Business Builders Blog

Category: Increasing Your Profits

Three Part Succession Planning Mini-Series: Part 1 – How to Get your contracting business ready to sell

If you are a construction contractor looking to sell or transition your business, this 3-part succession planning mini-series will be very helpful…

In this informative interview with David Lupberger, he’ll share the behind-the-scenes details about how he transitioned out of his contracting business and how to get your business set up to sell for top dollar.

David expertly walks you through some important questions to consider as you think through the next phase of your professional life.

Not only that, but David will also show you step-by-step how to seamlessly transition more of the day-to-day tasks to your team, ultimately providing you with more choices and options about how you spend your time.

If you are thinking about selling your contracting company, this informative interview with David shines a light on the big picture, and how to strategically think about transitioning your business.

He also provides a powerful list of things you can begin doing RIGHT NOW to help you quickly get started.

Be sure to also check out parts 2 and 3 of this succession planning series where I interview the current and previous owners of a design-build firm who successfully transitioned their business to the next generation.

Finally, be sure to check out David’s “Exit Assessment” tool that will help you immediately identify what areas of your business you can begin to transition now.

Ed Earl provides workable solution for managing emotional and challenging clients

All contractors hold this truth to be self-evident…  That all clients are not created equal.

Often during my initial check-in with new clients, I find myself listening to frustrating tales of woe, about their challenging or difficult clients.

90% of the time those stories involve an emotionally indecisive homeowner or an impossible-to-please demanding client with unrealistic expectations.

It usually comes down to the contractor secretly wishing the client would just trust them and let them do their job! After all, they hire you for your expertise, right?

Have you ever found yourself wanting to shout out loud – “JUST MAKE A DECISION and pick the tile you want – otherwise this kitchen project will never get finished!”

If so, you are in good company, because it happens to the best of them!

While talking with my friend Ed Earl (affectionately known as the Zen Builder) about his unique approach to managing clients, I instantly thought – “gosh, my clients and followers would gain HUGE value from hearing Ed share his time-tested insights for optimizing the client experience.”

Today’s video is rich with actionable advice as Ed shares his proven strategies for understanding and expertly managing the client relationship.

You’ll discover some powerful insights that will help you AND your client have a better, more satisfying experience throughout the construction process.

As a bonus, at the end of the video, Ed shares a little-known resource that will definitely help you create a better “win-win” on your next project!

You can get your copy of it here

what the Grand Canyon taught me…

I love the contracting industry and I am grateful for the life it has allowed me to build…

As I watch with bated breath and a bit of anxious concern about what is happening to our country and the economy, it draws to mind an experience I had while hiking to the bottom of the Grand Canyon and back.

You see, for 30+ years, I’ve lived in the trenches of our industry, I’ve paid my dues, and I put my heart and soul on the line day-in-and-day-out, providing timely insights, expert direction, and proven actionable advice to help hardworking contracting business owners as you succeed.

I’m laser-focused on making sure the content I publish helps my readers, clients, and community members successfully navigate the days, weeks, and months ahead.

The other day, I came across the blog post I wrote shortly after my Grand Canyon hiking experience. That tough journey taught me 4 key lessons that correlate perfectly to all of us in business, especially during these uncertain times.

I’m sharing it again today in hopes that you too will find the wisdom in these words helpful.

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contractors who charge for Pre-Construction Services earn higher profits (here’s how)

​Not charging for Pre-Construction services is costing you a ridiculous amount of time and money…

Yeah, but Vicki, all my competitors offer FREE estimates, so if I start charging for those Pre-Construction services, I won’t sell as many jobs!

Not true!

In fact, statistics show that contractors who put a value on their Pre-Construction services not only save a ton of time but also earn higher profits and end up working with better caliber clients… and in today’s video, I’m going to prove it.

While I appreciate that making a bold change like this in your business can seem a bit confusing or scary, it’s one that I’ve seen over and over that can make a HUGE improvement in the overall success of your construction projects and your bottom line!

Today’s special guest is David Davison of Realty Restoration, Inc.  David takes a completely different approach on how to do pre-construction agreements. David removes the guesswork and shares the ins and outs of how he implements them into his own design-build firm with tremendous success.

Click the link below to gain an insider’s perspective of how David navigates this conversation with the client, and how he justifies the costs in a practical and grounded way, to get more YESSES (and how you-can-too)!

To help you implement Pre-Construction services, David was generous enough to share with us the Pre-Construction Agreement Realty Restoration, Inc. uses in their business.  A super valuable offer – thank you, David!

markup vs. margin – where profits are made and lost

As a contractor, you live and die by your gross profit margin.

And if you’re not crystal clear about how to markup your bids to get the right gross profit margin, your bottom line will suffer, cash flow will be a struggle, and you end up frustrated that you’re working so hard and not making a decent return.

If that sounds far too familiar, you are in the right place…

Because when you understand how to markup your bids to get the desired gross profit margin, you greatly stack the odds in your favor to make a consistent profit.

Not only that, also having clarity about your numbers gives you greater confidence in your ability to sell projects.

Imagine, no longer having to guess, because you intimately know what it really costs, and you can speak to that confidently and with authority.

In this video I walk you through a simplified process for understanding markup and margin, and how to apply that knowledge directly to your markups, bidding, and pricing strategy.

At the end of the video are links to a few FREE resources that will help you gain greater clarity and confidence to bid on project profitably right from the start!

HEY, Contractors! when it comes to your numbers, do you “hope” or do you “KNOW” they are accurate?

Your greatest asset, when it comes to making a consistent profit, is accurate and reliable feedback…

It’s the only way to TRULY have the confidence in knowing where you stand financially.  And it moves you out of the realm of wishing and hoping.

Simply said – accurate feedback, gives you more control over profitability.

Without it, you end up second-guessing what your numbers really mean, and not trusting them… and that just causes you to double down and work harder because the only number you end up paying attention to is the money in your bank account.

That shortsightedness leads to a nagging feeling of angst toward your work because HOPING things will work out, is filled with stress and frustration.

And let’s be honest, after coaching and consulting countless contractors over the last 25 years, the only real reason, the majority of contractors avoid learning how to truly understand their numbers, is… fear and uncertainty.

Business owners don’t like to look at their profit and loss statement, because, for the most part, they don’t trust it… or know exactly what to look for.

…And that is a bona fide anxiety-producing, reality, for far too many contractors.

Getting more accurate feedback on your Profit and Loss statement is easy, when you know what to look for, and how to properly account for that data.

Long story short, it really isn’t as hard as you might think, and in today’s enlightening video I walk you through how to do just that.

And I will also provide you with some detailed resources to help you gain more control over the feedback you’re getting, and ultimately, more control over the profitability of your business.

Get your FREE Business Health Assessment to find out where your business is bleeding profits!

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