Looking for Financial Help for Your Construction Business?

A wealth coach who specializes in serving construction business owners and individual contractors can help you spend more time building your business with less money stress.

As a construction business owner, you must overcome unique financial planning obstacles in order to achieve near and long-term success. From supplier shortages and missed delivery timetables to weather events that can literally freeze business operations, there’s no shortage of factors that can severely strain your balance sheet.

A wealth coach who understands these challenges intimately can become a valuable partner committed to helping you succeed.

You’ll likely find dozens of nearby financial professionals well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a wealth coach who specializes in working with construction business owners.

Fortunately, many financial professionals can work with you virtually, so you can meet online no matter where you (or they) live. This means you can choose to hire a specialist who lives hundreds of miles away if you decide their knowledge and experience working with construction business owners is a better fit to help with your unique financial planning needs.

Financial Planning for Construction Business Owners

💡 In the Q&A below, you’ll gain insights from financial professionals who work with construction business owners to help them make smart decisions to enjoy life more today while preparing for a comfortable retirement in the future.

🙋‍♀️ Do you have questions not answered below? Use the form on this page to submit your questions, and we’ll update this article with answers from the financial professionals and educators in the Wealthtender community. You can also contact the financial professionals featured in this article directly to set up an introductory call or ask your questions by email.

💸 Smart Money Insights for Construction Business Owners

This page is organized into sections to help you quickly find the information you need and get answers to your questions:

1. Q&A with Financial Professionals Specializing in Serving Construction Business Owners
2. Get Answers to Your Questions About Financial Planning for Construction Business Owners
3. Browse Related Articles

Q&A: Financial Professionals Specializing in Serving Construction Business Owners

Answers to Construction Business Owner Questions with Jason Berube

Q: What is a common financial planning challenge unique to construction business owners that you frequently encounter when working with your clients? How do you work with them to overcome this challenge?

Jason: One of the most common financial planning challenges my clients face is overpaying in taxes. Because they aren’t working yet with one dedicated person to manage their financial world, they’re often receiving disjointed, reactive advice from various individuals (like tax preparers, accountants, or insurance brokers). With no one to facilitate these conversations and take a proactive approach to planning, clients often end up giving away more of their money to taxes than they need to.

When construction business owners come to me, I make it a priority to evaluate their current tax strategy and identify opportunities to make it more efficient. I look for proactive ways to help them increase their wealth without having to alter their lifestyle.

Q: For construction business owners who are unsure whether or not they should hire a financial professional at the current stage of their business, what guidance can you provide to help them make a more informed and educated decision?

Jason: Construction business owners at any stage of business, whether they’re just getting off the ground or preparing to retire, experience unique financial challenges. No matter where they are in the life cycle of their business, they are managing a balancing act between their personal and business finances.

I take an all-encompassing approach by serving as my clients’ personal CFO. Using my own experience in business and construction, I help them tackle their biggest challenges from cash flow, tax planning, and estate planning to strategically investing back into their business and preparing a robust transition plan.

The more net worth a business owner accumulates, the more complex their financial landscape becomes. Building a healthy foundation now is essential to preserving that wealth over time and making purposeful decisions that align with a client’s long-term goals.

Q: How do the services you offer construction business owners distinguish your services from other financial professionals?

Jason: A huge reason why I work with the people I do is that they often amass a significant amount of wealth, but struggle to navigate the complexities of it. They might be juggling a bunch of disjointed advisors from accountants to estate planning attorneys or even real estate agents. But the problem is, nobody’s there to take the reigns and facilitate clear communication between all parties.

So with that in mind, the services I offer distinguish me from other advisors in two ways. First, I step in and serve as my client’s personal Chief Financial Officer, or CFO. And second, I implement a tax strategy designed to help them increase wealth without sacrificing their lifestyle.

Through my approach to all-encompassing planning, I’m able to help my clients work proactively to grow and preserve their wealth without having to manage the relationships between their full team of financial professionals on their own.

Get to Know Jason Berube, Wealth Coach for Construction Business Owners:

View Jason’s profile page on Wealthtender or visit his website to learn more.

Q: When you first speak with a construction business owner, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?

Jason: Anytime I meet with a new construction business owner or contractor, I have them fill out my Discovery Questionnaire. This is a comprehensive document that helps me better understand the fundamentals of their business, such as when it was founded, total revenue, number of employees, and other key data points.

I also include questions about their business’s entity structure, expenses, retirement plan, insurance coverage, history with tax compliance, and other areas of potential concern.

Armed with this information, I’m better prepared to analyze my client’s current financial situation and develop solutions to address their unique needs and goals.

Q: Is there a particularly memorable experience or a moment you recall with a construction business owner client when you first realized they have unique opportunities and circumstances when it comes to their financial planning needs?

Jason: I proudly come from a long line of business owners, and more specifically, construction company business owners. Many of my family members worked hard from the ground up to build successful, family-owned businesses, which I know from experience is no easy feat.

For as long as I can remember, I’ve been able to identify a few areas of specific concern for construction business owner clients.

First and foremost, these business owners need a succession plan that dictates what happens to the business when the owner passes away, becomes unable to work, or retires. They also need an asset protection strategy that keeps their expensive equipment, land, and property protected from legal claims, theft, or damage.

I’ve also seen a need in this particular industry for cash flow management, especially considering how cyclical the nature of business is. With projects often lasting months (even years) and payment often withheld til the end, cash flow can be a big challenge for these business owners. And with cash flow comes tax planning, an area in which I’ve seen too many business owners overpay, simply because no one’s ever been in their corner to help them minimize their tax obligation.

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