Explains what it really takes to survive hard times in construction and
how to take full advantage of the profit cycle. Whether you're just
getting started or have been bidding jobs and meeting payroll for years,
this practical manual will suggest the best ways to overcome a
contractor's most persistent problems.
This book is based on the author's experience as a self-employed
general contractor, developer and architect. It describes how to build a
prosperous construction contracting or subcontracting company of your own,
and how to avoid many of the pitfalls along the way.
Survival comes first. You're never going to thrive in construction if
you can't get through a debt crisis: what to do when bills can't be paid,
finding money and buying time, conserving income, transferring debt,
handling angry creditors, assets to protect and assets to liquidate,
setting payment priorities, cash float techniques, alternatives to
bankruptcy, lawsuits, judgments, liens, laying the foundation for
recovery, and deciding who should stay as your team climbs back to
prosperity.
But getting back on your feet is only the start. Building profits
comes next. This book explains:
- Setting goals
- Building financial reserves
- Spotting the flakes and con artists
- Design and build contracts
- Employee incentives
- How to avoid tax, accounting, and payroll problems
- Using other people's cash
- Setting up to handle profitable jobs
- Zoning and permit problems
- The art of estimating
- Collections and lien releases
- Using limited partnerships
An important chapter shows how to invest in inflation:
- Trading and postponing income
- Selling the sizzle
- Acquiring interests
- Deal structuring and financing
You won't find conventional advice in this book. Instead, expect to
learn what's really needed to survive and thrive as a construction
contractor.
The Author: William D. Mitchell has survived over two decades in
the building industry, designing and building everything from
single-family homes throughout the Western states to multi-million dollar
projects such as reconstruction of the City of Paris Rotunda, now the
Neiman-Marcus store in San Francisco, and the San Bernardino County
Museum. He's a licensed architect, as well as a general contractor.
Mr. Mitchell knows about digging out of debt and dealing with
creditors. About 10 years before writing this book, mistakes and some bad
luck nearly sunk his construction business. But he survived and learned to
avoid the classic errors that push so many contractors and subs to the
financial brink. If you're tired of learning what not to do by doing it,
spend a few hours digesting practical wisdom contained in this book.
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