As the uncertainty surrounding COVID-19 impacts every aspect of daily life, it is important to remain vigilant against threats to the security of sensitive information. Cybercriminal activity increases when pandemics strike, as actors take advantage and prey upon fear and uncertainty. Phishing attacks via email, text message and phone calls are the most common, as…
Accounting
A Contractor’s Guide to Documenting Revenue Recognition
Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, Topic 606, commonly referred to as ASC 606, became effective for private companies for fiscal years beginning on, or after, December 15, 2018. Most financial professionals are familiar with the “five-step model” commonly used to implement ASC 606, but hidden within each of those…
45L Tax Credit – Congress Reinstates Tax Credit for Energy Efficient Homes
On Dec. 20, 2019, the Omnibus Appropriations Bill H.R. 1865 was signed into law. This legislation extended the New Energy Efficient Home Tax Credit under Code Section 45L through the end of 2020. The Code Section 45L credit is the applicable amount for each qualified new energy efficient home that is constructed by an eligible…
A Tax Change Order for Construction Companies
Join Kevin Dale Rayfield, CPA, Dixon Hughes Goodman (DHG) LLP at the NCACPA Symposium in Greensboro, NC on November 20 for an important session, A Tax Change Order for Construction Companies, for an update on tax reform as it relates to the construction industry. After one busy season, DHG will discuss what we currently know…
Banking
BB&T Reinforces Commitment to Eastern North Carolina
BB&T Corporation (NYSE : BBT ) announced it will build an approximately 95,000-square-foot office facility on Pine Street in downtown Wilson, N.C. The new $35 million building will accommodate 650 BB&T associates who are currently working in the twin buildings at 223 West Nash St. or elsewhere in Wilson. BB&T expects to begin site work on…
Infintech Is CFMA’s Newest Affinity Program Partner
The Construction Financial Management Association (CFMA) is proud to introduce its newest Affinity Program Partner, Infintech. Ranked as one of Inc. Magazine’s Fastest Growing Companies, Infintech specializes in business-to-business and construction payment processing. Offering cutting-edge technologies and equipment, at the best prices, Infintech clients can then offer the convenient, secure payment options their customers need….
FMI Advises Enovity on Sale to Veolia
FMI Capital Advisors Inc., a subsidiary of FMI Corporation, is pleased to announce the sale of Enovity, a San Francisco-based energy services firm, to Veolia North America. FMI Capital Advisors acted as the exclusive financial advisor to Enovity for this transaction. Enovity is a strategic acquisition that complements Veolia’s existing SourceOne energy services business. Investing…
Finance / Bonding
Improving the Budget Process for Your Business
Budgeting may be considered a great equalizer among businesses of all types: at the end of the fiscal year, we all measure and analyze the previous year, as well as plan accurately for the next year with goals aligned to a strategic plan. However, the process leaves many businesses frustrated as they struggle with what…
Business Owners View 401(k)s as Advantageous, Yet Struggle to Communicate Benefits to Employees
It won’t come as a surprise that business owners view 401(k)s as advantageous both for their business and their employees. Yet, despite business owners seeing the advantages of 401(k)s, a gap exists in understanding how to effectively communicate 401(k) benefits to employees, according to a new survey from Nationwide. And with the Bureau of Labor…
Recession Unlikely in First Half of 2020, Says Mellon Investment Strategist
The Fed is likely to cut interest rates twice more in 2019, the 2020 presidential election will have little to no effect on a booming economy, and the answer to the question everyone wants to know about the likelihood of a recession in the coming months is a resounding no. The mostly rosy economic forecast laid out…
James M. Holmes Joins FMI Capital Advisors
James M. Holmes has joined FMI Capital Advisors as a Managing Director and Head of the Chemicals Group. He is based in FMI’s Denver, Colorado office. For more than 12 years, James has served mid-market chemicals companies by structuring and executing sell-side and buy-side M&A, capital markets, and other investment banking transactions. He has deep…
Government Affairs
AGC Supports Legislation Allowing 15 Year Depreciation of Commercial Property Improvements
Error in 2017 Legislation Set Timeline at 39 Years, Forcing Many Property Owners to Delay or Reconsider Planned Improvements and Putting Future Demand for Construction At Risk The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, released the following statement in support of the new, bipartisan, Restoring Investment in Improvements…
Legislation Introduced to Address Temporary Worker Issues in Construction
Construction Official Urges Congress to Act on Proposed New Legislation Introduced by Congressmen Francis Rooney & Lloyd Smucker that Will Establish First-Ever Temporary Visa Program for Construction The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, urged Congress to act quickly on the Workforce for an Expanding Economy Act that…
