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Tips and advice to run a successful construction business from two long-term industry professionals: Wade Carpenter, a construction CPA, and Stephen Brown, a construction bond agent. Each host has 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 Co ...
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Let's talk real life construction bonding scenarios. From startups to high-growth companies, learn what bond underwriters actually look for and how to improve your chances of getting approved. Expert bond agent Stephen Brown breaks down practical strategies for construction bonds. Subscribe for weekly construction finance tips: https://www.youtube.…
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Stuck making urgent decisions that don't move your business forward? Learn how to escape the survival trap using Mike Michalowicz's Fix This Next framework. Watch now to discover the Business Hierarchy of Needs and build your roadmap from survival to success. Click subscribe for weekly contractor tips → https://bit.ly/ContractorSuccess #FixThisNext…
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Want to make your construction company marketing actually work? We share 10 proven ways to stand out from other contractors and win better projects - from smart automation to creative partnerships. Watch now to learn how successful contractors are using these strategies to attract their ideal clients and boost profits. 🔨 Subscribe for weekly constr…
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Learn how to make sense of insurance requirements in construction projects! This episode of Contractor Success Forum walks you through reading job specs to ensure you’re covered correctly without paying extra. Discover practical steps to streamline insurance for your bids, avoid costly mistakes, and ensure compliance. This episode is perfect for co…
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Are you a construction business owner struggling to pay yourself? Learn practical steps to take control of your paycheck and break the cycle of being the last one paid. Discover common mistakes and how to fix them. Watch now for expert tips on managing your finances and growing your business! 👷♂️💰 #ContractorSuccess #ConstructionFinance #BusinessG…
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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! To…
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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:…
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In this episode, we explore how your construction background can significantly shape the success of your company. Whether you come from a large corporation or a small hands-on business, your experience plays a key role in managing operations, handling finances, and growing your business. We share real-world examples and discuss how different backgr…
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Ready to supercharge your construction business? We're breaking down 25 proven strategies to grow your construction company. From networking to financial management, we've got the insider tips you need to take your business to new heights. Watch now to learn how successful contractors are crushing it in today's market. Don't forget to like, subscri…
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Unlock the power of strategic thinking in construction with the Six Thinking Hats approach. Learn how to make better decisions, spot risks, and find innovative solutions for your projects. Dive into each hat's unique perspective and transform your business mindset. #ConstructionSuccess #StrategicThinking #BusinessLeadership What we cover on this ep…
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In this episode of the Contractor Success Forum, we dive into the world of lean construction-a game-changing approach that helps contractors complete projects faster, safer, and with higher quality. Hosts Wade Carpenter and Stephen Brown discuss the key principles of lean construction, including the 5S methodology, waste reduction strategies, and h…
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This week, we explore how AI is transforming the construction industry. Discover how AI tools can automate tasks, streamline project management, and improve efficiency, ultimately making your business more profitable. Whether you're already using AI or just curious, this episode offers practical insights to help you leverage this powerful technolog…
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Discover how to automate your construction business with Make.com! 🚧💡 Wade and Stephen share real-world examples of streamlining operations, from capturing receipts to generating reports. Learn to save time, reduce errors, and focus on growth. 📈 Watch now to boost efficiency and profitability! What we cover on this episode: 00:44 - Embracing techno…
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Struggling with cash flow as your construction business grows? Learn essential strategies to maximize profit and maintain cash flow during critical growth stages. Wade Carpenter and Stephen Brown share expert insights on navigating financial challenges. Watch now for practical tips on pricing, billing, and cash management. Don't let growth sink you…
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What does it take to be an Olympic-level contractor, consistently setting the gold standard in construction? Join Wade Carpenter and Stephen Brown as they explore the key traits and practices that separate the good from the truly great. Discover how you can push your team to win every time. #ContractorSuccessForum #OlympicCaliberContractor #Constru…
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Are you bidding your construction jobs correctly? Learn the crucial difference between margin and markup to boost your profits. We'll show you how to reverse engineer your bids for success and maximize your cash flow. Watch now and transform your bidding strategy! What we cover on this episode: 01:21 - Reverse engineering profit margins 03:23 - Und…
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Discover the 5 stages of construction company growth and what they mean for your success. From startup to maturity, learn how to navigate challenges and seize opportunities at each stage. Watch now to understand where your business stands and plan for the future! Topics we cover on this episode include: 01:47 - The Startup stage 03:06 - The Surviva…
