Contractor Success Forum: Recent Episodes
Contractor Success Forum
Tips and advice to run a successful construction business from three long-term industry professionals, Wade Carpenter, a construction CPA, Rob Williams, a profit strategist who owned and operated a large construction operation for many years, and Stephen Brown, a construction bond agent. All have unique, but complementary views and advice from each of their 30 years in the contracting industry. Their goal is to promote healthy, thought-provoking discussions and tips for running a better, more profitable, and successful company. Subscribe for new insights and discussion every week. Visit ContractorSuccessForum.com to view all episodes and find out more.
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๐ LINKS
Visit the episode page for more details and a transcript of the show.
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Subscribe to get notified as soon as new episodes go live.
โน 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 โ 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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) โ 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ Key moments in this episode:
- 00:00 Buffet Bidding Trap
- 00:31 Big Job Reality Check
- 01:40 Revenue Isnโt 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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!
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน ABOUT THIS EPISODE
Discover how AI can actually transform your construction business operationsโnot 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน ABOUT THIS EPISODE
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.
โ๏ธ Key moments in this episode:
- 00:00 Why AI Hasnโt 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Get the Five FREE calculators!
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน ABOUT THIS EPISODE
Most contractors don't fail from one bad jobโthey 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Sign up for group coaching to get your Cash Flow MRI
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
Connect with Rob on LinkedIn
โน 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.
โ๏ธ 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 Robโs 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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!
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Email Stephen to get his Data Center Job Risk Checklist
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ Key moments in this episode:
- 00:00 Why Construction Feels Different: The Data Center Boom Is Here
- 00:24 Meet the Hosts + The โInfrastructure Supercycleโ 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)
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Get the free guide: The Contractorโs Guide to Work in Progress Reports
Email Stephen to get his WIP schedule
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ Key moments in this episode:
- 00:00 Accountant vs. Bonding Company: Why Your Numbers Donโt 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Get the free guide: How to Improve the Profitability of Your Construction Company
Visit the episode page for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
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.
Stop working for free. Let's get you keeping what you've earned.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
Subscribe to get notified as soon as new episodes go live.
โน 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 harderโit's about working smarter and finally scaling your business beyond your personal capacity.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us Fan Mail
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
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โน ABOUT THIS EPISODE
Every construction contractor hits the same wallโthey 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 marketโit's outgrowing you.
โ๏ธ 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 Founderโs Dilemma: Control vs. Growth
- 04:43 The Importance of Delegation
- 08:35 Recognizing and Overcoming Scaling Problems
- 12:39 Conclusion: Identifying the Real Problem
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โน 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 anymoreโit'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.
โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
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โน 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.
โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
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โน 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.
โ๏ธ 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
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โน 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.
โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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โน 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.
โ๏ธ 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
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โน ABOUT THIS EPISODE
Ready for some real frights? Forget ghosts and goblins โ 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.
โ๏ธ 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
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๐ LINKS
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โน 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.
โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
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โน 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.
โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
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โน 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.
โ๏ธ 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
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Learn more about People Processes and connect with Rhamy
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โน 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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โ๏ธ 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
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
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โน ABOUT THIS EPISODE
What if AI could run your entire construction companyโfrom design to completionโwith 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
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โน 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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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
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โน ABOUT THIS EPISODE
Data centers, manufacturing reshoring, energy projects, infrastructure buildsโ2025 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 wiselyโwithout overextending your business.
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โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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!
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
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Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Learn more about SunRay Notice and reach out to Ariela Wagner
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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!
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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!
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Join the group coaching program and Master Construction Cash Flow with Profit First
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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!
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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!
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Get Profit First for Commercial Construction--OUT NOW!
โน 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!
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Take the FREE Construction Company Health Evaluation
โน 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.
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Take the FREE Construction Company Health Evaluation
โน 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.
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Take the FREE Construction Company Health Evaluation
โน 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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โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Take the FREE Construction Company Health Evaluation
โน ABOUT THIS EPISODE
Are your cash flow woes hitting you like a hammer to the thumb? Letโs talk about it.
