construction management

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

Topics we cover in this episode include:

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

LINKS

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

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

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

Topics we cover in this episode include:

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

LINKS

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

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

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

Topics we cover in this episode include:

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

LINKS

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

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

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

Topics we cover in this episode include:

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

LINKS

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

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

LINKS

Visit 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.

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

LINKS

Visit the episode page at https://carpentercpas.com/quickbooksdesktop 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

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

Topics we cover in this episode include:

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

LINKS

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

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

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

Topics we cover in this episode include:

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

LINKS

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

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

LINKS

Visit the episode page at https://carpentercpas.com/misconceptions 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

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

Topics we cover in this episode include:

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

LINKS

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

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

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

Has your company outgrown your basic bookkeeping? If your financial operations are becoming more complex and you feel like you're losing control, or if you're getting into federal contracting, it may be time to consider hiring a CFO. This week we're discussing when to do it, why you should work one who has construction industry experience, and whether to outsource or hire someone in-house.

 Topics we cover in this episode include:

• At what point do you need to hire a CFO?
• How a good CFO can help your company grow
• The importance of working with a construction-oriented CFO
• How a CFO helps with compliance and reporting
• A CFO knows your whole tax picture
• Questions to ask yourself if you think you may need to hire a CFO

LINKS

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

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?

LINKS

Visit the episode page at https://CarpenterCPAs.com/newbuyer 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 on the podcast, we're continuing our series on buying and selling a construction company, with a focus on the difference between a stock sale and an asset sale. Tune in to find out about each type of sale and its implications for taxes, liabilities, and more.

 Topics we cover in this episode include:

• What's the difference between a stock sale and an asset sale?
• How the type of sale affects the liabilities you assume 
• Stock sales from a seller's and buyer's perspective
• Asset sale from a seller's and buyer's perspective
• The Asset Aquisition Statement
• The seven classes of assets and their tax treatment
• Buying a company that received an ERC

LINKS

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

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

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

If you're thinking about selling your company in the next three to five years, you need to start preparing now to get the most value for your business. Today on the podcast, Eric Wilkinson joins us to talk about what you need to consider from a buyer's perspective as you get your company in the best shape to be sold.

 Topics we cover in this episode include:

• When owners wait too long to prepare their business to sell
• Owner involvement
• Number of employees in teh business that a new owner may have to replace
• The importance of good books and due diligence when selling your business
• Considering the reputation of the company
• Risk and the Employee Retention Credit
• The value multiple
• Consider getting a valuation done

LINKS

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

Contact Eric:
Eric Wilkinson | https://www.sandhillglass.com/

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 pricing your jobs correctly? If you don't have a good understanding of your job costs and overhead percentage, the answer is probably no. This week on the podcast, we're discussing how to get a handle on these numbers and make better financial decisions for your construction company,

 Topics we cover in this episode include:

• What you should and shouldn't post as overhead
• Ideas for contractors trying to wrap their head around their numbers
• Carving out Materials & Subs
• Overhead grows when you top line grows

LINKS

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

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

Ever wondered how it feels to switch careers and dive headfirst into a completely unfamiliar field? Meet Brent McCauley, a project manager at Aarow Building, who transitioned from university fundraising to the construction industry. His unique journey, filled with challenges and learning experiences, is a testament to the beauty of career exploration. We delve into how Brent found his passion for problem-solving within the building industry, a far cry from his decade-long stint in fundraising.

As we dissect Brent’s career trajectory, we navigate through the detours and pit stops that led him back to construction. We talk about the challenges of learning on the job, and how he returned to his roots in Missouri, bringing his unique skills and experiences to Arrow Buildings. Brent's boss, Jake, plays a significant role in his growth story. We also discuss the apprenticeship programs within the skilled trades and the effects of the pandemic on career transitions.

In our final segment, Brent shares his ambitions for growth in building and construction. We explore his desire to take on more project management roles and his knack for connecting with diverse clients. We also discuss how Brent’s love for the team approach in construction drives him to excel in his projects. From managing a 1800 square foot house in Millersburg to his social media insights for building professionals, Brent's journey is a treasure trove of inspiration and practical advice. Join us for this riveting conversation and learn from Brent's unique career path.

Send us your feedback or topic ideas over on our social channels!
Eric Aune @mechanicalhub
Andy Mickelson @mick_plumb

Check out our website: mechanical-hub.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

LINKS

Visit 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

LINKS

Visit 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

In this podcast, we explore the construction industry's transformation through new technologies, data-driven decision-making, and AI. We discuss the importance of a single point of truth for owners, data management tools like Procore and Kahua, and human factors affecting technology adoption. As we delve into AI, we cover its applications in construction, strategic and ethical use, and the continued need for human intuition. Join us as we uncover the potential of AI and technology to revolutionize construction and reshape project management.

This week, Wade and guest Amanda Darr talk about the benefits of checking your bank account daily. Find out why staying on top of those transactions can provide awareness, encouragement, and important insights to the health of your company.

 Topics we cover in this episode include:

• Acting more quickly in cases of fraud
• How Wade's thoughts on checking your bank account daily have changed
• You can course correct early on when you notice things getting off track
• Solutions for managing transactions in multiple banks and accounts

LINKS

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

Contact Amanda:
Amanda Darr | https://amandadarr.com

Find all episodes and related links at ContractorSuccessForum.com.

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

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