I am speaking at the Carolinas chapter of CFMA later this month. Part of my presentation deals with risks facing the industry and managing them.
Please send me the top 5 risks you see facing your company in the next 12 months.
L. Franklin Elmore
Elmore Goldsmith, P.A.
55 Beattie Place, Suite 1050 (29601)
Post Office Box 1887 ǀ Greenville, SC 29602
T (864) 255.9500 ǀ F (864) 255.9505
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One of the biggest risk we have seen and foresee is 2nd tier subs placing liens due to non-payment.
Over the past 2 years we have seen three long-standing companies go out of business, leaving unpaid subcontractor invoices, even with guaranteed funds management on one job, how do you prevent a subcontractor from just fabricating their paperwork and leaving off subs and material vendors they are using?
"Navigating the Construction Industry's Talent Shortage" November 2016 issue of Bottom Lines: http://www.cfma.org/content.cfm?ItemNumber=5008&utm_campaign=NEWSLETTERS&utm_source=hs_email&utm_medium=email&utm_content=36833581&_hsenc=p2ANqtz-9VJdKLymIRXi24a33dht54JaLk-b_5lijIBJQV5R81biX7ocK02uqtE8T6rpseBZ_NVpVAM1HllAJJ87Zmmek171aX_w
"Best/Worst Financial Signs & Practices for Contractors" January/February 2017 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20170102?search_term=skilled%20labor&doc_id=-1&search_term=skilled%20labor&pg=12#pg12
"How Is That "Help Wanted" Sign Working Out?" June 2015 CFMA Webinar: https://cfma.digitellinc.com/cfma/sessions/610/view
"How to Capitalize on the Strengths of the Millennial Generation" April 2016 CFMA Webinar: https://cfma.digitellinc.com/cfma/sessions/599/view
"How Contract Timing Impacts a Contractor's Taxes" September/October 2017 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20170910?search_term=%20contracts&doc_id=-1&search_term=%20contracts&pg=71#pg71
"A Practical Guide to Understanding Retainage" May/June 2017 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20170506?pg=44#pg44
"Top 5 Reasons to Actually Read Your Subcontract" October 214 CFMA Webinar: https://cfma.digitellinc.com/cfma/sessions/110/view
"Safety Collaboration Works – Why Not Pave the Way for Pavements?" May/June 2017 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20170506?search_term=payment&doc_id=-1&search_term=payment&pg=51#pg51
"The Decline of the Paper Check: Benefits & Challenges" March/April 2016 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20160304?search_term=payment%20process&doc_id=-1&search_term=payment%20process&pg=67#pg67
"Serious Injury & Fatality: Shifting Culture & Redefining Success" September/October 2016 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20160910?pg=32#pg32
"Serious Injury & Fatality: How Leadership & Communication Can Positively Impact Your Initiative" November/December 2016 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20161112?pg=42#pg42
"Uniting the Construction Industry Behind Suicide Prevention" February 2017 CFMA Webinar: https://cfma.digitellinc.com/cfma/sessions/1191/view
Specialty Trade/Subcontractor Management
"Subcontractor Review & Prequalification: A Primer" September/October 2017 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20170910?pg=16#pg16
"9 Tips for a Positive & Powerful CFM/PM Relationship" March 2017 issue of Bottom Lines:
"How to Select the Right Vendor for Your Company" July/August 2017 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20170708?pg=53#pg53
"Reshaping the Finance Function Through Digital Transformation" July/August 2017 issue of CFMA Building Profits: http://www.cfmabponline.net/cfmabp/20170708?pg=22#pg22
"Best Practices for 350 Business Reporting" September 2017 CFMA Webinar: https://cfma.digitellinc.com/cfma/sessions/1128/view
"Today's Cyber Security Challenge: Protecting You and Your Construction Company" May 2015 CFMA Webinar: https://cfma.digitellinc.com/cfma/sessions/118/view