construction
If you own or co-own a construction business, it’s likely the most valuable asset in your possession. But the question is and will remain throughout your tenure as an owner: Just how valuable is it? The answer is variable because, as you’re likely aware, the value of a company rises and falls depending on a…
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Customer relationship management (CRM) systems offer many benefits to businesses, including stronger customer relations, service and retention. For construction companies, this software can provide all these advantages. However, it may be most valuable in managing the business development process and focusing your company’s limited resources on winnable projects that will most likely generate profitable returns.…
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General contractors now face two primary challenges: 1) recover from project shutdowns and slowdowns caused by the pandemic, and 2) capitalize on what could be a much stronger economy in the months ahead. In this environment, vetting subcontractors for quality of work and financial stability is more important than ever. Strength of ownership The first…
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A buy-sell agreement is a critical tool for owners of closely held construction companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled or otherwise leaves the company. And it creates a market for departing owners’ shares, providing them and their families with liquidity and ensuring that the business stays…
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Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to keep it in mind as the year rolls along. Here…
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Blockchain is the technology that powers Bitcoin and other cryptocurrencies, but its value extends far beyond the world of finance. Although this technology may not be ready for prime time in construction just yet, industry experts recognize its promise to transform the way projects are managed. Simple concept The technology behind blockchain is sophisticated. The…
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For most construction businesses, workers’ compensation insurance is a significant expense. Here are five tips for reducing or at least better controlling these costs: 1. Make sure employees are classified properly. Workers’ compensation insurers assign risk classification codes to employees based on their duties, responsibilities, and level of exposure to the risk of injury or…
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For any business owner, contractors included, putting together a succession plan may seem like an overwhelming task. Often, among the most difficult things to conceptualize is precisely how to connect — and beneficially integrate — your succession plan with your estate plan. Here are few ideas to consider. Sell your shares By selling your ownership…
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In the current economic environment, cash flow is a precious commodity. Construction companies need to make the most of depreciation deductions that can reduce their tax bills. Fortunately, several provisions of the CARES Act can help you do just that. One of these provisions fixed a technical glitch, retroactive to 2018, that deprived many taxpayers…
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Managing accounts payable is a critical task for any business, but it’s particularly important for construction companies. Most contractors juggle payments to a variety of subcontractors, suppliers and other entities. (We’ll refer to them collectively as “vendors.”) And the players involved may differ from job to job, depending on location and other factors. As a…
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