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Six Tips for Those Exploring Businesses for Sale in the Building and Construction Industry As you research businesses for sale in the building and construction industry, you’ll find a great deal of sellers advertising their companies online. From kitchen cabinet installation to sheet metal fabrication, this industry is filled with opportunities for the eager entrepreneur. Nevertheless, helpful information for aspiring business owners is somewhat limited in this particular field. Fortunately, you’re now just a few scrolls of your mouse away from six very important tips for any entrepreneur starting out in building and construction.
Tip #1:
Evaluate Your Education and Experience Of course, construction is not necessarily for everyone. Before you invest in any construction business, there are two very important questions you must answer. First and foremost, you should take into account the amount of experience you have in your particular trade(s). You may hold a bachelor’s degree in business management, but if your construction experience consists only of the last year you spent working your way through school as a laborer, you may want to take a step back.
On the flip side, you may have four years experience as a bricklayer. However, if you worked for an employer or union, your experience with the business side of construction is probably too limited. Ideally, you should have several years of construction experience under your belt in addition to some business administration education. If you’ve been self-employed as a subcontractor for several years, the knowledge you have obtained during this time is very beneficial. Adding to that knowledge with some business courses will definitely prepare you for success as a construction company owner.
Tip #2:
Use Your Time Wisely Now that you’ve decided to take your construction career to the next level, you’re ready to delve into the research phase. You should begin by setting a timetable, which will include the number of prospects you wish to explore along with the amount of time you plan to spend looking. It’s best to keep the browsing portion of your research at a minimum. Otherwise, you’ll become one of many potential business owners who spend months searching and never end up buying a business at all. If you’re working full time, try to devote about 10 hours a week to your search. Since construction work can sort of ebb and flow with very busy times followed by slower ones, you can use your slower time wisely by devoting extra time to investigating businesses that are on the market. Once you compile a list of companies you’re interested in buying, narrow that list down and meet only with the ones you are seriously considering.
Tip #3:
Hire Dependable Employees Let’s say that you have finished your research and purchased a business. You have experience in this industry, so it may be tempting to resume business as usual. Still, you have acquired a new company and you’re in a bigger business than you were when you started. As you adjust to your new role as a construction business owner, there are several very important points to consider. The first of these is the value of reliable employees. As an industry, construction has the well-deserved reputation of being somewhat crude when it comes to certain employer-employee practices. Subordinate employees in this industry are notorious for showing up late or maybe never showing up for work at all. A common complaint for employers is that good help is almost impossible to find. While there may be some truth to this problem, you the employer can minimize this struggle. How you treat employees impacts the way they do their jobs. For example, if you have a criticism for one of your workers, pull him aside and offer the criticism constructively (no pun intended). Likewise, you should be quick to recognize a job well done. The difference here is that you can do this publicly. As with any job, an employee who feels appreciated will continue to make the extra effort. Thus, treating your employees with respect will ultimately help you gain a favorable reputation, which leads to more employees who want to work with you.
Tip #4:
Slow and Steady Wins the Bid Obviously, you should submit your bids in a timely manner. Nonetheless, it’s imperative to go over all the details before your company is committed to a contract. In fact, it’s a good idea to use spreadsheets for calculating all your figures. This helps you to avoid mathematical errors (and possibly very costly mistakes). Then, wait a few hours (or days if you can) before reading through the bid again. It’s often difficult to see typos and other mistakes when you’ve just finished a document. Fresh eyes make all the difference. Additionally, be sure to include other important information such as time constraints and methods for resolving possible disputes.
Tip #5:
Disposable Cameras are One of Your Wisest Investments While bids are important for settling arguments, record keeping is another way to protect your company. This may seem too time-consuming to be worth the trouble, but modern technology has made this process quite simple. For instance, instead of writing daily logs, ask your superintendents to take snapshots as the job progresses. If you have access to digital cameras for this task, burn the files onto CDs instead of storing them on your computer hard drive. If you do not have digital cameras for your superintendents to use on the job, supply them with disposable cameras. Developing only the negatives will save money and reduce clutter. Once you get the negatives back, file them according to the job and corresponding dates. Also, you can take this a step further and provide mini-cassette recorders. This will allow you and your superintendents to document what’s happening on the job when photos may not be enough.
Tip #6:
Professionalism Back at the Office Some of your most important employees will seldom (if ever) see a job site. Even so, clerical employees can be just as important to the success of a project. After all, a highly professional office staff sends the message that yours is a well-run company. It tells the caller that details matter. And, the best part is how easy it is to make such a great impression. To begin with, make sure that receptionists answer all phone calls courteously. Let them know exactly what you would like them to say and encourage them to smile as they speak. It may seem over-the-top but studies have shown that callers can “hear” the smile in another person’s voice. Moreover, have a plan for questions that the staff member can not answer. The important thing here is for the caller to know that their question will be answered soon; therefore, it’s in your best interest to implement a system for sending and retrieving messages.
Set Apart from the Rest
As you already know, building and construction is an exceedingly competitive industry. Still, implementing these basic practices will put you well ahead of your competitors. When so many aspiring business owners can’t make it past the research phase, your timetable will help you complete preliminary inquiries efficiently. Plus, being organized from the very beginning will help you avoid costly mistakes that would otherwise set you back. Well-crafted bids and organized records will keep people from taking advantage of you, even as you’re starting out. And finally, practicing professionalism in every aspect of the business will keep your company growing. From a smile over the phone to courteous attitudes on the job site, you’ll quickly be set apart from other construction companies.
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