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Elements of Cash Flow and Getting Paid
Jul 15, 2021 - 11:30 AM (CT) - Hackberry Country Club, 1901 W Royal Ln, Irving, TX 75063
Hosted by Dallas/Ft. Worth, TX
About this Event
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
Speaker: Mike Clancy, FMI
Michael D. Clancy
As a principal with FMI, Mike Clancy works with all manner of engineering and construction companies, with a focus on operational improvement and strategic thinking. With a strong background in construction operations and a depth of strategy consulting experience, Mike brings a unique viewpoint to corporate strategic discussions.
Mike is FMI’s practice leader in estimating and has written numerous articles for industry publications on the estimating and procurement discipline. He has also developed training programs for his customers to build best-in-class cost and pricing systems. Mike has also worked with clients in the U.S. and overseas on corporate strategy using a research and evidence-based approach. Mike’s clients have benefited with improved financial results and the development of internal leadership talent and organizational focus.
Prior to joining FMI, Mike held several key operational and management roles in general contracting and development firms throughout the southeastern United States. He also served in the U.S. Army as a junior non-commissioned officer.
Mike holds a Bachelor of Science in construction management from the Rinker School at the University of Florida. He also holds a Master of Business Administration with concentrations in finance and competitive strategy from the Hough Graduate School of Business at the University of Florida.