It takes a special skill set to be able to translate the architectural vision for a one-of-a-kind luxury home into a finished building perfectly polished and ready for its owner to enjoy for a lifetime. That skill set is one that Tim Faff and Pete Ainsworth have spent years perfecting, and the results of their efforts are visible throughout the Washington, D.C. region.
Tim and Pete founded their company, Precision Contractors LLC, in July of 2012. After having worked for another homebuilder in the region, the two decided to start their own firm to serve as a subcontractor to architects and builders, but one that would take full, end-to-end responsibility for one-of-a-kind projects.
The two started Precision Contractors with little more than a box of business cards and a handful of people in the industry who knew the quality of their work. By the end of their first year, the two realized that they had built a great business with nearly $1 million in revenue and that they didn’t really know how to manage the business itself or plan strategically for growth.
Precision Contractors is a truly specialized firm that typically works on 5-7 projects per year, each one averaging 18 months or more in total project timeframe. The homes that Precision Contractors builds are typically $5 to $15 million in value, with some at the $2 million point and one that reached up to $65 million. Many are waterfront properties on the Maryland shore, while others are located in historic neighborhoods of Washington, D.C. or out in the Virginia horse country.
Today, the firm performs full-service construction management for trophy-class residential projects through a dedicated group of project managers, a team of more than twenty in-house carpenters, and top-shelf craftsmen in specialties such as framing, windows, cornice work and more. As a result, the firm builds a great deal in-house, while also working with a tight-knit network of key partners.
One thing that is unique about the firm is that they only accept projects that they feel passionate about — ones that will set a new standard, express a unique architectural vision or otherwise create a truly distinctive finished product. That commitment to selecting only the best projects has consistently positioned the firm as a sought-after partner for many of the top residential architects in the Baltimore-Washington region, who know that they can trust the Precision Contractors team to translate their design vision into reality.
This makes the work that Precision Contractors performs very different from that of many other firms in the homebuilding sector, since much of the industry is built on standardization and a ‘mass-production’ approach that reduces costs and creates cookie-cutter results.
In contrast, Precision Contractors focuses exclusively on those projects that are truly unique. For example, the firm recently spent the better part of a month sourcing material and developing layouts to create a billiard room that would contain intricate oak, walnut and marble inlays. This kind of work is creatively engaging and it requires a level of knowledge and mastery that few builders can achieve.
As a result, the firm has maintained an enviable growth trajectory, now surpassing $5 million per year in revenue with a team of nearly 25 personnel — and all without any marketing or advertising to-date.
Today, Precision Contractors is preparing for its second phase of growth which will include new services and business offerings, as well as potentially creating a new division or subsidiary. This is not only to support growth, but also to enhance the firm’s ability to attract and retain top talent by providing a greater diversity and range of ongoing projects that they can support.
Tim and Pete met Matt Brady through the construction industry prior to Matt’s founding BradyRenner CPAs, and they stayed in touch over time. As a result, when they founded Precision Contractors, both Tim and Pete immediately knew that they wanted to give Matt a call and ask him to partner with them.
From that day they have never looked back, as working with Matt and his team has been “nothing short of fantastic”. In particular, they appreciate the fact that Matt is both an experienced CPA and a former corporate CFO, which means that hey understands both the financial and business challenges they need to address as they make critical decisions.
BradyRenner CPAs has helped Tim and Pete with everything from organizing their accounting systems and processes to executing highly strategic tax planning and critical planning for future growth — in particular, how to invest in the business while minimizing their tax burden.
In addition to Matt, Precision Contractors puts their full faith in the entire BradyRenner CPAs team, including Debi Difonzo, who manages their bookkeeping, payroll, tax accounting and day-to-day accounting operations, and Jim Renner, who has applied his deep expertise to assist them with IRS matters. “Debi has everything figured out and makes sure that our business runs like clockwork,” says Tim.
Two other things that make their partnership with BradyRenner CPA stand apart are the firm’s trustworthiness and commitment to making sure nothing is missed, and the great network of other key service providers that Matt Brady has been able to introduce them to as well.
“We’re builders, that’s what we do,” says Tim. “We build great houses and we do it well — and profitably. The beauty of our partnership with BradyRenner CPAs is that Matt and his team allow us to be builders while they handle all of the things that need to be taken care of in support of our business.”
Tim adds, “BradyRenner CPAs has earned our trust and our confidence. It’s a beautiful thing because they do what they’re good at, so we can do what we’re good at. Any time we have the opportunity to refer another business to Matt Brady and his team…we do!”