Fiducial To Participate In Michigan's Cap

BURTON, MI (Monday, February 20, 2006) - Fiducial's Burton, MI, office has signed an agreement to participate in the Contractors Assistance Program (CAP) sponsored by the Michigan State Housing Development Authority (MSHDA) that fosters opportunities for small, minority and/or female contractors in the construction industry.

CAP offers hands-on training for contractors providing practical advice for running their businesses more effectively and efficiently. Topics covered during these sessions run the gamut from bidding and bonding; bookkeeping, business planning, estimating and financing human resources to insurance, marketing and scheduling.

Special guest speakers such as accountants, architects, attorneys, bankers and contractors risk managers are invited to share their expertise and contribute to the program that's available to contractors that have their own construction-related business or have been involved in their trade for at least two years. To qualify, contractors must have a current annual sales volume of less than $2.5 million and a current net worth of less than $1 million.

Dale Ellery, Fiducial's district manager based in Burton, and two members of his staff will give a presentation to contractors on Saturday, April 1 at the Mott College-Broome Center in Flint. Ellery plans to start with the topic of what's the best organizational structure for their business.

"I'll talk about the differences of the various entities," he said. "To me, that's the first thing to do. They also need to get their name on a bank account and obtain a Federal Tax Identification Number because everything they do will revolve around that number."

Also on tap will be details on easy-to-use bookkeeping systems like QuickBooks which, Ellery says, are probably used by 70% of local businesses there.

Assisting Ellery during the presentation will be Mike Bucher and Kenyal McGee. A business advisor in the Burton office, Bucher specializes in taxation and is also an Enrolled Agent. Senior business advisor McGee, who's also a Certified Public Accountant, works out of Fiducial's Troy, MI, office and has a master's degree in accounting from the University of Notre Dame.

Experience pays off

Diane Bransford, CAP central coordinator, noted that Ellery responded to her direct mailing campaign seeking qualified firms to serve as guest speakers. The two clicked during the interview with Ellery's accounting knowledge and experience helping make Fiducial an obvious choice.

"We wanted a firm experienced working in the construction industry because that's where our students are and be willing to support the project in that way," said Bransford who cited that over 200 contractors have graduated from the program since it expanded state-wide in 1999.

"In terms of helping the businesses some of the graduates have increased in their annual sales," she said. "We've also had an increase in the number of licensed contractors. Now that they have an established business they're not going to get into trouble with the IRS."

Perhaps the best knowledge graduating contractors get from the course is understanding the importance of being in business and making money which has prevented them from being taken advantage of.

"We're very fortunate in these hard times [auto industry layoffs] to fund a program even with the woes we have here because it's absolutely free," she added.

As a long-time fixture in local accounting circles, CPA Ellery has extensive experience working with area contractors.

"We'll knock them over with our expertise," he said. "We hope to capture most of them as new clients for Fiducial."

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