BKD’s construction consultants work with approximately 600 contractors to help improve bottom lines and increase cash flow. Our expertise in bonding, financing, tax planning and overall financial management has helped contractors throughout the U.S. improve performance by gaining more control over their internal finances, overcomeing challenges and meeting the strategic goals.
Is your company operating efficiently? Do your internal controls defend against fraud? Does your computer system provide the information management tools you need to make informed decisions?
A business process assessment can help you find answers to these questions, identify operational weaknesses and result in a plan that improves efficiencies and imposes effective process controls.
We can help you:
- Analyze your business processes, including bidding and project management
- Identify critical points in the construction process
- Develop a plan for the efficient use of resources and align people, processes and technology to the company's strategy
- Facilitate how you implement business process assessment
- Achieve ISO 9000 certification
- Benchmark performance against your peers
BKD's credentialed valuation consultants are familiar with the appropriate valuation methodologies for construction companies. Our valuations are thorough, comply with accepted standards and can help mitigate your exposure to legal repercussions. Depending on the purpose of the valuation and your objectives, a BKD valuation can result in:
- Favorable tax savings as a result of proper gift and succession planning
- Improved business operations as a result of analysis and consultation
- Relief from worry about the value of the company with respect to buy/sell agreements
- Enhanced knowledge of your industry because of market analysis
- The successful sale or purchase of a business
- Settlement of shareholder disputes
Dispute & Litigation
Despite efforts to reduce construction litigation costs, the volatile, unique and complex nature of large-scale projects makes arbitration and litigation a by-product. While maintaining operating effectiveness, gaining credibility and heightening your reputation, BKD's Forensics & Valuation Services consultants can help you develop a factually based analysis that positions you for settlement, recovery and/or mitigation of project costs and risks. Solutions include:
- Claims analysis and preparation
- Negotiation, mediation and arbitration
- Discovery support
- Expert witness testimony
Your relationships with sureties and lenders are critical. These users of financial statements demand more predictive information to help with decision making and require more comprehensive reports on performance.
Our advisors can objectively evaluate the presentation of your financial statements and recommend changes for presentations to financing and bonding sources. In addition, your financial statements can be used internally by management to track results and measure performance. Financial statements also can provide useful and accurate data to your costing and engineering departments.Our accounting and auditing solutions include:
- Conducting audits, reviews and compilations to provide financial accountability and creditability to lenders, bonding agents and state regulatory agencies
- Analyzing lease vs. buy decisions
- Helping you select the proper accounting method
- Helping train your accounting personnel
- Providing bookkeeping and internal accounting services on an outsourcing basis
- Compiling budgets and forecasted financial statements
- Designing and implementing job cost-accounting systems
- Assisting in determining key performance indicators and developing appropriate monitoring systems
Information Technology Management
Effectively managing your technology assets can help your company avoid technological obsolescence. Whether it’s an accounting package, a MRPII system or a financial reporting database, BKD can:
- Determine your current system’s ability to meet present and future business needs
- Select hardware and software, including proposal development, vendor selection and contract negotiations
- Assist with implementation, including developing a plan, managing the project and overseeing selective outsourcing
- Develop & conduct system and application testing procedures
- Train your staff to fully apply the system
IT Risk Services
Today’s companies realize the necessity of managing business risk. Whether you need compliance assistance or have a desire to improve the corporate governance and data security of your organization, the BKD IT Risk Services team is here to assist you. Our experienced, certified consultants can help identify and manage your risk with best practices and knowledge of industry-specific regulations.
Mergers & Acquisitions
Our merger and acquisition consultants can guide you through the difficult process of strategy, synergy, valuation, financing, negotiation and integration. We can help you:
- Develop an appropriate acquisition or divestiture strategy
- Conduct financial and operational due diligence
- Determine how much a company is worth
- Evaluate tax and accounting implications
- Evaluate financing alternatives
- Structure transactions and negotiate terms
- Develop and implement pre- and post-integration plans
A contractor's markup for overhead and profit is often the most critical factor in determining whether you are successful in a competitive bidding process. Contractors who understand how to manage their overhead effectively are most likely to succeed. BKD's experience can help you:
- Identify overhead by type to determine the best methods for controlling it
- Identify methods for allocating different types of overhead
- Understand the fixed vs. variable portion of overhead pools
- Use risk-based decision making in developing alternative overhead rates
- Understand the effects of market conditions on overhead markup
- Evaluate management information needs to control contract activity
- Implement web-based technology, such as email, web sites and electronic commerce
Every day, lending institutions, sureties, federal and state governments and municipalities and other owners base decisions on the health of your financial statements and applications. With so much of your company's future riding on these documents, you can't afford to overlook details.
BKD's construction professionals can help you improve your profitability and operational efficiency with value-added compliance solutions including:
- Financial reporting
- Accounting services
- Bonding, pre-qualification and financing application assistance
Strategic Financial Planning
BKD's consultants can apply first-hand knowledge of best industry practices in helping you develop your company's mission and vision, as well as a plan to implement them.
We can help you:
- Facilitate strategic planning retreats that examine the competition, assess strengths and weaknesses, identify opportunities and threats and develop strategic alternatives to reach goals
- Prepare a business plan to implement your strategic plan
- Prepare a capital financing plan for major projects, working capital, startup costs, acquisitions and new product development
- Evaluate various financing alternatives
- Negotiate financing terms and assess bonding company alternatives
- Use the resources of BKD Corporate Finance, LLC for private debt and equity placements, acquisitions, sales, mergers and initial public offerings
Planning for the management and ownership succession is a complicated process that must take into account numerous factors including tax effects of alternative plans, gifting options and the structure and financing of buy/sell agreements. These issues must be balanced with your personal objectives and family expectations and obligations.