GroundBreaker: U.S. Congresswoman Virginia Foxx
People make the construction industry what it is today. GroundBreak Carolinas is excited to share the story of yet another member of the inaugural class of GroundBreakers – individuals who are shaping our industry in a variety of ways. A longtime supporter of workforce development initiatives, North Carolina Congresswoman Virginia Foxx is having an impact on the…
CAGC Leaders Head to the Hill to Promote Key Construction Issues, Celebrate AGC of America’s 100th Anniversary
Carolinas AGC representatives this month were among dozens of AGC leaders who visited with key members of Congress – including U.S. Sen. Lindsey Graham, R-SC, and Rep. Joe Wilson, R-2nd District, SC– to promote infrastructure funding, regulatory and permanent tax reform, and an immigration climate that could help provide badly needed relief for the nation’s…
Human Resources
Considerations for Building a Better Coaching Culture
Many organizations ask an all too common question: “How can we help our employees improve their performance while nurturing and developing their long-term strengths?” The answer may be found in building a coaching culture that aligns uniquely to your organization. Unlike traditional mentoring (manager explains to team member his or her own personal experiences in…
How to Successfully Find and Retain Ideal Construction Employees
According to recent statistical data1, due to the booming economy in the U.S., there are more job openings in construction than there are people to fill those jobs. In addition more people are leaving their jobs than ever before 2. The evidence is clear – keeping your best employees has become more important than ever,…
It’s Time to Re-Think the Annual Performance Review Process
Whether the reviewer or reviewee, very few people enjoy annual performance reviews. For the reviewer, providing a performance review is a large responsibility. To conduct one properly requires a significant amount of planning and work. Reviewers must think back over a full year as they consider an employee’s actual performance. They should have a written…
Business Owners View 401(k)s as Advantageous, Yet Struggle to Communicate Benefits to Employees
It won’t come as a surprise that business owners view 401(k)s as advantageous both for their business and their employees. Yet, despite business owners seeing the advantages of 401(k)s, a gap exists in understanding how to effectively communicate 401(k) benefits to employees, according to a new survey from Nationwide. And with the Bureau of Labor…
Leadership
The Essential Soft Skills All Construction Workers Need
In the construction industry, laborers are used to hauling materials, managing equipment, and doing the heavy lifting. A great construction worker is used to showing their hard skills on the job site. But what about those all-important soft skills? The talents that land you your next job and help you be the go-to guy on…
The Importance of Happiness and Gratitude
Leaders from across Dixon Hughes Goodman LLP (DHG) gathered for our annual partner meeting earlier this fall. This event is an opportunity for us to come together as ONE DHG to re-energize, learn from one another, and hear from incredible speakers. As part of the meeting, we were honored to feature New York Times bestselling author, Shawn Achor,…
Life Coach, Xulon Press Author Releases Book on Living Without Limits
Within the pages of Tim Hart’s new book, Breaking Free: Life without Limits ($14.49, paperback, 9781545648070; $5.99, ebook, 9781545648087), readers will find a book about finding out how life can be more than merely existing. “What you do and how you live your life should make you feel fulfilled and feel that your contribution to…
Four Ways to Improve Morale for Increased Productivity
When teams aren’t productive, companies often start looking for new tech, or new tools to streamline processes, reduce redundancies, and more. That’s what technology is for, right? Solving problems? The impulse to buy another tool is understandable, but it is important to look at the big picture before making another well-intentioned purchase. First, notice how…
Legal
Coronavirus Disease (COVID-19) in Construction: Liability, Recordability, and Financial Implications
Over the past few weeks, it’s become clear that the world is facing a remarkable health crisis. The coronavirus pandemic has now been detected in most countries worldwide, creating personal, practical, and legal implications for those in the construction industry. To address business considerations of the COVID-19 threat, employers should consider multiple categories of concern:…
Elmore Goldsmith, P.A. Receives Tier One Rankings in U.S. News – Best Lawyers® 2020 “Best Law Firms”
Greenville, SC – November 1, 2019 – U.S. News – Best Lawyers® released the 2020 “Best Law Firms” rankings and Elmore Goldsmith, P.A., has been recognized in three areas. For the Greenville metropolitan area, the firm has received tier one rankings for Construction Law, Litigation – Construction, and Litigation – Securities. Firms included in this…
Elmore Goldsmith Attorneys Recognized in The Best Lawyers in America© for 2020
The law firm of Elmore Goldsmith is pleased to announce that five of the firm’s attorneys have been selected by their peers for inclusion in The Best Lawyers in America for 2020. The following Elmore Goldsmith attorneys are included in The Best Lawyers in America for 2020: L. Franklin “Frank” Elmore: Construction Law and Litigation–Construction…
