7 Costly Mistakes Contractors Make After a Great Year!

🔗 LINKS Sign up for the Permanently Profitable Contractor: https://profitfirstconstruction.com/p... Visit the episode page for more details and a transcript of the show: https://carpentercpas.com/greatyear ℹ ABOUT THIS EPISODE Having your best year ever? Don't celebrate too early! Wade and Stephen reveal the 7 dangerous traps that turn record-breaking years into financial disasters for contractors. Learn why success often hides warning signs, how to avoid the phantom profit trap, and why building reserves beats buying that lake house. Discover practical strategies to build sustainable profitability instead of just surviving bigger chaos. Essential listening for any contractor who wants their great year to become many great years. ⌚️ Key moments in this episode: 00:00 Record Year Warning 00:32 Why Great Years Fade 01:37 Home Runs and Market Luck 03:15 Tax Bill Trap 04:28 Overconfidence and Loose Bidding 06:05 Overhead and Equipment Hangover 08:19 Phantom Profit on Paper 09:23 Lake House Mindset 11:45 Discipline and Reserves 13:56 Post Year Questions Checklist 16:03 Systems Net Worth Bonding 17:15 Stress Test and Wrap Up