Q&A with Carl Oliveri: Building People, Projects and Lasting Impact
For more than 25 years, Carl Oliveri has advised construction owners and executives on financial modeling, operational strategy and tax planning. Over that time, he has witnessed the industry’s evolution, from changes in ownership structures to the shift toward strategic, real-time advisory.
In this Beyond the Bio conversation, Carl reflects on the lessons that have shaped his career, the advice he would give his younger self, the power of continuous learning and what he has learned about building both projects and lasting client relationships.
Q: What drew you to the construction industry, and what keeps you passionate about it today?
A: No one goes to school for construction accounting. In intermediate accounting class, the percentage-of-completion method, which forms the foundation of financial reporting for contractors, receives only five pages in the textbook. My professor said, “You’ll never use this,” so we barely covered it. And here I am, making a career out of it.
I’ve had opportunities to work in other industries, but what keeps me engaged is that no two days are alike in construction. No two contractors are alike, either, and there’s always a new challenge to solve.
Q: What do you find rewarding in your career?
A: The rewarding part is leveraging experience from one client to help another succeed. It sounds cliché, but just like contractors build buildings and projects, we’re building something for our clients, too: their financial and planning infrastructure. They make the physical infrastructure we all rely on while we help build their business foundation.
But what makes me show up every day? It’s the people, whether that’s our team, our clients or the industry advisors we collaborate with.
I also seek opportunities to constantly educate myself. In the construction industry, which moves at such a rapid pace, the only way to truly add value is by continuously innovating and pushing yourself to stay ahead. My father once said to me many years ago, “The minute you stop learning is the minute you should retire.”
Q: How has the accounting profession evolved since your career started?
A: The most significant change has been the drastic evolution of our role as accountants, especially since the COVID-19 pandemic. We used to show up twice a year to handle the financial statements, review debits and credits and go over results. It was historical: whatever happened, happened, and we’d report on it.
Now, our role has completely shifted. Clients expect the traditional work, that is a given; they need us to be business advisors providing real-time guidance.
We’ve transformed from historians reporting past results to strategic partners saying, “Here’s your forecast and your growth plan. This is what you need to do to get there, and this is your timeline to execute.” It’s a fundamental shift from looking backward to driving forward.
Q: What are some of the most significant challenges facing the construction industry right now?
A: Labor is the biggest challenge in the industry right now. More people are retiring than entering the profession, and it’s getting harder to get jobs done because there just aren’t as many people coming into the trades. I think we have to do a better job of changing that narrative. There’s still work to do in showing younger generations that this is a valuable, rewarding career path with opportunities to be an entrepreneur.
Q: What significant changes have you witnessed in the construction industry throughout your career? How has this evolution shaped the sector?
A: I’ve seen two major trends. The first is the evolution of the “open shop contractor” in New York City. The model has changed because customer needs have changed. How we build and who we use to develop is drastically different.
The second, and perhaps more significant change, is the shift in family business succession. It was once assumed that construction businesses would transition to the next generation. That’s no longer the case. Parents may not want their kids to endure another industry downturn, or the next generation may not be interested in pursuing a career in the industry.
Now, we’re seeing alternative ownership structures everywhere: ESOPs, private equity, and sales to competitors. These concepts were foreign to construction 25 years ago, and now they’re front and center in conversations.
Q: What advice would you give to junior accountants about developing strong client relationships?
A: Do what you say you’re going to do. It’s that simple. Take the initiative. Don’t ask for permission before executing what we’ve already committed to. This builds credibility with clients and earns respect from colleagues within the firm.
Q: What are the necessary skills for someone to be successful today in accounting services?
A: We position ourselves as industry advisors, so when we’re speaking with contractors, association leaders or other service providers, we need to stay current in conversations about real business issues. Clients want strategic insights, not only technical accounting details.
Q: How do you go about staying current, identifying emerging trends, and future-proofing your clients?
A: It starts with attending association meetings and actively listening and observing. The second step is conducting research calls with industry contacts, asking what they’re seeing in their client base and who else we should be connecting with.
Research tools, like AI, are excellent for this purpose. I’m also active on LinkedIn, following construction companies and observing what they’re discussing and what their personnel are involved in.
Q: What opportunities lie ahead for the construction industry?
A: Construction is poised for a boom over the next five years. With all the capital spending already funded and approved, New York City alone is expected to see $68 billion in infrastructure investment, conservatively. Contractors in that space are perfectly positioned to grow, reinvest and expand their businesses.
Long Island’s changing demographics present a major opportunity for “work-live-play” developments: transit-accessible housing communities with integrated amenities like dining, healthcare and fitness. This meets the needs of younger residents who prefer car-free living with built-in conveniences over traditional homeownership.
There’s also a ripple effect: when major public projects occur, surrounding property owners want to beautify and modernize their properties as well. They start investing capital into their properties, which keeps the private sector busy. We have substantial growth opportunities riding on the coattails of this infrastructure spending.
Q: Share the most powerful advice that you’ve been given.
A: Strive to be a better version of yourself and continually push forward. I’ve been training in MMA for the past 15 years, and we have a saying: “Don’t stop when you’re tired. Stop when you’re done.”
Q: Is there any other advice that you might give your younger self?
A: Yes! I type notes on my phone all the time, like the advice I give to my younger self. I wrote, “Do what you love. Travel. Ask one more question. Take the chance when you can. Even if you fail, you will learn something.”
Q: How would you advise the next generation on entering the accounting field in or out of the construction industry?
A: Accounting is a solid career with tremendous growth opportunities, where you meet fascinating people and continually learn outside the classroom. While number-crunching is part of accounting, what we do now is problem-solving.
Looking at the opportunities this profession has given me, it’s genuinely a great career, especially if you push yourself toward partnership. Sure, you’ll work harder and fail more along the way, but that makes success even more rewarding.
Q: When you think about legacy or the impact that you want to be known for within this industry, what comes to mind?
A: When I first met Lou Grassi, he asked me a simple question: ‘What do you want out of your career?’ I said, “I want to walk into a room and have everyone say, ‘That’s the guy you need to be with.’”
That was 14 years ago, and I was a much different version of myself then. Today, I want to be remembered for always doing the right thing for the firm and clients when they needed me.