessons
12:07 - Implementing Profit First
13:51 - Major teachings overview
16:25 - Practical action steps

LINKS

🚨 Apply to beta test Wade's Profit First for Commercial Construction system (for FREE!)

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

How to STOP Struggling with Cash Flow and Keep More of What You Earn [Profit First for Commercial Construction]

Tue, 10 Dec 2024 00:00:00 -0500

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Struggling with cash flow in your construction biz? Learn how Profit First for Commercial Construction can help you keep more of what you earn! Get a sneak peek of the teachings in Wade Carpenter’s new book. 📘

Tune in now to discover a system that works for contractors.

#ProfitFirst #ConstructionFinance #CashFlowTips

🚨 Apply to beta test Wade's Profit First for Commercial Construction system (for FREE!)

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

#ConstructionBonding #ContractorSuccess #BondingTips

Topics Wade and Stephen cover on this episode:

00:44 - Importance of cash flow
01:45 - Contractor cash flow challenges
03:29 - Personal experience and motivation
05:05 - Profit First for contractors
06:32 - Contractor Profit Paradox
08:34 - Failure of traditional advice
10:27 - Great Recession lessons
12:07 - Implementing Profit First
13:51 - Major teachings overview
16:25 - Practical action steps

LINKS

🚨 Apply to beta test Wade's Profit First for Commercial Construction system (for FREE!)

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

[Ask a Bond Agent] Avoid These Bonding Pitfalls

Tue, 03 Dec 2024 00:00:00 -0500

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Struggling to get bonded? 🤔

In this episode, we tackle real-life case studies to help you navigate the construction bonding process. Wade and Stephen share expert insights on overcoming common pitfalls.

Listen now and level up your bonding game! 💪

🚨 Apply to beta test Wade's Profit First for Commercial Construction system (for FREE!)

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

#ConstructionBonding #ContractorSuccess #BondingTips

Topics Wade and Stephen cover on this episode:

00:35 - Importance of relationships with your bonding agent
01:40 - Announcement: Get early access to Profit First for Commercial Construction
04:52 - Seasonal revenue challenges
07:09 - Equipment debt issues
09:16 - Inconsistent profit margins
11:12 - Taxes versus bonding
14:17 - Family-owned business succession
16:54 - Overdue taxes impact
19:25 - Tax liens and payment plans

LINKS

Visit the episode page at https://carpentercpas.com/getbonded2 for more details and a transcript of the show.

How to Scale Your Construction Company (WITHOUT more work!)

Tue, 26 Nov 2024 00:00:00 -0500

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Want to scale your construction company without burning out? Learn proven systems to grow beyond the one-person operation, from managing cash flow to building repeatable processes that let your business run smoothly without you. Watch for practical tips from construction industry experts.

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

#ConstructionBusiness #ContractorGrowth #ScalingUp

Topics we cover in this episode:

02:02 - The E-Myth Book Example
04:19 - Construction Industry Complexities
06:13 - Business Growth Hierarchy
08:38 - Growth Stage Challenges
10:40 - Back Office Systems
12:42 - CFO Services Discussion
14:40 - Finding the Right Advisors
16:38 - Systems Implementation Importance

LINKS

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

[CASE STUDIES] Bond Approval Secrets Revealed

Tue, 19 Nov 2024 00:00:00 -0500

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Let's talk real life construction bonding scenarios. From startups to high-growth companies, learn what bond underwriters actually look for and how to improve your chances of getting approved. Expert bond agent Stephen Brown breaks down practical strategies for construction bonds.

Subscribe for weekly construction finance tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

#ConstructionBonds #ContractorTips #SuretyBonds

Topics we cover in this episode:

01:39 - Getting insurance and bonding as a new company
04:00 - Bonding and insurance for someone who has limited cash reserves
06:46 - Getting bonds with limited financial records
10:19 - Getting bonds as a high growth contractor
12:52 - Getting bonds with outstanding legal issues
15:10 - Bonding when going from subcontractor to general contractor

LINKS

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

How to Know What to Fix Next in your Business with Ross Loveland

Tue, 12 Nov 2024 00:00:00 -0500

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Stuck making urgent decisions that don't move your business forward? Learn how to escape the survival trap using Mike Michalowicz's Fix This Next framework. Watch now to discover the Business Hierarchy of Needs and build your roadmap from survival to success.

Click subscribe for weekly contractor tips → https://bit.ly/ContractorSuccess

#FixThisNext #BusinessGrowth #ContractorTips

Topics we cover in this episode:

01:08 - Ross Loveland's Background
02:55 - The Survival Trap
04:55 - Business Hierarchy Explained
08:55 - Sales Level Breakdown
12:55 - Profitability vs Growth
15:25 - The Order Level
17:47 - OMEN Process Overview
19:31 - Nurturing Business Growth
21:35 - Practical Implementation

LINKS

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

Find out more about Ross at https://trueprofitsalons.com/

Unconventional marketing strategies to make your company stand out

Tue, 05 Nov 2024 00:00:00 -0500

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Want to make your construction company marketing actually work? We share 10 proven ways to stand out from other contractors and win better projects - from smart automation to creative partnerships. Watch now to learn how successful contractors are using these strategies to attract their ideal clients and boost profits.

🔨 Subscribe for weekly construction business tips: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1

#ConstructionMarketing #ContractorTips #BusinessGrowth

Topics we cover in this episode:

00:24 - Contractor Success Forum Overview
01:27 - Marketing Evolution in Construction
03:00 - CRM and Marketing Automation
05:25 - Industry Leadership & Niching
06:40 - Strategic Partnerships
08:38 - Referral Ecosystems
12:38 - Brand Storytelling
14:04 - Job Site Events
14:17 - AI in Marketing
15:59 - Customer Feedback
17:37 - Marketing Strategy Discussion

LINKS

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

Insurance Made Easy: Navigate Your Job's Coverage Needs

Tue, 29 Oct 2024 07:00:00 -0400

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Learn how to make sense of insurance requirements in construction projects! This episode of Contractor Success Forum walks you through reading job specs to ensure you’re covered correctly without paying extra. Discover practical steps to streamline insurance for your bids, avoid costly mistakes, and ensure compliance. This episode is perfect for contractors looking to simplify insurance and focus on what matters—building successful projects!

#constructioninsurance #constructionprojects #constructionpodcast

Topics we cover in this episode:

00:36 - Identifying Key Insurance Requirements
01:08 - Breaking Down Complex Insurance Specs
04:02 - Umbrella Coverage Essentials
04:32 - Understanding Liquidated Damages
08:00 - Navigating Different Types of Insurance
14:47 - Builder’s Risk and Property Coverage
16:00 - Role of a Specialized Insurance Agent
16:58 - Preparing Insurance Estimates Early

LINKS

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

How Construction Business Owners Should Pay Themselves

Tue, 22 Oct 2024 00:00:00 -0400

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Are you a construction business owner struggling to pay yourself? Learn practical steps to take control of your paycheck and break the cycle of being the last one paid. Discover common mistakes and how to fix them. Watch now for expert tips on managing your finances and growing your business! 👷‍♂️💰

#ContractorSuccess #ConstructionFinance #BusinessGrowth

Topics we cover in this episode:

00:00 - Introduction
03:23 - Understanding Cash Flow
07:55 - Profit First System
11:50 - Family Dynamics in Business
15:18 - Defining Success
18:54 - Working Smarter
21:49 - Retirement Concerns
23:29 - Conclusion

LINKS

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

Strategery 101: Strategic Planning for Contractors

Tue, 15 Oct 2024 00:00:00 -0400

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Unlock the secrets of strategic planning for contractors! Learn how to create a compelling vision, set SMART goals, and implement game-changing strategies. Discover why Panda Express's approach works and how you can apply it to your construction business.

Ready to transform your company? Listen now and subscribe for more contractor success tips!

Topics we cover in this episode include:

00:05 - Importance of strategic planning for contractors
01:17 - Importance of a vision statement and mission
02:25 - Creating purpose-driven work for employees
04:05 - Case study: Panda Express and strategic planning
05:00 - Wade's business epiphany: The impact of vision and mission
08:50 - Learning from competition and SWOT analysis
11:19 - Setting SMART objectives for business success
16:30 - The benefit of hiring an external consultant
19:00 - Implementing and monitoring strategic plans
23:10 - Communicating the strategic plan with the team
25:30 - The value of revisiting and revising your strategy

LINKS

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

Trump vs. Harris: How their Tax Plans May Affect Contractors

Tue, 08 Oct 2024 00:00:00 -0400

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Curious how Trump and Harris's tax plans could impact your construction business? We break down the key proposals and what they mean for contractors. Learn how to prepare your finances for potential changes. Watch now to stay ahead of the game!

Topics we cover in this episode include:

03:23 - Corporate Tax Rates
06:42 - Individual Tax Proposals
10:46 - Unrealized Capital Gains Tax
14:34 - Business Deductions
18:28 - Tariffs Discussion

LINKS

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

How Your Construction Background Shapes Your Success

Tue, 01 Oct 2024 00:00:00 -0400

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In this episode, we explore how your construction background can significantly shape the success of your company. Whether you come from a large corporation or a small hands-on business, your experience plays a key role in managing operations, handling finances, and growing your business.

We share real-world examples and discuss how different backgrounds affect the approach to building a successful construction company. Perfect for contractors considering entrepreneurship or looking to refine their management style.

Topics we cover in this episode include:

00:00 - How construction experience influences business success.
00:18 - The Influence of Large vs. Small Company Experience
01:00 - Setting Up Systems and the Mindset for Success
02:30 - Real-Life Examples of Contractors Transitioning
04:15 - Understanding Costs and Overhead
06:00 - Balancing Experience and Expectations
08:00 - Key Takeaways and Advice for Starting a Construction Business

LINKS

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

25 Secrets to Skyrocket Your Construction Business

Tue, 24 Sep 2024 00:00:00 -0400

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Ready to supercharge your construction business? We're breaking down 25 proven strategies to grow your construction company. From networking to financial management, we've got the insider tips you need to take your business to new heights.

Watch now to learn how successful contractors are crushing it in today's market. Don't forget to like, subscribe, and hit that notification bell for more construction success tips!

#ConstructionGrowth #ContractorTips #BusinessExpansion

What we cover on this episode:

00:28 - Networking For Growth
02:18 - Quality Workmanship
03:14 - Customer Service
04:15 - Marketing Strategies
05:26 - Specialization
06:39 - Expanding Services
08:49 - Strategic Partnerships
09:16 - Financial Management
11:11 - Continuous Improvement
12:22 - Risk Management
13:43 - Pricing and Cashflow

LINKS

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

Mastering the Six Hats of Construction Business Success

Tue, 17 Sep 2024 00:00:00 -0400

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Unlock the power of strategic thinking in construction with the Six Thinking Hats approach. Learn how to make better decisions, spot risks, and find innovative solutions for your projects. Dive into each hat's unique perspective and transform your business mindset.

#ConstructionSuccess #StrategicThinking #BusinessLeadership

What we cover on this episode:

00:00 - Introduction to Six Thinking Hats
03:23 - White Hat: The Analyst
05:54 - Red Hat: The Empath
08:57 - Black Hat: Risk Manager
11:38 - Yellow Hat: The Optimist
13:56 - Green Hat: The Innovator
17:16 - Blue Hat: The Organizer
19:29 - Conclusion and Feedback Request

LINKS

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

Lean Construction Secrets: Streamlining Your Projects for Success

Tue, 10 Sep 2024 00:00:00 -0400

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In this episode of the Contractor Success Forum, we dive into the world of lean construction-a game-changing approach that helps contractors complete projects faster, safer, and with higher quality. Hosts Wade Carpenter and Stephen Brown discuss the key principles of lean construction, including the 5S methodology, waste reduction strategies, and how these practices can streamline operations and improve profits.

Learn how lean techniques can boost your team's efficiency, improve employee engagement, and reduce costly rework. Whether you're a seasoned contractor or new to the field, this episode offers practical steps to implement lean in your business today.

Topics we cover on this week's episode:

Introduction to Lean Construction (00:00:00 - 00:00:19)
Ever wonder how construction companies deliver faster, safer projects? Introducing lean construction.
Overview of Lean Construction (00:00:19 - 00:01:00)
Explanation of lean construction's key principles and its origins.
Benefits and Statistics of Lean Construction (00:01:00 - 00:02:00)
Hard data on lean practices, including efficiency, teamwork, and satisfaction improvements.
5S Principles for Lean Construction (00:05:59 - 00:06:25)
Explanation of the 5S principles: Sort, Set in order, Shine, Standardize, Sustain.
Reducing Waste in Construction (00:06:25 - 00:08:12)
Addressing waste reduction in construction using the DOWNTIME acronym.
Implementing Lean and Employee Engagement (00:08:12 - 00:09:45)
Engaging employees and improving productivity through lean methods.
Conclusion and Resources (00:11:45 - 00:14:17)
Encouragement to get lean certified and the importance of continuous improvement.

