Construction Genius

De: Eric Anderton
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  • Resumen

  • Thomas Edison said, "Genius is 1% inspiration, 99% perspiration." This show interviews hard-working construction company owners and executives who share their wisdom, perspectives, and lessons learned from decades of experience bidding, planning, and building profitable projects. Topics include leadership, strategic planning, conflict resolution, niche identification, succession planning, talent management, business development, and business growth. Industry expert, Eric Anderton also shares his insights about how construction company owners can increase project profit by improving communication, running productive meetings, and attracting, developing, and retaining talented leaders. Tune in each week and get practical inspiration for how to build people, projects, and profits. "I know of no genius but the genius of hard work." John Ruskin
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Economía Gestión
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Episodios
  • Why Walking Out of Meetings Makes Your Company More Productive

    Why Walking Out of Meetings Makes Your Company More Productive
    Oct 15 2024

    Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me

    In this week’s episode of the “Construction Genius” podcast, we discuss productivity tips relevant to the construction industry based on Elon Musk’s 2018 email to Tesla employees.

    Eric starts the discussion with what Elon Musk considers the blight of larger organizations: excessive meetings. He explains why it’s important only to hold large meetings if they provide value to all present. He then shows why it is acceptable to leave a meeting if you are not contributing. Prioritizing your time effectively is important in the workplace. Next, he talks about two major factors regarding communication in the workplace: avoiding acronyms and jargon and direct communication. Avoiding acronyms is important because not everybody has the knowledge of them that differs to specific fields, and it’s important to build a culture where team members can communicate directly across levels, bypassing unnecessary chains of command. The next important tip is to prioritize common sense in decision-making. Be willing to adapt or change outdated company rules when they no longer serve a purpose and encourage a culture where employees feel empowered to challenge and improve practices for better outcomes.

    EPISODE HIGHLIGHTS

    [01:57] Excessive Meetings - The blight of big organizations.

    [02:58] Leaving a meeting if not adding value.

    [03:29] Reduce using acronyms.

    [04:20] Direct communication.

    [06:04] Interdepartmental communication.

    [07:02] Common sense as the guide.

    [07:34] Build a culture open to change and make a better place for employees.

    KEY TAKEAWAYS

    1. Only hold large meetings if they provide value to everyone involved.

    2. If you’re not adding value to a meeting, it’s acceptable to leave.

    3. Avoid acronyms and jargon to ensure everyone understands.

    4. Promote a culture where team members can communicate directly across levels.

    5. Ensure that communication flows freely between departments.

    6. Be open to changing company rules that no longer make sense.

    Are people problems eroding your company's profits? Discover proven strategies to lead, strategize, and sell effectively, ensuring your projects stay profitable. Elevate your construction business by purchasing Construction Genius: Effective, Hands-On, Practical, Simple, No-BS Leadership, Strategy, Sales, and Marketing Advice for Construction Companies today and turn your people problems into profit!: https://www.amazon.com/Construction-Genius-Effective-Hands-Leadership/dp/B0BHTRDY1T/

    Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me

    RESOURCES

    Kickass Business Meetings Ebook:
    www.constructiongenius.com/kam
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    11 m
  • Bulletproof Your Bottom Line: How to Fund Uninsured Risks Without Hurting Cash Flow

    Bulletproof Your Bottom Line: How to Fund Uninsured Risks Without Hurting Cash Flow
    Oct 8 2024

    Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me

    An 831(b) plan, commonly known as captive or microcaptive insurance, is intended to help business owners reduce unfunded liabilities. SRA utilizes the 831(b) Tax Code to create tax-deferred risk mitigation and give business owners greater peace of mind.

    Van Carlson is the founder and CEO of SRA 831(b), with 25 years of experience in the risk management industry. His goal is to continue SRA's upward growth while also developing novel products for the market. He joined us today to discuss how to fund uninsured risks without hurting cash flow.

    We start the conversation with Van explaining the 831(b) risk management strategy along with the benefits businesses can gain from it. Then we talk about the significance of motivation in financial advice. Risk management should be the primary focus rather than merely seeking tax advantages to avoid potential scrutiny from the IRS. Van then kindly explains the common mistakes people make when setting up an 831(b), especially in the construction industry: proper ownership structure and motivation. We then pay attention to the challenges of exiting an 831(b) plan, where Van explains how they make a simple exiting process.

    Further down to the conversation, we discuss the following topics regarding 831(B) risk management strategy: solvency testing, the services 831(b) provides and are unavailable through traditional insurance options, alternatives for 831(b), and the type of businesses that might not be suitable for an 831(b).

    EPISODE HIGHLIGHTS

    [02:13] What is 831(b) risk management strategy?

    [04:43] What 831(b) provides for construction companies

    [08:52] The importance of the motivations behind financial advice

    [10:35] The common mistakes

    [14:33] Solvency testing

    [18:41] Challenges of exiting an 831(b) plan

    [20:31] What unique services do 831(b) offer that aren’t available through conventional insurance options?

