Contractor Success Forum
Tips and advice to run a successful construction business from two long-term industry professionals: Wade Carpenter, a construction CPA, and Stephen Brown, a construction bond agent. Each host has unique, but complementary views and advice from each of their 30+ years in the contracting industry. Their goal is to promote healthy, thought-provoking discussions and tips for running a better, more profitable, and successful company. Subscribe for new insights and discussion every week. Visit ContractorSuccessForum.com to view all episodes and find out more.
Contractor Success Forum
It's Time to Break Your Equipment Addiction
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â„ą ABOUT THIS EPISODE
 In this episode, Wade and Stephen discuss the pitfalls of equipment addiction among contractors. They explore how unnecessary equipment purchases can lead to financial strain and bankruptcy, despite being asset-rich.
Through the story of one contractor who experienced bankruptcy, they provide insights on breaking the equipment buying cycle, weighing the benefits of renting versus buying, and building a strategic approach to managing equipment costs.
Tune in to learn how to keep more money in your pocket instead of having it tied up in depreciating assets.
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⌚️ In this episode:
00:17 Real-Life Consequences of Equipment Addiction
01:04 Understanding the True Costs of Equipment
01:59 The Psychological Rush of Buying Equipment
03:16 Economic Conditions and Equipment Value
03:55 Renting vs. Buying: A Financial Perspective
05:11 Strategic Planning for Equipment Purchases
11:39 The Profit First Approach
18:44 Creating a Recovery Plan for Equipment Addicts
21:10 Building Wealth Beyond Equipment
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FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com