Construction Success Stories
Over the next decade, it is widely accepted the transfer of business ownership will continue to accelerate as baby boomers transition into retirement. The traditional due dates don’t exist for such a transition and thus commonly deferred until some later time or not executed efficiently (or ever). We believe the planning for such a transition is extremely important and should be discussed on an on-going basis. Recently, we assisted a closely held subcontractor in successfully transferring ownership from one generation to the next in a tax efficient manner. The process is just that, a process which involved working closely with the selling stockholder, buying stockholders, legal counsel, estate attorneys, bankers, and the surety/bonding agent to ensure the transaction was well communicated and thought out between the business partners. The transition strategies are not a one size fits all. We can provide our insight and experience as to what may work for you.
While our staff are educated in the field of accounting and as much as we love debits and credits, we believe that training your in-house accounting personnel through sharing of best practices, templates and being available for questions is far more valuable in the long-run. In one situation, we were retained by a manufacturing contractor wherein their CPA would come in monthly to “close the books”. The Company had an accountant on staff handling most of the duties, but relied on the CPA to finalize the closing. The CPA made the month end entries, but the accountant never understood what was being done and further the entries were never recorded on the internal books and records. We saw a different approach after determining the accountant was willing and able to learn. We customized a closing checklist, trained the individual and over a period of successful closes; we took off the training wheels. This has enabled management to generate its own financial reports without relying upon third parties enabling them to be quicker to plan for, and react to, the ever changing environment
Assistance with Software Selection
Our Construction Industry Group professionals are familiar with many of the general ledger/job cost packages on the market today. Our guidance is based on our knowledge and understanding of the various packages strengths and weaknesses. Although no software package will perfectly meet all of a companies’ needs, you can be assured that through our experience, network of similarly situated clients and contacts throughout the software community you will not be alone as you embark upon a systems conversion. Over the years, we have successfully guided our contractors to viable options to serve their information and reporting needs. In addition, we have been available to assist in re-engineering their reporting functions and design as the new system is being implemented. At SingerLewak, we have intentionally not represented any particular software package or group so you can be assured that our recommendations and references to software packages are unbiased. Our clients have enjoyed direct discounts from our unaffiliated vendor strategic alliances that we have in place due to our non-financial relationships with those vendors.
At SingerLewak, one of our greatest client concentrations is within the construction industry. As a result, our Construction Industry Group has grown to offer a variety of services to better serve our contractors. In addition to being able to source Finance and Accounting professionals in your industry (CFOs, Controllers, Accounting Clerks, etc.), we also have the ability to source operations side personnel including Project Managers, Field Superintendents, Project Engineers, Estimators, etc.
One of our general contractors was in a rapid growth mode and was in need of both office and field personnel. Over an 18 month period we sourced approximately 25 people to help our client capitalize on the growth opportunities they were generating.
Within this area we are also well versed in performing a “Gap Analysis” of your construction company. We help to create a functional organization chart which includes not only job titles, but descriptions of the roles as well. We interview key people throughout your organization to provide better structure and organize roles and responsibilities to facilitate effectiveness and efficiency. We can help you build a better organization to realize opportunities today and in the future. Once complete, we can utilize our traditional recruiting capabilities to populate the functional organization chart as needed.
Our Team of Professionals Actively Participates in Industry-Related Organizations to Stay On Top of the Current Trends Within The Construction Industry Including:
- American Subcontractors Association
- Associated General Contractors
- Construction Financial Management Association
- Surety Underwriters Association of Southern California