TRADE SERVICE · STRUCTURE & ENVELOPE CLUSTER

FRACTIONAL CFO FOR WATERPROOFING CONTRACTORS.

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We manage the finance function for waterproofing subcontractors doing $1M to $12M: job costing aligned to the way you estimate, a 13 week cash flow forecast, monthly WIP, and a CFO in the room every month. Pricing starts at $1,900 per month.

Waterproofing sells a decade of silence, so the finance function is built around a liability that appears years after final payment. The industry spends about $8 billion a year fixing failed waterproofing and below-grade remediation exceeds $150 a square foot, which is why this trade's 26 to 29 percent gross margin is an insurance premium rather than a fat rate. We accrue warranty per job instead of hoping, because a warranty commits future crew hours against revenue recognized years earlier and a company without the accrual re-earns its old jobs every spring. Then we make documentation a deliverable: stage photos, written substrate acceptance, witnessed flood and spray tests, and burial turnover records, since work no longer visible gets judged a decade later by whatever paper exists.

BY JOSH LUEBKERPublished 2026-08-06Updated 2026-10-21
WHERE WATERPROOFING LOSES MONEY

THE THREE THINGS THAT DRAIN THE CASH.

LEAK 01

The Uncharged Premium

The industry spends $8 billion a year fixing failed waterproofing, and below-grade remediation exceeds $150 per square foot. The trade's 26-to-29 percent gross margin is the insurance premium for that tail; discounting it's underwriting catastrophe risk for free.

LEAK 02

The Ten-Year Photograph

Work that is no longer visible gets judged a decade later by whatever paper exists. Photo-documented installation, written substrate acceptance, and witnessed water tests are the only testimony the membrane will ever give.

LEAK 03

The Unreserved Callback

Warranties commit future crew-hours against revenue recognized years earlier. A per-job warranty accrual is what separates a 7.5-plus percent net from a company that re-earns its old jobs every spring. (cfos-job-profitability-system) ---

HOW SPM FIXES IT

WHAT WE CHANGE.

The $8 billion tail (why the margins are high)
Work not visible, exhumed blame (the litigation pattern)
The warranty that outlives the balance sheet
Water testing as the payment gate
Sequence dependency (everyone builds on top of the membrane)
PRICING

FLAT MONTHLY FEE. NO SURPRISES.

Priced by trailing 12 month revenue. No hourly billing. No payroll. The one-time onboarding fee is right here in the table.

Last 12 months revenueMonthly feeOne-time onboarding
Under $1M$1,900 to $3,300$1,000
$1M to $3.5M$2,600 to $5,300$1,500
$3.5M to $6.5M$3,800 to $8,300$3,000
$6.5M to $9.5M$5,100 to $11,800$4,500
$9.5M to $12.5M$6,100 to $14,900$6,000
$12.5M to $15.5M$7,400 to $17,650$7,500
$15.5M to $18.5M$9,400 to $22,400$9,000
$18.5M+Quoted individuallyQuoted individually

The onboarding fee covers migrating your books back to the start of your last taxable year and getting you fully operational in 60 days. It's billed once, with your first invoice. It's the same for all three tiers. Your first month is prorated, and your monthly engagement starts on the first of the first full month.

Range reflects the three tiers below. Which one you're in depends on how much of the work you want off your desk. No payroll. No hidden line items. The onboarding fee is right here in the table.

Core

You stop guessing.

You get the CFO work. Job costing built against the way you estimate, a 13 week cash forecast, monthly WIP, and a meeting every month that ends in decisions and never in a report.

Your bookkeeper still does the books.

Strategic

Every job shows its margin while it is still open.

Everything in Core, plus the bookkeeping and bank reconciliations done for you, and the job costing and WIP software set up, loaded with your cost codes, and managed every month. Use your own online software, or move to ours and we cover it.

A bookkeeper we choose does the books and reconciliations. No payroll.

Platinum

You approve, and the money side gets handled.

Everything in Strategic, plus a controller we choose who handles your bills and receivables for you the way an in-house controller would. They call vendors, pay the bills and keep the accounting current. We plan the cash flow first, and you approve every payment because it is your money.

A controller we choose does the payables and receivables. No payroll, no pay applications, no collections.

COMMON QUESTIONS

FREQUENTLY ASKED.

Waterproofing contractors at $1M to $5M net 9 percent on average, tied for the strongest floor among the served trades, rising to 15 percent by $25M to $50M; the CFOS target at $1M to $5M is 12.5 percent. The margins are a risk premium: the trade absorbs a liability tail the rest of the industry spends $8 billion a year cleaning up. Every net profit figure here is gross margin minus overhead, stated before taxes, the same basis CFMA reports net income on.

Three tiers, and which one you are in depends on how much of the work you want off your desk. Core is where you stop guessing: job costing built against the way you estimate, a 13 week cash forecast, monthly WIP, and a monthly meeting that ends in decisions, while your bookkeeper keeps doing the books. Strategic is where every job shows its margin while it is still open: a bookkeeper we choose does the books and the bank reconciliations, and the job costing and WIP software is set up and managed for you, on your own online software or ours. Platinum is where you approve and the money side gets handled: a controller we choose handles your bills and receivables the way an in-house controller would, and you approve every payment. No payroll. No scope gaps.

Sixty days. We migrate your books back to the start of your last taxable year, set up ControlQore, and build your job costing structure from scratch. Fully operational in two months.

ControlQore is the job costing and WIP platform we use for all clients. Purpose-built for contractors, more affordable than legacy tools, and AI-infused. We set it up and manage it, so you do not have to learn it.

A bookkeeper records what happened. We tell you what it means and what to do about it. We align job costing to your estimates, track WIP monthly, and hold strategic accountability meetings so problems get fixed and not merely documented.
$10.7M+
Client AR Recovered Since 2023
48
Active Trade Specializations
60 DAYS
Average Onboarding Time
WHAT THIS TIES INTO
Josh Luebker, SPM The Construction CFO
Josh Luebker
FRACTIONAL CFO · SPM THE CONSTRUCTION CFO

Josh Luebker is a master electrician turned construction CFO, president of SPM The Construction CFO and author of CONTROL: C.F.O.S. Construction Financial Operating System.

DO YOU KNOW YOUR TRUE MARGIN ON WATERPROOFING WORK?

Twenty minutes of questions about how you price waterproofing work, what your jobs come in at once they close, and what keeps landing back on your desk. Nothing gets sold on that call and nothing gets proposed. If Josh can help, you'll set a longer second call.

You don't hire a CFO because it's safe, you do it because the real risk isn't having one.
Book a 20 minute call

20 minutes. Nothing gets sold on this call and nothing gets proposed. Josh asks questions to work out whether he can help at all.

OR START WITH THE WORKBOOKS. NO CALL NEEDED.