BKD's approach to business succession is a comprehensive plan for “taking care of business” throughout the life cycle of your company. The cycle mirrors the business cycle: From start-up to growth to maturity, our approach can help plan the evolution and growth of your company. Here are some of the ways we can help you with succession planning:
- Develop a contingency plan to cover problems resulting from an untimely death or disability, including management succession planning
- Develop a tax-advantaged estate plan
- Analyze various gifting options
- Analyze the financial effect of various sale transactions on your business
- Project the income needed for you to enjoy a comfortable retirement and develop a plan to accumulate those funds
- Develop a plan for managing your exit strategy
Reducing your tax exposure makes good business sense. Our tax consultants are skilled in delivering creative tax strategies designed to take advantage of benefits within the tax law. You need comprehensive tax planning while identifying potential overpayments. Experience how our insight can help you:
- Develop federal and state tax strategies designed to lower or defer taxes
- Anticipate and resolve controversies with taxing authorities
- Select a “tax-aware” organizational structure matching your strategic plan
- Identify potential refund opportunities through reverse sales tax audits and sales and property tax reviews
- Identify opportunities to reduce unemployment and payroll taxes
- Identify and assist with incentive programs, including tax credits and training reimbursements
- Conduct real estate cost segregation studies designed to generate significant cash-flow savings • Seek tax credits for research and development work
WealthPlan is BKD's comprehensive approach to growing, preserving and protecting the successful business owner's wealth. BKD CPAs are experienced in providing the tax, retirement, estate and personal financial planning aspects of WealthPlan. In addition, the registered investment specialists of BKD Investment Advisors, LLC can help you plan and implement an investment strategy that meets your goals and advise you on your insurance coverage. Ask your advisor for more information about the following WealthPlan services:
- Investment advice—present strategies to grow your money
- Insurance solutions—evaluate your insurance coverage
- Income tax planning—project consequences of wealth-planning tax tactics
- Retirement services—project your future income needs and expenses
- Estate planning—craft a plan for transferring your wealth
- Personal wealth strategies—present strategies for protecting your assets and consolidating debt
- Scott & Ritter Inc.
- Dalmatian Fire, Inc.
- Scotty’s Contracting & Stone, LLC
- Performance Contracting Group
- Brannan Sand & Gravel Co., LLC
“When we first started in business, I felt that BKD was an overkill for our needs and too expensive. Over the years, as we and our needs have grown, the firm has become an invaluable member of our team.
The business has now bloomed and is diversifying and with BKD’s coaching, there are several side line businesses that are starting their growth. Even in the estate planning and financial end of personal life, these guys have played a major role. Looking back, it has been a great relationship and I anticipate that if our doors ever close, some of their staff will be the last ones out.”
— Larkin Ritter,
Scott & Ritter Inc.
Bowling Green, Kentucky
“BKD has been my CPA firm since I first started my business in 1989. As we have grown to the fifth largest union fire sprinkler contractor in the United States, with four offices in the Midwest, I have relied on BKD to advise me on how best to manage my balance sheet and to provide guidance on how to continue being profitable.
In addition, BKD continues to provide me with solid team members. In particular, my current BKD partner is someone I would consider a mentor to me in the construction field. Certainly, I appreciate his guidance, but I also find him to be very accessible and highly responsive.
Over the years, I have surrounded myself with a strong team of advisors, including my bank, my bonding company, my insurance company and, of course, BKD as my CPA firm. There is much synergy between these four firms as they each trust the other because of the credibility and reputation they have built in their individual marketplaces.
I honestly believe Dalmatian Fire would not have been as successful without BKD and the strong, construction industry focused partners and managers who are part of our team.”
— Mr. Richard Ackley,
Dalmatian Fire, Inc.
“We are a heavy highway construction firm that is owned by one of the largest ESOP companies in North America. As such, we need access to specific expertise in two of the more highly specialized areas. With BKD, we have a single source for both areas. BKD provides us in-depth knowledge of the construction industry and also provides support, insight and guidance from the ESOP perspective. BKD’s expertise is highlighted by their knowledgeable, realistic and accessible staff. We are pleased to have BKD as one of our business partners.”
— Rod England,
Chief Executive Officer
Scotty ’s Contracting & Stone, LLC
Bowling Green, Kentucky
“As an employee owned specialty contractor, we know the importance of understanding and responding to the unique needs of our customers. BKD has taken the time to learn our company and our business, and provides us with the expertise and personal attention that gives added value to their core services. Their knowledge and experience of ESOPs as well as the construction industry provides us with realistic approaches to complicated problems.”
— Dan Hefferon,
Vice President & Chief Financial Officer
Performance Contracting Group
“We use BKD because of their expertise, knowledge and resources in the construction industry. We utilize their advisors for a variety of accounting and management issues and are pleased with their proactive ideas and recommendations on growth and profitability.
We use BKD for a variety of accounting and management issues and are pleased with their proactive ideas and recommendations on growth and profitability.”
— Ann Van Portfliet,
Brannan Sand & Gravel Co., LLC