    [26:23] The types of companies aren’t suitable for the 831(b)

    [27:17] Alternative risk management strategies

    [28.48] The red flags



    KEY TAKEAWAYS

    1. Evaluate Motivations

    2. Clarify Ownership Structures

    3. Prioritize Risk Management

    4. Participate in Solvency Testing

    5. Choose the Right Insurance Agent

    Are people problems eroding your company's profits? Discover proven strategies to lead, strategize, and sell effectively, ensuring your projects stay profitable. Elevate your construction business by purchasing Construction Genius: Effective, Hands-On, Practical, Simple, No-BS Leadership, Strategy, Sales, and Marketing Advice for Construction Companies today and turn your people problems into profit!: https://www.amazon.com/Construction-Genius-Effective-Hands-Leadership/dp/B0BHTRDY1T/

    Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me

    RESOURCES

    Connect with Van

    LinkedIn - linkedin.com/in/vancarlson/
    Website - 831b.com/

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    35 m
  • The Blueprint for ESOP Success: Planning, Patience, and Clear Communication

    The Blueprint for ESOP Success: Planning, Patience, and Clear Communication
    Oct 1 2024
    Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me Employee Stock Ownership Plans (ESOPs) are a topic many construction companies consider when planning their business transitions. ESOPs are a proven strategy that allows owners to leverage the wealth they’ve built through hard work and dedication. Kelly Finnell, J.D., CLU, AIF, is one of the nation’s premier Employee Stock Ownership Plan (ESOP) consultants. For over four decades, he has been assisting business owners in creating and implementing ESOPs. He has spent decades discussing ESOPs with corporations and groups, giving presentations at over 300 conferences and meetings in the United States and internationally in London and Sydney. His company, Executive Financial Services, is a national ESOP consulting firm founded in 1981 and headquartered in Memphis, Tennessee. Their diverse team of experienced professionals is focused on utilizing Employee Stock Ownership Plans (ESOPs) for Ownership Succession Planning and possesses deep expertise in this specialized area. He joined us today to talk about the process of building a successful ESOP. We start the conversation with Kelly explaining the biggest challenge in ESOPs: understanding what an ESOP is. Kelly further shares that business owners, especially in the construction industry, need to be patient and prepared for a steep learning curve. An ESOP serves both as a qualified retirement plan and as a liquidity strategy for current owners. Kelly then explains who would best fit ESOPS, saying that it is typically best suited for business owners seeking a gradual exit over five to eight years. For owners wanting to walk away and not look back, a third-party sale would be more appropriate. We then pay attention to the cultural transition that comes with an ESOP. Kelly shares that companies that prioritize maintaining their culture after a sale are ideal candidates for an employee stock ownership plan. Unlike third-party sales, which often lead to cultural shifts that can alienate both employees and customers, an ESOP facilitates an internal transition that helps preserve the existing culture. Further into the conversation, we cover the following topics regarding building a successful foundation for ESOP: ESOP failures and how to avoid them, the initial steps of getting familiar with ESOP, how to address the challenges that come with active and inactive children in a family-owned business, how to navigate personal guarantees. EPISODE HIGHLIGHTS [02.01] Understanding what an ESOP is. [06.21] Risks to be aware of when building a foundation for ESOP. [08.39] The standard time frame for exiting a company. [10.50] The importance of effective communication when implementing an ESOP. [15.15] How to keep employees engaged in the ESOP process during the early years? [18.03] Cultural transition and ESOP. [25.08] Avoiding ESOP failure. [27.26] The first steps of getting familiar with ESOP. [31.11] Retirement planning. [33.48] Addressing challenges regarding active and inactive children in a family-owned business. [38.17] Navigating personal guarantees. KEY TAKEAWAYS Consider your desired level of involvement post-sale when choosing an exit strategy. Effective communication and education are crucial when implementing an ESOP. Celebrate and Educate Prioritize Company Culture Start with Education and Expert Guidance Are people problems eroding your company's profits? Discover proven strategies to lead, strategize, and sell effectively, ensuring your projects stay profitable. Elevate your construction business by purchasing Construction Genius: Effective, Hands-On, Practical, Simple, No-BS Leadership, Strategy, Sales, and Marketing Advice for Construction Companies today and turn your people problems into profit!: https://www.amazon.com/Construction-Genius-Effective-Hands-Leadership/dp/B0BHTRDY1T/ Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me RESOURCES Connect with Kelly LinkedIn – linkedin.com/in/esopcoach/ Website - execfin.com/ Book: The ESOP Coach - Using ESOPs in Ownership Succession Planning National Center for Employee Ownership
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    44 m

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Imagen de perfil para Anthony J. Mauro

Great information, clearly delivered!!

Very helpful by delivering helpful relevant information. Easy to apply information to my everyday experience as a construction company owner.

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