LINKS

Resources we mentioned in the episode:

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

AI in Construction: From Basic Tools to Advanced Automation and Beyond

Tue, 03 Sep 2024 00:00:00 -0400

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This week, we explore how AI is transforming the construction industry. Discover how AI tools can automate tasks, streamline project management, and improve efficiency, ultimately making your business more profitable.

Whether you're already using AI or just curious, this episode offers practical insights to help you leverage this powerful technology.

What we cover on this episode:

00:21 - The role of AI in enhancing productivity
01:18 - The evolution from simple prompts to AI assistance
01:56 - AI applications in estimating and bidding
02:50 - The role of AI in contract management
04:08 - Chained AI agents and their practical use
04:54 - Voice-activated AI and customer service
05:58 - AI's role in risk management and contract analysis
09:08 - Automating document analysis and project specs
11:02 - Using AI for contract review and identifying risks
14:12 - Integrating AI tools for better project management
15:56 - Future possibilities and AI-driven efficiencies

LINKS

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

Automating Your Construction Company with Make.com

Tue, 27 Aug 2024 00:00:00 -0400

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Discover how to automate your construction business with Make.com! 🚧💡 Wade and Stephen share real-world examples of streamlining operations, from capturing receipts to generating reports. Learn to save time, reduce errors, and focus on growth. 📈

Watch now to boost efficiency and profitability!

What we cover on this episode:

00:44 - Embracing technology
01:56 - Automation benefits
03:12 - Automation security
04:03 - Automation examples
06:41 - Automation tools
08:06 - Automation for contractors
09:49 - AI and automation
12:06 - Automation for sales
13:45 - Automation for accounting
16:27 - Automation for meetings
19:17 - More automation examples
20:19 - Automation for safety and HR
21:48 - Future of automation

LINKS

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

How to Maximize Profit and Cash Flow in the Growth Stage

Tue, 20 Aug 2024 00:00:00 -0400

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Struggling with cash flow as your construction business grows? Learn essential strategies to maximize profit and maintain cash flow during critical growth stages. Wade Carpenter and Stephen Brown share expert insights on navigating financial challenges.

Watch now for practical tips on pricing, billing, and cash management. Don't let growth sink your ship!

What we cover on this episode:

00:16 - Cash Flow Challenges
00:44 - Growth Phases
02:12 - Overhead and Profit
03:29 - Pricing and Markup
04:40 - Cash Flow Forecasting
06:31 - Accurate Financials
08:14 - Startup Phase Mistakes
10:30 - Cash Flow Control
12:41 - Growth Phase Risks
14:40 - Maximizing Profit

LINKS

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

The Olympic Caliber Contractor: Becoming the Best of the Best

Tue, 13 Aug 2024 00:00:00 -0400

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What does it take to be an Olympic-level contractor, consistently setting the gold standard in construction?

Join Wade Carpenter and Stephen Brown as they explore the key traits and practices that separate the good from the truly great. Discover how you can push your team to win every time.

#ContractorSuccessForum #OlympicCaliberContractor #ConstructionExcellence

Topics we cover on this episode include:

00:39 - Contractor of the Year
01:12 - Thinking Outside the Box
02:33 - Discipline and Consistency
03:27 - Investing in Employees
04:35 - Autopilot Performance
05:23 - Breeding Success
06:31 - Strategic Planning
07:34 - Training for Success
08:30 - Innovation and Improvement
09:25 - Reputation and Relationships
10:12 - Ethics and Community
10:51 - Financial Acumen
11:56 - Resilience and Perseverance
12:43 - Performance Speaks Volumes

How to Know if You Are Marking Up Your Bids Properly

Tue, 06 Aug 2024 00:00:00 -0400

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Are you bidding your construction jobs correctly? Learn the crucial difference between margin and markup to boost your profits. We'll show you how to reverse engineer your bids for success and maximize your cash flow. Watch now and transform your bidding strategy!

What we cover on this episode:

01:21 - Reverse engineering profit margins
03:23 - Understanding break-even point
05:45 - Markup vs. margin explained
08:55 - Defining job costs
12:20 - Importance of cash-based profit
15:36 - Introducing Profit First website
18:58 - Conclusion and feedback request

LINKS

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

Get the free breakeven calculator: https://ProfitFirstConstruction.com/breakeven

Join the Profit First Construction community

The 5 Stages of Growth for a Construction Company

Tue, 30 Jul 2024 00:00:00 -0400

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Discover the 5 stages of construction company growth and what they mean for your success. From startup to maturity, learn how to navigate challenges and seize opportunities at each stage. Watch now to understand where your business stands and plan for the future!

Topics we cover on this episode include:

01:47 - The Startup stage
03:06 - The Survival stage
05:05 - The Success stage
08:16 - The Growth stage
11:41 - The Maturity stage
15:55 - Generational challenges
20:22 - Market factors that affect each growth stage

LINKS

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

Pushing Through Job Size Issues with Your Surety Company

Tue, 23 Jul 2024 00:00:00 -0400

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Struggling to get bonds for bigger construction jobs? We've got you covered! Learn how to push through job size issues with your surety company and take your contracting business to the next level. Watch now for practical tips and insider advice!

Topics we cover on this episode include:

02:23 - Underwriter concerns and considerations
05:56 - Cash flow and financial risks
08:52 - Time and preparation importance
11:16 - Working capital and equity
14:34 - Profit management and risks
17:22 - Learning from rejected projects
19:25 - Checklist for larger projects

#ConstructionBonds #JobSizeGrowth #ContractorTips

LINKS

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

How to Bid Construction Projects Profitably for Cash Flow

Tue, 16 Jul 2024 00:00:00 -0400

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Do you know if you're bidding your job properly to manage it for your cash flow? Struggling to keep your finances in order despite your best efforts? You're not alone. And today we're going to tackle some of these issues head on.

Topics we cover on this episode include:

03:23 - Profit First implementation challenges
07:17 - Instant assessment difficulties
10:34 - JobEx and OpEx concepts
15:18 - Book development and goals
18:24 - Feedback request and conclusion

LINKS

Get the Profit First Target Allocations Calculator: https://carpentercpas.com/taps/

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

How Modern Technology Can Save Costs on the Job

Tue, 09 Jul 2024 00:00:00 -0400

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Discover how modern technology is transforming the construction industry! In this episode of Contractor Success Forum, Wade Carpenter and Stephen Brown discuss real-world case studies that showcase the benefits of implementing technology on job sites.

From cost savings to increased efficiency, learn how you can leverage these tools to improve your business. Don't miss out – listen now and join the conversation!

Topics we discuss in this episode include:

00:30 - Benefits of Modern Technology
01:00 - GPS and Automation Case Study
01:30 - Asset Management Technology
02:00 - Cost Savings with Technology
02:30 - ROI of Technology Investment
03:00 - Improving Efficiency with Technology
03:30 - Safety Benefits of Technology
04:00 - Theft Reduction with GPS Tracking
04:30 - World Trade Center Cleanup Case Study
05:00 - Deep Dive into Technology Types
05:30 - Real Time Location Tracking
06:00 - Proactive Maintenance Benefits
06:30 - Route Optimization and Fuel Savings
07:00 - Safety Alerts and Compliance Monitoring
07:30 - Cost Benefit Analysis
08:00 - GPS and 3D Control Systems
08:30 - Autonomous Construction Vehicles
09:00 - Drones for Site Surveys
09:30 - Time Tracking Technology
10:00 - Video and Camera Systems on Job Sites
10:30 - ROI on Equipment Investment

LINKS

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

Theft on the Job Site: Protecting Your Equipment and Materials

Tue, 02 Jul 2024 00:00:00 -0400

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Protect your construction site from theft! In this episode, we discuss the rising issue of job site theft and how it impacts your business. Learn practical tips to safeguard your equipment and materials, especially during holidays. Don't let theft eat into your profits - listen now and secure your assets!

Topics we cover on this episode include:

00:28 - Theft in Construction Industry
01:06 - Holidays: Prime Time for Theft
02:08 - Organized Crime Involvement
03:06 - Statistics on Equipment Theft
04:25 - Protecting Equipment During Holidays
05:43 - Insurance for Equipment
07:05 - Security Measures
07:50 - Technology Against Theft
09:03 - Importance of Police Reports
10:24 - Insuring Equipment for Replacement Cost
11:40 - Material Theft and Vandalism
13:10 - Insurance for Materials

LINKS

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

The Final 2%: Ensuring a Smooth and Successful Construction Project Closeout

Tue, 25 Jun 2024 00:00:00 -0400

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Struggling to finish that last 2% of a construction job? 🚧 In this episode, Wade Carpenter and Stephen Brown discuss real-world case studies of projects that went off the rails in the final stages. Discover best practices to avoid costly delays, rework, and legal battles as you close out your next project. 💪

Watch now for expert tips on punch lists, documentation, and effective communication to ensure a successful finish! 🎉

#ConstructionCloseout #ProjectManagement #ContractorSuccess

Topics we cover on this episode include:

00:00 - Finishing the last 2%
00:29 - Train wrecks at job's end
01:03 - Owners wanting more work
01:58 - Learning from case studies
02:49 - Consequences of unfinished jobs
03:33 - Documenting change orders
04:14 - Punch lists and rework
05:11 - Inaccurate initial assessments
06:18 - Consequences of project delays
07:17 - Financial losses and disputes
08:08 - Disrupting your own operations
09:07 - Reputation damage
09:56 - Detailed closeout checklists
10:32 - Proper documentation
11:14 - Communicating with stakeholders
12:15 - Proactively addressing issues
12:52 - Supply chain challenges
14:06 - Embracing technology and data
15:00 - Pre-planning and communication
15:49 - Avoiding the last 2% nightmare

LINKS

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

Labor Shortages and the Construction Industry: Why Specialized Accounting Matters

Tue, 18 Jun 2024 03:00:00 -0400

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Have you ever had trouble finding good help? Can't find good qualified people? It's been tough in the construction market, but there are ways to find good help at a reasonable cost. Let’s break them down this week on the podcast.

On this episode, we discuss:

The current state of the labor shortage in construction and accounting
Why companies are struggling to find and retain good labor
What happens when a construction owner tries to take on too many roles
Outsourcing as a solution to the labor shortage
If you do outsource work, make sure it's to a professional who knows your industry
Support and nurture relationships with the people you count on most
How to address higher salary expectations post COVID and the recession

LINKS

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

6 Steps to Start Your Project Off on the Right Foot

Tue, 11 Jun 2024 06:00:00 -0400

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You've got a new construction project. Everyone's excited to get started, but are you doing the right things or are you setting yourself up for failure? Let’s talk about the essential items that should be on your checklist for a successful project.

Topics we cover in this episode include:

Start off with good communication
Get the mobilization and utilization right at the beginning of your project
Get accurate accounting information from the start
Consider project safety from the start of the job
Managing change orders
Make sure you're monitoring progress and tracking results

LINKS

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

History's Blueprints: Lessons for Modern Contractors

Mon, 03 Jun 2024 07:00:00 -0400

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They say history repeats itself, and this is definitely true in construction. What can we learn from what happened in the past so it doesn't repeat itself? Let’s talk about it this week.

Topics we cover in this episode include:

What we've learned from periods like recession and Covid 19
Be aware of economic cycles and how to get through the downturns
Prepare for not only the recession, but also the recovery period
What we can learn from the supply chain issues during Covid 19
Time and materials contracts and supply bonds

LINKS

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

7 Secrets to Building a Successful Construction Company

Tue, 28 May 2024 00:00:00 -0400

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Have you ever noticed that some people do really well in construction while others really struggle? What do they know that you don't? Today we're talking about seven secrets to building a successful construction company.

Topics we cover in this episode include:

Engage in effective financial management
Build a strong team around you, internally and externally
Develop a niche market
Manage your projects effectively
Build strong relationships
Put marketing and branding in place
Continuously prioritize improvement, innovation, and education

LINKS

Visit the episode page at https://CarpenterCPAs.com/success-secrets for more details and a transcript of the show.

Project Selection: Anatomy of a Train Wreck

Tue, 21 May 2024 03:00:00 -0400

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What happens when things go wrong on a job? When they do, what can we learn from it so that we don't make the same mistakes again? Stephen has a case study this week that contains multiple important lessons that all contractors should hear.