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Struggling to get bonds for bigger construction jobs? We've got you covered! Learn how to push through job size issues with your surety company and take your contracting business to the next level. Watch now for practical tips and insider advice! Topics we cover on this episode include: 02:23 - Underwriter concerns and considerations 05:56 - Cash f…
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Do you know if you're bidding your job properly to manage it for your cash flow? Struggling to keep your finances in order despite your best efforts? You're not alone. And today we're going to tackle some of these issues head on. Topics we cover on this episode include: 03:23 - Profit First implementation challenges 07:17 - Instant assessment diffi…
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Discover how modern technology is transforming the construction industry! In this episode of Contractor Success Forum, Wade Carpenter and Stephen Brown discuss real-world case studies that showcase the benefits of implementing technology on job sites. From cost savings to increased efficiency, learn how you can leverage these tools to improve your …
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Protect your construction site from theft! In this episode, we discuss the rising issue of job site theft and how it impacts your business. Learn practical tips to safeguard your equipment and materials, especially during holidays. Don't let theft eat into your profits - listen now and secure your assets! Topics we cover on this episode include: 00…
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Struggling to finish that last 2% of a construction job? 🚧 In this episode, Wade Carpenter and Stephen Brown discuss real-world case studies of projects that went off the rails in the final stages. Discover best practices to avoid costly delays, rework, and legal battles as you close out your next project. 💪 Watch now for expert tips on punch lists…
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Have you ever had trouble finding good help? Can't find good qualified people? It's been tough in the construction market, but there are ways to find good help at a reasonable cost. Let’s break them down this week on the podcast. On this episode, we discuss: The current state of the labor shortage in construction and accounting Why companies are st…
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You've got a new construction project. Everyone's excited to get started, but are you doing the right things or are you setting yourself up for failure? Let’s talk about the essential items that should be on your checklist for a successful project. Topics we cover in this episode include: Start off with good communication Get the mobilization and u…
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They say history repeats itself, and this is definitely true in construction. What can we learn from what happened in the past so it doesn't repeat itself? Let’s talk about it this week. Topics we cover in this episode include: What we've learned from periods like recession and Covid 19 Be aware of economic cycles and how to get through the downtur…
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Have you ever noticed that some people do really well in construction while others really struggle? What do they know that you don't? Today we're talking about seven secrets to building a successful construction company. Topics we cover in this episode include: Engage in effective financial management Build a strong team around you, internally and …
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What happens when things go wrong on a job? When they do, what can we learn from it so that we don't make the same mistakes again? Stephen has a case study this week that contains multiple important lessons that all contractors should hear. Topics we cover in this episode include: A case study in construction failure Breaking down the facts Make su…
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Are you finding all the work you want to do? Trouble finding leads? Does social media help? Today, marketing expert Amanda Darr is here to help us figure that out. Topics we cover in this episode include: Start by defining your ideal client Get a domain and business email set up Set up a website - it doesn't have to be complicated Does your constru…
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Not getting the information you need from your construction accounting software? Have you outgrown your software? How would you know if you did? And how do you start the search for the right software to replace it? Let's talk about it all on this week's episode. Topics we cover in this episode include: Are you having trouble integrating with other …
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Are you putting yourself at risk for an IRS audit? What kind of things do the IRS target for contractors? We're breaking it down on the podcast this week. Topics we cover in this episode include: Accounting method rules based on the type of contractor you are Contract-related services and advanced payments Things on the expense side that can trigge…
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Retainage. If you deal with it, is that job holding your company back? Are you being the bank for your job owner? Does it stunt your cashflow and growth? What can you do about it? Find out on this week's episode. Topics we cover in this episode include: What is retainage? Retainage can sunt your company's growth if you don't bid jobs properly A ret…
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Safety and workers comp insurance have several challenges, but what are the best solutions? Stephen brings his insight to this week's episode. Here's what you need to know about what Workers Comp can do for you, the most common type of claims, when to file a claim, experience mods, and more. Topics we cover in this episode include: What Workers Com…
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If you've been here a while, you know we preach job costing and how it can help a contractor be more profitable. One of the challenges of implementing a job costing system is figuring out costing your labor. Where do you start? Let's talk about it. Topics we cover in this episode include: Challenges with getting information for the payroll system T…
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One of the biggest stumbling blocks with contractors getting their job costing system set up properly is the cost code structure. There are several moving parts and it can be overwhelming. Where do you start? We're showing you on this week's episode. Make sure to check it out on the Carpenter CPAs YouTube channel. Topics we cover in this episode in…
