Issue 3 of 9: Relationships

Construction Ownership Transition Issue 3 of 9: How Strong are the Post-Transition Relationships with Customers, Employees, Vendors and Subcontractors?

D. Brown Management Profile Picture
Share

Construction businesses rely heavily upon a network of interconnected relationships for their sustainable growth.  

Succession: Ownership Transition Issues - Number 3 Relationships. Construction businesses rely heavily upon a network of interconnected relationships. Book: Never Eat Alone by Keith Ferrazzi.

These relationships are built on a foundation of trust over many years.  

  • Customers who know you will get the job done and do the right thing throughout the construction process, even when things go wrong.  
  • Employees who have seen how you have weathered the ups and downs of the business, including how fairly you have treated everyone even when there was no right answer.  
  • Vendors and subcontractors that are aligned with how your team works and will help you win critical projects.  
  • Financial partners, including the bank and surety and insurance companies that have confidence in how you manage through the inevitable ups and downs of the market.

Take a critical look at your post-transition management team and rate the quality of their relationships with each of these groups and down to the specific people.

Identify the gaps and develop a plan to close them.  

Never Eat Alone.


Succession
Continue building value in your business, yourself and your key team members with a good succession strategy....

Succession
Continue building value in your business, yourself and your key team members with a good succession strategy....

Incentive Compensation for Contractors - Prerequisites
From Stephen Covey’s top selling book, “Seven Habits for Highly Effective People,” Habit #2 is to “Start With The End in Mind.” This principle applies to organizations in general and incentive programs in particular.
Situational Awareness - 5D Project Model
5D is not just for BIM! The best project team members have a complex 5-dimensional model of the project in their heads at all times. They see not only the finished product in 3D but can take that model apart down to the components of each system.
From More Generalized to More Specialized with Growth
Job roles, tools, and equipment progressively get more specialized as projects and contractors grow. These changes must be balanced with versatility and talent development.