Topics we cover in this episode include:

A case study in construction failure
Breaking down the facts
Make sure insurance covers anything your project touches - including existing buildings
Have conversations with the architect before the bid
If you're redoing work for a bond claim, be prepared to tear everything up

LINKS

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

Construction Marketing: Find and Attract Leads the Easy way

Tue, 14 May 2024 06:00:00 -0400

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Are you finding all the work you want to do? Trouble finding leads? Does social media help? Today, marketing expert Amanda Darr is here to help us figure that out.

Topics we cover in this episode include:

Start by defining your ideal client
Get a domain and business email set up
Set up a website - it doesn't have to be complicated
Does your construction company need a social media presence?
Share stories and visuals that showcase your work, process, and team
What content to showcase (and what to avoid) on your website and social media

LINKS

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

Contact Amanda Darr: hello@amandadarr.com | amandadarr.com

Signs You May Need to Upgrade Your Accounting Software

Tue, 07 May 2024 00:00:00 -0400

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Not getting the information you need from your construction accounting software? Have you outgrown your software? How would you know if you did? And how do you start the search for the right software to replace it? Let's talk about it all on this week's episode.

Topics we cover in this episode include:

Are you having trouble integrating with other products?
Are you doing things manually that could be automated?
Is your software customized to the information you want?
Where to start when searching for a new accounting software solution
Will your software be scalable in the future?
What are the costs associated with implementing the software, and is there ongoing support?

LINKS

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

IRS Red Flags: Audit Triggers for Construction Contractors

Tue, 30 Apr 2024 03:00:00 -0400

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Are you putting yourself at risk for an IRS audit? What kind of things do the IRS target for contractors? We're breaking it down on the podcast this week.

Topics we cover in this episode include:

Accounting method rules based on the type of contractor you are
Contract-related services and advanced payments
Things on the expense side that can trigger an audit
Unreasonable compensation
Charitable contributions
Misclassification of workers
Unusual transactions
Drastic changes in expense classification from one year to the next

LINKS

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

The Unwilling Banker: The Hidden Cost of Retainage

Tue, 23 Apr 2024 00:00:00 -0400

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Retainage. If you deal with it, is that job holding your company back? Are you being the bank for your job owner? Does it stunt your cashflow and growth? What can you do about it? Find out on this week's episode.

Topics we cover in this episode include:

What is retainage?
Retainage can sunt your company's growth if you don't bid jobs properly
A retainage case study
Retainage can cause problems when you're in growth mode
Many contractors do not account for retanage properly
How to mitigate or reduce retainage
Negotiating retainage with owners or general contractors

LINKS

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

Construction Safety & Workers Compensation Insurance Challenges and Solutions

Tue, 16 Apr 2024 06:00:00 -0400

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Safety and workers comp insurance have several challenges, but what are the best solutions? Stephen brings his insight to this week's episode. Here's what you need to know about what Workers Comp can do for you, the most common type of claims, when to file a claim, experience mods, and more.

Topics we cover in this episode include:

What Workers Comp is and how it started
How experience mods work for workers compensation
Use your workers comp carrier for good loss control services
When to file a workers compensation claim
Workers comp and crossing state lines
Which accidents account for the highest number of workers comp claims

LINKS

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

The Challenges of Job Costing Labor

Tue, 09 Apr 2024 00:00:00 -0400

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If you've been here a while, you know we preach job costing and how it can help a contractor be more profitable. One of the challenges of implementing a job costing system is figuring out costing your labor. Where do you start? Let's talk about it.

Topics we cover in this episode include:

Challenges with getting information for the payroll system
Three ways job costing labor might work in your business
How to get started with job costing labor

LINKS

Visit the episode page at https://carpentercpas.com/jobcostlabor 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/CarpenterCPAs

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

A Visual Deep Dive into Cost Coding

Tue, 02 Apr 2024 00:00:00 -0400

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One of the biggest stumbling blocks with contractors getting their job costing system set up properly is the cost code structure. There are several moving parts and it can be overwhelming. Where do you start? We're showing you on this week's episode. Make sure to check it out on the Carpenter CPAs YouTube channel.

Topics we cover in this episode include:

Reasons contractors fail at creating cost code structures\
The Job Costing Hierarchy
Cost codes mapping to Chart of Accounts
How to start with cost coding

LINKS

Get the free phase codes list: https://bit.ly/49fPfQV

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

Money mindset: The psychology of profit in construction

Tue, 26 Mar 2024 00:00:00 -0400

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Have you ever felt like the world is ending because your bank balance is low and you don't know how you're going to pay your people or your bills? Or you're on top of the world because your bank balance is high, but the next day the cash disappears? Let's talk about the psychology of money and how you can use your innate habits to control your construction company's success.

Topics we cover in this episode include:

The Gathering Principle
The Principle of Designated Spaces
The Principle of Sequencing
Lay the foundation of your business first
Rhythm and the Principle of Consistency
Temptation
Abundance vs. Scarcity Mindset

LINKS

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

How to Build a Solid Foundation for Your New Construction Company

Tue, 19 Mar 2024 00:00:00 -0400

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Starting a construction business? Wanting to get off on the right foot? Getting the foundation right from the start can spell the difference between success and failure. Let's talk about how to successfully plan, launch, manage, and grow a new construction business.

Topics we cover in this episode include:

Starting a business with the right mindset
Be careful about business costs and debt when you're getting started
Establish your financial board of directors
Avoid these common mistakes contractors make when launching a company
Naming your new construction business
Know how to manage your business once it's launched
Sales and growing your business

LINKS

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

How to Create a Rock Solid Bonding and Banking Relationship

Tue, 12 Mar 2024 02:00:00 -0400

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In an industry where having solid financial backing and trust is crucial, getting these relationships right is not just a bonus, it's a necessity. This week, let's discuss how to build relationships that will last and support your business over the years.

Topics we cover in this episode include:

How to find the right partners for your business
Build the relationship before you need the help of a bonding agent or banker
Make your banker and bond agent feel valued
Introduce your banker and bond agent to your team
Be honest about your situation with your financial board of directors

LINKS

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

How to Create a Construction Chart of Accounts

Tue, 05 Mar 2024 00:00:00 -0500

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The foundation of any robust construction accounting system lies in a well structured chart of accounts. But building one can be tricky. Let's walk through it.

Topics we cover in this episode include:

Walking through the Chart of Accounts
How to treat retainage properly in your Chart of Accounts
Cost of revenue categories

LINKS

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

Creating a Strategic Plan for Construction Contractors

Tue, 27 Feb 2024 02:00:00 -0500

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It's winter right now, and if you're in construction, this may be a slower time of year for you. It's a great time to create a strategic plan for your company for the coming year. How do you do it? We'll walk you through it.

Topics we cover in this episode include:

Why now is a good time to think about your strategic plan
Ground rules for your strategic plan
What should be included in your strategic plan?
The importance of a good budget
Analyze your risk
How to use KPIs for strategic planning
Note the trends in your market
Get input from your key business advisors

LINKS

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

Maximizing Margin by Full Kitting Your Construction Projects

Tue, 20 Feb 2024 03:00:00 -0500

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Full-kitting is a term most often associated with manufacturing. What does it mean and how can we use that concept in construction to maximize our profits? Let's talk about it.

Topics we cover in this episode include:

Full Kitting from a Subcontractor Standpoint
Communicate potential problems beforehand
Start with project planning and pinpointing common delays
How to implement full kitting

LINKS

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

7 Ways to Stop Bleeding Profit From Your Jobs

Tue, 13 Feb 2024 04:00:00 -0500

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Many contractors aren't making what they should on their jobs. Even if you've got your bidding down, you may still be bleeding profits. What are the things to look for and what can we do about it? Find out on this week's episode.

Topics we cover in this episode include:

Don't get burned by change orders
Make sure you're billing everything you have the right to bill
Double check the math on your bids
Get on top of your job costing and make it as real time as possible
Streamline and actively manage your supply chain
Put systems and workflows in place so critical steps are not missed
Adopt lean construction principles

LINKS

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

Head to profitfirstconstruction.com/blueprint to download your free copy.

Stop working for free. Let's get you keeping what you've earned.

Critical Considerations When Leasing or Buying Equipment

Tue, 06 Feb 2024 07:00:00 -0500

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Equipment is a major part of some contractors' job costs. Should you lease it, or should you buy it? Which is better for you? The answer is, it depends. We're helping you decipher the question and sharing some additional equipment considerations on this week's episode.

Topics we cover in this episode include:

Operating Lease vs. Capital Lease
Consider the costs associated with maintaining the equipment you own
Insurance costs and considerations for equipment
Equipment and vandalism
How to decide whether to purchase or lease a piece of equipment
Benefits and drawbacks of having a separate company to own your equipment

LINKS

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

Life Insurance for Succession Planning

Tue, 30 Jan 2024 00:00:00 -0500

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What happens to your company when you die? Making sure you have a continuity plan in place can ensure you have a smooth transition and ease the burden on your family. Life insurance can be a big part of that plan. Here's what you need to know when looking for a policy.

Topics we cover in this episode include:

Why you should start thinking about life insurance when you're young
Tax considerations for key person life insurance
How a buy-sell agreement can help pass the company on
How to keep your company operating as it was after something unexpected happens
The different types of life insurance

LINKS

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

Unconventional Tax Wisdom for Contractors

Tue, 23 Jan 2024 00:00:00 -0500

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We haven't met a contractor who likes to pay taxes, but many take avoiding taxes to the extreme. What are the true implications of making it your goal to pay no taxes every year? Let's talk about it.

Topics we cover in this episode include:

Four ways contractors can be taxed
An example of an extreme outcome of tax avoidance
The purchases and tax choices that get many contractors in trouble
How Profit First can help you save enough for taxes and remain profitable

LINKS

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

Is QuickBooks Desktop for Construction Contractors Being Discontinued?

Tue, 16 Jan 2024 00:00:00 -0500

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There have been rumors about QuickBooks Desktop being retired for many years, yet QuickBooks Online still isn't the same capability level as Intuit's older software for contractors. Some recent announcements from them give us more of a direction, and these announcements weren't given to the general public. We're sharing what you need to know this week.

Topics we cover in this episode include:

Recent announcements from Intuit on QuickBooks Online
QuickBooks Desktop became a subscription model in 2022
QuickBooks stopped selling the payroll subscription to the general public
Other accounting software options
Key things to look for in bookkeeping software

LINKS

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

More unconventional wisdom in construction you probably haven't considered

Tue, 09 Jan 2024 00:00:00 -0500

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Can increasing expenses also increase your net income? Can profitable jobs bankrupt a company? Today, we are exploring more unconventional wisdom in construction that you may not have ever considered.

Topics we cover in this episode include:

How adding expenses helps your bottom line
How a profitable job could bankrupt your company
Why an LLC is not always the right choice for setting up a construction company

LINKS

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

What you need to know about construction law with Special Guest Alex Barthet

Tue, 02 Jan 2024 00:00:00 -0500

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When do you need a construction attorney, and how can you find a good one? Should you be amending contracts, and how can you protect your lien rights? Construction attorney Alex Barthet joins us this week to answer these questions and more. He pinpoints the main things you need to focus on and what resources are available to help guide you. Listen in and make sure you implement his two action items in January to protect yourself in 2024!

Topics we cover in this episode include:

The best time to hire a lawyer is when you don't need one
How to find a good construction lawyer
What to look out for when signing a new contract
You need to protect your lien and bond rights
Make sure you're aware of the lien laws in your project's jurisdiction
Liability and the Hold Harmless Agreement
The Right to Stop Work
How to make changes to a contract
Options for assistance with your contracts

LINKS

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

Unconventional Wisdom in Construction Industry Success

Tue, 26 Dec 2023 08:00:00 -0500

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In a traditional business, there is conventional wisdom that generally holds true no matter what. Construction is an industry with several of its own differences that defy a traditional solution. Today we are exploring some of those things and why you shouldn't always listen to the common answer, because it might not all be true.

Topics we cover in this episode include:

Myth: If I get to X dollars in reenue, life will be easier
Myth: Accounting is the same for construction as it is for other industries
Misconceptions around subcontractors being bonded back
Myth: I always have to be the lowest bidder
Myth: all projects are similar
Myth: Profitability is solely about cutting costs

LINKS

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

Job Cost Accounting The Right Way

Tue, 19 Dec 2023 00:00:00 -0500

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Most contractors want better cost information about their jobs. They need it timely, they need it accurate, and they need it relevant to managing their jobs properly. Unfortunately, many contractors struggle in this area. How do you get it set up right so that you get what you need? We're sharing our tips on this week's episode.

