Topic: Elements of Cash Flow and Getting Paid
Speaker: Andy Patron, FMI
Overview: Your ability to manage cash flow directly influences your project success. Being aware of this, combined with taking action, can increase your ability to get paid. Master the major tasks of analyzing financial statements, tracking cash conversion periods, deciding when and if to borrow, keeping your working capital at adequate levels and protecting your bonding capacity. After the project is finished is the time to ask for payment, look at retention and final billing preparation and know what your options are.
• Understand the ins and outs of cash flow and learn to project cash flow by department or job
• Discuss track total cash flow by analyzing backlog, estimating monthly project income and anticipating cash disbursements
• Observe how to gain the owner’s acceptance
• Examine the punch-list process: giving notice, interim versus final, allocating funds to items, establishing escrow accounts and finishing on time
• Discover how to negotiate using bid documents, meeting minutes, notification copies, request for change orders, cost records, estimates, schedules and correspondence as evidence
About the speaker:
Andrew Patron (Andy), Principal
As a principal with FMI, Andy’s primary focus is on the evaluation, creation and implementation of training and development programs designed to improve individual and company performance. He works with clients to help them manage the professional development of their talent, their succession process, and the implementation of their strategic plan. Andy’s enthusiastic approach draws from his real-world experience, leading and managing people and improving work process.
Andy has worked over 30 years with private and public owners and contractors. He started his career as a management engineer, analyzing operations, studying work process flow and creating industrial engineering solutions for a national health care provider. Andy later went on to manage the planning, design and construction of its major medical facilities, acting on the owner’s behalf. He has been responsible for the day-to-day operations of a residential builder. So he has a practical understanding of the unique field challenges that exist within the construction industry as a contractor. Andy has been the executive director for a state agency in North Carolina, which gives him firsthand experience working in the public sector. He has also been a worldwide project manager for a Fortune 100 information technology company where he learned about the complexities of working across continents and cultures. He leverages this broad industry experience to collaborate with his clients to create and deliver relevant and practical solutions.
Andy is a sought-after consultant and presenter. He has authored and delivered hundreds of programs across the country and abroad. He shares a deep understanding of the construction industry with his audiences and uses humor and firsthand experiences to help make the results of his work meaningful and valuable to his clients. Andy has a Bachelor of Science in industrial and operations engineering from the University of Michigan and now lives in Raleigh, North Carolina. He has two grown sons and enjoys a number of risky hobbies.
CONTINUING EDUCATION INFORMATION* CPE Credit: 3 hours* Prerequisite: None* Course Level: Basic* Advanced Preparation: None
Member Cost: $0Non Member Cost: $50