This week, Wade and Stephen dive into the challenges contractors face with cash flow and share practical solutions to solve those issuesโฆfor 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.
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Take the FREE Construction Company Health Evaluation
โน 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.
Subscribe to get notified as soon as new episodes go live.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Take the FREE Construction Company Health Evaluation
โน 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.
โ๏ธ 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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
๐ LINKS
Visit the episode page at for more details and a transcript of the show.
Take the FREE Construction Company Health Evaluation
โน ABOUT THIS EPISODE
โIn 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.
โ๏ธ 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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/
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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/
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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/
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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/
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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.
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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/
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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/
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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!
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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/
Join the Profit First for Construction community!
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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.
๐จ 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
LINKS๐จ 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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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
๐จ 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
LINKS๐จ 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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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 Carpenterโs new book. ๐
Tune in now to discover a system that works for contractors.
ProfitFirst #ConstructionFinance #CashFlowTips
๐จ 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
LINKS๐จ 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.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
Struggling to get bonded? ๐ค
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! ๐ช
๐จ 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
LINKSVisit the episode page at https://carpentercpas.com/getbonded2 for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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
LINKSVisit the episode page at https://carpentercpas.com/leverage for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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
LINKSVisit the episode page at https://carpentercpas.com/getbonded for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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 โ 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
LINKSVisit 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/
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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.
๐จ 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
LINKSVisit the episode page at https://carpentercpas.com/standout for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Send us a text
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 youโre 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 mattersโbuilding 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 - Builderโs Risk and Property Coverage
- 16:00 - Role of a Specialized Insurance Agent
- 16:58 - Preparing Insurance Estimates Early
LINKSVisit the episode page at https://carpentercpas.com/coverage for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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! ๐ทโโ๏ธ๐ฐ
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
LINKSVisit the episode page at https://carpentercpas.com/ownerpay for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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
LINKSVisit the episode page at https://carpentercpas.com/strategery for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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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
LINKSVisit the episode page at https://carpentercpas.com/taxplans for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/background for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/grownow for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/sixhats for more details and a transcript of the show.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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:**
- Lean Construction Reading List
- Jason Schroeder's podcast, Elevate Construction
- Lean Construction Education Program
Visit the episode page at https://CarpenterCPAs.com/leanconstruction for more details and a transcript of the show.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/ConstructionAI for more details and a transcript of the show.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Discover how to automate your construction business with Make.com! ๐ง๐ก 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. ๐
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
LINKSVisit the episode page at https://CarpenterCPAs.com/make for more details and a transcript of the show.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/scale for more details and a transcript of the show.
Join the Profit First for Construction community!
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit 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
Find all episodes and related links at ContractorSuccessForum.com.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/growthstages 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/jobsize 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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 โ 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
LINKSVisit the episode page at https://CarpenterCPAs.com/modern 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/theft 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Struggling to finish that last 2% of a construction job? ๐ง 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. ๐ช
Watch now for expert tips on punch lists, documentation, and effective communication to ensure a successful finish! ๐
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
LINKSVisit the episode page at https://CarpenterCPAs.com/twopercent 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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. Letโs 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
LINKSVisit the episode page at https://CarpenterCPAs.com/labor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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? Letโs 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
LINKSVisit the episode page at https://CarpenterCPAs.com/rightfoot 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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? Letโs 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
LINKSVisit the episode page at https://CarpenterCPAs.com/history 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/success-secrets 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/trainwreck 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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 athttps://carpentercpas.com/marketing 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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 athttps://carpentercpas.com/software 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSGet the free phase codes list: https://bit.ly/49fPfQV
Visit the episode page at https://carpentercpas.com/costcodevisualfor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/psychologyfor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/launchfor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/relationshipfor 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
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
LINKSVisit the episode page at https://carpentercpas.com/chartofaccounts for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/strategicplan for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/fullkit for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/bleed for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/equipment 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/succession for more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/taxdeferral 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/quickbooksdesktop for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/unconventional for more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/constructionlaw 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/misconceptionsfor more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/jobcostaccountingfor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/capacityfor more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/banksfor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/CFOJobfor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/realrevenuefor more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpentercpas.com/vehicleinsurancefor 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/accountspayable for more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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 Visaยฎ Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visaยฎ 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.
