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🔗 LINKS

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

Take the FREE Construction Company Health Evaluation

ℹ ABOUT THIS EPISODE

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

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

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

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⌚️ In this episode:

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

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

🔗 LINKS

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

Take the FREE Construction Company Health Evaluation

ℹ ABOUT THIS EPISODE

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.

⌚️ 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

🔗 LINKS

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

Take the FREE Construction Company Health Evaluation

ℹ ABOUT THIS EPISODE

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

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

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

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

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

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

🔗 LINKS

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

Take the FREE Construction Company Health Evaluation

ℹ ABOUT THIS EPISODE

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

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

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

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

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

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

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

Listen on: Apple Podcasts Spotify

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

Listen on: Apple Podcasts Spotify

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

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/

Listen on: Apple Podcasts Spotify

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/

Listen on: Apple Podcasts Spotify

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