Construction Secrets

Bankruptcies happen in different industries and the Construction Business is not an exception. Find out in this Spotify video episode how to effectively manage when your Client in your Construction Project goes Bankrupt!

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Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(3:08) - If there’s a trading halt that means there’s something really bad that’s about to happen

(4:09) - The thing about liquidation or bankruptcy that you’ve really got to understand is once it’s happened it is almost game over

(4:18) - There is an order of preference in which the creditors will get paid

(5:09) - When the rumors started happening, the smart companies start to de-man

(5:18) - You need to be incredibly contractually compliant

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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This episode is a re-run. It was originally published on July 2022.

There’s a very thin line between winning and failing. Discover what it is to ensure your Construction Business’ Success. Listen here! 👂

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:09) - Rule number one is never lose money. And rule number two is don't forget rule number one

(2:32) - The really good companies tend to be family-owned companies or very large companies, companies that have been in business for a long time

(4:21) - The smaller companies are looking for a huge upside. They're looking for that one big job that's gonna make them loads of money rather than trying to stay in business

(5:50) - What ruins businesses is a bad decision

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Understanding the subcontractor's struggle: Join me in this interview with Todd Miller and Ryan Bell of the Construction Disruption Podcast as we delve into why they often bear the brunt of unfavorable contract terms. Tune in!🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(4:11) - Construction really is two parts. You gotta construct, you gotta deliver, you gotta supply your material, you gotta do something, but you gotta get paid for it

(6:20) - You don't necessarily need to understand everything in it, but you need to understand the key things that impact your company and what are the things that could ultimately lose you money

(7:35) - As you go down that contractual chain, the contracts get more and more aggressive

(8:13) - What's the point in signing a better contract in the first place? And it is essentially to protect the downside

(15:11) - Payment on account is where the kind of money goes freely between over and back. So they can recoup money if they'd like to

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Want to stand out from the competition? Explore the strategies for leveraging your client's reputation to your advantage in this podcast episode.

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:33) - If you get a bad PM, like that can be terrible. I mean, that can really affect your profitability on a project, if not managed correctly

(4:13) - So the way to approach this is you need to be doing it at the start and building that relationship with the project manager

(4:19) - So there's two things you wanna build. One, you wanna build the reputation of their company. And two, you wanna build, if you can, build a reputation of that PM

(8:02) - Remember that you want to give them a reputation to live up to because they will live up to it

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Starting a construction business requires careful planning and foresight. In this episode, we reveal the common error when starting a Construction Business and how to avoid it. 🤓

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:54) - It's not always about price

(3:25) - The game that is being played is that they give you their worst possible contract and they have backups for everything

(3:44) - You need to stop thinking that by being commercial and or inverted commas, confrontational with them regarding your contracts, that that's gonna reflect badly on you

(5:12) - Small companies do these type of things. They don't negotiate their contracts. They think that they can't negotiate. Big companies negotiate

(5:57) - You need to be able to interpret what's in the contract

(6:03) - You could go to a construction lawyer that is in your area and you go and have a meeting with him and tell him what you wanna do is you wanna draft up a set of commercial principles

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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This episode is a re-run. It was originally published on July 2022.

What is a “scope creep” and how does it help your business to make more money? Listen here!

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(1:39) - The biggest issue that we always see with like trying to put claims is the incident surrounding the claim has already happened

(2:49) - They were giving so much additional work, they weren't, actually making much progress on the original scope

(4:39) - The lesson really to learn from this is you can look at scope creep and doing additional work in two ways

(5:59) - We underbid in the front end to win the work because we're so confident with our contracts that in the back end we're gonna make all the money on variations

(6:22) - As long as we're good doing our paperwork, then we're gonna make an absolute fortune on that project.

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Business growth in any industry takes time. But, did you know that there is Success Formula for Construction Business that pushes growth? Tune in to find out!🔊

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(6:32) - The key takeaway here is that there is a game being played, regardless of what way you want to look at it, there is a contract game being played

(6:45) - All of these companies at the end of a project will be trying to save money. And one of the ways they can save money is by not paying you

(7:22) - The business of construction has winning more work and delivering the work, and getting paid for the work

(7:29) - You need to be able to understand the impact of having good contracts team in your business so that you get paid the money that you're entitled to be paid

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Don't miss out on valuable insights! Discover the three Powerful Strategies that can help you Skyrocket your Profit Margin in your Construction Business. Listen up! 👂

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(5:09) - Oftentimes it's doing a lot more of the exact same thing that you're doing, rather than trying to do a completely different strategy

(5:49) - You need to decommoditize your offer

(6:27) - If you can't be the absolute cheapest, it's better to be the most expensive

(7:45) - You need to have more than one acquisition channel

(8:26) - If you have a different way to win business other than just bidding for work, then that's going to allow you to have higher margins

(8:57) - The best construction companies are the companies that do one single thing very, very well

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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Join us as we explore the critical factors that can make or break your business. Discover why Pre-Payment and Contract Negotiation are essential for achieving long-term success in your Construction Business.💡

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(4:26) - You can set yourself up to have better cash flow, better margin, and avoid disputes. That's why we try to negotiate better contracts

(5:08) - If you can get a prepayment upfront, it makes your cash flow for the whole project so much better

(6:05) - If you're in construction long enough, you know that there will be changes and there'll be delays. And if you're good at the paperwork, you're going to make your margin back in the post-award phase

(11:23) - The first thing that tends to happen is you'll do work and the client won't approve your change order for ages, for a long time, and that kills your cash flow again

(13:31) - The termination clause in the contract needs to be very clear that you can terminate the contract if they don't pay you

(15:38) - The problem is, depending on the size of your company, loss of profit of your clients could be big enough to end your company

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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This episode is a re-run. It was originally published on July 2022.

Learn about the Essential Strategies to maintain a strong and successful Relationship with your Clients for your Construction Business.

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(5:38) - At the end of the day, money matters so we can't pay them. And that's exactly how to tarnish relationships, ruin it completely

(5:48) - If you start a contract, you negotiate your best position

(6:21) - They know who you are, they know you're professional, they know you're on top of it. And at the end of the project there is no issue and you get your final account and hopefully you get your retention back and move on

(6:46) - We're often blue in the face telling people that that's how to manage a contract because they're so worried about ruining a relationship

(6:55) - The best way to ruin a relationship is to just ignore the contract completely and then eventually get into a huge fight at the end

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

Follow our Socials and let's get connected! ⤵️

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