This week, Taylor is joined by legendary leader of Blount Contracting and BuildWitt CFO, Randy Blount, who shares his inspiring journey of taking his family business to simply incredible heights of success. Together, they also dive into such essential themes as leadership, accurate job costing, and the intricacies of managing overhead costs, providing invaluable insights for professionals aiming to enhance the construction industry.
Throughout this engaging episode, Randy shares his wealth of expertise, offering listeners some of the tools and knowledge they need to navigate the financial intricacies of the industry effectively. Emphasizing the importance of distinguishing true overhead from indirect expenses, Randy notes that misclassification can impact project profitability assessments. He also delves into the complexities of equipment-related costs, offers practical insights into accurate financial reporting, and introduces the concept of using "revenue per employee" - a strategic metric for construction companies to enable effective growth planning and proactive business management. Randy’s insights, as shared here today, into making informed decisions, optimizing costs, and planning for sustainable growth, ultimately contribute to the entire construction industry's ongoing improvement. You do not want to miss this opportunity to access the wisdom of this giant in the construction field that can absolutely transform your construction business and the very industry itself.
Topics:
Quotes:
"I tell people all the time, “Some people say I'm smart. I'm not sure if I'm smart, I think I'm just too dumb to quit."”
"You learn by your mistakes.”
"It doesn't matter how good your operational team is, if you get a bad estimate, it is really, really hard to overcome a bad estimate."
"Sometimes it's having the confidence to hold your position when maybe everyone else around you is not."
"We also did a five-year plan for our growth. And five-year plans are really like a plan, you know? Who knows if it's actually going to happen. But it's helped us put into perspective like, hey, we wanna grow this much over five years."
"Take care of the business, and the business will take care of you."
"Use the numbers, but then also weigh some of that experience.”
"Don't be afraid to reach out to somebody who, you know, isn't in your region but does something similar, and just be like, “Hey man, I'm trying to understand some construction finance stuff. This is what I'm struggling with. Do you have any insight?"”
As always, thank you to our good friends over at Komatsu for sponsoring this podcast: https://www.komatsu.com/
Links:
Navigating the Entrepreneurial Abyss: Insights from 3rd Generation Business Owners with John Scepaniak
Travis “Silkstone” Hesketh: A successful entrepreneur with an interesting background
Dr. Sarah Buchner: Real and Practical Applications of AI in Construction with CEO of Trunk Tools Inc.
Luke Payne: How to Stand Out in Business and Have a Zero-fail Mentality
Ep. 153: Dave Turin: Talking Gold Rush, and Premiere of New Show
Ep 152: The Truth About Running a Construction Business in 2024
Ep 151: Katie Kelleher: We can be better for the workforce
Ep 150: Brian Dietz - Growing a family business, it’s only possible when we’re on the same team.
Ep 148: EJ Herron – Bringing GPS and 3D Systems to your Jobsite
Ep 147: Aaron Witt: Putting People First to Transform Construction
Ep. 146: Denis Cashman - Living a Life That’s Worth Living
Ep. 145: Amy Underwood (The Digger Girl): One of the Industry’s Best
Ep. 144: Running a Top Business in Construction as a Team of 3
Ep. 143: Social Media in Construction Can Be Done Differently with @diggerbry
Ep. 142: Trey Bo Dirt Bestows Knowledge and Nostalgia
Ep. 141: An Unusual Path to the Industry, with Travis Gemmell
Ep. 140: Investing in Yourself, with David White
Ep. 139: Building from the Ground Up: Tips from a New Construction Business Owner
Ep. 138: Live at CONEXPO-CON/AGG with Dana Wuesthoff
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
NABOR® TALKS
U.S Property Podcast
Aligned Money Show
The Ramsey Show
Planet Money