Topics we cover in this episode include:

The main categories to consider in a job cost accounting system
The benefits of job costing for your business
Common headaches with setting up job costing and how to address them
How job cost accounting helps you get bonds
Common misconceptions about job costing

LINKS

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

How to Increase Your Surety Bond Credit

Tue, 12 Dec 2023 00:00:00 -0500

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You got that dream job, but it needs be bonded. Can you get it bonded? Are you over your bonding capacity? Is there anything you can do to increase your bonding credit? Find out this week.

Topics we cover in this episode include:

Draft and interim financial statements
Cash, character, and capacity
How to get bonding credit as a new contractor
Bonds and personal collateral
Start your relationship with a bonding company before you need a bond

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Making Contractors Irresistible to Banks and Bonding Companies

Tue, 05 Dec 2023 01:00:00 -0500

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It can be challenging to get banks and bonding companies to want to work with contractors. What can you do about it? Can you stack the deck in your favor? Can you dress up your financial picture? Find out on this week's episode.

Topics we cover in this episode include:

Why a good year-end financial statement is important to bonding companies and banks
Pay back Officer Loans at the end of the year
Inject capital at the end of the year
Improve your working capital ratio
Extend the terms of your line of credit
Timing expenses and collections
Be aware of bank covenants on your line of credit

LINKS

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

Creating a Job Description for a Construction Company CFO

Tue, 28 Nov 2023 00:00:00 -0500

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On a recent episode, we talked about working with a construction CFO. This week, we dive deeper into how to find the right person. We help you define what the CFO's job role is and get the maximum benefit out of the person who fills it.

Topics we cover in this episode include:

How to know if you've hired a bad CFO
Tracking cash flow problems
Optimizing existing low gross margins
Reducing high expenses
Upgrading and automating your financial statements
Identifying and executing cost reductions
Managing financial audits
Implementing Best Practices
Enhancing existing financial relationships
Providing future-focused planning
Reviewing the numbers on the bids

LINKS

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

Defining Real Revenue in Construction

Tue, 21 Nov 2023 00:00:00 -0500

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You may have heard the term real revenue, but how do you define it? In construction, it's a powerful concept worth knowing, but what can you do with it and how can you use it to run your construction company? Let's talk about it.

Topics we cover in this episode include:

What is real revenue and where does the term come from?
Real revenue avoids confusion around job cost vs. overhead
How real revenue lets you know if you're using the right overhead rate
Real revenue and cash flow management

LINKS

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

Critical Things to Know About Insuring Construction Vehicles and Equipment

Tue, 14 Nov 2023 00:00:00 -0500

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Why is it that insurance for equipment and vehicles is so expensive? Is there anything you can do to lower those costs? How about things like vehicle ratings, how does that play in your premium? Stephen is answering those questions and more on this week's episode.

Topics we cover in this episode include:

Should your vehicle be on your personal policy?
Costs for a commercial policy vs. a personal policy
What goes into rating a vheicle and how can you get lower premiums?
Having good drivers can lower your insurance rates
How insurance companies use telematics
Equipment insurance
Is it cheaper to insure rented or owned equipment?
Vehicles, equipment and loss control

LINKS

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

Fixing Your Construction Accounts Payable - A Case Study

Tue, 07 Nov 2023 00:00:00 -0500

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Could your process for paying other people sabotage your cash flow? Can streamlining your payables process lead to better job costing and faster billing? What does paying people have to do with collecting your own money? You might be surprised what a difference it can make when you fix those problems. Let's talk about it.

Topics we cover in this episode include:

How does paying people affect your cash flow?
Why the accounts payable process is more complex for construction
What is the true cost to get one accounts payable invoice out the door?
Differences between a traditional company aond construction accounts payable
The importance of a good accounts payable system
One billing mistake that could be wrecking your cash flow
10 quick tips to consider if you're fixing your accounts

LINKS

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

Construction Banking Tips, Tricks, and Hacks with Special Guest Deanna Zubrickas

Tue, 31 Oct 2023 00:00:00 -0400

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When it comes to banking, the construction industry comes with some nuances. And if you're using Profit First, you'll have even more specific needs. This week, we're talking with Deanna Zubrickas of Relay Financial, the official banking partner of Profit First. She shares how contractors implementing Profit First can more easily set up bank accounts, manage subcontractors, track expenses, and more.

Topics we cover in this episode include:

How to avoid spending hours at the bank to set up Profit First accounts
How to make it easier to pay subcontractors
Relay helps you identify and track transactions
Relay's Zero Liability Protection
Relay's fee structure
Workflows in Relay
Relay makes statement downloads easy
Getting started with Relay and Profit First

DISCLAIMERS

Contractor Success Forum is an informational podcast and does not promote specific products or services. This episode is intended to be educational and does not represent an endorsement of the Relay platform. We recommend listeners do their own due diligence before signing up with Relay, or any other provider.

Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted. *The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account.

LINKS

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

When Do You Need a Construction CFO?

Tue, 24 Oct 2023 00:00:00 -0400

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Has your company outgrown your basic bookkeeping? If your financial operations are becoming more complex and you feel like you're losing control, or if you're getting into federal contracting, it may be time to consider hiring a CFO. This week we're discussing when to do it, why you should work one who has construction industry experience, and whether to outsource or hire someone in-house.

Topics we cover in this episode include:

At what point do you need to hire a CFO?
How a good CFO can help your company grow
The importance of working with a construction-oriented CFO
How a CFO helps with compliance and reporting
A CFO knows your whole tax picture
Questions to ask yourself if you think you may need to hire a CFO

LINKS

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

Insurance Best Practices for New Buyers of a Construction Company

Tue, 17 Oct 2023 00:00:00 -0400

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If you're considering buying a construction company, we've got more tips for you this week on the podcast. This episode focuses on insurance. Stephen and Wade discuss what you and your insurance agent need to know to analyze the risks before making the purchase.

Topics we cover in this episode include:

What your insurance agent needs from the seller
Insurance with stock sales vs. asset sales
What happens with insurance rates when one company buys another
The importance of the seller's safety program
Liability coverage for company vehicles
Life insurance considerations for the company owner
How much insurance is enough?

LINKS

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

Buying and Selling a Business: Stock Sales vs. Asset Sales

Tue, 10 Oct 2023 00:00:00 -0400

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This week on the podcast, we're continuing our series on buying and selling a construction company, with a focus on the difference between a stock sale and an asset sale. Tune in to find out about each type of sale and its implications for taxes, liabilities, and more.

Topics we cover in this episode include:

What's the difference between a stock sale and an asset sale?
How the type of sale affects the liabilities you assume
Stock sales from a seller's and buyer's perspective
Asset sale from a seller's and buyer's perspective
The Asset Aquisition Statement
The seven classes of assets and their tax treatment
Buying a company that received an ERC

LINKS

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

What's Your Company Worth From the Buyer's Perspective

Tue, 03 Oct 2023 00:00:00 -0400

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If you're thinking about selling your company in the next three to five years, you need to start preparing now to get the most value for your business. Today on the podcast, Eric Wilkinson joins us to talk about what you need to consider from a buyer's perspective as you get your company in the best shape to be sold.

Topics we cover in this episode include:

When owners wait too long to prepare their business to sell
Owner involvement
Number of employees in teh business that a new owner may have to replace
The importance of good books and due diligence when selling your business
Considering the reputation of the company
Risk and the Employee Retention Credit
The value multiple
Consider getting a valuation done

LINKS

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

Contact Eric:
Eric Wilkinson | https://www.sandhillglass.com/

The Relationship Between Pricing, Overhead and Job Cost

Tue, 26 Sep 2023 00:00:00 -0400

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Are you pricing your jobs correctly? If you don't have a good understanding of your job costs and overhead percentage, the answer is probably no. This week on the podcast, we're discussing how to get a handle on these numbers and make better financial decisions for your construction company,

Topics we cover in this episode include:

What you should and shouldn't post as overhead
Ideas for contractors trying to wrap their head around their numbers
Carving out Materials & Subs
Overhead grows when you top line grows

LINKS

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

The Pros and Cons of Overbilling

Tue, 19 Sep 2023 00:00:00 -0400

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Overbilling can be good for your cashflow, but it can also potentially cause problems if used in the wrong way. This week, we're breaking down the pros and cons of overbilling, and how to overbill without setting yourself up for future headaches and issues with your bond underwriter.

Topics we cover in this episode include:

What is overbilling?
What scenarios may result in overbilling?
When does overbilling become a bad thing and how do bond underwriters look at it?
How human error can lead to overbilling

LINKS

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

Retirement plan options for construction contractors

Tue, 12 Sep 2023 00:00:00 -0400

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Do you know your options for retirement planning? Not only is it crucial to think about your own retirement, but a retirement plan can also be a great incentive for attracting and retaining employees. This week, we talk about the available options and how to choose the right one for your company.

Topics we cover in this episode include:

What retirement plan options are available to contractors?
How the Secure Act 2.0 may affect retirement plans
Defined Benefit Plan vs. Defined Contribution Plan
Why a Simple IRA might be a good place to start
Work with a financial advisor to find the right solution for you

LINKS

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

What's your company worth from a seller's perspective?

Tue, 05 Sep 2023 00:00:00 -0400

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Evaluating the worth of your company can be complicated, so the earlier you start thinking about it, the better. We're doing a two-part series on this exact topic on the podcast. This week, we start the discussion from the angle of the seller.

Topics we cover in this episode include:

Reputation and client relationships
Your skilled workforce
Market trends and demand
Estimating future earnings
Due diligence requirements

LINKS

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

A case study in implementing Profit First with Eric Wilkinson

Tue, 29 Aug 2023 00:00:00 -0400

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We've met many contractors who were interested in Profit First but struggled to actually implement it. This week, we're talking to Eric Wilkinson, a construction contractor who uses Profit First to gain cash flow clarity, address seasonality, and keep his business healthy. He also address some of the challenges he met when first implementing the system and how he overcame them.

Topics we cover in this episode include:

Implementing Profit First while starting a new company
Getting started and tracking your allocations
When Profit First isn't working for your business
How much money should I keep in reserve?
Advice for contractors getting started with Profit First

LINKS

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

Contact Eric:
Eric Wilkinson | https://www.sandhillglass.com/

How to (Legally) Defer Taxes Using Your Accounting Method

Tue, 22 Aug 2023 00:00:00 -0400

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We've never met a contractor who liked paying taxes, but there's a difference between tax avoidance and tax deferral. This week, let's talk about some strategies to legally defer your taxes without creating bigger problems down the road for your business.

Topics we cover in this episode include:

What tax deferral really means
The four main tax methods and how tax deferral works with each
Strategies that involve delayed billing or paying expenses at year-end
Common pitfalls that contractors encounter when trying to avoid taxes

LINKS

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

How to deal with seasonality in construction

Tue, 15 Aug 2023 00:00:00 -0400

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Most contractors deal with some ups and downs in their business throughout the year. This week, we're sharing tips that will help you not only identify and prepare for those seasonal shifts, but actually leverage the downturns into opportunities for growth.

Topics we cover in this episode include:

How to identify if and how seasonality is affecting your business
How to address seasonality and turn it into an opportunity
Why you need to be attentive to the ways seasonality affects your cash flow
Strategies you can implement to navigate and even leverage seasonal patterns

LINKS

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

Contact Amanda:
Amanda Darr | https://amandadarr.com

Why you should check your bank balance every day

Tue, 08 Aug 2023 00:00:00 -0400

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This week, Wade and guest Amanda Darr talk about the benefits of checking your bank account daily. Find out why staying on top of those transactions can provide awareness, encouragement, and important insights to the health of your company.

Topics we cover in this episode include:

Acting more quickly in cases of fraud
How Wade's thoughts on checking your bank account daily have changed
You can course correct early on when you notice things getting off track
Solutions for managing transactions in multiple banks and accounts

LINKS

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

Contact Amanda:
Amanda Darr | https://amandadarr.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

Technology and AI Productivity Hacks

Tue, 01 Aug 2023 00:00:00 -0400

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We're back with Morrelle McCrary for another episode packed full of game-changing AI tips and hacks. Try implementing these strategies to increase your productivity, automate tasks, and create systems and processes to get your team on the same page.

Topics we cover in this episode include:

Webular for AI website generation
Voice transcription software
Using AI to organize thoughts and craft email responses
Using AI to create product descriptions
AI for marketing
Type Desk and email automation tools
AI and project planning for contractors

LINKS

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

Contact Morrelle:
Morrelle McCrary | https://ramtechpcs.com

Expecting the Unexpected: Continuity Planning for Contractors

Tue, 25 Jul 2023 05:00:00 -0400

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Do you have a plan in place in case something happens to you or other leadership in your construction company? If so, when was the last time you updated that plan? This week, we discuss the importance of continuity planning and some key considerations to keep in mind as you plan for the unexpected.