LINKSVisit the episode page at https://CarpenterCPAs.com/relay for more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/CFO 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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?
LINKSVisit the episode page at https://CarpenterCPAs.com/newbuyer for more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/stockvsasset for more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit 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/
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/jobcosting 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/overbilling 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/retirement 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://carpenterCPAs.com/sell 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit 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/
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/defer 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/boomandbust for more details and a transcript of the show.
Contact Amanda:
Amanda Darr | https://amandadarr.com
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit 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
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/AIHacks for more details and a transcript of the show.
Contact Morrelle:
Morrelle McCrary | https://ramtechpcs.com
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/continuity 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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.ย
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
LINKSVisit the episode page at https://CarpenterCPAs.com/profit 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/casestudies 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
This week, Alex Barthet returns to the podacst 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
LINKSVisit 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/
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit the episode page at https://CarpenterCPAs.com/bondability 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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
LINKSVisit 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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/dashboard for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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/
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/baseball for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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?
LINKSVisit the episode page at https://contractorsuccessforum.com/valuedrivers for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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?
LINKSVisit 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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSDownload 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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit 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.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/umbrella for more details and a transcript of the show.
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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit 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)
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/vendorwellfor more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/processesfor more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/triagefor more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSGet the free download, 30 questions to evaluate a potential Joint Venture partner
Visit the episode page at https://contractorsuccessforum.com/JVPartnerfor 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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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit 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
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Rob Williams, Profit Strategist | IronGateESS.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/changeordersfor 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
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
LINKSVisit 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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSGet the free worksheet, 3 Things Contractors Must know to GrowVisit 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSDownload the free 1099 checklists: https://carpentercpas.com/1099checklistsVisit the episode page at https://contractorsuccessforum.com/1099s for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/bondprogram for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/forecast for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/assurancelevelsfor more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/suretyindustryfor more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/constructionratios for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
- Implementcontrols on financial decisions
- How Profit First can help
LINKSVisit the episode page at https://contractorsuccessforum.com/controlsfor more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/claim for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/debt for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/accountingmistakes for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week, 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
LINKSVisit 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/shortage for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week 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
LINKSVisit 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:
- Contract Detective
- Make Me Conditional Stamp
- Lien-O-Matic
- Calc-U-Lien
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
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
LINKSVisit the episode page at https://contractorsuccessforum.com/communication for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/recessionproof for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/jointchecks for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit the episode page at https://contractorsuccessforum.com/checklists for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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
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
LINKSVisit the episode page at https://contractorsuccessforum.com/federalcontracting for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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
LINKSVisit 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 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
LINKSVisit the episode page at https://contractorsuccessforum.com/projects for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
LINKSVisit 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
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
LINKSVisit 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
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
LINKSVisit 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
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
LINKSVisit 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
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
LINKSLinks and acronyms referenced in the show:
- SBA.gov
- NAICS (North American Classification System)
- SAM (System for Award Management)
- FAR (Federal Acquisition Regulations)
- 8(a) Program
- HUBZone (Historically Underutilized Business Zone)
- SBA Certification: Economically disadvantaged woman-owned
- SBA Service-Disabled Veteran program
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 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
LINKSListen 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
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
LINKSVisit 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
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
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:
- SBA.gov
- DUNS Number (Dun & Bradstreet)
- NAICS (North American Classification System)
- SAM (System for Award Management)
- SBA Mentor-Protรฉgรฉ program
- Koprince Law Firm
- MATOC (Multiple Award Task Order Contracts)
- IDIQ (Indefinite Delivery, Indefinite Quantity Contracts)
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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:
- SBA.gov
- DUNS Number (Dun & Bradstreet)
- NAICS (North American Classification System)
- SAM (System for Award Management)
- FAR (Federal Acquisition Regulations)
- DSBS (Dynamic Small Business Search)
- GSA (General Services Administration)
- SubNet (Subcontracting Network System)
- Construction Excellence Program
- FPDS (Federal Procurement Data System)
- USASpending.gov
- MATOC (Multiple Award Task Order Contracts)
- IDIQ (Indefinite Delivery, Indefinite Quantity Contracts)
- RFQ (Request for Qualifications)
- 8(a) Program
- HUBZone (Historically Underutilized Business Zone)
- SBA Certification: Economically disadvantaged woman-owned
- SBA Service-Disabled Veteran program
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
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 weโre facing in todayโs 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/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week we're 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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
We're starting the year off with a topic that's crucial to any contractor's long-term success: getting a handle on your cash flow. Join us to find out how you can better manage cash flow at the project level and create a short-term cashflow plan.
