Cookin' the Books: Identifying Financial Red Flags in Contractor Financial Statements

David Jean has over 25 years of experience in public accounting. He focuses primarily on financial accounting and consulting for construction, real estate, and manufacturing companies. David’s expertise is respected among New England’s construction community and endorsed nationally through his membership on The Certified Public Accountant Advisory Council, an exclusive, 8-member council formed to serve as the resource team for the National Association of Surety Bond Producers (NASBP).

In addition to providing traditional accounting and tax services, David provides specialized services such as overhead burden analyses, operational reviews, and benchmarking analyses. He regularly counsels our construction and real estate clients on industry best practices on matters such as strategic planning, mergers and acquisitions, establishing and upgrading job costing systems, cost segregation, profit enhancement, and succession planning. David has written numerous articles and regularly develops and leads seminars on various industry-related tax and financial management issues.

David also specializes in funds control and succession planning services. He serves as and as Managing Partner of New England Funds Control, LLC, and the Director of Altus Exit Strategies, LLC. Both companies are wholly-owned subsidiaries of ARB.

As a Certified Exit Planner, David provides exit planning advisory services to business owners through Altus Exit Strategies. As a CPA as well, David has an understanding of the impact on the financial statements and off balance sheet, the obstacles faced throughout the exiting process, and how to avoid the common errors that lead to potential failures. Using the Seven Exit Planning Steps provided by Altus Exit Strategies, LLC, David creates a company-specific Road Map, helping each business identify objectives, uphold business continuity, plan for personal wealth and estate, navigate the ins and outs of buy-sell agreements, and utilize alternative valuation methods.

Ben Lord, CPA, is a principal in ARB's Construction Industry Services Group with 25 years of experience serving construction contractors. He advises owners, lenders, and surety professionals on financial reporting, business risk, and contractor performance, helping stakeholders make informed decisions in an increasingly complex operating environment. In addition to his construction industry focus, Ben leads ARB's ESOP Advisory Services Group and works with clients on ownership transition, reporting, and strategic planning matters. His perspective combines deep construction-industry experience with an understanding of the broader economic, financial, and ownership trends shaping contractor decision-making.