Why don’t electrical contractors spend more time reviewing their financial statements? How much time does it really take to do a financial self-examination? Do you have to be an accountant or financial wizard to evaluate the status of your financial health? It might be easier than you think.
The first two parts of this series have explored the concept of the Employee Stock Ownership Plan (ESOP) and the potential advantages of establishing one for your contracting business. This month, we will discuss some of the possible pitfalls.
Last month, we introduced the concept of the Employee Stock Ownership Plan (ESOP). This month, we’ll look at the potential advantages to your company of establishing an ESOP, including positive effects on employee morale, company finances and bonding relationships.
Is an Employee Stock Ownership Plan (ESOP) right for your electrical contracting company? What is an ESOP and how do you establish one? In this three part series, we’ll define what an ESOP is, the principal reasons for starting such a plan and the possible pitfalls of employee ownership.
You know those old axioms: “A penny saved is a penny earned,” and, “Time is money,” and, from Ben Franklin, “Beware of little expenses. A small leak will sink a large ship.” It is no secret that managing expenses commands more of our attention today than in the past.
As 2005 came to a close, many economists blamed a cloudy future on a femme fatale named Katrina. Anthropomorphism, giving human characteristics to something inanimate, is a tricky device, usually frowned upon in writing.
Two trends are converging for electrical contractors that offer lucrative opportunities—building owners are increasingly investing in intelligent building technology while, on the other hand, they are contracting out for building maintenance once done by company employees.
This unfortunate circumstance occurs every day: A company, concerned about mounting claims and litigation against it, decides to get rid of its assets by conveying them to the company owners, shareholders and others.
Bonding capacity is one of the primary factors limiting your ability to grow and acquire larger projects. What does your surety want from you, and how can you make sure your bonding capacity is there when you need it?
A leading architecture/engineering member of the CSI revision team (who requested anonymity) described the genesis of the change to MasterFormat 2004 this way: “Division 16 was used to describe means and methods of lighting and distribution of power in buildings.
Do you own all of your assets? Does your lending and bonding company expect you to provide substantial collateral to buffer the risk of doing business with you? In a world where service businesses have overtaken manufacturers and retailers, things have changed.
Between a troubled public utility power grid, unprecedented demand for power by a growing population and the need to protect an increasingly digitally dependent economy, everyone from major manufacturing facilities to homeowners are recognizing the need and value of the protection and capabilities
In a typical old-time cowboy movie, there is always a scene where the bad guy says something like, “Give me the deed to your ranch or I'll shoot you.” Without question, the rancher's signature would be obtained by duress and the transaction would be void.
In last month’s column, we outlined the procedure for establishing a risk management plan, a checklist of ways to prevent employee-related losses and the conditions favorable for fraud to occur. Internal crimes tend to follow common patterns.
The destruction caused by Hurricane Katrina is unfathomable to me. To think about the reconstruction seems premature and pointless; a self-serving distraction to take my mind away from the tragedy. But as Americans, this is what we do, and I believe it is why this country succeeds.