Registration Is Now Open for the 39th IRMI Construction Risk Conference
International Risk Management Institute, Inc. (IRMI), has opened registration for the 39th IRMI Construction Risk Conference (CRC). The Conference will be held November 10–13, 2019, at the Washington State Convention Center in Seattle. Each year, CRC brings together more than 2,000 leading project owners, general contractors, subcontractors, developers, insurers, and insurance agents and brokers for 3…
Management
Business Lessons from a Professional Athlete
We use sports analogies often in the business world. Winning comes from motivation and determination. Practicing hard and focusing on the details will lead us to victory. Never give up until the game is over. The phrases could go on. But very rarely do those of us in business consider the possibility that a practicing…
Construction Employment Rises in 45 States
Forty-five states and the District of Columbia added construction jobs between July 2017 and July 2018, while 29 states and D.C. added construction jobs between June and July, according to an analysis by the Associated General Contractors of America of Labor Department data released today. Association officials cautioned that continued job gains may depend on…
DOL Announces New Pilot Program to Expedite Resolution of Wage Violations
The Wage and Hour Division (WHD) has announced a new nationwide pilot program, the Payroll Audit Independent Determination (PAID) program, which facilitates resolution of potential overtime and minimum wage violations under the Fair Labor Standards Act (FLSA). The program’s primary objectives are to resolve such claims expeditiously and without litigation, to improve employers’ compliance with…
The Top Issues Facing Construction in 2018
Several industry surveys and reports forecast continued growth in the construction industry. Albeit, the growth shows a modest 4.8% increase, different from the double-digit growth in previous years. Regardless, there is still a general sense of optimism. With continued growth and positive outlook in the construction industry, what can possible be keeping construction executives up…
Marketing
Developing Your 2020 Marketing Plan
Successful construction firms don’t view marketing as an expense, but rather a strategic approach to business. Each year we have the opportunity to refresh how we approach our business, marketplace and clients. A marketing plan is about strategic choices: which markets to target, what services to offer, how to differentiate, how to communicate and how to win….
Content Marketing
As traditional marketing methods continue to decline in effectiveness and return on investment, content marketing is increasing becoming an effective tool for lead generation, client engagement, and thought leadership. GroundBreak Carolinas was established as a content marketing platform serving the design and construction communities in North Carolina and South Carolina. “Content marketing is a strategic…
Characteristics of a Marketing Centric A/E/C Firm
No real big surprise to the marketing professionals in the architecture, engineering, and construction industry that when it comes to marketing, our industry is often behind the curve of most other industries. Part of this is because marketing was outright illegal for professional services until the 1970s. Another reason is because there is a possible…
AEC Excellence Awards 2019 Call for Entries Now Open
Now in its eighth year, the AEC Excellence Awards competition—co-sponsored by Autodesk, Construction Dive, SmartCities Dive, and Informed Infrastructure —is an incredible way to honor the AEC (architecture, engineering, and construction) industry and the ingenuity of the professionals who are stretching the limits of what is possible in AEC. Enter now for this year’s AEC Excellence…
Operations Management
9 Tips for Construction Business Owners Looking to Optimize Their Business
Every year there are lists of construction business owners making billions of dollars while others go out of business. Running a business is hard, and it’s even harder in an industry like construction. However, many of these top performing construction businesses have a series of tips and tricks they’ve learned to run a business successfully….
New Website for Outer Banks Pool & Landscape Designer Makes a Splash
Outer Banks Media (OBX Media), a North Carolina-based digital marketing agency specializing in website design, search engine optimization and internet marketing, announces the completion of a website redesign for their client, Southern Scapes Pool & Landscape Design (Southern Scapes). Southern Scapes has been in business since 1998, and is a family owned business specializing in pool…
Integrated Delivery – Why Is It?
Integrated delivery is a delivery method that embraced 360 degree collaboration between all the stakeholders on a project; including designers, consultants, general contractor, subcontractor, vendors, and yes the owner. Design-build (DB) and Integrated Project Delivery (IPD) are two examples of integrated delivery. There are numerous differences between the various contract forms of both DB and…
Should You Get Out of the Contracting Business?
