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How one contractor's cash flow wake-up call changed everything
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Most contractors believe that working harder and landing bigger jobs will solve their cash flow issues. But is that mindset holding them back? In this episode of the Contractor Success Forum, Wade and Stephen discuss the financial struggles of a seemingly successful contractor who had to fundamentally change their business approach.
They delve into the reality check and lessons learned, emphasizing the importance of proper cash flow management, accurate job costing, and strategic debt management. Tune in to discover the epiphanies and strategies that can help contractors avoid similar pitfalls and move towards financial stability.
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Topics we cover in this episode include:
- 00:19 A Real Contractor's Wake-Up Call
- 00:35 Meet the Hosts: Wade and Stephen
- 01:12 The Case Study Begins
- 02:11 Financial Realities and Epiphanies
- 03:58 Implementing Profit First
- 05:40 The Cash Flow Projection
- 08:06 Aggressive Strategies and Tough Decisions
- 18:23 Lessons Learned and Final Thoughts
LINKS
Visit the episode page at https://carpentercpas.com/breakingpoint 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/
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FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Chapters
1. How one contractor's cash flow wake-up call changed everything (00:00:00)
2. [Ad] Leadership Lessons From The Great Books (00:13:10)
3. (Cont.) How one contractor's cash flow wake-up call changed everything (00:13:58)
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