Topics we cover in this episode include:
- How a short-term cash flow plan can be more useful than a five-year plan
- Managing multiple jobs that affect your cash flow differently
- How creating a short-term cashflow plan can benefit your relationship with banks
- Cash flow statements vs. projections and how each can be useful
- Specific considerations for cash flow projections in the construction industry
- How receivables factor into cashflow and company growth
LINKS
Visit the episode page at https://contractorsuccessforum.com/projectcashflow for more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Every business has a sweet spot. Recognizing and operating in yours means business growth and operations stop being difficult. This week, Donna Leyens of Pumpkin Plan Your Biz joins us to talk about identifying and getting to your construction company's sweet spot.
Topics we cover in this episode include:
- What it looks like to operate in your business's sweet spot
- The three factors that overlap to create your business's particular sweet spot
- How to identify your most profitable clients (not just the ones that bring in the most revenue)
- Why so many people are afraid to specialize and why you shouldn't be
- Why so many businesses fail when they diversify too early
LINKS
Visit the episode page at https://contractorsuccessforum.com/sweetspot for more details, the free Pumpkin Plan download, and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe
Find all episodes and related links at ContractorSuccessForum.com.
Join the LinkedIn Group at https://www.linkedin.com/groups/14026881/
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
If you've recently implemented Profit First, congratulations! Now that you've figured out your percentages and set up your bank accounts, do you simply leave things as they are? The answer is no. Rob and Wade explain the long-term strategies and benefits of Profit First on this week's information-packed episode.
Topics we cover in this episode include:
- Why you should revisit your Profit First percentages every quarter
- How cutting expenses, analyzing clients, and systemizing your business factor into the long-term Profit First method
- Wade's results after using Profit First in his business for three years
- How Profit First helps you add meaning to your money and achieve lifestyle congruence
- How initial wins with Profit First provides momentum for further success
LINKS
Visit the episode page at https://contractorsuccessforum.com/whatsnext for more details and a transcript of the show.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week, bonding and insurance agent Stephen Brown shares the questions you need to ask now to avoid surprises on your next insurance renewal.
Topics we cover in this episode include:
- Why a good insurance agent should always make sure you're prepared for audits and renewals
- Which insurance lines are currently experiencing price increases
- How telematics can save you a considerable amount of money on your auto insurance
- The three reasons you may be surprised when you get your insurance renewal
- Why it's important to have a construction-oriented agent who can help you understand your insurance and classify employees correctly
LINKS
Visit the episode page at https://contractorsuccessforum.com/renewals for more details and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Special guest Kelly Finnell joins us on this information-packed episode to discuss ESOPs in the construction industry.
Topics we cover in this episode include:
- The purpose of an Employee Stock Ownership Plan
- Sources of financing for ESOPs
- Why ESOPs work for construction companies
- The tax and employee benefits that come with ESOPs
- What makes a good candidate for an ESOP
- How to get started
LINKS
Get Kelly's ESOP primer at https://www.execfin.com/esops/business-owners/
Visit the episode page at https://contractorsuccessforum.com/ESOP for more details and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe
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Kelly Finnell, ESOP Coach | https://execfin.com
Rob Williams, Profit Strategist | https://IronGateESS.com
Wade Carpenter, CPA, CGMA | https://CarpenterCPAs.com
Stephen Brown, Bonding Expert | https://McWins.com
Do you know the value of your contracting company? Tune in this week to find out why you should care and which factors can affect the final number.
