Bonding and Tight Financials for Construction Businesses with Shayne Glass
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What is the main topic discussed in this episode?
Welcome to another episode of Builders, Budgets, and Beers. I'm Reece Barnes, joined with my co-host, Matt Calvano, and our good friend, Shane Glass from Schrock Companies. Today's episode was a little bit of a bird walk. We initially started wanting to discuss the challenges and nuances that come with tracking project financials amongst multiple different entities, businesses. but it really turned into a conversation more about shane's experience with bonds not james bonds not marriage wedding bonds we're talking construction bonds okay and the importance of how to get into that game uh shane had mentioned it's really kind of the opportunity to level up your business level up in the sense of taking on bigger projects mitigate some of that risk via bond and what you need to get started tight financials building that relationship with the bonding agency and then ultimately what that does to open doors from a project status standpoint so if you're a contractor and you're wanting to learn more about bonds go ahead and check us out let's jump into the episode with shane
shane thank you for jumping on an episode of builders budgets and beers how are you sir doing good thanks for having me yeah of course um i think for the audience and just to uh stay true to the course here go ahead and tell the listeners a little bit about yourself and uh the company that you're working with or companies i guess sure yep yep my name is shane glass i'm a cpa we're located uh located in ohio
I work for a company called Schrock.
Who is Shayne Glass and what construction businesses make up Shrock Companies?
Schrock Companies is kind of our enterprise. And then we have several entities that are tied to construction rolled up under that umbrella. So we have everything from residential, construction to commercial, excavation, residential and commercial. We do some prefab work. We're prefabricating wall panels and kind of ship them all over the U.S., cold form steel wall panels. We also have a restoration entity where we do water restoration, fire damage, rebuild, stuff like that. So we're really, we're kind of in about every kind of construction you could be into. So we have some developments going on as well where we kind of just build houses and put them up on the market and sell them out. So yeah, we're kind of, we got our hands into a bunch of stuff, so.
I love it. I love it. Well, and that's perfect because that's what we want to talk about today is just largely the challenges and nuances of tracking project financials across multiple entities. So just like right out of the gate, A question I have. Hang on. I'm having a hell of a time with this mic. I'm having a hell of a time with this mic.
I think there's this and then we have this furnace in the background. It's good.
I mean, you know what we need to do? Next time we shoot one of these, we just need to do it from the job site.
find a job site sounds like they got the generator running on the job site right now perfect this is this is the challenges of supporting multiple entities you need uh you need a generator to keep your quickbooks running your extra power literally the computer is smoking just make yeah that's it episode's over
broadly shane like how do you keep it all straight like you mentioned i think you mentioned what how many different entities there six seven eight yeah we have 11 combined uh but yeah so it's it's a lot i mean part of me coming on board at schrock was uh joseph our owner uh had recognized um a need so uh another interesting i guess part of schrock is we're also Amish owned.
Why is bonding important for contractors seeking larger public and private projects?
So for anybody familiar with the Amish, um, there, there's a tremendous history there in craftsmanship and a lot of pride in the work that they do. Uh, but also there's a little bit of, um, how would you say, uh, growth in business is kind of not really the goal culturally. Um, so Joseph was at a spot where he didn't really, uh, he was kind of holding the reins on, on what we were doing. And he made the decision to let them go. And that was part of my coming on board here. And it was basically, hey, we need to take this thing to another level.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–1:39
2
Who is Shayne Glass and what construction businesses make up Shrock Companies?
1:39–3:58
3
Why is bonding important for contractors seeking larger public and private projects?
3:58–7:19
4
How does the bonding process work and what types of bonds are required?
7:19–26:33
5
What does a bonding company’s financial review involve and how often is it done?
26:33–40:46
Speakers
3 identifiedMore from Builders, Budgets, and Beers
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