Topics we cover in this episode include:

Practice continuation agreements
Planning for key employees
The importance of clearly stating in writing what should happen to your business
Continuity plans need to be looked at regularly
How to assess the risks a contractor might have
Continuity and the value of the company

LINKS

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

How fast are you making profit?

Tue, 18 Jul 2023 05:00:00 -0400

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This week, we're talking about the best way to turn over revenue and make profit more quickly. We address the question of taking one big job with profit in it or turning over several smaller jobs, and choosing the right jobs that you can turn around efficiently.

Topics we cover in this episode include:

Choosing between one large job or multiple smaller jobs
How to analyze potential jobs
Considering gross margin vs. top line
Throughput accounting and overhead

LINKS

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

Contractor cash flow case studies

Tue, 11 Jul 2023 04:00:00 -0400

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If you've listened to the Contractor Success Forum before, you know how crucial cash flow is to the health and longevity of your construction company. This week, we're sharing some real life examples of cash flow nightmares, how they happened, and what you can do to avoid similar mistakes.

Topics we cover in this episode include:

Cash flow and billing for retainage
How good (and bad) relationships can affect your cash flow
How to approach private projects when funding hasn't been secured to protect your cash flow
Billing issues can take even large companies down
Liquidated damages and unreasonable time to complete a job
Identify and address flawed processes and ongoing systemic issues
Errors with bank feed accounting can cause cash flow problems

LINKS

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

How to get paid the easy way with Alex Barthet

Tue, 04 Jul 2023 01:00:00 -0400

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This week, Alex Barthet returns to the podcast with some actionable tips to set yourself up to get paid on time, every time.

Topics we cover in this episode include:

It starts with managing expectations in your written contract
The top things to look out for in a contract that you might want to change
Increase the notice and opportunity to cure on a default or a claim
How to hold someone accountable to the terms of the contract
Billing on time
How to get into a new area of work the right way
Make sure the owner has funds set aside to pay you
Subcontractors and the pay when paid provision

LINKS

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

Learn more and get in touch with Alex Barthet at https://barthet.com/

Key factors in assessing bondability

Tue, 27 Jun 2023 00:00:00 -0400

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If you're a contractor wanting to increase the amount of bonds you can get, don't miss this episode. Stephen shares his top strategies for increasing your bondability on this week's episode.

Topics we cover in this episode include:

The three things bonding companies care about most
How to start putting together your bond application
Completing the Contractors' Questionnaire
Sharing references and key employees
How to work up to the next level of bonding
Indemnity agreements and personal guarantees
The most common challenges contractors run into when trying to get bonds

LINKS

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

How to build a powerful brand for your construction company

Tue, 20 Jun 2023 08:00:00 -0400

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This week, we talk about the importance of branding your construction company, and where to get started with building a powerful and authentic brand that willl attract the right clients, subcontractors, and employees.

Topics we cover in this episode include:

The benefits of targeting a niche market
How to find and target potential clients in your niche
Developing your company's branding
Using your branding to attract quality employees and subcontractors
Using testimonials to bolster your brand

LINKS

Visit the episode page at https://CarpenterCPAs.com/brand 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
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

The key components of a good construction financial statement

Tue, 13 Jun 2023 02:00:00 -0400

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Your financial statements not only communicate the health of your company to your bonding agent, but they also give you a clear understanding of where you stand. This week, find out the basics of what should be included in those financial statements.

Topics we cover in this episode include:

The key components of a good construction financial statement
Levels of financial statements
What your bonding agent looks for in your financial statements
Supplementary Reports
Cash flow statement
Five minute bond underwriting
Notes in the financial statement

LINKS

Visit the episode page at https://carpenterCPAs.com/statements 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

How to reduce injured worker claims in your construction company

Tue, 06 Jun 2023 00:00:00 -0400

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This week, Mac Bell joins us to talk about safety and how a good relationship with your insurance agent can help you avoid safety claims and save money.

Topics we cover in this episode include:

Engagement with policy holders is proven to reduce claims
Common mistakes that lead to safety claims
Why it's important to get workers back to work quickly and how to do it
Experience Rate Modifiers
Why you should always turn in claims, even if just for reporting
What you can do today to improve your safety program

LINKS

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

Find all episodes and related links at CarpenterCPAs.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

Mac Bell, Builders Mutual

10 Benchmarks to Drive Your Construction Dashboard

Tue, 30 May 2023 03:00:00 -0400

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If you think of your construction company as a car, what are the most important indicators on that dashboard that you should be watching in order to keep it running smoothly? We're breaking down ten key gauges that provide insights into the health and efficiency of your company.

Topics we cover in this episode include:

Speedometer - Sales Growth Rate
Tachometer - Project Efficiency
Fuel Gauge - Back Log
Oil Pressure Gauge - Cash Flow Management
Temperature Gauge - Risk Management
Odometer - Project and Company Milestones
Check Engine Light- Early Warning Indicators
Battery Voltage Gauge - Financial Stability
Tire Pressure Monitor - Resource Allocation
Navigation System - Strategic Planning

LINKS

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

How contractors should be using ChatGPT and AI now

Tue, 23 May 2023 00:00:00 -0400

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Artificial intelligence and tools like ChatGPT are big topics of discussion across industries today. But how can you use these tools to increase efficiency and build a more successful construction company? Find out on this week's episode with guest Morrelle McCrary, owner of RAM-Tech PC Solutions LLC.

Topics we cover in this episode include:

How to use AI for project planning
How to use AI to read contracts
Use AI as a framework and verify your answers
How to use AI for customer relationship management
How to use AI to respond to emails
How to use AI to use Excel more effectively

LINKS

Visit the episode page at https://carpentercpas.com/AI 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

Get the free download 10 ways you can use AI in your construction business NOW (with prompts!): https://carpentercpas.com/resources/ai/

10 ways baseball teaches benchmarking for construction companies

Tue, 16 May 2023 00:00:00 -0400

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Many construction contractors want to get an idea of where they stand in comparison to the competition or industry benchmarks, but they're not sure where to begin. This week, we're discussing some benchmarking lessons from a source you may not have considered: baseball. Listen to learn what baseball teaches us about measuring success, analyzing losses, scouting players, and more.

Topics we cover in this episode include:

Statistics
Reviewing the game tape
Setting Goals
Analyzing losses
Measuring Success
Player scouting
Performance incentives
Pitcher selection
Competition scouting
Hitting strategy

LINKS

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

8 ways contractors can drive value and prepare their company for the future

Tue, 09 May 2023 00:00:00 -0400

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This week, John Ratliffe of Scaling Up Coaches and align5 joins the podcast to drop some game-changing tips and insights for driving up the value of your construction business. Even if you don't have plans to sell your business any time soon, you need to hear this episode. It's never too early to think about the future of your business and you can start taking steps TODAY to increase its value.

Topics we cover in this episode include:

The risk of customer concentration
Communicating your strategic plan with key employees
Recurring and predictable revenue
Biggest mistake companies make when preparing to exit
The importance of clear KPIs
Gross margin and growth
The Rembrandt in the Attic analogy
How early should I think about exit planning, and how can I start?

LINKS

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

For Contractors, Profit First = People First

Tue, 02 May 2023 00:00:00 -0400

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If you're not familiar with the Profit First philosophy, you may get the wrong idea from its name. This week, we're talking about how Profit First is really about people, and how implementing the cash flow method can help you build a stronger, more sustainable company with happier employees.

Topics we cover in this episode include:

How does Profit First = People First?
Business owners deserve to get paid
Profit First provides guardrails for spending
What do you do with the profit?

LINKS

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

Cost Code Structures For Construction Companies

Tue, 25 Apr 2023 00:00:00 -0400

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Many contractors come to Wade having used programs like QuickBooks Online, and without any cost code structure. This week on the podcast, we discuss why construction contractors need a cost code structure and how to set one up that strikes the balance between being too simple to provide helpful information and too complex to understand.

Topics we cover in this episode include:

What is a code structure, and how is it different from the Chart of Accounts
Cost code structure and using softwares like QuickBooks
How to get started when you have no cost code structure
Cost code structure, estimates, and invoices

LINKS

Download 6 Tips & Tricks, PLUS a checklist for Developing your Cost Code Structure: https://carpentercpas.com/cost-code-structure-resources/

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

How bank feed accounting may be ruining your construction company

Tue, 18 Apr 2023 00:00:00 -0400

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Bank feed accounting saves time, but it can also create a bookkeeping mess if you're not careful. This week we're talking about the issues that come with bank feed accounting for construction companies and what you need to do to make sure you have a clear, accurate picture of your business's financials.

Topics we cover in this episode include:

The problem with relying on your bank feeds
Issues with double counting revenue and expenses
Job costing and bank feed accounting
Profit First and bank feed accounting
What you need to do to make bank feed accounting work

LINKS

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

Questions to ask before starting a joint venture

Tue, 11 Apr 2023 00:00:00 -0400

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By now you probably know the opportunities offered by a joint venture. But setting one up the right way is a different story. This week, we're giving you a list of questions to consider before you start a joint venture and some of the possible answers. Don't miss this info-packed episode!

Topics we cover in this episode include:

Foundational questions for your joint venture
What are the performance goals and expectations of the joint venture?
How will information sharing and ownership be handled?
How will the joint venture projects be managed?
What are the communication guidelines for the joint venture parties?
How can the joint venture plan for the unexpected?
How will the joint venture handle compliance and accounting?

LINKS

Take the free 50-question quiz to find out if your Construction Joint Venture set up for success: https://carpentercpas.com/50-questions-to-ask-when-forming-a-joint-venture/

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

What contractors should know about general liability and umbrella insurance policies

Tue, 04 Apr 2023 00:00:00 -0400

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This week, we're getting you up to speed with everything you need to know about general liability and umbrella insurance policies. Find out what exactly these policies cover, how much coverage you might need, and how they work when a claim is filed.

Topics we cover in this episode include:

Why contractors need general liability and umbrella policies
What general liability coverage and rates are based on
How your insurance company handles a claim
Umbrella and excess policies
How the size and net worth of your company should be factored into the coverage you get
Current trends in general liability and umbrella premiums

LINKS

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

A Deep Dive into Working Capital for Contractors

Tue, 28 Mar 2023 00:00:00 -0400

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Let's talk about working capital. What exactly is it, what can be included, and why is it important to your bank and bonding company? We'll answer those questions and provide some tips to understand and increase your working capital on this week's episode.

Topics we cover in this episode include:

Definitions to know: asset, liability, and current
Why working capital is important to bonding companies and banks
Working Capital Ratio
What bonding companies take into account when adjusting working capital
How to increase your working capital at the end of the year

LINKS

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

Get the free contractor's guide to understanding working capital

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

Creating a Culture for Mental Health in Your Construction Company

Tue, 21 Mar 2023 00:00:00 -0400

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This week, we're discussing a topic that you should be talking about openly in your construction company but probably aren't: mental health. This important conversation covers the mental health stigma and how to fight it, free resources to help you incorporate mental health awareness into your company culture, and how to recognize the signs that someone on your team may be struggling.

Topics we cover in this episode include:

Why we don't talk about mental health in the construction industry
How to help someone who is struggling
How do you get past the stigma of mental health?
Resources to help add mental health awareness to your corporate culture
Look out for these possible signs that an employee is struggling with their mental health

LINKS

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

WEBINAR: Mental Health on the Jobsite

Construction Industry Alliance for Suicide Prevention (CIASP)

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

How to get more referrals and sales using the vendor well strategy

Tue, 14 Mar 2023 00:00:00 -0400

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This week on the podcast, Rob, Stephen, and Wade are talking about referrals. They share a proven process you can use to actually get clients and vendors excited about referring you to other businesses or consumers. Learn how it works and what questions to ask on this week's show.

Topics we cover in this episode include:

Why contractors should focus on getting referrals
Make sure you're one of the best at what you do before seeking referrals
Examples of the vendor well process in action
Who you can use this process with to get referrals
How to start building relationships in your vendor well, including the exact questions to ask

LINKS

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

How to implement processes that will get your construction business to the next level

Tue, 07 Mar 2023 00:00:00 -0500

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How long could your company function without you? If the answer is not longer than a few days, you need to listen to this week's episode. Find out how creating and implementing processes in your business opens up the door for growth, quality of life, and more of the clients you want to work with.

