Posts Tagged 'Financial'

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Surety Bonds, LOCs and Parental Guarantees: What’s the Difference?

To address the security need, owners and contractors can be faced with a choice between traditional surety bonds and letters of credit (LOC). Additionally, parental guarantees are often included as a supplement or substitute for the security. These alternatives have unique implications that should be considered by contractors and owners when choosing the best path.

Preparing for the First Contractor-Surety Meeting

Successful contractors spend time and effort establishing their first surety company relationship. Contractors that want faster answers and the benefit of the doubt from their surety in a delicate situation will always welcome face-to-face visits with their professional agent and underwriter. 

The Impact of Succession Planning on the Surety Relationship

When evaluating a succession plan from the perspective of the surety, executives should focus on maintaining technical and operational excellence, surety relationships, projected cash flows and its strong financial position.

An Overly Soft Credit Environment Can Adversely Affect Small Contractors

Fast bond products or “quick issue” bonds have sped up the process of obtaining a bond for smaller projects. Quick turnaround and minimal underwriting—sometimes solely based on credit score—allow for speedy answers when time is of the essence. That’s the upside. The downside of this softer credit-based underwriting is that the relationship-building and counseling process can suffer. 

Succession Planning and Ownership Transfer: Do It Right the First Time

Many U.S. construction industry leaders are approaching the age of 60 and above, with a recent study conducted by PricewaterhouseCoopers concluding that 33 percent of all construction firms will be transitioned during the next five years. While construction firm owners have vast knowledge in their trade niche, most have limited experience in the sale and divestiture of their own business interests. 

All Contractors Will Be Affected by the New Lease Standard

All construction contractors’ assets and liabilities will be affected by the new guidance to some degree, depending on the company’s circumstances. Contractors that have significant fleet leasing activity are likely to feel the change more than contractors with less leasing activity. 

Come in Ahead of Schedule: It’s Time to Think About ASC 606

Companies tackling ASC 606  head on will gently glide into the implementation phase in a few years. Those that don’t likely will experience varying degrees of turbulence. 

The Value of an Annual Partnering Meeting

The results of the partnering meeting, as it becomes an annual tradition, will prove to be valuable throughout the year, and help to provide a big-picture view of the construction business that otherwise would not be possible. 

Three Financial Red Flags to Monitor

A steadfast financial management process fosters teamwork, accountability, communication among departments, and continual learning and improvement so the same mistakes aren’t duplicated. 

Four Questions to Ask to Identify Accounting Inaccuracies in a Contract Schedule

Construction business leaders should ask four questions when reviewing a contract schedule for accuracy. 

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