Topics we cover in this episode include:
- Why you should care about the value of your company
- How to bring the value of your company higher than the value of its assets
- How workflows and systems can increase the value of your company
- Why you need to begin thinking about increasing your company's value long before selling it
LINKS
Visit the episode page at https://contractorsuccessforum.com/valuation for more details, the article Stephen referenced, and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
How's your year-end planning going? If you haven't put some time aside to look at where your business will be at the end of 2021 and make a plan for 2022, this episode is your chance to do some crucial reporting and decision-making that will set you up for success over the next year.
Topics we cover in this episode include:
- The four prongs of year-end planning for contractors
- The tax considerations you should discuss with your CPA during year-end planning and how your planning should go beyond minimizing your tax payment
- The importance of good year-end financials for getting bonds
- Why you should build a cash flow plan and how a construction-oriented CPA can help you get there
LINKS
Visit the episode page at https://contractorsuccessforum.com/planning for more details, the Lifestyle Congruence download, and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Do you ever feel like your business is stuck in survival mode, even with growing sales? Many business owners find themselves stuck in what we call the Survival Trap, and this week we're talking about how to break out of it.
Topics we cover in this episode include:
- The Business Hierarchy of Needs
- How to discover your business's vital need and how focusing on it will help you get out of the survival trap
- Why using instinct without a third party's insights might not lead you to the best decisions in your business
- How focusing on sales alone will keep you in the Survival Trap
LINKS
Visit the episode page at https://contractorsuccessforum.com/survivaltrap for more details, the Lifestyle Congruence download, and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe
Find all episodes and related links at ContractorSuccessForum.com.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week we're going beyond the basic concepts and psychology behind Profit First, and into the real impact it can have on your construction business.
Topics we cover on this episode include:
- Why too many contractors are not being rewarded for their hard work
- How even the smallest changes can have a huge impact on the health of your business
- How cashflow and profit drivers can increase the overall value of your business
LINKS
Visit the episode page at https://contractorsuccessforum.com/impact for more details and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
When it comes to disputes on the job, documentation is the best protection. That's what we're talking about this week with special guest Chad Gill. He's a polished concrete contractor who also created an app to help teams document their jobs. We sat down with him to find out why documentation is important and how software can help you do it right.
Topics we cover include:
- Real examples of when documentation protected our companies from a loss
- How a system for documentation can improve your relationship with your bond agent
- What additional pain points software like Chad's can address
- How to best implement new software in your company
LINKS
Visit the episode page at https://contractorsuccessforum.com/chad for more details and a transcript of the show.
Learn more about Chad
Visit the Workforce Recon website: https://workforcerecon.com/
Visit the Concreate website: https://thisisconcrete.com/
Read Chad's bio on the episode page: https://contractorsuccessforum.com/chad
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week, we're 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
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week we're 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week we're 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week we 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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.ย
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
This week we're following up on our Profit First-focused episodes with Mike Michalowicz and Ron Saharyan and expanding on a few of the subjects we wanted to clarify, like why taking your profit first is less about being wanting to take more out for yourself and more about keeping your company healthy long-term. We also cover how we define profit, what exactly the Profit First system says to do with that profit and our approach to paying off debt. If you have more questions about Profit First after listening to our recent episodes, don't miss this one!
Visit the episode page at contractorsuccessforum.com/healthy for more details and a transcript of the show.
Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
Ready to take a deeper dive into how you can get more out of your business and the habit science behind our behaviorally-based cash management system? Visit http://bit.ly/CSFCPP for $10 off of the upcoming seminar, Constructing Permanent Profitability. Find out more at PermanentProfit.com.
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.
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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com
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
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.ย
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
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
In this week's episode, Stephen, Wade, and Rob are talking about the number one reason contractors fail: issues with management.ย
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
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
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
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
The perfect project is coming out to bid, but there are elements to it that you are unable to manage.ย Itโs a shame to pass it up because you see potential in making a good profit. ย Why not consider putting together a Joint Venture?ย
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
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 donโt? 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.
FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com