Topics we cover in this episode include:

How systems and processes allow you to stay consistent
How systems and processes encourage growth and allow you to scale up
Finding opportunities for early yardage with processes
Which processes to define in your construction business
Why you should create processes in your areas of strength

LINKS

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

Your triage checklist for a job that's losing money

Tue, 28 Feb 2023 00:00:00 -0500

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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.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

100th Episode Celebration! How to remove obstacles to your success and level up

Tue, 21 Feb 2023 00:00:00 -0500

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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

How to find the right joint venture partner

Tue, 14 Feb 2023 00:00:00 -0500

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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

Workers Comp Insurance: what you need to know

Tue, 07 Feb 2023 00:00:00 -0500

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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

How to avoid scope creep and change order failures

Tue, 31 Jan 2023 00:00:00 -0500

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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

4 things you must get right in construction accounting

Tue, 24 Jan 2023 00:00:00 -0500

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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.

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

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How to protect against project losses with Daniel Fulcher

Tue, 17 Jan 2023 00:00:00 -0500

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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

Three things contractors must know to grow

Tue, 10 Jan 2023 00:00:00 -0500

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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

The new 1099 tax rule contractors should know

Tue, 03 Jan 2023 00:00:00 -0500

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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

4 ways to maximize the value of your construction company

Tue, 27 Dec 2022 00:00:00 -0500

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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

A deep dive into construction gross margins

Tue, 20 Dec 2022 00:00:00 -0500

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The motto of this week's episode is: there's nothing gross about gross margins. We're defining gross margin (we also touch on gross profit, net profit, markup, and the differences between all of these often confusing terms). We'll also fill you in on why gross margin is important and why consistently tracking yours is crucial.

Topics we cover in this episode include:

What is gross margin?
The difference between gross profit and net profit
Markup vs. margin
What you can learn from your gross margin
What can cause swings in gross margin

LINKS

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

How to build your bond program

Tue, 13 Dec 2022 00:00:00 -0500

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Building a bond program is not just about being able to go after bigger jobs. A partnership with a bonding company you trust provides valuable information on the jobs you're bidding and is an important piece of your strategic growth plan. This week, Stephen shares some useful advice for building your bond program.

Topics we cover in this episode include:

Partnering with a great bonding agent is key
Be proactive and honest with your bonding agent
Listen to your bonding agent's perspective on potential jobs
Year-end planning for your bond program
Start getting financial statements before you need bonds
Newer contractors can get bonds based on personal credit

LINKS

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

Practical advice for building a Cash Flow Forecast

Tue, 06 Dec 2022 00:00:00 -0500

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When done properly, a cashflow projection or forecast can not only help you secure bonds and banking, but it can also serve as a roadmap to building a great business. This week, we're offering some practical advice on this useful tool: who should do it, how often it should be done, and how it might look different for construction companies.

Topics we cover in this episode include:

Why you might need a cash flow forecast (even if you have a lot of money in the bank)
How far out and how frequently you should do a forecast or projection
Using long-term cash flow projection as a planning tool
How to boost your bonding capacity with accurate cash flow projections
Cash flow projection considerations unique to the construction industry

LINKS

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

Financial Statement assurance levels contractors should understand

Tue, 29 Nov 2022 00:00:00 -0500

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The year is coming to an end, and for many contractors, that means working with your CPA to get financial statements. These statements can be done at four different financial assurance levels with various indications for your business. Learn about each on this week's episode.

Topics we cover in this episode include:

What is a financial assurance level and why might I need one?
Reasons contractors may need an audit
Why you should do your research before paying for an audit
Term Audit
Review level
Compilation level
Preparation level

LINKS

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

A Surety Industry Update

Tue, 22 Nov 2022 08:00:00 -0500

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What's going on in the surety industry? Is now a good time to try to get bonded? Stephen has some useful insights and updates for you, including thoughts on why now is a great time to work on building a relationship with a bonding agent if you haven't already.

Topics we cover in this episode include:

Whether we're in a soft or hard surety market right now
What a hard surety market is and what causes it
When is the best time to build a relationship with a bonding company
How to get started if you want to get bonded

LINKS

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

Five ratios every contractor needs to know

Tue, 15 Nov 2022 00:00:00 -0500

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Financial ratios are useful tools that translate your accounting data into information that allows you to keep a pulse on the health of your construction company. This week we're discussing the top five ratios and how to use them in your business.

Topics we cover in this episode include:

Ratios and year-end planning
Working Capital and the Quick Ratio
Days of Cash
Debt to Equity Ratio
Underbillings to Working Capital Ratio
Net Income after taxes
Return on assets
Backlog Gross Profit

LINKS

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

Five controls to prevent fraud in construction firms

Tue, 08 Nov 2022 00:00:00 -0500

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Even on a team that you trust, theft and fraud sadly occur too often when a company doesn't have the right internal controls in place. This week, we're sharing the top five controls you can begin implementing today to protect your business and yourself.

Topics we cover in this episode include:

Common warning signs of theft or fraud
Segregate duties related to financials
Regularly review your financial statements
Require employees to take time off
Consider hiring an outside controller
Implement controls on financial decisions
How Profit First can help

LINKS

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

What you need to know about payment bond claims

Tue, 01 Nov 2022 00:00:00 -0400

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While performance bonds ensure a job gets completed, payment bonds guarantee that subcontractors and suppliers get paid for their services and materials. This week, we're covering everything you need to know about filing a payment bond claim: when to do it, what information to include, and what happens once the claim is filed.

Topics we cover in this episode include:

When are payment bonds required?
When should you file a payment bond claim?
What information to provide when filing a payment bond claim
Why contractors should take payment bond claims seriously

LINKS

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

How to secure your lien and bond claim rights with Ariela Wagner

Tue, 25 Oct 2022 00:00:00 -0400

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This week, special guest Ariela Wagner from SunRay Construction Solutions joins us to talk about liens, bonds, and getting paid. Ariela shares some amazing tips to help you confidently manage your lien and bond claim rights and avoid costly mistakes.

Topics we cover in this episode include:

Preliminary Notice Requirements
Lien differences across state lines
Federal vs. State Requirements
Working with a company like SunRay to manage lien and bond claim rights
How to avoid waiving your lien rights
The power of communication and documentation

LINKS

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

Visit https://SunRayNotice.com to learn more about Ariela and the services her company offers.

Visit https://www.sunraynotice.com/resources to access the 50 States Lien Laws and other free resources.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

Smart ways to use and manage debt

Tue, 18 Oct 2022 00:00:00 -0400

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Debt can be a useful tool for growth in your construction business when handled correctly. This week we're discussing the different types of debt, when it makes sense to use it, and the best ways to pay down debt without negatively affecting your cash flow and profitability.

Topics we cover in this episode include:

What is smart debt?
Debt, starting a new business, and survival mode
How much debt is too much when it comes to bonds and banks?
How Profit First looks at debt
Long-term vs. short-term debt
The best strategies for getting out of debt

LINKS

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

Common construction accounting setup mistakes

Tue, 11 Oct 2022 01:00:00 -0400

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The key to a good accounting system for your construction company is a solid foundation. This week, Wade explains where many contractors go wrong when setting up their books for the first time and how to avoid those common accounting pitfalls.

Topics we cover in this episode include:

Building a solid foundation for your accounting system
Start with your Chart of Accounts
Job Costing and how construction accounting is unique
How to get started when you have no system in place
Reporting the right amount of detail
Purchase Order systems

LINKS

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

What cash flow, profits and valuation mean to a contractor

Tue, 04 Oct 2022 10:00:00 -0400

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This week, we're breaking down three essential components of your company's long-term health: cash flow, profits, and valuation. How can you maximize all three, and how do they affect each other? Tune in to find out.

Topics we cover in this episode include:

How your cash flow can get wrecked when you're growing
Seven cash flow drivers
Be careful with your line of credit
How cash flow, profits and valuation affect each other
How to get clear on your cash flow situation
Balancing growth and borrowing

LINKS

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

Profit First and Unexpected Expenses

Tue, 27 Sep 2022 00:00:00 -0400

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We're talking about Profit First again this week, with a focus on those unexpected expenses that inevitably pop up in your construction business. Rob, Wade, and Stephen discuss the three steps you should take to address a cash flow shortage and how to prepare for similar situations in the future with the Profit First system.

Topics we cover in this episode include:

How Profit First is an early warning system for cash flow issues
How to address an unexpected expense in the short-term without wrecking your cash flow
Defining the unexpected expense and whether you can avoid it in the future
How to set yourself up to deal with unexpected expenses in the future

LINKS

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

Three contract terms to get paid faster with special guest Alex Barthet

Tue, 20 Sep 2022 01:00:00 -0400

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This week we're joined by special guest Alex Barthet, construction attorney and owner of the construction law blog The Lien Zone. He joins us this week to talk about the three contract provisions that he sees as most important when it comes to contractors getting paid.

Topics we cover in this episode include:

Pay-when-paid Provisions
Retainage and how to get paid sooner
Lien Waivers
Free tools to help you understand contracts and get paid faster

LINKS

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

Links to the tools Alex mentioned on 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

Communication essentials in job costing

Tue, 13 Sep 2022 00:00:00 -0400

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Getting a job costing system in place, and then getting your team to use it consistently and accurately is a struggle for many construction companies - but it doesn't have to be. The communication tips we're sharing this week will help you get better, more timely job costing information.

Topics we cover in this episode include:

The three main things that need to happen for good job costing
Incentives for reporting job costs
Labor and time tracking on the job
Systems for job costing
Purchase order systems

LINKS

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

How to recession-proof your bonding program

Tue, 06 Sep 2022 01:00:00 -0400

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A recession may be coming - have you thought about how your bonding program may be affected? This week, Stephen, Wade, and Rob are sharing the steps you can take now to keep your bonding capacity where it needs to be, even if money gets a bit tight.

Topics we cover in this episode include:

Lock down your financial board of directors
Keep a close eye on your cash flow
Don't cut back on the wrong expenses
Push your bonding company on slightly bigger jobs
Get good systems and processes in place
Be ready to provide up-to-date financial statements

LINKS

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

Joint Checks in Construction

Tue, 30 Aug 2022 01:00:00 -0400

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When you're working with subcontractors and suppliers, joint checks can help ensure everyone gets paid. Just make sure to be careful about the agreement and how you handle the checks on your books. We're covering the basics on this week's episode.

Topics we cover in this episode include:

Joint checks: definition and most common examples
Joint checks and fraud
Joint Check Agreement
The Joint Check rule
Joint checks and accounting considerations

LINKS

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

The Power of Checklists in Your Construction Business

Tue, 23 Aug 2022 02:00:00 -0400

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Checklists and processes are powerful tools that can help your business run more smoothly and prevent costly mistakes. This week we're talking about how to get started with checklists, what to track, and how get buy-in and keep your team accountable.

Topics we cover in this episode include:

Checklists vs. procedures
Software that can help you implement checklists and procedures
Starting off a job right with a checklist
The benefits of standardized processes and checklists
What to track with checklists
Checklist champions and getting buy-in

LINKS

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

Vehicles and Tax Deductibility, Pt. 2

Tue, 16 Aug 2022 02:00:00 -0400

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In Episode 71, we started the conversation on work vehicles and tax deductibility. This week, we're diving deeper into the most common questions and misconceptions, including what happens when your practice of buying a new vehicle each year to save on taxes catches up with you.

Topics we cover in this episode include:

Should you buy a new company vehicle every year - and if you do, can you write it off?
The pros and cons of accelerated depreciation
Playing deferral games with income
Using your vehicle for advertising

LINKS

Visit the episode page at https://contractorsuccessforum.com/vehicles2 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

What the Infrastructure Investment and Jobs Act means for you

Tue, 09 Aug 2022 02:00:00 -0400

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The Infrastructure Investment and Jobs Act is putting $1.2 trillion towards our country's infrastructure - with $550 billion being spent this year on projects from repairing and replacing dams and constructing new water systems out west, to new power systems and charging stations. What does this mean for contractors, especially as we could be heading for a recession? It means you should be looking into federal contracting if you aren't already. Learn more on this week's episode.

Topics we cover in this episode include:

Details of The Infrastructure Investment and Jobs Act
How smaller contractors can benefit
How the federal money is being allocated
How the bill can help contractors through a potential recession
How trade groups can help you get into federal contracting
What you need to know about bonding and federal contracting

LINKS

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

Lease or buy? Vehicles and tax deductibility

Tue, 02 Aug 2022 02:00:00 -0400

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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.

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

Construction Lessons from the Great Recession

Tue, 26 Jul 2022 01:00:00 -0400

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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

What's going on in federal contracting?