That may seem like a strange resolution for a contractor. However, it might be the best advice you ever receive. How many people do you think wake up in the morning and say to themselves, “I can’t wait to hire a contractor today?” If you do service work, it’s even worse. No one wakes up…
Risk Management
Catalyst Expands Product Offerings, Launches Commercial Insurance Division
Charlotte-based Catalyst Surety Partners, LLC (Catalyst), with plans to open a Columbia office in April, recently announced the formal launch of a commercial insurance division. Since the agency’s founding in 2014, Catalyst’s singular aim has been to help contractors succeed. To date Catalyst has worked to live up to that aspiration by providing just one…
2020 Insurance Market Review and Forecast
Change. Transformation. A touch of chaos. Sentinel’s 2020 Insurance Market Forecast reads like a good suspense thriller. And like all great books do, this one ends with the good guys (that’s you, commercial insurance consumer) coming out on top. Provided, of course, that your business’s risk management house is in order. Download Report
McDonald York Named Safety Lightkeeper of the Year
Sentinel Risk Advisors this week announced that McDonald York Building Company, a Raleigh-based construction firm with deep roots and a storied history, is the recipient of the risk management firm’s Lightkeeper Award, an annual recognition of clients that have elevated safety and loss control programs to superior standards. Sentinel’s Chief Operating Officer, Nicole Winkle, said…
Scope of Work Changes Leading Cause of Construction Disputes
Changes to a construction project’s scope of work was identified as the most frequent contributor to disagreements between owners and contractors according to a report by HKA, a leading construction claims and dispute resolution firm. The company recently released: 2019 CRUX Insight, A Global Market Sector Analysis into claims and dispute causation factors. HKA publishes…
Strategy
The Wooten Company Opens New Winston-Salem Regional Office
The Wooten Company, an engineering consulting firm celebrating its 80th anniversary this year, announced on Monday that it has opened a new Regional Office in the Old Salem Historic District of downtown Winston-Salem, NC. Overseen by Regional Manager John Grey, PE, the office was previously located in Asheboro, NC, from where it served the towns,…
Integrated Delivery – Why Is It?
Integrated delivery is a delivery method that embraced 360 degree collaboration between all the stakeholders on a project; including designers, consultants, general contractor, subcontractor, vendors, and yes the owner. Design-build (DB) and Integrated Project Delivery (IPD) are two examples of integrated delivery. There are numerous differences between the various contract forms of both DB and…
Should You Get Out of the Contracting Business?
That may seem like a strange resolution for a contractor. However, it might be the best advice you ever receive. How many people do you think wake up in the morning and say to themselves, “I can’t wait to hire a contractor today?” If you do service work, it’s even worse. No one wakes up…
Improving Leadership Effectiveness
In a previous issue of The Garrison Report, I discussed effective leadership. Using the following techniques will improve your leadership effectiveness and allow you to deliver a lot more value to your organization. 1. Have a list of people to whom you can delegate certain issues. We all have challenges, opportunities, problems or important tasks that need to be…
More Business
Tips to Avoid Cybersecurity Attacks During the COVID-19 Pandemic
As the uncertainty surrounding COVID-19 impacts every aspect of daily life, it is important to remain vigilant against threats to the security of sensitive information. Cybercriminal activity increases when pandemics strike, as actors take advantage and prey upon fear and uncertainty. Phishing attacks via email, text message and phone calls are the most common, as…
After Uncertainty Comes Opportunity
If you’ve spoken with a real estate developer over this past year, just about every one of them will have mentioned that they have been waiting for something to change with the construction/development environment. Land prices have been high. Construction costs have been high. And that’s not a great combination if you are a real…
ABC Carolinas Urges NC & SC Governors and Lawmakers to Keep Jobsites Open and Workforce Employed
Associated Builders and Contractors of the Carolinas’ (ABC Carolinas) distributed the following communication to its members today, March 23, 2020: “In an effort to support our valued ABC membership and industry, ABC Carolinas’ Board has sent the following letters to our North and South Carolina Governors, Lt. Governors as well as to House and Senate…
CAGC Fights to Keep Construction Essential in the Carolinas
Charlotte, NC – March 23, 2020 – In response to the COVID-19 crisis, Carolinas AGC (CAGC) is urging the Governors of North Carolina and South Carolina to consider all construction to be an essential service in the event there is a shelter-in-place order. Carolinas AGC is working with the administrations of NC Gov. Roy…
