Protect Construction Job Liquidity

It used to be that contractors could hold onto customer deposits for liquidity until the end of a project, but some new contracts are requiring reimbursements back to the customer as the job progresses. Contractors need to pay close attention to their contract terms to maintain liquidity. It also helps to have processes in place …

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Client Corner: Buzz Chew Auto Group

Buzz Chew Auto Group has been operating on Eastern Long Island since 1985. As a second generation owned and managed corporation, they have served the auto needs of Eastern Long Island, the Hamptons, the South Fork and the North Fork for nearly 35 years. Since the inception of the business, Buzz Chew has relied on …

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Risk Management 101 for Contracts

It’s an all-too common scenario even for experienced contractors: relying on verbal conversations as a commitment for payment. It sounds simplistic, but too often I’ve seen situations in which contractors have agreed to change orders through a phone call or gotten verbal commitments from subs on scheduling. The contractor ends up losing if the customer …

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Business Strategy — Diversify or Specialize Services?

By Sean Kelly, CPA I learned about a company recently that has proactively developed a niche to physically lift homes to meet current hurricane-proof standards. Based on a federal grant for homeowners, the construction company is tapping a need that has meant growth for its business as well as a benefit to residential customers. This …

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Funding Options for Key Person Life Insurance

Key person insurance can be an essential component of business continuation planning. The business, or the owners and key persons who are essential to operating the business, purchase these policies. If an owner or key person dies or becomes disabled, this insurance could help make up for lost sales or earnings, assist in satisfying the …

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