Tue, 19 Jul 2022 02:00:00 -0400

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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

How to grow your company the best and smartest way

Tue, 12 Jul 2022 03:00:00 -0400

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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

Throughput accounting: What traditional cost accounting systems don't tell you

Tue, 05 Jul 2022 03:00:00 -0400

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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

How to select the right projects

Tue, 28 Jun 2022 02:00:00 -0400

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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

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

Theory of Constraints - Overcoming Supply Chain Issues

Tue, 21 Jun 2022 02:00:00 -0400

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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

Final planning for contractors

Tue, 14 Jun 2022 02:00:00 -0400

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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

What to expect from a good construction accountant

Tue, 07 Jun 2022 02:00:00 -0400

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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

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

The big picture: Top traits the best construction companies share

Tue, 31 May 2022 02:00:00 -0400

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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

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

How to qualify for government set-aside contracts

Tue, 24 May 2022 02:00:00 -0400

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On a previous episode, we discussed why you may want to consider government contracting work and how to get started. This week we're diving in deeper to find out which government set-aside programs are available for contractors and how to qualify for them.

Topics we cover in this episode include:

How to start and navigate the set-aside program qualification process
Requirements to qualify as a small business
The Small Disadvantaged Business designation
The Woman-Owned Business designation
The Veteran Owned Small Business designation
The 8(a) Program
The HUBZone Program

LINKS

Links and acronyms referenced in the show:

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

The critical components of building a job cost system

Tue, 17 May 2022 02:00:00 -0400

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The first job costing episode we shared was one of our most popular episodes ever. This week, we're revisiting the important topic. Wade breaks down the most common problems contractors have when implementing a job costing system and how to address each one. You'll learn what you can do now to build or improve your job cost system for consistency and numbers you can trust.

Topics we cover in this episode include:

Why job costing is more complicated in construction
How to build a solid foundation for your job costing system
Why consistency is key in job costing
Issues with applying overhead in job costing
Choosing the right job costing software
Why a good job costing system needs a champion

LINKS

Listen to our first job costing episode: https://podcasts.apple.com/us/podcast/job-costing-for-contractors/id1562503965?i=1000516583302

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

Making the move from residential to commercial contracting

Tue, 10 May 2022 02:00:00 -0400

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Have you considered making a move from residential to commercial contracting? On this week's episode, we're sharing a few things you should consider before beginning to seek out commercial construction projects.

Want to learn how to reverse engineer your cash flow? Sign up for the free seminar on 5/17 at 10am EST: https://www.eventbrite.com/e/reverse-engineering-your-cash-flow-tickets-332475953527

Topics we cover in this episode include:

What changes with job costing when you move to commercial contracting
Customer mindset and getting paid as a commercial contractor
Commercial contracting and cash flow
Why you should consider setting up a separate company for commercial construction

LINKS

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

QuickBooks for Contractors: Desktop vs. Online

Tue, 03 May 2022 02:00:00 -0400

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The right accounting software can save you time and money, support your business's growth, and help you qualify for bonds. Is QuickBooks up to the job? If so, which version should you use: QuickBooks Online or Desktop? Wade shares the questions you need to answer to find out which software is right for you, as well as his thoughts on the limitations of QuickBooks you might run into as a contractor.

Topics we cover in this episode include:

Can QuickBooks work for contractors, and how does it affect bonds?
The limitations of QuickBooks for contractors
How to decide which accounting software is right for you: real-time accounting vs after the fact accounting
QuickBooks and job costing
Summary job costing vs detailed job costing
Labor and payroll in QuickBooks
Quickbooks versions and remote access

LINKS

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

Government contracting using a mentor protege program

Tue, 26 Apr 2022 02:00:00 -0400

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Last week we discussed contracting with the federal government. This week, we're discussing a specific way to get into it: the mentor-protege program. Tune in to find out what the program is, who qualifies, and how to get set up for success.

Topics we cover in this episode include:

Getting started with the mentor-protege program
Putting together a joint venture and mentor-protege agreement
Finding a mentor or protege
Getting the joint venture contract right and staying in compliance

LINKS

Links and acronyms referenced in the show:

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

How to get into contracting for the federal government

Tue, 19 Apr 2022 07:00:00 -0400

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The government spends about $580 billion a year on contracts, with 23% of that set aside for small businesses. So how can you begin going after these opportunities? This week, we're talking about the three main things you need to do to get started with contracting for the federal government.

Topics we cover in this episode include:

How to prepare to start doing government contracting
Opportunities in government contracting for small businesses
Getting set up in the system: SAM, NAICS codes, and FAR
Understanding the different types of contracts and how to win them
How HUBZone and other SBA certifications can help

LINKS

Links and acronyms referenced in the show:

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

Five ways for road contractors to be more profitable during COVID

Tue, 12 Apr 2022 02:00:00 -0400

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Rob recently attended the World of Asphalt conference in Nashville, TN. It got us thinking about what road contractors, and contractors in general, can do to continue building profit and protect themselves from increased costs, labor shortages, and other issues we’re facing in today’s climate. Tune in for top tips from your hosts and other industry experts.

Topics we cover in this episode include:

Why maintaining your equipment should be a priority
The importance of job costing, especially in today's environment
How to use your contracts and bids to protect yourself from increasing costs
How to attract the right employees

LINKS

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

Read Rob's article with advice from industry experts: https://irongateess.com/5-ways-for-road-contractors-to-be-more-profitable-during-covid/

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

The 7 Drivers of Cash Flow in Your Construction Company

Tue, 05 Apr 2022 02:00:00 -0400

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Even with all the work you can do, all the tools you need, and all the right people, your business can't function without cash flow. This week, we're discussing the seven things that drive cash flow in your business and how to optimize each to keep your business going for the long term.

Strategies we cover in this episode include:

The four basic cash flow drivers: price, cost of sales, overhead, and volume
Why the basic cash flow drivers don't always work as expected
The Cash Conversion Cycle
How Accounts Receivable and Accounts Payable days affect cash flow
How inventory affects cash flow and why your WIP report is your inventory

LINKS

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

Six Ways to Improve the ROI of Your Construction Company

Tue, 29 Mar 2022 01:00:00 -0400

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How is your construction company's ROI? Are you getting out more than you're putting in? If you're looking for ways to improve your return on investment, don't miss this week's episode. We're sharing our six best tips for increasing your company's ROI.

Strategies we cover in this episode include:

Track your average gross margin on jobs
Identify and fix profit leaks
Get agreements upfront and include all work
Manage your mix of jobs
Put efficient marketing processes in place
Shorten your cycle times

LINKS

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

Six action items to prepare your construction company for sale

Tue, 22 Mar 2022 01:00:00 -0400

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Thinking about selling your construction company? You need to plan ahead, and there are six things you should get in order to get the most out of the sale. We're going over those six crucial pieces to preparing your business for sale this week.

The six action items we're diving into this week are:

Get consistent cash flow
Demonstrate profit
Have consistent revenue
Maintain a portfolio of clients
Keep accurate books
Document your systems and processes

LINKS

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

The WIP Report: Your Job Profit Crystal Ball

Tue, 15 Mar 2022 02:00:00 -0400

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A Work In Progress report is a powerful tool: it can increase your bonding capacity, help you manage costs, and give you an accurate picture of both your working capital and the status of your current jobs. This week, we're talking about why the WIP is crucial and how to do it right.

Topics we cover in this episode include:

How a WIP report affects your bonding capacity
The importance of consistency when tracking job costs and why WIP numbers are not always intuitive
Common mistakes contractors make on their first WIP report
Addressing stored materials on the WIP report

LINKS

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

How a PPP loan affects your bonding capacity

Tue, 08 Mar 2022 02:00:00 -0500

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Did you receive funds from the government as part of the COVID relief efforts? Are you unsure how that money will affect your bonding capacity now? Get up to speed on PPP loans, EIDL loans, and the ERTC on this week's episode.

Topics we cover in this episode include:

Why it's important to talk to your bond agent about the PPP or other COVID-related government funds you've received
A crucial cash-saving tip for classifying the employees that you pay with PPP funds
The loans and grants that have been helpful to contractors and how to address them now
The importance of obtaining forgiveness letters for taxes and bonding
How accepting government funding affects your bonding capacity

LINKS

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

Best practices in accounting for construction joint ventures

Tue, 01 Mar 2022 16:00:00 -0500

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A joint venture is a great tool that can be used to go after bigger jobs or jobs outside your expertise. Setting one up can be complicated. This week, we're talking about how to set one up the right way using accounting best practices.

Topics we cover in this episode include:

The purpose of joint ventures
Formal vs. informal joint venture agreements
Deciding on the details of a joint venture agreement
Why you should treat the joint venture as a separate entity
Setting up your books for a joint venture
When things go wrong in joint ventures

LINKS

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

Practical advice for one-owner construction firms

Tue, 22 Feb 2022 02:00:00 -0500

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Is your construction company a one-man show? This episode is for you. Even if you've hired additional employees, you'll benefit from this week's episode full of tips for efficiency, productivity, and saving time, money, and stress in your business.

Topics we cover in this episode include:

How to work smarter and use your resources efficiently
Why you should track where your time is spent
How technology can be a huge advantage (or a burden, if you use the wrong tools)
Why you shouldn't use cheap tools
The importance of systemization and delegation in your business

LINKS

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

Surety Bonding: Understanding the Basics

Tue, 15 Feb 2022 02:00:00 -0500

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A good bonding program and an established surety relationship are signs that your construction company is moving in the right direction. But how do you get started with surety bonding? This week we're covering the basics of bonds: why you might need one, the different types of bonds, and how you can start setting yourself up now to qualify for one.

Topics we cover in this episode include:

What a bond is and why you might need one
How to get bonds and why you shouldn't be intimidated by the process
Bid bonds vs. performance bonds
The Three C's of Bond Underwriting
How to start preparing to get bonds before you need them

LINKS

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

Manage and overcome supply chain issues

Tue, 08 Feb 2022 03:00:00 -0500

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Most people in the construction industry are currently dealing with material supply issues. How can you manage the situation and protect yourself from possible pitfalls caused by supply chain issues? Find out on this week's show.

Topics we cover in this episode include:

The current state of supply issues and material cost increases
Why you need to put a deadline on your bids
How documenting and communicating frequently can protect you
How to lock in prices with subcontractors and suppliers
The importance of communication with your suppliers
How diversifying your supplier base can help

LINKS

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

Five things contractors need to know about taxes

Tue, 01 Feb 2022 02:00:00 -0500

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It's time to talk about taxes. This week we're tackling five important things every contractor should know about taxes. We'll offer some general advice, address common tax mistakes we've seen contractors make, and dispel some pervasive tax myths.

Topics we cover in this episode include:

How having your business structured in the wrong type of entity can affect your taxes
The difference between deferring and avoiding taxes
The importance of understanding your accounting method for tax purposes
How to use the accounting method you're set up under
What the Credit Card Rule is and how it can affect your deductions

LINKS

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

How to find your sweet spot - and the jobs that hit it

Tue, 25 Jan 2022 02:00:00 -0500

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This week we're diving deep into the topic of finding and hitting your business's sweet spot for more long-term profitability, success, and happiness. Join us to hear three different perspectives on the factors that make up a sweet spot, how to pinpoint yours and what to do to start landing construction jobs within it.

Topics we cover in this episode include:

Which factors go into a contractor's sweet spot from the perspectives of a bonding agent, a bookkeeper, and a profit strategist
How to segment your jobs to find out which types of work to aim for in the future
Why job costing is crucial to finding your sweet spot
What the "cringe and crush" factor is and why you should consider it when segmenting your jobs
How risk assessment factors into your sweet spot
Why you should focus on your bottom line, not your top line

LINKS

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

The benefits of outsourcing for contractors

Tue, 18 Jan 2022 12:00:00 -0500

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Is your construction company feeling the effects of the Great Resignation? Or maybe you're just overpaying for specialized work being done in-house. Either way, it may be time to consider outsourcing.

Topics we cover in this episode include:

Why you should consider outsourcing your core functions
How trying to take care of core functions yourself rather than outsourcing to experts can lead to losing money
How job costing helps you decide which functions to outsource
How technology enables outsourcing for most job functions
Where to find the right people to outsource the work to

LINKS

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

Start the new year off strong with Profit First

Tue, 11 Jan 2022 02:00:00 -0500

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The start of a new year is the perfect time to implement the Profit First cash management method in your business. Not sure how to get started? We're sharing first steps and common mistakes to avoid this week. Join us and start your year off strong.

Topics we cover in this episode include:

Why the start of a new year is an ideal time to implement Profit First
The best way to fast-track implementation and make sure it's done right
The biggest hurdles people face when implementing and how to get past them
Common questions about Profit First including around owner's comp, payroll, and the tax account
How to adjust your percentages based on changes in revenue and overhead
Lifestyle congruence and how to use it to set meaningful revenue goals

LINKS

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

How to keep your cash flowing from project to project

Tue, 04 Jan 2022 02:00:00 -0500

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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.

