construction bonding

If you're a contractor wanting to increase the amount of bonds you can get, don't miss this episode. Stephen shares his top strategies for increasing your bondability on this week's episode.

 Topics we cover in this episode include:

• The three things bonding companies care about most
• How to start putting together your bond application
• Completing the Contractors' Questionnaire
• Sharing references and key employees
• How to work up to the next level of bonding
• Indemnity agreements and personal guarantees
• The most common challenges contractors run into when trying to get bonds

LINKS

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

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

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

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 getting you up to speed with everything you need to know about general liability and umbrella insurance policies. Find out what exactly these policies cover, how much coverage you might need, and how they work when a claim is filed.

 Topics we cover in this episode include:

• Why contractors need general liability and umbrella policies
• What general liability coverage and rates are based on 
• How your insurance company handles a claim
• Umbrella and excess policies
• How the size and net worth of your company should be factored into the coverage you get
• Current trends in general liability and umbrella premiums

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum
 

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

Let's talk about working capital. What exactly is it, what can be included, and why is it important to your bank and bonding company? We'll answer those questions and provide some tips to understand and increase your working capital on this week's episode.

 Topics we cover in this episode include:

• Definitions to know: asset, liability, and current
• Why working capital is important to bonding companies and banks
• Working Capital Ratio 
• What bonding companies take into account when adjusting working capital
• How to increase your working capital at the end of the year

LINKS

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

Get the free contractor's guide to understanding working capital

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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

A recession may be coming - have you thought about how your bonding program may be affected? This week, Stephen, Wade, and Rob are sharing the steps you can take now to keep your bonding capacity where it needs to be, even if money gets a bit tight.

 Topics we cover in this episode include:

• Lock down your financial board of directors
• Keep a close eye on your cash flow
• Don't cut back on the wrong expenses
• Push your bonding company on slightly bigger jobs
• Get good systems and processes in place
• Be ready to provide up-to-date financial statements

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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

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

A Work In Progress report is a powerful tool: it can increase your bonding capacity, help you manage costs, and give you an accurate picture of both your working capital and the status of your current jobs. This week, we're talking about why the WIP is crucial and how to do it right.

Topics we cover in this episode include:

• How a WIP report affects your bonding capacity
• The importance of consistency when tracking job costs and why WIP numbers are not always intuitive
• Common mistakes contractors make on their first WIP report
• Addressing stored materials on the WIP report
  
  

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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

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

Did you receive funds from the government as part of the COVID relief efforts? Are you unsure how that money will affect your bonding capacity now? Get up to speed on PPP loans, EIDL loans, and the ERTC on this week's episode.

Topics we cover in this episode include:

• Why it's important to talk to your bond agent about the PPP or other COVID-related government funds you've received
• A crucial cash-saving tip for classifying the employees that you pay with PPP funds
• The loans and grants that have been helpful to contractors and how to address them now
• The importance of obtaining forgiveness letters for taxes and bonding
• How accepting government funding affects your bonding capacity
  
  

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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

A 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.

Find all episodes and related links at ContractorSuccessForum.com.

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

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

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

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

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

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

Don't forget to subscribe so you don't miss future episodes! Find all episodes and related links at ContractorSuccessForum.com.

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

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

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.

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

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