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Have you ever felt like the world is ending because your bank balance is low and you don't know how you're going to pay your people or your bills? Or you're on top of the world because your bank balance is high, but the next day the cash disappears? Let's talk about the psychology of money and how you can use your innate habits to control your cons…
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Starting a construction business? Wanting to get off on the right foot? Getting the foundation right from the start can spell the difference between success and failure. Let's talk about how to successfully plan, launch, manage, and grow a new construction business. Topics we cover in this episode include: Starting a business with the right mindset…
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In an industry where having solid financial backing and trust is crucial, getting these relationships right is not just a bonus, it's a necessity. This week, let's discuss how to build relationships that will last and support your business over the years. Topics we cover in this episode include: How to find the right partners for your business Buil…
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The foundation of any robust construction accounting system lies in a well structured chart of accounts. But building one can be tricky. Let's walk through it. Topics we cover in this episode include: Walking through the Chart of Accounts How to treat retainage properly in your Chart of Accounts Cost of revenue categories LINKS Visit the episode pa…
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It's winter right now, and if you're in construction, this may be a slower time of year for you. It's a great time to create a strategic plan for your company for the coming year. How do you do it? We'll walk you through it. Topics we cover in this episode include: Why now is a good time to think about your strategic plan Ground rules for your stra…
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Full-kitting is a term most often associated with manufacturing. What does it mean and how can we use that concept in construction to maximize our profits? Let's talk about it. Topics we cover in this episode include: Full Kitting from a Subcontractor Standpoint Communicate potential problems beforehand Start with project planning and pinpointing c…
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Many contractors aren't making what they should on their jobs. Even if you've got your bidding down, you may still be bleeding profits. What are the things to look for and what can we do about it? Find out on this week's episode. Topics we cover in this episode include: Don't get burned by change orders Make sure you're billing everything you have …
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Equipment is a major part of some contractors' job costs. Should you lease it, or should you buy it? Which is better for you? The answer is, it depends. We're helping you decipher the question and sharing some additional equipment considerations on this week's episode. Topics we cover in this episode include: Operating Lease vs. Capital Lease Consi…
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What happens to your company when you die? Making sure you have a continuity plan in place can ensure you have a smooth transition and ease the burden on your family. Life insurance can be a big part of that plan. Here's what you need to know when looking for a policy. Topics we cover in this episode include: Why you should start thinking about lif…
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We haven't met a contractor who likes to pay taxes, but many take avoiding taxes to the extreme. What are the true implications of making it your goal to pay no taxes every year? Let's talk about it. Topics we cover in this episode include: Four ways contractors can be taxed An example of an extreme outcome of tax avoidance The purchases and tax ch…
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There have been rumors about QuickBooks Desktop being retired for many years, yet QuickBooks Online still isn't the same capability level as Intuit's older software for contractors. Some recent announcements from them give us more of a direction, and these announcements weren't given to the general public. We're sharing what you need to know this w…
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Can increasing expenses also increase your net income? Can profitable jobs bankrupt a company? Today, we are exploring more unconventional wisdom in construction that you may not have ever considered. Topics we cover in this episode include: How adding expenses helps your bottom line How a profitable job could bankrupt your company Why an LLC is no…
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When do you need a construction attorney, and how can you find a good one? Should you be amending contracts, and how can you protect your lien rights? Construction attorney Alex Barthet joins us this week to answer these questions and more. He pinpoints the main things you need to focus on and what resources are available to help guide you. Listen …
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In a traditional business, there is conventional wisdom that generally holds true no matter what. Construction is an industry with several of its own differences that defy a traditional solution. Today we are exploring some of those things and why you shouldn't always listen to the common answer, because it might not all be true. Topics we cover in…
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Most contractors want better cost information about their jobs. They need it timely, they need it accurate, and they need it relevant to managing their jobs properly. Unfortunately, many contractors struggle in this area. How do you get it set up right so that you get what you need? We're sharing our tips on this week's episode. Topics we cover in …
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You got that dream job, but it needs be bonded. Can you get it bonded? Are you over your bonding capacity? Is there anything you can do to increase your bonding credit? Find out this week. Topics we cover in this episode include: Draft and interim financial statements Cash, character, and capacity How to get bonding credit as a new contractor Bonds…
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