What you need to know about Prevailing Wage Jobs with Jason Sperfslage

Tue, 28 Dec 2021 02:00:00 -0500

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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 your business's sweet spot with Donna Leyens

Tue, 21 Dec 2021 04:00:00 -0500

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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

Why you should work with a construction-oriented CPA

Tue, 14 Dec 2021 08:00:00 -0500

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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

Strategies to reduce overhead in your construction business

Tue, 07 Dec 2021 04:00:00 -0500

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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

You Implemented Profit First...What's Next?

Tue, 30 Nov 2021 03:00:00 -0500

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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

How to avoid surprises on your insurance renewals

Tue, 23 Nov 2021 05:00:00 -0500

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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

What you Need to Know About Surety Bond Underwriting

Tue, 16 Nov 2021 05:00:00 -0500

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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

ESOPs in the Construction Industry with Kelly Finnell

Tue, 09 Nov 2021 08:00:00 -0500

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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

How is your company valued, and why should you care?

Tue, 02 Nov 2021 06:00:00 -0400

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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

Top 10 Ways to Save Money on Your Insurance

Tue, 26 Oct 2021 05:00:00 -0400

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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.

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

Year-End Planning for Contractors

Tue, 19 Oct 2021 22:00:00 -0400

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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.

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

Getting out of the Survival Trap

Tue, 12 Oct 2021 15:00:00 -0400

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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

The Impact of Profit First by the Numbers

Tue, 05 Oct 2021 04:00:00 -0400

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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

The Power of Documenting Your Projects with Special Guest Chad Gill

Tue, 28 Sep 2021 05:00:00 -0400

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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

Busting Common Profit First Myths, Pt. 2

Tue, 21 Sep 2021 05:00:00 -0400

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Stephen, Wade, and Rob are back with a second episode on Profit First myths. This week they dive deeper into common misconceptions about the Profit First method, TAPs and working with a Profit First Professional.

The myths we discuss this week:

I don't need to work with a certified Profit First expert to implement the system.
Anybody can teach Profit First.
My business won't grow if I take my profit first.
Profit should be used for capital expenditures.
Profit First says to put aside 15% for taxes. That's not enough.
If I can't hit the Target Allocation Percentages (TAPs), the system won't work.

If you missed part one, go back to hear the first six myths. And don't forget to send questions or content suggestions to us at the links below.

LINKS

Visit the episode page at contractorsuccessforum.com/myths2 for more details and a transcript of the show.

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

What you should know before getting a bond

Tue, 14 Sep 2021 10:00:00 -0400

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Many newer contractors find the process of obtaining their first bond intimidating. This week we're walking you through what you need to know to get bonds and go after the projects that will help your company grow.

Topics we cover include:

How your bond agent will work with you to get approved, even if your financials aren't perfect
The main factors bond underwriters consider when deciding whether to approve a bond application
How working with a construction-specific CPA can help you get bonds
What can help you get approved when you're just starting out

LINKS

Visit contractorsuccessforum.com/bonds to grab the free downloads mentioned on the show:

Sample Contractors Questionnaire
Sample Bank Reference Letter
Sample Personal Financial Statement
Sample Resume

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

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

Busting Common Profit First Myths

Tue, 07 Sep 2021 05:00:00 -0400

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On this week's episode, we're tackling some common myths and misconceptions we've heard about Profit First - the cashflow management system itself as well as how to implement it in your business.

These are the myths we're discussing this week:

I can implement Profit First using just a spreadsheet or my current accounting system - I don't really need to open a bunch of separate bank accounts.
Profit First doesn't work...it's just a fad or a gimmick.
I don't have to wait to take my profits out quarterly; I can take them out early if I want or need to.
The Profit First system is something I can set and forget, without making any continuous adjustments.
I can have someone else run the Profit First system for me in my business without getting involved as the business owner.

Stay tuned for Part 2, where we'll be discussing more common myths about Profit First. Have one you want us to cover? Get in touch at the links below!

LINKS

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

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

Answering contractors' questions about Profit First

Tue, 31 Aug 2021 10:00:00 -0400

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On this week's episode, we're providing the answers to your questions about Profit First. What are the most frequently asked questions by contractors about implementing Profit First? Find out now, and don't miss your chance to win a free copy of the book.

Questions we discuss include:

Can I implement Profit First in my business from simply reading the book instead of working with a Profit First Professional?
What is unique about implementing Profit First in a construction business?
What does the book not include that contractors need to know about Profit First?
What does the process of working with a Profit First Professional look like?
Why does Profit First say to hold out only 15% for profit?

LINKS

Enter to win a Kindle copy of Profit First by Michael Michalowicz at contractorsuccessforum.com/giveaway

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

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

Don't become a target: Cybersecurity tips from IT expert Morrelle McCrary

Tue, 24 Aug 2021 13:00:00 -0400

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This week, we're following up on our fraud and employee dishonesty discussion with an episode focused on one of the biggest threats to your business: cybercrime. Morrelle McCrary of RAM-Tech PC Solutions joins us for this important conversation.

Topics we cover include:

How cybersecurity has changed and why you need to worry about breaches more than hackers now
How much it costs on average to deal with a security breach and how many businesses go under after an attack
The tools that can help protect your data and their limitations
The process of applying for cyber security insurance and completing an audit
How you can work with an IT professional to secure your data and your clients' data

LINKS

Visit the episode page at contractorsuccessforum.com/cybersecurity 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.

Have questions? Need help with your cybersecurity? Contact Morrelle at RAM-Tech PC Solutions:
RAMTechPCS.com
mmccrary@ramtechpcs.com
678-999-2172

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

Protect your construction company against cybercrime and employee fraud

Tue, 17 Aug 2021 15:00:00 -0400

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No one wants to think they could be the victim of employee dishonesty or cybercrime, but the unfortunate reality is that it's becoming more and more common. This week's episode is all about awareness of the types of fraud you may encounter and how to protect yourself.

Topics we cover include:

How common employee fraud and cybercrime are
Examples of fraud in construction companies
How insurance can protect you from employee dishonesty, theft, cybercrime, and social engineering attacks
Internal controls that can protect you and how applying for insurance can help you put them in place

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

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

Surviving Seasonality and Uncertainty in Construction

Tue, 10 Aug 2021 02:00:00 -0400

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This week we're talking about how to deal with seasonality in the construction industry. As a contractor, you've likely faced ups and downs in your business from changes that were both anticipated and unpredictable. In the episode, we're sharing strategies for preparing for both.

Topics we cover include:

The factors that can affect your job volume and cash flow, including those beyond weather
How seasonality affects bonding
Tools you can use to save money during the good times and avoid spending it in the slow seasons
Whether you should consider a pivot when work is slow and what else you can do to be productive during downtimes

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

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

Choosing the structure of your construction company

Tue, 03 Aug 2021 11:00:00 -0400

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Sole proprietorship? LLC? Partnership? S-Corporation? When it comes to structuring your construction company, there are multiple options with various tax and liability implications. Don't rely on an internet search or what you heard from a friend or relative to decide what will work best for you.

This week we're talking about the options you have when structuring your business. We cover:

How the structure you choose can affect the way you're taxed
How the type of business entity you choose affects liability and asset protection
How what's right for you may vary by industry, location and other factors
Why it's important to work with a professional to make these decisions and how to get started

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

ADDITIONAL RESOURCES

Visit https://contractorsuccessforum.com/managing-your-job-files/ to read more about structuring your job files.

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

Build your job files for protection and profitability

Tue, 27 Jul 2021 11:00:00 -0400

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Every project manager seems to keep records differently, but having a defined and organized process for building your job files can save you a ton of time, money, and stress. This week we're discussing why job files are important, how to build a good one and how they can help you resolve disputes that could otherwise cost you.

Topics we cover include:

Why you should stay organized and build job files
How job files may differ for different industries and types of companies
How to store your job files
Why documentation is crucial
How a good job file can change a lawsuit into a change order

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

ADDITIONAL RESOURCES

Visit https://contractorsuccessforum.com/managing-your-job-files/ to read more about structuring your job files.

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

Use your financials to make sound business decisions with Martin Holland

Tue, 20 Jul 2021 06:00:00 -0400

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Wade, Stephen, and Rob sit down this week with Martin Holland of Anneal Business Coaching to discuss changes business owners in the construction industry can make for more profit and fewer headaches.

Topics we cover in this episode include the importance of having good books for making sound business decisions, why you need to know your true break-even sales numbers, how to stick to your target margins with intentional bidding, and how these strategies come into play when you implement a more advanced version of Profit First specific to your industry.

Learn more about Martin Holland and get his book, The Profit Problem, at AnnealBC.com.

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

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

How to structure Profit First for your industry with Billie Anne Grigg

Tue, 13 Jul 2021 23:00:00 -0400

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This week we're talking with the Senior Strategic Guide at Profit First Professionals, Billie Anne Grigg.

We discuss how important it is to structure Profit First for your specific business and industry, common pitfalls for those just starting to implement Profit First in their business, what Real Revenue is and why it matters, and how Profit First helps contractors survive seasonality.

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

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

Cash Flow Tips for Contractors

Tue, 06 Jul 2021 06:00:00 -0400

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Who wouldn't like to have better cash flow in their business? Cash flow is not always easy to get a handle on, especially for growing businesses. This week, Wade, Stephen, and Rob are sharing tips and insights that will help you improve cash flow in your business.

Topics covered include what to do with cash when it comes in, why you need a system in place (especially if you don't have a CFO), the importance of getting accurate paperwork from project managers and sending bills out on time for both you and your customers, and how technology can help - if it's set up correctly.

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

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

Habits for Profitability with Michelle Scribner

Tue, 29 Jun 2021 21:00:00 -0400

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This week we have a special guest: Michelle Scribner, CEO of Sum of All Numbers. Michelle talks us through the psychology behind Profit First and the behaviors and habits that could take a contractor's company from failing to profitable.

We discuss why all business owners, even in the same industry, have to implement the Profit First system based on their unique behaviors. We also cover adjusting how you view your numbers, why you should look at your company as if you're working for someone else, and how drip and vault accounts can help set you up for long-term success.

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

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

Finding Profitable Projects

Tue, 22 Jun 2021 11:00:00 -0400

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This week Wade, Stephen, and Rob are discussing how to find profitable jobs, especially in today's competitive environment.

We cover how what you need to do to make sure a job will be profitable (hint: don't just go by a gut feeling), how to analyze and rank past jobs to find out what type of work you should focus on, and what you can do to discover and win more of the profitable jobs you want.

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

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

Contract Provisions that Affect Cash Flow

Tue, 15 Jun 2021 07:00:00 -0400

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If you tend to skim or skip reading contracts altogether, you need to listen to this episode. Rob, Wade and Stephen discuss the various provisions that can have sometimes catastrophic effects on your cash flow.

We discuss why it's important to pay attention to the terms of the contract, which provisions have the most impact on cash flow, and what can happen if you're not familiar with the payment terms or other provisions.

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

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

Using Profit First to Build a Healthy Company

Tue, 08 Jun 2021 14:00:00 -0400

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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.

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.

Mike Michalowicz on Why Contractors Should Use the Profit First Method

Tue, 01 Jun 2021 07:00:00 -0400

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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.

Why Character is Important for Getting Bonds

Tue, 25 May 2021 06:00:00 -0400

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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

How to maximize your bonding capacity

Tue, 18 May 2021 07:00:00 -0400

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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

Creating Permanent Profitability with Ron Saharyan, Profit First CEO

Tue, 11 May 2021 21:00:00 -0400

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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

Why Contractors Fail Pt. 2: Management

Tue, 04 May 2021 13:00:00 -0400

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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

The key financial ratios that impact your bond ratings

Tue, 27 Apr 2021 09:00:00 -0400

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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

Why Contractors Fail Pt. 1: Accounting

Tue, 20 Apr 2021 09:00:00 -0400

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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

Job Costing for Contractors

Tue, 13 Apr 2021 20:00:00 -0400

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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

Joint Ventures in Construction: Why consider it?

Tue, 06 Apr 2021 18:00:00 -0400

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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.

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

Why Contractors Should Implement Profit First in their Business

Thu, 01 Apr 2021 08:00:00 -0400

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Let's talk Profit First. Wade, Rob, and Stephen break down the basics of the popular profit strategy and discuss why it works so well for contractors.

Visit the episode page at contractorsuccessforum.com/profitfirst and download the first two chapters of the book for free.

Have you ever been curious why some businesses see so much profit and growth while most don’t? Many contractors fall into a trap with cash flow - they receive funds for a job, see it in the bank account, and spend it both inside and outside their business. Then a bunch of expenses come in and the cycle starts over. That's where Profit First comes in. It drives profit in your business.

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