Construction Accounting Mistakes Ruining Your Business with Chris Lee | E352

EPISODE 352: Do you feel like your business is growing but not necessarily increasing in value? Today's guest learned it the hard way and now shares how he turned it around. Meet Chris Lee, a seasoned construction and technology entrepreneur who started a contracting business in Austin.  Revenue was doubling year after year–everything looked perfect for Chris's contracting business. But when it was time for him to sell it, he learned that it was worth far less than he had imagined. In this week's episode, Chris Lee shares the critical steps he took to transform his business, which was later acquired by Procore. He breaks down the biggest lessons he learned in creating a construction tech startup and the common accounting mistakes contractors must avoid. Furthermore, he reveals some of the construction technology trends you need to watch out for, how to get your team on board with new technologies, and more. Tune in now to learn how you can make your construction business not just bigger, but more valuable!   Key Takeaways: Introduction (00:00) Lessons Chris Lee learned from selling his first business (03:05) Why focus on operational efficiency and profitability (10:59) From founding a construction tech startup to getting acquired (13:39) Important lessons in mergers and acquisitions (17:38) Launching CrewCost–the accounting software for construction (26:16) Why construction should stop using Quickbooks (30:19) Tips for implementing new technology (31:30) The shiny object syndrome (35:50) Trends in construction technology and AI (38:11) Misconceptions in construction business (45:35)  Rapid-fire questions (48:40) Episode wrap-up (52:47)   Additional Resources: - Schedule your FREE business evaluation call with our team HERE  - Or send a text message to 877-755-2410 with the word "APPLY" - Sign up for CrewCost's 30-day FREE trial  HERE - Simplify your contracts with Document Crunch HERE - Improve your bookkeeping with Adaptive HERE -- The Construction Leading Edge Podcast helps construction business owners maximize their revenue, eliminate chaos, systematize their work, and win back their time. Follow us on your favorite podcasting platform so you never miss an episode!