My team and I have been looking at a deal that involves acquiring a construction company that brings in 4-5m in revenue but the owner tends to use check cashing services. Why does he do this?

like
Posting as :
works at
You are currently posting as works at

My only thought is if the guys he pays prefer being paid in cash?

I’ll explain, most construction companies have 2 books. One for IRS, which most would never cheat but state agencies such as worker’s compensation they do all the time because the more the workers work the more insurance can charge. Also, it’s common practice to pay workers in cash so they don’t have to pay them for overtime. ( I’ll pay you in cash so your crazy ex wife doesn’t get so much in child support or you don’t lose the government benefits but you can’t charge me over time and I save money on the backend with no getting charged by insurance ) . Personally, I like to do everything by the book, but this happens in the majority of small to medium size construction companies.

like

Agreed usually it involves them pay them for example $500 a week check and $200 cash so they show some income but I would. Or trust a company for $5M under these types of accounting issues. I had a construction company with national accounts and I kept everything legit. Also how do you know the real operating expenses if everything is being massaged to look good. Make a low ball offer and walk away.

Sounds like a common problem occurring at the business banking level for cash businesses

Related Posts

Bain & Company Is MBB going to raise comp in the UK too? Just signed the offer recently McKinsey & Company Bain & Company Boston Consulting Group

likefunny

I’ve only been a vet assistant for 3 months and I am so overwhelmed. It’s so stressful! Does dealing with the pace get easier?

like

Expecting an offer this week or early next week, but want to know when you start negotiating the salary? When you receive the call from the company or wait until receiving the formal offer letter? And how should the negotiation start? Through phone calls or emails? Didn’t use recruiter for this position, so I don’t know what is the process here.

like

I am looking to make a career change to HR. I currently make 75K as a sales and development coach. I had a recent offer for a state government position in a talent acquisition role but I’d be taking a $25K pay cut. I am extremely over qualified for the position but it could possibly be a stepping stone and gives me the time to acquire SHRM certifications and possibly start taking classes to get my MBA. My question is those currently in an HR role, would this move make sense to you?

like
like

iPad Pro 1st Gen (refurb) or Latest iPad brand new?

like

Hi, I am curious to learn about exit opps for those working in capital markets

like

Hi fishes,
Can you help me with in hand salary?

Post Photo
like

Hey fishes, can someone tell me how the 80c bracket works, i know i can get exempt upto 1.5lakh under it, what i wanna know is does PF comes under it or not? For example if my yearly pf deduction is 20k and VPF is 10k so now will i still be able to show investment of 1.5lakh under 80c apart from PF and VPF or i'll be able to get exemption on only 1.2 lakh( 1.5lakh-30k= 1.2lakh)?

Thank you in advance!!

like

Empower retirement or Atos-Syntel? For job security and hikes?

I know WLB depends on project.🙂

like

Does Google value FAANG experience over consulting? Say if a person is trying to get into Google from Apple, will it be considered easier?

like

Hi, I repaid my student loan today and feel awesome. Want to start saving for a home ($350-400k). Any suggestions if I should invest in something short term or a Roth IRA or let it sit in my bank?

likeuplifting

Any OTT recommendations for the weekend?

like

Hi All,

Can i get 11 likes for DM Activation pls.

Thanks!

like

Does anyone know of a coworking spaces that focus on creatives and/or marketing companies? All the ones I know of like technexus, wework and 1871 in Chicago are tech company focused.

Meeting with a recruiter at one of the FAANG companies. I won’t be able to move jobs because of H1b /GC at least for the next year. Any idea if I should start off with that or should I just try to understand the work that they have been doing?

like

PwC (Cloud Digital practice — Director ) Vs… Deloitte (AI Cognitive practice— Sr Mgr.) …
Where would you go as an experienced hire….

Better long term stability ? exit opportunities ? Work life ?….

like

Offer Evaluation:
I have offers for product manager roles from the following companies:
1. Airmeet
2. Razorpay
3. Flipkart
4. Meesho

YOE: 5 years
Offered(Approximate): 50 LPA + ESOPS
I would like to know which company is best and do I need to negotiate more on the offers?  

likeuplifting

Additional Posts in Retail / Commercial Banking

Currently looking for a remote job in the banking industry. I have 17 YOE - 10 in retail community banking in Deposit Ops, Lending Ops & accounting. The other 7 was at a Banker’s Bank in Correspondent Lending Ops then for the Exec Team and BOD as an EA with special projects for Execs. I have several areas of interest and have applied so far at PNC, KeyBank, Regions and FRB Boston. I also just finished my BA in Bus Admin and have Assoc. in Accounting. Any job recs out there for me? :)

like

I am in the process of transitioning to a Junior RM role at a mid market bank in the Bay Area. I wanted to know what is a salary + bonus range that I can expect and/or request. Any help is greatly appreciated!

like

I went through two rounds of interviews for
a job that the posting stated $36.66 per
hour (FP&A Analyst)…the company
recruiter had told me in the initial call the
pay could be 32-36 because of the other
benefits. If I do get a job offer what range
should I try for? I was really hoping to get
around the 36-40 but now I feel like they
may try to offer lower than what was
posted. Also there was no range but the
average for this position is upper 70s-90k.
Thanks for any help!

like

Is Barclay's a good bank for to work for? I want to know the good, the bad, and the ugly!

likesmart

I am a commercial banking analyst and I want to know what exit opportunities are out there. Any thoughts?

likehelpful

Anyone know the salary range for client solutions advisor at Scotiabank @scotiabank bc Canada?

like

If you started your career in retail banking as a relationship banker, what would be different paths you could take if you’re ready for a change? I’ve been told I have great customer service but my weakness is lending. I would love to staying in banking but as a 1st gen I don’t know what my options are or what I can do to open new opportunities. I have 1 1/2 year experience and a B.S. Business Admin degree.

like

I have 3 years in banking and applying for a Senior Relationship Banker, I started as a teller and have had 2 promotions currently I am a Relationship Banker II. I want to make sure that I get the salary for having more responsibilities. I live in a smaller community. What would be the minimum salary for a Senior Relationship Banker?

like
like

Any information on working for Deutsche in the CRE Special Situations Group?

I'm working on a Fintech startup related to commercial banking pricing. We would like to do some "expert interviews" with current RMs (we would compensate your time.) We want to better understand the friction points when it comes to price C&I or CRE loans. Please DM me if you are interested.

We are not looking for any private information, but more anecdotal evidence of issues that can be improved.

like

Hi everyone, I'm new to Canada and want to start my career here in the Financial and Banking industry. I have passed the CFA level 2 exam and was wondering if I have to complete the Canadian Securities Course (CSC) as most of the job postings here mention about it. I saw that if someone passes at least the CFA level 1 exam then the requirement of CSC is exempted. Can anyone enlighten me about this? As the CSC exam costs above 1000 CAD, I wanted to be sure if I need it before investing behind it.

like

What’s the salary wage for a consumer lending credit analyst/ underwriter in Southern California ?

like

[US FBI: Cryptocurrency ATMs are becoming the main tool of investment scammers]

In addition to conventional payment methods such as wire transfers and prepaid cards, cryptocurrency ATMs are also becoming a major tool for cryptocurrency investment scammers, according to the FBI

Post Photo
like

First question here. B Business Applied Finance degree, finished by the end of 2020. I have experience in multiple roles in different industries, customer service 10+ years experience. I started a new job in a private lending company 6 months ago, excelled in everything and I’m doing everything from managing client enquiries to credit applications and enquiries, financial analysis. It’s a small company and you must work around the clock. I’m currently at $70k and I’m trying to negotiate to $85k

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal