June 2012

Episode #25 of the Maryland Construction Network
June 29
, 2012 topics include:

Succession Planning – Part 3 of 3

Guest:  Matheau J. W. Stout, Esq. – www.mjwstout.com – 410-429-7076

  • Focusing on exit strategy helps people work to positive result
  • Business with succession plan and exit strategy allows owner to work on business not in it!
    • This equates to scheduling for business operations
    • Aids in allocating resources and personnel
    • Uses your strengths and delegates your weaknesses
    • You cannot do it alone
  • Surround yourself with quality employees and professionals
  • Succession planning should start when the business is formed or right now!

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Episode #24 of the Maryland Construction Network
June 27
, 2012 topics include:

Succession Planning – Part 2 of 3

Guest:  Matheau J. W. Stout, Esq. – www.mjwstout.com – 410-429-7076

  • Mechanics of Succession Planning
  • Owner vs. Employee
    • Business is Business
  • Limited Marketability of Shares
    • This is a way to create market for shares
  • Valuation of Company
    • Helps determine how much money the company needs to facilitate succession
    • Make plan for exit strategy to meet succession plan
  • Strategic thinking vs. tactical thinking
  • Documenting the succession plan
    • Easily understood
    • Corporate/LLC documents in-line with succession plan
    • Specifies how plan works
    • Clearly defines procedures to eliminate disputes
    • Control of ownership provisions
    • Candid discussion of needs and wants
    • Becomes foundation for company
    • Creates harmony among owners and partners

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Episode #23 of the Maryland Construction Network
June 25
, 2012 topics include:

Succession Planning – Part 1 of 3

Guest:  Matheau J. W. Stout, Esq. – www.mjwstout.com – 410-429-7076

  • A plan for the continuance of the business after an owner/partner stops working
  • Importance:
    • Boosts moral
    • Increases productivity
    • Aids in financing
    • Attracts buyers
    • Reassures customer
  • What are your goals in life?
  • Succession planning helps you attain those goals
    • Addresses needs of business
    • Addresses needs of owner(s)
  • Plan supports the company’s corporate documents in event of succession
    • By-laws
    • Shareholder agreements
    • Buy/sell provisions
  • Insurance is the primary vehicle for financing a succession plan

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Episode #22 of the Maryland Construction Network
June 22
, 2012 topics include:

Common Insurance Mistakes by Contractors

Richard W. Shaw, Jr. CPCU, ARM – VP w/ CBIZ Insurance Services Inc. – 443-259-3209 or rshaw@cbiz.com

  • Insurance is bought to transfer risk from a particular outcome
    • Examine exposures you have that are not covered
    • Evaluate deductibles that are paid
    • Realize the impact of claims on future pricing
  • Contracts signed that require insurance the contractor doesn’t have
    • Can delay payment of funds
    • Increased insurance coverage eats into profit margin
    • Have contract reviewed by agent before signing
  • Understand effect of claims on your employers experience modification factor
    • Declining payrolls have increased effect of claims in mod factor
    • Contracts may require contractor to have a minimum experience mod factor that could keep you from taking a contract
  • Review schedule of equipment to save money
    • Actual cash value – replacement cost less depreciation
    • Don’t insure for more value than you could collect in loss
  • Review your deductibles
    • Versus the value of the equipment you are covering
    • You may rather not carry replacement coverage on equipment that is close to, equal to, or less than your deductible

Save Money at the Pump with Fuel Economy Tips

  • Check tire pressure
    • Not pressure listed on tire
    • Use recommendation on driver door pillar, in glove box, in owner’s manual, at fuel fill or on dash
  • Remove excess weight
    • If you don’t need it don’t carry it
    • Get the junk out of the trunk
    • Use job boxes
  • Consolidate trips
  • Avoid idling
    • Vehicles warm-up faster while driving
    • Don’t use drive-thru’s
  • Drive slower
    • Much better economy
    • Doesn’t make much difference in short trips
  • Also –
    • Don’t ignore Check Engine light
    • Keep vehicles clean
    • Keep underbody panels maintained
    • Use air conditioner when driving above 25 mph
    • Check air filter – replace when needed

MD Construction Network on LinkedIn

Join the Maryland Construction Network on LinkedIn

  • Discussion postings
  • Additional pages
  • Promotions
    • Events
    • About your business
  • Jobs
    • Help wanted
  • New Promotion listing – FREE Seminar!
    • Lisa Fulco, LUTCF posted Davis-Bacon Seminar Invitation
    • Learn about recent legislative updates and implementation ideas to save on your bottom line
    • Approved for CPE Credits
    • Wednesday, June 27
    • The Prosperity Consulting Group’s Office @ 800 Red Brook Blvd, Ste 300, Owings Mills MD 21117 Call 410-363-7211 to RSVP or follow the link –http://linkd.in/JO6PLK

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Episode #21 of the Maryland Construction Network
June 20
, 2012 topics include:

 Tips for Subcontractor Management – Recognizing At-Risk Contractors

  • Mrs. Jennifer M. Horn – Senior Counsel at Cohen Seglias Pallas Greenhall & Furman, PC
  • Signs to recognizing a problem
    • Chronically late material deliveries to project
    • Hearing of, or receiving payment inquiries by suppliers and vendors
    • Inadequate manpower
    • Inability to meet schedule
    • Equipment not what expected, needed or always broken-down
    • Excessive number of claims
    • Request for advance payment
  • Due diligence to prevent problems before they occur
    • Check financial records – Dunn & Bradstreet reports, etc.
    • Request additional financial reports from contractor
    • Check for necessary licenses, certifications and insurances
    • Ask for and check references
    • Perform internet search for complaints, past or on-going litigation and judgments
  • Don’t focus solely on price – choose competent and capable subcontractors

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#20 The Maryland Construction Network – June 18, 2012

Episode #20 of the Maryland Construction Network June 18, 2012 topics include: Leak Detection Equipment Cam Rogers – VP of Domestic & International Sales for RLE Technologies RLE Technologies engineers and manufactures exceptional leak detection equipment, facility monitoring systems, and custom integration solutions for critical facilities, worldwide Falcon Product Line, Raptor Product Line and SeaHawk […]

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#19 The Maryland Construction Network – June 15, 2012

Episode #19 of the Maryland Construction Network June 15, 2012 topics include: Robert Dietz – Economist for National Association of Home Builders discusses impact of housing market on household wealth and what is needed to get housing back on track Federal Reserve issued Survey of Consumer Finances Done every three years Used 2010 data Household […]

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