Program Partner Spotlight: The Leavitt Group, Kenneth Goodwin and John Daley

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There are many groups that help make the City and County of San Francisco Surety Bond & Finance Program a success.  One of those is with Kenneth Goodwin and John Daley of The Leavitt Group, also one of our longest standing partnerships. We want to celebrate their efforts in helping our small business contractors here in San Francisco and help you understand what they are all about.

Q. What is your relationship with the City and County of San Francisco Surety Bond and Finance program? 

We have been a strategic partner of the San Francisco Surety Bond and Finance program for the past seven years. We provide surety expertise and brokerage services to contractors requiring performance and bid bonds on projects qualifying for assistance under the Program.

Q. How has the program assisted your clients with obtaining bonding? Have there been any memorable success stories for any of your clients?

The program has allowed a number of our clients the opportunity to bid larger projects than would not ordinarily be approved in the standard surety market. With the Program’s support, a contractor can gain experience managing larger projects. This can help sustain financial growth and increase bonding capacity, with the goal of transitioning the contractor into a suitable program with a non-collateral surety market.

We consider every bond issued with the support of The San Francisco Surety Bond and Finance Program a memorable success for our clients.

Q. How do you advise your clients to prepare for obtaining their first bond?

Sureties require a good deal of information to properly underwrite a first submission. Be prepared to submit business and personal financial statements, resumes, project and credit references, etc. Have information readily available in order to respond quickly to inquiries about yourself, your business and the job you are interested in bidding. Most importantly, make sure the project you wish to bid on is within your scope of expertise; never bite off more than you can chew.

Q. What are some of the key ingredients for a contractor to increase their bonding capacity?

  • Successful completion of bonded and un-bonded projects
  • Slow and sustained growth.
  • Bid sensibly; do not “buy” (bidding only at cost in order to be determined the lowest bidder to keep your crews working) work.
  • Maintain sustainable gross profit margins and be sure you can cash flow your entire backlog.
  • Reinvest profits in the company – do not unnecessarily drain equity.
  • Engage an experienced construction oriented CPA to prepare compiled or reviewed financial statements
  • Utilizing resources like the bonding assistance program for support.

Q. Have you had any contractors significantly increase their bonding capacity to a level beyond the parameters of the program?

A number of our clients previously requiring support from the program have transitioned into the standard surety markets. Some of them have bonding capacities beyond the thresholds of the Contract Monitoring Division LBE Program.

Contact our Leavitt Group representatives for more information on their services:

Kenneth J. Goodwin

Vice President, Surety

1390 Willow Pass Road, Suite 800

Concord, CA 94520

Phone: (925) 822-9050

Fax: (925) 309-8076

Email: kenneth.goodwin@leavitt.com

John J. Daley

Vice President, Surety

1390 Willow Pass Road, Suite 800

Concord, CA 94520

Phone: (925) 822-9007

Fax: (925) 309-8075

Email: john.daley@leavitt.com

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1 comment
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