Bud LaRosa

Bud LaRosa

Title: Chief Financial Officer, Tocci Building Cos.

Age: 52

Experience: 27 years

Bud LaRosa rejoined Tocci Building Cos. in an expanded role of CFO in 2012, nearly a decade after he left the company to pursue other opportunities in the construction industry. Along with the CFO’s various duties LaRosa has been responsible for setting up a new development program that encourages Tocci employees to learn new skills. LaRosa also leads Tocci’s charitable ventures including fundraisers benefiting the Multiple Sclerosis Association of America and Reading-based Mission of Deeds. In his spare time, LaRosa is a long-distance runner and youth baseball coach.

Q:What were your top goals and priorities when you rejoined the company in 2012?

A:My goals were really to just assess some of my core competency areas like finance, performance assessment, risk management, safety and see if there were any easy wins so I could develop a rapport with the people who didn’t know me as opposed to the people who brought me back.

Q:What’s the fastest-growing part of Tocci’s business?

A:The fastest-growing business line is the New Jersey region. From 2012 to the end of this year we’ll have grown revenue three-and-a-half times. We do expect it to continue. We’re going to open an office there in October. We don’t see the market slowing there for at least another two years, probably longer. In Jersey City alone, there’s 24,000 apartments that have been approved.

Q:Is it true that productivity has stagnated in the construction industry over the last 50 years?

A:We don’t really know the reasons. We’re one of the few industries where technology I guess isn’t utilized to the extent of other industries. Here at Tocci, we utilize tech and we use that as a way to increase productivity. Typically if we have enough lead time we will build a building virtually on a computer before we start on the ground. We’re using a model and seeing where the issues are, which things don’t work, and fixing them before you even get into the field. With the cost of construction, there’s fewer change orders and there’s less rework.

Q:What place do drones have in construction management?

A:We’re not using drones currently, but we probably will. There’s a few construction companies that have gone through the process of applying to the government to use them. They’re going to be prevalent in all areas of life, but in construction for aerial mapping and surveying, and they could even help in the construction of certain elements of a project. I’ve seen videos of drones weaving rope between support points.

Q:What went into the employee development program that you developed for Tocci?

A:We work with our employees to analyze their career goals and objectives, and we look at them in comparison to what our goals are as a company. And we put them on a development training program. We set up training areas and timeframes so they can feel challenged and feel like they’re growing and getting something out of the company. And we as a company are getting better and better employees, which not only benefits us, it benefits our clients as well.

Q:What are some of the turnaround situations you’ve participated in during your career?

A:It was a company in Atlanta, Superior Commercial Roofing. That was a turnaround that was successful, but there was a lot of blood, sweat and tears. They didn’t have a lot of systems and procedures in place and because of that, they didn’t understand where they were financially. When I got there they didn’t have any credit left with their major suppliers or their bank. I brought in some key people to run certain areas, terminated quite a few people, brought in all of our key stakeholders, suppliers and our bank and renegotiated our bank terms and conditions with them and mapped out my plan for turnaround and how we were going to pay everybody back.